Schedule of Investments

ARK Venture Fund

April 30, 2025 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES – 13.8%
AEROSPACE & DEFENSE - 1.9%
Archer Aviation, Inc., Class A*		327,143	$	2,118,357	$	2,725,101
AUTOMOBILES - 0.7%
Tesla, Inc.*		3,481		969,565		982,199
BIOTECHNOLOGY - 3.5%
Absci Corp.*		334,167		1,253,380		1,025,893
Beam Therapeutics, Inc.*		36,860		941,956		734,620
CRISPR Therapeutics AG (Switzerland)*		38,162		1,748,857		1,475,724
Intellia Therapeutics, Inc.*		41,026		603,033		363,901
Prime Medicine, Inc.*		168,678		606,211		291,813
Recursion Pharmaceuticals, Inc., Class A*		199,568		1,457,155		1,115,585
				6,610,592		5,007,536
CAPITAL MARKETS - 1.3%
Coinbase Global, Inc., Class A*		3,596		513,293		729,592
Robinhood Markets, Inc., Class A*		23,980		432,580		1,177,658
				945,873		1,907,250
ENTERTAINMENT - 0.8%
ROBLOX Corp., Class A*		9,458		428,169		634,159
Roku, Inc.*		7,871		477,788		536,645
				905,957		1,170,804
FINANCIAL SERVICES - 0.2%
Block, Inc.*		5,921		460,772		346,201
HEALTHCARE PRODUCTS - 1.0%
Natera Inc*		5,803		849,552		875,847
Twist Bioscience Corp.*		15,559		694,621		596,221
				1,544,173		1,472,068
HOTELS, RESTAURANTS & LEISURE - 0.4%
DraftKings, Inc., Class A*		16,011		494,168		533,006
INTERACTIVE MEDIA & SERVICES - 0.4%
Pinterest, Inc., Class A*		20,994		624,278		531,568
IT SERVICES - 0.7%
Shopify, Inc., Class A (Canada)*		9,862		649,987		936,890
LIFE SCIENCES TOOLS & SERVICES - 0.7%
10X Genomics, Inc., Class A*		96,720		1,516,211		799,874
Pacific Biosciences of California, Inc.*		197,136		463,767		218,821
				1,979,978		1,018,695
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Teradyne, Inc.*		5,528		655,925		410,233

Schedule of Investments (continued)

ARK Venture Fund

April 30, 2025 (Unaudited)

	Shares/ Principal/Units		Cost		Value
COMMON STOCKS IN PUBLIC COMPANIES (continued)
SOFTWARE - 1.9%
Palantir Technologies, Inc., Class A*		8,867	$	143,040	$	1,050,207
Tempus AI, Inc., Class A*		32,624		1,391,244		1,685,682
				1,534,284		2,735,889
TOTAL COMMON STOCKS IN PUBLIC COMPANIES				19,493,909		19,777,440

