# EDGAR Filing Document

**Accession Number:** 0001557265
**File Stem:** 0001193125-25-289155
**Filing Date:** 2025-11
**Character Count:** 108818
**Document Hash:** cf1a108f72a3c8f4e1b5944648e31f29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-289155.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001193125-25-289155

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Private Shares Fund
- **CENTRAL INDEX KEY:** 0001557265

**ORGANIZATION NAME:**
- **EIN:** 460883651
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22759
- **FILM NUMBER:** 251501790

**BUSINESS ADDRESS:**
- **STREET 1:** 88 PINE STREET
- **STREET 2:** 31ST FLOOR, SUITE 3101
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 800-279-7754

**MAIL ADDRESS:**
- **STREET 1:** 88 PINE STREET
- **STREET 2:** 31ST FLOOR, SUITE 3101
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharesPost 100 Fund
- **DATE OF NAME CHANGE:** 20130403

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharesPost 100 Fund LLC
- **DATE OF NAME CHANGE:** 20120830

## Nport-Ex

**THE PRIVATE SHARES FUND**

**Schedule of Investments**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition <br> Date** | **Shares** | **Cost** | **Fair Value** |
| **common stock in public companies<sup>(a),(b)</sup>— 6.5%** |  |  |  |  |
| **Aerospace — 1.6%** |  |  |  |  |
| Voyager Technologies, Inc. | Mar 2022 | 544823 | $14999950 | $16224829 |
| **Finance/Payments — 3.9%** |  |  |  |  |
| Circle Internet Group, Inc. | Apr 2018 | 290200 | 2604826 | 38474716 |
| **Healthcare/Biotech — 1.0%** |  |  |  |  |
| Omada Health, Inc. | Dec 2021 | 444800 | 7999995 | 9834528 |
| **TOTAL COMMON STOCK IN PUBLIC COMPANIES** |  |  | **25604771** | **64534073** |
| **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9%** |  |  |  |  |
| **3D Printing — 0.1%** |  |  |  |  |
| Carbon, Inc. | Jun 2019 | 158853 | 2125214 | 826036 |
| **Advertising — 1.9%** |  |  |  |  |
| GroundTruth, Inc. | Oct 2016 | 1659427 | 446424 | 514423 |
| NextRoll, Inc. | Mar 2017 | 2367054 | 16079048 | 15433192 |
| OpenX Software, Ltd. | Jun 2015 | 2899297 | 2615386 | 2696346 |
|  |  |  | **19140858** | **18643961** |
| **Aerospace — 8.1%** |  |  |  |  |
| Axiom Space, Inc. | Mar 2021 | 29543 | 5099983 | 3666287 |
| Relativity Space, Inc. | Oct 2021 | 12165 | 20299986 | 51882 |
| Space Exploration Technologies Corp. | May 2019 | 360330 | 7386765 | 76389960 |
|  |  |  | **32786734** | **80108129** |
| **AgTech — 0.0%** |  |  |  |  |
| Farmer's Business Network, Inc. | Sep 2021 | 87500 | 5042625 | 326375 |
| **Analytics/Big Data — 5.2%** |  |  |  |  |
| Content Square SAS | Dec 2023 | 586390 | 3894219 | 6661390 |
| Dataminr, Inc. | Sep 2015 | 567043 | 6559226 | 14357529 |
| Domino Data Lab, Inc. | Apr 2021 | 330000 | 4118400 | 5412000 |
| INRIX, Inc. | May 2014 | 133238 | 3026250 | 6029020 |
| SingleStore, Inc. | May 2020 | 2148366 | 10359604 | 11730078 |
| Tealium, Inc. | Sep 2020 | 200000 | 1300000 | 3150000 |
| ThoughtSpot, Inc. | Oct 2018 | 162087 | 1745758 | 4010032 |
|  |  |  | **31003457** | **51350049** |
| **Artificial Intelligence — 4.1%** |  |  |  |  |
| Brain Corp. | Dec 2020 | 2375000 | 9540000 | 12753750 |
| Cerebras Systems, Inc. | Feb 2022 | 309813 | 6946627 | 11225268 |
| Nanotronics Imaging, Inc. | Aug 2022 | 76504 | 7803408 | 16138519 |
|  |  |  | **24290035** | **40117537** |
| **Education — 0.6%** |  |  |  |  |
| Learneo, Inc. (f.k.a. Course Hero, Inc.) | Jun 2020 | 270000 | 3429200 | 6447600 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair Value** |
| **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** | **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** | **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** |  |  |
| **Enterprise Software — 3.6%** |  |  |  |  |
| Automation Anywhere, Inc. | Jul 2021 | 189449 | $4019940 | $2057416 |
| Docker, Inc. | May 2017 | 2500 | 531250 | 20500 |
| EquipmentShare.com, Inc. | Oct 2021 | 694800 | 9985874 | 21302568 |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.) | May 2019 | 788562 | 3420734 | 8879208 |
| Tebra Technologies, Inc. (f.k.a. Kareo, Inc.) | Nov 2020 | 190007 | 1235126 | 1345250 |
| Trax, Ltd. | Mar 2020 | 149970 | 5100000 | 1855129 |
|  |  |  | **24292924** | **35460071** |
| **Finance/Payments — 4.3%** |  |  |  |  |
| Betterment Holdings, Inc. | Mar 2021 | 1457800 | 14999995 | 24374416 |
| ConsenSys Software, Inc. | May 2022 | 31010 | 3703824 | 3403968 |
| Payward, Inc. (d.b.a. Kraken) | Jun 2021 | 105218 | 5079228 | 5136743 |
| Prosper Marketplace, Inc. | Jan 2016 | 244130 | 1307998 | 102534 |
| Upgrade, Inc. | Apr 2022 | 1861053 | 5900002 | 9081939 |
|  |  |  | **30991047** | **42099600** |
| **FoodTech — 0.4%** |  |  |  |  |
| Impossible Foods, Inc. | Oct 2022 | 373248 | 3569496 | 3956429 |
| **Games — 1.1%** |  |  |  |  |
| Epic Games, Inc. | Nov 2022 | 17168 | 10826013 | 11392513 |
| **Hardware — 0.0%** |  |  |  |  |
| Hydrow, Inc. | Feb 2022 | 14172560 | 4999989 | 473364 |
| **Healthcare/Biotech — 1.8%** |  |  |  |  |
| Click Therapeutics, Inc. | Nov 2020 | 1000000 | 3500000 | 4967100 |
| Color Health, Inc. | Feb 2022 | 139486 | 10039927 | 1683596 |
| Devoted Health, Inc. | Aug 2022 | 177776 | 9999953 | 10222120 |
