Please wait

 

THE PRIVATE SHARES FUND

Schedule of Investments

March 31, 2025 (Unaudited)

 

 

    Acquisition
Date 		   Shares     Cost     Fair Value  
 
Common Stock in Private Companies(a),(b)— 42.2%                  
3D Printing — 0.1%                      
Carbon, Inc.   Jun 2019     158,853     $ 2,125,214     $ 1,172,335  
Advertising — 2.1%                            
GroundTruth, Inc.   Oct 2016     1,659,427       446,424       497,828  
NextRoll, Inc.   Mar 2017     2,367,054       16,079,048       16,735,072  
OpenX Software, Ltd.   Jun 2015     2,899,297       2,615,386       2,957,283  
                  19,140,858       20,190,183  
Aerospace — 7.9%                            
Axiom Space, Inc.   Mar 2021     29,543       5,099,983       3,666,286  
Relativity Space, Inc.   Oct 2021     437,922       9,999,993       6,284,181  
Space Exploration Technologies Corp.   May 2019     360,330       7,386,765       66,661,050  
                  22,486,741       76,611,517  
AgTech — 0.1%                            
Farmer's Business Network, Inc.   Sep 2021     119,676       5,042,625       1,273,353  
Analytics/Big Data — 6.1%                            
Content Square SAS   Dec 2023     544,905       3,740,557       6,773,169  
Dataminr, Inc.   Sep 2015     567,043       6,559,226       16,903,552  
Domino Data Lab, Inc.   Apr 2021     330,000       4,118,400       5,412,000  
Dremio Corp.(c)   Dec 2021     166,664       1,035,883       924,985  
INRIX, Inc.   May 2014     133,238       3,026,250       6,415,410  
SingleStore, Inc.   May 2020     2,148,366       10,359,604       15,317,850  
Tealium, Inc.   Sep 2020     200,000       1,300,000       2,968,000  
ThoughtSpot, Inc.   Oct 2018     162,087       1,745,758       4,459,013  
                  31,885,678       59,173,979  
Artificial Intelligence — 3.9%                            
Brain Corp.   Dec 2020     2,375,000       9,540,000       12,540,000  
Cerebras Systems, Inc.   Feb 2022     309,813       6,946,627       9,102,306  
Nanotronics Imaging, Inc.   Aug 2022     76,504       7,803,408       16,516,448  
                  24,290,035       38,158,754  
Clean Technology — 0.0%                            
WiTricity Holdings, Inc.(c)   Mar 2021     166,667       1,667       273,334  
e-Commerce — 1.0%                            
1661, Inc. (d.b.a. GOAT)(c)   Sep 2021     128,148       760,724       401,103  
CaaStle, Inc.   Mar 2022     1,174,400       3,057,263       9,383,456  
                  3,817,987       9,784,559  
Education — 1.1%                            
Eruditus Learning Solutions Pte., Ltd.(c)   Aug 2021     36,264       5,146,825       4,010,436  
Learneo, Inc. (f.k.a. Course Hero, Inc.)   Jun 2020     270,000       3,429,200       6,628,500  
                  8,576,025       10,638,936  

 

