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美国\n证券交易委员会
华盛顿特区 20549

表格\nN-CSR

经认证的\n注册管理投资公司股东报告

投资公司法案文件编号 811-23778

\n ARK 增长基金 \n

(注册人章程中指定的准确名称)

由\nARK 投资管理有限责任公司
200 中央大道，220 室

\n 圣彼得堡，佛罗里达州 33701

(主要执行办公室地址) (邮政编码)

公司服务公司
251 小瀑布大道

\n 威尔明顿，特拉华州 19808

(服务代理人名称和地址)

注册人的\n电话号码，包括区号： (727) 810-8160

财年结束日期： 7月 31日

报告期间日期： 2026年7月 31日

表格 N-CSR\n适用于管理型投资公司，在向股东发送任何根据《投资公司法》第30e-1条要求发送给股东的报告后，须在10天内向委员会提交报告\n(17 CFR 270.30e-1)。委员会可能会在监管、披露审查、检查和政策制定中使用表格N-CSR中提供的信息。

注册人必须披露表格N-CSR规定的相关信息，委员会将公开这些信息。\n除非表格显示当前有效的管理与预算办公室（“OMB”）控制编号，否则注册人无需对表格N-CSR中包含的信息收集作出回应。请将有关信息收集负担估计准确性的意见以及减少负担的建议发送至证券交易委员会秘书处，地址：华盛顿特区F街100号，邮编20549-1090。OMB已根据44 U.S.C.\n§ 3507的清关要求审查了此信息收集。

项目 1。致股东的报告。

(a) 致股东的报告随附于此。

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\n 目录		\n $\"\"$ \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 股东信		\n 1 \n
\n 管理层对基金表现的讨论		\n 3 \n
\n 行业多元化		\n 6 \n
\n ARK\n 增长基金的私人投资		\n 7 \n
\n 合并投资明细		\n 10 \n
\n 合并资产和负债表		\n 16 \n
\n 合并运营表		\n 17 \n
\n 合并净资产变动表		\n 18 \n
\n 合并现金流量表		\n 19 \n
\n 合并财务亮点		\n 20 \n
\n 合并财务报表附注		\n 23 \n
\n 独立注册公共会计公司的报告		\n 30 \n
\n 补充信息		\n 31 \n
\n 投资该基金涉及的风险		\n 32 \n
\n 董事会对管理协议的批准		\n 36 \n
\n 董事会和执行官员		\n 38 \n

\n \n \n \n \n \n \n \n \n \n

股东信

(未经审计)

致股东：

ARK投资管理有限责任公司（“ARK”或“顾问”），是ARK风险投资基金（“基金”或“ARKVX”）的投资顾问，专注于颠覆性创新的主题投资。该基金是一只主动管理的、封闭式定期基金，投资于专注于技术驱动创新的上市公司和私营公司。重要的是，我们旨在使风险投资民主化，使任何最低投资500美元的投资者都能投资我们相信将改变世界运作方式的私营和上市公司。重要的是，该基金消除了投资者需要通过繁重的资格或认证门槛的需要。此外，该基金预计通过季度股份回购计划提供相当于5% NAV（净资产价值）的流动性。1

该基金投资于我们认为是五个创新平台的领导者并从中受益的公司：人工智能（AI）、能源存储、机器人技术、多组学测序和区块链技术。根据ARK的研究，这五个创新平台正在融合，创造出前所未有的增长轨迹。AI是最重要的催化剂，其速度迅速渗透到所有其他技术中。

在截至2026年7月31日的财年中，扩大对私营市场准入的必要性变得更加明显。截至2025年7月31日，基金的净资产约为2.07亿美元2，截至2026年7月31日，基金的净资产约为11.8亿美元3。在财年末，基金在私营市场和公开市场的市值敞口分别为70.9%和29.1%，反映了我们跨公司生命周期投资的能力。主要持仓包括SpaceX、OpenAI、Stripe、Anthropic、Tenstorrent、Ayar Labs、Kalshi、Figure AI、Wayve和Replit。

SpaceX体现了ARK对公私交叉投资的看法，这是其关键所在。我们在SpaceX还是私营公司时就进行了投资。该公司于2026年6月完成了首次公开募股4，以每股135美元的价格发行。以SPCX为股票代码，该股票以每股150美元开盘，意味着约1770亿美元的估值。5 SpaceX从私营市场到公开市场的转变表明，定义类别的创新公司价值创造的很大一部分可以在首次公开交易日之前发生——这是ARKVX投资者受益的动态。

人工智能领域也出现了这种模式。Anthropic 于 2026 年 5 月以 9650 亿美元的投后估值完成了 650 亿美元的 H 轮融资，6 于 2026 年 6 月 1 日向美国证券交易委员会秘密提交了其初步 S-1 文件。7 2026 年 6 月 8 日，8 OpenAI 也宣布已提交了保密的 S-1 文件，其潜在首次公开募股的时间尚未确定。我们认为这些发展突显了资本市场正在发生的重要的结构性转变：处于重大技术变革中心的公司，在仍为私人公司的情况下，已达到惊人的规模。

同时，更广泛的风投市场也开始复苏，尽管这种复苏较为集中。根据 PitchBook 和美国风险投资协会的数据，2026 年上半年，美国初创企业筹集的资金超过 4000 亿美元，已经超过了以往任何一年的总投资记录。9 AI 和超大规模融资推动了大部分活动，而更广泛的复苏仍不均衡。资本正在回归——但并非毫无选择地——流向具有感知稀缺价值、技术领导力和巨大可触及市场的公司。

其他市场参与者也开始注意到导致 2022 年创建 ARK 风险投资基金管理的准入问题。例如，

• Robinhood 于 2025 年 9 月宣布成立 Robinhood Ventures Fund I，这是一项上市的封闭式基金，旨在扩大零售投资者对私有公司的接触。10

• Robinhood 最近宣布了第二只基金 Robinhood Ventures Fund II，该基金专注于早期私有公司。11

• 比尔·阿克曼（Bill Ackman）的 Pershing Square 已开始着手 Pershing Square Ventures，这是一项专注于后期私有公司的持续性资本工具。12

1 ARK 投资管理有限责任公司。2026 年。“今天投资。” ARK 基金。

2 ARK 风险投资基金。2025 年。“投资公司年度报告（N-CSR）。” 美国证券交易委员会，截至 2025 年 7 月 31 日。

3 ARK 投资管理有限责任公司。2026 年。“ARK 风险投资基金（ARKVX）。” ARK 基金，截至 2026 年 7 月 31 日。

4 太空探索技术公司。2026 年。“太空探索技术公司宣布首次公开发行定价。”

5 纳斯达克。2026 年。“SpaceX（SPCX）：火箭公司启动历史性首次公开募股。” 纳斯达克新闻室。

6 Anthropic。2026 年。“Anthropic 以 9650 亿美元投后估值完成 H 轮 650 亿美元融资。”

7 Anthropic.\n2026. “Anthropic Confidentially Submits Draft S-1 to the SEC.”

8 OpenAI.\n2026. “Confidential Submission of Draft S-1 to the SEC.”

9 PitchBook\nand National Venture Capital Association. 2026. “PitchBook-NVCA Venture Monitor.”

10 Robinhood.\n2025. “Introducing Robinhood Ventures.”

11 Robinhood.\n2026. “Robinhood Ventures Fund II: Request Shares Today.”

12 Hughes,\nA. 2026. “Bill Ackman’s Pershing to Debut Venture Fund for Pre-IPO Bets.” Bloomberg\nLaw.

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股东\n 信函 (续)

(未经审计)

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虽然这些产品的结构与像ARKVX这样的区间基金不同，但我们都有一个重要的前提，即投资者需要更好的途径来参与创新的私人-市场部分。

我们欢迎来自其他基金经理的越来越多的认可。我们仍然相信基金的独特性所带来的相对优势。\nARKVX结合了对私人和上市公司以及ARK积极管理、我们独有的研究和我们在五个主要创新平台上的深厚专业知识的访问。ARKVX的区间结构提供了直接接触公司资本结构的每日NAV曝光，而基于季度NAV的回购则在投资者的可及性与私人资产的流动性之间取得平衡。在我们看来，这样做为广泛的投资者群体参与私人市场提供了一种最清晰的方式。

该基金的投资授权与ARK旗舰交易所-交易基金（“ETF”）\n——\nARK创新ETF（ARKK）\n——\n相似，因为它旨在投资上述五个创新平台。ARK创业基金将这种强大的机会扩展到私人市场。与我们的公开股权策略一样，我们的自上而下和自下而上的研究方法是我们筛选和选择投资的视角。我们继续相信，我们的差异化价值主张以及我们与共同-投资者、上市公司、创始人和学者的网络，可以接触到最有前途的私人科技公司。

在下面的页面中，您将找到与您的基金投资相关的信息。如果您有任何问题，我鼓励您联系您的财务中介或直接联系ARK。您可以在基金的网站上找到更多信息，包括我们的投资组合头寸的详细信息，网址为：www.ark-funds.com/funds/arkvx.com

我们感谢有机会帮助您实现投资目标。感谢您让我们以创新的速度为您投资！

此致

Catherine\nD. Wood
首席投资官兼首席执行官
ARK投资管理有限责任公司

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管理层\n 基金表现讨论

(未经审计)

The\nARK Venture Fund (“ARKVX” or, the “Fund”) is a non-diversified, closed-end\nmanagement investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment\nobjective is to seek long-term capital growth. The Fund pursues this objective by investing its assets primarily\nin domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation.\nThere can be no assurance that the Fund will achieve its investment objective.

Broad-based\nglobal equity markets advanced during the fiscal year, although returns were punctuated by changing expectations for inflation, interest\nrates, trade policy, and the pace of economic growth. Innovation-oriented companies benefited from accelerating\ndemand for artificial intelligence infrastructure and applications, rising electricity needs associated with data centers, renewed interest\nin advanced nuclear power, and continued progress in space, digital assets, and multiomics. At the same time, elevated capital requirements,\nuneven access to financing, and company-specific execution risks created meaningful dispersion across both\npublic and private holdings. In our view, the convergence of AI, robotics, energy storage, blockchain technology, and multiomic sequencing\ncontinues to lower costs, improve productivity, and expand addressable markets across the global economy.

During\nthe fiscal year ended July 31, 2026, the Fund outperformed the S&P 500 Index and the MSCI World Index.

Among\nprivate holdings, the top positive contributors to performance were Space Exploration Technologies Corp. (SpaceX) and Anthropic.

SpaceX\ncontributed to Fund performance during the period, culminating in its public listing in June 2026, the largest US IPO on record.\nAs an early private investor in both SpaceX and xAI, the Fund benefited significantly from the appreciation in SpaceX’s valuation\nprior to its public debut. Operationally, SpaceX continued to scale its launch and satellite communications platforms, with Starlink reaching\napproximately 10.3 million subscribers as of March 31, 2026, while advancing Starship and its higher-capacity\nStarlink V3 satellites. Although shares pulled back following the IPO amid profit-taking, we believe SpaceX’s\ntransition from a private investment to a public company highlights the Fund’s ability to identify and invest in transformative\ncompanies well before they reach the public markets.

Anthropic\ncontributed to Fund performance as adoption of Claude expanded among enterprises and software developers. In September 2025, Anthropic\ncompleted a $13 billion financing at a $183 billion post-money valuation and reported that run-rate\nrevenue had increased to more than $5 billion by August. The company subsequently raised $30 billion at a $380 billion\npost-money valuation in February 2026, and $65 billion at a $965 billion post-money\nvaluation in May 2026. Anthropic reported run-rate revenue of $47 billion in May, supported by\ngrowth in enterprise use and Claude Code. Continued product releases, customer expansion, and financing at higher valuations increased\nthe value of the Fund’s investment.

在私人持仓中，拖累业绩的是Blockdaemon和Epic Games。

Blockdaemon在该期间因基金降低了其私人投资的公允价值而拖累了基金业绩。然而，该公司继续扩大其机构区块链基础设施产品，包括对机构质押、钱包基础设施和代币化-资产网络的支持。在2026年，Blockdaemon宣布在以太坊、Solana、Hyperliquid、Robinhood Chain和Canton网络上新增了多项集成和合作伙伴关系。因此，负面贡献反映了基金的估值标记以及私人证券固有的不流动性，而不是单一披露的运营事件。

Epic Games因Fortnite参与度下降和高-成本基础对公司的前景造成压力而拖累了基金业绩。2026年3月，Epic宣布裁员超过1000个职位，并在合同、营销和开放职位方面识别出超过5亿美元的额外节省。管理层表示，自2025年开始的Fortnite参与度下滑导致公司支出显著高于收入。尽管Epic继续投资于Fortnite、Unreal Engine、创作者工具和数字商店，但重组和参与度恢复的不确定时间对基金的估值产生了影响。

在公开持仓中，对业绩贡献最大的是Absci和10x Genomics。

Absci的股价在公司报告了其针对雄激素性脱发（一种脱发形式）的试验性抗-PRLR抗体ABS-201

在该期间，10x Genomics的股价对基金业绩有所贡献，得益于生命-科学工具和诊断领域的消耗品趋势和情绪改善。空间消耗品收入同比增长19%，这得益于Xenium的采用，而Xenium Protein的发布扩大了该平台的功能。后来，第四-季度收入超出预期约6%，单-细胞消耗品重新实现增长。管理层还强调了专注于AI-就绪癌症数据集和诊断应用的合作伙伴关系。在微软宣布了一种可能的竞争方法后，股价一度承压，但基因组学工具的整体基本面改善和更广泛的乐观情绪支撑了该股票在财年内的表现。

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基金管理层对基金业绩的讨论 (继续)

(未经审计)

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在公开持仓中，拖累业绩的是Canton Strategic Holdings和Tempus AI。

Canton Strategic Holdings的股价拖累了基金业绩，主要原因是持续的股权稀释以及投资者对公司不断演变的Canton Coin（CC）储备策略的不确定性。尽管该公司最新的文件强调了Canton网络的长期潜力和机构采用的叙述，但关于CC储备、估值和流动性的披露仍然有限，导致投资者谨慎。

Tempus AI的股价在报告期内拖累了基金表现，当时临床诊断领域整体疲软，且公司特定因素也有所发展。尽管基本面增长强劲，包括第一季度营收同比增长36%，投资者对遗传肿瘤业务和拟议的全股票收购Personalis可能带来的稀释问题表示担忧。在报告期内早些时候，股价也因投资者预期升温后有所回落。尽管第三季度业绩超出共识预期，但超出幅度未达提升的预期。总体而言，我们认为股价疲软反映了投资者预期的转变、与收购相关的担忧以及更广泛的宏观经济压力，而非Tempus AI长期机会的实质性变化。

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\n 截至2026年7月31日的平均年化总回报
	\n 1\n 年	\n 3\n 年 (年化)	\n 自\n 成立以来 (年化)
\n ARK\n 风险投资基金 – D类份额 – 总回报	\n 62.94% \n	\n 29.93% \n	\n 30.26% \n
\n 标普\n 500指数	\n 19.53% \n	\n 19.28% \n	\n 19.35% \n
\n MSCI\n 全球净指数	\n 20.41% \n	\n 18.12% \n	\n 18.63% \n

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基金管理人对基金表现的讨论 (结束)

(未经审计)

自成立以来至2026年7月31日，假设的10,000美元基金D类份额投资增长（按净值计算）

$\"\"$

SPX\n指数是标普500指数

MWO\n指数是MSCI全球指数

过往表现不能保证未来结果。所引用的业绩数据代表过往表现，当前收益可能更高或更低。投资回报和本金价值将波动，因此投资者在赎回时可能获得的价值高于或低于原始成本。如需获取截至最近月末的最新业绩信息，请访问www.ark-ventures.com。\n业绩反映了在所列期间内适用的费用减免和/或费用限制，如果没有这些减免和限制，业绩将有所下降。根据基金当前的招募说明书及其补充文件，基金D类份额的净费用比率为2.90%。有关费用和费用水平的更多信息，请参阅基金当前的招募说明书。收益基于基金D类份额的单个份额的美元价值计算，使用归于基金D类份额的底层资产价值减去其负债，再除以D类份额的流通数量。NAV通常在每个交易日纽约证券交易所开放交易时的东部时间下午4点计算。基金的收益不反映股东在基金分配或出售基金份额时需缴纳的税款。

此图表代表了假设的10,000美元投资的增长。它假设了股息和资本利得的再投资，并反映了持续的基金费用，但不反映销售费用、赎回费用或税收对任何资本利得和/或分配的影响。

\n \n \n \n \n

行业多元化 (作为总投资的百分比)

2026年7月31日

$\"\"$

\n \n \n \n \n \n

ARK风险投资基金的私募投资

2026年7月31日（未经审计）

\n $\"\"$ \n	\n Kalshi \n	\n Kalshi是一家受联邦监管的金融交易所，允许用户交易未来事件结果的-known“事件合约”。
\n $\"\"$ \n	\n Ayar\n Labs	\n Ayar\n Labs是一家专注于为人工智能和高性能计算开发先进光互连技术的半导体公司。-performance\n 计算数据中心。
\n $\"\"$ \n	\n OpenAI\n	\n OpenAI\n 是一家领先的基础人工智能模型开发者，推动生成式人工智能能力的快速提升。 \n
\n $\"\"$ \n	\n Stripe \n	\n Stripe\n 运营一个以开发者为中心的、由API驱动的金融基础设施平台，使企业能够在线接受付款、发送付款并管理其业务。
\n $\"\"$ \n	\n Anthropic \n	\n Anthropic\n 是一家人工智能初创公司，进行人工智能研究并开发将安全性置于前沿的人工智能产品。
\n $\"\"$ \n	\n Lila\n Sciences	\n Lila\n Sciences是一家技术公司，致力于将人工智能应用于科学方法的各个方面以实现变革。 \n
\n $\"\"$ \n	\n Crusoe \n	\n Crusoe\n 是一家以能源为先的人工智能基础设施公司，正在构建可扩展、可持续的计算平台，以支持下一代人工智能工作负载。-generation
\n $\"\"$ \n	\n Tenstorrent \n	\n Tenstorrent,\n 一家半导体初创公司，正在引领高性能CPU和人工智能芯片的开发。-performance
\n $\"\"$ \n	\n Figure\n AI	\n Figure\n Robotics是一家人工智能机器人公司，正在开发一种多功能人形机器人。-purpose \n
\n $\"\"$ \n	\n Replit \n	\n Replit\n 是一个现代的基于浏览器的编码平台，内置人工智能编码助手。
\n $\"\"$ \n	\n Wayve \n	\n Wayve\n 是一家自动驾驶公司，正在开发一种硬件无关、无需地图的“人工智能驾驶员”，使用端到端深度学习。-to-end
\n $\"\"$ \n	\n Databricks \n	\n Databricks\n 是一个软件平台，帮助其客户在企业、数据科学和数据工程中统一分析。
\n $\"\"$ \n	\n K2\n Space	\n K2\n Space是一家垂直整合的卫星制造商，为商业和国家安全任务建造高功率、高质量的航天器。-power, -mass\n
\n $\"\"$ \n	\n Shield\n AI	\n Shield\n AI正在开发一种专有的自主软件，名为Hivemind，旨在成为一种用户友好的软件，可在多种飞机上使用。-friendly
\n $\"\"$ \n	\n Cellares \n	\n Cellares\n 是一家位于旧金山南区的细胞治疗合同开发和生产组织（CDMO），成立于2018年，已开发出一种完全自动化的集成平台，用于细胞治疗的制造和质量控制。-based
\n $\"\"$ \n	\n Zipline \n	\n 无人机配送公司Zipline在非洲、美国和日本运营，提供即时配送服务。
\n $\"\"$ \n	\n Wonder \n	\n Wonder\n 是一家位于纽约的食品公司，由Marc Lore于2018年创立，旨在打造一款“用餐时间的超级应用”。-based \n
\n $\"\"$ \n	\n Boom\n Supersonic	\n Boom\n Supersonic是一家先驱性航空航天公司，成立的目的是使超音速飞行旅行变得普及和主流。

