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THE PRIVATE SHARES FUND

Schedule of Investments

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares   Cost   Fair Value 
 
common stock in public companies(a),(b)— 6.5%                  
Aerospace — 1.6%                  
Voyager Technologies, Inc.  Mar 2022   544,823   $14,999,950   $16,224,829 
Finance/Payments — 3.9%                  
Circle Internet Group, Inc.  Apr 2018   290,200    2,604,826    38,474,716 
Healthcare/Biotech — 1.0%                  
Omada Health, Inc.  Dec 2021   444,800    7,999,995    9,834,528 
TOTAL COMMON STOCK IN PUBLIC COMPANIES           25,604,771    64,534,073 
                   
Common Stock in Private Companies(a),(b)— 37.9%                  
3D Printing — 0.1%                  
Carbon, Inc.  Jun 2019   158,853    2,125,214    826,036 
Advertising — 1.9%                  
GroundTruth, Inc.  Oct 2016   1,659,427    446,424    514,423 
NextRoll, Inc.  Mar 2017   2,367,054    16,079,048    15,433,192 
OpenX Software, Ltd.  Jun 2015   2,899,297    2,615,386    2,696,346 
            19,140,858    18,643,961 
Aerospace — 8.1%                  
Axiom Space, Inc.  Mar 2021   29,543    5,099,983    3,666,287 
Relativity Space, Inc.  Oct 2021   12,165    20,299,986    51,882 
Space Exploration Technologies Corp.  May 2019   360,330    7,386,765    76,389,960 
            32,786,734    80,108,129 
AgTech — 0.0%                  
Farmer's Business Network, Inc.  Sep 2021   87,500    5,042,625    326,375 
Analytics/Big Data — 5.2%                  
Content Square SAS  Dec 2023   586,390    3,894,219    6,661,390 
Dataminr, Inc.  Sep 2015   567,043    6,559,226    14,357,529 
Domino Data Lab, Inc.  Apr 2021   330,000    4,118,400    5,412,000 
INRIX, Inc.  May 2014   133,238    3,026,250    6,029,020 
SingleStore, Inc.  May 2020   2,148,366    10,359,604    11,730,078 
Tealium, Inc.  Sep 2020   200,000    1,300,000    3,150,000 
ThoughtSpot, Inc.  Oct 2018   162,087    1,745,758    4,010,032 
            31,003,457    51,350,049 
Artificial Intelligence — 4.1%                  
Brain Corp.  Dec 2020   2,375,000    9,540,000    12,753,750 
Cerebras Systems, Inc.  Feb 2022   309,813    6,946,627    11,225,268 
Nanotronics Imaging, Inc.  Aug 2022   76,504    7,803,408    16,138,519 
            24,290,035    40,117,537 
Education — 0.6%                  
Learneo, Inc. (f.k.a. Course Hero, Inc.)  Jun 2020   270,000    3,429,200    6,447,600 

 