1

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares   Cost   Fair Value 
 
COMMON STOCK IN PRIVATE COMPANIES(a),(b) — 42.2% (Continued)            
Enterprise Software — 3.4%               
Automation Anywhere, Inc.  Jul 2021   189,449   $4,019,940   $2,288,544 
Docker, Inc.  May 2017   2,500    531,250    26,250 
EquipmentShare.com, Inc.  Oct 2021   694,800    9,985,874    18,738,756 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.)  May 2019   788,562    3,420,734    8,737,267 
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.)  Nov 2020   190,007    1,235,126    1,529,556 
Trax, Ltd.  Mar 2020   149,970    5,100,000    2,207,559 
            24,292,924    33,527,932 
Finance/Payments — 5.2%                  
Betterment Holdings, Inc.  Mar 2021   1,457,800    14,999,995    24,826,334 
Circle Internet Financial, Ltd.  Apr 2018   290,200    2,604,825    12,696,250 
ConsenSys Software, Inc.  May 2022   31,010    3,703,824    4,343,261 
Payward, Inc. (d.b.a. Kraken)  Jun 2021   105,218    5,079,228    5,151,473 
Prosper Marketplace, Inc.  Jan 2016   244,130    1,307,998    87,887 
Upgrade, Inc.  Apr 2022   661,053    2,900,002    3,060,675 
            30,595,872    50,165,880 
FoodTech — 0.5%                  
Impossible Foods, Inc.  Oct 2022   373,248    3,569,496    5,210,542 
Games — 1.1%                  
Epic Games, Inc.  Nov 2022   17,168    10,826,013    10,983,571 
Hardware — 0.1%                  
Hydrow, Inc.  Feb 2022   14,172,560    4,999,989    473,364 
Healthcare/Biotech — 1.9%                  
Click Therapeutics, Inc.  Nov 2020   1,000,000    3,500,000    3,820,000 
Color Health, Inc.  Feb 2022   139,486    10,039,927    1,908,169 
Devoted Health, Inc.  Aug 2022   177,776    9,999,953    11,759,882 
ZocDoc, Inc.  Feb 2015   61,016    1,321,708    544,873 
            24,861,588    18,032,924 
Security — 5.5%                  
Arctic Wolf Networks, Inc.  Dec 2021   2,072,651    20,456,420    24,312,196 
Contrast Security, Inc.  Sep 2022   31,250    255,000    300,625 
Lookout, Inc.  Jul 2022   1,869,160    10,000,006    19,046,740 
Snyk, Ltd.  Mar 2023   392,707    2,932,070    4,873,494 
Tanium, Inc.  Apr 2019   640,000    4,787,200    5,401,600 
            38,430,696    53,934,655 
Software — 1.9%                  
Discord, Inc.(c)  Dec 2021   45,694    18,464,616    17,732,014 
Roofstock, Inc.  Jun 2024   127,231    6,130,637    1,160,400 
            24,595,253    18,892,414 

 

 

2

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

    Acquisition
Date 		  Shares     Cost     Fair Value  
 
COMMON STOCK IN PRIVATE COMPANIES(a),(b) — 42.2% (Continued)                
Transportation — 0.3%                      
Flexport, Inc.   Jul 2022     538,387     $ 7,256,025     $ 3,068,806  
TOTAL COMMON STOCK IN PRIVATE COMPANIES                 286,794,686       411,567,038  
 
Preferred Stock in Private Companies(a),(b) — 46.7%                        
Advertising — 0.0%                            
GroundTruth, Inc., Preferred Series B-1   Jan 2017     600,000       149,200       180,000  
Aerospace — 5.8%                            
Axiom Space, Inc., Preferred Series B   Dec 2020     32,221       2,019,958       3,998,627  
Axiom Space, Inc., Preferred Series C-1   Aug 2021     108,731       15,612,740       13,493,518  
Beta Technologies, Inc., Preferred Series A   Apr 2021     40,944       2,999,967       4,686,860  
Beta Technologies, Inc., Preferred Series B   Apr 2022     58,156       5,999,954       6,657,117  
Radian Aerospace, Inc., Preferred Series Seed 2   Sep 2021     607,336       1,999,997       2,350,390  
Relativity Space, Inc., Preferred Series E   Jul 2021     437,922       10,299,992       8,377,448  
Voyager Technologies, Inc., Preferred Series B   Mar 2022     192,061       7,499,982       8,416,113  
Voyager Technologies, Inc., Preferred Series C   Mar 2024     171,154       7,499,968       7,499,968  
Xplore, Inc., Preferred Series A1   Feb 2022     237,524       1,000,000       1,250,001  
                  54,932,558       56,730,042  
AgTech — 1.3%                            
CIBO Technologies, Inc., Preferred Series C(c)   Aug 2021     600,000       3,090,000       2,976,000  
Farmer's Business Network, Inc., Preferred Series G   Sep 2021     128,704       10,199,946       4,744,030  
Invaio Sciences, Inc., Preferred Series C(c)   Mar 2021     1,061,390       5,150,000       5,370,633  
                  18,439,946       13,090,663  
Analytics/Big Data — 2.7%                            
Content Square SAS, Preferred Series F   Dec 2023     160,410       1,693,701       2,497,584  
Databricks, Inc., Preferred Series G(c)   Jul 2022     182,664       10,815,024       16,896,420  
Dataminr, Inc., Preferred Series A   Apr 2019     20,000       198,000       596,200  
Dataminr, Inc., Preferred Series B   Apr 2019     87,496       866,211       2,608,256  
Dremio Corp., Preferred Series E(c)   Dec 2021     469,594       4,140,000       3,329,421  
                  17,712,936       25,927,881  
Artificial Intelligence — 3.6%                            
Nanotronics Imaging, Inc., Preferred Series F-2   Apr 2022     90,888       15,300,066       19,621,810  
VerbIT, Inc., Preferred Series A   Nov 2021     47,640       693,256       217,238  
VerbIT, Inc., Preferred Series B   Nov 2021     288,180       4,194,173       1,314,101  
VerbIT, Inc., Preferred Series E-1   Nov 2021     423,720       6,166,668       4,177,879  
VerbIT, Inc., Preferred Series Seed 2   Nov 2021     65,000       945,904       296,400  
X.AI, Corp., Perferred Series C(c)   Nov 2024     42,794       1,000,000       926,490  
X.AI, Corp., Preferred Series B(c)   May 2024     417,710       5,150,000       9,043,422  
                  33,450,067       35,597,340  

