Ark Venture Fund NPORT-P ARK Venture Fund (Oct 2024 report)

Schedule of Investments

ARK Venture Fund

October 31, 2024 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES – 10.1%
AEROSPACE & DEFENSE - 0.1%
Archer Aviation, Inc., Class A*		26,391	$	118,356	$	83,132
AUTOMOBILES - 0.5%
Tesla, Inc.*		1,324		160,124		330,801
BIOTECHNOLOGY - 2.8%
Absci Corp.*		145,672		601,637		559,380
Beam Therapeutics, Inc.*		6,393		142,000		140,071
CRISPR Therapeutics AG (Switzerland)*		12,846		594,498		595,926
Prime Medicine, Inc.*		74,177		292,316		287,807
Recursion Pharmaceuticals, Inc., Class A*		59,986		401,714		379,111
				2,032,165		1,962,295
CAPITAL MARKETS - 1.4%
Coinbase Global, Inc., Class A*		2,481		212,346		444,719
Robinhood Markets, Inc., Class A*		21,108		315,381		495,827
				527,727		940,546
ENTERTAINMENT - 0.7%
ROBLOX Corp., Class A*		4,480		128,197		231,706
Roku, Inc.*		3,916		177,974		250,937
				306,171		482,643
FINANCIAL SERVICES - 0.3%
Block, Inc.*		2,668		160,343		192,950
HEALTHCARE PRODUCTS - 0.8%
Natera Inc*		2,802		350,023		338,930
Twist Bioscience Corp.*		5,161		215,458		208,298
				565,481		547,228
HOTELS, RESTAURANTS & LEISURE - 0.4%
DraftKings, Inc., Class A*		7,897		193,821		278,922
INTERACTIVE MEDIA & SERVICES - 0.3%
Pinterest, Inc., Class A*		6,452		172,771		205,109
IT SERVICES - 0.8%
Shopify, Inc., Class A (Canada)*		7,100		348,928		555,291
LIFE SCIENCES TOOLS & SERVICES - 0.7%
10X Genomics, Inc., Class A*		29,596		448,814		474,424
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Teradyne, Inc.		2,064		203,540		219,218

Schedule of Investments (continued)

ARK Venture Fund

October 31, 2024 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES (continued)
SOFTWARE - 1.0%
Palantir Technologies, Inc., Class A*		11,082	$	178,773	$	460,568
Tempus AI, Inc.*		5,247		235,792		234,121
				414,565		694,689
TOTAL COMMON STOCKS IN PUBLIC COMPANIES				5,652,806		6,967,248

	Acquisition Date	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PRIVATE COMPANIES – 32.8%
AEROSPACE & DEFENSE - 12.3%
Space Exploration Technologies Corp.*(a)(b)(c)	10/31/23		75,356		6,999,961		8,439,818
DIVERSIFIED FINANCIAL SERVICES - 5.0%
Blockdaemon, Inc.*(a)(b)	6/27/23		517,865		2,010,000		3,480,053
ENTERTAINMENT - 3.9%
Discord Inc.*(a)(b)	11/14/22		11,744		2,723,641		2,681,508
INTERNET - 0.6%
X Holdings, Inc. (Twitter)*(a)(b)	10/28/22		10,000		1,000,000		431,734
SOFTWARE - 11.0%
Databricks, Inc.*(a)(b)(d)	9/23/22		27,922		400,000		2,424,120
Epic Games, Inc.*(a)(b)(c)	9/23/22		6,560		3,133,309		3,664,071
OpenAI Global LLC *(a)(b)(c)	7/31/24		5,797		1,000,000		1,516,669
					4,533,309		7,604,860
TOTAL COMMON STOCKS IN PRIVATE COMPANIES					17,266,911		22,637,973
PREFERRED STOCKS IN PRIVATE COMPANIES – 36.5%
AEROSPACE & DEFENSE - 2.2%
Axiom Space, Inc, Series C*(a)(b)	4/12/23		2,960		500,033		535,938
Boom Technology, Inc., Series D-1 *(a)(b)	5/02/24		15,010		999,966		999,966
					1,499,999		1,535,904
AUTO PARTS & EQUIPMENT - 1.4%
Outrider Technologies, Inc., Series D *(a)(b)	7/23/24		322,131		999,998		999,998
BIOTECHNOLOGY - 4.5%
Relation Therapeutics, Inc., Series Seed-2*(a)(b)	1/26/24		1,841,959		2,999,999		3,112,911
COMPUTERS - 1.0%
Hammerspace, Inc., Series A-1*(a)(b)	7/26/23		511,456		499,999		644,435
ENTERTAINMENT - 0.7%
Lucra, Inc., Series A-1*(a)(b)	7/17/24		226,050		500,000		500,000

Schedule of Investments (continued)