| ZocDoc, Inc. | Feb 2015 | 61016 | 1321708 | 458230 |
|  |  |  | **24861588** | **17331046** |
| **Security — 4.8%** |  |  |  |  |
| Arctic Wolf Networks, Inc. | Dec 2021 | 2072651 | 20456420 | 25037624 |
| Contrast Security, Inc. | Sep 2022 | 31250 | 255000 | 260625 |
| Cybereason, Inc. | Apr 2025 | 2115128 | 7631457 | 1336338 |
| Lookout, Inc. | Jul 2022 | 1869160 | 10000006 | 10523371 |
| Snyk, Ltd. | Mar 2023 | 392707 | 2932070 | 4610380 |
| Tanium, Inc. | Apr 2019 | 640000 | 4787200 | 5235200 |
|  |  |  | **46062153** | **47003538** |
| **Software — 1.6%** |  |  |  |  |
| Discord, Inc. | Dec 2021 | 36603 | 13338825 | 14317995 |
| Roofstock, Inc. | Jun 2024 | 127231 | 6130637 | 1136173 |
|  |  |  | **19469462** | **15454168** |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair Value** |
| **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** | **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** | **Common Stock in Private Companies<sup>(a),(b)</sup>— 37.9% (Continued)** |  |  |
| **Transportation — 0.3%** |  |  |  |  |
| Flexport, Inc. | Jul 2022 | 538387 | $7256025 | $2837299 |
| **TOTAL COMMON STOCK IN PRIVATE COMPANIES** |  |  | **290146820** | **373827715** |
| **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6%** |  |  |  |  |
| **Advertising — 0.0%** |  |  |  |  |
| GroundTruth, Inc., Preferred Series B-1 | Jan 2017 | 600000 | 149200 | 186000 |
| **Aerospace — 4.8%** |  |  |  |  |
| Axiom Space, Inc., Preferred Series B | Dec 2020 | 32221 | 2019958 | 3998627 |
| Axiom Space, Inc., Preferred Series C-1 | Aug 2021 | 108731 | 15612740 | 13493518 |
| Beta Technologies, Inc., Preferred Series A | Apr 2021 | 40944 | 2999967 | 4686860 |
| Beta Technologies, Inc., Preferred Series B | Apr 2022 | 58156 | 5999954 | 6657117 |
| Radian Aerospace, Inc., Preferred Series Seed 2 | Sep 2021 | 607336 | 1999997 | 2374684 |
| Relativity Space, Inc., Preferred Series 1A | May 2025 | 1172360 | 4999998 | 4999998 |
| Relativity Space, Inc., Preferred Series Z | May 2025 | 9999 | 0 | 9999000 |
| Xplore, Inc., Preferred Series A1 | Feb 2022 | 237524 | 1000000 | 1250001 |
|  |  |  | **34632614** | **47459805** |
| **AgTech — 0.5%** |  |  |  |  |
| Farmer's Business Network, Inc., Preferred Series G | Sep 2021 | 160880 | 10199946 | 4478899 |
| **Analytics/Big Data — 1.5%** |  |  |  |  |
| Content Square SAS, Preferred Series F | Dec 2023 | 160410 | 1693701 | 2415774 |
| Dataminr, Inc., Preferred Series A | Apr 2019 | 20000 | 198000 | 506400 |
| Dataminr, Inc., Preferred Series B | Apr 2019 | 87496 | 866211 | 2215399 |
| Dataminr, Inc., Preferred Series C | Sep 2025 | 388350 | 4000005 | 9833022 |
|  |  |  | **6757917** | **14970595** |
| **Artificial Intelligence — 2.5%** |  |  |  |  |
| Nanotronics Imaging, Inc., Preferred Series F-2 | Apr 2022 | 90888 | 15300066 | 19172824 |
| VerbIT, Inc., Preferred Series A | Nov 2021 | 47640 | 693256 | 144349 |
| VerbIT, Inc., Preferred Series B | Nov 2021 | 288180 | 4194173 | 873185 |
| VerbIT, Inc., Preferred Series E-1 | Nov 2021 | 423720 | 6166668 | 3889750 |
| VerbIT, Inc., Preferred Series Seed 2 | Nov 2021 | 65000 | 945904 | 196950 |
|  |  |  | **27300067** | **24277058** |
| **Clean Technology — 0.1%** |  |  |  |  |
| WiTricity Holdings, Inc., Preferred Series A | Oct 2020 | 1000000 | 1020000 | 820000 |
| WiTricity Holdings, Inc., Preferred Series B | Jun 2022 | 333253 | 999999 | 559865 |
|  |  |  | **2019999** | **1379865** |
| **Consumer Web — 0.0%** |  |  |  |  |
| Trusper, Inc. (d.b.a. Musely), Preferred Series B | Oct 2014 | 7961 | 100012 | 124430 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair Value** |
| **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** | **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** | **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** |  |  |
| **e-Commerce — 7.3%** |  |  |  |  |
| GrubMarket, Inc., Preferred Series D | Oct 2020 | 440742 | $1999999 | $11865590 |
| GrubMarket, Inc., Preferred Series E | Jun 2021 | 1520838 | 14999995 | 40943773 |
| GrubMarket, Inc., Preferred Series F | Feb 2022 | 697526 | 9999982 | 18778690 |
|  |  |  | **26999976** | **71588053** |
| **Education — 0.1%** |  |  |  |  |
| Yanka Industries, Inc. (d.b.a. MasterClass), Preferred Series Seed 1 | Jul 2021 | 193100 | 6146189 | 1284115 |
| **Enterprise Software — 5.0%** |  |  |  |  |
| Checkr, Inc., Preferred Series A-1 | Mar 2020 | 150000 | 1405000 | 2514000 |
| Cohere Technologies, Inc., Preferred Series D-1 | Feb 2022 | 279571 | 1999995 | 2029685 |
| Cohere Technologies, Inc., Preferred Series D-2 | Dec 2020 | 386038 | 2071233 | 2802636 |
| EquipmentShare.com, Inc., Preferred Series E | May 2022 | 323064 | 4999997 | 9905142 |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series E | May 2021 | 106006 | 763277 | 1193628 |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Senior Series E | Jul 2025 | 532837 | 3836718 | 5999745 |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Series F | Jun 2022 | 319105 | 2488949 | 3593122 |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), Preferred Senior Series F | Jul 2025 | 1603971 | 12511044 | 18060714 |
| Tebra Technologies, Inc. (f.k.a. Kareo, Inc.), Preferred Series Seed 2 | Nov 2020 | 123819 | 804870 | 876639 |
