NB Private Markets Access Fund LLC

Annual Report

For the year ended March 31, 2025

NB Private Markets Access Fund LLC
(Unaudited)

Private Equity Market Update

In 2024 and through the first quarter of 2025, the U.S. economy demonstrated resilience, navigating macroeconomic challenges while maintaining stable growth. Real GDP growth was reported at 2.8% in 2024, slightly lower than 2.9% in 2023.1 However, the labor market showed signs of softness as the unemployment rate drifted upward to 4.0% in 2024 from 3.6% in 2023 and inflation moderated with the U.S. CPI falling to 2.9% in December 2024 from 3.4% in December 2023.2 In response, the Federal Reserve implemented three rate cuts in 2024: a 50 basis point reduction in September and two 25 basis point reductions in November and December, a stark contrast to 2022 and 2023 when it aggressively raised rates by over five hundred basis points. By the end of the year, the federal funds rate settled at a target range of 4.25% to 4.50%.3 These measures aimed to balance controlling inflation with economic stability, highlighting the complexities of managing growth amidst shifting macroeconomic conditions.

The U.S. private equity market demonstrated meaningful recovery across key metrics as macroeconomic conditions began to stabilize during 2024. Investment activity rebounded, with total deal count increasing by 13% and total deal volume increasing by 19% compared to 2023, driven by a reduction in buyer-seller valuation disparities, improved credit availability, and easing inflation pressures. Exit activity also showed significant growth, with total exit value increasing by 49% and exit count increasing by 17% year-over-year, supported by corporate acquisitions and a modest improvement in IPO activity.4 However, fundraising remained constrained, with U.S. buyout funds raising $234 billion in 2024, down from $342 billion in 2023, reflecting limited partners’ (“LP”) continued cautious approach amidst liquidity challenges and elevated private equity exposures. Larger, more established managers continued to dominate the fundraising landscape, with elongated fundraising timelines for smaller managers underscoring the selective nature of LP commitments.5

Looking ahead, we expect U.S. private equity to navigate a landscape shaped by ongoing macroeconomic uncertainty, predominately surrounding tariffs, and evolving investment strategies. Sponsors are likely to continue focusing on the monetization of high-quality assets through corporate acquisitions and continuation funds, while selective exits and disciplined underwriting are expected to define investment activity. Moderated inflation and improved financing conditions may provide tailwinds for dealmaking, particularly in high-growth sectors such as technology and healthcare. However, geopolitical tensions, regulatory scrutiny, and concerns surrounding tariffs and corporate tax changes may weigh on broader market sentiment, requiring sponsors and LPs to adapt their strategies carefully. Despite these challenges, we believe there are investment opportunities as a liquidity provider in an illiquid environment.

Private Equity Investment Activity

In 2024, $516 billion was invested in the U.S. private equity market, reflecting a notable recovery from the declines observed since the peak in 2021. Investment activity had previously fallen from $770 billion in 2021 to $626 billion in 2022 and to $404 billion in 2023.6 The 2024 figure surpasses the “normalized” levels of capital deployment historically (closer to ~$400 billion annually). Deal activity rebounded in 2024, driven by improved credit availability, moderated inflation pressures, and macroeconomic optimism. Larger transactions regained momentum, with deals exceeding $1 billion accounting for 37% of total deal value, up from 34% in 2023. Middle-market activity also remained robust, with deals below $1 billion comprising 63% of deal value. Syndicated loan issuance nearly doubled year-over-year, reflecting greater lender confidence and a more favorable financing environment. Growth equity continued to play a significant role, making up 21% of deal

Bureau of Economic Analysis, as of April 2, 2025.

Bureau of Labor Statistics, as of April 2, 2025.

The Federal Reserve, as of April 2, 2025.

PitchBook 2024 Annual US PE Breakdown.

Preqin, as of April 2, 2024.

PitchBook, as of April 2, 2024.

NB Private Markets Access Fund LLC
(Unaudited)

count in 2024, while add-on acquisitions represented 74% of all buyouts, underscoring ongoing consolidation strategies by general partners (“GP”).4

Public-to-private transactions faced headwinds in 2024, with total deal values declining to $147 billion from $154 billion in 2023, reflecting caution among GPs as rising public market valuations and election-related uncertainties weighed on activity, particularly in Q4.4 Despite this, take-private deals continued to make headlines. Corporate carveouts emerged as a dominant theme in 2024, fueled by corporations seeking to streamline operations and private equity firms capitalizing on attractive valuations. Carveouts accounted for 11% of leveraged buyouts in 2024 — the highest share since 2016 — underscoring their growing prominence. These deals reflect sponsors’ strategic pivot toward unlocking value in non-core divisions, leveraging operational synergies, and creating liquidity for investors, particularly in a more accommodative financial environment marked by declining interest rates.4

[MISSING IMAGE: bc_usprivateequity-4c.jpg]

Source: PitchBook as of 2024 Q4. Other volume includes Growth/Expansion Equity, Private Investment in Public Equity and Investor Buyout by Management

Private Equity Outlook for 2025

While there is uncertainty in the global economic outlook, stemming from policy changes, trade tensions, and financial volatility, we still believe the current environment offers significant opportunity for investors who have capital to deploy in this capital-constrained market. We have seen attractive investment opportunities up and down the capital structure and at various points in the ownership cycle. In 2024, we observed notable growth in preferred equity, mid-life co-investments, and GP-led secondary transactions — trends we expect to persist in 2025. These dynamics are being driven by a lack of distributions and liquidity, which we believe will persist.

Looking ahead, we anticipate that buyers will continue to favor high-quality assets with clear growth potential, particularly amid ongoing macroeconomic uncertainty and tariff-related concerns. While tariffs remain a point of caution, private equity portfolios tend to have lower direct exposure to tariff-sensitive sectors compared to the broader economy, potentially mitigating tariff-related disruptions. Furthermore, private

NB Private Markets Access Fund LLC
(Unaudited)

equity managers are well-equipped to navigate periods of market dislocation, and we see that disruptions often create compelling openings for experienced capital providers who are adept at addressing liquidity needs through solutions such as midlife co-investments, GP-led secondaries, and custom capital structures.

Fund Overview

NB Private Markets Access Fund LLC’s (“NB Access Fund” or the “Fund”) investment objective is to seek to provide attractive, long-term capital appreciation by investing directly into high-quality and growing private companies. The Fund’s private equity investments focus on direct co-investments and GP-led secondaries. The Fund also invests a portion of its assets in a portfolio of cash and cash equivalents and liquid fixed-income securities to maintain a degree of liquidity.

Neuberger Berman Investment Advisers LLC serves as the Fund’s investment adviser and has engaged NB Alternatives Advisers LLC (“NB Private Markets”) as sub-adviser to assist with investment decisions. The strategy for the NB Access Fund is predicated on identifying and selecting top-performing private equity investments and diversifying appropriately across asset classes, sponsors, vintage years and pace of capital deployment, maturity and stage of companies, geographies, and industries. The Fund is primarily focused on small- and mid-cap buyout transactions in resilient sectors with a bias toward North America. In addition, when determining proper diversification for its private equity portfolio, NB Private Markets analyzes the private equity marketplace and appropriately weights capital allocations to those sectors with the most promising opportunities. The Fund’s diversification among its private equity investments, in our view, is key to achieving attractive, risk-adjusted returns.

