# EDGAR Filing Document

**Accession Number:** 0001638600
**File Stem:** 0000894189-25-004426
**Filing Date:** 2025-6
**Character Count:** 146485
**Document Hash:** 34e8638ede7dd21d5001546c4eac4268
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-004426.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0000894189-25-004426

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250611

**EFFECTIVENESS DATE**: 20250611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USCA All Terrain Fund
- **CENTRAL INDEX KEY:** 0001638600

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23055
- **FILM NUMBER:** 251039508

**BUSINESS ADDRESS:**
- **STREET 1:** 4444 WESTHEIMER, SUITE G500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 713-366-0500

**MAIL ADDRESS:**
- **STREET 1:** 4444 WESTHEIMER, SUITE G500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

------

As filed with the U.S. Securities and Exchange Commission on 6/11/2025

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>811-23055</u>**

#### USCA All Terrain Fund
(Exact name of registrant as specified in charter)

#### 4444 Westheimer, Suite G500
**<u>Houston, TX 77027</u>**<br> (Address of principal executive offices) (Zip code)

#### The Corporation Trust Company

#### Corporation Trust Center

#### 1209 Orange Street
**<u>Wilmington, DE 19801</u>**<br> (Name and address of agent for service)

<u>(713) 366-0500</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

------

#### Item 1. Reports to Stockholders.

(a) USCA All Terrain Fund

Annual Report<br> March 31, 2025

------

**USCA All Terrain Fund**<br> **Table of Contents**

---

| | |
|:---|:---|
| [Shareholder Letter (Unaudited)](#AnnualShareholderLetter) | 1 |
| [Investment Strategy Allocation](#InvestmentStrategyAllocat) | 5 |
| [Schedule of Investments](#uscaatncsra003) | 6 |
| [Statement of Assets & Liabilities](#uscaatncsra004) | 7 |
| [Statement of Operations](#uscaatncsra005) | 8 |
| [Statements of Changes in Net Assets](#uscaatncsra006) | 9 |
| [Statement of Cash Flows](#uscaatncsra007) | 10 |
| [Financial Highlights](#uscaatncsra008) | 11 |
| [Notes to Financial Statements](#uscaatncsra009) | 12 |
| [Report of Independent Registered Public Accounting Firm](#uscaatncsra010) | 21 |
| [Additional Information (Unaudited)](#uscaatncsra011) | 22 |
| [Trustees and Officers (Unaudited)](#uscaatncsra012) | 23 |
| [Approval of Investment Advisory Agreement (Unaudited)](#uscaatncsra013) | 24 |
| [Privacy Policy (Unaudited)](#uscaatncsra014) | 26 |
| [Fund Service Providers (Unaudited)](#uscaatncsra015) | 28 |

---

------

#### All Terrain Fund

#### Annual Shareholder Letter
March 31, 2025 (unaudited)

Dear Shareholder,

For the fiscal year ended March 31, 2025 (the "**Period**"), All Terrain Fund ("**ATF**") returned 2.02%, net of fees and expenses, versus 5.79% for a 60/40 blend<sup>1</sup> of stocks<sup>2</sup> and bonds<sup>3</sup>. While ATF lagged the traditional blend and its components, we believe its performance – and how it was achieved – underscores the resilience and purpose of the strategy.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Fiscal** |
|  | &nbsp;&nbsp;**Apr** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**Jun** | &nbsp;&nbsp;**Jul** | &nbsp;&nbsp;**Aug** | &nbsp;&nbsp;**Sep** | &nbsp;&nbsp;**Oct** | &nbsp;&nbsp;**Nov** | &nbsp;&nbsp;**Dec** | &nbsp;&nbsp;**Jan** | &nbsp;&nbsp;**Feb** | &nbsp;&nbsp;**Mar** | &nbsp;&nbsp;**Year** |
| &nbsp;&nbsp;**ATF** | &nbsp;&nbsp;**-0.60%** | &nbsp;&nbsp;**0.36%** | &nbsp;&nbsp;**-0.43%** | &nbsp;&nbsp;**1.33%** | &nbsp;&nbsp;**0.89%** | &nbsp;&nbsp;**0.75%** | &nbsp;&nbsp;**-0.10%** | &nbsp;&nbsp;**1.83%** | &nbsp;&nbsp;**-0.75%** | &nbsp;&nbsp;**1.40%** | &nbsp;&nbsp;**-1.16%** | &nbsp;&nbsp;**-1.46%** | &nbsp;&nbsp;**2.02%** |
| &nbsp;&nbsp;Global Equities<sup>1</sup> | &nbsp;&nbsp;-3.67% | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;2.68% | &nbsp;&nbsp;1.87% | &nbsp;&nbsp;-1.96% | &nbsp;&nbsp;4.62% | &nbsp;&nbsp;-2.57% | &nbsp;&nbsp;3.55% | &nbsp;&nbsp;-0.69% | &nbsp;&nbsp;-4.40% | &nbsp;&nbsp;**7.50%** |
| &nbsp;&nbsp;Global Bonds<sup>2</sup> | &nbsp;&nbsp;-2.52% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;0.14% | &nbsp;&nbsp;2.76% | &nbsp;&nbsp;2.37% | &nbsp;&nbsp;1.70% | &nbsp;&nbsp;-3.35% | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;-2.15% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;**3.05%** |
| &nbsp;&nbsp;60/40 Blend<sup>3</sup> | &nbsp;&nbsp;-3.21% | &nbsp;&nbsp;3.24% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;2.17% | &nbsp;&nbsp;2.56% | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;-2.52% | &nbsp;&nbsp;2.91% | &nbsp;&nbsp;-2.40% | &nbsp;&nbsp;2.36% | &nbsp;&nbsp;0.16% | &nbsp;&nbsp;-2.39% | &nbsp;&nbsp;**5.79%** |

---

The past year presented a difficult backdrop for portfolio construction. Both stocks and bonds delivered positive headline returns but masked considerable turbulence beneath the surface. Equity markets swung sharply, with a -4.40% drawdown in March alone. Bonds harbored similar pockets of volatility, offering little in the way of a reliable ballast. Investors hoping for diversification between the two were, once again, left wanting.

While ATF struggled in some of the more difficult months for stocks and bonds, it remained true to its mandate, preserving capital through these dislocations. In fact, over the volatile final six months of the fiscal year, ATF delivered a modest -0.30%, while stocks, bonds, and the 60/40 blend were all down approximately -2%.

ATF's returns were supported by contributions across most major strategies, with nearly every strategy producing positive results on an absolute basis. Notably, long equity and long/short equity – long bias achieved strong outperformance relative to equities. Our shift toward nuanced managers, constructing more concentrated but fundamentally thoughtful portfolios stock by stock, was rewarded.

Long/short equity – low market exposure managers and multi-strategy managers delivered positive, if somewhat disappointing, results. We view these allocations as intended to be "market neutral," and though performance fell short of our expectations, the results were directionally constructive. Most of the pressure in these strategies occurred in late February and into March, coinciding with the largest hedge fund de-grossing since the GameStop short squeeze of January 2021 and the COVID-induced panic of March 2020.

De-grossing events are like fire drills in crowded theaters – when panic sets in, everyone rushes for the exits at once, regardless of how good the show is. These episodes tend to occur when market prices disconnect from fundamentals, forcing managers to prioritize risk reduction over conviction. While individual positions vary dramatically across market neutral managers, the portfolios often share a structural logic: long the "cheap," short the "expensive." ATF's managers deliberately avoid crowding – and we deliberately avoid managers who we expect to crowd – but process alone can't shield against the second-order effects of market stress. When volatility rises and losses mount, preservation trumps pride. Portfolios are rapidly de-risked not because any thesis is broken, but because the rules of engagement have changed. The result is often a cascade of forced selling that overwhelms fundamentals, turning differentiated positions into unintended consensus. While these periods can ultimately reset the opportunity set, they rarely feel good as they unfold.

------

Global macro delivered a decent, differentiated return, especially helpful during periods of equity-bond correlation. Managed Futures, which delivered positive returns in fiscal year 2023 and were standout performers in fiscal year 2022, lagged this fiscal year as market reversals and choppiness limited trend persistence. One of the paradoxes of diversification is that if every part of your portfolio is performing well at once, you're probably not actually all that diversified. We will accept the small drags in off years just as we accept the massive lifts in other years.

The two other losing strategies, event driven and relative value, have been exited – not due to performance, but due to fit. The event driven strategy was one of ATF's best performing funds while it was in the portfolio, but the manager was beginning to favor less liquid situations. While we believe the outcomes could still be good, we prioritize ATF's underlying liquidity. The relative value strategy was a merger arbitrage strategy, which we believe would be challenged to generate returns in the future (apparently so did the manager as they elected to wind down the fund not long after we put in our redemption).