ARK Venture Fund

October 31, 2024 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
PREFERRED STOCKS IN PRIVATE COMPANIES (continued)
HEALTHCARE PRODUCTS - 4.7%
Freenome, Inc., Series E*(a)(b)	9/23/22		85,711	$	999,990	$	654,832
Freenome, Inc., Series F*(a)(b)	1/26/24		337,899		2,500,000		2,581,548
					3,499,990		3,236,380
MACHINERY - DIVERSIFIED - 3.8%
Figure AI, Inc., Series B*(a)(b)	2/29/24		189,096		2,499,996		2,607,634
SEMICONDUCTOR - 3.2%
Tenstorrent Holdings, Inc., Series D-1*(a)(b)	7/16/24		12,687		1,050,075		1,000,116
Tenstorrent Holdings, Inc., Series D-2 *(a)(b)	7/16/24		15,393		1,050,000		1,213,430
					2,100,075		2,213,546
SOFTWARE - 11.1%
Anthropic, Inc., Series C-1*(a)(b)	3/31/23		89,078		1,049,998		2,807,738
Mythical, Inc., Series C-1*(a)(b)	4/11/23		60,415		500,001		143,787
Replit, Inc., Series B-1*(a)(b)	1/23/23		25,385		1,000,000		1,320,528
Shield AI, Inc., Series Seed*(a)(b)	1/03/24		22,836		999,988		1,056,850
Shield AI, Inc., Series F*(a)(b)	10/06/23		22,838		999,985		1,056,943
Sortium, Inc., Series Seed-1*(a)(b)	9/27/23		61,111		250,000		272,555
X.AI Corp., Series B*(a)(b)	5/10/24		83,543		1,000,010		1,000,010
					5,799,982		7,658,411
TRANSPORTATION - 3.9%
Flexport, Inc., Series A*(a)(b)	9/23/22		49		670		166
Flexport, Inc., Series B-1*(a)(b)	9/23/22		4,940		67,523		16,697
Flexport, Inc., Series C*(a)(b)	9/23/22		24,640		336,798		83,283
Zipline International, Inc., Series F*(a)(b)	5/30/23		24,877		999,983		1,043,590
Zipline International, Inc., Series G*(a)(b)	7/08/24		35,761		1,500,042		1,500,174
					2,905,016		2,643,910
TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES					23,305,054		25,153,129
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 9.8%
AUTO PARTS & EQUIPMENT - 1.4%
Gatik AI, Inc.*(a)(b)	8/21/24		1,000,000		1,000,000		1,000,000
BROADCAST SERVICES - 0.8%
Kino Tech, Inc.*(a)(b)	2/27/24		500,000		500,000		568,050
COMMERCIAL SERVICES - 0.8%
Critical Ideas, Inc. (Chipper Cash)*(a)(b)	9/23/22		400,000		400,000		526,880
COMPUTERS - 2.2%
Hammerspace, Inc.*(a)(b)	6/25/24		1,500,000		1,500,000		1,500,000
DIVERSIFIED FINANCIAL SERVICES - 1.0%
Atomic Vaults, Inc.*(a)(b)	1/26/24		600,000		600,000		660,180

Schedule of Investments (continued)

ARK Venture Fund

October 31, 2024 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES (continued)
INTERNET - 0.4%
Firmly, Inc.*(a)(b)	5/22/24		250,000	$	250,000	$	250,000
SOFTWARE - 3.2%
Graft, Inc.*(a)(b)	10/30/23		250,000		250,000		275,000
Pave Financial, Inc.*(a)(b)	8/16/23		500,000		500,000		672,350
Supersocial, Inc.*(a)(b)	5/10/24		1,000,000		1,000,000		1,000,000
Tilda Technologies, Inc (Humata AI)*(a)(b)	6/27/23		250,000		250,000		281,900
					2,000,000		2,229,250
TOTAL SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES					6,250,000		6,734,360
CONVERTIBLE INTEREST RIGHTS IN PRIVATE COMPANIES– 2.9%
SOFTWARE - 2.9%
OpenAI Global LLC*(a)(b)	7/31/24		7,644		2,001,599		2,000,000
TOTAL CONVERTIBLE INTEREST RIGHTS IN PRIVATE COMPANIES					2,001,599		2,000,000
CONVERTIBLE NOTE IN PRIVATE COMPANIES – 2.9%
COMMERCIAL SERVICES - 0.8%
Critical Ideas, Inc. (Chipper Cash) 10.00%, 02/25/25(a)(b)(e)	8/25/23		500,000		500,000		500,000
ENTERTAINMENT SOFTWARE - 1.4%
Gamefam, Inc. 3.00%, 03/13/26(a)(b)(e)	3/13/24		1,000,000		1,000,000		1,000,000
SOFTWARE - 0.7%
Mythical, Inc. 17.50%, 12/28/24(a)(b)(e)(f)	12/28/23		375,000		375,000		494,388
TOTAL CONVERTIBLE NOTE IN PRIVATE COMPANIES					1,875,000		1,994,388
WARRANT IN PRIVATE COMPANIES – 1.4%
SOFTWARE - 1.4%
Mythical, Inc.*(a)(b)(f)	12/28/23		384,213		0		988,362
TOTAL WARRANTS IN PRIVATE COMPANIES					0		988,362

