NPORT-EX 2 AIA0010ARK043023.htm

 

Schedule of Investments

ARK Venture Fund

 

April 30, 2023 (Unaudited)

   Shares/
Principal/Units		   Cost   Value
            
COMMON STOCKS IN PUBLIC COMPANIES – 53.5%           
        
AEROSPACE& DEFENSE - 2.3%       
Rocket Lab USA, Inc.*   85,726   $342,436   $336,046
               
AUTOMOBILES - 5.3%              
Tesla, Inc.*   4,752    749,341    780,801
               
BIOTECHNOLOGY - 8.0%              
Beam Therapeutics, Inc.*   7,954    278,754    244,267
CRISPR Therapeutics AG (Switzerland)*   6,719    310,943    328,828
Exact Sciences Corp.*   3,844    162,283    246,285
Prime Medicine, Inc.*   26,907    417,166    370,510
         1,169,146    1,189,890
               
CAPITAL MARKETS - 7.4%              
Coinbase Global, Inc., Class A*   14,311    694,460    769,788
Robinhood Markets, Inc., Class A*   37,381    357,466    330,822
         1,051,926    1,100,610
               
ENTERTAINMENT - 4.6%              
ROBLOX Corp., Class A*   9,676    300,275    344,466
Roku, Inc.*   5,988    298,166    336,585
         598,441    681,051
               
FINANCIAL SERVICES - 3.1%              
Block, Inc.*   7,608    478,475    462,490
               
HOTELS, RESTAURANTS & LEISURE - 2.9%              
DraftKings, Inc., Class A*   19,811    280,878    434,059
               
INTERACTIVE MEDIA & SERVICES - 2.1%              
Pinterest, Inc., Class A*   13,275    361,603    305,325
               
IT SERVICES - 4.6%              
Shopify, Inc., Class A (Canada)*   7,559    280,257    366,234
Twilio, Inc., Class A*   5,912    273,087    311,030
         553,344    677,264
               
LIFE SCIENCES TOOLS & SERVICES - 2.2%              
10X Genomics, Inc., Class A*   6,069    217,400    318,198

 

 

 

 

Schedule of Investments (continued)

ARK Venture Fund

 

April 30, 2023 (Unaudited)

   Shares/
Principal/Units		   Cost   Value
COMMON STOCKS IN PUBLIC COMPANIES (continued)           
        
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6%       
NVIDIA Corp.   1,365   $178,638   $378,774
Teradyne, Inc.   3,372    362,346    308,133
         540,984    686,907
               
SOFTWARE - 6.4%              
UiPath, Inc., Class A*   21,362    279,064    300,777
Unity Software, Inc.*   12,203    382,034    329,115
Zoom Video Communications, Inc., Class A*   5,168    384,048    317,470
         1,045,146    947,362
TOTAL COMMON STOCKS IN PUBLIC COMPANIES        7,389,120    7,920,003

 

   Acquisition Date  Shares/
Principal/Units		   Cost   Value
               
COMMON STOCKS IN PRIVATE COMPANIES – 8.2%              
        
ENTERTAINMENT - 1.8%       
Discord, Inc.*(a)(b)  11/14/22   960    360,000    270,173
                  
INTERNET - 3.1%                 
X Holdings, Inc. (Twitter)*(a)(b)  10/28/22   1,000    1,000,000    454,613
                  
SOFTWARE - 3.3%                 
Epic Games, Inc.*(a)(b)(c)  9/23/22   874    665,525    490,042
TOTAL COMMON STOCKS IN PRIVATE COMPANIES           2,025,525    1,214,828
                  
PREFERRED STOCKS IN PRIVATE COMPANIES – 30.0%                 
                  
AEROSPACE & DEFENSE - 3.4%                 
Axiom Space, Inc*(a)(b)  4/12/23   2,960    500,033    500,033
                  
HEALTHCARE PRODUCTS - 6.9%                 
Freenome, Inc.*(a)(b)  9/23/22   85,711    999,990    1,022,532
                  
SOFTWARE - 17.5%                 
Anthropic, Inc.*(a)(b)  3/31/23   89,078    1,049,998    1,049,998
Mythical, Inc.*(a)(b)  4/11/23   60,415    500,001    500,001
Replit, Inc.*(a)(b)  1/23/23   25,385    1,000,000    1,043,118
            2,549,999    2,593,117
                  
TRANSPORTATION - 2.2%                 
Flexport, Inc.*(a)(b)  9/23/22   29,629    404,992    317,623
TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES           4,455,014    4,433,305

 

 

 

 

Schedule of Investments (continued)

ARK Venture Fund

 

April 30, 2023 (Unaudited)

   Acquisition Date  Shares/
Principal/Units		   Cost   Value 
                
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 5.4%               
         
COMMERCIAL SERVICES - 2.7%        
Chipper Cash*(a)(b)  9/23/22   400,000   $400,000   $400,000 
                   
SOFTWARE - 2.7%                  
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 – 6.8%            
Goldman Sachs Financial Square Treasury Obligations Fund, 4.70% (d)   1,009,313    1,009,313    1,009,313 
TOTAL INVESTMENTS – 103.9%        15,678,972    15,377,449 
Liabilities in Excess of Other Assets – (3.9)%             (578,644) 
Net Assets – 100.0%            $14,798,805 

 

*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, 2023, total investments in restricted securities were $6,448,133 and are classified as Level 3.
(c)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)Rate shown represents annualized 7-day yield as of April 30, 2023.

 

 

 

 

April 30, 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, at fair value as of April 30, 2023:

 

Investment in Securities  Level 1   Level 2   Level 3   Total 
Common Stocks in Public Companies‡  $7,920,003   $–   $–   $7,920,003 
Preferred Stocks in Private Companies‡   –    –    4,433,305    4,433,305 
Common Stocks in Private Companies‡   –    –    1,214,828    1,214,828 
Simple Agreement to Purchase Equity in Private Companies‡   –    –    800,000    800,000 
Money Market Fund   1,009,313    –    –    1,009,313 
Total  $8,929,316   $–   $6,448,133   $15,377,449 

 

‡ 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. As of April 30, 2023, 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 as of September 1, 2022*  $–   $–   $–   $– 
Purchases   2,025,525    3,455,014    1,800,000    7,280,539 
Sales   –    –    –    – 
Transfer into Level 3   –    1,000,000    –    1,000,000 
Transfer out of Level 3   –    –    (1,000,000)   (1,000,000)
Net Realized Gain (Loss)   –    –    –    – 
Net Change in Unrealized Appreciation (Depreciation)   (810,697)   (21,709)   –    (832,406)
Balance as of April 30, 2023  $1,214,828   $4,433,305   $800,000   $6,448,133 
Net Change in Unrealized Appreciation (Depreciation) on Level 3 securities still held as of April 30, 2023   (810,697)   (21,709)   –    (832,406)

 

* Commencement of operations

 

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 April 30, 2023:

 

Asset Type  Fair Value as of
April 30, 2023		   Valuation Approach   Significant Unobservable
Inputs		   Impact to
value if Input
Increases*		   Range   Weighted Average 
Preferred Stocks in Private Companies  $4,433,305   Market Approach   Precedent Transactions   Increase   N/A   N/A 
            Calibration   Increase   1.7% - 10.8%   4.2% 
Common Stocks in Private Companies   1,214,828   Market Approach   Precedent Transactions   Increase   N/A   N/A 
            Calibration   Increase   2.0% - 2.3%   2.1% 
Simple Agreement to Purchase Equity in Private Companies   800,000   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