NPORT-EX 2 tpsf_093023partf.htm THE PRIVATE SHARES FUND PART F

THE PRIVATE SHARES FUND

Schedule of Investments

September 30, 2023 (Unaudited)

 

Acquisition

Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Common Stock in Public Companies(a)— 0.2%               
Consumer Web — 0.2%               
Nextdoor Holding, Inc. Nov 2018    475,479  $2,449,074  $865,372
Wag Labs, Inc. Oct 2018    376,552   2,035,961   719,214
           4,485,035   1,584,586
Healthcare/Biotech — 0.0%               
23andMe Holding Co. Oct 2017    374,260   1,852,320   366,775
TOTAL COMMON STOCK IN PUBLIC COMPANIES          6,337,355   1,951,361
 
Common Stock in Private Companies(a),(b)— 39.6%               
3D Printing — 0.3%               
Carbon, Inc. Jun 2019    158,853   2,125,214   2,830,760
Advertising — 2.6%               
GroundTruth, Inc. Oct 2016    1,659,427   446,424   481,234
NextRoll, Inc. Mar 2017    2,367,054   16,079,048   21,871,579
OpenX Software, Ltd. Jun 2015    2,899,297   2,615,386   2,377,423
           19,140,858   24,730,236
Aerospace — 4.7%               
Axiom Space, Inc. Mar 2021    29,543   5,099,983   4,990,699
Relativity Space, Inc. Oct 2021    437,922   9,999,993   9,813,832
Space Exploration Technologies Corp. May 2019    360,330   7,386,765   29,186,730
           22,486,741   43,991,261
AgTech — 0.5%               
Farmer's Business Network, Inc. Sep 2021    87,500   5,042,625   4,624,375
Analytics/Big Data — 5.3%               
Dataminr, Inc. Sep 2015    567,043   6,559,226   17,033,972
Domino Data Lab, Inc. Apr 2021    330,000   4,118,400   4,897,200
Dremio Corp.(c) Dec 2021    166,664   1,028,383   1,383,311
INRIX, Inc. May 2014    133,238   3,026,249   5,963,733
SingleStore, Inc. May 2020    2,148,366   10,359,604   13,341,353
Tealium, Inc. Sep 2020    200,000   1,300,000   2,376,000
ThoughtSpot, Inc. Oct 2018    162,087   1,745,759   4,186,707
           28,137,621   49,182,276
Artificial Intelligence — 3.3%               
Brain Corp. Dec 2020    2,375,000   9,540,000   10,568,750
Cerebras Systems, Inc. Feb 2022    309,813   6,946,627   7,094,718
Nanotronics Imaging, Inc. Aug 2022    76,504   7,803,408   13,619,242
           24,290,035   31,282,710
Clean Technology — 0.1%               
WiTricity Holdings, Inc.(c) Mar 2021    166,667   1,667   480,001

 

See accompanying Notes to the Schedule of Investments

 

