NPORT-EX 2 AIA0010ARK043024.htm

 

Schedule of Investments

ARK Venture Fund

 

April 30, 2024 (Unaudited)

 

   Shares/
Principal/Units		   Cost   Value 
             
COMMON STOCKS IN PUBLIC COMPANIES – 11.8%            
             
AEROSPACE & DEFENSE - 0.3%            
Archer Aviation, Inc., Class A*   40,761   $219,718   $158,153 
                
AUTOMOBILES - 1.0%               
Tesla, Inc.*   2,844    406,205    521,248 
                
BIOTECHNOLOGY - 1.4%               
CRISPR Therapeutics AG (Switzerland)*   6,385    295,187    338,341 
Ginkgo Bioworks Holdings, Inc.*   163,472    228,059    145,670 
Recursion Pharmaceuticals, Inc., Class A*   38,964    278,134    304,698 
         801,380    788,709  
                
CAPITAL MARKETS - 2.3%               
Coinbase Global, Inc., Class A*   3,827    138,544    780,440 
Robinhood Markets, Inc., Class A*   29,584    266,090    487,840 
         404,634    1,268,280  
                
ENTERTAINMENT - 1.1%               
ROBLOX Corp., Class A*   9,623    300,284    342,194 
Roku, Inc.*   4,419    205,887    254,800 
         506,171    596,994  
                
FINANCIAL SERVICES - 0.8%               
Block, Inc.*   5,731    351,592    418,363 
                
HOTELS, RESTAURANTS & LEISURE - 0.6%               
DraftKings, Inc., Class A*   8,187    104,138    340,252 
                
INTERACTIVE MEDIA & SERVICES - 0.7%               
Pinterest, Inc., Class A*   10,835    302,041    362,431 
                
IT SERVICES - 0.6%               
Shopify, Inc., Class A (Canada)*   4,985    167,287    349,947 
                
LIFE SCIENCES TOOLS & SERVICES - 0.5%               
10X Genomics, Inc., Class A*   9,663    368,980    282,933 
                
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%               
Teradyne, Inc.*   3,539    361,495    411,656 
                
SOFTWARE - 1.7%               
Palantir Technologies, Inc., Class A*   23,942    392,690    526,006 
UiPath, Inc., Class A*   8,726    107,684    165,532 
Unity Software, Inc.*   11,960    351,672    290,269 
         852,046    981,807 
TOTAL COMMON STOCKS IN PUBLIC COMPANIES        4,845,687    6,480,773 

 

 

 

 

Schedule of Investments (continued)

ARK Venture Fund

 

April 30, 2024 (Unaudited)

 

   Acquisition Date  Shares/
Principal/Units		   Cost   Value 
                
COMMON STOCKS IN PRIVATE COMPANIES – 39.4%         
                
AEROSPACE & DEFENSE - 13.3%         
Space Exploration Technologies Corp.*(a)(b)(c)  10/31/23   75,356    $6,999,962   $ 7,309,485 
                   
DIVERSIFIED FINANCIAL SERVICES - 5.4%              
Blockdaemon, Inc.*(a)(b)  6/27/23   517,865    2,010,000    2,977,724 
                   
ENTERTAINMENT - 4.5%              
Discord Inc.*(a)(b)  11/14/22   11,744    2,723,641    2,500,532 
                   
INTERNET - 0.9%              
X Holdings, Inc. (Twitter)*(a)(b)  10/28/22   1,000    1,000,000    462,731 
                   
SOFTWARE - 15.3%                  
Databricks, Inc.*(a)(b)(d)  9/23/22   27,992    400,000    2,066,480 
Epic Games, Inc.*(a)(b)(c)  9/23/22   6,560    3,133,309    3,995,129 
OpenAI Global LLC*(a)(b)(c)  4/11/24   15,291    2,500,000    2,293,578 
            6,033,309    8,355,187 
TOTAL COMMON STOCKS IN PRIVATE COMPANIES    18,766,912    21,605,659 
            
PREFERRED STOCKS IN PRIVATE COMPANIES – 31.7%           
                   
AEROSPACE & DEFENSE - 1.0%              
Axiom Space, Inc, Series C*(a)(b)  4/12/23   2,960    500,033    542,953 
                   