---

| | | | |
|:---|:---|:---|:---|
|  | Trailing 12 Months | Trailing 12 Months | Trailing 12 Months |
|  | Average | Attribution | Return on |
|  | <u>Allocation</u> | <u>Gross of Fees</u> | <u>Invested Capital</u> |
| &nbsp;&nbsp;Cash | 4.8% | 0.6% | 16.2% |
| &nbsp;&nbsp;Long Equity | 8.0% | 0.4% | 10.9% |
| &nbsp;&nbsp;Long/Short Equity – Long Bias | 26.2% | 2.0% | 9.3% |
| &nbsp;&nbsp;Long/Short Equity – Low Market Exposure | 16.2% | 0.2% | 2.3% |
| &nbsp;&nbsp;Event Driven | 5.4% | 0.1% | -1.1% |
| &nbsp;&nbsp;Global Macro | 9.5% | 0.5% | 6.0% |
| &nbsp;&nbsp;Managed Futures | 9.1% | -0.5% | -5.6% |
| &nbsp;&nbsp;Multi-Strategy | 19.5% | 0.5% | 3.3% |
| &nbsp;&nbsp;Relative Value | 1.3% | -0.1% | -2.9% |
| &nbsp;&nbsp;In Liquidation | 0.0% | 0.0% | -56.6% |
|  | 100.0% | 3.6% |  |

---

Markets continue to evolve, and the attendant changes reinforce our conviction in ATF's core philosophy. Bonds are no longer the uncorrelated hedge they once appeared to be. Equity valuations remain elevated. Volatility – interest rates, inflation, geopolitics, etc. – is not going anywhere. Traditional portfolios are being tested, especially as more investors begin to draw on their assets for real -world needs. A crystallized drawdown is a lot worse than any that occurs on paper (i.e., ATF's lower risk profile helps avoid crystallizing losses when things get dire in other areas of the market).

As long-time readers will recall, we tend to think that forecasts – or opinions on politics or fears of uncertainty – are like noses. Maybe we all have them. Maybe they all smell. That's about it. What we do believe in is preparation for and fidelity to our well-laid strategic goals. ATF was not designed to hit the cover off the ball or win every inning – it was built to endure across regimes and to seek to generate consistent, positive return on capital over the long-term. We believe this year's results, while modest, are a reflection of that philosophy in practice.

------

As always, we thank you for your continued trust and confidence, and we look forward to the opportunities and challenges the new fiscal year will most assuredly present.

Sincerely,

Phil Pilibosian, JD/MBA, Portfolio Manager

Bryan Prihoda, MBA/CAIA, Portfolio Manager

------

**Standardized Performance Disclosure (unaudited)**

**Growth of $10,000** <br> **(7/1/15 - 3/31/25)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**1-Year** | <br>**3-Year** | **Annualized Returns**<br>**5-Year** | <br>**Since Inception (July 2015)** |
| &nbsp;&nbsp;**ATF** | **2.02%** | **5.87%** | **11.09%** | **5.02%** |
| &nbsp;&nbsp;Global Equities<sup>1</sup> | 7.50% | 8.08% | 16.67% | 10.28% |
| &nbsp;&nbsp;Global Bonds<sup>2</sup> | 3.05% | -1.63% | -1.39% | 0.74% |
| &nbsp;&nbsp;60/40 Blend<sup>3</sup> | 5.79% | 4.25% | 9.30% | 6.59% |

---

\*The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. **Past performance is not a guarantee of future results.** 

\*\*The graph and tables presented above do not reflect the deduction of taxes that a shareholder would pay on ATF distributions or the sale of ATF shares.

<sup>1</sup> *60/40 Blend*. The 60/40 Blend represents the performance of a portfolio that consists 60% of the MSCI World Index and 40% of the Bloomberg Global Aggregate Bond Index rebalanced monthly. Investors cannot invest directly in an index.

<sup>2</sup> *MSCI World Index*. The MSCI World Index captures large- and mid-cap representation across 23 Developed Markets (DM) countries. With 1,648 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

<sup>3</sup> *Bloomberg Global Aggregate Bond Index.* The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. There are four regional aggregate benchmarks that largely comprise the Global Aggregate Bond Index: the US Aggregate (USD300mn), the Pan-European Aggregate, the Asian-Pacific Aggregate, and the Canadian Aggregate Indices. The Global Aggregate Bond Index also includes Eurodollar, Euro-Yen, and 144A Index-eligible securities, and debt from five local currency markets not tracked by the regional aggregate benchmarks (CLP, MXN, ZAR, ILS and TRY). A component of the Multiverse Index, the Global Aggregate Bond Index was created in 2000, with index history backfilled to January 1, 1990. Investors cannot invest directly in an index.

------

**USCA All Terrain Fund**

 **Investment Strategy Allocation** <br> **March 31, 2025 (unaudited)**

(expressed as a percentage of net assets)

------

**USCA All Terrain Fund**

**Schedule of Investments** <br> **March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cost** | **Value** | **Frequency of**<br> **Redemptions <sup>b</sup>** | **Redemption**<br> **Notification**<br> **Period (Days) <sup>b</sup>** |
| **INVESTMENTS IN PRIVATE INVESTMENT COMPANIES <sup>c</sup> - 90.89% <sup>a</sup>** |  |  |  |  |
| **Long Equity - Global - 8.22%** |  |  |  |  |
| WMQS Global Equity Active Extension Onshore Fund L.P. - Class F-2 *(Initially Acquired on 5/1/2018)* <sup>f</sup> | $56014 | $2267944 | Monthly | 30 |
| **Global Macro - 10.26%** |  |  |  |  |
| Brevan Howard L.P. - Series B *(Initially Acquired on 6/26/2015)* <sup>e, f</sup> | 395362 | 928159 | Monthly | 90 |
| Brevan Howard L.P. - Series M *(Initially Acquired on 8/1/2021)* <sup>e, f</sup> | 125000 | 157090 | Monthly | 90 |
| Mission Crest Macro Fund, L.P. - Series A *(Initally Acquired on 10/1/2022*) <sup>f</sup> | 1700000 | 1743274 | Monthly | 60 |
|  |  | 2828523 |  |  |
| **Long/Short Equity - 40.57%** |  |  |  |  |
| 4D Capital Partners, L.P. *(Initially Acquired on 2/1/2024)* <sup>f</sup> | 1550000 | 1675096 | Quarterly | 45 |
| Dayah Alpha Partners, LP Class F1 *(Initially Acquired on 1/1/2025)* <sup>e, f</sup> | 1500000 | 1495794 | Quarterly | 60 |
| Cooper Creek Partners LLC - Class B *(Initially Acquired on 3/1/2023)* <sup>f</sup> | 850000 | 1316418 | Monthly | 45 |
| Greenlight Capital, L.P. - Gold Interests *(Initially Acquired on 3/1/2023)* <sup>e, f</sup> | 793341 | 1813511 | Quarterly | 45 |
| SIO Partners, L.P. *(Initially Acquired on 6/1/2020)* <sup>e, f</sup> | 623220 | 1440109 | Monthly | 60 |
| Southpoint Qualified Fund L.P. - Class A *(Initially Acquired on 10/1/2020)* <sup>e, f</sup> | 487500 | 577422 | Quarterly | 60 |
| Spruce Point Research Activism Partners L.P. - Class I *(Initially Acquired on 5/1/2021)* <sup>f</sup> | 731381 | 1553668 | Monthly | 45 |
| Stanley Partners Fund, L.P. *(Initially Acquired on 7/1/2020)* <sup>f</sup> | 125000 | &nbsp;&nbsp;&nbsp;1315563 | Monthly | 30 |
|  |  | 11187581 |  |  |
| **Managed Futures - 9.95%** |  |  |  |  |
| The Winton Fund (US) L.P. - Tranche A *(Initially Acquired on 8/1/2015)* <sup>f</sup> | 846000 | 1430243 | Monthly | 30 |
| Winton Trend Fund (US), L.P. *(Initially Acquired on 1/1/2019)* <sup>f</sup> | 725000 | 1316444 | Weekly | 2 |
|  |  | 2746687 |  |  |
| **Multi-Strategy - 21.89%** |  |  |  |  |
| North Rock Fund, L.P. - Series E *(Initially Acquired on 11/1/2021)* <sup>f</sup> | 1900000 | 3091493 | Monthly | 90 |
| Riverview Omni Fund L.P. *(Initially Acquired on 1/1/2023)* <sup>e, f</sup> | 2100000 | 2944885 | Quarterly | 60 |
|  |  | 6036378 |  |  |
| ***TOTAL INVESTMENTS IN PRIVATE INVESTMENT COMPANIES*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;***(Cost $14,507,818)*** |  | $25067113 |  |  |
| **Total Investments (Cost $14,507,818) - 90.89% <sup>a</sup>** |  | $**25067113** |  |  |
| Other Assets in Excess of Liabilities (9.11)% <sup>a</sup> |  | 2512773 |  |  |
| **TOTAL NET ASSETS - 100.00%<sup>a</sup>** |  | $**27579886** |  |  |

---

**Footnotes** 

<sup>a</sup> Percentages are stated as a percent of net assets.

<sup>b</sup> Redemption frequency and redemption notice period reflect general redemption terms and exclude liquidity restrictions. Further, the private investment company's advisor may place additional redemption restrictions without notice based on the aggregate redemption requests received at a given time.

<br> <sup>c</sup> There are no unfunded capital commitments for private investments.

<br> <sup>d</sup> Rate reported is the 7-day current yield as of March 31, 2025.

<sup>e</sup> Investment has an investor level or fund level redemption gate that limits the investor from redeeming more than a specified percentage of its investment in a specified period or the fund from redeeming more than a specified percentage of its net asset value in a specified period, respectively**.** 

<sup>f</sup> Securities exempt from registration under the Securities Act of 1933 (as defined below), and may be deemed to be "restricted securities". As of March 31, 2025, the aggregate fair value of these securities is $25.0 million or 90.89% of the Fund's net assets. The initial acquisition dates have been included for such securities.