0

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Common Stock in Private Companies(a),(b)— 39.6% (Continued)               
e-Commerce — 0.8%               
1661, Inc. (d.b.a. GOAT)(c) Sep 2021    128,148  $760,724  $589,481
CaaStle, Inc. Mar 2022    1,174,400   3,057,263   7,316,512
           3,817,987   7,905,993
Education — 1.4%               
Eruditus Learning Solutions Pte., Ltd.(c) Aug 2021    36,264   5,092,426   4,181,602
Learneo, Inc. (f.k.a. Course Hero, Inc.) Jun 2020    270,000   3,429,200   8,191,800
Udacity, Inc. Nov 2018    448,075   2,884,586   842,381
           11,406,212   13,215,783
Enterprise Software — 3.1%               
Algolia, Inc. Jan 2020    45,000   420,000   787,500
Automation Anywhere, Inc. Jul 2021    189,449   4,019,940   1,708,830
D2iQ, Inc. Feb 2019    165,000   1,605,450   181,500
Docker, Inc. May 2017    2,500   531,250   72,125
EquipmentShare.com, Inc. Oct 2021    694,800   9,985,874   10,755,504
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.) May 2019    788,562   3,420,734   6,340,039
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.) Nov 2020    190,007   1,235,126   1,525,756
Trax, Ltd. Mar 2020    149,970   5,100,000   7,441,511
           26,318,374   28,812,765
Finance/Payments — 4.1%               
Betterment Holdings, Inc. Mar 2021    1,457,800   14,999,995   16,968,792
Circle Internet Financial, Ltd. Apr 2018    290,200   2,604,825   11,227,838
ConsenSys Software, Inc. May 2022    31,010   3,703,824   3,884,623
Payward, Inc. (d.b.a. Kraken) Jun 2021    105,218   5,079,228   3,256,497
Prosper Marketplace, Inc. Jan 2016    244,130   1,307,998   100,093
Upgrade, Inc. Apr 2022    661,053   2,900,002   2,974,739
           30,595,872   38,412,582
FoodTech — 0.6%               
Impossible Foods, Inc. Oct 2022    373,248   3,569,496   5,654,707
Games — 1.4%               
Epic Games Nov 2022    17,168   10,826,013   12,828,616
Healthcare/Biotech — 2.5%               
Click Therapeutics, Inc. Nov 2020    1,000,000   3,500,000   3,350,000
Color Health, Inc. Feb 2022    139,486   10,039,927   8,794,593
Devoted Health, Inc. Aug 2022    177,776   9,999,953   9,791,902
ZocDoc, Inc. Feb 2015    61,016   1,321,708   1,057,407
           24,861,588   22,993,902
Hosting/Storage — 0.4%               
Rubrik, Inc. Sep 2019    134,281   3,401,166   4,102,285

 

See accompanying Notes to the Schedule of Investments

 

1

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Common Stock in Private Companies(a),(b)— 39.6% (Continued)               
Security — 5.4%               
Arctic Wolf Networks, Inc. Dec 2021    2,072,651  $20,456,420  $17,969,884
Code42 Software, Inc. May 2016    330,000   754,500   1,174,800
Contrast Security, Inc. Sep 2022    31,250   255,000   416,562
Exabeam, Inc. Jul 2021    47,858   1,396,977   1,396,975
Lookout, Inc. Jul 2022    1,869,160   10,000,006   18,897,208
Malwarebytes, Inc. Dec 2019    134,900   809,400   1,121,019
Snyk, Ltd. Mar 2023    392,707   2,932,070   4,480,787
Tanium, Inc. Apr 2019    640,000   4,787,200   4,748,800
           41,391,573   50,206,035
Software — 2.6%               
Discord, Inc.(c) Dec 2021    45,694   18,332,939   19,198,791
Mynd Management, Inc. Dec 2021    340,202   6,130,637   4,898,909
           24,463,576   24,097,700
Transportation — 0.5%               
Flexport, Inc. Jul 2022    538,387   7,256,025   4,592,441
TOTAL COMMON STOCK IN PRIVATE COMPANIES          289,132,643   369,944,428
 
Preferred Stock in Private Companies(a),(b)— 43.8%               
Advertising — 0.0%               
GroundTruth, Inc., Preferred Series B-1 Jan 2017    600,000   149,200   174,000
Aerospace — 5.7%               
Axiom Space, Inc., Preferred Series B Dec 2020    32,221   2,019,958   5,443,094
Axiom Space, Inc., Preferred Series C-1 Aug 2021    108,731   15,612,740   18,367,928
Beta Technologies, Inc., Preferred Series A Apr 2021    40,944   2,999,967   3,815,571
Beta Technologies, Inc., Preferred Series B Apr 2022    58,156   5,999,954   5,737,089
Radian Aerospace, Inc., Preferred Series Seed 2 Sep 2021    607,336   1,999,997   2,083,163
Relativity Space, Inc., Preferred Series E Jul 2021    437,922   10,299,992   9,914,554
Voyager Space Holdings, Inc., Preferred Series B Mar 2022    192,061   7,499,982   7,499,982
           46,432,590   52,861,381
AgTech — 2.0%               
CIBO Technologies, Inc., Preferred Series C(c) Aug 2021    600,000   3,090,000   2,772,000
Farmer's Business Network, Inc., Preferred Series G Sep 2021    160,880   10,199,946   9,284,385
Invaio Sciences, Inc., Preferred Series C(c) Mar 2021    1,061,390   5,150,000   6,102,992
           18,439,946   18,159,377

 