\n \n \n \n \n

ARK风险投资基金的私募投资（继续）

2026年7月31日（未经审计）

$\"\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n $\"\"$ \n	\n Neuralink \n	\n Neuralink公司是一家美国神经技术公司，截至2024年，已开发出可植入的大脑-计算机接口。
\n $\"\"$ \n	\n Epic游戏	\n Epic游戏是一家视频游戏和软件公司，开发并发布自己的视频游戏，并向其他开发者提供其游戏引擎技术。
\n $\"\"$ \n	\n Hydra主机	\n Hydra主机是一家人工智能基础设施公司，正在构建一个高性能计算的分布式市场，将企业与开发者与全球GPU资源连接起来。
\n $\"\"$ \n	\n Lambda \n	\n Lambda公司（Lambda实验室）是一家专业的GPU云基础设施提供商，为AI训练和推理工作负载提供加速计算。 \n
\n $\"\"$ \n	\n Manna \n	\n Manna无人机公司是一家成立于2018年的爱尔兰科技公司，专注于自主无人机配送服务。
\n $\"\"$ \n	\n Iambic \n	\n Iambic治疗公司正在利用其AI驱动的平台开创下一代药物发现，该平台整合了物理启发算法、量子化学和高通量生物学。 \n
\n $\"\"$ \n	\n Impulse实验室	\n Impulse实验室是一家电磁炉制造商。其核心技术是Impulse Core，这是一种专利申请中的模块化电力平台，可在一系列家用电器中运行。
\n $\"\"$ \n	\n Lucra体育	\n Lucra向面向消费者的公司在现场娱乐、媒体以及职业和休闲体育领域提供白标游戏化产品。
\n $\"\"$ \n	\n Radiant工业	\n Radiant工业公司正在开发一种先进的核微反应堆，为化石燃料提供替代方案。
\n $\"\"$ \n	\n Apptronik \n	\n Apptronik公司成立于2016年，是一家从德克萨斯大学衍生出来的机器人公司，专注于工业和物流领域的通用型人形机器人。
\n $\"\"$ \n	\n Architect \n	\n Architect是一家机构金融科技公司，正在为全球资本市场构建下一代基础设施。
\n $\"\"$ \n	\n Gatik \n	\n Gatik AI公司通过自动驾驶卡车车队向零售行业提供短途商业物流服务。
\n $\"\"$ \n	\n Hark实验室	\n Hark实验室正在构建下一代人工智能系统，旨在改变企业如何在现实世界的工作流程中部署和操作AI。
\n $\"\"$ \n	\n Revolut \n	\n Revolut是一家总部位于英国伦敦的全球数字银行和金融科技公司，通过其移动应用提供数字银行和金融服务。
\n $\"\"$ \n	\n Discord公司	\n Discord是一个轻松的通讯平台，使个人用户和群组/组织可以通过文本、音频和视频进行交流。 \n
\n $\"\"$ \n	\n Firmly \n	\n Firmly通过显著提高转化率，使数字广告和展示更加易于购买。
\n $\"\"$ \n	\n Portal太空系统	\n Portal太空系统正在开发下一代航天器，旨在实现轨道间的快速移动和机动性。

\n \n \n \n \n \n

ARK 投资基金的私募投资（已结束）

2026 年 7 月 31 日（未审计）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n $\"\"$ \n	\n 神话游戏	\n 神话游戏提供了一套工具，使视频游戏发行商/开发者能够推出基于区块链的游戏。 \n
\n $\"\"$ \n	\n Perplexity \n	\n Perplexity AI 是一种对话式搜索引擎，使用大型语言模型（LLMs）来回答查询。
\n $\"\"$ \n	\n 关系治疗	\n 关系治疗是一家利用人工智能、机器学习和创新的体内疾病模型来开发新型治疗药物的公司，以治疗骨质疏松症和其他疾病。
\n $\"\"$ \n	\n 乌莫加生物制药	\n 乌莫加正在开发一种新的癌症治疗方法，该方法在体内重新调整患者的免疫系统，增强身体自然对抗癌症的能力。
\n $\"\"$ \n	\n 索纳瑟拉 \n	\n 索纳瑟拉是一家美国基于的生物技术公司，正在开发一种非病毒基因治疗递送平台及其自身的遗传药物管线。
\n $\"\"$ \n	\n Blockdaemon \n	\n Blockdaemon 是一家加密货币基础设施提供商。
\n $\"\"$ \n	\n GameFam \n	\n GameFam 是一家领先的发行商，为 Roblox、Fortnite 和其他用户生成内容（UGC）平台开发游戏。
\n $\"\"$ \n	\n Chipper\n Cash	\n Chipper\n Cash 是一家金融科技公司，为非洲的消费者和企业提供金融产品。
\n $\"\"$ \n	\n Axiom\n Space	\n Axiom\n Space 为客户提供前往国际空间站（ISS）的任务。
\n $\"\"$ \n	\n KINO \n	\n KINO 是一款为移动设备和电视打造的互动数字影院应用。
\n $\"\"$ \n	\n Outrider \n	\n Outrider\n AI 是一家私人公司，致力于为物流中心的自主场地操作提供创新方案。
\n $\"\"$ \n	\n Pave\n Financial	\n Pave.dev\n 是一个信用评分和属性平台，贷款人和债务设施可以使用它进行承销决策和风险分析。 \n
\n $\"\"$ \n	\n Sortium \n	\n Sortium\n AI 是一个尖端的人工智能（AI）平台，专为游戏和虚拟制作行业设计。
\n $\"\"$ \n	\n Humata\n AI	\n Humata\n 是一家早期阶段的 AI 初创公司，使用户能够从文件中提取知识。
\n $\"\"$ \n	\n Flexport \n	\n Flexport\n 是一个技术驱动的平台，帮助客户管理他们的供应链。

\n \n \n \n \n \n \n \n \n

\n 投资组合汇总 ARK 投资基金		\n $\"\"$ \n
\n 2026 年 7 月 31 日

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 股份/\n 本金/ 单位	\n 成本 \n		\n 价值 \n
\n 公共公司普通股 – 27.9%
\n 航空航天 &\n 国防 – 8.6%		\n \n			\n \n
\n Archer\n Aviation, Inc., Class A*(a)	\n 446,296 \n	\n $ \n	\n 3,089,953 \n		\n $ \n	\n 2,070,813 \n
\n Space\n Exploration Technologies Corp., Class A*(g) \n	\n 923,640 \n	\n \n	\n 36,997,917 \n		\n \n	\n 100,094,867 \n
\n \n	\n \n	\n \n	\n 40,087,870 \n		\n \n	\n 102,165,680 \n
\n 汽车 – 0.9% \n		\n \n			\n \n
\n Kodiak\n Ai, Inc.*(a)(g)	\n 1,245,491 \n	\n \n	\n 4,651,802 \n		\n \n	\n 5,417,886 \n
\n Tesla,\n Inc.*	\n 16,656 \n	\n \n	\n 6,481,979 \n		\n \n	\n 5,183,514 \n
\n \n	\n \n	\n \n	\n 11,133,781 \n		\n \n	\n 10,601,400 \n
\n 生物科技 – 5.3% \n
\n Absci\n Corp.*	\n 1,625,506 \n	\n \n	\n 4,666,240 \n		\n \n	\n 12,646,437 \n
\n Beam\n Therapeutics, Inc.*(a)	\n 458,567 \n	\n \n	\n 12,047,779 \n		\n \n	\n 11,702,630 \n
\n CRISPR\n Therapeutics AG (瑞士)*(a)	\n 248,834 \n	\n \n	\n 12,902,561 \n		\n \n	\n 11,941,544 \n
\n Generate\n BioMedicines, Inc.*(a)(g)	\n 409,871 \n	\n \n	\n 5,806,248 \n		\n \n	\n 5,738,194 \n
\n Intellia\n Therapeutics, Inc.*(a)	\n 540,589 \n	\n \n	\n 7,319,832 \n		\n \n	\n 5,773,490 \n
\n Prime\n Medicine, Inc.*(a)	\n 2,918,332 \n	\n \n	\n 10,739,547 \n		\n \n	\n 8,521,529 \n
\n Recursion\n Pharmaceuticals, Inc., Class A*(a)	\n 2,070,155 \n	\n \n	\n 8,107,597 \n		\n \n	\n 6,210,465 \n
\n \n	\n \n	\n \n	\n 61,589,804 \n		\n \n	\n 62,534,289 \n
\n CAPITAL\n MARKETS – 0.8%
\n Coinbase\n Global, Inc., Class A*	\n 30,753 \n	\n \n	\n 5,431,019 \n		\n \n	\n 4,497,934 \n
\n Robinhood\n Markets, Inc., Class A*	\n 62,134 \n	\n \n	\n 4,677,932 \n		\n \n	\n 5,378,319 \n
\n \n	\n \n	\n \n	\n 10,108,951 \n		\n \n	\n 9,876,253 \n
\n DIVERSIFIED\n FINANCIAL SERVICES – 0.5%
\n Canton\n Strategic Holdings, Inc.*(a)	\n 2,821,492 \n	\n \n	\n 8,676,088 \n		\n \n	\n 5,445,479 \n
\n ELECTRIC – GENERATION – 0.9% \n
\n X-Energy,\n Inc.*(a)(g)	\n 662,899 \n	\n \n	\n 10,940,894 \n		\n \n	\n 10,811,883 \n
\n ENTERTAINMENT – 0.3% \n		\n \n			\n \n
\n ROBLOX\n Corp., Class A*	\n 115,236 \n	\n \n	\n 6,153,505 \n		\n \n	\n 4,102,401 \n
\n FINANCE-OTHER\n SERVICES – 0.7%
\n Securitize\n Corp.*(g)	\n 1,296,916 \n	\n \n	\n 10,000,000 \n		\n \n	\n 8,650,430 \n
\n HEALTHCARE\n PRODUCTS – 4.3%
\n Alamar\n Biosciences, Inc.*(a)	\n 667,717 \n	\n \n	\n 15,700,192 \n		\n \n	\n 16,933,303 \n
\n Freenome\n Inc.*(g)	\n 2,019,291 \n	\n \n	\n 20,499,398 \n		\n \n	\n 22,515,095 \n
\n Genedx\n Holdings Corp., Class A*	\n 76,976 \n	\n \n	\n 5,059,907 \n		\n \n	\n 5,011,907 \n
\n Twist\n Bioscience Corp.*(a)	\n 68,391 \n	\n \n	\n 1,745,955 \n		\n \n	\n 6,261,196 \n
\n \n	\n \n	\n \n	\n 43,005,452 \n		\n \n	\n 50,721,501 \n
\n INFORMATION\n TECHNOLOGY – 0.8%
\n Coreweave,\n Inc., Class A*	\n 132,537 \n	\n \n	\n 12,541,845 \n		\n \n	\n 9,512,180 \n
\n INTERNET\n SOFTWARE & SERVICES – 1.2%
\n Alphabet\n Inc, Class C	\n 41,036 \n	\n \n	\n 14,613,485 \n		\n \n	\n 14,635,489 \n
\n IT\n SERVICES – 0.2%
\n Shopify,\n Inc., Class A (Canada)*	\n 24,444 \n	\n \n	\n 3,305,942 \n		\n \n	\n 2,863,615 \n

\n	\n Acquisition\n Date	\n Shares/\n Principal/ Units		\n Cost \n		\n Value \n
\n LIFE\n SCIENCES TOOLS & SERVICES – 1.0%
\n 10X\n Genomics, Inc., Class A*	\n 209,203 \n	\n $ \n	\n 3,336,413 \n		\n $ \n	\n 9,889,026 \n
\n Pacific\n Biosciences of California, Inc.*(a)	\n 1,725,183 \n	\n \n	\n 2,760,376 \n		\n \n	\n 2,415,256 \n
\n \n	\n \n	\n \n	\n 6,096,789 \n		\n \n	\n 12,304,282 \n
\n SEMICONDUCTORS &\n SEMICONDUCTOR EQUIPMENT – 1.0%
\n NVIDIA\n Corp.	\n 58,089 \n	\n \n	\n 11,263,326 \n		\n \n	\n 11,661,367 \n
\n SOFTWARE – 1.2% \n		\n \n			\n \n
\n Tempus\n AI, Inc., Class A*(a)	\n 326,126 \n	\n \n	\n 17,670,163 \n		\n \n	\n 14,307,148 \n
\n TOTAL\n COMMON STOCKS IN PUBLIC COMPANIES	\n \n	\n \n	\n 267,187,895 \n		\n \n	\n 330,193,397 \n
\n PREFERRED\n STOCKS IN PRIVATE COMPANIES – 52.6%
\n AEROSPACE &\n DEFENSE – 4.1%
\n Axiom\n Space, Inc, Series C*(b)(c)	\n 4/12/23 \n	\n 2,960 \n		\n \n	\n 500,033 \n		\n \n	\n 487,937 \n
\n Boom\n Technology, Inc., Series A*(b)(c)	\n 11/22/24 \n	\n 439,560 \n		\n \n	\n 200,000 \n		\n \n	\n 560,087 \n
\n Boom\n Technology, Inc., Series B-1*(b)(c)	\n 12/01/25 \n	\n 12,540,757 \n		\n \n	\n 14,999,999 \n		\n \n	\n 15,979,433 \n
\n Boom\n Technology, Inc., Series B-3*(b)(c)	\n 4/16/25 \n	\n 1,793,400 \n		\n \n	\n 1,500,000 \n		\n \n	\n 2,285,150 \n
\n K2\n Space Corporation, Series D-1*(b)(c)	\n 7/29/26 \n	\n 159,904 \n		\n \n	\n 24,691,269 \n		\n \n	\n 24,691,269 \n
\n Portal\n Space Systems, Inc., Series A-1*(b)(c)	\n 4/6/26 \n	\n 480,601 \n		\n \n	\n 5,224,998 \n		\n \n	\n 4,544,851 \n
\n \n	\n \n	\n \n		\n \n	\n 47,116,299 \n		\n \n	\n 48,548,727 \n
\n AUTO\n PARTS & EQUIPMENT – 0.6%
\n Gatik\n AI, Inc., Series D*(b)(c)	\n 4/08/26 \n	\n 285,420 \n		\n \n	\n 4,999,988 \n		\n \n	\n 5,319,858 \n
\n Gatik\n AI, Inc., Series D-1*(b)(c)	\n 4/08/26 \n	\n 63,426 \n		\n \n	\n 1,000,000 \n		\n \n	\n 1,182,178 \n
\n Outrider\n Technologies, Inc., Series D*(b)(c)	\n 7/23/24 \n	\n 322,131 \n		\n \n	\n 999,998 \n		\n \n	\n 504,779 \n
\n \n	\n \n	\n \n		\n \n	\n 6,999,986 \n		\n \n	\n 7,006,815 \n
\n BIOTECHNOLOGY – 5.8% \n
\n Iambic\n Therapeutics, Inc., Series B-3*(b)(c)	\n 10/29/25 \n	\n 3,870,967 \n		\n \n	\n 11,999,998 \n		\n \n	\n 12,512,127 \n
\n Lila\n Sciences, Inc., Series A*(b)(c)	\n 1/13/25 \n	\n 1,571,312 \n		\n \n	\n 2,999,999 \n		\n \n	\n 17,771,539 \n
\n Life\n Sciences Inc., Series B-1*(b)(c)	\n 7/31/26 \n	\n 2,661,934 \n		\n \n	\n 29,999,996 \n		\n \n	\n 29,999,996 \n
\n Relation\n Therapeutics, Inc., Series Seed-2*(b)(c) \n	\n 1/26/24 \n	\n 1,841,959 \n		\n \n	\n 2,999,998 \n		\n \n	\n 3,195,615 \n
\n SonoThera\n Inc., Series B*(b)(c)	\n 6/8/26 \n	\n 2,000,000 \n		\n \n	\n 2,000,000 \n		\n \n	\n 2,005,800 \n
\n Umoja\n Biopharma Inc., Series C*(b)(c)	\n 12/20/24 \n	\n 632,140 \n		\n \n	\n 2,500,000 \n		\n \n	\n 3,028,456 \n
\n \n	\n \n	\n \n		\n \n	\n 52,499,991 \n		\n \n	\n 68,513,533 \n
\n COMMUNICATION – 0.1% \n
\n Discord,\n Inc., Series A*(b)(c)	\n 12/30/25 \n	\n 34,610 \n		\n \n	\n 1,027,735 \n		\n \n	\n 917,677 \n

参见附注中的合并财务报表。

\n \n \n \n \n \n \n \n \n \n

\n 合并\n 投资明细表（续） ARK\n 风险投资基金
\n 2026年7月 31日

\n	\n 收购\n 日期	\n 股份/\n 本金/ 单位	\n 成本 \n		\n 价值 \n
\n 计算机\n – 1.2%
\n Hammerspace,\n Inc., Series A-1*(b)(c)	\n 7/26/23 \n	\n 511,456 \n	\n $ \n	\n 499,999 \n		\n $ \n	\n 2,120,752 \n
\n Hammerspace,\n Inc., Series B-2*(b)(c)	\n 4/16/25 \n	\n 1,535,929 \n	\n \n	\n 3,500,000 \n		\n \n	\n 6,368,730 \n
\n Hark\n Labs, Inc., Series A*(b)(c)	\n 4/08/26 \n	\n 132,078 \n	\n \n	\n 4,999,985 \n		\n \n	\n 5,772,865 \n
\n \n	\n \n	\n \n	\n \n	\n 8,999,984 \n		\n \n	\n 14,262,347 \n
\n 多元化\n 金融服务 – 2.8%
\n Kalshi\n Inc., Series E*(b)(c)	\n 11/18/25 \n	\n 31,175 \n	\n \n	\n 9,999,840 \n		\n \n	\n 18,294,856 \n
\n Kalshi,\n Inc., Series F*(b)(c)	\n 4/10/26 \n	\n 24,799 \n	\n \n	\n 14,999,979 \n		\n \n	\n 14,553,139 \n
\n \n	\n \n	\n \n	\n \n	\n 24,999,819 \n		\n \n	\n 32,847,995 \n
\n 电子商务/服务 – 1.3% \n
\n Manna\n 飞行器配送, Inc., Series B*(b)(c)	\n 10/31/25 \n	\n 3,590,486 \n	\n \n	\n 14,999,997 \n		\n \n	\n 15,080,400 \n
\n 娱乐 – 1.0% \n
\n Lucra,\n Inc., Series A1*(b)(c)	\n 7/17/24 \n	\n 226,050 \n	\n \n	\n 500,000 \n		\n \n	\n 649,871 \n
\n Lucra,\n Inc., Series A1 Prime*(b)(c)	\n 5/28/25 \n	\n 226,050 \n	\n \n	\n 500,000 \n		\n \n	\n 649,872 \n
\n Lucra,\n Inc., Series B*(b)(c)	\n 1/15/26 \n	\n 3,478,382 \n	\n \n	\n 10,000,000 \n		\n \n	\n 10,000,000 \n
\n \n	\n \n	\n \n	\n \n	\n 11,000,000 \n		\n \n	\n 11,299,743 \n
\n 娱乐软件 – 0.1%
\n Gamefam,\n Inc., Series A*(b)(c)	\n 1/31/26 \n	\n 262,933 \n	\n \n	\n 1,000,000 \n		\n \n	\n 1,111,358 \n
\n 其他金融服务 – 0.9%
\n Architect\n 金融技术, Series A-2*(b)(c) \n	\n 6/04/26 \n	\n 629,973 \n	\n \n	\n 5,002,616 \n		\n \n	\n 4,891,804 \n
\n Architect\n 金融技术, Inc., Series A*(b)(c) \n	\n 12/15/25 \n	\n 694,444 \n	\n \n	\n 4,999,997 \n		\n \n	\n 5,392,427 \n
\n \n	\n \n	\n \n	\n \n	\n 10,002,613 \n		\n \n	\n 10,284,231 \n
\n 医疗保健 – 服务 – 1.8% \n
\n Cellares\n Inc., Series D*(b)(c)	\n 5/22/26 \n	\n 1,668,510 \n	\n \n	\n 20,000,000 \n		\n \n	\n 20,921,118 \n
\n 医疗保健产品 – 1.5%
\n Neuralink\n Corp., Series E*(b)(c)	\n 5/30/25 \n	\n 237,624 \n	\n \n	\n 12,000,012 \n		\n \n	\n 18,206,727 \n
\n 互联网 – 0.4% \n
\n Firmly,\n Inc., Series A-1*(b)(c)	\n 8/25/25 \n	\n 23,179 \n	\n \n	\n 122,997 \n		\n \n	\n 104,296 \n
\n Firmly,\n Inc., Series A-3*(b)(c)	\n 5/22/24 \n	\n 164,831 \n	\n \n	\n 249,999 \n		\n \n	\n 741,674 \n
\n Perplexity\n AI Inc., Series D-1*(b)(c)	\n 11/19/24 \n	\n 60,810 \n	\n \n	\n 1,999,853 \n		\n \n	\n 3,347,305 \n
\n \n	\n \n	\n \n	\n \n	\n 2,372,849 \n		\n \n	\n 4,193,275 \n
\n 机械 – 建筑与采矿 – 0.9%
\n Radiant\n 工业公司, Series C-2*(b)(c) \n	\n 2/14/25 \n	\n 182,048 \n	\n \n	\n 3,499,982 \n		\n \n	\n 5,750,041 \n
\n Radiant\n 工业公司, Series D*(b)(c) \n	\n 12/15/25 \n	\n 165,417 \n	\n \n	\n 6,999,984 \n		\n \n	\n 5,224,745 \n
\n \n	\n \n	\n \n	\n \n	\n 10,499,966 \n		\n \n	\n 10,974,786 \n

