# EDGAR Filing Document

**Accession Number:** 0001742836
**File Stem:** 0001213900-25-126607
**Filing Date:** 2025-12
**Character Count:** 99448
**Document Hash:** 348403b220f7e36d4d17829041c40183
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-126607.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001213900-25-126607

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macquarie Focused Access Fund, LLC
- **CENTRAL INDEX KEY:** 0001742836

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23355
- **FILM NUMBER:** 251614346

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MACQUARIE WEALTH ADVISERS, LLC
- **STREET 2:** 660 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10103
- **BUSINESS PHONE:** 212-317-9200

**MAIL ADDRESS:**
- **STREET 1:** C/O MACQUARIE WEALTH ADVISERS, LLC
- **STREET 2:** 660 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CPG Focused Access Fund, LLC
- **DATE OF NAME CHANGE:** 20180606

?xml version='1.0' encoding='ASCII'?

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 811-23355

----------------------------------------------------------------

**MACQUARIE FOCUSED ACCESS FUND, LLC (FORMERLY, CPG FOCUSED ACCESS FUND, LLC)** (Exact name of registrant as specified in charter)

----------------------------------------------------------------

660 Fifth Avenue

New York, New York 10103

(Address of principal executive offices) (Zip code)

Alex Lee

c/o Macquarie Wealth Advisers, LLC

660 Fifth Avenue

New York, New York 10103

(Name and address of agent for service)

----------------------------------------------------------------

Registrant's telephone number, including area code: (212) 317-9222

Date of fiscal year end: April 30

Date of reporting period: October 31, 2025

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 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### ITEM 1. &nbsp;&nbsp;&nbsp;&nbsp; REPORTS TO STOCKHOLDERS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Report to Shareholders is attached herewith.

### Macquarie Focused Access Fund, LLC

### (Formerly known as CPG Focused Access Fund, LLC)

### Financial Statements
For the Six Months Ended October 31, 2025

(Unaudited)

------

 **Macquarie Focused Access Fund, LLC**<br> **Table of Contents**<br> **For the Six Months Ended October 31, 2025 (Unaudited)**<br>

---

| | |
|:---|:---|
|  **[Schedule of Investments](#T72)** | **1-3** |
|  **[Statement of Assets and Liabilities](#T73)** | **4** |
|  **[Statement of Operations](#T74)** | **5** |
|  **[Statements of Changes in Net Assets](#T75)** | **6-7** |
|  **[Statement of Cash Flows](#T76)** | **8** |
|  **[Financial Highlights](#T77)** | **9-13** |
|  **[Notes to Financial Statements](#T78)** | **14-22** |
|  **[Other Information (Unaudited)](#T79)** | **23** |

---

------

 **Macquarie Focused Access Fund, LLC**<br> **Schedule of Investments (Unaudited)**<br> **October 31, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Investment Funds — 101.94%^** | **First<br>Acquisition<br>Date** | **Cost** | **Fair<br>Value** | **Next Available<br>Redemption<br>Date** | **Liquidity <br>Frequency<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Global — 78.42%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Event Driven/Activist — 8.91% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Point Partners Qualified L.P.<sup>2,3,4,10</sup> | 11/1/2018 | $65944081 | $90233734 | 12/31/2025 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Point Partners Qualified L.P. <br>Class PNE<sup>2,3,4,12</sup> | 7/1/2023 | 5116952 | 4930976 | n/a |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Event Driven/Activist |  | 71061033 | 95164710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Hedged — 17.67% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coatue Qualified Partners, L.P.<sup>2,3,4</sup> | 11/1/2018 | 107744712 | 186407488 | 12/31/2025 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coatue Qualified Partners, L.P. Liquidating Class<sup>2,3,4,12</sup> | 7/1/2023 | 2115807 | 2246842 | n/a |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Equity Hedged |  | 109860519 | 188654330 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Strategy — 28.58% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge Premier/Millennium International Ltd.<sup>2,3,5,6</sup> | 1/1/2019 | 35975818 | 59790903 | 3/31/2026 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge Premier/Millennium <br>USA LP<sup>2,3,4,6</sup> | 11/1/2018 | 29508216 | 50090194 | 3/31/2026 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millennium USA LP-Class GG-T1a<sup>2,3,4</sup> | 1/1/2025 | 7500000 | 8035171 | 3/31/2026 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview Omni Fund LP<sup>2,3,4,11</sup> | 4/1/2024 | 53500000 | 56407140 | 12/31/2025 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schonfeld Strategic Partners Fund LLC, Class B<sup>2,3,4,8</sup> | 3/1/2022 | 29500000 | 39754761 | 12/31/2025 | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schonfeld Strategic Partners Fund LLC, Class F<sup>2,3,4,9</sup> | 11/1/2022 | 68570855 | 91194405 | 12/31/2025 | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Multi-Strategy |  | 224554889 | 305272574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantitative — 23.26% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Institutional Equities Fund LLC<sup>2,3,4</sup> | 11/1/2018 | 67888474 | 90500264 | 12/31/2025 | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WMQS Global Equity Active Extension Onshore Fund LP<sup>2,3,4</sup> | 11/1/2018 | 76374470 | 157927413 | 11/30/2025 | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Quantitative |  | 144262944 | 248427677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Global** |  | **549739385** | **837519291** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America — 23.52%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Event Driven/Activist — 13.07% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starboard Value and Opportunity Fund LP<sup>2,3,4</sup> | 11/1/2018 | 105847345 | 139577608 | 3/31/2026 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Fundamental Value — 8.24% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEG Partners II, LP<sup>2,3,4</sup> | 3/1/2020 | 75818838 | 88018629 | 12/31/2025 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Only Equity — 2.21% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoMa Long Opportunities LP<sup>2,3,4,7</sup> | 2/1/2024 | 17514465 | 23612475 | 12/31/2025 | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total North America** |  | **199180648** | **251208712** |  |  |
|  **Total Investment Funds** |  | $**748920033** | $**1088728003** |  |  |
|  **Total Investments — 101.94%** |  | $**748920033** | $**1088728003** |  |  |
|  Liabilities in excess of other assets — (1.94)% |  |  | (20782414) |  |  |
|  **Net Assets** — **100%** |  |  | $**1067945589** |  |  |

---

 **Macquarie Focused Access Fund, LLC**<br> **Schedule of Investments (Unaudited) (Continued)**<br> **October 31, 2025**<br>

PNE - Participation Note, E series

^ Percentages are based on net assets as of October 31, 2025.

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Available frequency of redemptions without a redemption fee after initial lock-up period, if any. Different tranches may have different liquidity terms. Redemption notice periods range from 45 to 90 days. Lock-up periods range from 3 to 12 months. Macquarie Wealth Advisers, LLC cannot estimate when restrictions will lapse for any fund level gates, suspensions, or side pockets.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Restricted security. Total fair value of restricted securities amounts to $1,088,728,003, which represents approximately 101.94% of net assets as of October 31, 2025.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Non-income producing security.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investment fund is domiciled in the United States.

<sup>5&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investment fund is domiciled in the Cayman Islands.

<sup>6&nbsp;&nbsp;&nbsp;&nbsp;</sup>Subject to a 5% quarterly fund level gate.

<sup>7&nbsp;&nbsp;&nbsp;&nbsp;</sup>Subject to a 1-year soft lock.

<sup>8&nbsp;&nbsp;&nbsp;&nbsp;</sup>Subject to a 1-year soft lock and 15% fund level gate.

<sup>9&nbsp;&nbsp;&nbsp;&nbsp;</sup>Subject to a 15% fund level gate and 12.5% individual gate.