See accompanying Notes to the Schedule of Investments

 

2

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Preferred Stock in Private Companies(a),(b)— 43.8% (Continued)               
Analytics/Big Data — 3.5%               
Databricks, Inc., Preferred Series G(c) Jul 2022    182,664  $10,799,704  $13,425,804
Dataminr, Inc., Preferred Series A Apr 2019    20,000   198,000   600,800
Dataminr, Inc., Preferred Series B Apr 2019    87,496   866,211   2,628,380
Dremio Corp., Preferred Series E(c) Dec 2021    469,594   4,110,000   3,953,981
Heap, Inc., Preferred Series C May 2019    1,361,503   4,999,997   11,504,700
Heap, Inc., Preferred Series D Nov 2021    84,047   711,170   711,038
           21,685,082   32,824,703
Artificial Intelligence — 2.9%               
Nanotronics Imaging, Inc., Preferred Series F-2 Apr 2022    90,888   15,300,066   16,179,882
VerbIT, Inc., Preferred Series A Nov 2021    47,640   693,256   632,183
VerbIT, Inc., Preferred Series B Nov 2021    288,180   4,194,173   3,824,148
VerbIT, Inc., Preferred Series E-1 Nov 2021    423,720   6,166,668   5,906,657
VerbIT, Inc., Preferred Series Seed 2 Nov 2021    65,000   945,904   862,550
           27,300,067   27,405,420
Clean Technology — 0.4%               
WiTricity Holdings, Inc., Preferred Series A Oct 2020    1,000,000   1,020,000   2,880,000
WiTricity Holdings, Inc., Preferred Series B Jun 2022    333,253   999,999   979,764
           2,019,999   3,859,764
Consumer Web — 0.0%               
Trusper, Inc. (d.b.a. Musely), Preferred Series B Oct 2014    7,961   100,012   113,842
e-Commerce — 6.1%               
1661, Inc. (d.b.a. GOAT), Preferred Series A-1(c) Sep 2021    112,563   668,206   517,790
1661, Inc. (d.b.a. GOAT), Preferred Series A-5(c) Sep 2021    2,394   14,211   11,012
1661, Inc. (d.b.a. GOAT), Preferred Series A-7(c) Sep 2021    146,495   869,637   673,877
1661, Inc. (d.b.a. GOAT), Preferred Series B(c) Sep 2021    231,687   1,375,362   1,065,760
1661, Inc. (d.b.a. GOAT), Preferred Series C(c) Sep 2021    237,913   1,412,322   1,094,400
CaaStle, Inc., Preferred Series A-12 Dec 2021    1,801,270   8,110,608   11,221,912
GrubMarket, Inc., Preferred Series D Oct 2020    440,742   1,999,999   6,355,500
GrubMarket, Inc., Preferred Series E Jun 2021    1,520,838   14,999,995   21,930,484
GrubMarket, Inc., Preferred Series F Feb 2022    697,526   9,999,982   10,058,325
Lyst, Ltd., Preferred Series E Jul 2021    401,929   5,172,500   4,405,142
           44,622,822   57,334,202
Education — 0.5%               
Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1 Jul 2021    193,100   6,146,189   4,922,119

 

 

See accompanying Notes to the Schedule of Investments

 