\n	\n 收购\n 日期	\n 股份/\n 本金/ 单位	\n 成本 \n		\n 价值 \n
\n 机械 – 多元化 – 3.4% \n
\n Apptronik,\n Inc., Series A-1*(b)(c)	\n 2/28/25 \n	\n 223,561 \n	\n $ \n	\n 3,119,987 \n		\n $ \n	\n 8,228,140 \n
\n Apptronik,\n Inc., Series A-X*(b)(c)	\n 10/21/25 \n	\n 54,102 \n	\n \n	\n 2,080,000 \n		\n \n	\n 1,991,219 \n
\n Figure\n AI, Inc., Series B*(b)(c)	\n 2/29/24 \n	\n 189,096 \n	\n \n	\n 2,499,997 \n		\n \n	\n 30,255,360 \n
\n \n	\n \n	\n \n	\n \n	\n 7,699,984 \n		\n \n	\n 40,474,719 \n
\n 零售 – 1.7% \n
\n Wonder,\n Series D*(b)(c)	\n 6/26/26 \n	\n 2,314,359 \n	\n \n	\n 20,000,000 \n		\n \n	\n 19,971,765 \n
\n 半导体 – 3.0% \n
\n Ayar\n 实验室, Inc., Series E*(b)(c)	\n 2/26/26 \n	\n 478,543 \n	\n \n	\n 24,999,933 \n		\n \n	\n 33,498,010 \n
\n Tenstorrent\n 有限公司, Series D-1*(b)(c)	\n 7/16/24 \n	\n 12,687 \n	\n \n	\n 1,050,075 \n		\n \n	\n 1,086,945 \n
\n Tenstorrent\n 有限公司, Series D-2*(b)(c)	\n 7/16/24 \n	\n 15,393 \n	\n \n	\n 1,050,000 \n		\n \n	\n 1,318,778 \n
\n \n	\n \n	\n \n	\n \n	\n 27,100,008 \n		\n \n	\n 35,903,733 \n
\n 软件 – 20.4% \n
\n Anthropic,\n Inc., Series C-1*(b)(c)	\n 3/31/23 \n	\n 89,078 \n	\n \n	\n 1,049,999 \n		\n \n	\n 49,614,780 \n
\n Crusoe,\n Inc., Series E*(b)(c)	\n 2/05/26 \n	\n 119,035 \n	\n \n	\n 9,999,923 \n		\n \n	\n 26,925,717 \n
\n Databricks,\n Inc., Series K*(b)(c)	\n 9/08/25 \n	\n 33,333 \n	\n \n	\n 4,999,950 \n		\n \n	\n 8,743,693 \n
\n Databricks,\n Inc., Series L*(b)(c)	\n 1/20/26 \n	\n 39,474 \n	\n \n	\n 7,500,060 \n		\n \n	\n 10,354,559 \n
\n Hydra\n Host, Inc., Series A-1*(b)(c)	\n 4/06/26 \n	\n 613,682 \n	\n \n	\n 15,000,008 \n		\n \n	\n 17,511,477 \n
\n Lambda\n Inc., Series D*(b)(c)	\n 1/21/25 \n	\n 277,631 \n	\n \n	\n 5,124,996 \n		\n \n	\n 10,549,978 \n
\n Lambda\n Inc., Series E-2*(b)(c)	\n 6/10/25 \n	\n 180,483 \n	\n \n	\n 5,000,000 \n		\n \n	\n 6,858,354 \n
\n Mythical,\n Inc., Series C-1*(b)(c)	\n 4/11/23 \n	\n 60,415 \n	\n \n	\n 500,001 \n		\n \n	\n 110,638 \n
\n Mythical,\n Inc., Series D*(b)(c)	\n 7/10/25 \n	\n 1,351,791 \n	\n \n	\n 3,000,001 \n		\n \n	\n 2,475,535 \n
\n Mythical,\n Inc., Series D-1*(b)(c)	\n 1/31/25 \n	\n 287,848 \n	\n \n	\n 167,029 \n		\n \n	\n 527,136 \n
\n OpenAI\n Group PBC, Series A-2*(b)(c)	\n 10/28/25 \n	\n 10,646 \n	\n \n	\n 2,001,599 \n		\n \n	\n 7,219,178 \n
\n OpenAI\n Group PBC, Series A-3*(b)(c)	\n 10/28/25 \n	\n 16,294 \n	\n \n	\n 5,000,000 \n		\n \n	\n 11,049,154 \n
\n OpenAI\n Group PBC, Series C*(b)(c)	\n 3/31/26 \n	\n 72,707 \n	\n \n	\n 49,999,651 \n		\n \n	\n 49,303,475 \n
\n Replit,\n Inc., Series B-1*(b)(c)	\n 1/23/23 \n	\n 25,385 \n	\n \n	\n 1,000,000 \n		\n \n	\n 6,307,665 \n
\n Replit,\n Inc., Series C*(b)(c)	\n 7/29/25 \n	\n 54,636 \n	\n \n	\n 5,000,000 \n		\n \n	\n 13,575,953 \n
\n Replit,\n Inc., Series D*(b)(c)	\n 2/13/26 \n	\n 40,280 \n	\n \n	\n 9,999,961 \n		\n \n	\n 10,008,774 \n
\n Shield\n AI, Inc., Series F*(b)(c)	\n 10/06/23 \n	\n 45,674 \n	\n \n	\n 1,999,973 \n		\n \n	\n 7,019,180 \n
\n Shield\n AI, Inc., Series Seed*(b)(c)	\n 9/4/25 \n	\n 20,000 \n	\n \n	\n 1,742,500 \n		\n \n	\n 3,073,600 \n
\n Sortium,\n Inc., Series Seed-1*(b)(c)	\n 9/27/23 \n	\n 61,111 \n	\n \n	\n 250,000 \n		\n \n	\n 242,507 \n
\n \n	\n \n	\n \n	\n \n	\n 129,335,651 \n		\n \n	\n 241,471,353 \n

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n \n \n

\n Consolidated\n Schedule of Investments (continued) ARK\n Venture Fund		\n $\"\"$ \n
\n July 31,\n 2026

\n	\n Acquisition\n Date	\n Shares/\n Principal/ Units		\n Cost \n		\n Value \n
\n TRANSPORTATION – 1.7% \n
\n Flexport,\n Inc., Series A*(b)(c)	\n 9/23/22 \n	\n 49 \n		\n $ \n	\n 670 \n		\n $ \n	\n 176 \n
\n Flexport,\n Inc., Series B-1*(b)(c)	\n 9/23/22 \n	\n 4,940 \n		\n \n	\n 67,524 \n		\n \n	\n 17,784 \n
\n Flexport,\n Inc., Series C*(b)(c)	\n 9/23/22 \n	\n 24,640 \n		\n \n	\n 336,798 \n		\n \n	\n 88,704 \n
\n Zipline\n International, Inc., Series F*(b)(c)	\n 5/30/23 \n	\n 24,877 \n		\n \n	\n 999,983 \n		\n \n	\n 1,567,584 \n
\n Zipline\n International, Inc., Series G*(b)(c)	\n 7/08/24 \n	\n 35,761 \n		\n \n	\n 1,500,042 \n		\n \n	\n 2,253,422 \n
\n Zipline\n International, Inc., Series H*(b)(c)	\n 12/03/25 \n	\n 266,599 \n		\n \n	\n 14,999,995 \n		\n \n	\n 16,799,310 \n
\n \n	\n \n	\n \n		\n \n	\n 17,905,012 \n		\n \n	\n 20,726,980 \n
\n TOTAL\n PREFERRED STOCKS IN PRIVATE COMPANIES	\n \n	\n \n	\n 425,559,906 \n		\n \n	\n 622,717,282 \n
\n COMMON\n STOCKS IN PRIVATE COMPANIES – 9.8%
\n AEROSPACE\n & DEFENSE – 0.0%
\n Boom\n Technology, Inc.*(b)(c)	\n 5/02/24 \n	\n 15,010 \n		\n \n	\n 999,966 \n		\n \n	\n 19,126 \n
\n AUTO\n PARTS & EQUIPMENT – 2.5%
\n Wayve\n Technologies Ltd.*(b)(c)	\n 7/07/26 \n	\n 62,296 \n		\n \n	\n 29,999,885 \n		\n \n	\n 29,999,885 \n
\n COMMERCIAL\n SERVICES – 4.5%
\n Stripe\n Global Holdings Inc*(b)(c)	\n 6/04/26 \n	\n 754,148 \n		\n \n	\n 50,005,012 \n		\n \n	\n 53,412,306 \n
\n DIVERSIFIED\n FINANCIAL SERVICES – 0.1%
\n Blockdaemon,\n Inc.*(b)(c)	\n 6/27/23 \n	\n 830,365 \n		\n \n	\n 3,010,000 \n		\n \n	\n 1,562,498 \n
\n ENTERTAINMENT – 0.4% \n
\n Discord,\n Inc.*(b)(c)	\n 11/14/22 \n	\n 176,670 \n		\n \n	\n 4,371,120 \n		\n \n	\n 4,684,370 \n
\n INTERNET – 0.5% \n
\n Revolut\n Group Holdings LTD (United Kingdom)*(b)(c)	\n 2/11/25 \n	\n 2,888 \n		\n \n	\n 2,511,789 \n		\n \n	\n 5,825,096 \n
\n SOFTWARE – 1.7% \n
\n Databricks,\n Inc.*(b)(c)	\n 7/19/23 \n	\n 27,921 \n		\n \n	\n 399,999 \n		\n \n	\n 7,324,052 \n
\n Epic\n Games, Inc.*(b)(c)	\n 10/26/22 \n	\n 33,515 \n		\n \n	\n 15,258,897 \n		\n \n	\n 13,406,000 \n
				\n \n	\n 15,658,896 \n		\n \n	\n 20,730,052 \n
\n TOTAL\n COMMON STOCKS IN PRIVATE COMPANIES	\n \n	\n \n	\n 106,556,668 \n		\n \n	\n 116,233,333 \n
\n CONVERTIBLE\n NOTE IN PRIVATE COMPANIES – 3.5%
\n AUTO\n PARTS & EQUIPMENT – 0.0%
\n Outrider\n Technologies, Inc. 6.00%, 4/13/28*(b)(c)	\n 6/10/26 \n	\n 118,429 \n		\n \n	\n 118,429 \n		\n \n	\n 119,730 \n
\n COMMERCIAL\n SERVICES – 0.0%
\n Critical\n Ideas, Inc. (Chipper Cash) 10.00%, 2/28/2027*(b)(c) \n	\n 8/25/23 \n	\n 500,000 \n		\n \n	\n 500,000 \n		\n \n	\n 457,229 \n

\n	\n 收购\n 日期		\n 股份/\n 本金/ 单位		\n 成本 \n		\n 价值 \n
\n 金融-其他\n 服务 – 0.1%
\n Blockdaemon\n Inc., 5.00%, 5/6/28*(b)(c)	\n 5/6/26 \n		\n 2,000,000 \n		\n $ \n	\n 2,000,000 \n		\n $ \n	\n 1,757,362 \n
\n 半导体 – 3.3% \n
\n Tenstorrent\n Holdings Inc. 10.00%, 3/31/27*(b)(c)	\n 5/6/26 \n		\n 25,000,000 \n		\n \n	\n 25,000,000 \n		\n \n	\n 27,720,350 \n
\n Tenstorrent\n Holdings, Inc. 15.00%, 12/31/26*(b)(c)	\n 11/26/25 \n		\n 9,999,991 \n		\n \n	\n 9,999,991 \n		\n \n	\n 11,088,130 \n
\n \n	\n \n		\n \n		\n \n	\n 34,999,991 \n		\n \n	\n 38,808,480 \n
\n 私人公司\n 可转换票据总额	\n \n		\n \n	\n 37,618,420 \n		\n \n	\n 41,142,801 \n
\n 私人公司股权购买简单协议 – 1.3%
\n 航空航天 &\n 国防 – 0.3%
\n Boom\n Technology, Inc.*(b)(c)	\n 7/31/26 \n		\n 3,500,000 \n		\n \n	\n 3,500,000 \n		\n \n	\n 3,500,000 \n
\n 广播\n 服务 – 0.0%
\n Kino\n Tech, Inc.*(b)(c)	\n 2/27/24 \n		\n 500,000 \n		\n \n	\n 500,000 \n		\n \n	\n 551,692 \n
\n 商业\n 服务 – 0.0%
\n Critical\n Ideas, Inc.*(b)(c) (Chipper\n Cash)	\n 9/23/22 \n		\n 400,000 \n		\n \n	\n 400,000 \n		\n \n	\n 365,783 \n
\n 多元化\n 金融服务 – 0.1%
\n Atomic\n Vaults, Inc.*(b)(c)	\n 1/26/24 \n		\n 600,000 \n		\n \n	\n 600,000 \n		\n \n	\n 624,659 \n
\n 家用\n 家具 – 0.8%
\n Impulse\n Labs, Inc.*(b)(c)	\n 10/02/25 \n		\n 5,000,000 \n		\n \n	\n 5,000,000 \n		\n \n	\n 4,979,400 \n
\n Impulse\n Labs, Inc.*(b)(c)	\n 4/6/26 \n		\n 4,750,000 \n		\n \n	\n 4,750,000 \n		\n \n	\n 4,730,430 \n
\n \n	\n \n		\n \n		\n \n	\n 9,750,000 \n		\n \n	\n 9,709,830 \n
\n 软件 – 0.1% \n					\n \n			\n \n
\n Pave\n Financial, Inc.*(b)(c)	\n 8/16/23 \n		\n 500,000 \n		\n \n	\n 500,000 \n		\n \n	\n 559,881 \n
\n Tilda\n Technologies, Inc (Humata AI)*(b)(c)	\n 6/27/23 \n		\n 250,000 \n		\n \n	\n 250,000 \n		\n \n	\n 270,272 \n
	\n \n	\n 750,000 \n		\n \n	\n 830,153 \n
\n 私人公司股权购买简单协议总额	\n \n		\n \n	\n 15,500,000 \n		\n \n	\n 15,582,117 \n
\n 特殊目的工具 – 0.6%	\n \n			\n \n
\n 半导体\n – 0.3%	\n \n			\n \n
\n Autopilot\n Horizon V-A LLC (投资于Ayar Labs, Inc., 普通股)*(b)(c)(e) \n	\n 4/28/2025 \n		\n 40,868 \n		\n \n	\n 1,030,000 \n		\n \n	\n 2,860,793 \n
\n Coin\n Tens, LLC (投资于Tenstorrent Holdings, Inc. 优先股系列 D-1),*(b)(c)(e) \n	\n 1/14/2025 \n		\n 12,686 \n		\n \n	\n 1,068,500 \n		\n \n	\n 1,086,868 \n
\n \n	\n \n		\n \n		\n \n	\n 2,098,500 \n		\n \n	\n 3,947,661 \n

参见附注中的合并财务报表。

\n \n \n \n \n \n \n \n \n \n

\n 合并\n 投资明细 (续) ARK\n 风险投资基金
\n 2026年7月 31日

\n	\n 收购\n 日期		\n 股份/\n 本金/ 单位		\n 成本 \n		\n 价值 \n
\n 软件\n – 0.3%	\n \n			\n \n
\n MVP\n 机会基金 VI LLC (投资于Epic Games, Inc. 普通股)*(b)(c)(e) \n	\n 9/23/2022 \n		\n 354 \n		\n $ \n	\n 265,125 \n		\n $ \n	\n 141,400 \n
\n Studio\n Type One Soul II LLC (投资于OpenAI Group PBC 普通股)*(b)(c)(e) \n	\n 7/31/2024 \n		\n 5,797 \n		\n \n	\n 1,000,000 \n		\n \n	\n 3,456,711 \n
	\n \n	\n 1,265,125 \n		\n \n	\n 3,598,111 \n
\n 特殊目的工具总额	\n \n	\n 3,363,625 \n		\n \n	\n 7,545,772 \n
\n 私人公司认股权证 – 0.1%
\n 软件 – 0.1% \n					\n \n			\n \n
\n Mythical,\n Inc.*(b)(c)(d)	\n 12/28/23 \n		\n 482,781 \n		\n \n	\n 280,142 \n		\n \n	\n 884,117 \n
\n 私人公司认股权证总额	\n \n		\n \n	\n 280,142 \n		\n \n	\n 884,117 \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 股份/\n 本金/ 单位		\n 成本 \n		\n 价值 \n
\n 货币市场基金 – 3.1%
\n 高盛金融广场国债基金，3.54%(f) \n	\n 36,566,839 \n		\n $ \n	\n 36,566,839 \n		\n $ \n	\n 36,566,839 \n
\n 总投资 – 98.8%	\n \n	\n 892,633,495 \n		\n \n	\n 1,170,865,658 \n
\n 其他资产超过负债 – 1.2%	\n \n	\n 14,055,934 \n
\n 净资产 – 100.0%	\n \n		\n \n	\n \n		\n $ \n	\n 1,184,921,592 \n

* 非收入产生证券

(a) 所有或部分证券处于借出状态。借出证券的总市值为53,152,229美元；基金持有的担保品总市值为54,663,587美元。担保品总市值包括价值54,663,587美元的非现金美国国债担保品。

(b) 受限证券；在未根据《1933年证券法》（经修订）注册的情况下，该证券不得公开出售。截至2026年7月31日，此类受限证券的总投资额为804,105,422美元，并被归类为第3级。

(d) 该基金于2023年12月28日与Mythical, Inc.签订了附担保和可转换本票及认股权证购买协议。认股权证可在下一轮合格股权融资中以每股0.001美元的价格行权，最多两次该基金可转换票据金额的部分。

(e) 该基金投资于一家独立的特殊目的实体（“SPVs”），该实体已投资于一家底层投资组合公司。如适用，所列单位是基金持有的SPV单位，代表该投资所涉及的底层投资组合公司的等值证券数量。

(f) 所显示的利率代表截至2026年7月31日的年化7天收益率。

(g) 所有或部分该投资由受合同锁定期或类似转让限制的受限证券组成。截至2026年7月31日，此类投资的总公允价值为144,814,391美元，这些投资被归类在公允价值层级的第1级。限制期将陆续在2027年7月31日前到期，在正常市场条件下，没有情况会导致限制提前解除。

关联方交易

一家关联公司是指基金拥有其至少5%投票权证券的公司，或处于共同所有权或控制下的公司。截至当前财年，与曾为或现为关联方的公司的交易如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 价值\n （$）在 7/31/2025 \n	\n 购买成本\n （$）	\n 销售收益（$） \n	\n 净实现收益/（损失）在投资中关联方证券（$） \n	\n 净变化在未实现增值（贬值）在投资中关联方证券（$） \n	\n 净\n 变动未实现\n 溢价收益（贬值）在\n 投资中在\n 非关联证券（$） \n	\n 关联方股息收入（$） \n	\n 资本利得分配（$） \n	\n 股份数\n 量在\n 7/31/2026 \n	\n 价值\n （$）在 7/31/2026 \n
\n 多元化\n 金融服务 — Canton Strategic Holdings, Inc.（以前称为 Tharimmune, Inc.）^(a) \n	\n $ — \n	\n $10,000,000 \n	\n $ (797,496) \n	\n $ (526,418) \n	\n $ — \n	\n $ (3,230,608) \n	\n $ — \n	\n $ — \n	\n $ — \n	\n $ — \n
	\n $ — \n	\n $10,000,000 \n	\n $ (797,496) \n	\n $ (526,418) \n	\n $ — \n	\n $ (3,230,608) \n	\n $ — \n	\n $ — \n	\n $ — \n	\n $ — \n

^ 截至2026年7月31日，该公司不再被视为关联证券。

(a) 该公司在当年的有限期间内被视为关联证券。因此，当年实现的收益（损失）反映在关联证券投资的净实现收益（损失）中，而未实现收益（贬值）的净变动则反映在非关联证券投资的未实现收益（贬值）的净变动中，见运营报表。

参见\n 附注的合并财务报表。

\n \n \n \n \n \n \n \n \n

\n 合并\n 投资明细（续） ARK\n 风险投资基金		\n $\"\"$ \n
\n 2026年7月31日

公允价值计量

该基金根据一个区分以下内容的层级披露其投资的公允价值：（i）基于从独立于基金的来源获得的市场数据开发的市场参与者的假设（可观察输入）和（ii）基金在特定情况下使用最佳可用信息开发的市场参与者假设的自身假设（不可观察输入）。该层级定义的三个级别如下：

• 级别\n1 – 活跃市场中相同资产的报价。

• 级别\n2 – 其他重要的可观察输入（包括类似证券的报价、利率、提前还款速度、信用风险等）。“

• 级别\n3 – 重要的不可观察输入，包括基金在确定投资公允价值时自身的假设。

用于估值证券的输入或方法不一定表示投资于这些证券的风险。

以下是对截至2026年7月31日该基金投资公允价值所使用的输入的摘要：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n 证券\n 投资	\n 级别\n 1	\n 级别 2 \n	\n 级别\n 3	\n 总计 \n
\n 私人公司\n 的优先股‡	\n $ \n —	\n $ — \n	\n $622,717,282 \n	\n $ 622,717,282 \n
\n 上市公司\n 的普通股‡	\n \n 330,193,397	\n — \n	\n — \n	\n 330,193,397 \n
\n 私人公司\n 的普通股‡	\n \n —	\n — \n	\n 116,233,333 \n	\n 116,233,333 \n
\n 私人公司可转换票据‡	\n \n —	\n — \n	\n 41,142,801 \n	\n 41,142,801 \n
\n 私人公司购买股权简易协议‡ \n	\n \n —	\n — \n	\n 15,582,117 \n	\n 15,582,117 \n
\n 特殊目的载体‡	\n \n —	\n — \n	\n 7,545,772 \n	\n 7,545,772 \n
\n 私人公司认股权证‡	\n — \n	\n — \n	\n 884,117 \n	\n 884,117 \n
\n 货币市场基金	\n 36,566,839 \n	\n — \n	\n — \n	\n 36,566,839 \n
\n 总计 \n	\n $366,760,236 \n	\n $ — \n	\n $804,105,422 \n	\n $1,170,865,658 \n

