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