*The accompanying Notes to Financial Statements are an integral part of these statements.*

------

**USCA All Terrain Fund**

 **Statement of Assets & Liabilities**

March 31, 2025

---

| | |
|:---|:---|
| Assets |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $14,507,818) | $25067113 |
| &nbsp;&nbsp;&nbsp;Investments paid in advance | 2600000 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 4574 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2380227 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 30054597 |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian | 666585 |
| &nbsp;&nbsp;&nbsp;Investment advisory fee payable (Note 4) | 11538 |
| &nbsp;&nbsp;&nbsp;Payable to Trustees | 3333 |
| &nbsp;&nbsp;&nbsp;Redemptions payable | 1626453 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 166802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 2474711 |
| &nbsp;&nbsp;&nbsp;Commitments and Contingencies (Note 4) |  |
| Net Assets | $27579886 |
| Net Assets Consist of: |  |
| Partners capital | $27579886 |
| &nbsp;&nbsp;&nbsp;17,104.83 Shares of beneficial interests outstanding |  |
| Net Asset Value per Share | $1612.40 |

---

*The accompanying Notes to Financial Statements are an integral part of these statements.*

------

**USCA All Terrain Fund**

 **Statement of Operations**

For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| Investment Income |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $6712 |
| &nbsp;&nbsp;&nbsp;Interest income | 295793 |
| &nbsp;&nbsp;&nbsp;Other income | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 303153 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 4) | 390843 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 118066 |
| &nbsp;&nbsp;&nbsp;Legal fees | 103375 |
| &nbsp;&nbsp;&nbsp;Compliance fees | 43500 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 38612 |
| &nbsp;&nbsp;&nbsp;Audit fees | 36000 |
| &nbsp;&nbsp;&nbsp;Tax return fees | 28500 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 19333 |
| &nbsp;&nbsp;&nbsp;Registration fees | 27042 |
| &nbsp;&nbsp;&nbsp;Custody fees | 12986 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 9803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 828060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees Waived by Adviser (Note 4) | (32175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 795885 |
| &nbsp;&nbsp;&nbsp;Net Investment Income/(Loss) | (492732) |
| Realized and Unrealized Gain/(Loss) on Investments |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on sale of investments | 16766810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 16766810 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (15017493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (15017493) |
| &nbsp;&nbsp;&nbsp;Net gain/(loss) from Investments | 1749317 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1256585 |

---

*The accompanying Notes to Financial Statements are an integral part of these statements.*

------

**USCA All Terrain Fund**

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | For the Year<br> Ended March 31,<br> 2025 | For the Year<br> Ended March 31,<br> 2024 |
| Change in Net Assets Resulting from Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(492732) | $(771123) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 16766810 | 1505301 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (15017493) | 9155851 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in Net Assets Resulting from Operations | 1256585 | 9890029 |
| Change in Net Assets Resulting from Capital Transactions |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2355000 | 895000 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (54765018) | (7136148) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in Net Assets Resulting from Capital Transactions | (52410018) | (6241148) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in Net Assets | (51153433) | 3648881 |
| Net Assets, Beginning of Year | 78733319 | 75084438 |
| Net Assets, End of Year | $27579886 | $78733319 |

---

*The accompanying Notes to Financial Statements are an integral part of these statements.*

------

**USCA All Terrain Fund**

 **Statement of Cash Flows**

For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| Cash Flows from Operating Activities |  |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | $1256585 |
| &nbsp;&nbsp;&nbsp;Net realized (gain)/loss on sale of investments | (16766810) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on investments | 15017493 |
| &nbsp;&nbsp;&nbsp;Net (increase)/decrease in dividend and interest receivable | 21509 |
| &nbsp;&nbsp;&nbsp;Net (increase)/decrease in prepaid expenses | (64) |
| &nbsp;&nbsp;&nbsp;Net (increase)/decrease in investments paid in advance | (2600000) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in investment advisory fee payable | (91167) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in custodian payable | 666585 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in payable to Trustees | (1667) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in accrued expenses and other liabilities | 34835 |
| &nbsp;&nbsp;&nbsp;Purchases of investment securities | (3860665) |
| &nbsp;&nbsp;&nbsp;Sales of investment securities | 54213955 |
| &nbsp;&nbsp;&nbsp;Net (purchases)/sales of short term investments | 7388781 |
| &nbsp;&nbsp;&nbsp;Net cash provided/(used) by operating activities | 55279370 |
| Cash Flows from Financing Activities |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2355000 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed, net of change in redemptions payable | (57634370) |
| &nbsp;&nbsp;&nbsp;Net cash provided/(used) in financing activities | (55279370) |
| Net Change in Cash |  |
| Cash - Beginning of Year | - |
| Cash - End of Year | $- |

---

*The accompanying Notes to Financial Statements are an integral part of these statements.*

------

**USCA All Terrain Fund**

 **Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025 | March 31, 2024 | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| **Per Share Operating Performance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning net asset value | $1580.47 | $1394.24 | $1358.91 | $1261.98 | $953.08 |
| **Loss From Investment Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) <sup>(1)</sup> | (16.58) | (14.58) | (14.62) | (15.83) | (12.05) |
| &nbsp;&nbsp;&nbsp;Net gain/(loss) from investments | 48.51 | 200.81 | 49.95 | 112.76 | 320.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 31.93 | 186.23 | 35.33 | 96.93 | 308.90 |
| **Ending Net Asset Value** | $1612.40 | $1580.47 | $1394.24 | $1358.91 | $1261.98 |
| &nbsp;&nbsp;&nbsp;Total return | 2.02% | 13.36% | 2.60% | 7.68% | 32.41% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year | $27579886 | $78733319 | $75084438 | $72232227 | $63887733 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to weighted average net assets before (waiver) recoupment <sup>(2)</sup> | 1.74% | 1.27% | 1.28% | 1.24% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to weighted average net assets after (waiver) recoupment <sup>(2)</sup> | 1.67% | 1.27% | 1.28% | 1.24% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to weighted average net assets before (waiver) recoupment <sup>(2)</sup> | (1.10)% | (1.00)% | (1.08)% | (1.19)% | (1.08)% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to weighted average net assets after (waiver) recoupment <sup>(2)</sup> | (1.04)% | (1.00)% | (1.08)% | (1.19)% | (1.08)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 7.62% | 8.07% | 17.89% | 16.90% | 26.15% |

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<br> <sup>(1)</sup> Calculated using average shares outstanding method.

<br> <sup>(2)</sup> Ratios do not reflect the Fund's proportionate share of the income and expenses including performance fees/allocations, of the Underlying Funds.

*The accompanying Notes to Financial Statements are an integral part of these statements.*

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**USCA All Terrain Fund<br> Notes to Financial Statements**

March 31, 2025

<br> 1. Organization

USCA All Terrain Fund (the "Fund") was organized as a statutory trust under the laws of the state of Delaware on January 13, 2015, and commenced operations on July 1, 2015. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, tender-offer, management investment company. Shares are sold only to eligible investors, that is those that represent that they are "accredited investors" within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended. The Fund's investment objective is to seek long-term risk-adjusted returns that are attractive as compared to those of traditional public equity and fixed income markets. The Fund is non-diversified and pursues its investment objective using a multi-manager, fund-of-funds approach by investing predominantly in non-affiliated collective investment vehicles, including privately-offered investment funds commonly known as "hedge funds" and publicly traded funds, including exchange-traded funds and mutual funds (collectively, the "Underlying Funds").

The Fund is managed by USCA Asset Management LLC (the "Advisor" or "USCA"). The Advisor is an investment adviser registered with the Securities and Exchange Commission ("SEC").

The Underlying Funds are managed by other advisors (the "Underlying Fund Managers") that invest or trade in a range of investments that may include without limitation, equities and fixed income securities, currencies, derivative instruments, and commodities. The Underlying Funds may employ leverage and hedging strategies as well as pay their Underlying Fund Managers performance fees.

The Fund's Board of Trustees (the "Board" or "Trustees") has overall responsibility for monitoring and overseeing the Fund's investment program, management and operations.

<br> 2. Significant Accounting Policies

The Fund prepares its financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and applies the specialized accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 *Financial Services – Investment Companies*. The functional and reporting currency of the Fund is the U.S. dollar. Following are the significant accounting policies adopted by the Fund:

*A. Use of Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, recognition of income, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

*B. Fund Expenses*

The Fund bears its own operating expenses subject to an expense limitation and reimbursement agreement discussed in Note 4. These operating expenses include, but are not limited to: the compensation and expenses of any employees of the Trust and of any other persons rendering any services to the Fund (including any sub-adviser); clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the organization and initial registration of shares of the Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares that the Fund is authorized to pay. The Fund indirectly bears its portion of the expenses of the Underlying Funds. Therefore, the Underlying Funds' expenses are not included in the Fund's Statement of Operations or Financial Highlights.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

*C. Investment Transactions and Investment Income*

Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are calculated on an average cost basis. Realized gains and losses on Underlying Funds are recognized at the time of full redemption of the position, with the exception of realized gains and losses from "Private Investment Companies" which are allocated pro rata at the time that the Underlying Fund realizes such profits or losses. Capital gain distributions received are recorded as capital gains as soon as information is available to the Fund. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Securities Transactions requiring payment be received prior to trade date are booked as Prepaid Investments for the value of the payment made.

*D. Investments in Underlying Funds*

In accordance with the terms of the Fund's Private Offering Memorandum, investments in the Private Investment Companies are valued at their fair value as determined by the Underlying Funds' management.

The Fund has the ability to liquidate its investments periodically, ranging from weekly to annually, depending on the provisions of the respective Underlying Fund agreements. Generally, the Underlying Fund Managers have the ability to suspend redemptions. Unless otherwise noted on the Schedule of Investments, the Fund expects to be able to redeem its investments in the Underlying Funds at their respective net asset value ("NAV"), based on the applicable redemption schedule.

