Schedule of Investments
ARK Venture Fund
October 31, 2022 (Unaudited)
| Shares/ Principal/Units | Cost | Value | ||||||||||
| COMMON STOCKS IN PUBLIC COMPANIES – 24.6% | ||||||||||||
| AUTOMOBILES - 2.2% | ||||||||||||
| Tesla, Inc.* | 803 | $ | 191,301 | $ | 182,715 | |||||||
| CAPITAL MARKETS - 1.2% | ||||||||||||
| Coinbase Global, Inc., Class A* | 1,475 | 106,251 | 97,719 | |||||||||
| ENTERTAINMENT - 4.5% | ||||||||||||
| Roblox Corp., Class A* | 6,167 | 240,933 | 275,912 | |||||||||
| Roku, Inc.* | 1,799 | 106,537 | 99,916 | |||||||||
| 347,470 | 375,828 | |||||||||||
| HOTELS, RESTAURANTS & LEISURE - 1.3% | ||||||||||||
| Draftkings, Inc., Class A* | 6,438 | 106,604 | 101,720 | |||||||||
| IT SERVICES - 5.5% | ||||||||||||
| Block, Inc.* | 1,718 | 106,177 | 103,200 | |||||||||
| Shopify, Inc., Class A (Canada)* | 3,425 | 106,618 | 117,238 | |||||||||
| Twilio, Inc., Class A* | 3,166 | 241,159 | 235,455 | |||||||||
| 453,954 | 455,893 | |||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | ||||||||||||
| NVIDIA Corp. | 1,822 | 240,600 | 245,915 | |||||||||
| SOFTWARE - 6.9% | ||||||||||||
| Uipath, Inc., Class A* | 18,100 | 242,282 | 228,965 | |||||||||
| Unity Software, Inc.* | 2,994 | 106,382 | 88,323 | |||||||||
| Zoom Video Communications, Inc., Class A* | 3,077 | 241,622 | 256,745 | |||||||||
| 590,286 | 574,033 | |||||||||||
| TOTAL COMMON STOCKS IN PUBLIC COMPANIES | 2,036,466 | 2,033,823 | ||||||||||
| Acquisition Date | Shares/ Principal/Units | Cost | Value | |||||||||||
| COMMON STOCKS IN PRIVATE COMPANIES – 20.0% | ||||||||||||||
| INTERNET - 12.0% | ||||||||||||||
| X Holdings, Inc. (Twitter)*,(a),(b) | 10/31/22 | 18,450 | 1,000,000 | 1,000,000 | ||||||||||
| SOFTWARE - 8.0% | ||||||||||||||
| Epic Games, Inc.*,(a),(b),(c) | 9/23/22 | 874 | 665,525 | 665,528 | ||||||||||
| TOTAL COMMON STOCKS IN PRIVATE COMPANIES | 1,665,525 | 1,665,528 | ||||||||||||
| PREFERRED STOCKS IN PRIVATE COMPANIES – 16.9% | ||||||||||||||
| HEALTHCARE PRODUCTS - 12.0% | ||||||||||||||
| Freenome, Inc.*,(a),(b) | 9/23/22 | 85,711 | 999,990 | 999,990 | ||||||||||
| TRANSPORTATION - 4.9% | ||||||||||||||
| Flexport, Inc.*,(a),(b) | 9/23/22 | 29,629 | 404,992 | 399,992 | ||||||||||
| TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES | 1,404,982 | 1,399,982 | ||||||||||||
| SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 9.6% | ||||||||||||||
| COMMERCIAL SERVICES - 4.8% | ||||||||||||||
| Chipper Cash*,(a),(b) | 9/23/22 | 400,000 | 400,000 | 400,000 | ||||||||||
Schedule of Investments (continued)
ARK Venture Fund
October 31, 2022 (Unaudited)
| Acquisition Date | Shares/ Principal/Units | Cost | Value | |||||||||||
| SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES (continued) | ||||||||||||||
| SOFTWARE - 4.8% | ||||||||||||||
| MosaicML*,(a),(b) | 9/23/22 | 400,000 | $ | 400,000 | $ | 400,000 | ||||||||
| TOTAL SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES | 800,000 | 800,000 | ||||||||||||
| Shares/ Principal/Units | Cost | Value | ||||||||||
| MONEY MARKET FUND – 41.3% | ||||||||||||
| Dreyfus Government Cash Management, 2.91% (d) | 3,435,443 | 3,435,443 | 3,435,443 | |||||||||
| TOTAL INVESTMENTS – 112.4% | 9,342,416 | 9,334,776 | ||||||||||
| Liabilities in Excess of Other Assets–(12.4)% | (1,026,487 | ) | ||||||||||
| Net Assets–100.0% | $ | 8,308,289 | ||||||||||
| * | Non-income producing security |
| (a) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment is classified as Level 3. |
| (b) | Restricted security; security may not be publicly sold without registration under the Securities Act of 1933, as amended. As of October 31, 2022, total investments in restricted securities were $3,865,510 and are classified as Level 3. |
| (c) | These securities have been purchased through Special Purpose Vehicles in which the Fund has a direct investment of ownership units of the Vehicles. The shares, cost basis and fair value stated are determined based on the underlying securities purchased by the Vehicle and the Fund’s ownership percentage. |
| (d) | Rate shown represents annualized 7-day yield as of October 31, 2022. |
October 31, 2022 (Unaudited)
Fair value measurements
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
| • Level 1 — Quoted prices in active markets for identical assets. |
| • Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| • Level 3 — significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to determine fair value of the Fund’s investments as of October 31, 2022:
| Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks in public companies* | $ | 2,033,823 | $ | – | $ | – | $ | 2,033,823 | ||||||||
| Common Stocks in private companies* | – | – | 1,665,528 | 1,665,528 | ||||||||||||
| Preferred Stocks in private companies* | – | – | 1,399,982 | 1,399,982 | ||||||||||||
| Simple agreement to purchase equity in private companies* | – | – | 800,000 | 800,000 | ||||||||||||
| Money Market Fund | 3,435,443 | – | – | 3,435,443 | ||||||||||||
| Total | $ | 5,469,266 | $ | – | $ | 3,865,510 | $ | 9,334,776 | ||||||||
| * | All sub-categories within the security type represent their respective evaluation status. For a detailed breakout by industry, please refer to the Schedule of Investments. |
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the reporting year. At October 31, 2022, the reconciliation of assets is as follows:
| Common Stocks In Private Companies | Preferred Stocks In Private Companies | Simple Agreement To Purchase Equity In Private Companies | Total | |||||||||||||
| Balance at September 23, 2022* | $ | – | $ | – | $ | – | $ | – | ||||||||
| Purchases | 1,665,525 | 1,404,982 | 800,000 | 3,870,507 | ||||||||||||
| Sales | – | – | – | – | ||||||||||||
| Transfer into Level 3 | – | – | – | – | ||||||||||||
| Transfer out of Level 3 | – | – | – | – | ||||||||||||
| Net Realized Gain (Loss) | – | – | – | – | ||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) | 3 | (5,000 | ) | – | (4,997 | ) | ||||||||||
| Balance at October 31, 2022 | $ | 1,665,528 | $ | 1,399,982 | $ | 800,000 | $ | 3,865,510 | ||||||||
| * | Inception date |
