UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-23906

Connetic Venture Capital Access Fund

910 Madison Avenue

Covington, KY 41011

(Address of Principal Executive Offices)

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: (844) 434-6483

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Annual Report 2026

As of March 31, 2026

Connetic Venture Capital Access Fund

Class I Shares: VCAFX

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Connetic Venture Capital Access Fund (the “Fund”). The Fund’s shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund’s shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Fund nor the Fund’s distributor is a bank.

The Connetic Venture Capital Access Fund is distributed by Foreside Financial Services, LLC., Member FINRA/SIPC, 190 Middle Street, 2nd Floor, Portland, ME 04101. There is no affiliation between the Fund, including its principals, and Foreside Financial Services, LLC.

For More Information on the Connetic Venture Capital Access Fund:

See Our Website @ conneticventures.com
or
Call Our Shareholder Services Group at 844-434-6483.

Table of Contents

Connetic Venture Capital Access Fund (VCAFX)

Management Discussion of Fund Performance

Fiscal Year: April 1, 2025 – March 31, 2026

Venture Capital Market Overview

The fiscal year ended March 31, 2026, was, by the headline numbers, one of the strongest periods for U.S. venture capital in recent memory. According to PitchBook–NVCA, full-year 2025 U.S. venture deal value exceeded $400 billion, and the first calendar quarter of 2026 alone recorded approximately $267.2 billion in deal value and $347.3 billion in exit value—totals that topped every prior full year except 2021 and 2025. Artificial intelligence captured 88.8% of first-quarter 2026 deal value and 42.5% of deal count. (1)

Beneath those numbers, however, the venture environment remained narrowly distributed. Stripping out the five largest financings and the five largest exits, aggregate deal value and exit value fell 73.2% and 86.6%, respectively. In the quarter ended March 31, 2026, approximately 90.9% of U.S. venture dollars flowed to just four hub markets. A handful of late-stage private companies now carry valuations above $400 billion at the same time public software peers trade at multi-decade-low revenue multiples—median revenue multiples near 4x and certain category bellwethers compressed roughly 50–60% from their 2024 peaks despite continued revenue growth. For the rest of the venture market, the experience throughout the fiscal year was tighter underwriting, milestone-based round structures, and intensified focus on capital efficiency.

The Fund operated against this two-track backdrop. The Fund did not participate in the late-stage, mega-deal concentration that drove headline totals. Instead, Connetic RIA (the “Adviser”) maintained its mandate of primary, direct, early-stage investments sourced across the United States, Canada, and Mexico—supported by the Adviser’s proprietary sourcing platform, Wendal^®. In a year where venture dollars clustered in a small number of names and geographies, the Adviser continued to fish upstream, where the Fund believes dispersion creates an attractive opportunity set for disciplined early-stage sourcing across a much wider map.

Fund Performance

For the fiscal year ended March 31, 2026, the Fund delivered a total return of (3.07)%, compared with a 17.80% total return for the S&P 500^® Total Return Index over the same period. On a cumulative since-inception basis (October 3, 2024 through March 31, 2026), the Fund’s total return was (2.10)% versus 15.68% for the S&P 500^® Total Return Index. The Fund’s net asset value (“NAV”) per share began the fiscal year at $10.10, rose through the first half of the year, and closed the fiscal year at $9.79.

The Fund’s annual result masks a year of two distinct halves. Through the first six months of the fiscal year, the Fund built on the momentum established at inception, achieving a six-month net return of 3.3% and reaching an interim NAV of $10.43 on September 30, 2025. Through that period, the Fund had attained four consecutive quarters of positive performance since inception, supported by continued valuation gains across maturing vintages and limited markdowns among earlier-stage positions. Performance moderated in the quarter ended December 31, 2025 (a (0.86)% return for the quarter, with a full calendar-year 2025 return of 3.19%), and then reversed in the quarter ended March 31, 2026, when the Fund recorded a (5.32)% quarterly return. The fourth-quarter result was driven primarily by public-comparable compression: a meaningful share of the Fund’s fair-value marks reference public-market peers under ASC 820 fair-value methodology, and the multi-decade-low public software multiples described above translated into lower marks across portions of the portfolio even where underlying company-level progress remained intact. The Fund’s largest single-issuer holding, a convertible note position in a software technology portfolio company, representing approximately 12.95% of net assets at fiscal year-end, also declined during the second half of the fiscal year as the Adviser applied updated valuation inputs under its Rule 2a-5 fair value methodology. See Note 10 to the Financial Statements for additional information regarding this position and subsequent developments.