	Shares/ Principal/Units		Cost		Value
MONEY MARKET FUND – 5.0%
Goldman Sachs Financial Square Treasury Obligations Fund, 4.74%(g)		3,459,646		3,459,646		3,459,646
TOTAL INVESTMENTS – 101.4%				59,811,016		69,935,106
Liabilities in Excess of Other Assets–(1.4)%						(​938,492	)
Net Assets–100.0%					$	68,996,614

*	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, 2024, total investments in restricted securities were $59,508,212 and are classified as Level 3.
(c)	All or a portion of 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.
(d)	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.
(e)	PIK denotes that all or a portion of the income is paid in-kind in the form of additional principal.
(f)	The Fund entered into a Secured and Convertible Promissory Note and Warrant Purchase Agreement with Mythical, Inc. on December 28, 2023. The warrants are exercisable at the next qualified equity financing at $0.001 per share up to two times the portion of the Fund's convertible note amount.
(g)	Rate shown represents annualized 7-day yield as of October 31, 2024.

October 31, 2024 (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, 2024:

Investment in Securities	Level 1		Level 2		Level 3		Total
Preferred Stocks in Private Companies‡	$	–	$	–	$	25,153,129	$	25,153,129
Common Stocks in Private Companies‡		–		–		22,637,973		22,637,973
Common Stocks in Public Companies‡		6,967,248		–		–		6,967,248
Simple Agreement to Purchase Equity in Private Companies‡		–		–		6,734,360		6,734,360
Convertible Interest Rights in Private Companies‡		–		–		2,000,000		2,000,000
Convertible Note in Private Companies‡		–		–		1,994,388		1,994,388
Warrant in Private Companies‡		–		–		988,362		988,362
Money Market Fund		3,459,646		–		–		3,459,646
Total	$	10,426,894	$	–	$	59,508,212	$	69,935,106

‡ 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		Convertible Interest Rights in Private Companies			Warrant In Private Companies		Total
Balance at July 31, 2024	$	20,194,237	$	25,092,048	$	5,676,605	$	1,994,388	$	–		$	988,362	$	53,945,640
Purchases		–		–		1,000,000		–		2,001,599			–		3,001,599
Sales		–		–		–		–		–			–		–
Transfer into Level 3		–		–		–		–		–			–		–
Transfer out of Level 3		–		–		–		–		–			–		–
Net Realized Gain (Loss)		–		–		–		–		–			–		–
Net Change in Unrealized Appreciation		2,443,736		61,081		57,755		–		(1,599	)		–		2,560,973
Ending Balance at October 31, 2024		22,637,973		25,153,129		6,734,360		1,994,388		2,000,000			988,362		59,508,212
Net Change in Unrealized Appreciation on Level 3 securities still held as of October 31, 2024	$	2,443,736	$	61,081	$	57,755	$	–	$	(1,599	)	$	–	$	2,560,973

October 31, 2024 (Unaudited)

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 at October 31, 2024.

Asset type	Fair Value at October 31, 2024		Valuation Approach	Significant Unobservable Inputs	Impact to value if Input Increases*	Range	Weighted Average
Preferred Stocks in Private Companies	$	25,153,129	Market Approach	Precedent Transactions Market Movement Estimated Transaction Price	Increase Increase Increase	N/A 3.33% - 41.09% $2.55 - $2.55	N/A 8.75% $2.55
Common Stocks in Private Companies		22,637,973	Market Approach	Precedent Transactions Market Movement	Increase Increase	N/A 8.73% - 16.80%	N/A 13.29%
Simple Agreement to Purchase Equity in Private Companies		6,734,360	Market Approach	Precedent Transactions Market Movement	Increase Increase	N/A 10.03% - 34.47%	N/A 22.24%
Convertible Interest Rights in Private Companies		2,000,000	Market Approach	Precedent Transactions	Increase	N/A	N/A
Convertible Note in Private Companies		1,994,388	Market Approach	Precedent Transactions Estimated Transaction Price	Increase Increase	N/A $2.55 - $2.55	N/A $2.55
Warrant in Private Companies		988,362	Market Approach	Estimated Transaction Price Estimated Time to Exit	Increase Decrease	$2.55 - $2.55 0.25 - 0.25 Years	$2.55 0.25 Years

* 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.