Underlying Funds receive fees for their services. The fees include management and incentive fees or allocations based upon the NAV of the Fund's investment in the Underlying Fund. Generally, fees payable to an Underlying Fund are estimated to range from 0% to 2.50% (annualized) of the average NAV of the Fund's investment in that Underlying Fund. In addition, certain Underlying Funds charge an incentive allocation or fee which can range up to 25% of an Underlying Fund's net profits. The impact of these fees are reflected in the Fund's performance, but are not operational expenses of the Fund. Incentive fees may be subject to certain threshold rates.

The Underlying Funds in which the Fund invests utilize a variety of financial instruments in their trading strategies, including equity and debt securities, currencies, options, futures, and swap contracts. Several of these financial instruments contain varying degrees of off-balance sheet risk, whereby changes in fair value of the securities underlying the financial instruments may be in excess of the amounts recorded on each of the Underlying Fund's balance sheets. In addition, the Underlying Funds may sell securities short whereby a liability is created to repurchase the security at prevailing prices. Such Underlying Funds' ultimate obligations to satisfy the sale of securities sold short may exceed the amount recognized on their balance sheets. However, due to the nature of the Fund's interest in the Underlying Funds, such risks are limited to the Fund's invested amount in each Underlying Fund. Below is a description of each Underlying Fund's investment strategies (for a more detailed description, please see the Fund's offering memorandum) by class.

*Event Driven.* Event-driven strategies are designed to profit from changes in the prices of securities of companies facing a major corporate event. The goal of an event-driven strategy is to identify securities, which may include common or preferred stock as well as many types of fixed income, with a favorable risk-reward ratio based on the probability that a particular event will occur. Such events include mergers and acquisitions as well as restructurings, spin-offs and significant litigation (e.g., tobacco or patent litigation).

*Global Macro.* Global macro strategies typically seek to generate income and/or capital appreciation through a portfolio of investments focused on macro-economic opportunities across numerous markets and instruments. These strategies rely on the use of, among other things, cash and derivative markets, each of which bear their own risks, as well as certain assumptions about global macro-economic trends. There can be no assurance that such macro-economic assumptions will prove to be correct. Global macro managers may employ relative value, event driven, long/short and other strategies or trading approaches. Trading positions are generally held both long and/or short in both U.S. and non-U.S. markets. Global macro strategies are generally categorized as either discretionary or systematic in nature and may assume aggressive investment postures with respect to position concentrations, use of leverage, portfolio turnover, and the various investment instruments used.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

*Long Equity (Domestic and Globa*l). Similar to long/short equity described below, managers employing this strategy invest in equities but generally do not engage in short selling or hedging of the market risks associated with their investments. Inherent in these strategies is the risk associated with the equity markets as a whole. In certain instances, a manager may raise cash as a means of taking a negative view on the market in an attempt to mitigate a portion of the market risk associated with this strategy.

*Long/Short Equity and Long/Short Fixed Income.* Long/short equity/fixed income strategies generally seek to produce returns from investments in the global equity and/or fixed income markets. These strategies are generally focused on absolute returns and the trades implemented in the strategy generally capitalize on a manager's views and outlooks for specific markets, regions, sectors, or securities. While these strategies involve both long and short positions in various equity and/or fixed income securities, a manager's positions will generally reflect a specific view about the direction of a market. Unlike traditional equity or fixed income funds, the directional view relates less to the absolute direction of the market and more toward the specific positions (longs versus shorts) held within a portfolio (nonetheless, a manager may take a directional position that relates to the absolute direction of the market). In addition to making shifts in markets, regions, sectors or securities, managers have the flexibility to shift from a net long to a net short position.

*Managed Futures.* Managed futures strategies involve speculative trading in futures, forwards and options thereon. Managers may trade portfolios of instruments in U.S. and non-U.S. markets in an effort to capture passive risk premiums, and attempt to profit from anticipated trends in market prices. These managers generally rely on either technical or fundamental analysis or a combination thereof in making trading decisions and attempting to identify price trends. They may attempt to structure a diversified portfolio of liquid futures contracts, including, but not limited to, stock index, interest rate, metals, energy and agricultural futures markets.

*Relative Value.* Relative value strategies attempt to take advantage of relative pricing discrepancies between various instruments, including equities, fixed income, options and futures. Managers may use mathematical, fundamental or technical analysis to determine misevaluations. Securities may be misprices relative to an underlying security, related securities, groups of securities, or the overall market. Relative value investments may be available only cyclically or not at all. Furthermore, if assumptions used in the research and analysis of relative investments are incorrect or if the model used to evaluate such investments is flawed relative value strategies may be unsuccessful.

*Multi Strategy.* Multi-strategy managers employ two or more of the strategies described above.

*E. Investment Valuation*

In computing NAV, portfolio securities of the Fund are valued at their current market values determined on the basis of market quotations, if available. Because market quotations are not typically readily available for the majority of the Fund's securities, including the Fund's investment in "private investment funds," they are valued at fair value as determined by the Fund's Advisor, in its capacity as Valuation Designee (the "Valuation Designee"). The Board has delegated the day-to-day responsibility for determining these fair values in accordance with the policies it has approved for each period end. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no exact approach for determining fair value of a security. Rather, in determining the fair value of a security for which there are no readily available market quotations, the Valuation Designee may consider several factors, including fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, the liquidity of the market for the security, and the recommendation of an Underlying Fund Manager. The valuation of the Fund's investments in Underlying Funds is ordinarily determined based upon valuations provided by the Underlying Fund Managers. The Valuation Designee has implemented valuation policies and procedures to assess the reasonableness of valuations provided by the Underlying Fund Managers. The Valuation Designee may also enlist third-party consultants, such as an audit firm or financial officer of a security issuer, on an as-needed basis to assist in determining a security-specific fair value.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

Non-dollar-denominated securities, if any, are valued as of the close of the New York Stock Exchange ("NYSE") at the closing price of such securities in their principal trading market, but may be valued at fair value if subsequent events occurring before the computation of NAV have materially affected the value of the securities. Trading may take place in foreign issues held by the Fund, if any, at times when the Fund is not open for business. As a result, the Fund's NAV may change at times when it is not possible to purchase or sell shares of the Fund. The Fund may use a third-party pricing service to assist it in determining the market value of securities in the Fund's portfolio. The Fund's NAV per share is calculated by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash and other assets, including dividends and interest accrued but not yet received), less accrued expenses of the Fund, less the Fund's other liabilities by the total number of shares outstanding.

For purposes of determining the NAV of the Fund, readily marketable portfolio securities listed on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup>, NASDAQ Global Select Market<sup>®</sup> and the NASDAQ Capital Market<sup>®</sup> exchanges (collectively, "NASDAQ"), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price. If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Valuation Designee shall determine in good faith to reflect its fair market value.

All equity securities that are not traded on a listed national exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. In the event such market quotations are not readily available, then the security is valued by such method as the Valuation Designee shall determine in good faith to reflect its fair market value.

The valuation of the Fund's investments in Underlying Funds is ordinarily determined based upon valuations provided by the Underlying Fund Managers. The Valuation Designee values interests in the Underlying Funds at fair value, using the NAV or pro rata interest in the members' capital of the Underlying Funds as a practical expedient, as provided by the investment managers of such Underlying Funds. Certain securities in which the Underlying Funds invest may not have a readily ascertainable market price and will be valued by the Underlying Fund Managers at fair value in accordance with procedures adopted by the Underlying Funds. Valuations of Underlying Funds are gross of any redemption fees or penalties and net of management and incentive fees. In this regard, an Underlying Fund Manager may face a conflict of interest in valuing the securities, as their value will affect the Underlying Fund Manager's compensation. Although the Valuation Designee will review the valuation procedures used by all Underlying Fund Managers, the Valuation Designee will not be able to confirm the accuracy of valuations provided by the Underlying Fund Manager and valuations provided by the Underlying Fund Manager generally will be conclusive with respect to the Fund. In addition, the NAVs or other valuation information received by the Fund from an Underlying Fund and used in calculating the Fund's NAV may include estimates that may be subject to later adjustment or revision by the Underlying Fund Manager. Any such adjustment or revision will either increase or decrease the NAV of the Fund at the time that the Fund is provided with information regarding the adjustment. The Fund does not expect to restate its previous NAVs to reflect an adjustment or revision by an Underlying Fund. In the unlikely event that an Underlying Fund does not report a fiscal period end value to the Valuation Designee on a timely basis, the Fund would determine the fair value of the Underlying Fund based on the most recent value reported by the Underlying Fund, as well as any other relevant information available at the time the Fund values its portfolio.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, those companies' NAVs are calculated based on the NAV as published, and the prospectuses for those companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

*F. Cash and Cash Equivalents*

Cash and cash equivalents include liquid investments of sufficient credit quality with original maturities of three months or less from the date of purchase.

*G. Income Taxes*

The Fund's tax year end is December 31. The Fund is treated as a partnership for federal income tax purposes. The Fund has no present intention of making periodic distributions of net income or gains, if any, to investors. Each shareholder is responsible for the tax liability or benefit relating to such member's distributive share of taxable income or loss. Accordingly, no provision for federal income taxes is reflected in the accompanying financial statements. The Fund is subject to authoritative guidance related to the accounting and disclosure of uncertain tax positions under GAAP. This guidance sets forth a minimum threshold for the financial statement recognition of tax positions taken based on the technical merits of such positions when the positions are more likely than not to be sustained. Management is not aware of any exposure to uncertain tax positions that could require accrual.