‡ 证券类型下的所有子类别代表其各自的评估状态。如需按行业详细分类，请参阅投资明细表。

以下列示了在确定公允价值时使用了第3级输入值的资产调节表：

\n	\n 普通股在私人公司中	\n 优先股在私人公司中	\n 简易协议购买股权在私人公司中	\n 可转换票据在私人公司中	\n 可转换利息权利在私人公司中	\n 特殊目的载体	\n 认股权证在私人公司中	\n 总计 \n
\n 2025年7月31日的余额	\n $ 40,567,197 \n	\n $ 90,982,803 \n	\n $ 18,457,500 \n	\n $ 1,500,000 \n	\n $ 8,318,557 \n	\n $ 9,900,841 \n	\n $1,071,773 \n	\n $170,798,671 \n
\n 购买 \n	\n 92,715,103 \n	\n 336,388,733 \n	\n 13,250,000 \n	\n 62,118,420 \n	\n — \n	\n — \n	\n — \n	\n 504,472,256 \n
\n 销售 \n	\n — \n	\n (19,210,780) \n	\n — \n	\n — \n	\n — \n	\n (7,016,807) \n	\n — \n	\n (26,227,587) \n
\n 转入第3级	\n — \n	\n — \n	\n — \n	\n — \n	\n — \n	\n — \n	\n — \n	\n — \n
\n 转出第3级	\n (21,927,762) \n	\n (13,097,979) \n	\n (4,000,000) \n	\n (10,000,000) \n	\n — \n	\n — \n	\n — \n	\n (49,025,741) \n
\n 转换 \n	\n — \n	\n 35,369,367 \n	\n (11,050,810) \n	\n (16,000,000) \n	\n (8,318,557) \n	\n — \n	\n — \n	\n — \n
\n 净实现损益	\n — \n	\n 13,788,811 \n	\n (250,000) \n	\n — \n	\n — \n	\n 5,016,824 \n	\n — \n	\n 18,555,635 \n
\n 未实现增值（贬值）的净变动	\n 4,878,795 \n	\n 178,496,327 \n	\n (824,573) \n	\n 3,524,381 \n	\n — \n	\n (355,086) \n	\n (187,656) \n	\n 185,532,188 \n
\n 2026年7月31日的期末余额	\n $116,233,333 \n	\n $622,717,282 \n	\n $ 15,582,117 \n	\n $ 41,142,801 \n	\n $ — \n	\n $ 7,545,772 \n	\n $ 884,117 \n	\n $804,105,422 \n
\n 截至2026年7月31日仍持有第3级证券的未实现增值（贬值）变动	\n 4,878,795 \n	\n 177,526,991 \n	\n (799,573) \n	\n 3,524,381 \n	\n — \n	\n 2,692,634 \n	\n (187,656) \n	\n 187,635,571 \n

第3级转出的金额归因于在该期间完成流动性事件并随后以可观察市场价估值的公开交易股权投资。

参见附注中的合并财务报表。

\n \n \n \n \n \n \n \n \n \n

\n 合并投资明细表（结束） ARK 风险投资基金
\n 2026年7月 31日

The\nfollowing table presents additional information about valuation techniques and inputs used for investments that are measured at fair value\nand categorized within Level 3 at July 31, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Asset\n type	\n Fair\n Value at July 31, 2026	\n Valuation\n Approach	\n Significant\n Unobservable Inputs	\n Impact\n to value if Input Increases*	\n Range \n	\n Weighted\n Average
\n Preferred\n Stocks in Private Companies	\n $ 622,717,282 \n	\n Market\n Approach	\n Precedent\n Transactions Market Movement	\n Increase\n Increase	\n N/A\n 82.0% – (25.4%)	\n N/A\n 4.5%
\n Common\n Stocks in Private Companies	\n 116,233,333 \n	\n Market\n Approach	\n Precedent\n Transactions Market Movement	\n Increase\n Increase	\n N/A\n 6.8% – (12.1%)	\n N/A\n 5.1%
\n Simple\n Agreement to Purchase Equity in Private Companies	\n 15,582,117 \n	\n Market\n Approach	\n Precedent\n Transactions Market Movement	\n Increase\n Increase	\n N/A\n 12.0% – (8.6%)	\n N/A\n 0.80%
\n Convertible\n Note in Private Companies	\n 41,142,801 \n	\n Market\n Approach Scenario analysis	\n Precedent\n Transactions Conversion Probability Discount rate	\n Increase\n Increase Decrease	\n N/A\n 33% 5%	\n N/A\n 33% 5%
\n Special\n Purpose Vehicles	\n 7,545,772 \n	\n Market\n Approach	\n Precedent\n Transactions Market Movement	\n Increase\n Increase	\n N/A\n (1.4%)	\n N/A\n (1.4)%
\n Warrant\n in Private Companies	\n 884,117 \n	\n Market\n Approach	\n Market\n Movement	\n Increase \n	\n (17.5%) \n	\n (17.5)% \n

* Represents\nthe directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input\nas of period end. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs may have resulted\nin a significantly higher or lower fair value measurement at period end.

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n \n

\n Consolidated\n Statement of Assets and Liabilities ARK\n Venture Fund	\n $\"\"$ \n
\n July\n 31, 2026

\n ASSETS: \n
\n Investments\n at market value (Note 2)(1)	\n $1,170,865,658 \n
\n Receivables: \n
\n Unsettled\n investment purchases	\n 12,500,259 \n
\n Dividends\n and interest	\n 2,083,897 \n
\n Capital\n shares sold	\n 765,344 \n
\n Investment\n securities sold	\n 1,689,376 \n
\n Reimbursement\n from Adviser	\n 590,222 \n
\n Total\n Assets	\n 1,188,494,756 \n
\n LIABILITIES: \n
\n Payables: \n
\n Management\n fees (Note 3)	\n 2,815,036 \n
\n Audit\n and tax fees	\n 177,122 \n
\n Shareholder\n servicing fees – Class D	\n 150,467 \n
\n Shareholder\n servicing fees – Class S	\n 17,323 \n
\n Shareholder\n servicing fees – Class U	\n 117 \n
\n Legal\n fees	\n 166,000 \n
\n Transfer\n agent fees	\n 120,000 \n
\n Fund\n accounting, custody & administration fees	\n 50,000 \n
\n Registration\n fees	\n 32,000 \n
\n Credit\n facility fees	\n 25,000 \n
\n Other\n expenses	\n 20,099 \n
\n Total\n Liabilities	\n 3,573,164 \n
\n NET\n ASSETS	\n $1,184,921,592 \n
\n NET\n ASSETS CONSIST OF:
\n Paid-in\n capital	\n $ 892,442,811 \n
\n Total\n distributable earnings	\n 292,478,781 \n
\n NET\n ASSETS	\n $1,184,921,592 \n
\n NET\n ASSETS:
\n Class D \n	\n $1,161,199,764 \n
\n Class S \n	\n $ 23,514,495 \n
\n Class U \n	\n $ 207,333 \n
\n Total\n Net Assets	\n $1,184,921,592 \n
\n Shares\n outstanding no par value (unlimited shares authorized):
\n Class D \n	\n 21,197,600 \n
\n Class S \n	\n 430,934 \n
\n Class U \n	\n 3,799 \n
\n Net\n asset value, per share:
\n Class D \n	\n $ 54.78 \n
\n Class S \n	\n $ 54.57 \n
\n Class U \n	\n $ 54.58 \n
\n Investments\n at cost	\n $ 892,633,495 \n

(1) Includes\nloaned securities having a market value of $53,152,229.

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n

\n Consolidated\n Statement of Operations ARK Venture Fund
\n For\n the Year Ended July 31, 2026

\n INVESTMENT\n INCOME:
\n Dividend\n income	\n $ 2,718,943 \n
\n Interest\n income	\n 1,083,006 \n
\n Securities\n lending income	\n 186,746 \n
\n Total\n Income	\n 3,988,695 \n
\n EXPENSES: \n
\n Management\n fees (Note 3)	\n 17,245,837 \n
\n Shareholder\n servicing fees – Class D	\n 930,793 \n
\n Shareholder\n servicing fees – Class S	\n 55,730 \n
\n Shareholder\n servicing fees – Class U	\n 257 \n
\n Legal\n fees	\n 862,766 \n
\n Credit\n facility fees	\n 608,203 \n
\n Printing &\n postage	\n 529,191 \n
\n Transfer\n agent fees	\n 449,499 \n
\n Fund\n accounting, custody & administration fees	\n 363,009 \n
\n Audit\n and tax fees	\n 221,232 \n
\n Registration\n fees	\n 219,670 \n
\n Trustee\n fees	\n 83,250 \n
\n Other\n expenses	\n 152,983 \n
\n Total\n Expenses	\n 21,722,420 \n
\n Less\n expense waivers and reimbursements (Note 3)	\n (3,489,801 \n	\n ) \n
\n Net\n Expenses	\n 18,232,619 \n
\n Net\n Investment Loss	\n (14,243,924 \n	\n ) \n
\n NET\n REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
\n Net\n realized gain on:
\n Investments\n in securities	\n 33,354,223 \n
\n Investments\n in affiliated securities	\n (526,418 \n	\n ) \n
\n Net\n realized gain	\n 32,827,805 \n
\n Change\n in unrealized appreciation on:
\n Investments\n in non-affiliated securities	\n 234,271,882 \n
\n Change\n in unrealized appreciation	\n 234,271,882 \n
\n Net\n realized and unrealized gain on investments	\n 267,099,687 \n
\n Net\n Increase in Net Assets Resulting From Operations	\n $252,855,763 \n

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n \n

\n Consolidated\n Statement of Changes in Net Assets ARK\n Venture Fund	\n $\"\"$ \n

\n	\n Year\n Ended July 31, 2026	\n Year\n Ended July 31, 2025
\n OPERATIONS: \n
\n Net\n investment loss	\n $ (14,243,924 \n	\n ) \n	\n $ (2,999,380 \n	\n ) \n
\n Net\n realized gain (loss) on investments	\n 32,827,805 \n		\n (544,484 \n	\n ) \n
\n Net\n change in unrealized appreciation on investments	\n 234,271,882 \n		\n 35,762,005 \n
\n Net\n increase in net assets resulting from operations	\n 252,855,763 \n		\n 32,218,141 \n
\n SHAREHOLDER\n TRANSACTIONS:
\n Class D \n
\n Proceeds\n from shares sold	\n 779,136,166 \n		\n 131,502,277 \n
\n Reinvestment\n of distributions	\n — \n		\n 240,804 \n
\n Distributions\n from distributable earnings	\n — \n		\n (345,035 \n	\n ) \n
\n Cost\n of shares repurchased	\n (76,442,872 \n	\n ) \n	\n (19,726,974 \n	\n ) \n
\n Net\n increase in net assets resulting from shareholder transactions, Class D	\n 702,693,294 \n		\n 111,671,072 \n
\n Class S \n
\n Proceeds\n from shares sold	\n 24,431,512 \n		\n — \n
\n Reinvestment\n of distributions	\n — \n		\n — \n
\n Cost\n of shares repurchased	\n (3,188,309 \n	\n ) \n	\n — \n
\n Net\n increase in net assets resulting from shareholder transactions, Class S	\n 21,243,203 \n		\n — \n
\n Class U \n
\n Proceeds\n from shares sold	\n 199,095 \n		\n — \n
\n Reinvestment\n of distributions	\n — \n		\n — \n
\n Cost\n of shares repurchased	\n — \n		\n — \n
\n Net\n increase in net assets resulting from shareholder transactions, Class U	\n 199,095 \n		\n — \n
\n Total\n increase in net assets from shareholder transactions	\n 724,135,592 \n		\n 111,671,072 \n
\n Increase\n in net assets	\n 976,991,355 \n		\n 143,889,213 \n
\n NET\n ASSETS:
\n Beginning\n of period	\n 207,930,237 \n		\n 64,041,024 \n
\n End\n of period	\n $1,184,921,592 \n		\n $207,930,237 \n
\n CHANGES\n IN SHARES OUTSTANDING:
\n Class D \n
\n Shares\n outstanding, beginning of period	\n 6,185,204 \n		\n 2,461,289 \n
\n Shares\n sold	\n 16,429,320 \n		\n 4,381,031 \n
\n Shares\n reinvested	\n — \n		\n 8,045 \n
\n Shares\n repurchased	\n (1,416,924 \n	\n ) \n	\n (665,161 \n	\n ) \n
\n Shares\n outstanding, end of period, Class D	\n 21,197,600 \n		\n 6,185,204 \n
\n Class S \n
\n Shares\n outstanding, beginning of period	\n — \n		\n — \n
\n Shares\n sold	\n 485,745 \n		\n — \n
\n Shares\n reinvested	\n — \n		\n — \n
\n Shares\n repurchased	\n (54,811 \n	\n ) \n	\n — \n
\n Shares\n outstanding, end of period, Class S	\n 430,934 \n		\n — \n
\n Class U \n
\n Shares\n outstanding, beginning of period	\n — \n		\n — \n
\n Shares\n sold	\n 3,799 \n		\n — \n
\n Shares\n reinvested	\n — \n		\n — \n
\n Shares\n repurchased	\n — \n		\n — \n
\n Shares\n outstanding, end of period, Class U	\n 3,799 \n		\n — \n
\n Shares\n outstanding, end of period	\n 21,632,333 \n		\n 6,185,204 \n

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n

\n Consolidated\n Statement of Cash Flows ARK Venture Fund
\n For\n the Year Ended July 31, 2026

\n Cash\n flows used in operating activities:
\n Net\n increase in net assets resulting from operations	\n $ 252,855,763 \n
\n Adjustments\n to reconcile net increase in net assets from operations to net cash provided by/(used in) operating activities:
\n Payments\n for purchases of investments	\n (783,971,769 \n	\n ) \n
\n Proceeds\n from sales of investments	\n 115,023,918 \n
\n Unsettled\n investment purchases	\n (12,500,259 \n	\n ) \n
\n Conversion\n of promissory note	\n — \n
\n Net\n (payments) proceeds from short-term investment securities	\n (27,124,452 \n	\n ) \n
\n Net\n realized gain on investments	\n (32,827,805 \n	\n ) \n
\n Net\n change in unrealized appreciation on investments	\n (234,271,882 \n	\n ) \n
\n (Increase)\n decrease in assets:
\n Receivables\n for capital shares sold	\n (237,886 \n	\n ) \n
\n Reimbursement\n from Adviser	\n (147,505 \n	\n ) \n
\n Investment\n securities sold	\n (1,689,376 \n	\n ) \n
\n Receivable\n for dividends and interest	\n (1,914,605 \n	\n ) \n
\n Increase\n (decrease) in liabilities:
\n Management\n fees	\n 2,378,658 \n
\n Audit\n and tax fees	\n (72,878 \n	\n ) \n
\n Fund\n accounting, custody & administration fees	\n (29,684 \n	\n ) \n
\n Transfer\n agent fees	\n 65,874 \n
\n Trustee\n fees	\n (7,083 \n	\n ) \n
\n Credit\n facility fees	\n 18,000 \n
\n Shareholder\n servicing fee	\n 144,104 \n
\n Registration\n fees	\n 30,314 \n
\n Legal\n Fees	\n 149,537 \n
\n Other\n accrued expenses	\n (6,576 \n	\n ) \n
\n Net\n cash used in operating activities	\n $(724,135,592 \n	\n ) \n

\n Cash\n flows provided by financing activities:
\n Class\n D
\n Proceeds\n from shares sold	\n $ 779,136,166 \n
\n Cost\n of shares repurchased	\n (76,442,872 \n	\n ) \n
\n Cash\n distributions paid (net of reinvestments)	\n — \n
\n Class\n S
\n Proceeds\n from shares sold	\n $ 24,431,512 \n
\n Cost\n of shares repurchased	\n (3,188,309 \n	\n ) \n
\n Cash\n distributions paid (net of reinvestments)	\n — \n
\n Class\n U
\n Proceeds\n from shares sold	\n $ 199,095 \n
\n Cost\n of shares repurchased	\n — \n
\n Cash\n distributions paid (net of reinvestments)	\n — \n
\n Proceeds\n from credit facility borrowings	\n 6,000,000 \n
\n Repayments\n of credit facility borrowings	\n (6,000,000 \n	\n ) \n
\n Increase\n in bank overdraft	\n — \n
\n Net\n cash provided by financing activities	\n $ 724,135,592 \n
\n Net\n increase in cash	\n $ — \n

\n Cash: \n
\n Beginning\n of year	\n $ — \n
\n End\n of year	\n $ — \n

\n Supplemental\n disclosure of cash flow information:
\n Reinvestment\n of distributions	\n $ — \n
\n Interest\n expense paid during the year	\n $ 68,425 \n

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n

Consolidated\n Financial Highlights

ARK\n Venture Fund – Class D

$\"\"$

For\n a share outstanding throughout the period presented.

\n \n	\n Year\n Ended July 31, 2026	\n Year\n Ended July 31, 2025	\n Year\n Ended July 31, 2024	\n Period\n Ended July 31, 2023(1)
\n Per\n Share Data:
\n Net\n asset value, beginning of period	\n $ 33.62 \n	\n $ 26.02 \n	\n $ 25.24 \n	\n $ 20.00 \n
\n Net\n investment loss(2)	\n (1.09) \n	\n (0.76) \n	\n (0.60) \n	\n (0.43) \n
\n Net\n realized and unrealized gain on investments	\n 22.25 \n	\n 8.46 \n	\n 1.58 \n	\n 5.67 \n
\n Total\n gain from investment operations	\n 21.16 \n	\n 7.70 \n	\n 0.98 \n	\n 5.24 \n
\n Total\n distributions	\n — \n	\n (0.10) \n	\n (0.20) \n	\n — \n
\n Net\n asset value, end of period	\n $ 54.78 \n	\n $ 33.62 \n	\n $ 26.02 \n	\n $ 25.24 \n
\n Total\n Return at Net Asset Value(3) \n	\n 62.94% \n	\n 29.62% \n	\n 3.86% \n	\n 26.20% \n
\n Ratios/Supplemental\n Data:
\n Net\n assets, end of period (000’s omitted)	\n $1,161,200 \n	\n $207,930 \n	\n $64,041 \n	\n $24,919 \n
\n Ratio\n to average net assets of:
\n Expenses,\n prior to expense waivers and reimbursements	\n 3.45%(4) \n	\n 4.39%(4) \n	\n 5.32%(4) \n	\n 9.33%(4)(5) \n
\n Expenses,\n net of expense waivers and reimbursements	\n 2.90%(4) \n	\n 2.90%(4) \n	\n 2.90%(4) \n	\n 2.90%(4)(5) \n
\n Net\n investment loss	\n (2.27)%(4) \n	\n (2.58)%(4) \n	\n (2.37)%(4) \n	\n (2.37)%(4)(5) \n
\n Portfolio\n turnover rate(6)	\n 20% \n	\n 8% \n	\n 29% \n	\n 27% \n

(1) \n For the period September 1, 2022 (commencement of operations) to July 31, 2023.

(2) Based\n on average daily shares outstanding.

(3) Net\n asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment\n of all dividends and distributions at net asset value during the period and repurchase on the last day of the period at net asset value.\n Total return calculated for a period of less than one year is not annualized.

(4) The\n Adviser has agreed to contractually waive its Management Fee and/or reimburse the Fund's operating expenses on a monthly basis to the\n extent that the Fund's total annualized fund operating expenses (excluding expenses directly related to the costs of making investments,\n taxes, brokerage costs, acquired fund fees and expenses, expenses of litigation, indemnification, and shareholder meetings, offering costs,\n organizational expenses, and extraordinary expenses) exceed 2.90% of the Fund's average daily net assets. For additional information see\n Expense Limitation Agreement in Notes to Consolidated Financial Statements.

(5) Annualized.

(6) Portfolio\n turnover rate is not annualized.

See\n accompanying Notes to Consolidated Financial Statements.