Valuation movement across the fiscal year reflected the natural “J-curve” progression typical of diversified early-stage venture strategies. Investments made between 2019 and 2021—referred to as the Fund’s 2019–2021 vintages—continued to anchor portfolio value as several companies in those cohorts advanced through growth milestones or follow-on rounds. The 2022–2024 vintages continued to mature, demonstrating operational traction alongside modest near-term revaluations. The newest 2025 and 2026 vintages remained near cost basis, consistent with industry norms for early-stage deployments that have not yet completed a full development cycle. As the portfolio matures, management expects compounding effects from both legacy and emerging positions to further differentiate returns over time.

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Connetic Venture Capital Access Fund (VCAFX)
Management Discussion of Fund Performance (Continued)

Fiscal Year: April 1, 2025 – March 31, 2026

The disparity between Fund performance and the S&P 500^® Total Return Index during the fiscal year continued to reflect a market environment in which the top ten constituents of the S&P 500^® Index comprised roughly 35% of total index market capitalization, a level of large-cap concentration that the Adviser believes underscores—rather than diminishes—the case for differentiated, long-duration exposure to private growth companies. The Fund does not target index-relative outcomes; its mandate is to provide differentiated access to early-stage venture capital, an asset class whose return profile is structurally non-correlated to large-cap public equity benchmarks.

Portfolio Composition and Key Performance Indicators

The Adviser monitors several key performance indicators (“KPIs”) to evaluate the Fund’s portfolio structure, risk profile, and alignment with its investment strategy. Although related information appears elsewhere in this report, the following descriptions explain what each KPI measures, how it is calculated, and why it is useful. The Adviser reviews these KPIs using consistent methodologies each period.

Vintage diversification helps management assess how the portfolio is distributed across investment years and where each cohort sits within the typical venture “J-curve.” Management calculates vintage exposure by grouping investments according to the year of initial investment and reviewing each group’s share of total portfolio fair value. This provides insight into which vintages are contributing to value creation and which remain in earlier development phases.

Stage exposure reflects how capital is allocated across pre-seed, seed, and early Series rounds. Management determines stage exposure by categorizing each portfolio company by its most recent financing stage and assessing the proportion of total portfolio fair value represented by each stage. This helps ensure alignment with the Fund’s early-stage mandate while maintaining diversification across company development levels.

Top-holding concentration indicates how much of the Fund’s value is driven by its largest positions. Management evaluates this KPI by identifying the largest holdings—typically the top ten—and reviewing the percentage of total portfolio fair value they represent. This highlights whether performance may be influenced disproportionately by a limited number of companies.

Number of portfolio holdings measures the breadth of diversification and is calculated by counting all positions with a non-zero fair value. A broader set of holdings helps reduce idiosyncratic risk and supports portfolio stability.

Net capital flows help management plan liquidity and capital deployment. They are calculated by comparing total subscriptions to total repurchases during the period, providing insight into investor demand and cash needs.

As of March 31, 2026, the Fund held 157 portfolio positions across approximately 108 underlying companies, spanning eight vintages from 2018 through 2026. The portfolio remained predominantly early-stage, with seed-stage positions representing the largest share of total fair value and pre-seed and Series A positions providing complementary exposure across the development spectrum. The Fund’s ten largest holdings represented approximately 46.77% of total fund holdings (excluding cash) at fiscal year-end. The remaining approximately 53.23% was distributed across the balance of the portfolio, providing a diversification base that the Adviser believes is consistent with the natural shape of an early-stage venture portfolio, where a small number of compounders carry meaningful weight while a wider set of holdings supports breadth.