| Trax, Ltd., Pre IPO | Mar 2021 | 76722 | 3999978 | 2655348 |
|  |  |  | **34881061** | **49630659** |
| **Finance/Payments — 6.1%** |  |  |  |  |
| Betterment Holdings, Inc., Preferred Series F | Sep 2021 | 318380 | 3999999 | 5323314 |
| Fundbox, Ltd., Preferred Series C | Jun 2019 | 439552 | 4999992 | 5674616 |
| Fundbox, Ltd., Preferred Series D | Sep 2021 | 531914 | 7499988 | 7202116 |
| Payward, Inc. (d.b.a. Kraken), Preferred Series A | Nov 2021 | 262210 | 13768164 | 12801092 |
| Payward, Inc. (d.b.a. Kraken), Preferred Series Seed | Apr 2022 | 67000 | 3505340 | 3270940 |
| Prosper Marketplace, Inc., Preferred Series A | Jan 2016 | 55395 | 305781 | 30467 |
| Prosper Marketplace, Inc., Preferred Series A-1 | Jan 2016 | 58165 | 116 | 24429 |
| Ripple Labs, Inc., Preferred Series A | Dec 2018 | 40697 | 488364 | 10174250 |
| Upgrade, Inc., Preferred Series C-1 | Mar 2022 | 3290000 | 14159000 | 16055200 |
|  |  |  | **48726744** | **60556424** |
| **FoodTech — 0.5%** |  |  |  |  |
| Impossible Foods, Inc., Preferred Series E-1 | Nov 2022 | 400000 | 4080000 | 4472000 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Shares/Principal** | **Cost** | **Fair Value** |
| **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** | **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** | **Preferred Stock in Private Companies<sup>(a),(b)</sup>— 39.6% (Continued)** |  |  |
| **Healthcare/Biotech — 2.0%** |  |  |  |  |
| Click Therapeutics, Inc., Preferred Series A | Nov 2020 | 60087 | $210304 | $298458 |
| Collective Health, Inc., Preferred Series F | May 2021 | 3989361 | 3119999 | 2273936 |
| Crossover Health Management Services, Inc., Preferred Series D | Mar 2021 | 303329 | 10786170 | 16579963 |
| Devoted Health, Inc., Preferred Series E | Dec 2023 | 8888 | 499953 | 511060 |
| ZocDoc, Inc., Preferred Series A | Feb 2015 | 35000 | 875000 | 262850 |
|  |  |  | **15491426** | **19926267** |
| **Security — 1.8%** |  |  |  |  |
| Contrast Security, Inc., Preferred Series A | Jul 2022 | 828514 | 10300003 | 6909807 |
| Contrast Security, Inc., Preferred Series C | Nov 2022 | 1164596 | 7649998 | 9712731 |
| Cybereason, Inc., Preferred Series H | Apr 2025 | 175604 | 110947 | 110946 |
| Lookout, Inc., Preferred Series A | Feb 2015 | 204000 | 1927800 | 1148520 |
|  |  |  | **19988748** | **17882004** |
| **Software — 4.9%** |  |  |  |  |
| Roofstock, Inc., Preferred Series E | Mar 2022 | 339154 | 9999990 | 6738990 |
| Tradeshift Holdings, Inc., Preferred Series 3 | Jun 2021 | 28797969 | 12551436 | 41469075 |
|  |  |  | **22551426** | **48208065** |
| **Transportation — 2.5%** |  |  |  |  |
| Clearmotion, Inc., Preferred Series A-3 | Mar 2022 | 2075885 | 341068 | 515650 |
| Clearmotion, Inc., Preferred Series A-4 | Mar 2022 | 12954589 | 908932 | 3217920 |
| Clearmotion, Inc., Preferred Series B | Mar 2023 | 2484760 | 500000 | 617214 |
| Flexport, Inc., Preferred Series A | Jun 2022 | 580165 | 8489030 | 3057470 |
| Flexport, Inc., Preferred Series B-1 | Jul 2022 | 69790 | 944665 | 367793 |
| Flexport, Inc., Preferred Series D-3 | Jul 2022 | 82613 | 1117776 | 473373 |
| Loadsmart, Inc., Preferred Series D | Jan 2022 | 500000 | 10000000 | 8260000 |
| Neutron Holdings, Inc. (d.b.a. Lime), Preferred Series 1-D | Mar 2019 | 20618556 | 5000000 | 2051546 |
| Turo, Inc., Preferred Series D-1 | Jun 2018 | 314017 | 2932295 | 5988304 |
|  |  |  | **30233766** | **24549270** |
| **TOTAL PREFERRED STOCK IN PRIVATE COMPANIES** |  |  | **290259091** | **390973509** |
| **Convertible Notes of Private Companies<sup>(a),(b)</sup>— 4.7%** |  |  |  |  |
| **Aerospace — 0.0%** |  |  |  |  |
| Radian Aerospace, Inc., 10.00% 8/29/2026 | Sep 2025 | $400000 | 400000 | 400000 |
| **AgTech — 0.0%** |  |  |  |  |
| Farmer's Business Network, Inc., 15.00% 9/28/2026 | Sep 2023 | $350000 | 350000 | 350000 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition <br> Date** | **Principal/Units** | **Cost** | **Fair Value** |
| **CONVERTIBLE NOTES OF PRIVATE COMPANIES<sup>(a),(b)</sup>— 4.7% (Continued)** | **CONVERTIBLE NOTES OF PRIVATE COMPANIES<sup>(a),(b)</sup>— 4.7% (Continued)** | **CONVERTIBLE NOTES OF PRIVATE COMPANIES<sup>(a),(b)</sup>— 4.7% (Continued)** | | |
| **ANALYTICS/BIG DATA — 0.1%** |  | | | |
| Dataminr, Inc., 10.00% 2/28/2030 | Jun 2025 | $1000000 | $1000000 | $1000000 |
| **ARTIFICIAL INTELLIGENCE — 0.4%** |  |  |  |  |
| Nanotronics Imaging, Inc., 5.00% 4/25/2026 | Apr 2023 | $3000000 | 3000000 | 3555809 |
| **ENTERPRISE SOFTWARE — 0.2%** |  |  |  |  |
| Motive Technologies, Inc. (f.k.a. Keep Truckin, Inc.), 18.00% 5/20/2032 | Jul 2025 | $2000000 | 2000000 | 2355069 |
| **HOSTING/STORAGE — 1.1%** |  |  |  |  |
| TMGcore, Inc., 4.00% 9/30/2028 | Dec 2021 | $10476362 | 10476362 | 10494731 |
| **SOFTWARE — 0.3%** |  |  |  |  |
| Tradeshift Holdings, Inc., 0.00% 7/31/2026 | Apr 2023 | $2227053 | 2227053 | 2227053 |
| Tradeshift Holdings, Inc., 0.00% 9/5/2026 | Sep 2024 | $500000 | 500000 | 500000 |
|  |  |  | **2727053** | **2727053** |
| **TRANSPORTATION — 2.6%** |  |  |  |  |
| Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 10/29/2026<sup>(c)</sup> | Oct 2021 | $18356796 | 18356796 | 24203033 |
| Neutron Holdings, Inc. (d.b.a. Lime), 4.00% 6/1/2027 | Jun 2020 | $10418495 | 252362 | 1328842 |