 

3

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

    Acquisition
Date 		  Shares     Cost     Fair Value
 
PREFERRED STOCK IN PRIVATE COMPANIES(a),(b) — 46.7% (Continued)                  
Clean Technology — 0.3%                      
WiTricity Holdings, Inc., Preferred Series A   Oct 2020     1,000,000     $ 1,020,000     $ 1,640,000  
WiTricity Holdings, Inc., Preferred Series B   Jun 2022     333,253       999,999       793,142  
                  2,019,999       2,433,142  
Consumer Web — 0.0%                            
Trusper, Inc. (d.b.a. Musely), Preferred Series B   Oct 2014     7,961       100,012       95,850  
e-Commerce — 8.3%                            
1661, Inc. (d.b.a. GOAT), Preferred Series A-1(c)   Sep 2021     112,563       668,206       352,322  
1661, Inc. (d.b.a. GOAT), Preferred Series A-5(c)   Sep 2021     2,394       14,211       7,493  
1661, Inc. (d.b.a. GOAT), Preferred Series A-7(c)   Sep 2021     146,495       869,637       458,530  
1661, Inc. (d.b.a. GOAT), Preferred Series B(c)   Sep 2021     231,687       1,375,362       725,180  
1661, Inc. (d.b.a. GOAT), Preferred Series C(c)   Sep 2021     237,913       1,412,322       744,668  
CaaStle, Inc., Preferred Series A-12   Dec 2021     1,801,270       8,110,608       14,392,147  
GrubMarket, Inc., Preferred Series D   Oct 2020     440,742       1,999,999       10,044,065  
GrubMarket, Inc., Preferred Series E   Jun 2021     1,520,838       14,999,995       34,658,362  
GrubMarket, Inc., Preferred Series F   Feb 2022     697,526       9,999,982       15,895,913  
Lyst, Ltd., Preferred Series E   Jul 2021     401,929       5,172,500       3,432,474  
                  44,622,822       80,711,154  
Education — 0.1%                            
Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1   Jul 2021     193,100       6,146,189       1,009,913  
Enterprise Software — 5.3%                            
Checkr, Inc., Preferred Series A-1   Mar 2020     150,000       1,405,000       2,922,000  
Cohere Technologies, Inc., Preferred Series D-1   Feb 2022     279,571       1,999,995       2,124,740  
Cohere Technologies, Inc., Preferred Series D-2   Dec 2020     386,038       2,071,233       2,933,889  
EquipmentShare.com, Inc., Preferred Series E   May 2022     323,064       4,999,997       8,713,036  
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E   May 2021     638,843       4,599,996       7,078,380  
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F   Jun 2022     1,923,076       14,999,993       21,307,682  
Ocrolus, Inc., Preferred Series C(c)   Aug 2021     438,327       3,114,950       2,919,258  
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2   Nov 2020     123,819       804,870       996,743  
Trax, Ltd., Pre IPO   Mar 2021     76,722       3,999,978       2,726,700  
                  37,996,012       51,722,428  

 