<sup>10</sup>Subject to a 20% quarterly fund level gate.

<sup>11</sup>Subject to a 1-year soft lock and 25% investor level gate.

<sup>12</sup>Iliquid, redeemable only when underlying investment is realized or converted to liquid interest in Investment Fund.

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Schedule of Investments (Unaudited) (Continued)**<br> **October 31, 2025**<br>

---

| | |
|:---|:---|
|  **Summary of Investments by Type/Region (as a percentage of net assets)** |  |
|  **Investment Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global | 78.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 23.52% |
|  **Total Investment Funds** | **101.94%** |
|  **Total Investments** | **101.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities in excess of other assets | (1.94)% |
|  **Total Net Assets** | **100.00%** |

---

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Statement of Assets and Liabilities (Unaudited)**<br> **October 31, 2025**<br>

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value (cost $748,920,033) | $1088728003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7366629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 41804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Directors' and Officer fees | 30047 |
|  **Total Assets** | 1096166483 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable | 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscriptions received in advance | 5872500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees payable | 1484121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees payable | 540933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 482426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and servicing fees payable to affiliate | 442621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 135941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer fees payable | 98200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit commitment fees payable | 48083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense payable | 35390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for units repurchased | 6988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other accrued expenses | 73691 |
|  **Total Liabilities** | 28220894 |
|  **Net Assets** | $**1067945589** |
|  **Commitments and Contingencies (see Note 8)** |  |
|  **Composition of Net Assets:** |  |
|  Paid-in capital | $845955733 |
|  Total distributable earnings | 221989856 |
|  **Net Assets** | $**1067945589** |
|  **Net Assets Attributable to:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Units | $601996073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F1 Units | 90074226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F2 Units | 26368682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Units | 349506608 |
|  | $**1067945589** |
|  **Units of Limited Liability Company Interests Outstanding (Unlimited Number of Units Authorized):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Units | 29512152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F1 Units | 6241836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F2 Units | 1753346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Units | 12344009 |
|  | 49851343 |
|  **Net Asset Value per Unit:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Units\* | $20.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F1 Units\* | $14.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F2 Units | $15.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Units | $28.31 |

---

\* Class A and Class F1 investors may be charged a Placement Fee up to a maximum of 3.0% on the amount they invest.

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Statement of Operations (Unaudited)**<br> **For the Six Months Ended October 31, 2025**<br>

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $195006 |
|  **Total Investment Income** | 195006 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2971359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and servicing fees (Class A) | 2285330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 432777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees | 328836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and servicing fees (Class F1) | 323598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 290697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit commitment fees | 259417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 242563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 156320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer fees | 84211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 31002 |
|  **Total Expenses** | 7406110 |
|  **Net Investment Income/(Loss)** | (7211104) |
|  **Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** |  |
|  Net realized gain/(loss) on Investment Funds | 2739606 |
|  Net change in unrealized appreciation/(deprecation) on Investment Funds | 78146001 |
|  **Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments** | 80885607 |
|  **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $73674503 |

---

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | **For the<br>Six Months <br>Ended<br>October 31, 2025<br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** |
|  **Changes in Net Assets Resulting from Operations** |  |  |
|  Net investment income/(loss) | $(7211104) | $(13218200) |
|  Net realized gain/(loss) on Investment Funds | 2739606 | 11995636 |
|  Net change in unrealized appreciation/(depreciation) on Investment Funds | 78146001 | 85833885 |
|  **Net Change in Net Assets Resulting from Operations** | 73674503 | 84611321 |
|  **Distributions to Investors** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Units |  | (37974916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F1 Units |  | (6090077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F2 Units |  | (1933277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Units |  | (23024245) |
|  **Net Change in Net Assets from Distributions to Investors** |  | (69022515) |
|  **Change in Net Assets Resulting from Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions | 18408820 | 35683167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 32214535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (27174875) | (46536329) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class A Net Assets** | (8766055) | 21361373 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class F1 Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 5315402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (4522791) | (6040830) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class F1 Net Assets** | (4522791) | (725428) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class F2 Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 1736135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (169713) | (2477632) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Changes in Class F2 Net Assets** | (169713) | (641497) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions | 14265500 | 26141192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 18577702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (13622449) | (19171249) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class I Net Assets** | 643051 | 25547645 |
|  **Net Change in Net Assets Resulting from Capital Transactions** | (12815508) | 45542093 |
|  **Total Net Increase/(Decrease) in Net Assets** | 60858995 | 61130899 |
|  **Net Assets** |  |  |
|  Beginning of period/year | 1007086594 | 945955695 |
|  End of period/year | $1067945589 | $1007086594 |

---

 **Macquarie Focused Access Fund, LLC**<br> **Statements of Changes in Net Assets (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the<br>Six Months <br>Ended<br>October 31, 2025<br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** |
|  **Unit Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions | 927147 | 1823148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 1648494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (1339831) | (2394432) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class A Units Outstanding** | (412684) | 1077210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class F1 Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 384656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (315048) | (437376) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class F1 Units Outstanding** | (315048) | (52720) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class F2 Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions |  | 7264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 121327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (11451) | (171895) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class F2 Units Outstanding** | (11451) | (43304) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I Units** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital subscriptions | 518235 | 976887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 689583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital redemptions | (483734) | (710753) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Class I Units Outstanding** | 34501 | 955717 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Change in Units Outstanding** | (704682) | 1936903 |

---

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Statement of Cash Flows (Unaudited)**<br> **For the Six Months Ended October 31, 2025**<br>

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities** |  |
|  Net increase/(decrease) in net assets resulting from operations | 73674503 |
|  Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on Investment Funds | (2739606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on Investment Funds | (78146001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Investments Funds | (7139207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of Investment Funds | 11782695 |
|  **(Increase)/Decrease in Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of Investment Funds made in advance | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 21042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Directors' and Officer fees | 13953 |
|  **Increase/(Decrease) in Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | (374627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and servicing fees payable | (2866884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees payable | 328836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer fees payable | 35591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | (100579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 290697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense payable | (19643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees payable | 6045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other accrued expenses | 51424 |
|  **Net Cash Provided by (Used in) Operating Activities** | (3181761) |
|  **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from capital subscriptions, net of change in subscriptions received in advance and receivable for units sold | 32261520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for units repurchased, net of change in payable for units repurchased | (61593955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borrowings from line of credit | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for line of credit | (16000000) |
|  **Net Cash Provided by (Used In) Financing Activities** | (10332435) |
|  Net change in Cash | (13514196) |
|  Cash at beginning of period | 20880825 |
|  Cash at end of period | **7366629** |
|  **Supplemental disclosure of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense payments | $262206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan commitment fees payments | 253372 |

---

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Financial Highlights - Class A Units**<br>