BIOTECHNOLOGY - 5.5%                  
Relation Therapeutics, Inc., Series Seed-2*(a)(b)  1/26/24   1,841,959    2,999,999    2,999,999 
                   
COMPUTERS - 1.1%                  
Hammerspace, Inc., Series A-1*(a)(b)  7/26/23   511,456    499,999    629,091 
                   
HEALTHCARE PRODUCTS - 5.8%                  
Freenome, Inc., Series E*(a)(b)  9/23/22   85,711    999,990    644,547 
Freenome, Inc., Series F*(a)(b)  1/26/24   337,899    2,500,000    2,541,000 
            3,499,990    3,185,547 
                   
MACHINERY-DIVERSIFIED - 4.6%                  
Figure AI, Inc., Series B*(a)(b)  2/29/24   189,096    2,499,997    2,499,997 
                   
SOFTWARE - 11.6%                  
Anthropic, Inc., Series C-1*(a)(b)  3/31/23   89,078    1,049,998    2,672,340 
Mythical, Inc., Series C-1*(a)(b)  4/11/23   60,415    500,001    163,724 
Replit, Inc., Series B-1*(a)(b)  1/23/23   25,385    1,000,000    1,214,164 
Shield AI Inc., Series Seed*(a)(b)  1/03/24   22,836    999,988    1,044,519 
Shield AI Inc., Series F*(a)(b)  10/06/23   22,838    999,985    1,044,610 
Sortium, Inc., Series Seed-1*(a)(b)  9/27/23   61,111    250,000    287,833 
            4,799,972    6,427,190 
                   
TRANSPORTATION - 2.1%                  
Flexport, Inc., Series A*(a)(b)  9/23/22   49    670    212 
Flexport, Inc., Series B-1*(a)(b)  9/23/22   4,940    67,524    21,390 
Flexport, Inc., Series C*(a)(b)  9/23/22   24,640    336,798    106,691 
Zipline International, Inc., Series F*(a)(b)  5/30/23   24,877    999,983    1,015,231 
            1,404,975    1,143,524 
TOTAL PREFERRED STOCKS IN PRIVATE COMPANIES    16,204,965    17,428,301 
                 

SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES – 5.4% 

  

 

            
                   
BROADCAST SERVICES - 0.9%              
Kino Tech, Inc.*(a)(b)  2/27/24   500,000    500,000    500,000 

 

 

 

 

Schedule of Investments (continued)

ARK Venture Fund

 

April 30, 2024 (Unaudited)

 

   Acquisition Date  Shares/
Principal/Units		   Cost   Value 
SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES (continued)               
                
COMMERCIAL SERVICES - 1.0%               
Critical Ideas, Inc. (Chipper Cash)*(a)(b)  9/23/22   400,000   $400,000   $558,240 
                   
DIVERSIFIED FINANCIAL SERVICES - 1.1%                  
Atomic Vaults, Inc.*(a)(b)  1/26/24   600,000    600,000    600,000 
                   
                   
SOFTWARE - 2.4%                  
Graft, Inc.*(a)(b)  10/30/23   250,000    250,000    315,575 
Pave Financial, Inc.*(a)(b)  8/16/23   500,000    500,000    677,150 
Tilda Technologies, Inc (Humata AI)*(a)(b)  6/27/23   250,000    250,000    289,200 
            1,000,000    1,281,925 
TOTAL SIMPLE AGREEMENT TO PURCHASE EQUITY IN PRIVATE COMPANIES           2,500,000    2,940,165 
                   
CONVERTIBLE NOTE IN PRIVATE COMPANIES – 5.4%                  
                   
COMMERCIAL SERVICES - 0.9%                  
Critical Ideas, Inc. (Chipper Cash) 10.00%, 02/25/25(a)(b)(e)  8/25/23   500,000    500,000    500,000 
                   
ENTERTAINMENT SOFTWARE – 1.8%                  
Gamefam, Inc. 3.00%, 3/13/26*(a)(b)(e)  3/13/24   1,000,000    1,000,000    1,000,000 
                   
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%                  
Tenstorrent Holdings, Inc. 5.00%, 11/30/25(a)(b)(e)  11/30/23   1,000,000    1,050,000    1,000,000 
                   