4

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

    Acquisition
Date 		  Shares     Cost     Fair Value  
 
PREFERRED STOCK IN PRIVATE COMPANIES(a),(b) — 46.7% (Continued)                  
Finance/Payments — 6.1%                      
Betterment Holdings, Inc., Preferred Series F   Sep 2021     318,380     $ 3,999,999     $ 5,422,011  
ConsenSys Software, Inc., Preferred Series D(c)   Feb 2022     35,699       5,075,000       5,000,002  
Fundbox, Ltd., Preferred Series C   Jun 2019     439,552       4,999,992       5,318,579  
Fundbox, Ltd., Preferred Series D   Sep 2021     531,914       7,499,988       6,994,669  
Payward, Inc. (d.b.a. Kraken), Preferred Series A   Nov 2021     262,210       13,768,164       12,837,802  
Payward, Inc. (d.b.a. Kraken), Preferred Series Seed   Apr 2022     67,000       3,505,340       3,280,320  
Prosper Marketplace, Inc., Preferred Series A   Jan 2016     55,395       305,781       25,482  
Prosper Marketplace, Inc., Preferred Series A-1   Jan 2016     58,165       116       20,939  
Ripple Labs, Inc., Preferred Series A   Dec 2018     40,697       488,364       5,087,125  
Upgrade, Inc., Preferred Series C-1   Mar 2022     3,290,000       14,159,000       15,232,700  
                  53,801,744       59,219,629  
FoodTech — 1.0%                            
Impossible Foods, Inc., Preferred Series E-1   Nov 2022     400,000       4,080,000       5,584,000  
Impossible Foods, Inc., Preferred Series H-1(c)   Nov 2021     153,494       3,746,778       2,968,574  
Impossible Foods, Inc., Preferred Series H-2(c)   Nov 2021     53,389       1,303,222       1,032,543  
                  9,130,000       9,585,117  
Healthcare/Biotech — 2.7%                            
Click Therapeutics, Inc., Preferred Series A   Nov 2020     60,087       210,304       229,532  
Collective Health, Inc., Preferred Series F   May 2021     3,989,361       3,120,000       2,473,404  
Crossover Health Management Services, Inc., Preferred Series D   Mar 2021     291,645       10,370,696       16,335,037  
Devoted Health, Inc., Preferred Series E   Dec 2023     8,888       499,953       587,941  
Omada Health, Inc., Preferred Series E   Dec 2021     1,334,400       7,999,995       6,698,688  
ZocDoc, Inc., Preferred Series A   Feb 2015     35,000       875,000       312,550  
                  23,075,948       26,637,152  
Security — 2.5%                            
Contrast Security, Inc., Preferred Series A   Jul 2022     828,514       10,300,003       7,970,305  
Contrast Security, Inc., Preferred Series C   Nov 2022     1,164,596       7,649,998       11,203,413  
Cybereason, Inc., Preferred Series F   Jul 2021     1,510,600       7,631,457       3,262,896  
Lookout, Inc., Preferred Series A   Feb 2015     204,000       1,927,800       2,078,760  
                  27,509,258       24,515,374  
Software — 4.5%                            
Roofstock, Inc., Preferred Series E   Mar 2022     339,154       9,999,990       6,579,588  
Tradeshift Holdings, Inc., Preferred Series 3   Jun 2021     28,797,969       12,551,436       36,939,155  
                  22,551,426       43,518,743  

 

5

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares/Principal/
Units		   Cost   Fair Value 
 
PREFERRED STOCK IN PRIVATE COMPANIES(a),(b) — 46.7% (Continued)         
Transportation — 2.5%               
Clearmotion, Inc., Preferred Series A-3  Mar 2022   2,075,885   $341,068   $515,650 
Clearmotion, Inc., Preferred Series A-4  Mar 2022   12,954,589    908,932    3,217,920 
Clearmotion, Inc., Preferred Series B  Mar 2023   2,484,760    500,000    617,214 
Flexport, Inc., Preferred Series A  Jun 2022   580,165    8,489,030    3,306,940 
Flexport, Inc., Preferred Series B-1  Jul 2022   69,790    944,665    397,803 
Flexport, Inc., Preferred Series D-3  Jul 2022   82,613    1,117,776    487,417 
Loadsmart, Inc., Preferred Series D  Jan 2022   500,000    10,000,000    8,420,000 
Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D  Mar 2019   20,618,556    5,000,000    1,647,423 
Turo, Inc., Preferred Series D-1  Jun 2018   314,017    2,932,295    5,988,304 
            30,233,766    24,598,671 
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES           381,871,883    455,573,099 
                   