*H. Operating Segments*

The Fund has adopted FASB ASC Topic 280 Segment Reporting - Improvements to Reportable Segment Disclosures, including ASU No. 2023-07. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Advisor serves as the CODM for the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

*I. Indemnifications*

Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts that provide general indemnification to other parties. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred and may not occur. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

<br> 3. Investment Transactions

For the year ended March 31, 2025, the Fund purchased (at cost) and sold interests (proceeds) in investment securities in the amount of $3,860,665 and $55,641,101 (excluding short-term securities), respectively.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

<br> 4. Management and Performance Fees, Administration Fees and Custodian Fees

The Fund has entered into an investment advisory agreement with the Advisor. Under the investment advisory agreement, the Fund pays the Advisor a monthly fee, which is calculated and accrued monthly (the "Advisory Fee"), at the annual rate of 0.75% of the Fund's average monthly net assets. For the year ended March 31, 2025, the Fund incurred $390,843 in advisory fees under the agreement.

The Advisor and the Fund have entered into an expense limitation and reimbursement agreement under which the Advisor has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including all expenses incurred in the business of the Fund (including organizational and offering expenses), but excluding the Fund's proportional share of (i) fees, expenses, allocations, carried interests, etc. of the underlying investment funds in which the Fund invests (including all acquired fund fees and expenses), (ii) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments, (iii) interest payments incurred by the Fund, (iv) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund, (v) taxes of the Fund, (vi) the fees and expenses of any sub-advisor to the Fund, and (vii) extraordinary expenses of the Fund, which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses to the extent that they exceed 1.75% per annum of the Fund's average monthly net assets. In consideration of the Advisor's agreement to limit the Fund's expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) waiver or reimbursement by the Advisor is subject to repayment by the Fund within three years from the date the Advisor waived any payment or reimbursed any expense; and (2) the reimbursement may not be made if it would cause the expense limitation to be exceeded. The expense limitation agreement will remain in effect at least until July 31, 2025, unless the Board approves its modification or termination. After July 31, 2025, the expense limitation agreement may be renewed upon the mutual agreement of the Advisor and the Board, in their sole discretion. For the year ended March 31, 2025, the Fund had $32,175 of advisory fees waived subject to recoupment.

The Fund has engaged U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, to serve as the Fund's administrator, fund accountant, and transfer agent.

The Fund has engaged U.S. Bank, N.A. to serve as the Fund's custodian.

The Fund has engaged ACA Group ("ACA") to provide compliance services including the appointment of the Funds' Chief Compliance Officer. ACA is paid a monthly fee for services provided. For the year ended March 31, 2025, the Fund paid ACA a total of $43,500 for services provided.

<br> 5. Trustees and Officers

The Board has overall responsibility for monitoring and overseeing the investment program of the Fund and its management and operations. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of trustees of a registered investment company organized as a corporation. For the year ended March 31, 2025, the Trustees were paid $19,333. All Trustees are reimbursed by the Fund for their reasonable out-of-pocket expenses. One of the Trustees is an employee of the Advisor and receives no compensation from the Fund for serving as a Trustee.

With the exception of the Fund's Chief Compliance Officer, the officers of the Fund are affiliated with the Advisor. All such affiliated officers receive no compensation from the Fund for serving in their respective roles. The Board appointed an external Chief Compliance Officer to the Fund in accordance with federal securities regulations.

<br> 6. Shareholder Transactions

The Fund sells shares on a continual, monthly basis. Shares sold will be priced at the NAV of the Fund determined on the last business day of each month. The Fund may from time to time repurchase shares from shareholders in accordance with written tenders by shareholders at those times, in those amounts, and on those terms and conditions as the Board may determine in its sole discretion. Each such repurchase offer will generally be limited to up to 25% of the net assets of the Fund. In determining whether the Fund should offer to repurchase shares from shareholders, the Board will consider the recommendations of the Advisor. The Advisor expects that, generally, it will recommend to the Board that the Fund offer to repurchase shares from shareholders quarterly, with such repurchases to occur on the first business day following each March 31, June 30, September 30 and December 31. Each repurchase offer will generally commence approximately 130 days prior to the applicable repurchase date.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

The Fund had 17,104.83 shares outstanding at March 31, 2025. The Fund issued 1,442.04 shares through shareholder subscriptions and repurchased 34,153.60 shares through shareholder redemptions during the year ended March 31, 2025. The Fund issued 638.05 shares through shareholder subscriptions and repurchased 4,674.87 shares through shareholder redemptions during the year ended March 31, 2024.

<br> 7. Risk Factors

Because shares may only be repurchased pursuant to tender offers at such time and on such terms as the Board may determine, in its complete and exclusive discretion, and the fact that the shares will not be traded on any securities exchange or other market and will be subject to substantial restrictions on transfer, and because of the fact that the Advisor may invest the Fund's assets in Underlying Funds that do not permit frequent withdrawals and may invest in illiquid securities, an investment in the Fund is highly illiquid and involves a substantial degree of risk. Underlying Funds are riskier than liquid securities because the Underlying Funds may not be able to dispose of the illiquid securities if their investment performance deteriorates, or may be able to dispose of the illiquid securities only at a greatly reduced price. Similarly, the illiquidity of the Underlying Funds may cause investors to incur losses because of an inability to withdraw their investments from the Fund during or following periods of negative performance. Although the Fund may offer to repurchase shares from time to time, there can be no assurance such offers will be made with any regularity. The Fund invests primarily in Underlying Funds that are not registered under the 1940 Act and invest in and actively trade securities and other financial instruments using different strategies and investment techniques, including leverage, that may involve significant risks. These Underlying Funds may invest a higher percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Underlying Funds may be more susceptible to economic, political and regulatory developments in a particular sector of the market, positive or negative, which may increase the volatility of the Fund's NAV. Various risks are also associated with an investment in the Fund, including risks relating to the multi-manager structure of the Fund, risks relating to compensation arrangements and risks related to limited liquidity of the shares. The Underlying Funds provide for periodic redemptions ranging from daily to annually with lock-up provisions which can be one year or longer.

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

<br> 8. Fair Value of Financial Instruments

The Fund has adopted the authoritative fair valuation accounting standards of ASC 820, *Fair Value Measurements and Disclosures*, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Valuations based primarily on inputs that are unobservable and significant.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Valuation Designee's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The following section describes the valuation techniques used by the Valuation Designee to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

Investments whose values are based on quoted market prices in active markets are classified within Level 1. These investments generally include equity securities traded on a national securities exchange, registered investment companies, certain U.S. government securities and certain money market securities. The Valuation Designee does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably be expected to impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs, are classified within Level 2. These investments generally include certain U.S. government and sovereign obligations, most government agency securities, and investment grade corporate bonds.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. These investments generally include private equity investments and less liquid corporate debt securities. When observable prices are not available for these investments, the Valuation Designee uses one or more valuation techniques (e.g., the market approach or income approach) for which sufficient data is available. The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may not be equally representative of fair value, due to factors such as assumptions made in the valuation. In some situations, the Valuation Designee may determine it appropriate to evaluate and weigh the results, as appropriate, to develop a range of possible values, with the fair value based on the Valuation Designee's assessment of the most representative point within the range.

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**USCA All Terrain Fund**

**Notes to Financial Statements (continued)**

March 31, 2025

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using |
| &nbsp;&nbsp;&nbsp;Description | Quoted Prices<br> in Active markets <br> for<br> Identical Assets <br> (Level 1) | Significant Other<br> Observable Inputs<br> (Level 2)  | Significant<br> Unobservable <br> Inputs<br> (Level 3)  | Total |
| &nbsp;&nbsp;&nbsp;Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Private Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies (a) | $- | $- | $- | $25067113 |
|  | $- | $- | $- | $25067113 |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Subsequent Events** 

The Fund has an ongoing tender offer that was filed on February 20, 2025 with a cutoff date for tender requests as of March 20, 2025 and prices on June 30, 2025. There were tender requests of 242.32 shares (approximately $391,017), and subscriptions of $100,000 (approximately 61.97 shares) received during the tender offer period. As discussed in Note 6, the repurchase offer will generally be limited to up to 25% of the net assets of the Fund.

The Fund has not identified any other subsequent events requiring financial statement disclosure as of March 31, 2025, through the date the financial statements were issued.

------

 **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

USCA All Terrain Fund

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of USCA All Terrain Fund (the "Fund") as of March 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers, and investee funds; when replies were not received from the investee fund, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the same investment company complex since 2016.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 30, 2025

------

**USCA All Terrain Fund**

**Additional Information** 

March 31, 2025

**N-PORT**

The Fund will file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-PORT. The Fund's Form N-PORT will be available without charge by visiting the SEC's Web site at www.sec.gov.

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio of securities for the most recent 12-month period ended June 30<sup>th</sup> are available to shareholders without charge, upon request by calling the Advisor toll free at (888) 601-8722 or on the SEC's web site at www.sec.gov.

**Board of Trustees**

The Fund's Statement of Additional Information includes additional information about the Fund's Trustees and is available upon request without charge by calling the Advisor toll free at (888) 601-8722 or by visiting the SEC's web site at www.sec.gov.