|  |  |  | **18609158** | **25531875** |
| **TOTAL CONVERTIBLE NOTES OF PRIVATE COMPANIES** |  |  | **38562573** | **46414537** |
| **UNITS OF PRIVATE COMPANIES<sup>(a),(b)</sup> — 0.0%** |  |  |  |  |
| **SECURITY — 0.0%** |  |  |  |  |
| Excalibur CombineCo, L.P. Class A Units | Jun 2023 | 194 | 193878 | 193857 |
| **TOTAL UNITS OF PRIVATE COMPANIES** |  |  | **193878** | **193857** |
| **WARRANTS OF PRIVATE COMPANIES<sup>(a),(b)</sup> — 0.1%** |  |  |  |  |
| **AEROSPACE — 0.0%** |  |  |  |  |
| Radian Aerospace, Inc., Exercise Price $0.01, Exercise Date 2/27/2033 | Sep 2025 | 121581 | 0 | 399476 |
| **SOFTWARE — 0.1%** |  |  |  |  |
| Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 11/21/2031 | Nov 2021 | 213797 | 2425355 | 136958 |
| Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 9/9/2031 | Dec 2021 | 427594 | 4570844 | 273917 |
| Tradeshift Holdings, Inc., Exercise Price $0.001, Exercise Date 3/25/2032 | Mar 2022 | 213797 | 2538052 | 136958 |
|  |  |  | **9534251** | **547833** |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition <br> Date** | **Units** | **Cost** | **Fair Value** |
| **WARRANTS OF PRIVATE COMPANIES<sup>(a),(b)</sup> — 0.1% (Continued)** | **WARRANTS OF PRIVATE COMPANIES<sup>(a),(b)</sup> — 0.1% (Continued)** | **WARRANTS OF PRIVATE COMPANIES<sup>(a),(b)</sup> — 0.1% (Continued)** |  |  |
| **TRANSPORTATION — 0.0%** |  |  |  |  |
| Neutron Holdings, Inc. (d.b.a. Lime), Exercise Price $0.01, Exercise Date 6/2/2027 | Jun 2020 | 1016483 | $807 | $91687 |
| **TOTAL WARRANTS OF PRIVATE COMPANIES** |  |  | **9535058** | **1038996** |
| **SPECIAL PURPOSE VEHICLES<sup>(a),(b),(d)</sup>— 7.9%** |  |  |  |  |
| **AGTECH — 0.8%** |  |  |  |  |
| Stage 1 Growth Fund, LLC, Series CiBO (invested in CIBO Technologies, Inc., Preferred Series C1) | Aug 2021 | 1298566 | 3210057 | 3116558 |
| Stage 1 Growth Fund, LLC Series Invaio (invested in Invaio Sciences, Inc., Preferred Series C) | Mar 2021 | 1061390 | 5150000 | 5222039 |
|  |  |  | **8360057** | **8338597** |
| **ANALYTICS/BIG DATA — 3.2%** |  |  |  |  |
| KVC Select, LLC (Invested in Dremio Corp., 22.3% Common Stock and 77.7% Preferred Series E) | Dec 2021 | 636258 | 5213383 | 4378178 |
| Tiger Global PIP 12-1, LLC (invested in Databricks, Inc., Preferred Series G) | Jul 2022 | 182664 | 10815024 | 27399600 |
|  |  |  | **16028407** | **31777778** |
| **ARTIFICIAL INTELLIGENCE — 1.7%** |  |  |  |  |
| HOF Capital WH Strategic Opportunities Fund, LP (invested in X.AI, Corp., Preferred Series B) | May 2024 | 267335 | 3296000 | 9773767 |
| MVP Opportunity Fund VI LLC, Series 24G (invested in X.AI, Corp., Preferred Series C) | Nov 2024 | 42794 | 1000000 | 1564549 |
| SC JAL, LLC (invested in X.AI, Corp., Preferred Series B) | May 2024 | 150375 | 1854000 | 5497710 |
|  |  |  | **6150000** | **16836026** |
| **CLEAN TECHNOLOGY — 0.0%** |  |  |  |  |
| Stage 1 Growth Fund, LLC Series WiTricity Holdings (invested in WiTricity Holdings, Inc. Common Stock) | Mar 2021 | 166667 | 1667 | 65000 |
| **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 | 859200 | 5100463 | 2319840 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Acquisition <br> Date** | **Units/<br> Commitment** | **Cost** | **Fair Value** |
| **SPECIAL PURPOSE VEHICLES<sup>(a),(b),(d)</sup>— 7.9% (Continued)** | **SPECIAL PURPOSE VEHICLES<sup>(a),(b),(d)</sup>— 7.9% (Continued)** |  |  |  |
| **EDUCATION — 0.4%** |  |  |  |  |
| GSV ERS LP (invested in Eruditus Learning Solutions Pte., Ltd. Common Stock) | Aug 2021 | 36264 | $5169490 | $4010436 |
| **ENTERPRISE SOFTWARE — 0.3%** |  |  |  |  |
| KVC Select, LLC (invested in Ocrolus, Inc., Preferred Series C) | Aug 2021 | 438327 | 3137450 | 2822826 |
| **FINANCE/PAYMENTS — 0.5%** |  |  |  |  |
| ParaFi Private Opportunities, LLC - Series J (invested in ConsenSys Software, Inc., Preferred Series D) | Feb 2022 | 35699 | 5075000 | 4477369 |
| **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 | 206883 | 5050000 | 3715619 |
| **SOFTWARE — 0.4%** |  |  |  |  |
| Artist Edge Partners IV, LP (invested in Discord, Inc. Common Stock) | Dec 2021 | 9091 | 5125792 | 3556126 |
| **TOTAL SPECIAL PURPOSE VEHICLES** |  |  | **59198325** | **77919617** |
| **SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES<sup>(a),(b)</sup>— 0.0%** |  |  |  |  |
| **ARTIFICIAL INTELLIGENCE — 0.0%** |  |  |  |  |
| Cubefabs, Inc. | Nov 2023 | 250000 | 250000 | 250000 |
| **TOTAL SIMPLE AGREEMENT FOR FUTURE EQUITY OF PRIVATE COMPANIES** |  |  | **250000** | **250000** |
| **PRIVATE FUNDS<sup>(a),(b)</sup>— 0.5%** |  |  |  |  |
| **PRIVATE FUNDS — 0.5%** |  |  |  |  |
| Northgate Growth Fund III | Dec 2022 | 4450000 | 4450000 | 4521080 |
| **TOTAL PRIVATE FUNDS** |  |  | **4450000** | **4521080** |
| **SHORT-TERM INVESTMENTS — 2.6%** |  |  |  |  |
| **MUTUAL FUNDS — 2.6%** |  |  |  |  |
| UMB Money Market II Special, 3.94%<sup>(e)</sup> |  |  | 25498281 | 25498281 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  | **25498281** | **25498281** |
| **TOTAL INVESTMENTS — 99.8%** |  |  | **743698797** | **985171665** |
| Other assets less liabilities — 0.2% |  |  |  | 2334640 |
| **NET ASSETS — 100.0%** |  |  |  | $987506305 |