The NB Access Fund commenced investment operations in January 2021. As of March 31, 2025, the Fund had approximately $1.55 billion in net assets, up from approximately $943 million as of March 31, 2024 and is invested in 94 private equity transactions alongside 68 private equity sponsors. We believe the Fund’s underlying private equity portfolio is comprised of investments alongside experienced private equity managers in portfolio companies that are backed by long-term secular growth trends that should remain resilient through market cycles and in today’s market environment.

The NB Access Fund’s Institutional Share Class generated a 7.63% total return on a NAV basis for the fiscal year ended March 31, 2025. This was driven by the performance of the Fund’s largest investments, as its top ten investments — measured in terms of dollar value appreciation — increased in value by 66% of the total increase in value. These ten investments were broadly diversified across vintage year, industry, private equity sponsor, and strategy. These gains include the mark-up of one secondary investment, which had been purchased at a discount. Investments in two companies were made through structured securities, with increases in value attributable to ratable accruals in value of those securities. Of note, three of the ten top value drivers, accounting for $33.8 million of value gains, were investments made in 2024, indicative of strong starts in these early investments, which we believe is particularly encouraging. Valuation increases were also generally the result of strong operating performance from the underlying portfolio companies, with several companies growing revenue and EBITDA, both organically and through M&A, meaningfully. In addition, there were several companies benefitting from strong organic growth and resilience, even in challenging markets. Other portfolio companies saw growth from new customer wins and market improvements, driving margin enhancement.

Among the negative drivers of performance for the fiscal year period, nine portfolio companies accounted for over 70% of the decline in value and one company was marked down based on its publicly traded share price. These negative valuation adjustments offset the previously mentioned gains and were generally attributable to businesses which faced more challenging operating environments, weaker bookings, and softer demand. In some cases, cost initiatives were preserving margins, while in other instances, some businesses saw margin pressure. We continue to follow these portfolio companies closely and believe the lead private equity managers are taking the needed corrective actions to stabilize operations to position the companies for potential growth.

NB Private Markets Access Fund LLC
(Unaudited)

The Fund’s liquidity portfolio, which consists of cash and cash equivalents and liquid fixed-income securities that the Fund holds for prudent liquidity management purposes, returned approximately 4.33% for the fiscal year ended March 31, 2025. Performance was primarily driven by the portfolio’s allocation to U.S. Treasury Bills and other short-term cash equivalents.

The portfolio composition, industries and holdings of the Fund are subject to change without notice. The opinions are as of the date of this report and are subject to change without notice.

Fund Performance — Average Annual Total Return Ended 3/31/2025

NB Private Markets Access Fund LLC	1 Year		Since Inception
Institutional Class (at NAV)(1)		7.63%		7.90%
Class A-1 (at NAV)(2)		6.87%		7.34%
Class A-2 (at NAV)(2)		6.87%		7.34%
Class A-1 (with sales load)(3)		3.13%		6.43%
MSCI World Index (Net)(4)		7.04%		8.80%

The results shown in the table reflect the reinvestment of distributions, if any. The results do not reflect the effect of taxes an investor would pay on Fund distributions or on the sale of the Fund’s limited liability company interests (the “Interests”). The Fund offers its Interests only to persons or entities that are both “accredited investors” as defined in Section 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended.

(1)

Institutional Class commenced operations on January 19, 2021.

(2)

Class A-1 and Class A-2 commenced operations on March 1, 2022. The performance information for Class A-1 and A-2 prior to each class’s inception date is that of the Institutional Class. The performance information for the Institutional Class has been adjusted to reflect the appropriate sales charges applicable to Class A-1 Shares but has not been adjusted to take into account differences in class specific operating expenses. The Institutional Class has lower expenses and typically higher returns than Class A-1 and Class A-2.

(3)

Class A-1 with sales load return is calculated using the maximum sales charge of 3.50%.

(4)

The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The Developed Markets countries include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. The MSCI World Index (Net) calculates reinvested dividends net of withholding taxes. The index is unmanaged and does not include fees. Investors may not invest in the index directly.

NB Private Markets Access Fund LLC
(Unaudited)

Growth of a $25,000 Investment

This graph shows the change in value of a hypothetical $25,000 investment in the Fund for the life of the Fund since commencement of operations through March 31, 2025. The required minimum initial capital commitment by an investor in the Fund is $25,000. The results shown in the graph reflect the reinvestment of Fund distributions, if any. The results do not reflect the effect of taxes an investor would pay on Fund distributions. The result is compared with a broad-based market index — the MSCI World Index (Net). The market index has not been reduced to reflect any of the fees and costs of investing.

Impact of the Fund’s Distribution Policy

The Fund does not have a policy or practice of maintaining a specified level of distributions to investors. The Fund intends to qualify annually as a regulated investment company under the Internal Revenue Code of 1986, as amended, and intends to distribute at least 90% of its annual net taxable income to its investors. From time to time, the Fund may also pay special interim distributions at the discretion of its Board of Managers. In general, this practice does not affect the Fund’s investment strategy and may reduce the Fund’s net asset value. This practice also does not generally result in a return of capital to investors.

NB Private Markets Access Fund LLC
For The Year Ended March 31, 2025

Index	Page No.
FINANCIAL INFORMATION
Consolidated Statement of Assets and Liabilities		1
Consolidated Schedule of Investments		2
Consolidated Statement of Operations		6
Consolidated Statements of Changes in Net Assets		7
Consolidated Statement of Cash Flows		8
Consolidated Financial Highlights		9
Consolidated Notes to the Financial Statements		12
Report of the Independent Registered Public Accounting Firm		24
ADDITIONAL INFORMATION (Unaudited)
Proxy Voting and Portfolio Holdings		25
Board of Managers of the Fund		26
Officers of the Fund		27
Privacy Notice		29

NB Private Markets Access Fund LLC
Consolidated Statement of Assets and Liabilities
As of March 31, 2025

Assets
Investments, at fair value (cost of $1,375,039,433)	$	1,599,090,333
Cash and cash equivalents		662,849
Receivable for investments sold		897,526
Interest receivable		517,488
Other assets		78,727
Total Assets	$	1,601,246,923
Liabilities
Contributions received in advance	$	32,522,413
Due to Shareholders		7,189,097
Incentive fee payable		3,622,991
Deferred tax fee payable		3,585,436
Advisory fee payable		1,929,918
Due to Affiliate		1,445,496
Distribution and servicing fee payable		1,015,651
Accounting and administration service fees payable		251,597
Professional fees payable		234,859
Current tax fee payable		61,885
Other payables		213,932
Total Liabilities	$	52,073,275
Commitments and contingencies (see Note 5)
Net Assets at Value	$	1,549,173,648
Net Assets Consist of:
Paid-in capital		1,341,939,183
Total distributable earnings		207,234,465
Net Assets at Value	$	1,549,173,648
Net Assets:
Institutional Class	$	958,972,843
Class A-1		125,849
Class A-2		590,074,956
Shares outstanding:
Institutional Class Shares		70,856,283
Class A-1 Shares		9,474
Class A-2 Shares		44,422,414
Net asset value per share:
Institutional Class	$	13.53
Class A-1		13.28
Maximum offering price per share*		13.76
Class A-2		13.28

Includes a sales charge of up to 3.50%.