**Forward-Looking Statements**

This report contains "forward-looking statements,'' which are based on current management expectations. Actual future results, however, may prove to be different from expectations. You can identify forward-looking statements by words such as "may'', "will'', "believe'', "attempt'', "seem'', "think'', "ought'', "try'' and other similar terms. The Fund cannot promise future returns. Management's opinions are a reflection of its best judgment at the time this report is compiled, and it disclaims any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

------

---

| |
|:---|
| **USCA All Terrain Fund** |
| **Trustees and Officers** |
| March 30, 2025 (Unaudited) |

---

**<u>Independent Trustees</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Name, Address and Birth***<br> ***Year*** | &nbsp;&nbsp; ***Position/Term of Office and***<br> ***Length Served <sup>a</sup>***  | &nbsp;&nbsp; ***Principal Occupation(s) During***<br> ***the Past Five Years*** | &nbsp;&nbsp; ***Number of***<br> ***Portfolios in***<br> ***Fund Complex***<br> ***Overseen***<br> ***by Trustee*** | &nbsp;&nbsp; ***Other Directorships Held***<br> ***by Trustee During the Past***<br> ***Five Years*** |
| &nbsp;&nbsp; Barry Knight<br> (Born 1961) | &nbsp;&nbsp; Trustee, Indefinite since<br> September 2021 | &nbsp;&nbsp;President of Next Financial Group, Inc. (investment adviser) (September 2006-present); CEO at Next Financial Group, Inc. (September 2006-present). | &nbsp;&nbsp;1 | &nbsp;&nbsp;n/a <br>|
| &nbsp;&nbsp; Paul Wigdor<br> (Born 1968) | &nbsp;&nbsp; Trustee, Indefinite since May<br> 2016 and Chairman<br> since March 2021 | &nbsp;&nbsp;Managing Partner at Overlook 4 Holdings (venture investing) (February 2011-present), Managing Director at Ascendant Advisors (February 2011-December 2020), Principal, AWM Services (brokerage services), LLC (February 2011-December 2020), Chief Compliance Officer/Chief Operating Officer of Qapital Invest, LLC (January 2017-March 2024). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Global Restaurant Systems (January 2013-present), Private Communications Corp. (November 2010-present), ChartIQ (January 2014-present), USCA Fund Trust (July 2016-August 2021), Uma Temakeria (August 2014-November 2017). |

---

**<u>Interested Trustees and Officers</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Name, Address and Birth***<br> ***Year*** | &nbsp;&nbsp; ***Position/Term of Office and***<br> ***Length Served <sup>a</sup>***  | &nbsp;&nbsp; ***Principal Occupation(s) During***<br> ***the Past Five Years*** | &nbsp;&nbsp; ***Number of*** <br> ***Portfolios in***<br> ***Fund Complex Overseen*** <br> ***by Trustee*** | &nbsp;&nbsp; ***Other Directorships Held***<br> ***by Officer During the Past***<br> ***Five Years*** |
| &nbsp;&nbsp; Phil Pilibosian<br> (Born 1968)<sup>b</sup> | &nbsp;&nbsp; President and Trustee since<br> April 2015 | &nbsp;&nbsp;Senior Managing Director at US Capital Advisors LLC (October 2013 - present) | &nbsp;&nbsp;1 | &nbsp;&nbsp;Trustee, USCA Fund Trust (July 2016-August 2021) |
| &nbsp;&nbsp; Bryan Prihoda<br> (Born 1987) | &nbsp;&nbsp;Secretary since April 2015 and Anti-Money Laundering Officer since November 2021 | &nbsp;&nbsp;Executive Director at US Capital Advisors LLC (October 2013-present) | &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp; Kasey de Jonckheere<br> (Born 1979) | &nbsp;&nbsp;Treasurer since October 2022 | &nbsp;&nbsp;Chief Financial Officer, US Capital Advisors LLC(August 2022-present); Director of Accounting (January 2021-August 2022); and Controller (January 2018-December 2020) | &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp; Kevin Hourihan<br> (Born 1978) | &nbsp;&nbsp;Chief Compliance Officer since 2022 | &nbsp;&nbsp;Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC, a governance, risk and compliance adviser to financial services companies (September 2022-present); Chief Compliance Officer, Ashmore Funds (September 2017- September 2022) | &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |

---

a The term of office for each Trustee and officer listed above will continue indefinitely. <br> b Phil Pilibosian is an "Interested Trustee" of the Trust, as that term is defined under the 1940 Act, because of his affiliation with the Advisor.

------

**USCA All Terrain Fund**

**Approval of Investment Advisory Agreement**

March 31, 2025 (Unaudited)

In connection with the meeting held on March 20, 2025, the Trustees, including a majority of the Trustees who are not "interested persons" as that term is defined in the 1940 Act, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between the Advisor and the Trust. In considering the renewal of the Advisory Agreement, the Trustees received materials specifically relating to the Fund, the Advisor, and the Advisory Agreement.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Trustees conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreement.

In considering the renewal of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

<u>Nature, Extent and Quality of Services.</u> The Board considered the nature, extent, and quality of the services provided by the Adviser to the Fund. The Board noted that the Adviser advises four investment funds, including the Fund, with cumulative assets of approximately $170 million as of January 1, 2025. The Trustees considered the strategies and operations of each of the funds managed by the Adviser as well as the Adviser's deep history and experience in operating and providing portfolio management services to the funds. The Board considered its seasoned relationship with the Adviser and working with its personnel. The Board reviewed the backgrounds of the key personnel serving the Fund and observed that they each had long tenure and extensive experience with the Fund, the Adviser and similar investment products and strategies. The Board observed the recent changes in the Fund's portfolio managers, and discussed each portfolio manager's experience with the Fund. The Board noted that, consistent with prior years' operation, the Adviser sources and selects the Fund's investments, performs comprehensive due diligence and supervision of the Fund's investments, and allocates Fund assets among different strategies to achieve the Fund's objective. The Board discussed the Adviser's oversight role in detail, noting how the Adviser regularly communicates with the Fund's service providers, and continually reviews the Fund's holdings to ensure compliance within the Fund's investment limitations and guidelines and the Adviser's commitment to a culture of compliance. The Trustees discussed litigation and arbitration matters involving certain affiliates of the Adviser, noting that such matters were not likely to have a material effect on the Adviser or its ability to service to the Fund. The Board considered the Adviser's operational and compliance capabilities and expressed satisfaction with respect to the services provided to the Fund. The Trustees agreed that they continued to be satisfied with the nature, overall quality and extent of the management services provided by the Adviser to the Fund.

<u>Performance.</u> The Board considered the performance of the Fund over various periods through December 31, 2024, noting that the Fund had outperformed its peer group over each of the trailing 1-year period, 3-year period, 5-year period, and since inception period. They considered each of the funds contained in the Fund's peer group and noted that such peers were a reasonable peer comparison. The Trustees further noted that the Fund underperformed its primary blended benchmark (60% MSCI World Index and 40% Barclays Global Aggregate Bond Index) over the 1-year period and since inception period through December 31, 2024, but the Fund had outperformed its benchmark over 3-year period and 5-year period through December 31, 2024. The Trustees considered the Fund's holdings and various performance and risk metrics. After discussion, the Trustees concluded that the Fund's performance was not unreasonable.

<u>Fees and Expenses.</u> The Board observed that the Fund's management fee of 0.75% was substantially lower than the average of the Fund's peer group (1.16%) and positioned at the lower bound of the peer group fee range of 0.75%-1.70%. The Board noted that the Fund's overall expense ratio of 1.75% was also lower than the peer group average (1.80%) and within the lower half of the peer group range of 0.85 – 2.78%. The Trustees observed that the Fund's expense ratio did not include the Fund's share of fees and expenses with respect to the underlying funds in which it invests, and considered the underlying fund fees and expenses. The Board discussed the Fund's investments in other funds and operational efficiencies, and after consideration of the Adviser's services and expenses, agreed that the Adviser's services were additive to the services provided by the underlying fund managers. After further discussion, the Trustees agreed that the Fund's fees and expenses were not unreasonable.

------

**USCA All Terrain Fund**

**Approval of Investment Advisory Agreement (continued)**

March 31, 2024 (Unaudited)

<u>Profitability.</u> The Board considered the profitability of the Adviser and whether such profits were reasonable in light of the services provided to the Fund. The Board reviewed a profitability analysis prepared by the Adviser, contained in the Meeting materials, that indicated that the Adviser had realized a profit over the most recent fiscal year due to the Adviser's relationship with the Fund. The Trustees considered the expenses contained within the Adviser's profitability analysis and acknowledged the Adviser had assumed business risks in managing the Fund. After a discussion, the Board concluded that the Adviser realized a reasonable, but not excessive profit in connection with its relationship servicing the Fund.

<u>Economies of Scale.</u> The Board considered whether economies of scale had been or would likely be realized by the Adviser, and the impact of fee breakpoints on the overall costs. The Board agreed that based on the Fund's current assets and profitability and low relative expense ratio, the absence of breakpoints was acceptable at this time and agreed to revisit whether material economies of scale had been realized in the future as the Fund continued to grow.

<u>Conclusion.</u> In considering the Advisory Agreement, the Trustees did not identify any one factor as all important, but rather considered many factors collectively in light of surrounding circumstances. Further, each Trustee may have afforded a different weight to different factors. Having requested and received all such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of the Fund and its shareholders.