---

**THE PRIVATE SHARES FUND**

**Schedule of Investments - (Continued)**

September 30, 2025 (Unaudited)

LLC – Limited Liability Company

LP – Limited Partnership

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.

<sup>(c)</sup> Denotes a variable rate security. The rate shown is the current interest rate as of September 30, 2025.

<sup>(d)</sup> 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.

<sup>(e)</sup> 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** The Private Shares Fund

- **b. Investment Company Act file number:** 811-22759

- **c. CIK number of Registrant:** 0001557265

- **d. LEI of Registrant:** 549300J800LUHSXGST12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 88 PINE STREET

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10005

  - **Telephone number:** 8008348707

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Private Shares Fund

- **c. LEI of Series:** 549300J800LUHSXGST12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $987858896.78

**Total Liabilities:** $809114.07

**Net Assets:** $987049782.71

**Cash Not Reported:** $720186.49

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.66%                | -1.28%               | 0.38%                |
| Class ID N/A | 0.69%                | -1.46%               | 0.39%                |
| Class ID N/A | 0.64%                | -1.23%               | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11167870.90            | $19645876.45                               |
| Month 2  | $0.00                    | $-13150713.99                              |
| Month 3  | $0.00                    | $4948861.95                                |

### Schedule of Portfolio Investments

| Name                                                                                                                                                | Title                                                                                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEXTROLL, INC. COMMON SHARES   /                                                                                                                    | NEXTROLL, INC. COMMON SHARES   /                                                                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2367054 | NS      | $15433192.08  | 1.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLEXPORT, Inc. SERIES B-1   /                                                                                                                       | FLEXPORT, Inc. SERIES B-1   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     69790 | NS      | $367793.30    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLEXPORT, Inc. SERIES D-3   /                                                                                                                       | FLEXPORT, Inc. SERIES D-3   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     82613 | NS      | $473372.49    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FUNDBOX LTD. SHARES   /                                                                                                                             | FUNDBOX LTD. SHARES   /                                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | IL        |    439552 | NS      | $5674616.32   | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FUNDBOX LTD. PREFERRED   /                                                                                                                          | FUNDBOX LTD. PREFERRED   /                                                                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | IL        |    531914 | NS      | $7202115.56   | 0.73%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IRVING INVESTORS PRIVATES OSC XXXVIII, LLC (INVESTED IN 1661, INC. (D.B.A GOAT), 15% CS, 13% PS A-1, 0% PS A-5, 17% PS A-7, 27% PS B, and 28% PS C) | IRVING INVESTORS PRIVATES OSC XXXVIII, LLC (INVESTED IN 1661, INC. (D.B.A GOAT), 15% CS, 13% PS A-1, 0% PS A-5, 17% PS A-7, 27% PS B, and 28% PS C) | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    859200 | NS      | $2319840.00   | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRUBMARKET, INC.    /                                                                                                                               | GRUBMARKET, INC.    /                                                                                                                               | CUSIP: 40013Z913<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    440742 | NS      | $11865590.01  | 1.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPACE EXPLORATION TECHNOLOGIES CORP. COMMON SHARES   /                                                                                              | SPACE EXPLORATION TECHNOLOGIES CORP. COMMON SHARES   /                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    360330 | NS      | $76389960.00  | 7.74%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEALIUM INC. COMMON SHARES   /                                                                                                                      | TEALIUM INC. COMMON SHARES   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $3150000.00   | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THOUGHTSPOT COMMON COMMON SHARES   /                                                                                                                | THOUGHTSPOT COMMON COMMON SHARES   /                                                                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162087 | NS      | $4010032.38   | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TMGCORE, Inc. 4% 8/11/2026   /                                                                                                                      | TMGCORE, Inc. 4% 8/11/2026   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10476362 | PA      | $10494731.31  | 1.06%             | 2028-08-30      | Fixed         | 4.00%                 | Yes           |                  3 | On Loan: No      |
| TANIUM INC. COMMON SHARES   /                                                                                                                       | TANIUM INC. COMMON SHARES   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    640000 | NS      | $5235200.00   | 0.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trax Ltd. COMMON SHARES   /                                                                                                                         | Trax Ltd. COMMON SHARES   /                                                                                                                         | CUSIP: 87262Z912<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    149970 | NS      | $1855128.90   | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trax Ltd. PRE IPO SHARES   /                                                                                                                        | Trax Ltd. PRE IPO SHARES   /                                                                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |     76722 | NS      | $2655348.42   | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRUSPER INC. (D.B.A. MUSELY)    /                                                                                                                   | TRUSPER INC. (D.B.A. MUSELY)    /                                                                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7961 | NS      | $124430.43    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC. 12% 4/3/2025   /                                                                                                           | TRADESHIFT HOLDINGS INC. 12% 4/3/2025   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2227053 | PA      | $2227052.70   | 0.23%             | 2026-07-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| IMPOSSIBLE FOODS COMMON SHARES   /                                                                                                                  | IMPOSSIBLE FOODS COMMON SHARES   /                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    373248 | NS      | $3956428.80   | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IMPOSSIBLE FOODS INC. SERIES E-1 PREFERRED   /                                                                                                      | IMPOSSIBLE FOODS INC. SERIES E-1 PREFERRED   /                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    400000 | NS      | $4472000.00   | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KHOSLA VENTURES IFSPV II-B, LLC (INVESTED IN IMPOSSIBLE FOODS, INC., 74.2% PREFERRED SERIES H-1 AND 25.8% PREFERRED SERIES H-2)                     | KHOSLA VENTURES IFSPV II-B, LLC (INVESTED IN IMPOSSIBLE FOODS, INC., 74.2% PREFERRED SERIES H-1 AND 25.8% PREFERRED SERIES H-2)                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    206883 | NS      | $3715618.68   | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INRIX, Inc.. CLASS C    /                                                                                                                           | INRIX, Inc.. CLASS C    /                                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133238 | NS      | $6029019.50   | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STAGE 1 GROWTH FUND, LLC, SERIES INVAIO (INVAIO SCIENCES, INC., PREFERRED SERIES C)                                                                 | STAGE 1 GROWTH FUND, LLC, SERIES INVAIO (INVAIO SCIENCES, INC., PREFERRED SERIES C)                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |   1061390 | NS      | $5222038.80   | 0.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) COMMON SHARES   /                                                                             | MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) COMMON SHARES   /                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    788562 | NS      | $8879208.12   | 0.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Motive Technologies 18% 5/20/32   /                                                                                                                 | Motive Technologies 18% 5/20/32   /                                                                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2355068.49   | 0.24%             | 2032-05-20      | Fixed         | 18.00%                | Yes           |                  3 | On Loan: No      |
| MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) SERIES E PREFERRED   /                                                                        | MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) SERIES E PREFERRED   /                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    106006 | NS      | $1193627.56   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) SERIES F PREFERRED   /                                                                        | MOTIVE TECHNOLOGIES, INC. (F.K.A. KEEP TRUCKIN, INC.) SERIES F PREFERRED   /                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    319105 | NS      | $3593122.30   | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOTIVE TECHNOLOGIES SERIES E PREFERRED   /                                                                                                          | MOTIVE TECHNOLOGIES SERIES E PREFERRED   /                                                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    532837 | NS      | $5999744.62   | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOTIVE TECHNOLOGIES SERIES F PREFERRED   /                                                                                                          | MOTIVE TECHNOLOGIES SERIES F PREFERRED   /                                                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1603971 | NS      | $18060713.46  | 1.83%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAYWARD, INC. (D.B.A. KRAKEN) COMMON SHARES   /                                                                                                     | PAYWARD, INC. (D.B.A. KRAKEN) COMMON SHARES   /                                                                                                     | CUSIP: 50077Z196<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105218 | NS      | $5136742.76   | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAYWARD, INC. (D.B.A. KRAKEN) PREFERRED A SHARES   /                                                                                                | PAYWARD, INC. (D.B.A. KRAKEN) PREFERRED A SHARES   /                                                                                                | CUSIP: 50075Z198<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    262210 | NS      | $12801092.20  | 1.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAYWARD, INC. (D.B.A. KRAKEN) SERIES SEED   /                                                                                                       | PAYWARD, INC. (D.B.A. KRAKEN) SERIES SEED   /                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     67000 | NS      | $3270940.00   | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOADSMART, INC. SERIES D PREFERRED   /                                                                                                              | LOADSMART, INC. SERIES D PREFERRED   /                                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    500000 | NS      | $8260000.00   | 0.84%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEUTRON HOLDINGS, INC. (D.B.A. LIME) 4% 5/27/2027 CONV   /                                                                                          | NEUTRON HOLDINGS, INC. (D.B.A. LIME) 4% 5/27/2027 CONV   /                                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10418495 | PA      | $1328841.93   | 0.13%             | 2027-05-07      | Fixed         | 4.00%                 | Yes           |                  3 | On Loan: No      |