3

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Preferred Stock in Private Companies(a),(b)— 43.8% (Continued)               
Enterprise Software — 4.3%               
Checkr, Inc., Preferred Series A-1 Mar 2020    150,000  $1,405,000  $2,296,500
Cohere Technologies, Inc., Preferred Series D-1 Feb 2022    279,571   1,999,995   1,998,932
Cohere Technologies, Inc., Preferred Series D-2 Dec 2020    386,038   2,071,233   2,760,172
EquipmentShare.com, Inc., Preferred Series E May 2022    323,064   4,999,997   5,001,031
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E May 2021    638,843   4,599,996   5,136,298
Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F Jun 2022    1,923,076   14,999,993   15,461,531
Ocrolus, Inc., Preferred Series C(c) Aug 2021    438,327   3,092,450   2,998,157
Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2 Nov 2020    123,819   804,870   994,266
Trax, Ltd., Pre IPO Mar 2021    76,722   3,999,978   3,920,494
           37,973,512   40,567,381
Finance/Payments — 5.3%               
Betterment Holdings, Inc., Preferred Series F Sep 2021    318,380   3,999,999   3,855,582
ConsenSys Software, Inc., Preferred Series D(c) Feb 2022    35,699   5,075,000   4,744,397
Fundbox, Ltd., Preferred Series C Jun 2019    439,552   4,999,992   6,096,586
Fundbox, Ltd., Preferred Series D Sep 2021    531,914   7,499,988   7,441,477
Payward, Inc. (d.b.a. Kraken), Preferred Series A Nov 2021    262,210   13,768,164   8,115,400
Payward, Inc. (d.b.a. Kraken), Preferred Series Seed Apr 2022    67,000   3,505,340   2,073,650
Prosper Marketplace, Inc., Preferred Series A Jan 2016    55,395   305,781   29,913
Prosper Marketplace, Inc., Preferred Series A-1 Jan 2016    58,165   116   23,848
Ripple Labs, Inc., Preferred Series A Dec 2018    42,000   504,000   2,284,800
Upgrade, Inc., Preferred Series C-1 Mar 2022    3,290,000   14,159,000   14,805,000
           53,817,380   49,470,653
FoodTech — 1.1%               
Impossible Foods, Inc., Preferred Series E-1 Nov 2022    400,000   4,080,000   6,060,000
Impossible Foods, Inc., Preferred Series H-1(c) Nov 2021    153,494   3,746,778   3,048,391
Impossible Foods, Inc., Preferred Series H-2(c) Nov 2021    53,389   1,303,222   1,060,305
           9,130,000   10,168,696
Hardware — 0.3%               
Hydrow, Inc., Preferred Series D Feb 2022    435,304   4,999,989   2,368,054
Healthcare/Biotech — 2.3%               
Click Therapeutics, Inc., Preferred Series A Nov 2020    60,087   210,304   201,291
Collective Health, Inc., Preferred Series F May 2021    3,989,361   3,120,000   2,313,829
Crossover Health Management Services, Inc., Preferred Series D Mar 2021    258,835   9,203,999   11,052,255
Omada Health, Inc., Preferred Series E Dec 2021    1,334,400   7,999,995   7,259,136
ZocDoc, Inc., Preferred Series A Feb 2015    35,000   875,000   606,550
           21,409,298   21,433,061

 

See accompanying Notes to the Schedule of Investments

 

4

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares/

Principal

 
 

Cost

 
 

Fair Value

 
Preferred Stock in Private Companies(a),(b)— 43.8% (Continued)               
Security — 3.6%               
Contrast Security, Inc., Preferred Series A Jul 2022    828,514  $10,300,003  $11,044,091
Contrast Security, Inc., Preferred Series C Nov 2022    1,164,596   7,649,998   15,524,065
Cybereason, Inc., Preferred Series F(c) Jul 2021    1,510,600   7,631,457   2,398,306
Exabeam, Inc., Preferred Series A Nov 2020    80,000   1,020,000   2,335,200
Exabeam, Inc., Preferred Series F-1 Jun 2023    6,642   193,878   193,880
Lookout, Inc., Preferred Series A Feb 2015    204,000   1,927,800   2,062,440
           28,723,136   33,557,982
Software — 2.7%               
Roofstock, Inc., Preferred Series E Mar 2022    339,154   9,999,990   9,235,163
Tradeshift Holdings, Inc., Preferred Series E  Jun 2021    910,183   6,527,786   15,964,610
           16,527,776   25,199,773
Transportation — 3.1%               
Clearmotion, Inc., Preferred Series A-3 Mar 2022    2,075,885   341,068   417,668
Clearmotion, Inc., Preferred Series A-4 Mar 2022    12,954,589   908,932   2,606,463
Clearmotion, Inc., Preferred Series B Mar 2023    2,484,760   500,000   499,934
Flexport, Inc., Preferred Series A Jun 2022    580,165   8,489,030   4,948,808
Flexport, Inc., Preferred Series B-1 Jul 2022    69,790   944,665   595,309
Flexport, Inc., Preferred Series D-3 Jul 2022    82,613   1,117,776   704,689
Hyperloop Technologies, Inc., Preferred Series B-1 Jun 2017    1,381   999,999   4,920
Hyperloop Technologies, Inc., Preferred Series C May 2019    4,330   37,938   15,426
Loadsmart, Inc., Preferred Series D Jan 2022    500,000   10,000,000   8,505,000
Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D Mar 2019    20,618,556   5,000,000   1,443,299
Turo, Inc., Preferred Series D-1 Jun 2018    628,035   2,932,295   9,407,964
           31,271,703   29,149,480
TOTAL PREFERRED STOCK IN PRIVATE COMPANIES          370,748,701   409,569,888
                