Table\n of Contents

\n \n \n \n \n \n \n \n \n \n \n

Consolidated\n Financial Highlights

ARK\n Venture Fund – Class S

For\n a share outstanding throughout the period presented.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Period\n Ended July 31, 2026(1) \n
\n Per\n Share Data:
\n Net\n asset value, beginning of period	\n $ 40.70 \n
\n Net\n investment loss(2)	\n (0.92) \n
\n Net\n realized and unrealized gain on investments	\n 14.79 \n
\n Total\n gain from investment operations	\n 13.87 \n
\n Distributions\n to Shareholders:	\n — \n
\n Net\n asset value, end of period	\n $ 54.57 \n
\n Total\n Return at Net Asset Value(3) \n	\n 34.08% \n
\n Ratios/Supplemental\n Data:
\n Net\n assets, end of period (000’s omitted)	\n $23,514 \n
\n Ratio\n to average net assets of:
\n Expenses,\n prior to expense waivers and reimbursements	\n 4.43%(4)(5) \n
\n Expenses,\n net of expense waivers and reimbursements	\n 3.60%(4)(5) \n
\n Net\n investment loss	\n (2.65)%(4)(5) \n
\n Portfolio\n turnover rate(6)	\n 20% \n

(1) \n For the period November 28, 2025 (commencement of operations) to July 31, 2026.

(2) Based\n on average daily shares outstanding.

(4) Annualized.

(5) The\n Adviser has agreed to contractually waive its Management Fee and/or reimburse the Fund’s operating expenses on a monthly basis\n to the extent that the Fund’s total annualized fund operating expenses (excluding expenses directly related to the costs of making\n investments, taxes, brokerage costs, acquired fund fees and expenses, expenses of litigation, indemnification, and shareholder meetings,\n offering costs, organizational expenses, and extraordinary expenses) exceed 3.60% of the Fund’s average daily net assets. For additional\n information see Expense Limitation Agreement in Notes to Consolidated Financial Statements.

(6) Portfolio\n turnover rate is not annualized.

See\n accompanying Notes to Consolidated Financial Statements.

Table\n of Contents

\n \n \n \n \n \n \n \n \n \n

Consolidated\n Financial Highlights

ARK\n Venture Fund – Class U

$\"\"$

For\n a share outstanding throughout the period presented.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Period\n Ended July 31, 2026(1) \n
\n Per\n Share Data:
\n Net\n asset value, beginning of period	\n $40.70 \n
\n Net\n investment loss(2)	\n (0.92) \n
\n Net\n realized and unrealized gain on investments	\n 14.80 \n
\n Total\n gain from investment operations	\n 13.88 \n
\n Distributions\n to Shareholders:	\n — \n
\n Net\n asset value, end of period	\n $54.58 \n
\n Total\n Return at Net Asset Value(3) \n	\n 34.10% \n
\n Ratios/Supplemental\n Data:
\n Net\n assets, end of period (000’s omitted)	\n $ 207 \n
\n Ratio\n to average net assets of:
\n Expenses,\n prior to expense waivers and reimbursements	\n 4.33%(4)(5) \n
\n Expenses,\n net of expense waivers and reimbursements	\n 3.50%(4)(5) \n
\n Net\n investment loss	\n (2.66)%(4)(5) \n
\n Portfolio\n turnover rate(6)	\n 20% \n

(1) For\nthe period November 28, 2025 (commencement of operations) to July 31, 2026.

(2) Based\non average daily shares outstanding.

(3) Net\nasset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment\nof all dividends and distributions at net asset value during the period and repurchase on the last day of the period at net asset value.\nTotal return calculated for a period of less than one year is not annualized.

(4) Annualized.

(5) The\nAdviser has agreed to contractually waive its Management Fee and/or reimburse the Fund’s operating expenses on a monthly basis\nto the extent that the Fund’s total annualized fund operating expenses (excluding expenses directly related to the costs of making\ninvestments, taxes, brokerage costs, acquired fund fees and expenses, expenses of litigation, indemnification, and shareholder meetings,\noffering costs, organizational expenses, and extraordinary expenses) exceed 3.50% of the Fund’s average daily net assets. For additional\ninformation see Expense Limitation Agreement in Notes to Consolidated Financial Statements.

(6) Portfolio\nturnover rate is not annualized.

See\naccompanying Notes to Consolidated Financial Statements.

Table\nof Contents

\n \n \n \n \n \n

Notes\n to Consolidated Financial Statements

July\n 31, 2026

1.\nOrganization

ARK\nVenture Fund (the “Fund”) is a non-diversified closed-end management\ninvestment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund was\norganized as a Delaware statutory trust on January 11, 2022 and commenced operations on September 1, 2022. The Fund operates\nas an “interval fund” and continuously offers its shares of beneficial interest (“Shares”). To provide liquidity,\nthe Fund expects to make quarterly repurchase offers of 5% of the Fund’s outstanding Shares at net asset value pursuant to Rule 23c-3\nof the 1940 Act.

The\nFund’s investment objective is to seek long-term growth of capital. There can be no assurance that\nthe Fund will achieve its investment objective. The Fund pursues this objective by investing its assets primarily in domestic and foreign\nequity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation. The Fund may invest,\nwithout limit, in privately placed or restricted securities, illiquid securities and securities in which no secondary market is readily\navailable, including those of private companies and publicly traded securities. The Fund may also borrow money for investment purposes.

ARK\nInvestment Management LLC serves as the Fund’s investment adviser (the “Adviser”) under an Investment Advisory Agreement\n(“Advisory Agreement”).

The\nFund’s fiscal and tax reporting year ends July 31.

2.\nSignificant Accounting Policies

These\nconsolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of\nAmerica (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amount of\nassets and liabilities, the disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported\namount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates.\nThe Fund is an investment company and follows the investment company accounting standards and reporting guidance under Financial Accounting\nStandards Board (FASB) Accounting Standard Codification (“ASC”) Topic 946, “Financial Services — Investment\nCompanies”. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of\nfederal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies\nof the Fund:

Investment\nValuation

The\nvalues of the Fund’s securities that are traded on a securities market are based on such securities’ closing prices on the\nprincipal market on which the securities are traded. Such valuations would typically be categorized as Level 1 in the fair value hierarchy.\nIf a security’s market price is not readily available (as is generally the case with private companies) or does not otherwise accurately\nreflect the market value of such security, the security will be fair valued by the Adviser which was selected by the Board of Trustees\nof the Fund (“Board of Trustees”) as valuation designee, to provide such fair values in accordance with the Adviser’s\nvaluation policies and procedures that were reviewed by, and subject to the oversight of, the Board of Trustees. The Fund may use fair\nvalue pricing in a variety of circumstances, including but not limited to, situations when the value of the Fund’s security has\nbeen materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate\naction or other news that may materially affect the price of such security) or trading in such security has been suspended or halted.\nSuch valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy. For direct investments in portfolio\ncompanies, management primarily uses the market approach to estimate the fair value of private companies. The market approach utilizes\nprices and other relevant information generated by market transactions, type of security, size of the position, degree of liquidity, restrictions\non the disposition of the security, latest round of financing data, current financial position and operating results, among other factors.\nSecurities transactions outside conventional channels are recorded as of the date the Fund obtains a right to demand the securities purchased\nor to collect the proceeds of sale, and incurs an obligation to pay the price of the securities purchased or to deliver the securities\nsold, respectively. Because of the uncertainty and judgement involved in the valuation of those portfolio company securities that do not\nhave a readily available market price, the estimated fair value of such securities may be different from values that would have been used\nhad a readily available market existed for such securities. Fair value pricing involves subjective judgments and it is possible that a\nfair value determination for a security could be materially different than the value that could be realized upon the sale of such security.

Investments\nin money market funds are valued at their NAV as of the close of each business day.

Investment\nTransactions

Investment\ntransactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the\nidentified cost method. Dividend income is recognized on the ex-dividend date, except for certain foreign\ndividends that may be recorded as soon as such information becomes available. Interest income and expenses are recognized on an accrual\nbasis. Payment in-kind interest

Table\nof Contents

\n \n \n \n \n

Notes\n to Consolidated Financial Statements (continued)

July\n 31, 2026

$\"\"$

is\nincluded in interest income and is reflected in receivables from dividends and interest in the Statement of Assets and Liabilities up\nto the payment date. On the payment date, the Fund capitalizes the accrued interest receivable as an additional investment and records\nit at the fair value of the investment.

Securities\nLending Income

Securities\nlending income, net of fees paid to The Bank of New York Mellon (“BNY”) is recognized as earned and reported as a separate\nline item in the Fund's Statement of Operations.

Dividend\nDistributions

Distributions\nto shareholders are recorded on the ex-dividend date and are determined in accordance with federal income\ntax regulations, which may differ from U.S. GAAP. The Fund distributes all or substantially all of its net investment income\nto shareholders in the form of dividends. Net realized capital gains are distributed to shareholders as capital gain distributions. Net\ninvestment income, if any, and net capital gains, if any, are typically distributed to shareholders at least annually. Dividends may be\ndeclared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code.

Currency\nTranslation

Assets\nand liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars\nat the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and\nincome and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The\neffects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation\nor depreciation on investments in the Fund’s consolidated statement of operations. The realized gain or loss and unrealized appreciation\nor depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

Wholly-owned\nSubsidiary

The\nFund seeks to gain exposure to private companies through ARK Venture Private Holdings LLC, a wholly-owned\nsubsidiary of the Fund (the “Subsidiary”). The Subsidiary is a Delaware limited liability company and the Fund is its sole\nmember. All intercompany transactions and balances have been eliminated in consolidation.

Segment\nReporting

The\nofficers of the Fund act as the Fund’s chief operating decision maker (“CODM”). The Fund operates as a single operating\nsegment, reflecting the CODM’s oversight of long-term strategic asset allocation in accordance with\nthe Fund’s prospectus and investment strategy. The CODM evaluates performance and allocates resources using the Fund’s portfolio\ncomposition, total returns, expense ratios, and changes in net assets — measures consistent with the amounts presented\nin the Fund’s financial statements. Segment assets are presented as “total assets” on the Statement of Assets and\nLiabilities, and segment revenues and expenses are presented on the Statement of Operations.

3.\nManagement and Other Agreements

Management

Under\nthe terms of the Advisory Agreement, the Adviser serves as the adviser to the Fund, subject to the general oversight of the Board of Trustees\nand is responsible for the day-to-day investment management of the Fund. The Fund pays the Adviser a\nfee calculated daily and payable monthly at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 2.75%\n(“Management Fee”) in return for providing investment management services.

Administrator,\nCustodian, Transfer Agent and Accounting Agent

The\nBank of New York Mellon is the administrator for the Fund, the custodian of the Fund’s assets and also provides transfer agency,\nfund accounting and various administrative services to the Fund (in each capacity, “Administrator,” “Custodian,”\n“Transfer Agent” or “Accounting Agent”). The Bank of New York Mellon is a subsidiary of The Bank of New York\nMellon Corporation, a financial holding company.

Table\nof Contents

\n \n \n \n \n \n

Notes\n to Consolidated Financial Statements (continued)

July\n 31, 2026

Distribution

The\nFund’s Shares are continuously offered and distributed primarily by Foreside Fund Services, LLC (“Distributor”) and\nits associated persons through investment platforms and financial intermediaries. The Fund pays to the Distributor a shareholder servicing\nfee, payable monthly in arrears, at an annual rate of 0.15%, 0.85% and 0.75% of the average daily net assets of the Fund for Class D\nShares, Class S Shares and Class U Shares, respectively. Class D Shares and Class U Shares are not subject to a sales\nload. Class S Shares may be subject to a sales load of up to 3.50% of the amount invested. The Distributor may pay the investment\nplatforms and financial intermediaries up to the full amount of the shareholder servicing fee.

Board\nof Trustees

Pursuant\nto the Declaration of Trust and bylaws, the Fund’s business and affairs are managed by the Adviser and subject to the oversight\nof the Board of Trustees, which has overall responsibility for monitoring and overseeing the Fund’s management and operations.\nThe Board consists of four members, three of whom are considered Independent Trustees. The Trustees are elected by shareholders and are\nsubject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Trustees serving on the Board were\nelected by the initial shareholder of the Fund. The Statement of Additional Information provides additional information about the Trustees.

Each\nIndependent Trustee receives an annual retainer fee of $25,000 for services provided as a Trustee of the Fund, plus out-of-pocket\nexpenses related to attendance at Board and Committee Meetings. The Chairs of the Board, Audit and Nominating Committees each also receive\nan additional annual retainer fee of $5,000, $2,500 and $2,500, respectively, for their service as such.

Line\nof Credit

On\nSeptember 25, 2024, the Fund entered into a credit agreement with Texas Capital Bank (the “TCB Credit Agreement”).\nOn December 9, 2025, the Fund utilized its accordion feature under the TCB Credit Agreement to increase the maximum amount of the\nborrowing under the TCB Credit Agreement from $15,000,000 to $30,000,000. Subsequently, on January 9, 2026, the Fund and Texas Capital\nBank entered into a Second Amendment to the TCB Credit Agreement to further increase the maximum amount of the borrowing to $60,000,000.\nThe TCB Credit Agreement also contains customary covenants that, among other things, limit the Fund’s ability to incur additional\ndebt, incur certain types of liens, make certain distributions, and engage in certain transactions, including mergers and consolidations.\nThe Fund’s ability to borrow under the TCB Credit Agreement is also subject to the limitations of the 1940 Act and various other\nconditions. The purpose of the TCB Credit Agreement is primarily to finance temporary timing differences. The unused balance of the TCB\nCredit Agreement bears commitment fees at an annual interest rate of 0.50%. For the year ended July 31, 2026,\nthe Fund drew $6,000,000 on the TCB Credit Agreement for a total of 50 days at an average annual interest rate of 8.33%. The Fund incurred\n$68,425 in interest expense for utilizing the TCB Credit Agreement and paid $202,274 in commitment fees. Additionally, the Fund incurred\n$312,504 in legal and upfront fees, associated with the TCB Credit Agreement, which are presented as credit facility fees within the Consolidated\nStatement of Operations.

Expense\nLimitation Agreement

In\nMarch 2023, the Adviser and the Fund entered into an Expense Limitation Agreement under which the Adviser has agreed contractually\nto waive its Management Fee and/or reimburse the Fund’s operating expenses on a monthly basis to the extent that the Fund’s\ntotal annualized fund operating expenses (excluding expenses directly related to the costs of making investments, taxes, brokerage costs,\nacquired fund fees and expenses, expenses of litigation, indemnification, and shareholder meetings, organizational expenses, offering\ncosts and extraordinary expenses) exceed 2.90% of the Fund’s average daily net assets for Class D (“Expense Limit”).\nThe Expense Limitation Agreement went into effect starting April 1, 2023. On July 3, 2025, the Expense Limitation Agreement\nbetween the Fund and the Adviser was amended whereby the agreement shall remain in effect indefinitely until the Board approves its termination.\nThe Adviser may not recoup expenses reimbursed or fees waived pursuant to the Amended and Restated Expense Limitation Agreement. The Fund\nadded two new classes on November 28, 2025. The Expense Limitation Agreement for Class S is 3.60% and the Expense Limitation\nAgreement for Class U is 3.50%.

4.\nShares of Beneficial Interest

The\nFund offers an unlimited number of Shares on a continuous basis. The minimum initial investment by a shareholder for the Shares is $500,\nwhile subsequent investments may be made in any amount. The Fund reserves the right to waive the investment minimum. Shares are being\noffered through the Distributor at an offering price equal to the Fund’s then current NAV per Share.

As\nof July 31, 2026, the Adviser owned 245 shares, 246 shares,\nand 246 shares of Class D, Class S, and Class U, respectively. As of July 31,\n2026, feeder vehicles advised by the Adviser, owned 405,206 shares of Class D.

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Notes\n to Consolidated Financial Statements (continued)

July\n 31, 2026

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5.\nInvestment Transactions

The\ncost of purchases and the proceeds from sales of investment securities, excluding short-term obligations,\nfor the year ended July 31, 2026 were $783,971,769 and $115,023,918, respectively. On July 30, 2026,\nthe Fund provided payments for $12,500,259 for the purchase of shares of private companies. The respective Stock Transfer Agreements became\neffective August 3, 2026. At July 31, 2026, the Fund recorded the payment as\nan unsettled investment purchases pending effective share receipt and legal transfer.

6.\nSecurities Lending

The\nFund participates in a securities lending program offered by The Bank of New York Mellon (“BNY”) (the “Program”),\nwhich provides for the lending of securities to qualified brokers. The Fund has selected Morgan Stanley & Co. LLC as its exclusive\nborrower in connection with the Program. Pursuant to a securities lending agreement dated October 27, 2025,\nbetween the Investment Adviser and Morgan Stanley & Co. LLC, the borrowing counterparty was granted the exclusive right to borrow\nequity securities for a term commencing November 1, 2025 and ending December 31,\n2026. In consideration for the exclusive borrowing rights and the administrative, monitoring, and oversight services in connection with\nthe securities lending program, the borrowing counterparty paid a one-time upfront fee to the Investment\nAdviser.

Securities\nlending income includes earnings on the temporary investment of cash collateral, plus or minus any rebate paid to the borrower. BNY receives\na fee in connection with lending agent and administrative services provided relating to the Program based on Fund’s lending volume\nunder the Program.

Collateral\non all securities loaned is accepted in the form of cash and non-cash and is maintained at a minimum level\nof 102% (105% in the case of certain foreign securities) of the market value of the securities on loan, plus interest, if applicable.\nIt is the Fund’s policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next\nbusiness day following the valuation date of the securities loaned. As a result, the value of the collateral held may be temporarily less\nthan the value of the securities on loan.

Lending\nsecurities entails the risk of loss to the Fund if, and to the extent that, the market value of the securities loaned increases, the borrower\nfails to increase the collateral accordingly, and the borrower does not return the securities. Under the terms of the Program, the Fund\nis indemnified for such losses by BNY.

Cash\ncollateral, if applicable, is held in a separate account managed by BNY, which is authorized to exclusively invest such collateral in\nmoney market instruments and overnight repurchase agreements collateralized at 102% with securities issued or fully guaranteed by the\nU.S. Treasury, U.S. Government, or any agency, instrumentality, or authority of the U.S. Government. Securities purchased with cash collateral\nreceived are reflected in the Schedule of Investments. BNY bears the risk of any deficiency in the amount of cash collateral available\nfor return to the borrower due to losses on the collateral investments.

The\nvalue of loaned securities outstanding, and the related collateral for the securities on loan, at July 31,\n2026, is shown on the Schedule of Investments. Non-cash collateral received by the Fund, if any, may not\nbe sold or re-pledged except to satisfy a borrower default.

7.\nFederal Income Tax

The\nFund intends to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code\nof 1986, as amended. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all\nof its net investment income and net capital gains to its shareholders. U.S. GAAP provides guidance for how uncertain tax positions\nshould be recognized, measured, presented and disclosed in the consolidated financial statements, and requires the evaluation of tax positions\ntaken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not”\nto be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not\nthreshold would be recorded as a tax benefit or expense in the current year. Interest and penalties related to income taxes would be recorded\nas income tax expense. The management of the Fund is required to analyze all open tax years, including the year of inception, as\ndefined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities.

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Notes\n to Consolidated Financial Statements (continued)

July\n 31, 2026

As\nof July 31, 2026, the approximate cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes\nwas as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund \n	\n Cost \n	\n Gross\n Unrealized Appreciation	\n Gross Unrealized Depreciation \n	\n Net\n Unrealized Appreciation
\n ARK\n Venture Fund	\n $895,089,006 \n	\n $318,379,719 \n	\n $(42,603,269) \n	\n $275,776,450 \n

The\ndifferences between book-basis and tax-basis components of net assets are primarily\nattributable to tax deferral of losses on wash sales, passive foreign investment companies, corporate actions and differences in the tax\ntreatment of partnership investments. Certain capital accounts in the financial statements have been adjusted for permanent book-tax\ndifferences. These adjustments have no impact on net asset values.

At\nJuly 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Fund \n	\n Undistributed\n Income	\n Undistributed\n Long-term Capital Gains	\n Post\n October Loss and Late Year Loss	\n Accumulated\n Capital Gains/(Losses)	\n Net\n Unrealized Appreciation	\n Total\n Earnings
\n ARK\n Venture Fund	\n $— \n	\n $18,738,162 \n	\n $(2,035,831) \n	\n $— \n	\n $275,776,450 \n	\n $292,478,781 \n

At\nJuly 31, 2026, the effect of permanent book/tax reclassifications resulted in increase/(decrease) to the components of net assets\nas follows:

\n \n \n \n \n \n \n \n \n

\n Fund \n	\n Total\n Distributable Earnings	\n Paid-in\n Capital
\n ARK\n Venture Fund	\n $— \n	\n $— \n

The\ntax character of distributions paid during the years indicated was as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n Year\n Ended July 31, 2026	\n Year\n Ended July 31, 2025
\n Fund \n	\n Ordinary\n Income*	\n Long-Term\n Capital Gains	\n Ordinary\n Income*	\n Long-Term\n Capital Gains
\n ARK\n Venture Fund	\n $— \n	\n $— \n	\n $— \n	\n $345,035 \n

*\nFor tax purposes short-term capital gain distributions are considered ordinary income distributions.