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Schedule of Investments
As of March 31, 2025

Description	Interest	Maturity Date	Shares or Principal Amount		Cost			Value
SHORT-TERM INVESTMENTS – 14.41%
MONEY MARKET FUND – 12.55%
Morgan Stanley Institutional Liquidity Fund Government Portfolio	4.27%(A)			194,394,523		$	194,394,523		$	194,394,523
UNITED STATES TREASURY BILLS(B) – 1.86%
United States Treasury Bill	4.30%	05/06/2025		14,000,000			13,942,498			13,942,268
United States Treasury Bill	4.28%	05/29/2025		15,000,000			14,898,571			14,897,590
TOTAL UNITED STATES TREASURY BILLS							28,841,069			28,839,858
TOTAL SHORT-TERM INVESTMENTS							223,235,592			223,234,381
COMMON STOCKS – 0.11%
Unity Software Inc.				87,120			8,005,334			1,706,681
TOTAL COMMON STOCKS							8,005,334			1,706,681
EXCHANGE-TRADED FUNDS – 4.83%
SPDR Blackstone Senior Loan				1,818,623			74,983,925			74,799,964
TOTAL EXCHANGE-TRADED FUNDS							74,983,925			74,799,964

Acquisition
Type

Acquisition
Dates(D)

Geographic
Region(E)

Cost

Fair Value

PRIVATE FUNDS(C) – 83.87%

ACON Strategic Partners II-B, L.P.(F)

Secondary

08/2022

North America

7,893,243

28,595,244

Aechelon InvestCo LP

Co-Investment

08/2024

North America

9,444,909

9,986,074

AFC Acquisitions, Inc.(F)(H)

Co-Investment

04/2021 – 06/2024

North America

6,993,512

13,444,245

Amulet Vault Co-Invest, L.P.

Co-Investment

08/2024 – 10/2024

North America

12,960,688

12,934,892

AP Safety Co-Invest, L.P.

Co-Investment

03/2022 – 07/2024

North America

2,012,256

3,145,521

Aquiline Madonna Co-Invest L.P.

Co-Investment

10/2024 – 02/2025

Europe

23,359,278

23,061,289

Aurelia Co-Invest SCSP

Co-Investment

05/2024 – 11/2024

Europe

8,533,068

12,332,370

Austin Co-Investment, L.P.2

Co-Investment

03/2021

North America

845,047

11,321,817

BC Partners Galileo (1) L.P.

Secondary

07/2021 – 07/2024

Europe

7,164,394

10,147,664

Blackstone Growth Beverly Co-Invest L.P.

Co-Investment

02/2022 – 06/2023

North America

4,542,403

4,842,046

CB Catalyst Co-Invest, L.P.

Co-Investment

11/2022

North America

3,992,012

7,854,183

CB Starfish TopCo, L.P.

Co-Investment

08/2021

North America

672,670

1,448,243

CD&R Ferdinand Co-Investor, L.P.(F)

Co-Investment

08/2023

North America

13,240,728

26,226,045

CD&R Value Building Partners I, L.P.(F)

Co-Investment

12/2021

North America

11,595,513

13,995,682

Centerbridge Seaport Acquisition Fund, L.P.

Co-Investment

05/2022 – 10/2024

North America

7,065,356

8,488,592

CGI Acquisitions, Inc.(F)(H)

Co-Investment

02/2022 – 09/2023

North America

4,062,865

11,157,437

Compass Syndication L.P.

Co-Investment

10/2021 – 12/2023

North America

1,615,493

2,023,168

DGS Group Holdings, L.P.(H)

Co-Investment

09/2022 – 12/2022

North America

6,455,020

9,842,668

DIG Holdings, LLC(H)

Co-Investment

12/2022

North America

9,754,100

12,277,546

DSS Holdings I L.P.(F)(H)

Co-Investment

10/2024

North America

12,210,000

EDR Co-Invest Aggregator, L.P.

Co-Investment

02/2024

North America

9,256,000

11,612,822

EQT X Co-Investment (A) SCSp(F)

Co-Investment

07/2024

North America

20,841,600

21,827,455

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Schedule of Investments (continued)
As of March 31, 2025

Acquisition
Type

Acquisition
Dates(D)

Geographic
Region(E)

Cost

Fair Value

EQT X Co-Investment (F) SCSp(F)

Co-Investment

02/2024

North America

13,099,180

13,099,409

FitzWalter Capital Partners Coinvest I, L.P.

Co-Investment

08/2022 – 08/2023

North America

1,718,260

11,998,311

Five Arrows Galliera Co-Invest SCSp

Co-Investment

08/2022-01/2025

Europe

9,137,795

10,710,209

Follett Acquisition LP(H)

Co-Investment

01/2022

North America

4,060,000

1,666,863

HCI Equity Partners EV I, L.P.(F)

Secondary

09/2024

North America

30,508,521

34,333,935

Horizon Co-Investment, L.P.

Co-Investment

06/2022

North America

6,308,656

8,159,115

Itelyum Co-Investment L.P.

Co-Investment

09/2021

Europe

7,857,760

14,901,395

KKR Abacus Co-Invest L.P.

Co-Investment

10/2024

Europe

22,615,362

22,259,328

KKR Leo Co-Invest L.P.

Co-Investment

06/2021

Asia

1,284,993

2,875,689

KKR Malaga Co-Invest L.P.

Co-Investment

07/2023

North America

9,673,380

11,615,366

KKR Mercury Co-Invest L.P.

Co-Investment

North America

—

KKR Quartz Co-Invest L.P.

Co-Investment

03/2023

North America

17,000,000

16,547,393

KMNOCH Investor, L.P.(F)(H)

Co-Investment

11/2022

North America

16,970,931

17,271,674

L Catterton Growth IV, L.P.

Primary

03/2021 – 03/2025

North America

12,003,105

11,225,377

LDS Group Holdings, L.P.(F)

Co-Investment

02/2025

North America

14,160,000

Lightyear AMP CV, L.P.(F)

Secondary

04/2024 – 01/2025

North America

27,346,628

29,398,894

Magenta Blocker Aggregator L.P.

Co-Investment

07/2021 – 10/2021

North America

2,893,688

4,166,950

Magnus 2024, L.P.

Co-Investment

04/2024 – 03/2025

North America

7,872,813

8,197,378

Material Co-Invest, L.P.