	Acquisition Date	Shares/ Principal/Units		Cost		Value
PREFERRED STOCKS IN PRIVATE COMPANIES – 44.5%
AEROSPACE & DEFENSE - 5.5%
Axiom Space, Inc, Series C*(a)(b)	4/12/23		2,960		500,033		444,000
Boom Technology, Inc., Series A*(a)(b)	11/22/24		439,560		200,000		400,000
Space Exploration Technologies Corp., Series D*(a)(b)	1/31/25		3,783		6,998,550		6,998,550
					7,698,583		7,842,550
AUTO PARTS & EQUIPMENT - 0.6%
Outrider Technologies, Inc., Series D*(a)(b)	7/23/24		322,131		999,998		879,418
BIOTECHNOLOGY - 5.1%
Generate Biomedicines, Inc., Series C*(a)(b)	1/22/25		168,776		1,999,996		1,999,996
Relation Therapeutics, Inc., Series Seed-2*(a)(b)	1/26/24		1,841,959		2,999,999		2,799,777
Umoja Biopharma Inc., Series C*(a)(b)	12/20/24		632,140		2,500,000		2,500,000
					7,499,995		7,299,773
COMPUTERS - 3.6%
Hammerspace, Inc., Series B-2*(a)(b)	4/16/25		1,535,929		3,500,000		3,888,880
Hammerspace, Inc., Series A-1*(a)(b)	7/26/23		511,456		499,999		1,294,976
					3,999,999		5,183,856
ENTERTAINMENT - 0.3%
Lucra, Inc., Series A-1*(a)(b)	7/17/24		226,050		500,000		458,881
HEALTHCARE PRODUCTS - 2.0%
Freenome, Inc., Series E*(a)(b)	9/23/22		85,711		999,990		593,120
Freenome, Inc., Series F*(a)(b)	1/26/24		337,899		2,500,000		2,338,261
					3,499,990		2,931,381
INTERNET - 3.5%
Perplexity AI Inc., Series D-1*(a)(b)	11/19/24		6,081		1,999,853		1,999,853
X.AI Holdings Corp., Series B*(a)(b)	5/10/24		83,543		1,000,010		3,054,332
					2,999,863		5,054,185
MACHINERY - CONSTRUCTION & MINING - 2.4%
Radiant Industries, Incorporated, Series C-2*(a)(b)	2/14/25		182,048		3,499,982		3,499,982
MACHINERY - DIVERSIFIED - 4.1%
Apptronik, Inc., Series A-1*(a)(b)	2/28/25		223,561		3,119,987		3,119,988
Figure AI, Inc., Series B*(a)(b)	2/29/24		189,096		2,499,996		2,728,655
					5,619,983		5,848,643

Schedule of Investments (continued)

ARK Venture Fund

April 30, 2025 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
PREFERRED STOCKS IN PRIVATE COMPANIES (continued)
SEMICONDUCTOR - 5.0%
Ayar Labs, Inc., Series D*(a)(b)(c)	4/28/25		40,868	$	1,030,000	$	1,000,000
Groq, Inc., Series D*(a)(b)	2/14/25		186,589		2,999,998		2,999,998
Tenstorrent Holdings, Inc., Series D-1*(a)(b)(c)	7/16/24		25,373		2,118,567		2,000,154
Tenstorrent Holdings, Inc., Series D-2*(a)(b)	7/16/24		15,393		1,050,000		1,213,430
					7,198,565		7,213,582
SOFTWARE - 10.9%
Anthropic, Inc., Series C-1*(a)(b)	3/31/23		89,078		1,049,998		4,996,385
Lambda Inc., Series D*(a)(b)	1/21/25		227,631		5,124,996		4,999,996
Mythical, Inc., Series C-1*(a)(b)	4/11/23		60,415		500,001		134,121
Mythical, Inc., Series D-1*(a)(b)	1/31/25		287,848		167,029		639,023
Replit, Inc., Series B-1*(a)(b)	1/23/23		25,385		1,000,000		1,118,209
Shield AI, Inc., Series F*(a)(b)	10/06/23		22,838		999,985		1,777,938
Shield AI, Inc., Series Seed*(a)(b)	1/03/24		22,836		999,988		1,777,783
Sortium, Inc., Series Seed-1*(a)(b)	9/27/23		61,111		250,000		234,666
					10,091,997		15,678,121
TRANSPORTATION - 1.5%
Flexport, Inc., Series A*(a)(b)	9/23/22		49		670		134
Flexport, Inc., Series B-1*(a)(b)	9/23/22		4,940		67,523		13,486
Flexport, Inc., Series C*(a)(b)	9/23/22		24,640		336,798		67,267
Zipline International, Inc., Series F*(a)(b)	5/30/23		24,877		999,983		846,316
Zipline International, Inc., Series G*(a)(b)	7/08/24		35,761		1,500,042		1,216,589
					2,905,016		2,143,792
TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES					56,513,971		64,034,164
COMMON STOCKS IN PRIVATE COMPANIES – 27.1%
AEROSPACE & DEFENSE - 9.7%
Boom Technology, Inc.*(a)(b)	5/02/24		15,010		999,966		13,659
Space Exploration Technologies Corp.*(a)(b)(c)	10/31/23		75,356		6,999,963		13,940,771
					7,999,929		13,954,430
DIVERSIFIED FINANCIAL SERVICES - 3.3%
Blockdaemon, Inc.*(a)(b)	6/27/23		830,365		3,010,000		4,774,599
ENTERTAINMENT - 2.1%
Discord Inc.*(a)(b)	11/14/22		11,744		2,723,641		3,053,440
INTERNET - 5.9%
Revolut Group Holdings LTD*(a)(b)	2/11/25		2,888		2,511,789		2,499,333
X.AI Holdings Corp.*(a)(b)	10/28/22		164,511		6,000,093		6,014,533
					8,511,882		8,513,866
SOFTWARE - 6.1%
Databricks, Inc.*(a)(b)(d)	9/23/22		27,992		400,000		2,582,800
Epic Games, Inc.*(a)(b)(c)	9/23/22		8,390		3,943,816		3,701,699
OpenAI Global LLC*(a)(b)(c)	7/31/24		5,797		999,982		2,516,710
					5,343,798		8,801,209
TOTAL COMMON STOCKS IN PRIVATE COMPANIES					27,589,250		39,097,544