*Per Unit Data and Ratios for a Unit of Limited Liability Company Interest Outstanding Throughout the Periods.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **&nbsp;&nbsp;&nbsp;&nbsp;**  | **For the <br>Six Months <br>Ended <br>October 31, 2025 <br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** | **For the<br>Year Ended<br>April 30, 2024** | **For the<br>Year Ended<br>April 30, 2023** | **For the<br>Year Ended<br>April 30, 2022** | **For the<br>Year Ended<br>April 30, 2021** |
|  **Per Unit Operating Performance:** |  |  |  |  |  |  |
|  **Net Asset Value, beginning of period** | $19.04 | $18.71 | $16.64 | $17.25 | $18.64 | $14.23 |
|  Activity from investment operations:<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (0.18) | (0.26) | (0.48) | (0.25) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 1.54 | 1.92 | 2.67 | (0.15) | (0.66) | 4.85 |
|  Total from investment operations | 1.36 | 1.66 | 2.19 | (0.40) | (0.76) | 4.72 |
|  Distributions to investors |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | 0.00 | (0.99) | 0.00 | 0.00 | (0.31) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | 0.00 | (0.34) | (0.12) | (0.21) | (0.32) | (0.31) |
|  Total distributions to investors | 0.00 | (1.33) | (0.12) | (0.21) | (0.63) | (0.31) |
|  **Net Asset Value, end of period** | $20.40 | $19.04 | $18.71 | $16.64 | $17.25 | $18.64 |
|  **Net Assets, end of period (in thousands)** | $601996 | $569908 | $539784 | $621214 | $620210 | $344908 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(2)</sup> | (1.61)%<sup>(6)</sup> | (1.58)% | (1.54)% | (1.57)% | (1.53)% | (1.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) excluding line of credit related expenses<sup>(2)</sup> | (1.52)%<sup>(6)</sup> | (1.49)% | (1.45)% | (1.53)% | (1.52)% | (1.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<sup>(2)(3)</sup> | 1.65%<sup>(6)</sup> | 1.61% | 1.63% | 1.57% | 1.53% | 1.70%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses excluding line of credit related expenses<sup>(2)</sup> | 1.56%<sup>(6)</sup> | 1.52% | 1.54% | 1.53% | 1.52% | 1.70%<sup>(8)</sup> |
|  Portfolio Turnover Rate | 0.67%<sup>(7)</sup> | 3.77% | 4.51% | 8.24% | 0.00% | 0.00% |
|  Total Return<sup>(4)</sup> | 7.11%<sup>(7)</sup> | 8.71% | 13.25% | (2.35)% | (4.34)% | 33.46% |
|  **Line of Credit:** |  |  |  |  |  |  |
|  Aggregate principal amount, end of period (000s) | $19000 | $— | $21400 | $— | $— | N/A |
|  Average borrowings outstanding during the period (000s) | $15392 | $9899 | $14717 | $7560 | $5497 | N/A |
|  Asset coverage, end of period per $1,000<sup>(5)</sup> | $55208 | $— | $43204 | $— | $— | N/A |

---

<sup>(1)</sup> Selected data is for a single unit outstanding throughout the period.

<sup>(2)</sup> The ratios do not include investment income or expenses of the Investment Funds in which the Fund invests.

<sup>(3)</sup> Included are other expenses, which are all expenses except Management fees and Distribution and Servicing fees, of 0.35% for the period ended October 31, 2025, 0.30%, 0.33%, 0.27%, 0.22%, and 0.40% for the years ended April 30, 2025, 2024, 2023, 2022, and 2021, respectively.

<sup>(4)</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(5)</sup> Calculated by subtracting the Fund's total liabilities (excluding the principal amount of the Line of Credit) from the Fund's total assets and dividing by the principal amount of the Line of Credit and then multiplying by $1,000.

<sup>(6)</sup> Net investment loss and net expenses ratios have been annualized.

<sup>(7)</sup> Not annualized.

<sup>(8)</sup> After repayment of expenses previously waived and/or fees previously waived by the Adviser, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been 1.57% for the year ended April 30, 2021.

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Financial Highlights - Class F1 Units**<br>

*Per Unit Data and Ratios for a Unit of Limited Liability Company Interest Outstanding Throughout the Periods.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>October 31, 2025 <br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** | **For the<br>Year Ended<br>April 30, 2024** | **For the<br>Year Ended<br>April 30, 2023** | **For the<br>Year Ended<br>April 30, 2022** | **For the<br>Year Ended<br>April 30, 2021** |
|  **Per Unit Operating Performance:** |  |  |  |  |  |  |
|  **Net Asset Value, beginning of period** | $13.47 | $13.25 | $11.77 | $12.20 | $13.18 | $10.05 |
|  Activity from investment operations:<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (0.19) | (0.22) | (0.36) | (0.30) | (0.17) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 1.15 | 1.40 | 1.93 | 0.02<br><sup>(6)</sup> | (0.36) | 3.53 |
|  Total from investment operations | 0.96 | 1.18 | 1.57 | (0.28) | (0.53) | 3.35 |
|  Distributions to investors |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | 0.00 | (0.72) | 0.00 | 0.00 | (0.22) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | 0.00 | (0.24) | (0.09) | (0.15) | (0.23) | (0.22) |
|  Total distributions to investors | 0.00 | (0.96) | (0.09) | (0.15) | (0.45) | (0.22) |
|  **Net Asset Value, end of period** | $14.43 | $13.47 | $13.25 | $11.77 | $12.20 | $13.18 |
|  **Net Assets, end of period (in thousands)** | $90074 | $88319 | $87559 | $92460 | $112788 | $115863 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(2)</sup> | (1.56)%<sup>(7)</sup> | (1.53)% | (1.49)% | (1.52)% | (1.48)% | (1.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) excluding line of credit related expenses<sup>(2)</sup> | (1.47)%<sup>(7)</sup> | (1.44)% | (1.40)% | (1.48)% | (1.47)% | (1.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<sup>(2)(3)</sup> | 1.60%<sup>(7)</sup> | 1.56% | 1.58% | 1.52% | 1.48% | 1.65%<sup>(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses excluding line of credit related expenses<sup>(2)</sup> | 1.51%<sup>(7)</sup> | 1.47% | 1.49% | 1.48% | 1.47% | 1.65%<sup>(9)</sup> |
|  Portfolio Turnover Rate | 0.67%<sup>(8)</sup> | 3.77% | 4.51% | 8.24% | 0.00% | 0.00% |
|  Total Return<sup>(4)</sup> | 7.13%<sup>(8)</sup> | 8.76% | 13.30% | (2.30)% | (4.29)% | 33.53% |
|  **Line of Credit:** |  |  |  |  |  |  |
|  Aggregate principal amount, end of period (000s) | $19000 | $— | $21400 | $— | $— | N/A |
|  Average borrowings outstanding during the period (000s) | $15392 | $9899  | $14717 | $7560 | $5497 | N/A |
|  Asset coverage, end of period per $1,000<sup>(5)</sup> | $55208 | $— | $43204 | $— | $— | N/A |

---

<sup>(1)</sup> Selected data is for a single unit outstanding throughout the period.

<sup>(2)</sup> The ratios do not include investment income or expenses of the Investment Funds in which the Fund invests.

<sup>(3)</sup> Included are other expenses, which are all expenses except Management fees and Distribution and Servicing fees, of 0.35% for the period ended October 31, 2025, 0.30%, 0.33%, 0.27%, 0.22%, and 0.40% for the years ended April 30, 2025, 2024, 2023, 2022, and 2021, respectively.

<sup>(4)</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(5)</sup> Calculated by subtracting the Fund's total liabilities (excluding the principal amount of the Line of Credit) from the Fund's total assets and dividing by the principal amount of the Line of Credit and then multiplying by $1,000.

 **Macquarie Focused Access Fund, LLC**<br> **Financial Highlights - Class F1 Units (Continued)**<br>

<sup>(6)</sup> Realized and unrealized gains and losses per Unit in this caption are balancing amounts necessary to reconcile the change in net asset value per Unit for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations for the year ended April 30, 2023 due to share transactions.

<sup>(7)</sup> Net investment loss and net expenses ratios have been annualized.

<sup>(8)</sup> Not annualized.

<sup>(9)</sup> After repayment of expenses previously waived and/or fees previously waived by the Adviser, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been 1.52% for the year ended April 30, 2021.