Sector allocation at fiscal year-end was concentrated in software-enabled categories that align with the Fund’s investment themes: AI & Machine Economies (approximately 21.6%), Programmable Workflows (approximately 19.3%), Future of Finance (approximately 18.7%), Creative Economies (approximately 12.3%), Modern Consumer Systems (approximately 11.1%), Sustainable Platforms (approximately 7.6%), and Next-Gen Health Tech (approximately 5.9%), with the balance in other categories. Geographic exposure remained concentrated in the United States and Canada, consistent with the Adviser’s sourcing footprint and the disclosure included elsewhere in this report.

New Portfolio Additions

Below is a summary of the new portfolio companies in which the Fund made its initial investment during its fiscal year ended March 31, 2026. This includes thirteen new portfolio companies and sixteen follow-on investments in current portfolio companies. Each new investment underwent the Adviser’s standard due-diligence process, which includes behavioral scoring through Wendal^®, assessment of capital efficiency, market traction, and founder–market fit. These additions align with the Fund’s strategy of concentrating on early-stage,

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Connetic Venture Capital Access Fund (VCAFX)
Management Discussion of Fund Performance (Continued)

Fiscal Year: April 1, 2025 – March 31, 2026

technology-enabled companies that demonstrate disciplined execution and strong potential for long-term value creation. Consistent with typical venture capital dynamics, new positions are expected to contribute modestly in the near term as they build product, refine go-to-market strategies, and raise subsequent financing rounds. Their most meaningful impact is anticipated to occur over longer horizons as these companies progress through growth milestones and external validation points. Collectively, these additions enhance the Fund’s diversification across sectors, vintages, and emerging innovation themes. Information about each new portfolio company described below has been provided by the company or another third-party source that the Fund believes to be reliable, but is not guaranteed by the Fund as to its accuracy or completeness. The Fund holdings discussed in this report may not have been held by the Fund for the entire period, and both current and future Fund investments are subject to risk. The Fund’s portfolio composition is subject to review in accordance with the Fund’s investment strategy and should be expected to change over time. Please see the Schedule of Investments in this report for a complete list of the Fund’s investments and their values as of March 31, 2026.

Kartel.AI, Inc.

Langar Holdings, Inc.

Parrott Finance, Inc.

PureCode Software, Inc.

Ranked Media, Inc.

SocialMama, Inc. (dba Ema)

OperateIQ Inc. (dba Qwyn AI)

Pavewise Inc.

Steadi Technologies Inc.

Forecastr Inc.

GuideAI Technologies Inc.

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Connetic Venture Capital Access Fund (VCAFX)
Management Discussion of Fund Performance (Continued)

Fiscal Year: April 1, 2025 – March 31, 2026

Nokking Inc.

Open Bay Autos AI Inc.

Realized Exits and M&A Activity

During the fiscal year ended March 31, 2026, the Fund recognized strategic outcomes across several portfolio companies that the Adviser believes validate the early-stage thesis: durable, capital-efficient businesses tend to attract strategic operator interest as they mature. In the quarter ended December 31, 2025, the Fund exited its position in Healthy Roster, Inc. in connection with the combination of Healthy Roster and Sway Medical, backed by growth equity firm Level Equity. In the quarter ended March 31, 2026, the Fund recognized two additional exits: FirstIgnite Ltd., a Traverse City, Michigan technology-transfer and IP-management business, was acquired by Merit Holdings in February 2026; and Drypowder, Inc., a Kansas City, Missouri portfolio company in which the Fund had led a January 2025 round, was acquired by ECI Software Solutions in early 2026. Additional portfolio-company–led M&A activity occurred during the fiscal year—including Outlier’s acquisition of the IP of SportsCapital, Inc. in March 2026 and its international expansion—but represented operating-level transactions rather than Fund-level realizations.