Co-Investment

10/2022 – 12/2024

North America

13,722,420

11,688,848

NB Aggregator (Minerva) LP(F)

Co-Investment

03/2025

North America

70,234,003

70,000,000

NB Convert Elevate Aggregator LP(F)

Co-Investment

11/2023 – 10/2024

North America

15,435,617

20,328,812

NB Convert Harp Aggregator LP(F)

Co-Investment

11/2023 – 10/2024

North America

7,702,976

10,166,637

NB Credit Opps Co-Investment (Vetcor) LP(F)

Co-Investment

03/2023 – 10/2024

North America

5,817,627

8,309,987

NB Credit Opps Co-Investment (Vetcor II) LP(F)

Co-Investment

08/2023 – 10/2024

North America

1,706,522

2,220,641

NB Electron Aggregator LP(F)

Co-Investment

08/2023 – 10/2024

North America

25,014,923

32,748,363

NB Franklin LP(F)

Co-Investment

05/2024 – 10/2024

North America

25,244,510

28,189,051

NB Geyser Aggregator LP(F)

Co-Investment

12/2024

North America

21,326,071

22,172,599

NB Lowcode Private Equity(F)(H)

Co-Investment

11/2022 – 10/2024

North America

2,913,486

4,828,890

NB Mariner Aggregator LP(F)

Co-Investment

10/2024 – 11/2024

North America

65,000,000

77,921,147

NB Mavis Aggregator LP(F)

Co-Investment

05/2023 – 10/2024

North America

20,005,021

23,781,734

NB Pref Harp Aggregator LP(F)

Co-Investment

11/2023 – 04/2024

North America

9,311,275

11,787,363

NB Vault Aggregator LP(F)

Co-Investment

01/2025

North America

70,039,516

72,302,924

NC Harp Co-Invest GP Limited(F)

Co-Investment

03/2025

Europe

16,229,978

15,948,832

NSH Verisma Holdco II, L.P.

Co-Investment

10/2023

North America

4,170,586

7,338,909

Olympus FG Holdco, L.P.

Co-Investment

08/2022 – 08/2024

North America

5,060,881

4,112,730

Pilot Holdings, LLC

Co-Investment

12/2021

North America

7,200,000

9,637,258

Platinum Equity Vulcan Co-Investors, L.P.(F)

Co-Investment

03/2024

North America

16,190,000

11,426,460

Project Alpine Co-Invest Fund, L.P.

Co-Investment

06/2022 – 12/2024

North America

10,006,875

10,832,925

Project Metal Co-Invest Fund, L.P.

Co-Investment

10/2021 – 09/2023

North America

8,005,199

3,553,819

Project Stream Co-Invest Fund, L.P.

Co-Investment

10/2021 – 12/2024

North America

8,935,000

8,526,022

Providence Equity Partners (Unity) S.C.Sp.

Secondary

05/2024 – 03/2025

Europe

10,506,464

19,510,280

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Schedule of Investments (continued)
As of March 31, 2025

Acquisition
Type

Acquisition
Dates(D)

Geographic
Region(E)

Cost

Fair Value

RealPage Parent, LP(H)

Co-Investment

04/2021

North America

6,500,000

9,846,906

RL Co-Investor Aggregator, L. P.

Co-Investment

05/2022 – 03/2023

North America

7,152,545

8,423,423

RL Co-Investor Aggregator II L. P.

Co-Investment

03/2022 – 03/2023

North America

4,548,734

3,919,784

Rothwell Ventures Ultimate Feeder I (Cayman) L.P.

Secondary

09/2021 – 10/2022

North America

6,546,450

10,264,153

Sabel InvestCo LP(G)

Co-Investment

10/2024

North America

6,800,000

SCW Holdings I LP(F)

Co-Investment

03/2025

North America

12,200,000

Searchlight Capital III CVL Co-Invest Partners II, L.P.(F)

Secondary

12/2024

North America

15,921,398

27,770,904

Searchlight Capital CF SPK, L.P.(F)

Secondary

11/2023 – 01/2025

North America

12,823,959

17,513,762

Shamrock ND Holdco, L.P.

Co-Investment

09/2024

North America

11,394,584

11,751,706

SPI Parent Holding Company, LLC(G)(H)

Co-Investment

12/2021 – 04/2022

North America

5,789,976

13,517,929

Sprinkler 2024 Co-Investment I (Feeder) SCSp(F)

Co-Investment

03/2025

Europe

17,948,873

17,860,063

Summit Partners Co-Invest (Optmo) SCSp

Co-Investment

10/2021

Europe

2,516,524

2,653,944

TA Spartan Parent, LLC(H)

Co-Investment

07/2023

North America

10,130,000

10,121,863

THL Automation Fund Investors (4K), L.P.

Co-Investment

03/2021 – 12/2024

North America

4,017,714

5,515,566

THL Fund Investors (Altar), L.P.

Co-Investment

12/2022 – 12/2024

North America

4,951,506

8,120,724

THL Fund Investors (Iconic), L.P.

Co-Investment

06/2023 – 12/2024

North America

10,257,497

12,229,651

THL Fund IX Investors (Plymouth II), L.P.

Co-Investment

08/2023

North America

7,790,088

9,899,201

TPG IX Charger CI II, L.P.

Co-Investment

07/2024

North America

12,843,370

12,825,400

TPG IX Evergreen CI II, L.P.

Co-Investment

09/2023

North America

8,635,900

13,087,389

Truelink-Vista, L.P.

Co-Investment

10/2022 – 09/2024

North America

3,509,073

10,506,922

True Wind Capital Continuation, L.P.

Secondary

03/2023 – 01/2025

North America

8,290,758

9,399,963

Vector Capital Partners V, L.P.(G)

Secondary

02/2025

North America

25,093,983

32,073,830

Vector Capital VI, L.P.(G)

Primary

03/2025

North America

2,637,210

2,338,835

Vistria Soliant Holdings, L.P.(F)

Co-Investment

07/2024

North America

16,000,000

16,046,095

WP Irving Co-Invest, L.P.

Co-Investment

04/2022 – 09/2023

North America

4,062,263

9,699,015

WWEC Holdings LP(F)(H)

Co-Investment

10/2022

North America

7,120,000

10,085,456

ZM Parent Holding LLC(H)

Co-Investment

03/2022

North America

4,532,000

6,180,303

TOTAL PRIVATE FUNDS

1,068,814,582

1,299,349,307

TOTAL INVESTMENTS
(Cost $1,375,039,433) – 103.22%

1,599,090,333

Other Assets & Liabilities (Net) – (3.22%)

(49,916,685)

TOTAL NET ASSETS – 100.00%

1,549,173,648

(A)

The rate is the annualized seven-day yield as of March 31, 2025.

(B)

Each issue shows the rate of the discount at the time of purchase.

(C)

Non-income producing securities, which are restricted as to resale and illiquid.

(D)

Acquisition Dates cover from the original investment date to the last acquisition date and is a required disclosure for restricted securities only.

(E)

Geographic region is based on where a private fund is headquartered and may be different from where such fund invests or operates.

(F)

This investment is made through the wholly owned subsidiary NB PMAF IC, LLC (the “IC Subsidiary”).

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Schedule of Investments (continued)
As of March 31, 2025

(G)

This investment is made through the wholly owned subsidiary NB CR PMAF Blocker LLC (the “Blocker Subsidiary”).