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Financial Highlights - Class F2 Units**<br>

*Per Unit Data and Ratios for a Unit of Limited Liability Company Interest Outstanding Throughout the Periods.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>October 31, 2025 <br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** | **For the<br>Year Ended<br>April 30, 2024** | **For the<br>Year Ended<br>April 30, 2023** | **For the<br>Year Ended<br>April 30, 2022** | **For the<br>Year Ended<br>April 30, 2021** |
|  **Per Unit Operating Performance:** |  |  |  |  |  |  |
|  **Net Asset Value, beginning of period** | $13.99 | $13.77 | $12.15 | $12.50 | $13.41 | $10.16 |
|  Activity from investment operations:<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (0.07) | (0.14) | (0.21) | (0.15) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 1.12 | 1.48 | 1.92 | (0.05) | (0.36) | 3.60 |
|  Total from investment operations | 1.05 | 1.34 | 1.71 | (0.20) | (0.45) | 3.47 |
|  Distributions to investors |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | 0.00 | (0.87) | 0.00 | 0.00 | (0.23) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | 0.00 | (0.25) | (0.09) | (0.15) | (0.23) | (0.22) |
|  Total distributions to investors | 0.00 | (1.12) | (0.09) | (0.15) | (0.46) | (0.22) |
|  **Net Asset Value, end of period** | $15.04 | $13.99 | $13.77 | $12.15 | $12.50 | $13.41 |
|  **Net Assets, end of period (in thousands)** | $26369 | $24686 | $24893 | $26100 | $30499 | $31507 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(2)</sup> | (0.86)%<sup>(6)</sup> | (0.83)% | (0.79)% | (0.82)% | (0.78)% | (0.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) excluding line of credit related expenses<sup>(2)</sup> | (0.77)%<sup>(6)</sup> | (0.74)% | (0.70)% | (0.78)% | (0.77)% | (0.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<sup>(2)(3)</sup> | 0.90%<sup>(6)</sup> | 0.86% | 0.88% | 0.82% | 0.78% | 0.95%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses excluding line of credit related expenses<sup>(2)</sup> | 0.81%<sup>(6)</sup> | 0.77% | 0.79% | 0.78% | 0.77% | 0.95%<sup>(8)</sup> |
|  Portfolio Turnover Rate | 0.67%<sup>(7)</sup> | 3.77% | 4.51% | 8.24% | 0.00% | 0.00% |
|  Total Return<sup>(4)</sup> | 7.51%<sup>(7)</sup> | 9.52% | 14.10% | (1.61)% | (3.62)% | 34.46% |
|  **Line of Credit:** |  |  |  |  |  |  |
|  Aggregate principal amount, end of period (000s) | $19000 | $— | $21400 | $— | $— | N/A |
|  Average borrowings outstanding during the period (000s) | $15392 | $9899 | $14717 | $7560 | $5497 | N/A |
|  Asset coverage, end of period per $1,000<sup>(5)</sup> | $55208 | $— | $43204 | $— | $— | N/A |

---

<sup>(1)</sup> Selected data is for a single unit outstanding throughout the period.

<sup>(2)</sup> The ratios do not include investment income or expenses of the Investment Funds in which the Fund invests.

<sup>(3)</sup> Included are other expenses, which are all expenses except Management fees and Distribution and Servicing fees, of 0.35% for the period ended October 31, 2025, 0.30%, 0.33%, 0.27%, 0.22%, and 0.40% for the years ended April 30, 2025, 2024, 2023, 2022, and 2021, respectively.

<sup>(4)</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(5)</sup> Calculated by subtracting the Fund's total liabilities (excluding the principal amount of the Line of Credit) from the Fund's total assets and dividing by the principal amount of the Line of Credit and then multiplying by $1,000.

<sup>(6)</sup> Net investment loss and net expenses ratios have been annualized.

<sup>(7)</sup> Not annualized.

<sup>(8)</sup> After repayment of expenses previously waived and/or fees previously waived by the Adviser, as applicable. Had the Fund not made such repayments, the annualized ratios of net expenses to average daily net assets would have been 0.82% for the year ended April 30, 2021.

See accompanying Notes to Financial Statements.

 **Macquarie Focused Access Fund, LLC**<br> **Financial Highlights - Class I Units**<br>

*Per Unit Data and Ratios for a Unit of Limited Liability Company Interest Outstanding Throughout the Periods.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>October 31, 2025 <br>(Unaudited)** | **For the<br>Year Ended<br>April 30, 2025** | **For the<br>Year Ended<br>April 30, 2024** | **For the<br>Year Ended<br>April 30, 2023** | **For the<br>Year Ended<br>April 30, 2022** | **For the<br>Year Ended<br>April 30, 2021** |
|  **Per Unit Operating Performance:** |  |  |  |  |  |  |
|  **Net Asset Value, beginning of period** | $26.34 | $25.87 | $22.83 | $23.49 | $25.20 | $19.09 |
|  Activity from investment operations:<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (0.12) | (0.16) | (0.27) | (0.17) | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.09 | 2.68 | 3.48 | (0.21) | (0.76) | 6.58 |
|  Total from investment operations | 1.97 | 2.52 | 3.21 | (0.38) | (0.85) | 6.52 |
|  Distributions to investors |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | 0.00 | (1.58) | 0.00 | 0.00 | (0.42) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | 0.00 | (0.47) | (0.17) | (0.28) | (0.44) | (0.41) |
|  Total distributions to investors | 0.00 | (2.05) | (0.17) | (0.28) | (0.86) | (0.41) |
|  **Net Asset Value, end of period** | $28.31 | $26.34 | $25.87 | $22.83 | $23.49 | $25.20 |
|  **Net Assets, end of period (in thousands)** | $349507 | $324173 | $293720 | $300394 | $293732 | $174274 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(2)</sup> | (0.86)%<sup>(6)</sup> | (0.83)% | (0.79)% | (0.82)% | (0.78)% | (0.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) excluding line of credit related expenses<sup>(2)</sup> | (0.77)%<sup>(6)</sup> | (0.74)% | (0.71)% | (0.78)% | (0.77)% | (0.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses<sup>(2)(3)</sup> | 0.90%<sup>(6)</sup> | 0.86% | 0.88% | 0.82% | 0.78% | 0.95%<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses excluding line of credit related expenses<sup>(2)</sup> | 0.81%<sup>(6)</sup> | 0.77% | 0.79% | 0.78% | 0.77% | 0.95%<sup>(8)</sup> |
|  Portfolio Turnover Rate | 0.67%<sup>(7)</sup> | 3.77% | 4.51% | 8.24% | 0.00% | 0.00% |
|  Total Return<sup>(4)</sup> | 7.51%<sup>(7)</sup> | 9.52% | 14.10% | (1.61)% | (3.62)% | 34.46% |
|  **Line of Credit:** |  |  |  |  |  |  |
|  Aggregate principal amount, end of period (000s) | $19000 | $— | $21400 | $— | $— | N/A |
|  Average borrowings outstanding during the period (000s) | $15392 | $9899 | $14717 | $7560 | $5497 | N/A |
|  Asset coverage, end of period per $1,000<sup>(5)</sup> | $55208 | $— | $43204 | $— | $— | N/A |

---

<sup>(1)</sup> Selected data is for a single unit outstanding throughout the period.

<sup>(2)</sup> The ratios do not include investment income or expenses of the Investment Funds in which the Fund invests.