Investment Pipeline

Despite the bifurcation in the broader venture market, the Adviser’s deal flow remained strong and geographically distributed throughout the fiscal year. Through the Adviser’s proprietary sourcing platform, Wendal^®, the Fund received applications from a combined total of approximately 2,414 companies across 41 U.S. states over the course of the fiscal year, with active sourcing across the United States, Canada, and Mexico. Quarterly application volume ranged from a low of 294 companies in the quarter ended March 31, 2026 to a peak of approximately 773 companies in the quarter ended September 30, 2025. In addition to inbound applications, the Adviser reviewed additional opportunities through referrals and direct sourcing efforts—spanning both new investments and follow-on opportunities within the existing portfolio. This consistent flow of high-quality opportunities enables the Adviser to remain selective, focusing efforts on startups that align with the Fund’s long-term investment thesis and demonstrate the potential for attractive impact and returns.

Market Outlook

Looking ahead, the Adviser expects the two-track venture environment that defined the Fund’s fiscal year ended March 31, 2026, to persist into the fiscal year ending March 31, 2027. Late-stage AI financings will likely continue to dominate headline deal-value totals, and public-comparable volatility will likely continue to influence quarter-to-quarter marks on private positions valued under ASC 820 by reference to public peers. At the same time, the Adviser believes the conditions outside that narrow band—tighter underwriting, milestone-based round structures, more disciplined capital deployment by founders, and broader geographic dispersion of company formation—create a structurally attractive opportunity set for primary, direct, early-stage investing. The December 2025 0.25% reduction in the federal funds target range to 3.50%–3.75% reinforces expectations for somewhat easier financial conditions into 2026, though underwriting standards have not reverted to prior-cycle norms. The continued growth of the secondary market for private-company shares provides an additional liquidity tool that the Adviser expects to monitor as the portfolio matures.

Eighteen months after the commencement of operations, the migration of venture capital into registered fund structures is reading clearly across the industry. Multiple new registered venture vehicles launched or converted during the fiscal year, most oriented toward later-stage household names through fund-of-fund or SPV-of-SPV structures concentrating on the same handful of names that dominate headline statistics. The Fund continues to pursue a differentiated approach: a tech- and data-driven sourcing and diligence system (Wendal^®) to surface high-quality opportunities beyond the loudest markets, paired with the interval-fund structure designed to support a continuous, multi-vintage approach to early-stage investing rather than relying on precise market timing.

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Connetic Venture Capital Access Fund (VCAFX)
Management Discussion of Fund Performance (Continued)

Fiscal Year: April 1, 2025 – March 31, 2026

With a diversified portfolio spanning approximately 108 underlying companies across multiple vintages, and a deliberate focus on early-stage opportunities in non-coastal geographies, including markets such as Fargo, Louisville, Chicago, Denver, and Cincinnati, the Fund is positioned to capture compounding opportunities as private markets continue to recalibrate. The Adviser’s disciplined, data-driven approach—leveraging proprietary behavioral sourcing through Wendal^®—continues to guide investment selection and portfolio management. In the Adviser’s view, periods of market dispersion often present the most attractive entry points for long-term investors. By maintaining consistent exposure to innovation at its earliest stages, the Fund seeks to provide investors with differentiated access to venture capital’s asymmetric growth potential while promoting stability through diversification and rigorous valuation discipline.

The views expressed in this report are exclusively those of the Fund’s investment adviser, Connetic RIA LLC, as of March 31, 2026. Any such views are subject to change at any time based on market or other conditions, and the Fund disclaims any responsibility for updating such views. These views are not intended to be a forecast of future events, a guarantee of future results, or advice. Because investment decisions for the Fund are based on numerous factors, these views may not be relied upon as an indication of trading intent on behalf of the Fund. The information contained herein has been prepared from sources believed to be reliable, but is not guaranteed by the Fund as to its accuracy or completeness. Past performance is not indicative of future results. There is no assurance that the Fund’s investment objectives will be achieved.

5

Connetic Venture Capital Access Fund

Performance

March 31, 2026 (Unaudited)

Change in Value of a Hypothetical $10,000 Investment

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when repurchased, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.conneticventures.com. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. As stated in the Fund’s current prospectus, as supplemented, the net expense ratio for the Fund is 2.84%. Additional information about fees and expense levels can be found in the Fund’s current prospectus. Returns are based on the dollar value of a single share of the Fund, calculated using the value of the underlying assets of the Fund minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

This graph represents the growth of a hypothetical investment of $10,000. It assumes reinvestment of dividends and capital gains and reflects ongoing fund expenses, but does not reflect sales loads, redemption fees, or the effects of taxes on any capital gains and/or distributions.