(H)

The fair value of the investment was determined using a significant unobservable input.

Summary by Investment Type	Fair Value			% of Net Assets
Short-Term Investments		$	223,234,381		14.41%
Common Stocks			1,706,681		0.11%
Exchange-Traded Funds			74,799,964		4.83%
Private Funds			1,299,349,307		83.87%
Total Investments			1,599,090,333		103.22%
Other Assets & Liabilities (Net)			(49,916,685)		(3.22)%
Total Net Assets		$	1,549,173,648		100.00%

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Statement of Operations
For The Year Ended March 31, 2025

Investment Income:
Interest income	$	19,955,087
Dividend income		196,490
Other income		48,552
Total Investment Income		20,200,129
Operating Expenses:
Advisory fees (see Note 3)		19,398,955
Incentive fees		10,372,037
Distribution and servicing fees Class A-2 (see Note 3)		3,411,738
Distribution and servicing fees Class A-1 (see Note 3)		855
Tax Expense		1,878,978
Professional fees		1,834,323
Accounting and administration service fees		1,005,329
Independent Managers’ fees		215,592
Insurance expense		75,531
Other expenses		659,701
Total Operating Expenses		38,853,039
Expenses recouped by Adviser		1,096,826
Expenses waived by Adviser		(254,642)
Fee offsets		(78,916)
Net Operating Expenses		39,616,307
Net investment income (loss)		(19,416,178)
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		5,978,667
Net change in unrealized appreciation (depreciation) on investments		106,022,575
Net Realized and Change in Unrealized Gain (Loss) on Investments		112,001,242
Net Increase (Decrease) in Net Assets Resulting from Operations	$	92,585,064

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Statement of Changes in Net Assets

	Year Ended March 31, 2025			Year Ended March 31, 2024
Change in Net Assets from Operations:
Net investment income (loss)		$	(19,416,178)		$	(8,345,728)
Net realized gain (loss) on investments			5,978,667			(687,149)
Net change in unrealized appreciation (depreciation) on investments			106,022,575			58,785,047
Net Increase (Decrease) in Net Assets from Operations			92,585,064			49,752,170
Change in Net Assets Resulting from Capital Transactions:
Proceeds from shares sold
Institutional Class			279,781,691			158,919,642
Class A-2			249,960,525			286,571,501
Withdrawals
Institutional Class			(7,555,464)			(3,242,772)
Class A-2			(8,065,985)			(685,886)
Transfers in
Institutional Class			8,753,165			—
Transfers out
Class A-2			(8,753,165)			—
Change in Net Assets Resulting from Capital Transactions			514,120,767			441,562,485
Net Change in Net Assets			606,705,831			491,314,655
Net Assets:
Beginning of period			942,467,817			451,153,162
End of period		$	1,549,173,648		$	942,467,817
Transactions in Shares:
Shares sold
Institutional Class Shares			21,580,492			13,209,833
Class A-2 Shares			19,656,703			23,987,419
Shares redeemed
Institutional Class Shares			(575,761)			(264,539)
Class A-2 Shares			(614,722)			(55,185)
Transfers in
Institutional Class Shares			687,465			—
Transfers out
Class A-2 Shares			(696,780)			—
Net Increase in Shares			40,037,397			36,877,528

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Statement of Cash Flows
For The Year Ended March 31, 2025

Cash Flows from Operating Activities
Net change in net assets resulting from operations	$	92,585,064
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(3,387,773,563)
Proceeds from disposition of investments		2,896,497,499
Amortization of discount		(6,516,824)
Net realized (gain) loss on investments		(5,978,667)
Net change in unrealized (appreciation) depreciation on investments		(106,022,575)
Changes in assets and liabilities related to operations:
(Increase) decrease in interest receivable		836,965
(Increase) decrease in other assets		(63,569)
Increase (decrease) due to Affiliate		1,192,046
Increase (decrease) deferred tax fee payable		1,817,093
Increase (decrease) current tax fee payable		61,885
Increase (decrease) advisory fee payable		(1,415,513)
Increase (decrease) accounting and administration service fees payable		(99,271)
Increase (decrease) professional fees payable		(454,406)
Increase (decrease) incentive fee payable		1,333,089
Increase (decrease) distribution and servicing fee payable		503,442
Increase (decrease) in other payables		35,084
Net Cash Provided by (Used in) Operating Activities		(513,462,221)
Cash Flows from Financing Activities
Contributions received in advance		(17,279,550)
Proceeds from shares sold		529,742,216
Withdrawals, net of amounts due to Shareholders		(9,738,105)
Net Cash Provided by (used in) Financing Activities		502,724,561
Net Change in Cash and Cash Equivalents		(10,737,660)
Cash and Cash Equivalents at Beginning of Year		11,400,509
Cash and Cash Equivalents at End of Year	$	662,849
Supplemental disclosure of non-cash activity:
Transfers into Institutional Class Shares	$	8,753,165
Transfers out of Class A-2 Shares	$	(8,753,165)

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Financial Highlights — Institutional Class

	Year Ended March 31, 2025			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Period from January 19, 2021 (Commencement of Operations) through March 31, 2021*
Per Share Operating Performance(1)
NET ASSET VALUE, BEGINNING OF YEAR		$	12.58		$	11.76		$	10.83		$	10.19		$	10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)			(0.16)			(0.13)			(0.08)			0.13			—
Net realized and unrealized gain (loss) on investments			1.11			0.95			1.06			0.64			0.19
Net increase (decrease) in net assets resulting from operations			0.95			0.82			0.98			0.77			0.19
DISTRIBUTIONS
Net change in capital due to distributions			—			—			(0.05)			(0.13)			—
NET ASSET VALUE, END OF YEAR			13.53			12.58			11.76			10.83			10.19
TOTAL NET ASSET VALUE RETURN(2)(3)			7.63%			6.93%			9.04%			7.64%			1.90%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)			958,973			618,241			425,935			350,463			212,013
Ratios to average net assets(4)(5)(6)
Total expenses before expense waiver, expense recoupment and fee offset			2.74%(7)			2.72%(7)			2.32%(7)			1.50%			1.16%
Total expenses after expense waiver, expense recoupment and fee offset			2.80%			2.68%			2.20%			1.33%			0.76%
Fee offset			(0.01)%			(0.01)%			(0.04)%			—%			—%
Net investment income (loss)			(1.24)%			(1.02)%			(0.67)%			1.24%			0.86%
Portfolio Turnover Rate(3)			34.94%			4.97%			45.02%			57.13%			12.50%

Prior to the commencement date, the Fund had been inactive except for matters related to the Fund’s organization, registration under the Investment Company Act of 1940, as amended, registration of the shares under the 1933 Act and the sale of 10,000 Institutional Class Shares to Neuberger Berman Europe Holdings LLC.

(1)

Selected data for the average Shares outstanding throughout each period.

(2)

Total Return, based on net asset value per Share, reflects the changes in net asset value based on the effects of organizational costs, the performance of the Fund during the period and reinvested dividend income, if any.

(3)

Not annualized.