<sup>(3)</sup> Included are other expenses, which are all expenses except Management fees and Distribution and Servicing fees, of 0.35% for the period ended October 31, 2025, 0.30%, 0.33%, 0.27%, 0.22%, and 0.40% for the years ended April 30, 2025, 2024, 2023, 2022, and 2021, respectively.

<sup>(4)</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(5)</sup> Calculated by subtracting the Fund's total liabilities (excluding the principal amount of the Line of Credit) from the Fund's total assets and dividing by the principal amount of the Line of Credit and then multiplying by $1,000.

<sup>(6)</sup> Net investment loss and net expenses ratios have been annualized.

<sup>(7)</sup> Not annualized.

<sup>(8)</sup> After repayment of expenses previously waived by the Adviser. Had the Fund not made such repayment, the annualized ratios of net expenses to average daily net assets would have been 0.82% for the year ended April 30, 2021.

See accompanying Notes to Financial Statements.

---

| |
|:---|
|  **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited)**<br> **October 31, 2025** |
|  **1. ORGANIZATION** |

---

Macquarie Focused Access Fund, LLC (the "Fund") (formerly, CPG Focused Access Fund, LLC) was organized as a Delaware limited liability company on June 4, 2018. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a closed-end, non-diversified management investment company. The Fund commenced operations on November 1, 2018. The Fund's investment adviser is Macquarie Wealth Advisers, LLC (the "Adviser"), formerly known as Central Park Advisers, LLC, a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended. The Fund's investment objective is to seek attractive, long-term, risk-adjusted returns. The Fund seeks to achieve its investment objective principally by allocating the Fund's assets among a concentrated, select group of third-party alternative asset managers and the unregistered investment vehicles they operate (the "Investment Funds") that are represented on the Morgan Stanley Smith Barney LLC ("Morgan Stanley") platform. Morgan Stanley is not a sponsor, promoter, adviser, or affiliate of the Fund.

Subject to the requirements of the 1940 Act, the business and affairs of the Fund shall be managed under the direction of the Fund's Board of Directors (the "Board," with an individual member referred to as a "Director"). The Board shall have the right, power and authority, on behalf of the Fund and in its name, to do all things necessary and proper to carry out its duties under the Fund's Limited Liability Company Agreement, as amended and restated from time to time. Each Director shall be vested with the same powers, authority and responsibilities on behalf of the Fund as are customarily vested in each director of a closed-end management investment company registered under the 1940 Act that is organized under Delaware law. No Director shall have the authority individually to act on behalf of or to bind the Fund, except within the scope of such Director's authority as delegated by the Board. The Board may delegate the management of the Fund's day-to-day operations to one or more officers or other persons (including, without limitation, the Adviser), subject to the investment objective and policies of the Fund and to the oversight of the Board. The Directors have engaged the Adviser to be responsible for the day-to-day management of the Fund. In accordance with Rule 2a-5 promulgated under the 1940 Act, the Board has appointed the Adviser as the Fund's valuation designee (the "Valuation Designee") and has assigned to the Adviser general responsibility for determining the value of the Fund's investments. In that role, the Adviser has established a committee (the "Valuation Committee") that oversees the valuation of the Fund's investments pursuant to procedures adopted by the Valuation Committee (the "Valuation Procedures").

The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents.

The Fund currently offers four classes of units of limited liability company interest ("Units"): Class F1 Units, Class F2 Units, Class A Units and Class I Units, which differ in their respective sales load (the "Placement Fee") and Distribution and servicing fees (as defined below). Class F1 Units and Class F2 Units were available for purchase as of November 1, 2018, and Class A Units and Class I Units were available for purchase as of July 1, 2019. Each class of Units may be purchased as of the first business day of each calendar month based upon its respective then-current net asset value ("NAV") per Unit. Class F1 and Class F2 are closed to new investors as investor subscriptions have surpassed $100 million and will be offered only to existing Class F1 and Class F2 Investors, as applicable. Class A and Class F1 investors may be charged a Placement Fee up to a maximum of 3.0% on the amount they invest in the Fund. No placement fee will be charged on purchases of Class I Units and Class F2 Units.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, *Financial Services — Investment Companies*.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

*Cash:* Cash consists of monies and interest paying accounts held at UMB Bank, N.A. (the "Custodian"). Such cash may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.

---

| |
|:---|
|  **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025** |
|  **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)** |

---

*Due from broker:* Due from broker includes cash balances held with the broker and receivables from certain Investment Funds annual distributions. There are no restrictions on the due from broker held by the Fund. At October 31, 2025, the Fund had no due from broker balance.

*Investment Transactions:* The Fund accounts for realized gains and losses from its Investment Funds based upon the pro-rata ratio of the fair value and cost of the underlying investments at the date of distribution. Dividend income is recorded on the ex-date and interest income and expenses are recorded on the accrual basis. Distributions from Investment Funds will be received as underlying investments of the Investment Funds are liquidated. Distributions from Investment Funds occur at irregular intervals, and the exact timing of distributions from the Investment Funds has not been communicated from the Investment Fund. It is estimated that distributions will occur over the life of the Investment Funds.

*Use of Estimates:* The preparation of financial statements in conformity with U.S. GAAP 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 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Fair Value of Financial Instruments:* The fair value of the Fund's assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statement of Assets and Liabilities. The Fund values its investments in investment funds at fair value in accordance with FASB ASC 820, Fair Value Measurement ("ASC 820"). See Note 3 for more information.

*Dividends and Distributions to Investors:* Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are declared and distributed annually. The Fund records dividends and distributions to its investors on ex-dividend date. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or NAV per Unit of the Fund.

*Multiple Classes of Units:* All investors bear the common expenses of the Fund. Dividends are declared separately for each class. Income, non-class specific expenses and realized and unrealized gains and losses are allocated monthly to each class of Units based on the value of total Units outstanding of each class, without distinction between Unit classes. Expenses attributable to a particular class of Units, such as Distribution and servicing fees, are allocated directly to that class. The expense reimbursement is prorated by the number of months since the respective class commenced operations.

*Segment Reporting:* The Fund's chief executive officer acts as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements.

*Federal Tax Information:* It is the Fund's policy to attempt to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund's policy is to comply with the provisions of the Code applicable to RICs and to distribute to its investors substantially all of its net investment income and net realized gain on investments, if any, earned each year. In addition, the Fund intends to distribute sufficient income and gains each year so as to not be subject to U.S. Federal excise tax on certain undistributed amounts. Accordingly, no provision for federal income or excise tax has been recorded in these financial statements. See Note 7 Income Tax for more information.

 **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025**<br>

**3. PORTFOLIO VALUATION**

ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — significant unobservable inputs for the financial instrument (including Management's own assumptions in determining the fair value of investments).

Investments in Investment Funds are recorded at fair value, using the Investment Funds' net asset value ("NAV") as a practical expedient and are excluded from the fair value hierarchy in accordance with ASC 820.Other investments are assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The Investment Funds are generally restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Fund may not be able to resell some of its investments for extended periods, which may be several years.

The NAV of the Fund is determined by, or at the direction of, the Adviser as of the close of business on the last business day of each month, each date that a closing occurs and at such other times as the Board shall determine. The Fund's investments are subject to the terms and conditions of the respective operating agreements and offering memoranda as appropriate. The Fund's Valuation Committee oversees the valuation process of the Fund's investments. The Valuation Committee meets on a monthly basis and reports to the Board on a quarterly basis. ASC 820 provides for the use of NAV (or its equivalent) as a practical expedient to estimate fair value of investments in Investment Funds, provided certain conditions are met. As such, the Fund's investments in Investment Funds are carried at fair value which generally represents the Fund's pro-rata interest in the net assets of each Investment Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Funds' managers or pursuant to the Investment Funds' agreements. The Investment Funds value their underlying investments in accordance with policies established by each Investment Fund, as described in each of their financial statements or offering memoranda. The Fund's valuation procedures require the Adviser to consider all relevant information available at the time the Fund values its portfolio. The Adviser has assessed factors including, but not limited to, the individual Investment Funds' compliance with fair value measurements, price transparency and valuation procedures in place. The Adviser will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Investment Fund are accounted for at fair value as described in each Investment Fund's financial statements.