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Connetic Venture Capital Access Fund

Portfolio Composition (Unaudited)

Fund Diversification

The following table provides a breakdown of the Fund, by industry sector that represents the fair value of the underlying securities, as a percentage of total investments as of March 31, 2026

Fund Security Type Diversification

The following table provides a breakdown of the Fund, by the security type that the underlying securities represent, as a percentage of net assets as of March 31, 2026.

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Connetic Venture Capital Access Fund

Schedule of Investments

March 31, 2026

See accompanying notes to financial statements.

8

Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

See accompanying notes to financial statements.

9

Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

See accompanying notes to financial statements.

10

Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

See accompanying notes to financial statements.

11

Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

See accompanying notes to financial statements.

12

Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

See accompanying notes to financial statements.

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Connetic Venture Capital Access Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

Inc. - Incorporated

dba - doing business as

LLC - Limited Liability Company

See accompanying notes to financial statements.

14

Connetic Venture Capital Access Fund

Statement of Assets and Liabilities

March 31, 2026

See accompanying notes to financial statements.

15

Connetic Venture Capital Access Fund

Statement of Operations

For the Year Ended March 31, 2026

See accompanying notes to financial statements.

16

Connetic Venture Capital Access Fund

Statement of Changes in Net Assets

For the Year Ended March 31, 2026

See accompanying notes to financial statements.

17

Connetic Venture Capital Access Fund

Statement of Cash Flows

For the Year Ended March 31, 2026

See accompanying notes to financial statements.

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Connetic Venture Capital Access Fund

Financial Highlights

For a share outstanding during the fiscal period presented

See accompanying notes to financial statements.

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Connetic Venture Capital Access Fund

Notes to the Financial Statements

March 31, 2026

The Connetic Venture Capital Access Fund (the “Fund”) was organized as a Delaware statutory trust (the “Trust”) on September 11, 2023, and commenced operations on October 3, 2024. The Trust is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company. The Fund operates as an “interval fund” and is making a continuous offering of its shares of beneficial interest (“Shares”). The Fund acquired all of the assets and liabilities of 908 Investments LLC (the “Predecessor Fund”), a private fund that merged into the Fund, in a tax-free reorganization on October 3, 2024 (the “Reorganization”). In connection with the Reorganization, interests in the Predecessor Fund were exchanged for Class I Shares of the Fund. The Fund is authorized to issue an unlimited number of shares. Each share of the Fund represents an equal proportionate interest in the assets of the Fund with each other share in the Fund.

The Fund’s investment objective is to generate long-term capital appreciation primarily through an actively managed portfolio that exposes investors to private, venture capital investments. Under normal circumstances, the Fund intends to invest at least 80% of its assets (net assets plus borrowings for investment purposes) in securities that provide exposure to private, venture capital investments. The Fund seeks to achieve its investment objective through investing primarily in equity securities (e.g., common stock, preferred stock, and securities convertible into equity securities) of private, venture capital investments in operating growth companies (“Portfolio Companies”).

Connetic RIA LLC, an investment adviser registered under the Investment Advisers Act of 1940 (the “Advisers Act”), as amended, serves as the Fund’s investment adviser (the “Adviser”). The Fund’s Board of Trustees (the “Board” or “Board of Trustees”) has the overall responsibility for the management and supervision of the business operations of the Fund.

The price of the Fund’s Shares is based on its net asset value (“NAV”). The NAV per Share equals the total value of the Fund’s assets as of the applicable Business Day, less its liabilities (including accrued fees and expenses), divided by the number of its outstanding Shares.

The Fund will generally calculate its NAV as of the close of regular trading (4:00 p.m. Eastern Time) on the New York Stock Exchange (the “NYSE”) each day the NYSE is open (each, a “Business Day”). Although the Fund will typically determine its NAV on each Business Day, the Fund’s calculation of its NAV is subject to valuation risk.