Schedule of Investments (continued)

ARK Venture Fund

April 30, 2025 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 7.0%
AEROSPACE & DEFENSE - 1.0%
Boom Technology, Inc.*(a)(b)	4/16/25		1,500,000	$	1,500,000	$	1,500,000
AUTO PARTS & EQUIPMENT - 2.1%
Gatik AI, Inc.*(a)(b)	8/21/24		1,000,000		1,000,000		1,000,000
Kodiak Robotics, Inc.*(a)(b)	2/26/25		2,000,000		2,000,000		2,000,000
					3,000,000		3,000,000
BIOTECHNOLOGY - 1.7%
Lila Sciences Inc.*(a)(b)	1/13/25		2,500,000		2,500,000		2,500,000
BROADCAST SERVICES - 0.4%
Kino Tech, Inc.*(a)(b)	2/27/24		500,000		500,000		527,000
COMMERCIAL SERVICES - 0.3%
Critical Ideas, Inc. (Chipper Cash)*(a)(b)	9/23/22		400,000		400,000		460,680
DIVERSIFIED FINANCIAL SERVICES - 0.5%
Atomic Vaults, Inc.*(a)(b)	1/26/24		600,000		600,000		662,940
INTERNET - 0.2%
Firmly, Inc.*(a)(b)	5/22/24		250,000		250,000		250,575
SOFTWARE - 0.8%
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		576,050
Supersocial, Inc.*(a)(b)	5/10/24		1,000,000		1,000,000		0
Tilda Technologies, Inc (Humata AI)*(a)(b)	6/27/23		250,000		250,000		257,700
					2,000,000		1,108,750
TOTAL SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES					10,750,000		10,009,945
CONVERTIBLE INTEREST RIGHTS IN PRIVATE COMPANIES – 5.8%
SOFTWARE - 5.8%
OpenAI Global LLC*(a)(b)	4/16/25		11,517		5,000,000		4,999,990
OpenAI Global LLC*(a)(b)	9/30/24		7,644		2,001,499		3,318,566
					7,001,499		8,318,556
TOTAL CONVERTIBLE INTEREST RIGHTS IN PRIVATE COMPANIES					7,001,499		8,318,556
CONVERTIBLE NOTE IN PRIVATE COMPANIES – 1.0%
COMMERCIAL SERVICES - 0.3%
Critical Ideas, Inc. (Chipper Cash) 10.00%, 02/25/26(a)(b)(e)	8/25/23		500,000		500,000		500,000

Schedule of Investments (continued)

ARK Venture Fund

April 30, 2025 (Unaudited)