------

**USCA All Terrain Fund**

**Privacy Policy**

---

| | | | |
|:---|:---|:---|:---|
| **PRIVACY NOTICE *Rev. July 2019*** | **PRIVACY NOTICE *Rev. July 2019*** | **PRIVACY NOTICE *Rev. July 2019*** | **PRIVACY NOTICE *Rev. July 2019*** |
| **FACTS** | **WHAT DOES USCA ALL TERRAIN FUND DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES USCA ALL TERRAIN FUND DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES USCA ALL TERRAIN FUND DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ Social Security number and wire transfer instructions <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ account transactions and transaction history <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ investment experience and purchase history <br> When you are *no longer* our customer, we continue to share your information as described in this notice.  | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ Social Security number and wire transfer instructions <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ account transactions and transaction history <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ investment experience and purchase history <br> When you are *no longer* our customer, we continue to share your information as described in this notice.  | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ Social Security number and wire transfer instructions <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ account transactions and transaction history <br> &nbsp;&nbsp;&nbsp;&nbsp;▪ investment experience and purchase history <br> When you are *no longer* our customer, we continue to share your information as described in this notice.  |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the USCA All Terrain Fund chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the USCA All Terrain Fund chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the USCA All Terrain Fund chooses to share; and whether you can limit this sharing. |
| **Reasons we can share your personal information** | **Reasons we can share your personal information** | **Does USCA All**<br> **Terrain Fund**<br> **share?** | **Can you limit this sharing?** |
| **For our everyday business purposes –** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | **For our everyday business purposes –** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –** to offer our products and services to you | **For our marketing purposes –** to offer our products and services to you | Yes | No |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | **For our affiliates to market to you** | No | We don't share |
| **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | No | We don't share |
| **Questions?** | Call 1-877-259-8722 | Call 1-877-259-8722 | Call 1-877-259-8722 |

---

------

**USCA All Terrain Fund**

**Privacy Policy**

---

| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | USCA All Terrain Fund |
| **What we do** | **What we do** |
| **How does USCA All Terrain Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br> Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does USCA All Terrain Fund collect my personal information?** | We collect your personal information, for example, when you <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Open an account or give us your contact information <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Make a wire transfer <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Make deposits or withdrawals from your account <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Tell us where to send the money |
| **How does USCA All Terrain Fund collect my personal information?** | We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Sharing for affiliates' everyday business purposes – information about your creditworthiness <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Affiliates from using your information to market to you <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Sharing for nonaffiliates to market to you <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;*Our affiliates include financial companies such as USCA LLC (f/k/a US Capital Advisors LLC), USCA Asset Management LLC, USCA Securities LLC, U.S. Capital Wealth Advisors LLC, and USCA Municipal Advisors LLC.*  |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;*USCA All Terrain Fund does not share with nonaffiliates so they can market to you.*  |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;*USCA All Terrain Fund doesn't jointly market.*  |

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**USCA All Terrain Fund**<br> **Fund Service Providers**<br>**Trustees and Officers**<br> Phil Pilibosian, *President and Trustee*<br> Barry Knight, *Trustee*<br> Paul Wigdor, *Trustee*<br> Kasey de Jonckheere, *Treasurer*<br> Bryan Prihoda, *Secretary and Anti-Money Laundering Officer*<br> Kevin Hourihan, *Chief Compliance Officer*<br>**Investment Advisor**<br> USCA Asset Management LLC<br> 4444 Westheimer Road, Suite G500, Houston, TX 77027<br>**Custodian**<br> U.S. Bank, N.A.<br> 1555 N. River Center Drive, Suite 302, Milwaukee, WI 53212<br>**Transfer Agent**<br> U.S. Bancorp Fund Services, LLC<br> 777 East Wisconsin Avenue, 3<sup>rd</sup> Floor, Milwaukee, WI 53212<br>**Administrator**<br> U.S. Bancorp Fund Services, LLC<br> 777 East Wisconsin Avenue, 4<sup>th</sup> Floor, Milwaukee, WI 53212<br>**Legal Counsel**<br> Thompson Hine LLP<br> 41 South High Street, Suite 1700, Columbus, OH 43215<br>**Independent Registered Public Accounting Firm**<br> Cohen & Company, Ltd.<br> 1835 Market St., Suite 310, Philadelphia, PA 19103

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#### Item 2. Code of Ethics.

*A copy of the registrant's Code of Ethics is filed herewith.*

#### Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Barry Knight is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refers to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refers to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refers to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 03/31/2025 | FYE 03/31/2024 |
| (a) Audit Fees | $36000 | $35000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $28500 | $27000 |
| (d) All Other Fees | $0 | $0 |

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(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2)The percentage of fees billed by Cohen & Company, LTD. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows, respectively:

---

| | | |
|:---|:---|:---|
|  | FYE 03/31/2025 | FYE 03/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

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&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

------

&nbsp;&nbsp;&nbsp;&nbsp;(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser for the last two
 years.

<u> Non-Audit Related Fees </u> <u> FYE 03/31/2025 </u> <u> FYE 03/31/2024 </u> <br> Registrant 0 0 <br> <u> Registrant's Investment Adviser </u> <u> 0 </u> <u> 0 </u>

&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the
 principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

#### Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Act"), and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Barry Knight and Paul Wigdor. The Audit Committee operates pursuant to a written Audit Committee Charter, which is available without charge, upon request, by calling (713) 366-0500.

#### Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

Not applicable to closed-end investment companies.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

Not applicable to closed-end investment companies.

#### Item 9. Proxy Disclosure for Open-End Investment Companies.

Not applicable to closed-end investment companies.

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

Not applicable to closed-end investment companies.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 1(a).

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Pursuant to rules established by the SEC under the 1940 Act, the Board has adopted formal, written guidelines for proxy voting by the Fund. The Board oversees voting policies and decisions for the Fund.

Generally, the Fund will invest in various collective investment vehicles, including privately-offered investment funds commonly known as "hedge funds" and publicly traded funds, including exchange-traded funds and mutual funds.

The Fund exercises its proxy voting rights with regard to the companies in the Fund's portfolio, with the goals of maximizing the value of the Fund's investments, promoting accountability of a company's management and board of directors to its shareholders, aligning the interests of management with those of shareholders, and increasing transparency of a company's business and operations. Based on the nature of the Fund's investments, proxy voting procedures will not be applicable. If required, the following procedures would be utilized.

In general, the Board believes that the Adviser, which selects the individual securities that are part of the Fund's portfolio, are the most knowledgeable and best suited to make decisions about proxy votes. Therefore, the Fund defers to and relies on the Adviser to make decisions on casting proxy votes.

The Fund may invest in other investment companies in excess of the limitations in section 12(d)(1) of the 1940 Act. The Fund will avail itself of the safe harbor of section 12(d)(1)(F) of the 1940 Act. Under Section 12(d)(1) of the 1940 Act, a fund may only invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the outstanding voting stock of any one investment company or invest more than 10% of its total assets in the securities of other investment companies. However, Section 12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by a fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the fund and all affiliated persons of the fund; and (ii) the fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1½%. Therefore, the Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions unless it is determined that the Fund is not relying on Section 12(d)(1)(F):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the Fund exercises voting rights, by proxy or otherwise, with respect to any investment company owned by the Fund, the Fund will either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

The Adviser provides quarterly certifications with respect to its adherence to its proxy voting policies and procedures.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) Information is presented as of March 31, 2025.

#### USCA Asset Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;(2) The following table provides information about the other accounts managed on a day-to-day basis by the portfolio managers (on a sole or shared basis) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Accounts by Type** | **Total Number of Accounts by<br> Account Type** | **Total Assets By Account Type<br> ($ Millions)** | **Number of<br> Accounts by Type<br> Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee** |
| Registered investment companies | - | - | - | - |
| Other pooled investment vehicles | 1 | $23.3 | - | - |
| Other accounts | 146 | $328.0 | - | - |

---

\* The accounts and assets included above are those for which Mr. Pilibosian provides discretionary or non-discretionary management, utilizing a variety of investment classes and strategies, including equities, fixed income and alternative investments. Mr. Prihoda does not manage any pooled investment vehicles or accounts on a day-to-day basis other than the Fund.

#### Conflicts of Interest

The Advisor may provide investment advisory and other services, directly and through affiliates, to various entities and accounts other than the Fund ("**Adviser Accounts**"). The Fund has no interest in these activities. The Advisor and the investment professionals, who on behalf of the Advisor, provide investment advisory services to the Fund, are engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and the Adviser Accounts. Such persons devote only so much time to the affairs of the Fund as in their judgment is necessary and appropriate. Because the portfolio managers may manage assets for Adviser Accounts such as other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), or may be affiliated with such Adviser Accounts, there may be an incentive to favor one Adviser Account over another, resulting in conflicts of interest. For example, the Advisor may, directly or indirectly, receive fees from Adviser Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on the Adviser Account. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Adviser Accounts. The Advisor has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The following compensation information is presented as of March 31, 2025.

------

*The Advisor*

Mr. Pilibosian receives a fixed percentage of all or a portion of the advisory fee revenues associated with the portfolios for which he is involved, including the Fund. Mr. Prihoda receives a salary and bonus, which includes a fixed percentage of all or a portion of the advisory fee revenues associated with the Fund.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.

The registrant's nominating committee charter does not contain any procedures by which shareholders may recommend nominees to the registrant's board of trustees.

#### Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers
 have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others
 within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially
 affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.