1

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares   Cost   Fair Value 
 
Common Stock in Private Companies(a),(b)— 37.9% (Continued)           
Enterprise Software — 3.6%                  
Automation Anywhere, Inc.  Jul 2021   189,449   $4,019,940   $2,057,416 
Docker, Inc.  May 2017   2,500    531,250    20,500 
EquipmentShare.com, Inc.  Oct 2021   694,800    9,985,874    21,302,568 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.)  May 2019   788,562    3,420,734    8,879,208 
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.)  Nov 2020   190,007    1,235,126    1,345,250 
Trax, Ltd.  Mar 2020   149,970    5,100,000    1,855,129 
            24,292,924    35,460,071 
Finance/Payments — 4.3%                  
Betterment Holdings, Inc.  Mar 2021   1,457,800    14,999,995    24,374,416 
ConsenSys Software, Inc.  May 2022   31,010    3,703,824    3,403,968 
Payward, Inc. (d.b.a. Kraken)  Jun 2021   105,218    5,079,228    5,136,743 
Prosper Marketplace, Inc.  Jan 2016   244,130    1,307,998    102,534 
Upgrade, Inc.  Apr 2022   1,861,053    5,900,002    9,081,939 
            30,991,047    42,099,600 
FoodTech — 0.4%                  
Impossible Foods, Inc.  Oct 2022   373,248    3,569,496    3,956,429 
Games — 1.1%                  
Epic Games, Inc.  Nov 2022   17,168    10,826,013    11,392,513 
Hardware — 0.0%                  
Hydrow, Inc.  Feb 2022   14,172,560    4,999,989    473,364 
Healthcare/Biotech — 1.8%                  
Click Therapeutics, Inc.  Nov 2020   1,000,000    3,500,000    4,967,100 
Color Health, Inc.  Feb 2022   139,486    10,039,927    1,683,596 
Devoted Health, Inc.  Aug 2022   177,776    9,999,953    10,222,120 
ZocDoc, Inc.  Feb 2015   61,016    1,321,708    458,230 
            24,861,588    17,331,046 
Security — 4.8%                  
Arctic Wolf Networks, Inc.  Dec 2021   2,072,651    20,456,420    25,037,624 
Contrast Security, Inc.  Sep 2022   31,250    255,000    260,625 
Cybereason, Inc.  Apr 2025   2,115,128    7,631,457    1,336,338 
Lookout, Inc.  Jul 2022   1,869,160    10,000,006    10,523,371 
Snyk, Ltd.  Mar 2023   392,707    2,932,070    4,610,380 
Tanium, Inc.  Apr 2019   640,000    4,787,200    5,235,200 
            46,062,153    47,003,538 
Software — 1.6%                  
Discord, Inc.  Dec 2021   36,603    13,338,825    14,317,995 
Roofstock, Inc.  Jun 2024   127,231    6,130,637    1,136,173 
            19,469,462    15,454,168 

 

2

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares   Cost   Fair Value 
 
Common Stock in Private Companies(a),(b)— 37.9% (Continued)          
Transportation — 0.3%                  
Flexport, Inc.  Jul 2022   538,387   $7,256,025   $2,837,299 
TOTAL COMMON STOCK IN PRIVATE COMPANIES           290,146,820    373,827,715 
                   
Preferred Stock in Private Companies(a),(b)— 39.6%                  
Advertising — 0.0%                  
GroundTruth, Inc., Preferred Series B-1  Jan 2017   600,000    149,200    186,000 
Aerospace — 4.8%                  
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    2,374,684 
Relativity Space, Inc., Preferred Series 1A  May 2025   1,172,360    4,999,998    4,999,998 
Relativity Space, Inc., Preferred Series Z  May 2025   9,999    0    9,999,000 
Xplore, Inc., Preferred Series A1  Feb 2022   237,524    1,000,000    1,250,001 
            34,632,614    47,459,805 
AgTech — 0.5%                  
Farmer's Business Network, Inc., Preferred Series G  Sep 2021   160,880    10,199,946    4,478,899 
Analytics/Big Data — 1.5%                  
Content Square SAS, Preferred Series F  Dec 2023   160,410    1,693,701    2,415,774 
Dataminr, Inc., Preferred Series A  Apr 2019   20,000    198,000    506,400 
Dataminr, Inc., Preferred Series B  Apr 2019   87,496    866,211    2,215,399 
Dataminr, Inc., Preferred Series C  Sep 2025   388,350    4,000,005    9,833,022 
            6,757,917    14,970,595 
Artificial Intelligence — 2.5%                  
Nanotronics Imaging, Inc., Preferred Series F-2  Apr 2022   90,888    15,300,066    19,172,824 
VerbIT, Inc., Preferred Series A  Nov 2021   47,640    693,256    144,349 
VerbIT, Inc., Preferred Series B  Nov 2021   288,180    4,194,173    873,185 
VerbIT, Inc., Preferred Series E-1  Nov 2021   423,720    6,166,668    3,889,750 
VerbIT, Inc., Preferred Series Seed 2  Nov 2021   65,000    945,904    196,950 
            27,300,067    24,277,058 
Clean Technology — 0.1%                  
WiTricity Holdings, Inc., Preferred Series A  Oct 2020   1,000,000    1,020,000    820,000 
WiTricity Holdings, Inc., Preferred Series B  Jun 2022   333,253    999,999    559,865 
            2,019,999    1,379,865 
Consumer Web — 0.0%                  
Trusper, Inc. (d.b.a. Musely), Preferred Series B  Oct 2014   7,961    100,012    124,430 

 