(4)

For the period January 19, 2021 (Commencement of Operations) through March 31, 2021, the expense and net investment income ratios are based on a very limited operating period and, as such, may not be meaningful.

(5)

The contractual fee and expense waiver (or recoupment) are reflected in both the net expense and net investment income (loss) ratios (see Note 3).

(6)

Annualized for periods less than 12 months.

(7)

Ratio is inclusive of the deferred tax expense from the Blocker Subsidiary. Excluding this tax expense, the ratio would be 2.59%, 2.67% and 1.96% for March 31, 2025, March 31, 2024 and March 31, 2023, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Financial Highlights — Class A-1

	Year Ended March 31, 2025			Year Ended March 31, 2024			Year Ended March 31, 2023			Period from March 1, 2022 (Commencement of Operations) through March 31, 2022
Per Share Operating Performance(1)
NET ASSET VALUE, BEGINNING OF YEAR		$	12.43		$	11.71		$	10.82		$	10.57
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)			(0.25)			(0.21)			(0.15)			(0.02)*
Net realized and unrealized gain (loss) on investments			1.10			0.93			1.05			0.27*
Net increase (decrease) in net assets resulting from operations			0.85			0.72			0.90			0.25
DISTRIBUTIONS
Net change in capital due to distributions			—			—			(0.01)			—
NET ASSET VALUE, END OF YEAR			13.28			12.43			11.71			10.82
TOTAL NET ASSET VALUE RETURN(2)(3)			6.87%			6.18%			8.28%			2.37%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)			126			118			111			102
Ratios to average net assets(4)(5)(6)
Total expenses before expense waiver, expense recoupment and fee offset			3.44%(7)			3.42%(7)			3.02%(7)			1.54%
Total expenses after expense waiver, expense recoupment and fee offset			3.50%			3.38%			2.90%			1.49%
Fee offset			(0.01)%			(0.01)%			(0.04)%			—%
Net investment income (loss)			(1.94)%			(1.72)%			(1.37)%			0.35%
Portfolio Turnover Rate(3)			34.94%			4.97%			45.02%			57.13%

The amount of net investment income and net loss from securities (both realized and unrealized) per share, does not accord with the amounts reported in the Consolidated Statement of Operations due to the timing of purchases of Fund shares during the period.

(1)

Selected data for the average Shares outstanding throughout each period.

(2)

(3)

Not annualized.

(4)

For the period March 1, 2022 (Commencement of Operations) through March 31, 2022, the expense and net investment income ratios are based on a very limited operating period and, as such, may not be meaningful.

(5)

The contractual fee and expense waiver (or recoupment) are reflected in both the net expense and net investment income (loss) ratios (see Note 3).

(6)

Annualized for periods less than 12 months.

(7)

Ratio is inclusive of the deferred tax expense from the Blocker Subsidiary. Excluding this tax expense, the ratio would be 3.29%, 3.37% and 2.66% for March 31, 2025, March 31, 2024 and March 31, 2023, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Financial Highlights — Class A-2

	Year Ended March 31, 2025			Year Ended March 31, 2024			Year Ended March 31, 2023			Period from March 1, 2022 (Commencement of Operations) through March 31, 2022
Per Share Operating Performance(1)
NET ASSET VALUE, BEGINNING OF YEAR		$	12.43		$	11.71		$	10.82		$	10.57
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)			(0.25)			(0.21)			(0.15)			(0.04)*
Net realized and unrealized gain (loss) on investments			1.10			0.93			1.05			0.29*
Net increase (decrease) in net assets resulting from operations			0.85			0.72			0.90			0.25
DISTRIBUTIONS
Net change in capital due to distributions			—			—			(0.01)			—
NET ASSET VALUE, END OF YEAR			13.28			12.43			11.71			10.82
TOTAL NET ASSET VALUE RETURN(2)(3)			6.87%			6.18%			8.28%			2.37%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)			590,075			324,109			25,107			1,613
Ratios to average net assets(4)(5)(6)
Total expenses before expense waiver, expense recoupment and fee offset			3.44%(7)			3.42%(7)			3.02%(7)			1.54%
Total expenses after expense waiver, expense recoupment and fee offset			3.50%			3.38%			2.90%			1.49%
Fee offset			(0.01)%			(0.01)%			(0.04)%			—%
Net investment income (loss)			(1.94)%			(1.72)%			(1.37)%			0.36%
Portfolio Turnover Rate(3)			34.94%			4.97%			45.02%			57.13%

(1)

Selected data for the average Shares outstanding throughout each period.

(2)

(3)

Not annualized.

(4)

(5)

The contractual fee and expense waiver (or recoupment) are reflected in both the net expense and net investment income (loss) ratios (see Note 3).

(6)

Annualized for periods less than 12 months.

(7)

The accompanying notes are an integral part of these consolidated financial statements.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements
March 31, 2025

1. Organization

NB Private Markets Access Fund LLC (the “Fund”) was organized on July 10, 2020 as a limited liability company registered under the laws of the state of Delaware. The Fund is a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is offered only to investors that are both “accredited investors” as defined in Section 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Fund is authorized to offer three separate classes of shares (“Shares”) designated as Institutional Class, Class A-1 and Class A-2. Institutional Class shares commenced operations on January 19, 2021; Class A-1 and Class A-2 shares commenced operations on March 1, 2022. Class A-1 shares are offered at net asset value (“NAV”) plus a maximum sales charge of 3.50%. Institutional Class and Class A-2 shares are offered at NAV. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class-specific fees) and realized and unrealized gains and losses are allocated proportionately each month based upon the relative net assets of each share class.

The Fund’s investment objective is to seek to provide attractive, long-term capital appreciation by investing primarily in an actively managed portfolio of private equity investments. The Fund’s private equity investments focus on private equity strategies including: (i) buyouts; (ii) special situations; (iii) venture and growth capital; (iv) infrastructure and real assets; and (v) private credit. The Fund’s investment exposure to these strategies is implemented via a variety of investment types that include: (i) direct investments in the equity of private companies and/or debt securities of operating companies and other credit instruments, including investments alongside private equity funds and other private equity firms (“Direct Investments”); (ii) investments in private equity funds managed by various unaffiliated asset managers (“Portfolio Funds”) acquired in privately negotiated transactions (a) from investors in these Portfolio Funds, (b) in connection with a restructuring transaction of a Portfolio Fund(s), and/or (c) directly from a private equity fund; and (iii) primary investments in newly formed Portfolio Funds. The Fund also invests a portion of its assets in a portfolio of cash and cash equivalents and liquid fixed-income securities.

The Fund is managed by Neuberger Berman Investment Advisers LLC, an investment adviser registered under the Advisers Act that serves as the Fund’s investment adviser (“NBIA” or “Registered Investment Adviser”). The Registered Investment Adviser has engaged NB Alternatives Advisers LLC (“NBAA” or the “Sub-Adviser” and together with the Registered Investment Adviser, the “Adviser”) to assist with investment decisions. The Fund’s Board of Managers (the “Board”) has overall responsibility for the management and supervision of the operations of the Fund. Certain officers of the Registered Investment Adviser are also officers of the Fund.