SOFTWARE - 0.9%                  
Mythical, Inc. 17.50%, 12/28/24(a)(b)(e)  12/28/23   375,000    375,000    487,350 
TOTAL CONVERTIBLE NOTE IN PRIVATE COMPANIES           2,925,000    2,987,350 
                   
WARRANT IN PRIVATE COMPANIES – 1.8%                  
                   
SOFTWARE - 1.8%                  
Mythical, Inc.*(a)(b)(g)  12/28/23   384,213    0    975,901 
TOTAL WARRANTS IN PRIVATE COMPANIES           0    975,901 

 

   Shares/
Principal/Units		   Cost   Value 
             
MONEY MARKET FUND – 1.4%            
Goldman Sachs Financial Square Treasury Obligations Fund, 5.16% (f)   796,007    796,007    796,007 
TOTAL INVESTMENTS – 96.9%        46,038,571    53,214,156 
Other Assets in Excess of Liabilities–3.1%             1,716,490 
Net Assets–100.0%            $54,930,646 

 

* 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, 2024, total investments in restricted securities were $45,937,376 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 set to be released on October 28, 2024.
(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, 2024.
(g) 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.

 

 

 

 

April 30, 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 April 30, 2024:

 

Investment in Securities  Level 1   Level 2   Level 3   Total
Common Stocks in Private Companies‡  $–   $–   $21,605,659   $21,605,659
Preferred Stocks in Private Companies‡   –    –    17,428,301    17,428,301
Common Stocks in Public Companies‡   6,480,773    –    –    6,480,773
Convertible Note in Private Companies‡   –    –    2,987,350    2,987,350
Simple Agreement to Purchase Equity in Private Companies‡   –    –    2,940,165    2,940,165
Warrant in Private Companies‡   –    –    975,901    975,901
Money Market Fund   796,007    –    –    796,007
Total  $7,276,780   $–   $45,937,376   $53,214,156

 

‡ 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		  

Warrants In
Private
Companies

   Total 
Balance at July 31, 2023  $4,632,310   $6,530,789   $740,120   $–   $–   $11,903,219 
Purchases   14,964,084    10,249,961    1,850,000    2,925,000         29,989,045 
Sales   –    –    –    –    –    – 
Transfer into Level 3   –    –    –    –    –    – 
Transfer out of Level 3   –    –    –    –    –    – 
Net Realized Gain (Loss)   –    –    –    –    –    – 
Net Change in Unrealized Appreciation (Depreciation)   2,009,266    647,550    350,045    62,350    975,901    4,045,112 
Ending balance at April 30, 2024  $21,605,659   $17,428,301   $2,940,165   $2,987,350   $975,901   $45,937,376 
                               
Net Change in Unrealized Appreciation (Depreciation) on Level 3 securities still held as of April 30, 2024   2,009,266    647,550    350,045    62,350    975,901    4,045,112 

 

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, 2024.

 

Asset type  Fair Value at
April 30, 2024		    Valuation
Approach		  Significant
Unobservable Inputs		  Impact to
value if Input
Increases*		  Range  Weighted
Average
Common Stocks in Private Companies  $21,605,659    Market Approach  Precedent Transactions  Increase   N/A   N/A
            Market Movement  Increase  0.69% - 37.81%  10.57%
Preferred Stocks in Private Companies   17,428,301    Market Approach  Precedent Transactions  Increase  N/A  N/A
            Market Movement  Increase  1.66% - 25.32%  8.06%
            Estimated transaction price  Increase  $2.65 - $2.65  $2.65
Convertible Note in Private Companies   2,987,350    Market Approach  Precedent Transactions  Increase  N/A  N/A
            Estimated transaction price  Increase  $2.65 - $2.65  $2.65
Simple Agreement to Purchase Equity in Private Companies   2,940,165    Market Approach  Precedent Transactions  Increase  N/A  N/A
            Market Movement  Increase  15.68% - 39.56%  32.00%
Warrant in Private Companies   975,901    Market Approach  Estimated transaction price  Increase  $2.65 - $2.65  $2.65
            Estimated Time to Exit  Decrease  0.26 - 0.26 Years  0.26 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.