3

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares   Cost   Fair Value 
 
Preferred Stock in Private Companies(a),(b)— 39.6% (Continued)          
e-Commerce — 7.3%                  
GrubMarket, Inc., Preferred Series D  Oct 2020   440,742   $1,999,999   $11,865,590 
GrubMarket, Inc., Preferred Series E  Jun 2021   1,520,838    14,999,995    40,943,773 
GrubMarket, Inc., Preferred Series F  Feb 2022   697,526    9,999,982    18,778,690 
            26,999,976    71,588,053 
Education — 0.1%                  
Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1  Jul 2021   193,100    6,146,189    1,284,115 
Enterprise Software — 5.0%                  
Checkr, Inc., Preferred Series A-1  Mar 2020   150,000    1,405,000    2,514,000 
Cohere Technologies, Inc., Preferred Series D-1  Feb 2022   279,571    1,999,995    2,029,685 
Cohere Technologies, Inc., Preferred Series D-2  Dec 2020   386,038    2,071,233    2,802,636 
EquipmentShare.com, Inc., Preferred Series E  May 2022   323,064    4,999,997    9,905,142 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E  May 2021   106,006    763,277    1,193,628 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Senior Series E  Jul 2025   532,837    3,836,718    5,999,745 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F  Jun 2022   319,105    2,488,949    3,593,122 
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Senior Series F  Jul 2025   1,603,971    12,511,044    18,060,714 
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2  Nov 2020   123,819    804,870    876,639 
Trax, Ltd., Pre IPO  Mar 2021   76,722    3,999,978    2,655,348 
            34,881,061    49,630,659 
Finance/Payments — 6.1%                  
Betterment Holdings, Inc., Preferred Series F  Sep 2021   318,380    3,999,999    5,323,314 
Fundbox, Ltd., Preferred Series C  Jun 2019   439,552    4,999,992    5,674,616 
Fundbox, Ltd., Preferred Series D  Sep 2021   531,914    7,499,988    7,202,116 
Payward, Inc. (d.b.a. Kraken), Preferred Series A  Nov 2021   262,210    13,768,164    12,801,092 
Payward, Inc. (d.b.a. Kraken), Preferred Series Seed  Apr 2022   67,000    3,505,340    3,270,940 
Prosper Marketplace, Inc., Preferred Series A  Jan 2016   55,395    305,781    30,467 
Prosper Marketplace, Inc., Preferred Series A-1  Jan 2016   58,165    116    24,429 
Ripple Labs, Inc., Preferred Series A  Dec 2018   40,697    488,364    10,174,250 
Upgrade, Inc., Preferred Series C-1  Mar 2022   3,290,000    14,159,000    16,055,200 
            48,726,744    60,556,424 
FoodTech — 0.5%                  
Impossible Foods, Inc., Preferred Series E-1  Nov 2022   400,000    4,080,000    4,472,000 

 

4

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Shares/Principal   Cost   Fair Value 
 
Preferred Stock in Private Companies(a),(b)— 39.6% (Continued)           
Healthcare/Biotech — 2.0%                  
Click Therapeutics, Inc., Preferred Series A  Nov 2020   60,087   $210,304   $298,458 
Collective Health, Inc., Preferred Series F  May 2021   3,989,361    3,119,999    2,273,936 
Crossover Health Management Services, Inc., Preferred Series D  Mar 2021   303,329    10,786,170    16,579,963 
Devoted Health, Inc., Preferred Series E  Dec 2023   8,888    499,953    511,060 
ZocDoc, Inc., Preferred Series A  Feb 2015   35,000    875,000    262,850 
            15,491,426    19,926,267 
Security — 1.8%                  
Contrast Security, Inc., Preferred Series A  Jul 2022   828,514    10,300,003    6,909,807 
Contrast Security, Inc., Preferred Series C  Nov 2022   1,164,596    7,649,998    9,712,731 
Cybereason, Inc., Preferred Series H  Apr 2025   175,604    110,947    110,946 
Lookout, Inc., Preferred Series A  Feb 2015   204,000    1,927,800    1,148,520 
            19,988,748    17,882,004 
Software — 4.9%                  
Roofstock, Inc., Preferred Series E  Mar 2022   339,154    9,999,990    6,738,990 
Tradeshift Holdings, Inc., Preferred Series 3  Jun 2021   28,797,969    12,551,436    41,469,075 
            22,551,426    48,208,065 
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    3,057,470 
Flexport, Inc., Preferred Series B-1  Jul 2022   69,790    944,665    367,793 
Flexport, Inc., Preferred Series D-3  Jul 2022   82,613    1,117,776    473,373 
Loadsmart, Inc., Preferred Series D  Jan 2022   500,000    10,000,000    8,260,000 
Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D  Mar 2019   20,618,556    5,000,000    2,051,546 
Turo, Inc., Preferred Series D-1  Jun 2018   314,017    2,932,295    5,988,304 
            30,233,766    24,549,270 
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES           290,259,091    390,973,509 
                   