---

| |
|:---|
|  **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025** |
|  **3. PORTFOLIO VALUATION (Continued)** |

---

The Adviser employs ongoing due diligence policies and processes with respect to Investment Funds and their investment managers. The Adviser assesses the quality of information provided and determines whether such information continues to be reliable or whether additional inquiry is necessary. Such inquiries may require the Adviser to forego its normal reliance on the value provided and to independently determine the fair value of the Fund's interest in such Investment Fund.

The fair value relating to certain underlying investments of Investment Funds, for which there is no active market, has been estimated by the respective Investment Funds' management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a active market for the investments existed. These differences could be material.

The following is a summary of the inputs used, as of October 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** | **Investments <br>Measured <br>at Net Asset <br>Value<sup>(1)</sup>** | **Total** |
|  **Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Investment Funds** | $— | $— | $— | $1088728003 | $1088728003 |
|  **Total Investments** | $— | $— | $— | $1088728003 | $1088728003 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund did not hold level 1, 2, or level 3 securities at year end.

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>These investments are presented for reconciliation purposes and are not required to be categorized in the fair value hierarchy since they are measured at net asset value, without adjustment, as permitted as a practical expedient.

The following is a summary of certain investment strategies employed by the Investment Funds as of October 31, 2025. They are summaries only and do not purport to be complete. Not all Investment Funds employ these strategies and some may use other investment strategies other than those described below. Funds described as Multi-Strategy may employ multiple of the strategies described below.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Hedged</u>: Equity hedged, or equity long/short, strategies involve taking simultaneous long and short positions in different equity securities in an attempt to profit from directional movements in the securities. Investment Fund managers that employ these strategies need not create portfolios that emphasize purchases of either long or short securities — rather, Investment Fund managers will manage market exposure by shifting the allocation between long and short investments over time depending on stock selection opportunities and the Investment Fund manager's analysis of and outlook for the equity markets. Investment Fund managers often focus on a particular geographic region, industry sector, market capitalization or investment style to achieve their goal of generating long-term capital appreciation through individual stock selection. Investment Fund managers may invest in the securities of companies without regard to market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Relative Value Strategies</u>: Relative value strategies include a range of different investment strategies that involve the simultaneous purchase and sale of related securities or instruments to exploit pricing differentials and other opportunities in various asset classes, geographies and time horizons. Generally, relative value Investment Fund managers buy a position in one instrument and sell an equivalent amount of another instrument with the expectation that the prices of the two instruments not only are historically related, but also that they have deviated from their historical trading patterns. The Investment Funds may use the following relative values strategies: equity market neutral statistical arbitrage, fixed income arbitrage, convertible arbitrage, relative value credit and mortgage and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<u>•&nbsp;&nbsp;&nbsp;&nbsp;</u><u>Event-Driven/Activist Strategies</u>: Event-driven strategies involve investments in companies engaged in business combinations, corporate reorganizations or structural transformations. Investment Fund managers that employ these strategies seek to capture the spread between current market prices and the value of financial instruments upon the successful completion of company- or transaction-specific events that alter a company's financial structure or operating strategy, such as mergers, acquisitions, takeovers, spin-offs, leveraged buyouts, exchange or tender offers,

---

| |
|:---|
|  **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025** |
|  **3. PORTFOLIO VALUATION (Continued)** |

---

restructurings, reorganizations, recapitalizations, share buybacks, bankruptcies and liquidations. Investment Fund managers also may take an "activist" approach to such strategies, either hostile or friendly in nature, and seek to create a catalyst for or influence the outcome of an event. Activist strategies seek to accumulate concentrated positions in order to exert influence on underlying company management with the objective of increasing shareholder value. Activist strategies are broadly defined as either operational or financial, depending on the intention and expertise of the Investment Fund manager.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Trading Strategies (Fundamental Value & Long Only Equity)</u>: Trading strategies generally are more top-down in nature and are often driven by views derived from monetary policy, fiscal dynamics and macroeconomic research. These strategies typically utilize financial instruments, such as foreign exchange, equities, interest rates, sovereign debt, currencies and commodities to express an Investment Fund manager's view, for example, Fundamental Value and Long Only Equity. Successfully implementing these strategies generally requires well-developed risk management procedures, as Investment Fund managers often employ significant leverage and derivative strategies. In executing different approaches and attempting to identify opportunities that may exist within the markets, Investment Fund managers may use either fundamental or quantitative models or a combination of both. Investment Fund managers may trade in diversified markets or focus on one market sector.

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Quantitative Trading</u>: Investment Fund managers that employ this strategy generally trade listed financial and commodity futures and interbank currency markets around the world. Quantitative Investment Fund managers tend to utilize sophisticated, computer-driven, mathematical models and trading systems to analyze price and market data to identify trading opportunities and trends across a broad range of financial and commodity markets. These trading models and systems may be focused on technical or fundamental factors, or a combination of factors.

**4. RELATED PARTY TRANSACTIONS**

As of October 31, 2025, the Fund had no investments in Investment Funds that were related parties.

The Adviser provides investment advisory services to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays the Adviser a monthly advisory fee (the "Management Fee") at the annual rate of 0.55% of the Fund's net asset value. For purposes of determining the Management Fee payable to the Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of the month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees and expenses of the Fund. The Management Fee will be determined and accrued as of the last day of each month and will be prorated for any period of less than a month based on the number of days in such period. During the period ended October 31, 2025, the Adviser earned $2,971,359 of Management fees which is included in the Statement of Operations, of which $1,484,121 was payable by the Fund as of October 31, 2025, and is included in Management fees payable in the Statement of Assets and Liabilities.

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; legal fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the Fund's NAV; fees for data, technology and software providers; research expenses; costs of insurance; registration expenses; certain offering costs associated with the Fund's continuing offering of Units (any offering costs that are primarily intended to result in the sale of Units may only be paid through the Fund's Rule 12b-1 plan); expenses of meetings of investors; directors' and officer fees; all costs with respect to communications to investors; transfer taxes and taxes withheld on non-U.S. dividends; interest and commitment fees on loans and debit balances; and other types of expenses as may be approved from time to time by the Board.

Each member of the Board who is not an "interested person" of the Fund (the "Independent Directors"), as defined by the 1940 Act, receives an annual retainer of $15,000 (prorated for partial years) plus a fee of $1,000 for each meeting attended and $500 for each meeting by phone. The Board Chair, Audit Committee Chair, Nominating Committee Chair and Contracts

---

| |
|:---|
|  **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025** |
|  **4. RELATED PARTY TRANSACTIONS (Continued)** |

---

Review Committee Chair each receive an additional $2,000 annual retainer. All Independent Directors are reimbursed for their reasonable out-of-pocket expenses. The total amount expensed by the Fund related to Independent Directors for the period ended October 31, 2025 was $48,619 which is included in Directors' and Officer fees in the Statement of Operations, of which $30,047 was included in Prepaid Directors' and Officer fees in the Statement of Assets and Liabilities as of October 31, 2025.