| NEUTRON HOLDINGS, INC. (D.B.A. LIME) 4% 10/29/2025 CONV   /                                                                                         | NEUTRON HOLDINGS, INC. (D.B.A. LIME) 4% 10/29/2025 CONV   /                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $20846237.07  | 2.11%             | 2026-10-29      | Variable      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| NEUTRON HOLDINGS, INC. (D.B.A. LIME) WARRANTS   /                                                                                                   | NEUTRON HOLDINGS, INC. (D.B.A. LIME) WARRANTS   /                                                                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |   1016483 | NC      | $91686.77     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEUTRON HOLDINGS, INC. (D.B.A. LIME) PREFERRED D SHARES   /                                                                                         | NEUTRON HOLDINGS, INC. (D.B.A. LIME) PREFERRED D SHARES   /                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  20618556 | NS      | $2051546.32   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOOKOUT,, Inc. COMMON SHARES   /                                                                                                                    | LOOKOUT,, Inc. COMMON SHARES   /                                                                                                                    | CUSIP: 123LLL197<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1869160 | NS      | $10523370.80  | 1.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOOKOUT, Inc.    /                                                                                                                                  | LOOKOUT, Inc.    /                                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    204000 | NS      | $1148520.00   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SINGLESTORE, INC. COMMON SHARES   /                                                                                                                 | SINGLESTORE, INC. COMMON SHARES   /                                                                                                                 | CUSIP: 58606Z918<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2148366 | NS      | $11730078.36  | 1.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| YANKA INDUSTRIES, INC. (D.B.A. MASTERCLASS) SERIES 1 PREFERRED SHARES   /                                                                           | YANKA INDUSTRIES, INC. (D.B.A. MASTERCLASS) SERIES 1 PREFERRED SHARES   /                                                                           | CUSIP: 57633Z198<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    193100 | NS      | $1284115.00   | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NANOTRONICS IMAGING COMMON SHARES   /                                                                                                               | NANOTRONICS IMAGING COMMON SHARES   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76504 | NS      | $16138518.80  | 1.64%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NANOTRONICS IMAGING 5% 4/25/2025   /                                                                                                                | NANOTRONICS IMAGING 5% 4/25/2025   /                                                                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3555809.04   | 0.36%             | 2026-04-25      | None          | 5.00%                 | Yes           |                  3 | On Loan: No      |
| NANOTRONICS IMAGING, INC. PREFERRED SERIES F-2   /                                                                                                  | NANOTRONICS IMAGING, INC. PREFERRED SERIES F-2   /                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     90888 | NS      | $19172823.60  | 1.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORTHGATE GROWTH FUND III   /                                                                                                                       | NORTHGATE GROWTH FUND III   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |   4450000 | NS      | $4521080.00   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KVC SELECT, LLC (INVESTED IN OCROLUS, INC., PREFERRED SERIES C)                                                                                     | KVC SELECT, LLC (INVESTED IN OCROLUS, INC., PREFERRED SERIES C)                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    438327 | NS      | $2822825.88   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Omada Health Inc                                                                                                                                    | Omada Health, Inc.                                                                                                                                  | CUSIP: 68170A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    444800 | NS      | $9834528.00   | 1.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OPENX SOFTWARE LTD. COMMON   /                                                                                                                      | OPENX SOFTWARE LTD. COMMON   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |   2899297 | NS      | $2696346.21   | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEBRA TECHNOLOGIES, INC. (F.K.A. KAREO, INC.) COMMON SHARES   /                                                                                     | TEBRA TECHNOLOGIES, INC. (F.K.A. KAREO, INC.) COMMON SHARES   /                                                                                     | CUSIP: 70292Z912<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    190007 | NS      | $1345249.56   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEBRA TECHNOLOGIES, INC. (F.K.A. KAREO, INC.) SERIES SEED 2   /                                                                                     | TEBRA TECHNOLOGIES, INC. (F.K.A. KAREO, INC.) SERIES SEED 2   /                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    123819 | NS      | $876638.52    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROSPER MARKETPLACE, INC. PROSPER MARKETPLACE   /                                                                                                   | PROSPER MARKETPLACE, INC. PROSPER MARKETPLACE   /                                                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    244130 | NS      | $102534.60    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROSPER MKT PREF A PROSPER MKT PREF A   /                                                                                                           | PROSPER MKT PREF A PROSPER MKT PREF A   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     55395 | NS      | $30467.25     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROSPER MKT PREF A 1 PROSPER MKT PREF A 1   /                                                                                                       | PROSPER MKT PREF A 1 PROSPER MKT PREF A 1   /                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     58165 | NS      | $24429.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RADIAN AEROSPACE INC.  10% 8/29/26   /                                                                                                              | RADIAN AEROSPACE INC.  10% 8/29/26   /                                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400000.00    | 0.04%             | 2026-08-29      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| RADIAN AEROSPACE INC. WARRANTS   /                                                                                                                  | RADIAN AEROSPACE INC. WARRANTS   /                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    121581 | NC      | $399475.60    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RADIAN AEROSPACE INC. SERIES SEED 2   /                                                                                                             | RADIAN AEROSPACE INC. SERIES SEED 2   /                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    607336 | NS      | $2374683.76   | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RIPPLE LABS INC. PREFERRED SHARES A   /                                                                                                             | RIPPLE LABS INC. PREFERRED SHARES A   /                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40697 | NS      | $10174250.00  | 1.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RELATIVITY SPACE, INC. COMMON SHARES   /                                                                                                            | RELATIVITY SPACE, INC. COMMON SHARES   /                                                                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12165 | NS      | $51882.51     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RELATIVITY SPACE, INC. PREFERRED SHARES 1A /                                                                                                        | RELATIVITY SPACE, INC. PREFERRED SHARES 1A /                                                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1172360 | NS      | $4999998.16   | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RELATIVITY SPACE, INC. PREFERRED SHARES Z   /                                                                                                       | RELATIVITY SPACE, INC. PREFERRED SHARES Z   /                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9999 | NS      | $9999000.00   | 1.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROOFSTOCK, INC. COMMON SHARES   /                                                                                                                   | ROOFSTOCK, INC. COMMON SHARES   /                                                                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127231 | NS      | $1136172.83   | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROOFSTOCK, INC. SERIES E PREFERRED SHARES   /                                                                                                       | ROOFSTOCK, INC. SERIES E PREFERRED SHARES   /                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    339154 | NS      | $6738989.98   | 0.68%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /                                                                                                                     | UMB MONEY MARKET II SPECIAL   /                                                                                                                     | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  25498286 | PA      | $25498286.24  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SNYK LTD. COMMON SHARES   /                                                                                                                         | SNYK LTD. COMMON SHARES   /                                                                                                                         | CUSIP: 37512Z196<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    392707 | NS      | $4610380.18   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRUBMARKET, INC. PREFERRED E SHARES   /                                                                                                             | GRUBMARKET, INC. PREFERRED E SHARES   /                                                                                                             | CUSIP: GRUB1Z199<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1520838 | NS      | $40943772.51  | 4.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRUBMARKET, INC. PREFERRED F SHARES   /                                                                                                             | GRUBMARKET, INC. PREFERRED F SHARES   /                                                                                                             | CUSIP: GRUB2Z198<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    697526 | NS      | $18778690.34  | 1.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HYDROW, INC. COMMON SHARES   /                                                                                                                      | HYDROW, INC. COMMON SHARES   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  14172560 | NS      | $473363.50    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC. 0% 9/5/2026   /                                                                                                            | TRADESHIFT HOLDINGS INC. 0% 9/5/2026   /                                                                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.05%             | 2027-09-13      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC.  WARRANTS   /                                                                                                              | TRADESHIFT HOLDINGS INC.  WARRANTS   /                                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    213797 | NC      | $136958.36    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC. WARRANTS   /                                                                                                               | TRADESHIFT HOLDINGS INC. WARRANTS   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    427594 | NC      | $273916.72    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC. WARRANTS   /                                                                                                               | TRADESHIFT HOLDINGS INC. WARRANTS   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    213797 | NC      | $136958.36    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRADESHIFT HOLDINGS INC. PREFERRED SERIES 3   /                                                                                                     | TRADESHIFT HOLDINGS INC. PREFERRED SERIES 3   /                                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  28797969 | NS      | $41469075.36  | 4.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TURO INC. PREF D1 TURO PREF D1   /                                                                                                                  | TURO INC. PREF D1 TURO PREF D1   /                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    314017 | NS      | $5988304.19   | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPGRADE, Inc. COMMON SHARES   /                                                                                                                     | UPGRADE, Inc. COMMON SHARES   /                                                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1861053 | NS      | $9081938.64   | 0.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPGRADE, Inc. PREFERRED SERIES C-1   /                                                                                                              | UPGRADE, Inc. PREFERRED SERIES C-1   /                                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3290000 | NS      | $16055200.00  | 1.