Convertible Notes of Private Companies(a),(b)— 4.7%                  
Aerospace — 0.0%                  
Radian Aerospace, Inc., 10.00% 8/29/2026  Sep 2025  $400,000    400,000    400,000 
AgTech — 0.0%                  
Farmer's Business Network, Inc., 15.00% 9/28/2026  Sep 2023  $350,000    350,000    350,000 

 

5

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Principal/Units   Cost   Fair Value 
                
CONVERTIBLE NOTES OF PRIVATE COMPANIES(a),(b)— 4.7%  (Continued)       
ANALYTICS/BIG DATA — 0.1%               
Dataminr, Inc., 10.00% 2/28/2030  Jun 2025  $1,000,000   $1,000,000   $1,000,000 
                   
ARTIFICIAL INTELLIGENCE — 0.4%                  
Nanotronics Imaging, Inc., 5.00% 4/25/2026  Apr 2023  $3,000,000    3,000,000    3,555,809 
                   
ENTERPRISE SOFTWARE — 0.2%                  
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), 18.00% 5/20/2032  Jul 2025  $2,000,000    2,000,000    2,355,069 
                   
HOSTING/STORAGE — 1.1%                 
TMGcore, Inc., 4.00% 9/30/2028  Dec 2021  $10,476,362    10,476,362    10,494,731 
                   
SOFTWARE — 0.3%                  
Tradeshift Holdings, Inc., 0.00% 7/31/2026  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 — 2.6%                  
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 10/29/2026(c)  Oct 2021  $18,356,796    18,356,796    24,203,033 
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027  Jun 2020  $10,418,495    252,362    1,328,842 
            18,609,158    25,531,875 
TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES           38,562,573    46,414,537 
                   
UNITS OF PRIVATE COMPANIES(a),(b) — 0.0%                  
SECURITY — 0.0%                  
Excalibur CombineCo, L.P. Class A Units  Jun 2023   194    193,878    193,857 
TOTAL UNITS OF PRIVATE COMPANIES           193,878    193,857 
                   
WARRANTS OF PRIVATE COMPANIES(a),(b) — 0.1%                  
AEROSPACE — 0.0%                  
Radian Aerospace, Inc., Exercise Price $0.01, Exercise Date 2/27/2033  Sep 2025   121,581    0    399,476 
                   
SOFTWARE — 0.1%                  
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031  Nov 2021   213,797    2,425,355    136,958 
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031  Dec 2021   427,594    4,570,844    273,917 
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032  Mar 2022   213,797    2,538,052    136,958 
            9,534,251    547,833 

 

6

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Units   Cost   Fair Value 
                
WARRANTS OF PRIVATE COMPANIES(a),(b) — 0.1% (Continued)           
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   $91,687 
TOTAL WARRANTS OF PRIVATE COMPANIES           9,535,058    1,038,996 
                   