Basis of Presentation and Use of Estimates — The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). The policies are in conformity with generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Income Recognition and Expenses — Interest income is recognized on an accrual basis as earned. Dividend income is recorded on the ex-dividend date. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; professional fees; costs of insurance; registration expenses; marketing expenses; and expenses of meetings of the Board. Expenses are subject to the Fund’s Expense Limitation Agreement.

Investment Transactions — Investment transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the identified cost basis for publicly traded investments and private investments for both financial statement and federal income tax purposes.

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Connetic Venture Capital Access Fund
Notes to the Financial Statements (Continued)

March 31, 2026

Federal Income Taxes — The Fund has elected to be treated as a regulated investment company (“RIC”) under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will be subject to tax on any income or gain it does not distribute. The Fund will substantially distribute all of its income and gain on a timely basis and meet the other quarterly compliance requirements to maintain its status as a RIC.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions and concluded that no provision for unrecognized tax benefits or expenses should be recorded related to uncertain tax positions taken in the Fund’s current tax year and all open tax years.

Operating Segments — The Fund operates and is managed as a single reportable segment and the Fund makes investments in accordance with its investment objective as described in the Fund’s Prospectus. The chief operating decision maker (“CODM”) of the Fund is the Adviser. The financial information in the form of the Fund’s portfolio composition, total returns, changes in net assets and expense ratios, which are used by the CODM to assess the Fund’s performance and to make operational decisions for the Fund’s single segment, is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as “net assets” and significant segment expenses are listed on the accompanying statement of operations.

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

Investment Valuation

The Board has approved valuation procedures for the Fund (the “Valuation Procedures”) which are used for determining the fair value of any Fund investments for which a market quotation is not readily available. The valuation of the Fund’s investments is performed in accordance with the principles found in Rule 2a-5 under the 1940 Act and in conjunction with FASB’s ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). The Board has designated the Adviser as the valuation designee of the Fund. As valuation designee, the Adviser performs the fair value determination relating to any and all Fund investments, subject to the conditions and oversight requirements described in the Valuation Procedures. In furtherance of its duties as valuation designee, the Adviser has formed a valuation committee (the “Valuation Committee”), to perform fair value determinations and oversee the Adviser’s day-to-day functions related to the fair valuation of the Fund’s investments. The Valuation Committee may consult with representatives from the Fund’s outside legal counsel or other third-party consultants in their discussions and deliberations.

Available information regarding Portfolio Companies, their securities, and the status of their businesses and financial conditions is generally more limited than that available for public companies and may be less current or more difficult to independently verify. Such securities are valued by the Adviser at fair value as determined pursuant to the Valuation Procedures. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Adviser. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. Information provided directly by the issuer is often among the most relevant inputs to a fair value determination. The degree of certainty associated with a fair valuation may therefore vary based on the scope, timeliness, and nature of the information made available by the issuer.

For investments without market quotations readily available, the Advisor determines an appropriate valuation methodology to estimate the fair value of its investments.

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Connetic Venture Capital Access Fund
Notes to the Financial Statements (Continued)

March 31, 2026

For earlier stage Portfolio Companies, as determined by their revenue size, are assessed using a scorecard methodology, which considers a number of factors, such as portfolio company runway, performance relative to expectations, stability and growth and quality of management, in estimating investment fair values.

Other investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value may be valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current business data (e.g., information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; information provided by the company (e.g., letters to investors, financials, information provided pursuant to financial document reporting obligations); security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments; its earnings and discounted cash flows; the markets in which the portfolio company does business; comparisons of financial ratios of peer companies that are public; M&A comparables; and enterprise values.

When determining the price for an investment to be fair valued, the Adviser is required to seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations are typically based upon all available factors that the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models.

The Fund’s financial statements, which are prepared in accordance with GAAP, follow the requirements for valuation set forth in ASC 820, which defines and establishes a framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

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 overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

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Connetic Venture Capital Access Fund
Notes to the Financial Statements (Continued)

March 31, 2026

The following is a summary of the Fund’s investments as of March 31, 2026:

The following table presents the investment activity associated with securities that are categorized as Level 3 investments during the year ended March 31, 2026: