Ark Venture Fund NPORT-P ARK Venture Fund (Oct 2023 report)

Schedule of Investments

ARK Venture Fund

October 31, 2023 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES – 28.4%
AEROSPACE & DEFENSE - 2.0%
Archer Aviation, Inc., Class A*		47,601	$	263,709	$	226,105
Rocket Lab USA, Inc.*		53,196		211,031		225,019
				474,740		451,124
AUTOMOBILES - 2.0%
Tesla, Inc.*		2,272		275,956		456,309
BIOTECHNOLOGY - 5.5%
Beam Therapeutics, Inc.*		10,118		326,611		213,894
CRISPR Therapeutics AG (Switzerland)*		6,733		314,502		262,116
Exact Sciences Corp.*		3,407		143,834		209,837
Ginkgo Bioworks Holdings, Inc.*		100,932		227,824		138,277
Intellia Therapeutics, Inc.*		5,593		228,403		140,105
Prime Medicine, Inc.*		30,516		469,380		198,049
Recursion Pharmaceuticals, Inc., Class A*		17,480		225,282		92,294
				1,935,836		1,254,572
CAPITAL MARKETS - 3.6%
Coinbase Global, Inc., Class A*		7,230		281,854		557,577
Robinhood Markets, Inc., Class A*		29,290		279,090		267,711
				560,944		825,288
ENTERTAINMENT - 2.3%
ROBLOX Corp., Class A*		8,428		254,854		268,095
Roku, Inc.*		4,539		212,546		270,388
				467,400		538,483
FINANCIAL SERVICES - 1.0%
Block, Inc.*		5,624		350,446		226,366
HEALTHCARE PRODUCTS - 0.2%
Quantum-SI, Inc.*		43,176		133,530		51,811
HOTELS, RESTAURANTS & LEISURE - 1.2%
DraftKings, Inc., Class A*		9,869		128,548		272,582
INTERACTIVE MEDIA & SERVICES - 1.1%
Pinterest, Inc., Class A*		8,857		238,281		264,647
IT SERVICES - 2.1%
Shopify, Inc., Class A (Canada)*		4,762		151,977		224,719
Twilio, Inc., Class A*		5,186		234,497		265,834
				386,474		490,553
LIFE SCIENCES TOOLS & SERVICES - 0.9%
10X Genomics, Inc., Class A*		6,202		225,482		218,807

Schedule of Investments (continued)

ARK Venture Fund

October 31, 2023 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES (continued)
PHARMACEUTICALS - 1.0%
Moderna, Inc.*		2,884	$	342,900	$	219,069
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Teradyne, Inc.		3,179		341,574		264,715
SOFTWARE - 4.3%
Palantir Technologies, Inc., Class A*		15,026		242,396		222,385
UiPath, Inc., Class A*		17,194		222,534		267,023
Unity Software, Inc.*		8,844		260,142		224,372
Zoom Video Communications, Inc., Class A*		4,483		326,609		268,890
				1,051,681		982,670
TOTAL COMMON STOCKS IN PUBLIC COMPANIES				6,913,792		6,516,996

	Acquisition Date	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PRIVATE COMPANIES – 29.5%
AEROSPACE & DEFENSE - 8.7%
Space Exploration Technologies Corp.*(a)(b)(d)	10/31/23		23,810		2,000,000		2,000,000
DIVERSIFIED FINANCIAL SERVICES - 4.3%
Blockdaemon, Inc.*(a)(b)	6/27/23		217,865		1,020,000		976,035
ENTERTAINMENT - 2.4%
Discord Inc.*(a)(b)	11/14/22		2,220		658,600		549,694
INTERNET - 1.9%
X Holdings, Inc. (Twitter)*(a)(b)	10/28/22		1,000		1,000,000		431,734
SOFTWARE - 12.2%
Databricks, Inc.*(a)(b)(c)	9/23/22		27,922		400,000		2,052,280
Epic Games, Inc.*(a)(b)(d)	9/23/22		1,631		1,022,829		757,416
					1,422,829		2,809,696
TOTAL COMMON STOCKS IN PRIVATE COMPANIES					6,101,429		6,767,159
PREFERRED STOCKS IN PRIVATE COMPANIES – 31.3%
AEROSPACE & DEFENSE - 2.1%
Axiom Space, Inc, Series C*(a)(b)	4/12/23		2,960		500,033		489,998
COMPUTERS - 2.1%
Hammerspace, Inc., Series A-1*(a)(b)	7/26/23		511,456		499,999		470,540
HEALTHCARE PRODUCTS - 4.7%
Freenome, Inc., Series E*(a)(b)	9/23/22		85,711		999,990		1,083,387

Schedule of Investments (continued)