SPECIAL PURPOSE VEHICLES(a),(b),(d)— 7.9%                  
AGTECH — 0.8%                  
Stage 1 Growth Fund, LLC, Series CiBO (invested in CIBO Technologies, Inc., Preferred Series C1)  Aug 2021   1,298,566    3,210,057    3,116,558 
Stage 1 Growth Fund, LLC Series Invaio (invested in Invaio Sciences, Inc., Preferred Series C)  Mar 2021   1,061,390    5,150,000    5,222,039 
            8,360,057    8,338,597 
ANALYTICS/BIG DATA — 3.2%                  
KVC Select, LLC (Invested in Dremio Corp., 22.3% Common Stock and 77.7% Preferred Series E)  Dec 2021   636,258    5,213,383    4,378,178 
Tiger Global PIP 12-1, LLC (invested in Databricks, Inc., Preferred Series G)  Jul 2022   182,664    10,815,024    27,399,600 
            16,028,407    31,777,778 
ARTIFICIAL INTELLIGENCE — 1.7%                  
HOF Capital WH Strategic Opportunities Fund, LP (invested in X.AI, Corp., Preferred Series B)  May 2024   267,335    3,296,000    9,773,767 
MVP Opportunity Fund VI LLC, Series 24G (invested in X.AI, Corp., Preferred Series C)  Nov 2024   42,794    1,000,000    1,564,549 
SC JAL, LLC (invested in X.AI, Corp., Preferred Series B)  May 2024   150,375    1,854,000    5,497,710 
            6,150,000    16,836,026 
CLEAN TECHNOLOGY — 0.0%                  
Stage 1 Growth Fund, LLC Series WiTricity Holdings (invested in WiTricity Holdings, Inc. Common Stock)  Mar 2021   166,667    1,667    65,000 
                   
E-COMMERCE — 0.2%                  
Irving Investors Privates OSC XXXVIII, LLC (invested in 1661, Inc. (d.b.a GOAT), 14.9% Common Stock, 13.1% Preferred Series A-1, 0.3% Preferred Series A-5, 17.1% Preferred Series A-7, 27.0% Preferred Series B, and 27.7% Preferred Series C)  Sep 2021   859,200    5,100,463    2,319,840 

 

7

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

   Acquisition
Date		  Units/
Commitment		   Cost   Fair Value 
                
SPECIAL PURPOSE VEHICLES(a),(b),(d)— 7.9% (Continued)              
EDUCATION — 0.4%                  
GSV ERS LP (invested in Eruditus Learning Solutions Pte., Ltd. Common Stock)  Aug 2021   36,264   $5,169,490   $4,010,436 
                   
ENTERPRISE SOFTWARE — 0.3%                  
KVC Select, LLC (invested in Ocrolus, Inc., Preferred Series C)  Aug 2021   438,327    3,137,450    2,822,826 
                   
FINANCE/PAYMENTS — 0.5%                  
ParaFi Private Opportunities, LLC - Series J (invested in ConsenSys Software, Inc., Preferred Series D)  Feb 2022   35,699    5,075,000    4,477,369 
                   
FOODTECH — 0.4%                  
Khosla Ventures IFSPV II-B, LLC (invested in Impossible Foods, Inc., 74.2% Preferred Series H-1 and 25.8% Preferred Series H-2)  Nov 2021   206,883    5,050,000    3,715,619 
                   
SOFTWARE — 0.4%                  
Artist Edge Partners IV, LP (invested in Discord, Inc. Common Stock)  Dec 2021   9,091    5,125,792    3,556,126 
TOTAL SPECIAL PURPOSE VEHICLES           59,198,325    77,919,617 
                   
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 
                   
PRIVATE FUNDS(a),(b)— 0.5%                  
PRIVATE FUNDS — 0.5%                  
Northgate Growth Fund III  Dec 2022   4,450,000    4,450,000    4,521,080 
TOTAL PRIVATE FUNDS           4,450,000    4,521,080 
                   
SHORT-TERM INVESTMENTS — 2.6%                  
MUTUAL FUNDS — 2.6%                  
UMB Money Market II Special, 3.94%(e)           25,498,281    25,498,281 
TOTAL SHORT-TERM INVESTMENTS           25,498,281    25,498,281 
                   
TOTAL INVESTMENTS — 99.8%           743,698,797    985,171,665 
Other assets less liabilities — 0.2%                2,334,640 
                   
NET ASSETS — 100.0%               $987,506,305 

 

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THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2025 (Unaudited)

 

 

LLC – Limited Liability Company

 

LP – Limited Partnership

 

(a) 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.
   
(b)

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 September 30, 2025 restricted securities represented 97.18% of the net assets of the Fund.

   
(c) Denotes a variable rate security. The rate shown is the current interest rate as of September 30, 2025.
   
(d) The Fund has a direct investment in an SPV which has invested in an underlying portfolio company. If applicable, the number of units presented, are the units in the SPV owned by the Fund, which represents the equivalent number of securities of the underlying portfolio company for which the investment has economic exposure.
   
(e) Represents the 7-day effective yield as of September 30, 2025.

 

All issuers are based in the United States, except for 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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