Under\ncurrent tax regulations, capital losses on securities transactions realized after October 31 (“Post-October\nLosses”) and ordinary losses incurred after December 31 (“Late Year Ordinary Losses”) may be deferred and treated\nas occurring on the first business day of the following fiscal year. For the year ended July 31, 2026, the Fund incurred and\nelected to defer to August 1, 2026 Post-October Losses and Late Year Ordinary Losses as follows:

\n \n \n \n \n \n \n \n \n

\n Fund \n	\n Late\n Year Ordinary Deferral	\n Capital\n Post-October Loss
\n ARK\n Venture Fund	\n $2,035,831 \n	\n $— \n

8.\nRepurchase Offers

The\nFund is an “interval fund,” a type of fund which, to provide some liquidity to Shareholders, intends to make quarterly offers\nto repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the\n1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with\nany given repurchase offer, the Fund expects to make quarterly repurchase offers of 5% of the Fund’s outstanding Shares at net\nasset value. Quarterly repurchases occur in the months of March, June, September and December. The offer to purchase Shares is a\nfundamental policy that may not be changed without the vote of the holders of a majority of the Fund’s outstanding voting securities\n(as defined in the 1940 Act). Written notification of each quarterly repurchase offer (the “Repurchase Offer Notice”) is\nsent to Shareholders at least 21 and not more than 42 calendar days before the repurchase request deadline (i.e., the date by which\nShareholders can tender their Shares in response to a repurchase offer) (the “Repurchase Request Deadline”). The Fund expects\nto determine the NAV applicable to repurchases on the Repurchase Request Deadline, but it will in any case be calculated no later than\nthe 14th calendar day (or the next business day\nif the 14th calendar day is not a business day)\nafter the Repurchase Request Deadline (the “Repurchase Pricing Date”). The Fund expects to distribute payment to Shareholders\nbetween one and three business days after the

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\n \n \n \n \n

Notes\n to Consolidated Financial Statements (continued)

July\n 31, 2026

$\"\"$

Repurchase\nPricing Date but it will in any case distribute such payment no later than seven calendar days after such date. The Fund’s\nShares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly,\nyou may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term\ninvestment. In addition, the Fund’s repurchase offers may subject the Fund and Shareholders to special risks.

During\nthe year ended July 31, 2026, the Fund completed four quarterly repurchase offers. In these offers, the Fund offered to repurchase\nup to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The results of those repurchase offers were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n Repurchase Offer\n #1	\n Repurchase Offer\n #2	\n Repurchase Offer\n #3	\n Repurchase Offer\n #4
\n Repurchase\n Offer Notice	\n September\n 2, 2025	\n December\n 2, 2025	\n March\n 2, 2026	\n June\n 2, 2026
\n Repurchase\n Request Deadline	\n September\n 30, 2025	\n December\n 31, 2025	\n March\n 31, 2026	\n June\n 30, 2026
\n Repurchase\n Pricing Date	\n September\n 30, 2025	\n December\n 31, 2025	\n March\n 31, 2026	\n June\n 30, 2026
\n Repurchase\n Offer Amount	\n 5.00% \n	\n 5.00% \n	\n 5.00% \n	\n 5.00% \n
\n %\n of Shares Tendered	\n 1.50% \n	\n 1.51% \n	\n 1.73% \n	\n 4.23% \n
\n %\n of Shares Repurchased	\n 1.50% \n	\n 1.51% \n	\n 1.73% \n	\n 4.23% \n
\n Shares\n Tendered	\n 118,597 \n	\n 160,709 \n	\n 252,236 \n	\n 940,193 \n
\n Shares\n Repurchased	\n 118,597 \n	\n 160,709 \n	\n 252,236 \n	\n 940,193 \n
\n Percentage\n of Shares Tendered that were Repurchased:	\n 100% \n	\n 100% \n	\n 100% \n	\n 100% \n

9.\nIndemnification Obligations

The\nFund has a variety of indemnification obligations under contracts with their service providers. The Fund’s maximum exposure under\nthese arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of\nloss to be remote.

10.\nInvestment Risks

The\nFund’s prospectus contains additional information regarding the risks associated with an investment in the Fund.

Privately\nHeld Company Risk: The Fund invests primarily in privately-held companies. Investments in privately\nheld companies involve a number of significant risks, including the following: these companies may have limited financial resources and\nmay be unable to meet their obligations, which may be accompanied by a deterioration in the value of any collateral; they typically have\nshorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable\nto competitors’ actions and market conditions, as well as general economic downturns; they typically depend on the management talents\nand efforts of a small group of persons; there is generally little public information about these companies and these companies and their\nfinancial information are not subject to the Securities Exchange Act of 1934 and other regulations that govern public companies,\nand there may be an inability to uncover all material information about these companies; they generally have less predictable operating\nresults and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;\nchanges in laws and regulations, as well as their interpretations, may adversely affect their business, financial structure or prospects;\nand; they may have difficulty accessing the capital markets to meet future capital needs.

Simple\nAgreements for Future Equity Risk: The Fund has entered into simple agreements for future equity (“SAFEs”) with various\nportfolio companies. A SAFE is a contractual agreement that provides the Fund with the right to receive equity securities of a private\ncompany upon the occurrence of specified future events, typically a subsequent equity financing. SAFEs do not represent debt instruments\nand generally do not accrue interest, have a stated maturity date, or provide for mandatory repayment. Instead, upon a qualifying financing\nevent, the SAFE converts into preferred shares (or other equity securities) of the issuer, often at a discount to the financing price\nand/or subject to a valuation cap, as defined in the agreement. If a qualifying financing event does not occur, conversion may be triggered\nby other specified events, such as a change in control or liquidation, in accordance with the terms of the SAFE.

Valuation\nRisk: Because the Fund may invest a significant portion of its assets in non-publicly traded securities,\nthere will be uncertainty regarding the value of the Fund’s investments, which could adversely affect the determination of the\nFund’s net asset value. Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and\na prospective investor should invest in the Fund only if they can sustain a complete loss of their investment.

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\n \n \n \n \n \n

Notes\n to Consolidated Financial Statements (concluded)

July\n 31, 2026

Market\nRisk: The value of the Fund’s assets will fluctuate as the markets in which the Fund invests fluctuate. The value of the\nFund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as\ninflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products\nor resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events,\nother governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments\nmay be negatively affected by the occurrence of global events such as war, military conflict, acts of terrorism, social unrest, environmental\ndisasters, natural disasters or events, recessions, supply chain disruptions, political instability, exchange trading suspensions and\nclosures (including exchanges of the Fund’s underlying securities), infectious disease outbreaks or pandemics.

Concentration\nRisk: The Fund’s assets will be concentrated in securities of issuers having their principal business activities in groups\nof industries in the technology sector. To the extent that the Fund continues to be concentrated in groups of industries in the technology\nsector, the Fund will be subject to the risk that economic, political, business or other conditions that have a negative effect on such\nindustry groups will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety\nof sectors or industries.

11.\nNew Accounting Pronouncement

In\nDecember 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income\nTaxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the\ntransparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December\n15, 2024. The Fund has adopted ASU 2023-09, which did not have a material impact on the Fund’s\nfinancial statements or disclosures.

On\nSeptember 9, 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic\n820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions, that requires investment companies to incorporate\nthe effect of any contractual sale restriction when measuring the fair value of an equity security. ASU 2026-03\nalso requires investment companies to disclose the amount of any discount(s) attributable to contractual sale restrictions included in\nthe fair value measurement of equity securities. The new standard must be applied prospectively to all equity securities upon adoption\nwith any changes in fair value recorded as an adjustment to earnings. ASU 2026-03 is effective for annual\nreporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting\nperiods, with early adoption permitted. At\nthis time, management is still evaluating the potential impact of adopting the amendments and has not yet determined the impact, if any,\non the Fund’s financial statement disclosures.

12.\nSubsequent Events

Subsequent\nevents occurring after July 31, 2026 have been evaluated for potential impact to this Report through the date the Report was issued,\nand it has been determined that no events have occurred that require disclosure.

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\n \n \n \n \n

$\"\"$

Report\nof Independent Registered Public Accounting Firm

To\nthe Shareholders and the Board of Trustees of ARK Venture Fund

Opinion\non the Financial Statements

We\nhave audited the accompanying consolidated statement of assets and liabilities of ARK Venture Fund (the “Fund”), including\nthe consolidated schedule of investments, as of July 31, 2026, and the related consolidated statements of\noperations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the\nperiod then ended, the consolidated financial highlights for each of the three years in the period then ended and for the period from\nSeptember 1, 2022 (commencement of operations) to July 31, 2023 and the related\nnotes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,\nin all material respects, the consolidated financial position of the Fund at July 31, 2026, the consolidated\nresults of its operations and its cash flows for the year then ended, the consolidated changes in its net assets for each of the two years\nin the period then ended and its consolidated financial highlights for each of the three years in the period then ended and for the period\nfrom September 1, 2022 (commencement of operations) to July 31, 2023, in conformity\nwith U.S. generally accepted accounting principles.

Basis\nfor Opinion

These\nfinancial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund\nis not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part\nof our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing\nan opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.\n

Our\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July\n31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed\nother auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management,\nas well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for\nour opinion.

/s/\nErnst & Young LLP

We\nhave served as the auditor of one or more ARK Invest investment companies since 2022.

New\nYork, NY

September\n25, 2026

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\n \n \n \n \n \n

Supplemental\n Information (Unaudited)

Quarterly\nPortfolio Schedule. The ARK Venture Fund files with the Securities and Exchange Commission on Form N-PORT\nthe complete schedule of portfolio holdings for the Fund for the first and third quarters of each fiscal year. The ARK Venture Fund’s\nForms N-PORT are available on the Securities and Exchange Commission’s website at www.sec.gov. Copies\nof the filings are available without charge, upon request, by calling 888-511-2347. In addition, ARK Venture\nFund’s portfolio holdings are available on our website, www.ark-ventures.com. The ARK Venture Fund\nintends to publish complete portfolio holdings for the Fund as of the end of each month subject to a 1 business-day\nlag between the date of the information and the date on which the information is disclosed and further subject to certain portfolio holdings\nbeing anonymized until such holdings are required to be disclosed in a shareholder report or a N-PORT filing.

Proxy\nVoting Policies and Procedures. A description of ARK Investment Management LLC’s proxy voting policies and procedures, which\nare applicable to the ARK Venture Fund, is available without charge, upon request, by calling 888-511-2347\ncollect or visiting our website at www.ark-ventures.com or the Securities and Exchange Commission’s\nwebsite at www.sec.gov.

Proxy\nVoting Record. The ARK Venture Fund files with the Securities and Exchange Commission their proxy voting records on Form N-PX\nfor each 12 month period ending June 30. Form N-PX must be filed each year by\nAugust 31. The most recent Form N-PX or voting record information will be available without charge, upon\nrequest, by calling 888-511-2347 collect, visiting our website at www.ark-ventures.com,\nor visiting the Securities and Exchange Commission’s website at www.sec.gov.

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\n \n \n \n \n

Risks\n Involved with Investing in the Fund (Unaudited)

$\"\"$

This\nreport should be read in conjunction with the Fund’s prospectus.

The\nprincipal risks of investing in the ARK Venture Fund include:

Equity\nSecurities Risk: The value of the equity securities the Fund holds may fall due to general market and economic conditions, perceptions\nregarding the industries in which the issuers of securities the Fund holds participate or factors relating to specific companies in which\nthe Fund invests. These can include stock movements, purchases or sales of securities by the Fund, government policies, litigation and\nchanges in interest rates, inflation, the financial condition of the securities’ issuer or perceptions of the issuer, or economic\nconditions in general or specific to the issuer. Equity securities may also be particularly sensitive to general movements in the stock\nmarket, and a decline in the broader market may affect the value of the Fund’s equity investments. The Fund may invest in stock\nof, warrants to purchase stock of, and other interests in special purpose acquisition companies (SPACs) or similar special purposes entities.\nA SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments\nin SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and\nsimilar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities\nis particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until\nan acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government\nsecurities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible\nthat an investment in a SPAC may lose value.

Non-Diversification\nRisk: The Fund is classified as a “non-diversified” investment company under the 1940\nAct. Therefore, the Fund may invest a relatively higher percentage of its assets in a relatively smaller number of issuers and may invest\na larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact\non the Fund’s NAV and may make the Fund more volatile than more diversified funds.

Disruptive\nInnovation Risk: Companies that the Adviser believes are capitalizing on disruptive innovation and developing technologies to displace\nolder technologies or create new markets may not in fact do so. Companies that initially develop a novel technology may not be able to\ncapitalize on the technology. Companies that develop disruptive technologies may face political or legal impediments attributable to competitors,\nindustry groups or local and national governments. These companies may also be exposed to risks applicable to sectors other than the disruptive\ninnovation theme for which they are chosen, and the securities issued by these companies may underperform the securities of other companies\nthat are primarily focused on a particular theme. The Fund may invest in a company that does not currently derive any revenue from disruptive\ninnovations or technologies, and there is no assurance that a company will derive any revenue from disruptive innovations or technologies\nin the future. A disruptive innovation or technology may constitute a small portion of a company’s overall business. As a result,\nthe success of a disruptive innovation or technology may not affect the value of the equity securities issued by the company.

Repurchase\nProgram Risk: Although the Fund has implemented a quarterly share repurchase program, there is no guarantee that an investor will\nbe able to sell all of the Shares that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity.

Communications\nSector Risk: The Fund will be more affected by the performance of the communications sector than a fund with less exposure to such\nsector. Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological\nadvancement and the innovation of competitors. Companies in the communications sector may also be affected by other competitive pressures,\nsuch as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally,\nfluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically\naffect a communication company’s profitability. While all companies may be susceptible to network security breaches, certain companies\nin the communications sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions\nin service, which could have a material adverse effect on their businesses.

Consumer\nDiscretionary Risk: The consumer discretionary sector may be affected by changes in domestic and international economies, exchange\nand interest rates, competition, consumers’ disposable income and consumer preferences, social trends and marketing campaigns.

Cybersecurity\nRisk: As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible\nto potential operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional\nevents that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could\ncause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or\nfinancial loss. Cybersecurity breaches may involve unauthorized access to the Fund’s digital information systems through “hacking”\nor malicious software coding, but may also result from outside attacks such as denial-of-service attacks\nthrough efforts to make network services unavailable to intended users. In addition, cybersecurity breaches of the Fund’s third-party\nservice providers, such as its administrator, transfer agent or custodian, or issuers in which the Fund invests, can also subject the\nFund to many of the same risks associated with direct

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\n \n \n \n \n \n

Risks\n Involved with Investing in the Fund (Unaudited) (continued)

cybersecurity\nbreaches. While the Fund has established business continuity plans and risk management systems designed to reduce the risks associated\nwith cybersecurity, there are inherent limitations in such plans and systems. Additionally, there is no guarantee that such efforts will\nsucceed, especially because the Fund does not directly control the cybersecurity systems of issuers or third-party\nservice providers.

Financial\nTechnology Risk: Companies that are developing financial technologies (“FinTech”) that seek to disrupt or displace\nestablished financial institutions generally face competition from much larger and more established firms. FinTech Innovation Companies\nmay not be able to capitalize on their disruptive technologies if they face political and/or legal impediments attributable to competitors,\nindustry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. A FinTech\nInnovation Company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative\ntechnologies in the future. Additionally, FinTech Innovation Companies may be adversely impacted by potential rapid product obsolescence,\ncybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.

Future\nExpected Genomic Business Risk: The Adviser may invest some of the Fund’s assets in Genomics Revolution Companies that do\nnot currently derive a substantial portion of their current revenues from genomic-focused businesses and\nthere is no assurance that any company will do so in the future, which may adversely affect the ability of the Fund to achieve its investment\nobjective.

Health\nCare Sector Risk: The health care sector may be affected by government regulations and government health care programs, restrictions\non government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability\nclaims, among other factors. Many health care companies are: (i) heavily dependent on patent protection and intellectual property rights\nand the expiration of a patent may adversely affect their profitability; (ii) subject to extensive litigation based on product liability\nand similar claims; and (iii) subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price\ndiscounting. Many health care products and services may be subject to regulatory approvals. The process of obtaining such approvals may\nbe long and costly, and delays or failure to receive such approvals may negatively impact the business of such companies. Additional or\nmore stringent laws and regulations enacted in the future could have a material adverse effect on such companies in the health care sector.\nIn addition, issuers in the health care sector include issuers having their principal activities in the biotechnology industry, medical\nlaboratories and research, drug laboratories and research and drug manufacturers, which have the additional risks described below.

A\nbiotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products\nand can accordingly be greatly affected if one of its products proves, among other things, unsafe, ineffective or unprofitable. Biotechnology\ncompanies are subject to regulation by, and the restrictions of, the U.S. Food and Drug Administration, the U.S. Environmental Protection\nAgency, state and local governments, and foreign regulatory authorities.

Companies\nin the pharmaceutical industry can be significantly affected by, among other things, government approval of products and services, government\nregulation and reimbursement rates, product liability claims, patent expirations and protection and intense competition.

Information\nTechnology Sector Risk: The information technology sector includes companies engaged in internet software and services, technology\nhardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment. Information\ntechnology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins.\nInformation technology companies may have limited product lines, markets, financial resources or personnel. The products of information\ntechnology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable\nchanges in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain\na loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s\nbusiness. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright\nand trademark protections may adversely affect the profitability of these companies.

Internet\nCompany Risk: Many Internet-related companies have incurred large losses since their inception and\nmay continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies\nexpect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet\ncompanies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements,\nand changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the\ncompany’s business. Additionally, the widespread adoption of new Internet, networking, telecommunications technologies, or other\ntechnological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure,\nwhich could have a material adverse effect on an Internet company’s business. Competitive pressures may have a significant effect\non the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies\nmay become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user\nproducts, under-utilization of manufacturing capacity, and

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Risks\n Involved with Investing in the Fund (Unaudited) (continued)

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other\nfactors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face\nhigh capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may\ncause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor\nsector have been and likely will continue to be extremely volatile. The software industry can be significantly affected by intense competition,\naggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant\ncompetitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated\nrate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the\nrisks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These\nfactors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral\nto the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining\n(or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which\nsignificantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software\ncompanies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other\nsecurities, especially over the short term.

Issuer\nRisk: Because the Fund may invest in approximately 40 to 50 issuers, it is subject to the risk that the value of the Fund’s\nportfolio may decline due to a decline in value of the equity securities of particular issuers. The value of an issuer’s equity\nsecurities may decline for reasons directly related to the issuer, such as management performance and reduced demand for the issuer’s\ngoods or services.

Large-Capitalization\nCompanies Risk: Large-capitalization companies are generally less volatile than companies with smaller\nmarket capitalizations. In exchange for this potentially lower risk, the value of large-capitalization companies\nmay not rise as much as that of companies with smaller market capitalizations.

Leverage\nRisk: The use of leverage can create risks. Leverage can increase market exposure, increase volatility in the Fund, magnify investment\nrisks, and cause losses to be realized more quickly. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy\nits obligations or to meet asset segregation requirements when it may not be advantageous to do so.

Management\nRisk: The Fund is subject to management risk. The ability of the Adviser to successfully implement the Fund’s investment\nstrategies will significantly influence the Fund’s performance. The success of the Fund will depend in part upon the skill and\nexpertise of certain key personnel of the Adviser, and there can be no assurance that any such personnel will continue to be associated\nwith the Fund.

Micro-Capitalization\nCompanies Risk: Micro-capitalization companies are subject to substantially greater risks of loss\nand price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant\nlosses). Their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.\nThe shares of micro-capitalization companies tend to trade less frequently than those of larger, more established\ncompanies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

Next\nGeneration Internet Companies Risk: The risks described below apply, in particular, to the Fund’s investment in Next Generation\nInternet Companies.

Internet\ninformation provider companies provide Internet navigation services and reference guide information and publish, provide or present proprietary\nadvertising and/or third party content. Such companies often derive a large portion of their revenues from advertising, and a reduction\nin spending by or loss of advertisers could seriously harm their business. This business is rapidly evolving and intensely competitive,\nand is subject to changing technologies, shifting user needs, and frequent introductions of new products and services. The research and\ndevelopment of new, technologically advanced products is a complex and uncertain process requiring high levels of innovation and investment,\nas well as the accurate anticipation of technology, market trends and consumer needs. The number of people who access the Internet is\nincreasing dramatically and a failure to attract and retain a substantial number of such users to a company’s products and services\nor to develop products and technologies that are more compatible with alternative devices, could adversely affect operating results. Concerns\nregarding a company’s products, services or processes that may compromise the privacy of users or other privacy related matters,\neven if unfounded, could damage a company’s reputation and adversely affect operating results.

Catalog\nand mail order house companies may be exposed to significant inventory risks that may adversely affect operating results due to, among\nother factors: seasonality, new product launches, rapid changes in product cycles and pricing, defective merchandise, changes in consumer\ndemand and consumer spending patterns, or changes in consumer tastes with respect to products. Demand for products can change significantly\nbetween the time inventory or components are ordered and the date of sale. The acquisition of certain types of inventory or components\nmay require significant lead-time and prepayment and they may not be returnable. Failure to adequately predict\ncustomer

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Risks\n Involved with Investing in the Fund (Unaudited) (concluded)

demand\nor otherwise optimize and operate distribution centers could result in excess or insufficient inventory or distribution capacity, result\nin increased costs, impairment charges, or both. The business of catalog and mail order house companies can be highly seasonal and failure\nto stock or restock popular products in sufficient amounts during high demand periods could significantly affect revenue and future growth.\nIncreased website traffic during peak periods could cause system interruptions which may reduce the volume of goods sold and the attractiveness\nof a company’s products and services.