#### Item 18. Recovery of Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

#### Item 19. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](certs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](sox.htm)

------

#### SIGNATURES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>USCA All Terrain Fund</u> 

By (Signature and Title) <u>/s/ Phil Pilibosian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> &nbsp;&nbsp;&nbsp;&nbsp; Phil Pilibosian, President/ (Principal Executive Officer)

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>6/11/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

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

By (Signature and Title) <u>/s/ Phil Pilibosian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> &nbsp;&nbsp;&nbsp;&nbsp; Phil Pilibosian, President/ (Principal Executive Officer)

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>6/11/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title) <u>/s/ Kasey de Jonkheere</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasey de Jonkheere, Treasurer/ (Principal Financial Officer)

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>6/11/2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

------

## Ex-99.Code

**Exhibit 99coe**

**CODE OF ETHICS**

<br> I. Statement of General Principles

This Code of Ethics has been adopted by the USCA All Terrain Fund (the "Trust") for the purpose of instructing all employees, officers, directors and trustees of the Trust and USCA Asset Management, the adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

<br> ● The duty at all times to place the interests of the Trust and its shareholders first;

<br> ● The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

<br> ● The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

<br> ● employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

<br> ● make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

<br> ● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

<br> ● engage in any manipulative practice with respect to the Trust or any of its shareholders.

<br> II. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Advisory Employees</u>: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: Ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Officer</u>: the Compliance Officer for the Adviser and the Trust is Courtney Bowling, or with respect to the Compliance Officer, Courtney Bowling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, other than through the exercise of investment discretion, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

<br> H. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

<br> III. Personal Investment Guidelines

**A.** **Personal Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

------

<br> B. Other Restrictions

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

<br> IV. Compliance Procedures

**A.** **Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

<br> B. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**Responsible Party/Compliance Process:** Chief Compliance Officer/Investment Adviser

---

| |
|:---|
| **Approved:** |
| **Revised:** |

---

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**ANNUAL EMPLOYEE SECURITIES REPORT**

This information is current as of ________________ (must be current as of a date no more than 45 days before the Report is submitted). Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Security(name, type, CUSIP or ticker symbol) | &nbsp;&nbsp; **# of Shares and**<br> **Principal Amount** | &nbsp;&nbsp; **Date Acquired** |

---

Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank** | &nbsp;&nbsp;**Account Name** |

---

I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

---

| | |
|:---|:---|
| Printed Name: | Signature: |
|  | Date: |

---

------

**PRE-CLEARANCE OF SECURITY TRANSACTION**

To: Compliance Officer

From: <u><br> </u> <br> (Name of Employee)

Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I hereby seek approval for the ☐ purchase/☐ sale of _________ shares or $__________ par value of _________________________ for the cash or margin account of _________________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The price per share or contract is approximately $______________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The transaction ☐ is/☐ is not in connection with a private placement or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Said transaction was recommended to me by ____________________________________.

I have no knowledge of any pending purchase or sell order for this Security or a Related Security.

I have read the Code of Ethics within the past year and recognize that I am subject to it.

After inquiry, I am satisfied that this transaction is consistent with the Code of Ethics and the Insider Trading Policy. If I become aware that the trade does not comply with this Code or that the statements made on the request are no longer true, I will immediately notify the Compliance Officer.

  <br> Signature of Employee

APPROVED: <u><br> </u> DATE:  

---

| | | |
|:---|:---|:---|
| **TRANSACTION COMPLETED:** Date | No. of Shares | Price |

---

TRANSACTION UNFILLED:  

<u>COMMENTS/FOLLOW UP</u>:

(This authorization is valid until close of business on the second trading day following authorization.

------

---

| | |
|:---|:---|
| **QUARTERLY SECURITIES TRANSACTIONS REPORT** | **Calendar Quarter/Year:________** |

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Persons subject to the Code of Ethics must report **ALL** Securities Transactions (including Exempt Transactions and transactions involving affiliated mutual Funds) as defined in the Code of Ethics, executed during the reporting period. **DO NOT ATTACH BROKERAGE REPORTS**. The report must be returned to the Compliance Officer, regardless of whether any Securities Transactions occurred, before the 30th day after the close of the calendar quarter. Please note that this Report covers all Securities in which you have a Beneficial Interest.

<br> ☐ I have executed no Securities Transactions during the quarter.

<br> ☐ The following is a complete list of my Securities Transactions:

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|:---|:---|:---|:---|:---|:---|
| **Security\*** | **Transaction**<br> **Date** | **Purchase,**<br> **Sale,**<br> **or Other** | **# of Shares & Principal**<br> **Amount**<br> **of Security** | **Price** | **Executing Broker** |

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\*Provide interest rate, maturity date, ticker symbol or CUSIP, if applicable

I have not opened a brokerage account during the quarter.

The following is a complete list of all brokerage accounts I opened during the quarter:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank:** | &nbsp;&nbsp;**Account Name:** | &nbsp;&nbsp;**Date Established:** |

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I certify that I have read and understand the Code of Ethics and that I have complied with the requirements of the Code of Ethics, including disclosure of all Securities Transactions that require disclosure.

Printed Name:   Signature:   <br> Filing Date:  

THIS REPORT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT THE REPORTING PERSON HAS ANY DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN ANY SECURITY TO WHICH THIS REPORT RELATES.

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**NEW EMPLOYEE SECURITIES REPORT**

This information is current as of ________________ (must be current as of a date no more than 45 days before your commencing employment). *Return to Compliance Officer within 10 days of your commencing employment.*

Please list all Securities in which you have a Beneficial Interest, as defined in the Code of Ethics.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Security(name, type, CUSIP or ticker symbol) | &nbsp;&nbsp; **# of Shares or**<br> **Principal Amount** | &nbsp;&nbsp;**Date Acquired** |

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Please list all brokers, dealers and banks that maintain a brokerage account in which you have a Beneficial Interest, as defined in the Code of Ethics.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer or Bank** | &nbsp;&nbsp;**Account Name** |

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I certify that I have read and understand the Code of Ethics and recognize that I am subject to it. I certify that this is a complete list of all Securities in which I have a Beneficial Interest, and that I have complied with the requirements of the Code of Ethics including disclosure of all Securities Transactions for which the Code of Ethics requires disclosure.

Printed Name:   Signature:   <br>Date:  

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**ANNUAL ISSUES REPORT AND CERTIFICATION**

**OF**

**USCA ALL TERRAIN FUND**

For the period __________ to ______________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that the USCA All Terrain Fund (the "Trust") submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B. Certification**. The undersigned authorized officer of the Trust hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:   <u><br> </u> <br> Authorized Officer

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**ANNUAL ISSUES REPORT AND CERTIFICATION**

**OF**

**USCA ASSET MANAGEMENT, LLC**

For the period __________ to _____________

**A. Issues Report**. Rule 17j-1 under the 1940 Act requires that USCA Asset Management, LLC (the "Adviser"), adviser to the USCA All Terrain Fund submit at least annually, for the Board of Trustees' consideration, a written report describing any issues arising under the Trust's Code of Ethics, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations.

[Describe all issues relevant to the Board or state that there are no issues to report.]

No issues to report.

**B. Certification**. The undersigned authorized officer of the Adviser hereby certifies to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons (as defined in the Code) from violating the Code.

Date:   <u><br> </u> <br> Authorized Officer

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**ANNUAL ISSUES REPORT AND CERTIFICATION**

**OF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Principal Underwriter]</u>**

For the period ______________ to ________________

I, ___________________________________, hereby certify that __________________ (the "Underwriter"), the principal underwriter for the USCA Fund Trust, has adopted a code of ethics (the "Code") in accordance with Rule 17j-1 of the Investment Company Act of 1940, as amended (the "Rule"). In conjunction with the Code, Underwriter:

<br> 1. Has adopted procedures reasonably necessary to prevent its Access Persons, as such term is defined in the Rule, from violating the Code;

<br> 2. Has identified Access Persons, and notified them of their obligations to make an initial report, quarterly transactions reports, and annual holdings reports;

<br> 3. Has adopted procedures for management or compliance personnel to review Access Persons' transactions and holdings reports;

<br> 4. Has established a record of (a) Access Persons required to make transactions and holdings reports, and (b) persons responsible for reviewing such reports;

<br> 5. Will prohibit all Access Persons from acquiring any beneficial interest in securities in an initial public offering;

<br> 6. Will prohibit all Access Persons from acquiring any beneficial interest in a private placement without prior approval from Underwriter, which will maintain records of any such approval and the reasons for granting the approval; and

<br> 7. Will require each person who becomes an Access Person to file an initial holdings report within 10 days of becoming an Access Person.

As of the date indicated above, no material violations of the Code that could potentially affect the Funds have ever been identified, nor have any Access Persons ever been granted a material exemption from compliance with the Code. In addition, no material changes to the Code have been made in the past twelve months.

Date:   <u><br> </u> <br> Authorized Officer

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## Ex-99.Cert

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EX.99.CERT

#### CERTIFICATIONS

I, Phil Pilibosian, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of USCA All Terrain Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
 net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u>6/11/2025</u> <br>| <u>/s/ Phil Pilibosian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Phil Pilibosian, President<br> (Principal Executive Officer) |

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#### EX.99.CERT <br> CERTIFICATIONS

I, Kasey de Jonkheere, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of USCA All Terrain Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
 such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
 net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:<u> </u><u>6/11/2025</u> <br>| <u>/s/ Kasey de Jonkheere&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Kasey de Jonkheere, Treasurer<br> (Principal Financial Officer) |

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## Exhibit 99.906

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#### <br> EX.99.906CERT

#### <br>

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the USCA All Terrain Fund, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the USCA All Terrain Fund for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the USCA All Terrain Fund for the stated period.

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| | |
|:---|:---|
|  <br><u>/s/ Phil Pilibosian&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Phil Pilibosian, President<br> (Principal Executive Officer) |  <br><u>s/ Kasey de Jonkheere&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Kasey de Jonkheere, Treasurer<br> (Principal Executive Officer) |
| Dated: 6/11/2025 | Dated: 6/11/2025 |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by USCA All Terrain Fund for purposes of Section 18 of the Securities Exchange Act of 1934.

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