	Acquisition Date	Shares/ Principal/Units		Cost		Value
CONVERTIBLE NOTE IN PRIVATE COMPANIES (continued)
ENTERTAINMENT SOFTWARE - 0.7%
Gamefam, Inc. 3.00%, 03/13/26(a)(b)(e)	3/13/24		1,000,000	$	1,000,000	$	1,000,000
TOTAL CONVERTIBLE NOTE IN PRIVATE COMPANIES					1,500,000		1,500,000
WARRANT IN PRIVATE COMPANIES – 0.7%
SOFTWARE - 0.7%
Mythical, Inc.(a)(b)	12/28/23		482,781		280,142		1,071,774
TOTAL WARRANTS IN PRIVATE COMPANIES					280,142		1,071,774

	Shares/ Principal/Units		Cost		Value
MONEY MARKET FUND – 1.9%
Goldman Sachs Financial Square Treasury Obligations Fund, 4.20% (f)		2,794,340		2,794,340		2,794,340
TOTAL INVESTMENTS – 101.8%				125,923,111		146,603,763
Liabilities in Excess of Other Assets–(1.8)%						(2,533,527	)
Net Assets–100.0%					$	144,070,236

*	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 April 30, 2025, total investments in restricted securities were $124,031,983 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)	Rate shown represents annualized 7-day yield as of April 30, 2025.

April 30, 2025 (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 April 30, 2025:

Investment in Securities	Level 1		Level 2		Level 3		Total
Preferred Stocks in Private Companies‡	$	–	$	–	$	64,034,164	$	64,034,164
Common Stocks in Private Companies‡		–		–		39,097,544		39,097,544
Common Stocks in Public Companies‡		19,777,440		–		–		19,777,440
Simple Agreement to Purchase Equity in Private Companies‡		–		–		10,009,945		10,009,945
Convertible Interest Rights in Private Companies‡		–		–		8,318,556		8,318,556
Convertible Note in Private Companies‡		–		–		1,500,000		1,500,000
Warrant in Private Companies‡		–		–		1,071,774		1,071,774
Money Market Fund		2,794,340		–		–		2,794,340
Total	$	22,571,780	$	–	$	124,031,983	$	146,603,763

‡ 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		9,322,373		30,587,068		9,000,000			–			7,001,499		26,957		55,937,897
Sales		–		–		–			–			–		–		–
Transfer into Level 3		–		–		–			–			–		–		–
Transfer out of Level 3		–		–		–			–			–		–		–
Conversion		999,966		2,994,422		(3,500,000	)		(494,388	)		–		–		–
Net Realized Gain (Loss)		–		–		–			–			–		–		–
Net Change in Unrealized Appreciation (Depreciation)		8,580,968		5,360,626		(1,166,660	)		–			1,317,057		56,455		14,148,446
Ending Balance at April 30, 2025	$	39,097,544	$	64,034,164	$	10,009,945		$	1,500,000		$	8,318,556	$	1,071,774	$	124,031,983
Net Change in Unrealized Appreciation (Depreciation) on Level 3 securities still held as of April 30, 2025		8,580,968		5,360,626		(1,166,660	)		–			1,317,057		56,455		14,148,446

April 30, 2025 (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 April 30, 2025.

Asset type	Fair Value at April 30, 2025		Valuation Approach	Significant Unobservable Inputs	Impact to value if Input Increases*	Range	Weighted Average
Preferred Stocks in Private Companies	$	64,034,164	Market Approach	Precedent Transactions	Increase	N/A	N/A
				Market Movement	Increase	(18.90)% – 9.14%	(4.46)%
Common Stocks in Private Companies		39,097,544	Market Approach	Precedent Transactions	Increase	N/A	N/A
Simple Agreement to Purchase Equity in Private Companies		10,009,945	Market Approach	Precedent Transactions	Increase	N/A	N/A
				Market Movement	Increase	0.23% – 15.21%	9.69%
Convertible Interest Rights in Private Companies		8,318,556	Market Approach	Precedent Transactions	Increase	N/A	N/A
Convertible Note in Private Companies		1,500,000	Market Approach	Precedent Transactions	Increase	N/A	N/A
Warrant in Private Companies		1,071,774	Market Approach	Precedent Transactions	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.