Small-\nand Medium-Capitalization\nCompanies Risk: Small- and medium-capitalization companies may be more volatile and more likely than\nlarge-capitalization companies to have narrower product lines, fewer financial resources, less management\ndepth and experience and less competitive strength. Returns on investments in securities of small- and medium-capitalization\ncompanies could trail the returns on investments in securities of large-capitalization companies.

Tax\nRisk: To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the\nFund must meet certain source-of-income, asset diversification and annual distribution requirements, and\nfailure to do so could result in the loss of RIC status.

Unlisted\nShares: Unlike many closed-end funds, the Fund’s Shares will not be listed on any securities\nexchange which exposes the Shares to liquidity risk.

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Board\n Approval of Management Agreement (Unaudited)

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Annual\nReview and Approval of ARK Venture Fund Contract

Under\nSection 15(c) of the Investment Company Act of 1940 (“1940 Act”), the ARK Venture Fund’s (“Fund”) Board\nof Trustees (“Trustees” or “Board”), including a majority of Trustees who are not “interested persons”\nof the Fund (as that term is defined in the 1940 Act) (“Independent Trustees”), is required annually to consider whether\nto approve the continuation of the Investment Advisory Agreement between the Fund and ARK Investment Management, LLC (“ARK”)\n(the “Management Agreement”) on behalf of the Fund.

In\nadvance of the quarterly Board meeting held on June 29, 2026 (“Meeting”), the Independent Trustees\nand their counsel reviewed and discussed with representatives of an independent data provider the report prepared by that provider, that\ncompared, among other things, the Fund’s performance, fees and expenses with those of comparable funds managed by other investment\nadvisers in connection with the Independent Trustees’ consideration of the continuation of the Management Agreement. The Independent\nTrustees also considered other information, provided to the Board during the year, as part of its evaluation process. Prior to voting\non the Management Agreement, the Independent Trustees met in Executive Session with ARK’s senior management and also met in private\nsessions with their counsel at which time no representatives of management were present.

After\nthe presentation of relevant information by ARK’s senior management and extensive discussions prior to and at the Meeting, the\nTrustees, including the Independent Trustees voting separately, unanimously approved the continuance of the Management Agreement on behalf\nof the Fund. The determination made by all of the Trustees to approve the continuation of the Management Agreement was made on the basis\nof each Trustee’s business judgment after considering all of the information presented to them. Individual Trustees may have given\ndifferent weights to certain factors and assigned various degrees of materiality to information received in connection with the contract\nreview process. In approving the continuation of the Management Agreement for the Fund, the following factors were considered by the Trustees,\nand no one factor was determinative:

(a) The\nnature, extent and quality of the services provided by ARK to the Fund under the Management Agreement. The Trustees considered\nthe nature, extent and quality of the services that ARK provides and will continue to provide under the Management Agreement, including:\n(i) the qualifications of the portfolio managers, analysts and other key personnel of ARK who provide and will continue to provide the\nsupervisory and investment advisory services to the Fund; and (ii) the terms of the Management Agreement. The Trustees considered ARK’s\nsenior management’s discussion of the various duties and responsibilities of ARK under the Management Agreement. The Trustees also\nconsidered the organizational structure of ARK, the quality of ARK’s investment, administrative, operations, compliance and legal\npersonnel and ARK’s management of the operations of the Fund.

Based\non these and other factors, the Trustees concluded that the nature, extent and quality of the investment advisory services that ARK provides\nto the Fund by ARK are satisfactory and support the decision of the Trustees to approve the continuation of the Management Agreement with\nrespect to the Fund.

(b)\nThe investment performance of the Fund relative to comparable funds managed by other investment advisers and relevant market indices.\nThe Trustees considered a report prepared by an independent data provider, which compared the performance of the Fund to that of comparable\nfunds as identified by such independent data provider for the one- and three-year periods ended March\n31, 2026, as applicable. The Trustees also considered ARK’s senior management’s discussion of the relative performance\nof the Fund for the periods ended March 31, 2026 and year to date.

Based\nupon their review of the investment performance of the Fund and ARK’s senior management’s discussion of the investment performance\nof the Fund, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of comparable\nfunds and relevant market indices.

(c)\nA comparison of the management fee of the Fund with those of comparable funds managed by other investment advisers and other funds and\naccounts managed by ARK with comparable investment strategies. The Trustees considered a report prepared by an independent data\nprovider, which compared the management fees paid by the Fund with those paid by comparable funds as identified by such independent data\nprovider. The Board noted that the management fee paid by the Fund generally was in line with the applicable peer group median. The Board\nalso considered fee information for comparable funds and accounts managed by ARK. The Board noted that the fees paid by certain funds\nand accounts managed by ARK are the same as the management fee paid by the Fund and that in instances where comparable funds or accounts\nmanaged by ARK paid lower fees than the Fund, ARK generally provides these clients with fewer services than it provides to the Fund.

Based\non their review of the comparative fee data and the other factors considered, the Trustees concluded that the management fee paid by the\nFund was reasonable considering the services received by the Fund.

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Board Approval of Management Agreement (Unaudited) (concluded)

(d)\nA comparison of the net expense ratio of the Fund with those of comparable funds managed by other investment advisers. The Trustees\nconsidered a report prepared by an independent data provider, which compared the net expense ratio of the Fund with the net expense ratios\nof comparable funds as identified by such independent data provider. The Trustees noted that the Fund’s net expense ratio was in\nline with the applicable peer group median.

Based\non the net expense ratio comparisons provided to the Board and other factors considered, the Trustees concluded that the net expense ratio\nof the Fund was reasonable.

(e)\nThe extent to which economies of scale may be realized as the Fund’s assets increase and whether fee levels would reflect economies\nof scale. The Trustees considered ARK’s senior management’s discussion of the structure of the current management\nfees and noted that ARK had contractually agreed to waive fees and/or reimburse certain expenses in order to limit certain of the Fund’s\noperating expenses.

(f)\nThe cost of the services provided and profits realized by ARK from the relationship with the Fund. The Trustees considered the\nrevenues ARK received from the Fund and the costs ARK incurred in providing services to the Fund and that ARK had contractually agreed\nto waive fees and/or reimburse certain expenses in order to limit certain of the Fund’s operating expenses. The Trustees noted\nthat for the 2025 calendar year, the Fund had not been profitable to ARK.

Based\non the information provided to the Trustees, the Trustees concluded that despite ARK’s lack of profitability from managing the\nFund, the quality and scope of services provided by ARK are reasonable considering the overall investment performance of the Fund.

(g)\nBenefits derived or to be derived by ARK and its affiliates from ARK’s relationship with the Fund. The Trustees noted that\nARK’s reputation as an asset manager has likely benefited from the performance of the Fund and had the potential to aid ARK in\ngathering assets for its non-fund business operations. The Trustees also considered that ARK’s affiliates\nwere likely to benefit from the popularity and positive reception of the Fund.

The\nBoard concluded that the nature and amount of any indirect benefits received by ARK and its affiliates from ARK’s relationship\nwith the Fund are reasonable.

(h)\nFinancial Resources of ARK. The Trustees then considered whether ARK was financially sound and had adequate resources to perform\nits obligations under the Management Agreement.

Based\non the information provided to the Board, the Trustees concluded that ARK had sufficient financial resources necessary to continue to\nperform its obligations under the Management Agreement.

General\nConclusion. Based on its consideration of the factors discussed above, and such other information as it deemed appropriate and\nrelevant, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve the continuation of the\nManagement Agreement, including the fees payable under that Agreement. Accordingly, the Board, with Independent Trustees voting separately,\nunanimously approved the continuation of the Management Agreement with respect to the Fund for an additional one-year\nperiod.

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\n \n \n \n \n

Board\n of Trustees and Executive Officers (Unaudited)

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Independent\nTrustees

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Name,\n Address(1)\n and Year of Birth	\n Position(s) Held\n with the Trust	\n Term\n of Office(2)\n and Length of Time Served	\n Principal\n Occupation(s) During Past Five Years	\n Other\n Directorships Held By Trustee During Past Five Years
\n Scott\n R. Chichester, 1970	\n Trustee \n	\n Since\n April 27, 2022	\n Chief\n Financial Officer, Sterling Consolidated Corp (2011 – 2024); Director and Founder, DirectPay USA LLC (since 2006) (payroll\n company); Founder, Madison Park Advisors LLC (since 2011) (public company advisory); Proprietor, Scott R. Chichester CPA (since 2001)\n (CPA firm); Co-Founder, Midland Capital Holdings Corp (bank holding company)	\n Director\n of Sterling Consolidated Corp (2011 – 2024); Director and Audit Committee Chair of Midland Capital Holdings Corp \n
\n Darlene\n T. DeRemer, 1955	\n Trustee \n	\n Since\n April 27, 2022	\n Retired. \n	\n Trustee,\n Member of Investment and Endowment Committee of Syracuse University (since 2010); Director, Alpha Healthcare Acquisition Corp. III\n (since 2021 – 2023); Interested Trustee, Esoterica Thematic Trust (2020 – 2021); Director member\n of each of the Audit, Governance, Compliance and Ethics and Brokerage Committees, Core Bridge/Valic Trust (since 2022);
\n Robert\n G. Zack, 1948	\n Trustee \n	\n Since\n April 27, 2022	\n Adjunct\n Professor at the University of Virginia School of Law (since 2014); President, Visionaire Condominium (since 2014)	\n Trustee\n of University of Virginia Law School Foundation (2011 – 2022).

Interested\nTrustee

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Name,\n Address(1) and\n Year of Birth	\n Position(s) Held\n with the Trust	\n Term\n of Office(2) and\n Length of Time Served	\n Principal\n Occupation(s) During Past Five Years	\n Other\n Directorships Held By Trustee During Past Five Years
\n Catherine\n D. Wood, 1955	\n Chief\n Executive Officer, Chief Investment Officer and Trustee	\n Since\n April 27, 2022	\n Managing\n Member, Founder and Chief Executive Officer, ARK Investment Management LLC (since 2013)	\n I\n Director, MIMIK Technologies Inc. (since 2021); NexPoint Advisors: NexPoint Diversified Real Estate Trust (since 2022), NexPoint Real\n Estate Finance Inc. (since 2020), NexPoint Residential Trust Inc. (since 2020), VineBrook Homes Trust Inc. (since 2020), NexPoint Homes\n Trust (since 2022); Board Member, Strange Brewing SA (since 2018); Board of Directors, spark Labs (since 2022); Board of Directors, The\n Tifin Group LLC (since 2021).

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\n \n \n \n \n \n

Board\n of Trustees and Executive Officers (Unaudited) (concluded)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Officer’s\n Name, Address(1) and\n Year of Birth	\n Position(s) Held\n with the Trust	\n Term\n of Office(2) and\n Length of Time Served	\n Principal\n Occupation(s) During The Past Five Years
\n Catherine\n D. Wood, 1955	\n Trustee,\n Chief Executive Officer and Chief Investment Officer	\n Since\n April 27, 2022	\n Managing\n Member, Founder and Chief Executive Officer, ARK Investment Management LLC (since 2013).
\n Kellen\n Carter, 1982	\n Chief\n Legal Officer and Secretary	\n Since\n April 27, 2022	\n Chief\n Legal Officer (since 2026), Chief Compliance Officer (2016 – 2026), Associate General Counsel, ARK Investment Management LLC (since\n April 2016); Interim General Counsel, ARK Investment Management LLC (2016 – 2018); Corporate Counsel, ARK Investment Management\n LLC (since July 2018).
\n Glyn\n Hunter, 1986	\n Chief\n Financial Officer and Chief Accounting Officer	\n Since\n September 22, 2026	\n Director\n of Fund Accounting — Ventures, ARK Investment Management LLC (since May 2026); Director, PricewaterhouseCoopers LLP (2011 –\n 2026).
\n Kathleen\n Fontano, 1981	\n Chief\n Compliance Officer and Director of Compliance	\n Since\n August 1, 2026	\n Chief\n Compliance Officer (since August 2026); Director of Compliance, ARK Investment Management LLC (since November 2020).
\n Thomas\n G. Staudt, 1987	\n President \n	\n Since\n April 27, 2022	\n Chief\n Operating Officer, ARK Investment Management LLC (since April 2018); Interim Chief Operating Officer, ARK Investment Management LLC (2016\n – 2018).

For\nmore information regarding the Trustees and officers, please refer to the Statement of Additional Information, which is available, without\ncharge, upon request by calling 1-888-511-2347.

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\n \n \n \n \n \n

General\n Information (Unaudited)

Investment\nAdviser

ARK\nInvestment Management LLC

200\nCentral Avenue, Suite 220

St.\nPetersburg, FL 33701

Administrator,\nCustodian, Transfer Agent, and Accounting Agent

The\nBank of New York Mellon

240\nGreenwich Street

New York,\nNY 10286

Distributor

Foreside\nFund Services, LLC

Three\nCanal Plaza, Suite 100

Portland,\nME 04101

Independent\nRegistered Public Accounting Firm

Ernst &\nYoung LLP

One\nManhattan West

New York,\nNY 10001

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This\nreport is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective\ninvestors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risks, objectives,\nfees and expenses, experience of their management, and other information.

ARK\nInvest | 200 Central Avenue, St. Petersburg, FL 33701 | 888.511.2347 | info@ark-invest.com | ark-ventures.com

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(b) Not\napplicable.

Item 2. Code\nof Ethics.

(a) The\nregistrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal\nexecutive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless\nof whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(c) There\nhave been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s\nprincipal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,\nregardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of\nethics description enumerated in paragraph (b) of this item.

(d) The\nregistrant has not granted any waivers, including an implicit waiver, from a provision of the Code of Ethics that applies to the registrant’s\nprincipal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,\nregardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set\nforth in Item 2(b) of Form N-CSR.

(e) Not\napplicable.

(f) A\ncopy of the Code of Ethics is filed as an Exhibit.

Item 3. Audit\nCommittee Financial Expert.

As\nof the end of the period covered by the report, the registrant’s board of trustees\nhas\ndetermined that Scott R. Chichester is qualified to serve as an audit committee financial expert serving on its audit committee and\nthat he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal\nAccountant Fees and Services.

Audit\nFees

(a) The\naggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial\nstatements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements\nfor the fiscal years are $255,950 for July 31, 2025 and $454,600 for July 31, 2026.

Audit-Related\nFees

(b) The\naggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably\nrelated to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item\nare $0 for July 31, 2025 and $0 for July 31, 2026.

Tax\nFees

(c) The\naggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance,\ntax advice, and tax planning are $12,730 for July 31, 2025 and $13,240 for July 31, 2026.

The\nservices comprising the fees disclosed under this category are:

1. Review\nand sign as paid preparer the federal, excise and state tax returns for each fund

2. Assist\nmanagement with identification of PFICs through subscription to EY’s proprietary PFIC Analyzer

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All\nOther Fees

(d) The\naggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than\nthe services reported in paragraphs (a) through (c) of this Item are $0 for July 31, 2025 and $0 for July 31, 2026.

(e)(1) The\nregistrant’s audit committee (“Audit Committee”) has adopted an Audit and Non-Audit Services Pre-Approval Policy\n(“Pre-Approval Policy”) that applies to any and all engagements of the independent auditor to the registrant for audit,\nnon-audit, tax or other services. Pursuant to the Pre-Approval Policy, the Audit Committee is required to pre-approve the audit services\nand permissible non-audit services proposed to be performed by the independent auditor for the registrant to assure that the independence\nof the auditor is not in any way compromised or impaired. In assessing whether a particular audit or non-audit service should be approved,\nthe Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services,\nbased on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees\npaid for audit services does not compromise or impair the independence of the auditor. The Audit Committee may either grant general pre-approval\nof proposed services of the independent auditor through adoption of a list of authorized services together with a budget of expected costs\nfor those services (“general pre-approval”), or specific pre-approval of services provided on a case-by-case basis (“specific\npre-approval”). Unless particular services have received general pre-approval, those services will require specific pre-approval\nby the Audit Committee before any such services can be provided by the independent auditor. The annual audit services engagement terms\nand fees for the independent auditor for the registrant require specific pre-approval of the Audit Committee. The Audit Committee may\ngrant general pre-approval for (i) other audit services, which are those services that only the independent auditor reasonably can\nprovide, (ii) audit related services, (iii) those tax services that have historically been provided by the independent auditor,\nand (iv) those permissible non-audit services classified as “all other” services that the Audit Committee believes\nare routine and recurring services. The Audit Committee from time to time may delegate either general or specific pre-approval authority\nto one or more of its members. Any member to whom such authority is delegated must report, for informational purposes only, any pre-approval\ndecisions to the Audit Committee at its next scheduled meeting. The Audit Committee has not delegated either general or specific pre-approval\nauthority to one or more of its members.

(e)(2) The\npercentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee\npursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(d) N/A

(f) The\npercentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements\nfor the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time,\npermanent employees was less than fifty percent.

(g) The\naggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's\ninvestment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by\nanother investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing\nservices to the registrant for the registrant’s fiscal year ended July 31, 2025 were $467,730 and for July 31, 2026 were $473,251.

(h) The\nregistrant’s audit committee of the board of trustees has\nconsidered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including\nany sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and\nany entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant\nthat were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining\nthe principal accountant’s independence.

(i) Not\napplicable.

(j) Not\napplicable.

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Item 5. Audit\nCommittee of Listed Registrants.

The\nRegistrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act\n(15 U.S.C. 78c(a)(58)(A)) consisting of three Independent Trustees. Messrs. Chichester and Zack and Ms. DeRemer currently serve as\nmembers of the Audit Committee. Mr. Chichester is the Chairman of the Audit Committee.

Item 6. Investments.

(a) The\nSchedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report\nto shareholders filed under Item 1(a) of this form.

(b) Not\napplicable.

Item 7. Financial\nStatements and Financial Highlights for Open-End\nManagement Investment Companies.

(a) Not\napplicable.

(b) Not\napplicable.

Item 8. Changes\nin and Disagreements with Accountants for Open-End\nManagement Investment Companies.

Not\napplicable.

Item 9. Proxy\nDisclosures for Open-End\nManagement Investment Companies.

Not\napplicable.

Item 10. Remuneration\nPaid to Directors, Officers, and Others of Open-End\nManagement Investment Companies.

Not\napplicable.

Item 11. Statement\nRegarding Basis for Approval of Investment Advisory Contract.

The\nCompany’s statement regarding the basis for approval of its investment advisory contract is included as part of the report to shareholders\nfiled under Item 1(a) of this form.

Item 12. Disclosure\nof Proxy Voting Policies and Procedures for Closed-End\nManagement Investment Companies.

A\ncopy of the Company’s Proxy Voting Policies and Procedures is attached herewith.

ARK\nINVESTMENT MANAGEMENT LLC

Proxy\nVoting Policy

I. Introduction

ARK\nInvestment Management LLC (“Adviser”) has adopted this Proxy Voting Policy (“Policy”) pursuant to Rule 206(4)-6\nunder the Investment Advisers Act of 1940, as amended (“Advisers Act”), Rule 30b1-4 under the Investment\nCompany Act of 1940, as amended, and other fiduciary obligations. The Policy is designed to provide guidance to the Investment\nTeam1\nand others in discharging the Adviser’s proxy voting duty and to seek to ensure that proxies are voted in the best interests of\nthe Adviser’s clients.

II. Statement\nof Policy

The\nAdviser recognizes its fiduciary responsibility to vote proxies solely in the client’s best interests. The Adviser has adopted\nthis Policy as a means reasonably designed to ensure that it votes any shares owned by clients, which have delegated discretionary proxy\nvoting authority to the Adviser, in the best interest of the clients considering all relevant factors and without regard to the

____________

1 The\nAdviser’s Portfolio Manager, Associate Portfolio Managers, Traders, Directors of Research and Research Analysts, including Research\nAssociates and Analyst Interns, Director of Investment Analysis and Institutional Strategies and Chief Futurist.

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interests\nof the Adviser or other related parties. For purposes of the Policy, the “best interests of clients” shall mean (unless\nwith respect to a particular client, such client has otherwise specified) the clients’ best economic interests over the long term — that\nis, the common interest that all clients share in seeing the value of a common investment (held by various clients or accounts) increase\nover time. The Adviser will accept directions from a client to vote the client’s proxies in a manner that may result in such client’s\nproxies being voted differently than the Adviser might vote proxies of other clients over which the Adviser has full discretionary proxy\nvoting authority. The Adviser believes such client directions should be treated as customized proxy voting guidelines and this Policy\ndoes not generally apply to customized proxy voting guidelines.