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VERBIT, INC. PREFERRED SERIES A   /                                                                                                                 | VERBIT, INC. PREFERRED SERIES A   /                                                                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     47640 | NS      | $144349.20    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VERBIT, INC. PREFERRED SERIES B   /                                                                                                                 | VERBIT, INC. PREFERRED SERIES B   /                                                                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    288180 | NS      | $873185.40    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VERBIT, INC. PREFERRED SERIES E-1   /                                                                                                               | VERBIT, INC. PREFERRED SERIES E-1   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    423720 | NS      | $3889749.60   | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VERBIT, INC.  PREFERRED SERIES SEED 2   /                                                                                                           | VERBIT, INC.  PREFERRED SERIES SEED 2   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     65000 | NS      | $196950.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Voyager Technologies Inc                                                                                                                            | Voyager Technologies, Inc., Class A                                                                                                                 | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    544823 | NS      | $16224828.94  | 1.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STAGE 1 GROWTH FUND, LLC SERIES WITRICITY HOLDINGS (INVESTED IN WITRICITY HOLDINGS, INC. COMMON STOCK)                                              | STAGE 1 GROWTH FUND, LLC SERIES WITRICITY HOLDINGS (INVESTED IN WITRICITY HOLDINGS, INC. COMMON STOCK)                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    166667 | NS      | $65000.13     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WITRICITY HOLDINGS, INC. PREFERRED SERIES A   /                                                                                                     | WITRICITY HOLDINGS, INC. PREFERRED SERIES A   /                                                                                                     | CUSIP: 97746Z198<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1000000 | NS      | $820000.00    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WITRICITY HOLDINGS, INC. PREFERRED SERIES B   /                                                                                                     | WITRICITY HOLDINGS, INC. PREFERRED SERIES B   /                                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    333253 | NS      | $559865.04    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GROUNDTRUTH, INC. COMMON SHARES                                                                                                                     | GROUNDTRUTH, INC. COMMON SHARES                                                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1659427 | NS      | $514422.37    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GROUNDTRUTH, INC. PREFERRED B1 PREFERRED B-1 SHARES   /                                                                                             | GROUNDTRUTH, INC. PREFERRED B1 PREFERRED B-1 SHARES   /                                                                                             | CUSIP: 70590Z929<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    600000 | NS      | $186000.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOF CAPITAL WH STRATEGIC OPPORTUNITIES FUND, LP (INVESTED IN X.AI, CORP., PREFERRED SERIES B)                                                       | HOF CAPITAL WH STRATEGIC OPPORTUNITIES FUND, LP (INVESTED IN X.AI, CORP., PREFERRED SERIES B)                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    267335 | NS      | $9773767.60   | 0.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MVP OPPORTUNITY FUND VI LLC, SERIES 24G (INVESTED IN X.AI, Corp., PREFERRED SERIES C)                                                               | MVP OPPORTUNITY FUND VI LLC, SERIES 24G (INVESTED IN X.AI, Corp., PREFERRED SERIES C)                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |     42794 | NS      | $1564548.64   | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| XPLORE, INC. Series A1 Preferred   /                                                                                                                | XPLORE, INC. Series A1 Preferred   /                                                                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    237524 | NS      | $1250000.93   | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZOCDOC COMMON    /                                                                                                                                  | ZOCDOC COMMON    /                                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61016 | NS      | $458230.16    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZOCDOC PREFERRED A    /                                                                                                                             | ZOCDOC PREFERRED A    /                                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     35000 | NS      | $262850.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARCTIC WOLF NETWORKS, INC. COMMON SHARES   /                                                                                                        | ARCTIC WOLF NETWORKS, INC. COMMON SHARES   /                                                                                                        | CUSIP: 48135Z190<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2072651 | NS      | $25037624.08  | 2.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AUTOMATION ANYWHERE, INC. COMMON SHARES   /                                                                                                         | AUTOMATION ANYWHERE, INC. COMMON SHARES   /                                                                                                         | CUSIP: 05329Z196<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189449 | NS      | $2057416.14   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AXIOM SPACE COMMON SHARES   /                                                                                                                       | AXIOM SPACE COMMON SHARES   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29543 | NS      | $3666286.60   | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AXIOM SPACE PREFERRED B   /                                                                                                                         | AXIOM SPACE PREFERRED B   /                                                                                                                         | CUSIP: 05462Z912<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     32221 | NS      | $3998626.42   | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AXIOM SPACE PREFERRED C1   /                                                                                                                        | AXIOM SPACE PREFERRED C1   /                                                                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    108731 | NS      | $13493518.19  | 1.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRAIN CORPORATION COMMON SHARES   /                                                                                                                 | BRAIN CORPORATION COMMON SHARES   /                                                                                                                 | CUSIP: 10502Z195<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2375000 | NS      | $12753750.00  | 1.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BETA TECHNOLOGIES, INC. SERIES A   /                                                                                                                | BETA TECHNOLOGIES, INC. SERIES A   /                                                                                                                | CUSIP: 08659Z109<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40944 | NS      | $4686859.68   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BETA TECHNOLOGIES, INC. PREFERRED SERIES B   /                                                                                                      | BETA TECHNOLOGIES, INC. PREFERRED SERIES B   /                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     58156 | NS      | $6657117.32   | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BETTERMENT HOLDINGS, INC. COMMON SHARES   /                                                                                                         | BETTERMENT HOLDINGS, INC. COMMON SHARES   /                                                                                                         | CUSIP: 08809Z199<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1457800 | NS      | $24374416.00  | 2.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BETTERMENT HOLDINGS, INC. PERFERRED SERIES F   /                                                                                                    | BETTERMENT HOLDINGS, INC. PERFERRED SERIES F   /                                                                                                    | CUSIP: 08807Z191<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    318380 | NS      | $5323313.60   | 0.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CEREBRAS SYSTEMS INC. COMMON SHARES   /                                                                                                             | CEREBRAS SYSTEMS INC. COMMON SHARES   /                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309813 | NS      | $11225268.54  | 1.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHECKR, INC. PREFERRED A-1   /                                                                                                                      | CHECKR, INC. PREFERRED A-1   /                                                                                                                      | CUSIP: 16289Z910<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    150000 | NS      | $2514000.00   | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STAGE 1 GROWTH FUND, LLC, SERIES CiBO (INVESTED IN CIBO TECHNOLOGIES, INC., PREFERRED SERIES C1)                                                    | STAGE 1 GROWTH FUND, LLC, SERIES CiBO (INVESTED IN CIBO TECHNOLOGIES, INC., PREFERRED SERIES C1)                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |   1298566 | NS      | $3116558.40   | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLICK THERAPEUTICS C COMMON SHARES   /                                                                                                              | CLICK THERAPEUTICS C COMMON SHARES   /                                                                                                              | CUSIP: 18681Z910<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $4967100.00   | 0.50%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLICK THERAPEUTICS PREFERRED A   /                                                                                                                  | CLICK THERAPEUTICS PREFERRED A   /                                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     60087 | NS      | $298458.14    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLEARMOTION PREFERRED A-3   /                                                                                                                       | CLEARMOTION PREFERRED A-3   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2075885 | NS      | $515649.83    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLEARMOTION PREFERRED A-4   /                                                                                                                       | CLEARMOTION PREFERRED A-4   /                                                                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  12954589 | NS      | $3217919.91   | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLEARMOTION PREFERRED B   /                                                                                                                         | CLEARMOTION PREFERRED B   /                                                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2484760 | NS      | $617214.38    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COLOR HEALTH COMMON SHARES   /                                                                                                                      | COLOR HEALTH COMMON SHARES   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139486 | NS      | $1683596.02   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COHERE TECHNOLOGIES, INC. PREFERRED SERIES D-1   /                                                                                                  | COHERE TECHNOLOGIES, INC. PREFERRED SERIES D-1   /                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    279571 | NS      | $2029685.46   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COHERE TECHNOLOGIES, INC. PREFERRED SERIES D-2   /                                                                                                  | COHERE TECHNOLOGIES, INC. PREFERRED SERIES D-2   /                                                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    386038 | NS      | $2802635.88   | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LEARNEO, INC. (F.K.A. COURSE HERO, INC.) COMMON SHARES   /                                                                                          | LEARNEO, INC. (F.K.A. COURSE HERO, INC.) COMMON SHARES   /                                                                                          | CUSIP: 22279Z910<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    270000 | NS      | $6447600.00   | 0.