During the period ended October 31, 2025, the Fund incurred a portion of the annual compensation of the Fund's Chief Compliance Officer in the amount of $35,592 which is included in Directors' and Officer fees in the Statement of Operations. As of October 31, 2025, the Fund had $98,200 payable related to the portion of the annual compensation of the Fund's Chief Compliance Officer incurred by the Fund, which is included in Directors' and Officer fees payable in the Statement of Assets and Liabilities.

In September of 2025 the Board appointed Macquarie Capital (USA) Inc. ("MCUSA") to replace Delaware Distributors L.P. ("DDLP") as Placement Agent of the Fund, starting in October of 2025. MCUSA is an affiliate of the Adviser and is an indirect subsidiary of Macquarie. Under the new placement agent agreement, MCUSA will have the same terms and fee structure as DDLP. Previously, DDLP served as the placement agent (the "Placement Agent") of the Fund and is an affiliate of the Adviser and is a subsidiary of Macquarie Management Holdings, Inc. ("MMH"). Certain officers and the interested director of the Fund are also officers of the Adviser and are registered representatives of MCUSA.

Under the terms of the Placement Agent Agreement, the Placement Agent is authorized to retain sub-placement agents for the provision of distribution services within the meaning of Rule 12b-1 under the 1940 Act and for non-12b-1 services to investors holding Class A Units and Class F1 Units. The Fund pays the Placement Agent a monthly fee out of the net assets of Class A Units and Class F1 Units (the "Distribution and servicing fees") at the annual rate of 0.75% and 0.70% of the NAV of Class A Units and Class F1 Units, respectively, determined and accrued as of the last day of each calendar month (before any repurchases of Class A Units or Class F1 Units). The Distribution and servicing fees are charged on an aggregate class-wide basis, and investors in Class A Units or Class F1 Units are subject to the Distribution and servicing fees as long as they hold their Class A Units or Class F1 Units, respectively. Payment of the Distribution and servicing fees are governed by the Fund's 12b-1 Plan, which, pursuant to the conditions of an exemptive order issued by the SEC, has been adopted by the Fund with respect to Class A Units and Class F1 Units in compliance with Rule 12b-1 under the 1940 Act. Class I Units and Class F2 Units are not subject to Distribution and servicing fees. For the period ended October 31, 2025, the total Distribution and servicing fees was $2,285,330 and $323,598, respectively, for Class A and Class F1 units, of which $442,621 was payable as of October 31, 2025 and is included in Distribution and servicing fees payable to affiliate on the Statement of Assets and Liabilities.

**5. ADMINISTRATION AND CUSTODIAN FEES**

UMB Fund Services, Inc. serves as administrator (the "Administrator") to the Fund and provides certain accounting, administrative, record keeping and investor related services. For its services, the Fund pays an annual fee to the Administrator based upon average net assets, subject to certain minimums. For the period ended October 31, 2025, the total administration fees were $328,826 which is included as Accounting and administration fees in the Statement of Operations. As of October 31, 2025, the Fund had $540,933 payable related to the portion of the annual compensation of the administration fees incurred by the Fund, which is included as Accounting and administration fees payable in the Statement of Assets and Liabilities as of October 31, 2025.

The Custodian is an affiliate of the Administrator and serves as the primary custodian of the assets of the Fund.

**6. INVESTMENTS**

For the period ended October 31, 2025, total purchases of investments and total proceeds from redemptions or other dispositions of investments amounted to $7,139,207 and $11,782,695, respectively. The cost of investments in Investment Funds for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Fund from such Investment Funds. The Fund relies upon actual and estimated tax information provided by the managers of the Investment Funds, subject to the review of the Advisor, as to the amounts of taxable income allocated to the Fund as of October 31, 2025.

 **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025**<br>

**7. INCOME TAX**

Under the Code, the Fund may qualify for special tax status as a RIC, which allows for a deduction for dividends paid but prohibits any deduction for net operating losses. Because of the dividends paid deduction, RIC's generally do not incur Fund level income tax. Generally, state tax law recognizes the federal tax status of the Fund.

Annually, the Fund must meet certain requirements to maintain the benefit of RIC status, including an income test, asset test, and distribution requirements. To assist in maintaining RIC status, the Fund structure may include one, or more, corporations ("Blockers") that intentionally do not qualify for RIC status. Blockers file separate federal and state income tax returns. If Blockers exist in the Fund structure, the financial accounts of the Fund may include federal and state income tax balances and disclosures, as determined under the relevant tax law.

The Fund has adopted a tax year-end of September 30. For the tax year ending September 30, 2025, the Fund satisfied all requirements to maintain its status as a RIC and is subject to taxation under Subchapter M; therefore, no federal or state income tax amounts have been recognized at the Fund level.

Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. The tax benefit associated with any tax position that does not meet the more-likely-than-not threshold is not recognized for financial reporting purposes. The Fund has not recognized any tax liability for unrecognized tax benefits or expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended October 31, 2025, the Fund did not incur any interest or penalties.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gains or loss items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature.

The tax character of distributions will be evaluated once paid after the Tax Year ended September 30, 2025. The October 31, 2025 book cost has been adjusted for book/tax basis differences as of the Fund's last Tax Year end, September 30, 2025. The cost of investments and the net unrealized appreciation and depreciation on investments as of October 31, 2025 are noted below.

---

| | |
|:---|:---|
|  **Federal tax cost of investments** | $877186920 |
|  **Gross unrealized appreciation** | 339993946 |
|  **Gross unrealized depreciation** | (128452863) |
|  **Net unrealized appreciation (depreciation)** | $211541083 |

---

The tax character of distributions paid during the Tax Year ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Long-term capital gains** | $12084722 | $6546612 |
|  **Ordinary Income** | 56937793 |  |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  **Undistributed ordinary income** | $— |
|  **Undistributed long-term capital gains** | 10448773 |
|  **Net Unrealized appreciation** | 211541083<br> <sup>(a)</sup> |
|  **Accumulated capital and other losses** |  |
|  **Total distributable earnings** | $221989856 |

---

<sup>(a)</sup>The difference between book basis and tax basis unrealized appreciation is primarily attributable to the tax treatment of partnerships.

There were no permanent book and tax differences during the tax year ended September 30, 2025.

 **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025**<br>

**8. REPURCHASE OF UNITS**

Investors do not have the right to require the Fund to redeem their Units. To provide a limited degree of liquidity to investors, the Fund may, from time to time, offer to repurchase Units pursuant to written tenders by investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser anticipates that, generally, it will recommend to the Board that the Fund offer to repurchase Units from investors on a quarterly basis, with such repurchases to occur at the value of Units determined as of the last day of March, June, September and December (or, if any such date is not a business day, on the immediately preceding business day). The Adviser also expects that, generally, it will recommend to the Board that each repurchase offer should apply to 5% to 25% of the net assets of the Fund. Each repurchase offer will generally commence approximately 60 days prior to the applicable repurchase date and will be paid approximately 35 days after the applicable repurchase date.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an investor at any time prior to the day immediately preceding the first anniversary of the investor's purchase of such Units. Such repurchase fee, unless waived, will be retained by the Fund and will benefit the Fund's remaining investors.

Repurchases of Fund units during the period ended October 31, 2025 are reflected as Capital redemptions on the Statement of Changes in Net Assets.

