# EDGAR Filing Document

**Accession Number:** 0001858660
**File Stem:** 0001049169-26-000395
**Filing Date:** 2026-2
**Character Count:** 8308
**Document Hash:** d6d7a2ce08c3385f8d948c73c8aae6b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000395.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001049169-26-000395

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USVC Venture Capital Access Fund
- **CENTRAL INDEX KEY:** 0001858660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23660
- **FILM NUMBER:** 26693922

**BUSINESS ADDRESS:**
- **STREET 1:** 140 LAKESIDE AVENUE, SUITE 100
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98122
- **BUSINESS PHONE:** 833-729-0934

**MAIL ADDRESS:**
- **STREET 1:** 140 LAKESIDE AVENUE, SUITE 100
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SVX LLC
- **DATE OF NAME CHANGE:** 20220616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silicon Valley Access Fund LLC
- **DATE OF NAME CHANGE:** 20220209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AL Venture Fund LLC
- **DATE OF NAME CHANGE:** 20210422

## Nport-Ex

USVC Venture Capital Access Fund

Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Private Assets - 43.47%(1)** | **Acquisition**<br> **Date** | **Cost** | **Value** |
| **Venture Capital Fund - 21.73%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquired Capital Fund I LP<sup>(2)(3)</sup> | 11/24/2025 | $1800000 | $1800000 |
| **Special Purpose Vehicle - 21.74%** |  |  |  |
| &nbsp;&nbsp;&nbsp;NB Ventures XAI II LP<sup>(2)(3)</sup> | 12/16/2025 | 1891892 | 1801802 |
| **Total Private Assets** |  | **3691892** | **3601802** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Investments- 56.18%** | **Shares** | | |
| **Money Market Fund - 56.18%** |  |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.66%(4) | 4655539 | 4655539 | 4655539 |
| **Total Short-Term Investments** |  | **4655539** | **4655539** |
| **Total Investments - 99.65%** |  | $**8347431** | $**8257341** |
| **Other Asset and Liabilities, Net - 0.35%** |  |  | **28936** |
| **Net Assets - 100.00%** |  |  | $**8286277** |

---

*<sup>(1)</sup>* *The Fund is not affiliated with, nor does it "control" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")), any of the issuers listed. In general, under the 1940 Act, the Fund would be presumed to "control" an issuer if it owned 25% or more of its voting securities and would be an "affiliate" of the portfolio company if we owned 5% or more of its voting securities.*

*<sup>(2)</sup>* *All securities exempt from registration under the Securities Act of 1933, as amended, and are deemed to be "restricted securities".*

*<sup>(3)</sup>* *Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $3,601,802, which represents 43.47% of total net assets of the Fund.*

*<sup>(4)</sup>* *The rate shown is the annualized 7-day yield as of December 31, 2025.*

**Restricted Securities** – Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board. The private investment funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Fund may not be able to resell some of its investments for extended periods, which may be several years.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition Date** | **Cost** | **Value** | **Percent of Net Assets** |
| Acquired Capital Fund I LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/24/2025 | $1800000 | $1800000 | 21.73% |
| NB Ventures XAI II LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/16/2025 | 1891892 | 1801802 | 21.74% |
| Total |  | $3691892 | $3601802 | 43.47% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** USVC Venture Capital Access Fund

- **b. Investment Company Act file number:** 811-23660

- **c. CIK number of Registrant:** 0001858660

- **d. LEI of Registrant:** 549300F3DEA1Z3M31X44

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 140 LAKESIDE AVE SUITE 100

  - **City:** SEATTLE

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 98122

  - **Telephone number:** 8882004361

**Item A.2. Information about the Series.**

- **a. Name of Series:** USVC Venture Capital Access Fund

- **c. LEI of Series:** 549300F3DEA1Z3M31X44

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8275863.48

**Total Liabilities:** $9586.23

**Net Assets:** $8266277.25

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A |  |  | -1.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $-90090.00                                 |

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                        | NB Ventures XAI II LP                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1801802 | OU      | $1801802.00   | 21.80%            |  |  |  | Yes           |                  3 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4655539 | NS      | $4655539.16   | 56.32%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | Acquired Capital Fund I LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   1800000 | OU      | $1800000.00   | 21.78%            |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** USVC Venture Capital Access Fund

**Signature:** Daniel Hess

**Name of Signer:** Daniel Hess

**Title:** Fund Principal Financial Officer/Treasurer