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COLLECTIVE HEALTH PREFERRED SERIES F   /                                                                                                            | COLLECTIVE HEALTH PREFERRED SERIES F   /                                                                                                            | CUSIP: 19421Z913<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3989361 | NS      | $2273935.77   | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONSENSYS SOFTWARE INC. COMMON SHARES   /                                                                                                           | CONSENSYS SOFTWARE INC. COMMON SHARES   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31010 | NS      | $3403967.70   | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PARAFI PRIVATE OPPORTUNITIES, LLC - SERIES J (INVESTED IN CONSENSYS SOFTWARE, INC., PREFERRED SERIES D)                                             | PARAFI PRIVATE OPPORTUNITIES, LLC - SERIES J (INVESTED IN CONSENSYS SOFTWARE, INC., PREFERRED SERIES D)                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |     35699 | NS      | $4477368.58   | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTENT SQUARE SAS COMMON SHARES   /                                                                                                                | CONTENT SQUARE SAS COMMON SHARES   /                                                                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    586390 | NS      | $6661390.40   | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTENT SQUARE SAS SERIES F PREFERRED   /                                                                                                           | CONTENT SQUARE SAS SERIES F PREFERRED   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    160410 | NS      | $2415774.60   | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARBON, INC. COMMON SHARES   /                                                                                                                      | CARBON, INC. COMMON SHARES   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158853 | NS      | $826035.60    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Circle Internet Group Inc                                                                                                                           | Circle Internet Group, Inc.                                                                                                                         | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |    290200 | NS      | $38474716.00  | 3.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CROSSOVER HEALTH MANAGEMENT SERVICES, INC. PREFERRED CLASS D   /                                                                                    | CROSSOVER HEALTH MANAGEMENT SERVICES, INC. PREFERRED CLASS D   /                                                                                    | CUSIP: 22789Z194<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    303329 | NS      | $16579963.14  | 1.68%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRAST SECURITY COMMON SHARES   /                                                                                                                 | CONTRAST SECURITY COMMON SHARES   /                                                                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31250 | NS      | $260625.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRAST SECURITY PREFERRED SERIES A   /                                                                                                            | CONTRAST SECURITY PREFERRED SERIES A   /                                                                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    828514 | NS      | $6909806.76   | 0.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTRAST SECURITY PREFERRED SERIES C   /                                                                                                            | CONTRAST SECURITY PREFERRED SERIES C   /                                                                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1164596 | NS      | $9712730.64   | 0.98%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CUBEFABS, INC. SIMPLE AGREEMENT FOR   /                                                                                                             | CUBEFABS, INC. SIMPLE AGREEMENT FOR   /                                                                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    250000 | NS      | $250000.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CYBEREASON COMMON SHARES   /                                                                                                                        | CYBEREASON COMMON SHARES   /                                                                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2115128 | NS      | $1336337.87   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CYBEREASON PREFERRED SERIES H   /                                                                                                                   | CYBEREASON PREFERRED SERIES H   /                                                                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    175604 | NS      | $110946.61    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TIGER GLOBAL PIP 12-1, LLC (INVESTED IN DATABRICKS, INC., PREFERRED SERIES G)                                                                       | TIGER GLOBAL PIP 12-1, LLC (INVESTED IN DATABRICKS, INC., PREFERRED SERIES G)                                                                       | CUSIP: 123DTB199<br>LEI: N/A                  | Long             |  | CORP              | US        |    182664 | NS      | $27399600.00  | 2.78%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DISCORD INC. COMMON SHARES   /                                                                                                                      | DISCORD INC. COMMON SHARES   /                                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36603 | NS      | $14317995.51  | 1.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DOCKER COMMON COMMON SHARES   /                                                                                                                     | DOCKER COMMON COMMON SHARES   /                                                                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $20500.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DOMINO DATA LAB, INC. COMMON SHARES   /                                                                                                             | DOMINO DATA LAB, INC. COMMON SHARES   /                                                                                                             | CUSIP: 25756Z196<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    330000 | NS      | $5412000.00   | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KVC SELECT, LLC (INVESTED IN DREMIO CORP., 22.3% COMMON STOCK AND 77.7% PREFERRED SERIES E)                                                         | KVC SELECT, LLC (INVESTED IN DREMIO CORP., 22.3% COMMON STOCK AND 77.7% PREFERRED SERIES E)                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    636258 | NS      | $4378178.24   | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DATAMINR COMMON SHARES   /                                                                                                                          | DATAMINR COMMON SHARES   /                                                                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    567043 | NS      | $14357528.76  | 1.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DATAMINR 10% 02/28/2030   /                                                                                                                         | DATAMINR 10% 02/28/2030   /                                                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.10%             | 2030-02-28      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| DATAMINR SERIES A   /                                                                                                                               | DATAMINR SERIES A   /                                                                                                                               | CUSIP: 23792Z924<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $506400.00    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DATAMINR SERIES B   /                                                                                                                               | DATAMINR SERIES B   /                                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     87496 | NS      | $2215398.72   | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DATAMINR SERIES C   /                                                                                                                               | DATAMINR SERIES C   /                                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    388350 | NS      | $9833022.00   | 1.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DEVOTED HEALTH COMMON SHARES   /                                                                                                                    | DEVOTED HEALTH COMMON SHARES   /                                                                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    177776 | NS      | $10222120.00  | 1.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DEVOTED HEALTH PREFERRED E SHARES   /                                                                                                               | DEVOTED HEALTH PREFERRED E SHARES   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8888 | NS      | $511060.00    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EPIC GAMES COMMON SHARES   /                                                                                                                        | EPIC GAMES COMMON SHARES   /                                                                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17168 | NS      | $11392513.12  | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQUIPMENTSHARE.COM INC. COMMON SHARES   /                                                                                                           | EQUIPMENTSHARE.COM INC. COMMON SHARES   /                                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    694800 | NS      | $21302568.00  | 2.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQUIPMENTSHARE.COM INC. PREFERRED SERIES E   /                                                                                                      | EQUIPMENTSHARE.COM INC. PREFERRED SERIES E   /                                                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    323064 | NS      | $9905142.24   | 1.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GSV ERS LP (INVESTED IN ERUDITUS LEARNING SOLUTIONS PTE., LTD. COMMON STOCK)                                                                        | GSV ERS LP (INVESTED IN ERUDITUS LEARNING SOLUTIONS PTE., LTD. COMMON STOCK)                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | SG        |     36264 | NS      | $4010435.76   | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EXCALIBUR AGGREGATOR L.P. COMMON SHARES   /                                                                                                         | EXCALIBUR AGGREGATOR L.P. COMMON SHARES   /                                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |     47858 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EXCALIBUR AGGREGATOR L.P. SERIES A   /                                                                                                              | EXCALIBUR AGGREGATOR L.P. SERIES A   /                                                                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |     80000 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EXCALIBUR COMBINEDCO L.P. CLASS A   /                                                                                                               | EXCALIBUR COMBINEDCO L.P. CLASS A   /                                                                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |       194 | NS      | $193857.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FARMERS BUSINESS NETWORK, INC. COMMON   /                                                                                                           | FARMERS BUSINESS NETWORK, INC. COMMON   /                                                                                                           | CUSIP: 30960Z198<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87500 | NS      | $326375.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FARMERS BUSINESS 15% 9/28/25   /                                                                                                                    | FARMERS BUSINESS 15% 9/28/25   /                                                                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $350000.00    | 0.04%             | 2026-09-28      | None          | 15.00%                | Yes           |                  3 | On Loan: No      |
| FARMERS BUSINESS NETWORK, INC. PREFERRED   /                                                                                                        | FARMERS BUSINESS NETWORK, INC. PREFERRED   /                                                                                                        | CUSIP: 30247Z193<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    160880 | NS      | $4478899.20   | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLEXPORT, Inc. COMMON SHARES   /                                                                                                                    | FLEXPORT, Inc. COMMON SHARES   /                                                                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    538387 | NS      | $2837299.49   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLEXPORT, Inc. SERIES A   /                                                                                                                         | FLEXPORT, Inc. SERIES A   /                                                                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    580165 | NS      | $3057469.55   | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARTIST EDGE PARTNERS IV, LP (INVESTED IN DISCORD, INC. COMMON STOCK)                                                                                | ARTIST EDGE PARTNERS IV, LP (INVESTED IN DISCORD, INC. COMMON STOCK)                                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |      9091 | NS      | $3556126.47   | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SC JAL, LLC (INVESTED IN X.AI, CORP., PREFERRED SERIES B)                                                                                           | SC JAL, LLC (INVESTED IN X.AI, CORP., PREFERRED SERIES B)                                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | CORP              | US        |    150375 | NS      | $5497710.00   | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-03

**Name of Applicant:** The Private Shares Fund

**Signature:** /s/ Kevin Moss

**Name of Signer:** Kevin Moss

**Title:** President