CONVERTIBLE NOTES OF PRIVATE COMPANIES(a),(b) — 4.1%               
AgTech — 0.0%                  
Farmer's Business Network, Inc., 15.00% 9/28/2025  Sep 2023  $350,000    350,000    350,000 
Artificial Intelligence — 0.3%                  
Nanotronics Imaging, Inc., 5.00% 4/25/2025  Apr 2023  $3,000,000    3,000,000    3,367,104 
Hosting/Storage — 1.1%                  
TMGcore, Inc., 4.00% 9/30/2028  Dec 2021  $10,476,362    10,476,362    10,490,139 
Software — 0.3%                  
Tradeshift Holdings, Inc., 0.00% 4/3/2025  Apr 2023  $2,227,053    2,227,053    2,227,053 
Tradeshift Holdings, Inc., 0.00% 9/5/2026  Sep 2024  $500,000    500,000    500,000 
            2,727,053    2,727,053 
Transportation — 2.4%                  
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027  Jun 2020  $10,418,495    252,362    1,042,513 
Neutron Holdings, Inc. (d.b.a. Lime), 7.50% 10/29/2025(d)  Oct 2021  $17,761,111    17,761,111    22,019,448 
            18,013,473    23,061,961 
TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES           34,566,888    39,996,257 
                   
UNITS OF PRIVATE COMPANIES(a),(b) — 0.0%                  
Security — 0.0%                  
Excalibur CombineCo, L.P. Class A Units  Jun 2023   194    193,877    193,857 
TOTAL UNITS OF PRIVATE COMPANIES           193,877    193,857 

 

6

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

    Acquisition
Date 		  Units     Cost     Fair Value  
 
Warrants of Private Companies(a),(b) — 0.1%                  
Analytics/Big Data — 0.0%                      
Content Square SAS, Exercise Price $0.0001, Exercise Date 6/11/2025   Dec 2023     14,553       153,658       226,589  
Software — 0.1%                            
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031   Nov 2021     213,797       2,425,355       274,238  
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031   Dec 2021     427,594       4,570,844       548,475  
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032   Mar 2022     213,797       2,538,052       274,237  
                  9,534,251       1,096,950  
Transportation — 0.0%                            
Neutron Holdings, Inc. (d.b.a. Lime), Exercise Price $0.01, Exercise Date 6/2/2027   Jun 2020     1,016,483       807       67,189  
TOTAL WARRANTS OF PRIVATE COMPANIES                 9,688,716       1,390,728  
 
SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES(a),(b) — 0.0%                            
Artificial Intelligence — 0.0%                            
Cubefabs, Inc.   Nov 2023     250,000       250,000       250,000  
TOTAL SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES                 250,000       250,000  
                             
SPECIAL PURPOSE VEHICLES/PRIVATE FUNDS(a),(b) — 0.4%                            
Private Funds — 0.4%                            
Northgate Growth Fund III   Dec 2022             4,200,000       4,208,030  
TOTAL SPECIAL PURPOSE VEHICLES/PRIVATE FUNDS                 4,200,000       4,208,030  
                             
Short-Term Investments — 6.4%                            
MUTUAL FUNDS — 6.4%                            
UMB Money Market II Special, 4.19%(e)                 62,303,542       62,303,542  
 
TOTAL SHORT-TERM INVESTMENTS                 62,303,542       62,303,542  
 
TOTAL INVESTMENTS — 99.9%                 779,869,592       975,482,551  
Other assets less liabilities — 0.1%                         974,005  
 
NET ASSETS — 100.0%                       $ 976,456,556  

 

7

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

March 31, 2025 (Unaudited)

 

 

(a) Investments in private companies, and in some cases public companies, may be subject to restrictions on disposition imposed by the issuer. All positions held are non-controlled and non-affiliated investments, as defined by the Investment Company Act of 1940, as amended (“1940 Act”).As of March 31, 2025 restricted securities represented 93.52% of the net assets of the Fund.
   
(b) Debt positions (convertible notes of private companies) are income producing, all other positions are Equity positions and are non-income producing, except for short-term investments.
   
(c) These securities have been purchased through Special Purpose Vehicles/Private Funds in which the Fund has a direct investment of ownership units of the Vehicles. The shares, cost basis and fair value stated are disclosed based on the underlying securities purchased by the Vehicle and the Fund’s ownership percentage.
   
(d) Denotes a variable rate security. The rate shown is the current interest rate as of March 31, 2025.
   
(e) Represents the 7-day effective yield as of March 31, 2025.
   
 

All issuers are based in the United States, except for Lyst, Ltd., OpenX Software, Ltd., and Snyk, Ltd., which are based in the UK, and Trax, Ltd., Eruditus Learning Solutions Pte., Ltd., Fundbox, Ltd., and Content Square SAS, which are based in the Cayman Islands, Singapore, Israel, and France, respectively.

 

 

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