Convertible Notes of Private Companies(b) — 4.3%               
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   3,000,000
Hosting/Storage — 1.1%               
TMGcore, Inc., 4.00% 8/11/2026 Dec 2021   $10,000,000   10,000,000   10,000,000
Security — 0.0%               
Exabeam, Inc., 12.00% 6/15/2028 Jun 2023   $78,659   78,659   78,660

 

See accompanying Notes to the Schedule of Investments

 

5

 

 

THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Principal/

Units/

Commitment/

Shares

 
 

Cost

 
 

Fair Value

 
Convertible Notes of Private Companies(b) — 4.3% (Continued)               
Software — 1.3%               
Tradeshift Holdings, Inc., 6.00% 11/22/2023(d) Nov 2021   $5,000,000  $2,574,645  $5,000,000
Tradeshift Holdings, Inc., 7.00% 3/25/2024 Mar 2022   $5,000,000   2,461,948   5,000,000
Tradeshift Holdings, Inc., 12.00% 4/3/2025 Apr 2023   $2,227,053   2,227,053   2,227,053
           7,263,646   12,227,053
Transportation — 1.6%               
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027 Jun 2020   $253,169   252,362   253,169
Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 10/29/2025 Oct 2021   $15,000,000   15,000,000   14,550,000
           15,252,362   14,803,169
TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES          35,944,667   40,458,882
                
Warrants of Private Companies(a),(b)— 0.3%               
Software — 0.3%               
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031 Nov 2021    213,797   2,425,355   596,493
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031 Dec 2021    427,594   4,570,844   1,192,987
Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032 Mar 2022    213,797   2,538,052   596,494
           9,534,251   2,385,974
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   44,522
TOTAL WARRANTS OF PRIVATE COMPANIES          9,535,058   2,430,496
                
Simple Agreement for Future Equity of Private Companies(a),(b)— 0.1%               
Aerospace — 0.1%               
Xplore, Inc. Feb 2022    1,000,000  1,000,000  1,000,000
TOTAL SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES          1,000,000   1,000,000
                
Special Purpose Vehicles/PRIVATE FUNDS(a),(b)— 0.1%               
Private Funds — 0.1%               
Northgate Growth Fund III(e) Dec 2022    1,200,000   1,200,000   1,173,504
TOTAL SPECIAL PURPOSE VEHICLES/PRIVATE FUNDS          1,200,000   1,173,504

 

 

See accompanying Notes to the Schedule of Investments

 

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THE PRIVATE SHARES FUND

Schedule of Investments - (Continued)

September 30, 2023 (Unaudited)

 

Acquisition
Date

 
  

Shares

 
 

Cost

 
 

Fair Value

 
Short-Term Investments — 11.4%               
MUTAL FUNDS — 11.4%               
Goldman Sachs Government Fund, 5.16% (f)           $55,910,678  $55,910,678
UMB Money Market II Special, 5.18% (f)            50,129,452   50,129,452
TOTAL SHORT-TERM INVESTMENTS            106,040,130   106,040,130
                  
TOTAL INVESTMENTS — 99.8%            819,938,554   932,568,689
Other assets less liabilities — 0.2%                1,783,621
                  
NET ASSETS — 100.0%               $934,352,310
                  

  

(a) Equity positions are non-income producing and debt positions are income producing.
(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, 2023 restricted securities represented 88.25% of the net assets of the Fund.
(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 September 30, 2023.
(e) These investments in Special Purpose Vehicles/Private Funds are expected to be invested into Portfolio Companies’ common and preferred shares.
(f) Represents the 7-day effective yield as of September 30, 2023.

 

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., and Fundbox, Ltd., which are based in the Cayman Islands, Singapore, and Israel, respectively.

 

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