The following table shows repurchase offer details for the period ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  **Class/Repurchase Date** | **Repurchase Units** | **Repurchase Dollars** |
|  **Class A** |  |  |
|  **June 30, 2025** | 794448 | 15943308 |
|  **September 30, 2025** | 545383 | 11231567 |
|  **Class F1** |  |  |
|  **June 30, 2025** | 179369 | 2546153 |
|  **September 30, 2025** | 135679 | 1976638 |
|  **Class F2** |  |  |
|  **June 30, 2025** | 9734 | 143658 |
|  **September 30, 2025** | 1717 | 26055 |
|  **Class I** |  |  |
|  **June 30, 2025** | 251340 | 6983607 |
|  **September 30, 2025** | 232394 | 6638842 |

---

**9. INDEMNIFICATION**

Under the Fund's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the ordinary course of business, the Fund may enter into contracts or agreements that contain indemnification or warranties. 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. However, based on experience, the Adviser expects the risk of loss to be remote.

 **Macquarie Focused Access Fund, LLC**<br> **Notes to Financial Statements (Unaudited) (Continued)**<br> **October 31, 2025**<br>

**10. LINE OF CREDIT**

The Fund may borrow money to fund new investments pending receipt of redemption proceeds from existing Investment Funds, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity. The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness occurs. This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness.

On October 21, 2022, the Fund entered into a $75,000,000 revolving credit facility with Barclays Bank PLC, which will expire on October 21, 2027, subject to the restrictions and terms of the credit facility ("Barclays Line of Credit"). For the period ended October 31, 2025, the Fund had borrowed $35,000,000 from this line of credit, repaid $16,000,000 from this line of credit, and the maximum borrowing outstanding at any time during the year was $19,000,000. For borrowing under this Barclays Line of Credit, the Fund is charged 2.15% (per annum) plus SOFR (Secured Overnight Financing Rate). The commitment fee on the daily unused loan balance of the line of credit accrues at 0.75% and is included in Line of credit commitment fees in the Statement of Operations. For the period ended October 31, 2025, the average annualized interest rate charged and the average outstanding loan payable, was as follows:

---

| | | |
|:---|:---|:---|
|  **Average Annualized Interest Rate**  | 6.27 | **%** |
|  **Average Outstanding Loan Payable** | 15392283 |  |

---

**11. SUBSEQUENT EVENTS**

Subsequent events after October 31, 2025 have been evaluated through the date the financial statements were issued. There were no events or material transactions through the date the financial statements were issued that required recognition or disclosure in the financial statements.

 **Macquarie Focused Access Fund, LLC**<br> **Other Information (Unaudited)**<br> **October 31, 2025**<br>

#### Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling (collect) 1-212-317-9222 and on the Securities and Exchange Commission (the "SEC") website at <u>http://www.sec.gov</u>.

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling the Fund (collect) at 1-212-317-9222 or (ii) by visiting the SEC's website at <u>http://www.sec.gov</u>.

#### Availability of Quarterly Portfolio Schedules
*Disclosure of Portfolio Holdings:* The Fund will file a complete schedule of its portfolio holdings with the SEC no more than sixty days after the Fund's first and third fiscal quarters of each fiscal year on Form N-PORT. For the Fund, this would be for the fiscal quarters ending July 31 and January 31. The Fund's Form N-PORT filings can be found free of charge on the SEC's website at <u>http://www.sec.gov</u>

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit**-taking **institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

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

#### ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp; CODE OF ETHICS.
Not applicable to semi-annual reports.

#### ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semi-annual reports.

#### ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semi-annual reports.

#### ITEM 5. &nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

#### ITE M 6.&nbsp;&nbsp;&nbsp;&nbsp;SCHEDUL E OF INVESTMENTS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments in securities of unaffiliated issuers as of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

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

#### ITEM 7. &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 8. &nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 9. &nbsp;&nbsp;&nbsp;&nbsp; PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semi-annual reports. (b) Not applicable.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

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#### ITEM 15. SUBMIS S ION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of directors during the period covered by this report.

#### ITEM 16. CONTRO LS AND PROCEDURES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Evaluation of Disclosure Controls and Procedures.**&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant's filings and submissions under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and the Investment Company Act of 1940, as amended ("1940 Act") are recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission ("SEC"). Such information is accumulated and communicated to the Registrant's Management, including its Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), as appropriate, to allow timely decisions regarding required disclosure. The Registrant's Management, including the PEO and the PFO, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

The Registrant's PEO and PFO, or persons performing similar functions, have concluded that due to the material weakness in internal control over financial reporting described below, the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are not effective as of March 31, 2025, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the 1934 Act (17 CFR 240.13a-15(b) or 240.15d-15(b)) and do not provide reasonable assurance that the information required to be disclosed by the Registrant in its reports or statements filed under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

Management identified a material weakness in the design and operating effectiveness of controls over the determination of the appropriate classification and presentation of cash and cash equivalents in the Registrant's financial statements. More specifically, the controls were not designed to determine (i) the appropriate identification, classification, and presentation of cash and cash equivalents in accordance with GAAP during the new account set up process and (ii) the appropriate and consistent reporting in the Registrant's financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Registrant's annual or interim financial statements will not be prevented or detected on a timely basis. While this deficiency did not result in an error in the financial statement, this material weakness, if not remediated, could result in further misstatements related to the classification and presentation of cash and cash equivalents that would result in a material misstatement to the financial statements that would not be prevented or detected.

*Management's Remediation Plan.*&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the identification of the material weakness described above, Management has developed a plan to remediate the material weakness described herein. Management's remediation procedures include integrating the Registrant into the new account set up process. As the Registrant enters into new bank accounts, Management will determine and document the appropriate GAAP classification of such accounts and validate its application during the financial reporting process to verify appropriate and consistent presentation and disclosure in the financial statements. Management will not be able to conclude whether the steps taken will fully remediate the material weakness in its internal control over financial reporting until it has completed its remediation efforts and subsequent evaluation of their effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Other than the changes to our internal controls over financial reporting described under Management's Remediation Plan with respect to the controls over new bank accounts, there were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to Unitholders included herein that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### ITEM 17. D ISCL OSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

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#### ITEM 19. EXHI BITS.
(a)(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to semi-annual reports.

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0269086-01_ex99cert.htm)

(a)(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(a)(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

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#### SIGNA TURE S
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.

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| | |
|:---|:---|
|  (registrant) | MACQUARIE FOCUSED ACCESS FUND, LLC |
|  By (Signature and Title)\* | /s/ Alex Lee |
|  | Alex Lee |
|  | (Principal Executive Officer) |
|  Date | December 30, 2025 |

---

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.

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| | |
|:---|:---|
|  By (Signature and Title)\* | /s/ Alex Lee |
|  | Alex Lee |
|  | (Principal Executive Officer) |
|  Date | December 30, 2025 |

---

---

| | |
|:---|:---|
|  By (Signature and Title)\* | /s/ Trishamarie Chan |
|  | Trishamarie Chan |
|  | (Principal Accounting Officer) |
|  Date | December 30, 2025 |

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________________________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print the name and title of each signing officer under his or her signature.

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## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Alex Lee, certify that:

1. I have reviewed this report on Form N-CSR of CPG FOCUSED ACCESS FUND, LLC;

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;

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;

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

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.

---

| | |
|:---|:---|
| Date: December 30, 2025 | /s/ Alex Lee |
|  | Alex Lee |
|  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Trishamarie Chan, certify that:

1. I have reviewed this report on Form N-CSR of CPG FOCUSED ACCESS FUND, LLC;

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;

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;

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

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.

---

| | |
|:---|:---|
| Date: December 30, 2025 | /s/ Trishamarie Chan |
|  | Trishamarie Chan |
|  | (Principal Financial Officer) |

---