It\nis the policy of the Adviser that complete and accurate disclosure concerning its proxy voting policies and procedures and proxy voting\nrecords, as required by the Advisers Act, be made available to those clients that have delegated discretionary proxy voting authority\nto the Adviser. Specific disclosure requirements as to investment company clients, such as the ARK Venture Fund and series of ARK ETF\nTrust (“Trusts”), are described in section V hereof and in the Trust Compliance Manual. Exceptions to this Policy,\nincluding without limitation section V.3, may be granted with the prior written approval of the Adviser’s Chief Compliance\nOfficer or delegate (“CCO”).

III. Procedures

Subject\nto the procedures set forth below, the Adviser maintains responsibility for reviewing all proxies individually and making final decisions\nbased on the merits of each case.

1. Use\nof Third-Party Proxy Service

In\nconnection with its responsibilities expressed herein the Adviser has retained Broadridge Investor Communication Solutions, Inc. (“Proxy\nAgent”) to provide proxy voting agent services. The Proxy Agent is responsible for ensuring that all proxy ballots received for\nsecurities held in client accounts are submitted in a timely manner and also provides recordkeeping and reporting services. As part of\nthe Adviser’s arrangement with the Proxy Agent it will provide research for each proxy and a recommendation as to how to vote on\neach issue based on the research of a third-party research provider (Glass, Lewis & Co., LLC) (“Research Provider”)\nwith regard to the individual facts and circumstances of the proxy issue and the Research Provider’s application of its research\nfindings to the Research Provider’s guidelines. The Adviser will utilize the Research Provider’s guidelines to help improve\nits understanding of the issues surrounding a company’s proxy proposals. Absent a client directive to vote a proposal a certain\nway or a determination to override the Research Provider’s recommendations, as set forth below, the Adviser will instruct the Proxy\nAgent to cast votes in accordance with the Research Provider’s recommendations (“Recommendation”). The Adviser will\nultimately follow the voting guidelines outlined in Sections 2 and 3 below.

2. Voting\nGuidelines

The\nAdviser has approved proxy voting guidelines applicable to the subject matters of common proxy proposals (the “Approved Guidelines”)\nbased on the Research Provider’s guidelines. As discussed in Section 3 of this Policy, depending on the subject matter of\na proposal, the Adviser may vote in accordance with a Recommendation, override a Recommendation, and/or consider a proxy proposal on a\ncase-by-case basis. The Adviser holds the right to override any Recommendation they deem fit, as long as it provides and documents valid\nreasoning. The decision to override remains the responsibility of each company’s lead analyst, or his/her designee, as well as\nthe Adviser’s Portfolio Manager for its indexed products (collectively referred to as the “Lead”).

Among\nother things, the Adviser may choose not to vote proxies under the following circumstances:

1. if\nthe effect on the clients’ economic interests or the value of the portfolio holding is indeterminable or insignificant;

2. if\nthe cost of voting the proxy outweighs the possible benefit; or

3. if\na jurisdiction whose laws or regulations govern the voting of proxies with respect to the portfolio holding impose share blocking restrictions\nwhich prevent the Adviser from exercising its voting authority.

If\nfor some other reason proxies are not voted for clients, the Adviser and/or a third-party will conduct an analysis to review whether the\nlack of voting would have had a material impact on the outcome of the vote. The Adviser will memorialize the basis for any decision to\noverride a Recommendation or to abstain from voting, including the resolution of any conflicts, as further discussed below. Administrative\nmatters beyond the Adviser’s control can, at times, prevent the Adviser from voting proxies.

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3. Subject\nMatter Considerations

Determinations\non how to vote proxies will depend largely on the subject matter of the ballot item. When determining how to vote proxies, the Adviser\nwill be guided by the Approved Guidelines set forth below. These general policies are intended to promote a consistent approach to proxy\nvoting.

1. Executive,\nDirector, and Employee Compensation

The\nAdviser supports efforts by companies to adopt compensation and incentive programs to attract and retain talent. In instances where the\nRecommendation is against a compensation-based proposal, the Lead will review the proposal and generally override the Recommendation.

2. Auditors

The\nAdviser agrees with the Research Provider’s guidelines to support auditor ratification except when the non-audit fees exceed the\naudit fees paid to the auditor. Therefore, the Adviser will vote in line with the Recommendation on auditor-focused proposals.

3. Election\nof Directors and Committee Members

The\nAdviser predominately believes that company management is in the best position to choose which individuals to elect and re-elect to the\ncompany’s Board of Directors and Committees. In instances where the Recommendation is against the election or re-election of a\ndirector, the Lead will review the proposal and the Research Provider’s reasoning against the election and generally override the\nRecommendation.

4. Shareholder\nRights and Governance

The\nAdviser agrees with the Research Provider’s guidelines to support proposals increasing or enhancing shareholder rights such as\ndeclassifying the board, eliminating supermajority voting, allowing shareholders to call a special meeting, and adopting majority voting\nfor the election of directors. The Adviser also agrees with voting against proposals to eliminate or reduce shareholder rights. Therefore,\nthe Adviser will generally vote in line with the Recommendation on shareholder rights proposals.

5. Mergers,\nAcquisitions and Contested Meetings

The\nAdviser believes that proposals related to mergers, acquisitions and contested meetings should be examined on a case-by-case basis. The\nLead will review the facts of each merger, acquisition and contested meeting ballot item and have the option to override the Recommendation\nif they deem fit.

6. Shareholder\nProposals: Environment

The\nAdviser believes that shareholder proposals asking the issuer to adopt a certain practice or take certain actions, to cause a particular\npractice or to cease certain practices or take certain actions related to a company’s activities or operations should be reviewed\non a case-by-case basis. Such proposals include those seeking to cease a certain practice or take certain actions related to a company’s\nactivities or operations, seeking enhanced environmental disclosure and reporting, including those seeking sustainability reporting and\ndisclosure about company’s greenhouse gas emissions, as well as those advocating compliance with international environmental conventions\nand adherence to environmental principles. The Lead will review the facts of each environmental-based shareholder proposal and have the\noption to override the Recommendation if they deem fit in the best interests of the Adviser’s clients.

7. Shareholder\nProposals: Social

The\nAdviser believes that shareholder proposals requesting companies adhere to labor or worker treatment codes of conduct, such as those espoused\nby the International Labor Organization, relating to labor standards, human rights conventions and corporate responsibility at large conventions\nand principles, should be reviewed on a case-by-case basis. The Adviser also agrees to review proposals seeking disclosure concerning\nthe rights of workers, impact on local stakeholders, workers’ rights and human rights in general and proposals seeking to increase\nreporting and review of a company’s political and charitable spending as well as its lobbying practices on a case-by-case basis.\nThe Lead will review the facts of each social-based shareholder proposal and have the option to override the Recommendation if they deem\nfit in the best interests of the Adviser’s clients.

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8. Other\nCategories

The\nResearch Provider’s guidelines are not all-encompassing and do not include all subject matters. The items listed below are subject\nmatters not covered by the Research Provider’s guidelines, that the Adviser has drafted Approved Guidelines for:

a. Employment/Service\nAgreements of Employees

Generally,\nthe Adviser supports efforts by companies to adopt employment and service agreements for employees to attract and retain talent and will\nvote with management on such ballot items. In instances where the Recommendation is against a proposal regarding an employment and/or\nservice agreement, the Lead will review the proposal and generally override the Recommendation.

b. Approval/Ratifications\nof Company Documents

The\nAdviser generally votes with the recommendation of company management on ballot items relating to the approval and/or ratification of\ncompany documents (i.e. financial statements, Articles of Association, bylaws) based on the view that management is typically in a better\nposition to assess these matters. Therefore, in instances where the Recommendation is against a proposal regarding these items, the Lead\nwill review the proposal and generally override the Recommendation.

c. Approval\nof Allocation of Income and Dividends

The\nAdviser generally votes with the recommendation of company management on ballot items relating to the approval of allocation of income\nand dividends based on the view that management is typically in a better position to assess these matters. Therefore, in instances where\nthe Recommendation is against a proposal regarding these items, the Lead will review the proposal and generally override the Recommendation.

If\na ballot item is related to subject matter outside of those described above, the Lead will review the ballot item and Recommendation on\na case-by-case basis and with the option to override the Recommendation if they deem fit.

The\nAdviser will review, and update, if necessary, the Approved Guidelines, periodically and upon major updates to the Research Provider’s\nRecommendations.

4. Addressing\nMaterial Conflicts of Interest

Prior\nto overriding a Recommendation, the Lead must memorialize the determination by filling out a Proxy Vote Override Form and submit it to\nthe Adviser’s Chief Compliance Officer or delegate (“CCO”) for determination as to whether a potential material conflict\nof interest exists between the Adviser and the clients on whose behalf the proxy is to be voted (“Material Conflict”). Each\nLead has an affirmative duty to disclose any potential Material Conflicts known to them related to a proxy vote. Material Conflicts may\nexist in situations where the Adviser is called to vote on a proxy involving an issuer or proponent of a proxy proposal regarding the\nissuer where the Adviser also:

1. manages\nthe issuer’s or proponent’s pension plan; or

2. manages\nmoney for an employee group.

Additional\nMaterial Conflicts may exist if an executive of the Adviser is a close relative of, or has a personal or business relationship with:

1. an\nexecutive of the issuer or proponent;

2. a\ndirector of the issuer or proponent;

3. a\nperson who is a candidate to be a director of the issuer;

4. a\nparticipant in the proxy contest; or

5. a\nproponent of a proxy proposal.

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Material\nConflicts based on business relationships will only be considered to the extent that the Lead has actual knowledge of such business relationships.\nWhether a relationship creates a Material Conflict will depend on the facts and circumstances. Even if these parties do not attempt to\ninfluence the Adviser with respect to voting, the value of the relationship to the Adviser can create a Material Conflict.

If\nthe CCO determines that there is no potential Material Conflict, the Lead may override the Recommendation and the proxy issue can be voted\nas he/she determines is in the best interest of clients. If the CCO determines that there exists or may exist a Material Conflict, the\nCCO will consider the facts and circumstances of the pending proxy vote and the potential or actual Material Conflict and make a determination\nas to how to vote the proxy — i.e., whether to permit or deny the override of the Recommendation, or whether to take\nother action, such as delegating the proxy vote to an independent third party or obtaining voting instructions from clients. In considering\nthe proxy vote and potential or actual Material Conflict, the CCO may consider the following factors:

1. the\npercentage of outstanding securities of the issuer held on behalf of clients by the Adviser;

2. the\nnature of the relationship of the issuer with the Adviser or its executive officers;

3. whether\nthere has been any attempt to directly or indirectly influence the lead analyst’s decision;

4. whether\nthe direction (for or against) of the proposed vote would appear to benefit the Adviser or a related party; and

5. whether\nan objective decision to vote in a certain way will still create a strong appearance of a conflict.

The\nAdviser may not abstain from voting any such proxy for the purpose of avoiding a potential conflict.

In\nthe event the Research Provider has a conflict and thus, is unable to provide a Recommendation, the Lead will make a voting recommendation\nand complete a Proxy Vote Override Form as he/she determines is in the best interest of clients. The CCO will review the form and if the\nCCO determines that there is no potential or actual Material Conflict will instruct the Proxy Agent to vote the proxy issue. If the CCO\ndetermines that there exists or may exist a Material Conflict, the CCO will decide based on a consideration of the factors noted above.

5. Lending

The\nAdviser will monitor upcoming meetings and call stock loans, if applicable, in anticipation of an important vote to be taken among holders\nof the securities or of the giving or withholding of their consent on a material matter affecting the investment. In determining whether\nto call stock loans, the relevant Lead shall consider whether the benefit to the client in voting the matter outweighs the benefit to\nthe client in keeping the stock on loan.

IV. Compliance\nMonitoring

The\nCCO will periodically review Proxy Agent reports of overrides to confirm that proper override and conflict checking procedures were followed.

V. Client\nReporting

1. General

The\nAdviser will provide a copy of this Policy and the Research Provider’s guidelines upon request from a client.

The\nAdviser will provide any client who makes a written or verbal request with a copy of a report disclosing how the Adviser voted securities\nheld in that client’s portfolio.

2. Investment\nCompany Clients

The\nAdviser will provide a copy of this Policy and the Research Provider’s guidelines, and any material amendments thereto, to the\nboard of directors/trustees of any registered investment company client, including each Trust’s Board of Trustees.

The\nAdviser will report overrides, any exceptions to this Policy granted by the CCO, and the reasons therefore, to each Trust’s Board\nof Trustees.

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With\nrespect to proxies voted on behalf of a registered investment company client, the Adviser will make Form N-PX available via the SEC’s\nEDGAR database. Form N-PX discloses all proxies voted for such client for the trailing-12-month period ending on June 30. The\nreport will generally contain the following information:

1. the\nname of the issuer of the security;

2. the\nsecurity’s CUSIP number;

3. the\nsecurity’s ISIN number;

4. the\nshareholder meeting date;

5. a\nbrief description of the matter voted on;

6. the\nvote category;

7. an\nadditional description if the vote category is “Other”;

8. whether\nthe matter was proposed by the issuer or by a security holder;

9. the\nnumber of shares voted;

10. the\nnumber of shares on loan;

11. how\nthe Registrant voted; and

12. whether\nthe Registrant voted for or against management.

The\nAdviser will review that proper disclosure is made in each registered investment company client’s Statement of Additional Information\ndescribing the policies and procedures used to determine how to vote proxies relating to such client’s portfolio securities.

3. Disclosure\nto Third Parties

Since\nthe manner in which the Adviser votes proxies on behalf of its clients may be considered material non-public information, employees may\nnot disclose the Adviser’s actual vote (until voting results are made public) or the Adviser’s voting intentions to any\nthird party (except electronically to regulatory agencies) including, but not limited to, proxy solicitors, non-clients, and the media.\nThe Adviser may communicate with other investors regarding a specific proposal but will not disclose its vote until such time as the subject\nissuer has publicly disclosed the voting results.

VI. Recordkeeping

Either\nthe Adviser or the Proxy Agent, or both, as indicated below, will maintain the following records:

1. a\ncopy of this Policy (Adviser);

2. a\ncopy of the Research Provider’s guidelines (Adviser);

3. a\ncopy of each proxy statement received by the Adviser regarding client securities (Proxy Agent);

4. a\nrecord of each vote cast by the Adviser on behalf of a client (Proxy Agent);

5. a\ncopy of all documents created by the Adviser that were material to making a decision on the proxy voting (or abstaining from voting) of\nclient securities or that memorialize the basis for that decision including the resolution of any conflict, a copy of all Proxy Vote Override\nForms and all supporting documents (Adviser); and

6. a\ncopy of each written request by a client for information on how the Adviser voted proxies on behalf of the client, as well as a copy of\nany written response by the Adviser to any request by a client for information on how the Adviser voted proxies on behalf of the client.\nRecords of oral requests for information or oral responses will not be kept. (Adviser)

Such\nrecords must be maintained for at least six years.

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VII. Class Action

The\nAdviser may take action regarding class action suits, with respect to securities owned by its clients, for those clients which have delegated\nclass action authority to the Adviser. In connection with its class action responsibilities, the Adviser has retained Broadridge Investor\nCommunication Solutions, Inc. (“Broadridge”) to provide class action services. Broadridge is authorized to:

1. Provide\nasset recovery services covering global securities class action lawsuits and disgorgements;

2. File\nthe proof of claim and the required documentation directly with the claims administrator; and

3. Collect\nand receive payment from the claims administrator and distribute as directed by the Adviser.

Adopted:\nAugust 2014

Amended:\nFebruary 2, 2015

Amended:\nFebruary 16, 2016

Amended:\nJune 12, 2017

Amended:\nJanuary 26, 2018

Amended:\nJanuary 25, 2019

Amended:\nMay 29, 2020

Amended:\nJuly 9, 2021

Amended:\nApril 27, 2022

Amended:\nDecember 30, 2022

Amended:\nOctober 2, 2023

Amended:\nJune 5, 2024

Amended:\nJuly 1, 2024

Amended:\nNovember 30, 2025

Item 13. Portfolio\nManagers of Closed-End Management Investment Companies.

(a)(1) Identification\nof Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

Catherine\nD. Wood is the Fund’s portfolio manager and is responsible for the day-to-day management of the Fund’s portfolio\nand the selection of its investments.

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Name \n		\n Position(s) Held\n with Company		\n Principal\n Occupations Last 5 Years
\n Catherine\n D. Wood		\n Trustee,\n Chief Executive Officer and Chief Investment Officer		\n Managing\n Member, Founder and Chief Executive Officer, ARK Investment Management LLC (since 2013).

(a)(2) Other\nAccounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

Information\nprovided as of July 31, 2026:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n of Portfolio
Manager

Type\n of Accounts

Total\n
No. of
Accounts
Managed

Total\n
Assets

No.\n of
Accounts where
Advisory Fee
is Based on
Performance

Total\n Assets in
Accounts where
Advisory Fee is
Based on
Performance

Catherine\n D. Wood

Registered\n investment companies

12,185,681,531

Other\n pooled investment vehicles

9,189,001,653

1,188,627,561

Other\n accounts

915,166,239

Potential\nConflicts of Interests

ARK\nInvestment Management LLC (“ARK” or “Adviser”) has a fiduciary duty to act in the best interest of its clients,\nto treat all clients equitably, and to disclose all material facts, including potential conflicts of interest. Potential conflicts of\ninterest may arise from time to time between a portfolio manager’s management of the investments of the Fund, on the one hand,\nand the management of other accounts, on the other (“side-by-side management”). Since the Adviser manages accounts other\nthan the Fund, its duty of

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loyalty\nto one client may at times conflict with its duty of loyalty to another client, particularly with respect to allocating trades. Other\naccounts managed by the Adviser’s portfolio manager might have similar investment objectives or strategies as the Fund or otherwise\nhold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different\ninvestment objectives or strategies than the Fund. Based on this relationship, the potential conflicts of interest that may arise from\nthe Adviser’s side-by-side management of the Fund and other accounts include: limitation of trading based on the Adviser’s\nknowledge of Fund and/or other account trading; inability to take advantage of certain investment opportunities; possibility of contrary\npositions amongst the Fund and other accounts; issues related to aggregation and allocation of trades; and potential exposure to soft\ndollars.

(a)(3) Compensation\nStructure of Portfolio Manager(s) or Management Team Members

Catherine\nD. Wood, Chief Investment Officer and principal owner of the Adviser, does not receive a salary, but as the significant equity holder\nof ARK, may receive earnings from ARK. Ms. Wood may also receive a discretionary bonus based on the quality of the advisory services\nand the overall financial performance of ARK. As Chief Investment Officer and principal owner of the Adviser and portfolio manager\nof the Fund, Catherine D. Wood may benefit economically from any profits generated by the Adviser.

(a)(4) Disclosure\nof Securities Ownership

The\nfollowing indicates the dollar range of beneficial ownership of shares by the Portfolio Manager or Management Team Member as of July 31,\n2026:

\n \n \n \n \n \n \n \n \n

\n Name \n		\n Dollar Range\n of Fund Shares Beneficially Owned
\n Catherine\n D. Wood		\n Over\n $1,000,000

(b) Not\napplicable.

Item 14. Purchases\nof Equity Securities by Closed-End\nManagement Investment Company and Affiliated Purchasers.

(a) Not\napplicable.

Item 15. Submission\nof Matters to a Vote of Security Holders.

There\nhave been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees,\nwhere those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of\nRegulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls\nand Procedures.

(a) As\nof a date within 90 days of the filing date of this Form N-CSR, the registrant’s principal executive and principal financial\nofficers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as\ndefined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR\n270.30a-3(c))) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the\n1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as\namended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There\nwere no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the\n1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably\nlikely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure\nof Securities Lending Activities for Closed-End\nManagement Investment Companies.

(a) Not\napplicable.

(b) Not\napplicable.

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Item 18. Recovery\nof Erroneously Awarded Compensation.

Not\nApplicable.

Item 19. Exhibits.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n (a)(1) \n		\n Code\n of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
\n (a)(2) \n		\n Not\n applicable.
\n (a)(3) \n		\n Certifications\n pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. \n
\n (a)(4) \n		\n There\n were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the\n report by or on behalf of the Registrant to 10 or more persons.
\n (a)(5) \n		\n There\n was no change in the Registrant’s independent public accountant during the period covered by the report.
\n (b) \n		\n Certifications\n pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. \n

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SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant\nhas duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n (Registrant) \n		\n ARK\n Venture Fund
\n By\n (Signature and Title)*		\n /s/\n Catherine D. Wood
		\n Catherine\n D. Wood
		\n Chief\n Executive Officer and Chief Investment Officer
		\n (principal\n executive officer)
\n Date \n		\n October\n 7, 2026

Pursuant\nto the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report\nhas been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n By\n (Signature and Title)*		\n /s/\n Catherine D. Wood
		\n Catherine\n D. Wood
		\n Chief\n Executive Officer and Chief Investment Officer
		\n (principal\n executive officer)
\n Date \n		\n October\n 7, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n By\n (Signature and Title)*		\n /s/\n Glyn Hunter
		\n Glyn\n Hunter
		\n Chief\n Financial Officer and Chief Accounting Officer
		\n (principal\n financial officer)
\n Date \n		\n October\n 7, 2026

* Print\nthe name and title of each signing officer under his or her signature.

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