ARK Venture Fund

October 31, 2023 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
SOFTWARE - 17.1%
Anthropic, Inc., Series C-1*(a)(b)	3/31/23		89,078	$	1,049,998	$	1,084,970
Mythical, Inc., Series C-1*(a)(b)	4/11/23		60,415		500,001		488,153
Replit, Inc., Series B-1*(a)(b)	1/23/23		25,385		1,000,000		1,092,824
Shield AI Inc., Series F*(a)(b)	10/06/23		22,838		999,985		999,985
Sortium, Inc.*(a)(b)	9/27/23		61,111		250,000		250,000
					3,799,984		3,915,932
TRANSPORTATION - 5.3%
Flexport, Inc., Series A*(a)(b)	9/23/22		49		670		390
Flexport, Inc., Series B-1*(a)(b)	9/23/22		4,940		67,524		39,372
Flexport, Inc., Series C*(a)(b)	9/23/22		24,640		336,798		196,381
Zipline International, Inc., Series F*(a)(b)	5/30/23		24,877		999,983		985,378
					1,404,975		1,221,521
TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES					7,204,981		7,181,378
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 6.4%
COMMERCIAL SERVICES - 2.0%
Critical Ideas, Inc. (Chipper Cash)*(a)(b)	9/23/22		400,000		400,000		459,720
SOFTWARE - 4.4%
Graft, Inc.*(a)(b)	10/30/23		250,000		250,000		250,000
Pave Financial, Inc.*(a)(b)	8/16/23		500,000		500,000		500,000
Tilda Technologies, Inc (Humata AI)*(a)(b)	6/27/23		250,000		250,000		264,050
					1,000,000		1,014,050
TOTAL SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES					1,400,000		1,473,770
CONVERTIBLE NOTE IN PRIVATE COMPANIES – 2.2%
COMMERCIAL SERVICES - 2.2%
Critical Ideas, Inc. (Chipper Cash) 10%, 02/25/25 PIK (a)(b)(e)	8/25/23		500,000		500,000		500,000
TOTAL CONVERTIBLE NOTE IN PRIVATE COMPANIES					500,000		500,000

	Shares/ Principal/Units		Cost		Value
MONEY MARKET FUND – 0.4%
Goldman Sachs Financial Square Treasury Obligations Fund, 5.26% (f)		94,367		94,367		94,367
TOTAL INVESTMENTS – 98.2%				22,214,569		22,533,670
Other Assets in Excess of Liabilities–1.8%						403,248
Net Assets–100.0%					$	22,936,918

* Non-income producing security

(a)	Investment fair valued by ARK Investment Management LLC (the “Adviser”) in accordance with the Adviser’s valuation policies and procedures that were reviewed by, and are subject to the oversight 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, 2023, total investments in restricted securities were $15,922,307 and are classified as Level 3.
(c)	The Fund held a $400,000 simple agreement to purchase equity in Mosaic ML, Inc. which was acquired by Databricks, Inc. effective July 12, 2023. The acquisition was an all-stock transaction where the Fund received 26,371 common shares of Databricks, Inc. with an additional indemnity holdback of 1,551 common shares set to be released on October 28, 2024.
(d)	These securities have been purchased through unaffiliated Special Purpose Vehicles (“SPVs”) in which the Fund has a direct investment of ownership units of the SPVs. The shares, cost basis and fair value stated are determined based on the underlying securities purchased by the SPV and the Fund’s ownership percentage.
(e)	PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.
(f)	Rate shown represents annualized 7-day yield as of October 31, 2023.

October 31, 2023 (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 Fund’s investments as of October 31, 2023:

Investment in Securities	Level 1		Level 2		Level 3		Total
Common Stocks in Public Companies‡	$	6,516,996	$	–	$	–	$	6,516,996
Preferred Stocks in Private Companies‡		–		–		7,181,378		7,181,378
Simple Agreement to Purchase Equity in Private Companies‡		–		–		1,473,770		1,473,770
Common Stocks in Private Companies‡		–		–		6,767,159		6,767,159
Convertible Note in Private Companies‡						500,000		500,000
Money Market Fund		94,367		–		–		94,367
Total	$	6,611,363	$	–	$	15,922,307	$	22,533,670

‡ 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 below:

	Common Stocks In Private Companies			Preferred Stocks In Private Companies			Simple Agreement To Purchase Equity In Private Companies			Convertible Note In Private Companies		Total
Beginning balance at August 1, 2023	$	4,632,310		$	6,530,789		$	740,120			–	$	11,903,219
Purchases		2,298,600			1,249,985			750,000		$	500,000		4,798,585
Sales		–			–			–			–		–
Transfer into Level 3		–			–			–			–		–
Transfer out of Level 3		–			–			–			–		–
Net Realized Gain (Loss)		–			–			–			–		–
Net Change in Unrealized Appreciation (Depreciation)		(163,751	)		(599,396	)		(16,350	)		–		(779,497	)
Ending balance at October 31, 2023	$	6,767,159		$	7,181,378		$	1,473,770		$	500,000	$	15,922,307
Net Change in Unrealized Appreciation (Depreciation) on Level 3 securities still held as of October 31, 2023		(163,751	)		(599,396	)		(16,350	)		–		(779,497	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2023.

Asset Type	Fair Value at October 31, 2023		Valuation  Approach	Significant Unobservable Inputs	Impact to value if Input Increases*	Range		Weighted Average
Preferred Stocks in Private Companies	$	7,181,378	Market Approach	Precedent Transaction	Increase		N/A		NA
				Market Movement	Increase		-5.69% - 8.50%		3.03%
Common Stocks in Private Companies		6,767,159	Market Approach	Precedent Transaction	Increase		N/A		N/A
				Market Movement	Increase		-5.34% - -2.40%		-3.48%
Simple Agreement to Purchase Equity in Private Companies		1,473,770	Market Approach	Precedent Transaction	Increase		N/A		N/A
				Market Movement	Increase		5.62% - 14.93%		11.53%
Convertible Note in Private Companies		500,000	Market Approach	Precedent Transaction	Increase		N/A		N/A

* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.