2. Significant Accounting Policies

The Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) Topic 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.

A. Basis of Accounting

The Fund’s policy is to prepare its financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Consequently, income and the related assets are recognized when earned, and expenses and the related liabilities are recognized when incurred. The books and records of the Fund are maintained in U.S. dollars.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

Consolidation of Subsidiaries — NB CR PMAF Blocker LLC (the “Blocker Subsidiary”), formed on September 1, 2021, and NB PMAF IC, LLC (the “IC Subsidiary”) formed on November 21, 2024 (collectively the “Subsidiaries”), are investment companies and wholly-owned subsidiaries of the Fund. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and the Consolidated Financial Highlights of the Fund include the accounts of the Subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. On March 31, 2025, the Subsidiaries had net assets of $800,701,909, which equals 51.7% of the Fund’s net assets.

B. Use of Estimates

The preparation of financial statements in conformity with 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 the differences could be material.

C. Valuation of Investments

The Fund computes the NAV for each class of Shares as of the close of business on the last business day of each calendar month and in connection with the Fund’s offer to purchase Shares, on each date that Shares are to be repurchased, as of the date of any distribution and at such other times as the Board shall determine.

The Board has approved valuation procedures (the “Procedures”) pursuant to which the Fund values its investments. In accordance with Rule 2a-5 under the Investment Company Act, the Board has designated NBIA as its Valuation Designee (the “Valuation Designee”). The Valuation Designee, with assistance from NBAA, is responsible for determining fair value in good faith for the Fund’s investments without readily available market quotations, subject to oversight by the Board.

Private Equity Investments:

With respect to the Fund’s private equity investments, the Valuation Designee determines fair value at each month-end using a methodology that begins with the last reported net asset value reported by a manager or general partner of a Portfolio Fund or similar net asset value information provided by the lead or sponsoring investor for a Direct Investment, and is then adjusted to reflect: (i) financial adjustments; (ii) a “market factor” adjustment; and (iii) an “idiosyncratic event” adjustment, if applicable. The last reported value will generally follow the “practical expedient” in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. In general, it is anticipated that such valuation information from these managers or from lead or sponsoring investors will generally not be available until 60 days or more after each quarter-end. Therefore, the most recently provided valuation information about these Portfolio Funds and Direct Investments for purposes of calculating the Fund’s monthly net asset value will typically be adjusted by the Valuation Designee pursuant to the Procedures to estimate the fair value, on a monthly basis, of the interests in such Portfolio Funds or Direct Investments. Financial adjustments include adjustments made to incorporate known developments since the last reported net asset value reported by a manager or general partner of a Portfolio Fund or by the lead or sponsoring investor for a Direct Investment, such as changes in currency rates, capital calls and distributions, and the nature of such cash flows, fees and expenses during the reporting period, and the value of publicly traded securities held by Portfolio Funds. In addition, the Valuation Designee has developed a proprietary “market factor’ adjustment that is applied to each of the Fund’s private equity investments in Portfolio Funds and Direct Investments. This adjustment is driven by factors that have been determined to have the most statistically significant impact to historical valuations. The Valuation Designee also continuously assesses information received from its ongoing monitoring of portfolio holdings and makes valuation changes

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

accordingly for idiosyncratic events when such idiosyncratic events are supported by documentation deemed reliable by the Valuation Designee. The Valuation Designee has engaged an independent third-party service provider to complete a form of positive assurance in relation to the application of this valuation methodology.

Liquid Investments:

Equity Investments: Domestic exchange traded equity securities (other than options) will be valued at their last sale prices as reported on the exchanges where those securities are primarily traded. If no sales of a security are reported on a particular day, the security will be valued based on its bid price for a security held long, or its ask price for a security held short, as reported by those exchanges. Securities traded primarily on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If no NOCP is available, the security will generally be valued at the latest bid price as reported on NASDAQ. In the absence of such sales or quotations, other publicly offered securities will be valued at their bid prices (or asked prices in the case of securities held short) as obtained from one or more dealers making markets for those securities.

Fixed Income Securities and Other Credit Instruments: Debt securities may be valued in accordance with the procedures described for equity securities above. In addition, debt securities may be valued by an independent pricing service approved by the Valuation Designee on the basis of market quotations. The Valuation Designee will monitor the reasonableness of valuations provided by the pricing service. Debt securities with remaining maturities of 60 days or less will be valued on the basis of amortized cost, unless other factors indicate that amortized cost is not an accurate estimate of the security’s value. If a valuation for a security is not available from an independent pricing service or if the Valuation Designee believes in good faith that the valuation does not reflect the amount the Fund would receive on a current sale of that security, the Fund seeks to obtain quotations from brokers or dealers. If such quotations are not readily available, the Fund may use a fair value estimate made according to methods utilized by the Valuation Designee.

Illiquid Investments:

For illiquid securities for which no market quotations are available (other than interests in Portfolio Funds and certain Direct Investments, as described above) and for which independent appraisals of current value can readily be obtained, valuations will be based on such appraisals. Otherwise, valuation of illiquid securities (other than interests in Portfolio Funds and certain Direct Investments, as described above) will remain at cost except that original cost valuation will be adjusted based on a determination of such investment’s fair value.

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820 provides three levels of the fair value hierarchy as follows:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access;

Level 2

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;

Level 3

Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Most Portfolio Funds and certain Direct Investments are structured as closed-end, commitment-based private investment funds to which the Fund commits a specified amount of capital upon inception of the

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

investment (i.e., committed capital) which is then drawn down over a specified period of the investment’s life. Such investments generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Fund generally holds interests for which there is no active market, although, in some situations, a transaction may occur in the “secondary market” where an investor purchases a limited partner’s existing interest and remaining commitment.

Assumptions used by the Valuation Designee due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations and financial condition.

The following table presents the investments carried on the Consolidated Statement of Assets and Liabilities by level within the valuation hierarchy as of March 31, 2025.

Investments	Level 1			Level 2			Level 3			Net Asset Value			Total
Common Stocks		$	1,706,681		$	—		$	—		$	—		$	1,706,681
Exchange-Traded Funds			74,799,964			—			—			—			74,799,964
Private Funds			—			—			132,451,780			1,166,897,527			1,299,349,307
Short-Term Investments			223,234,381			—			—			—			223,234,381
Total Investments		$	299,741,026		$	—		$	132,451,780		$	1,166,897,527		$	1,599,090,333

Additional sector, industry, or geographic detail, if any, is included in the Consolidated Schedule of Investments.

Significant Unobservable Inputs

As of March 31, 2025, the Fund had Level 3 investments valued at $132,451,780. The fair value of investments valued at $1,166,897,527 in the Fund’s Schedule of Investments have been valued at the adjusted NAV by the managers of the investments.

The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of March 31, 2025.

Unobservable Inputs

Investments

Fair Value as of
March 31, 2025

Valuation
Methodologies

Variable

Value/Range

Weighted
Average(1)

Private Funds

Co-Investment

12,210,000

Recent Transaction
Value

N/A

Co-Investment

9,846,906

Market Approach

LTM EBITDA

22.5x

Market Approach

NTM EBITDA

22.0x

Co-Investment

105,565,984

Market Approach

LTM EBITDA

10.4x – 23.5x

14.0x

Co-Investment

4,828,890

Market Approach

LTM Revenue

9.6x

Total Investments

132,451,780

(1)

Inputs weighted based on fair value of investments in range.

During the year ended March 31, 2025, purchases of and sales from Level 3 investments were as follows:

	Purchases			Sales
	$12,608,195				$	212,805

During the year ended March 31, 2025, changes in unrealized appreciation/(depreciation) and realized gains or (losses) from Level 3 investments were $4,021,774 and $212,805, respectively.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

The Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the year ended March 31, 2025, transfers into and out of Level 3 were $23,363,150 and $0, respectively. Transfers into Level 3 occurred as there are no observable inputs for the fair valuation of these investments as of March 31, 2025.

The estimated remaining life of the Fund’s investments as of March 31, 2025 is unknown at this time.

Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Valuation Designee.

D. Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash and short-term investments which are readily convertible into cash and have an original maturity of three months or less. UMB Bank N.A. serves as the Fund’s custodian. Cash and cash equivalents are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations (“SIPC”) or Federal Deposit Insurance Corporation (“FDIC”) limitations.

Cash on the Consolidated Statement of Assets and Liabilities as of March 31, 2025 is $662,849. Short-Term Investments presented on the Schedule of Investments may include deposits in money market accounts and Treasury Bills, which are classified as Level 1 assets. As of March 31, 2025, the Fund held Short-Term Investments of $223,234,381, of which $194,394,523 is held in an overnight sweep that is deposited into a money market account and $28,839,858 of Treasury Bills.

E. Investment Gains and Losses

The Fund records distributions of cash or in-kind securities from the investments based on the information from distribution notices when distributions are received. The Fund recognizes within the Consolidated Statement of Operations its share of realized gains or (losses), the Fund’s change in net unrealized appreciation/(depreciation) and the Fund’s share of net investment income or (loss) based upon information received regarding distributions from managers or the lead or sponsoring private equity investor for Direct Investments. The Fund may also recognize realized losses based upon information received from the managers or the lead or sponsoring private equity investor for Direct Investments for write-offs taken in the underlying portfolio. Changes in unrealized appreciation/(depreciation) on investments within the Consolidated Statement of Operations includes the Fund’s share of interest and dividends, realized (but undistributed) and unrealized gains and losses on security transactions, and expenses of each investment.

Portfolio Funds and certain Direct Investments may make in-kind distributions to the Fund and, particularly in the event of a dissolution of a Portfolio Fund or Direct Investment, such distributions may contain securities that are not marketable. While the general policy of the Fund will be to liquidate such investment and distribute proceeds to Shareholders, under certain circumstances when deemed appropriate by the Board, a Shareholder may receive in-kind distributions from the Fund.

F. Federal Income Taxes

The Fund has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), with a tax year end of September 30. If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise unable to cure such failure, the Fund would

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions out of earnings and profits would be taxable to Shareholders as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before re-qualifying as a RIC under Subchapter M. The Fund intends to comply with the requirements under Subchapter M and to distribute substantially all of its taxable income and gains to Shareholders and to meet certain diversification and income requirements with respect to its underlying investments. As of September 30, 2024 there is no provision for federal income or excise tax within the financial statements. Differences arise in the computation of Shareholders’ capital for financial reporting in accordance with GAAP and Shareholders’ capital for federal and state income tax reporting. These differences are primarily due to the fact that change in unrealized gains and losses are allocated for financial reporting purposes and are not allocated for federal and state income tax reporting purposes. The cost of the Underlying Investments for federal income tax purposes is based on amounts reported to the Fund on Schedule K-1 from the Underlying Investments. For the tax year ended September 30, 2024, there were permanent book to tax reclassifications, which decreased paid in capital by $7,840,785 and increased distributable earnings by $7,840,785. As of September 30, 2024, the Fund had a late-year ordinary loss of $5,434,303 which was deferred until the next taxable year.

The Blocker Subsidiary is a domestic limited liability company that is treated as a corporation for tax reporting and has a tax year end of September 30. The Blocker Subsidiary is subject to federal, state and local income taxes. As of March 31, 2025, the Blocker Subsidiary has recorded a total deferred tax fee payable of $3,585,436 and a total current tax fee payable of $61,885.

For the tax year ended September 30, 2024, the components of distributable earnings on a tax basis are as follows:

Net tax appreciation (depreciation)	$	161,131,649
Loss Carryforwards and Deferrals		(10,074,276)
Total distributable earnings	$	151,057,373

The temporary differences between the book basis and tax basis distributable earnings are primarily due to book to tax differences from partnerships.

As of March 31, 2025, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

Gross unrealized appreciation	$	252,246,696
Gross unrealized depreciation		(24,462,686)
Net unrealized appreciation	$	227,784,010
Tax cost of investments	$	1,371,306,323

During the years ended March 31, 2025 and March 31, 2024, the Fund did not make any distributions.

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of March 31, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2021 forward (with limited exceptions). FASB ASC 740-10, Income Taxes requires the Adviser to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. The Adviser has reviewed the Fund’s tax positions for the current period and has concluded that no provision for taxes is required in the Fund’s financial statements for the year ended March 31, 2025. The Fund recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in the Consolidated Statement of Operations. During the year ended March 31, 2025, the Fund did not incur any interest or penalties.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

G. Restrictions on Transfers

Shares of the Fund are generally not transferable. No Shareholder may assign, sell, transfer, pledge, hypothecate or otherwise dispose of any of its Shares without the prior written consent of the Board which may be granted or withheld in the Board’s sole discretion, and in compliance with applicable securities and tax laws.

H. Purchase of Shares

Shares will generally be offered for purchase as of the first business day of each month, or at such other times as determined in the discretion of the Board, based on the most recent net asset value which will be calculated for the last business day of the preceding month. The minimum initial investment in the Fund by any investor is $50,000, and the minimum additional investment in the Fund by any Shareholder is $10,000, except for additional purchases pursuant to a dividend reinvestment plan. The Board reserves the right to accept lesser amounts below these minimums.

I. Repurchase of Shares

The Fund expects to conduct repurchase offers quarterly pursuant to written tenders to Shareholders. The Registered Investment Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund’s net assets quarterly commencing on or about February 28, May 31, August 31 and November 30 of each year. A Shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $10,000. Such minimum ownership requirement may be waived by the Board, in its sole discretion. A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder’s purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a “first in-first out” basis. An early repurchase fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. There can be no assurance that the Fund will conduct repurchase offers in any particular period and Shareholders may be unable to tender Shares for repurchase for an indefinite period of time. During the year ended March 31, 2025, 1,190,483 Shares were tendered, all of which were repurchased by the Fund.

J. Fees of the Portfolio Funds’ Investments

Each Portfolio Fund investment will charge its investors (including the Fund) expenses, including asset-based management fees and performance-based fees, which are referred to as an allocation of profits. In addition to the Fund level expenses shown on the Fund’s Consolidated Statement of Operations, Shareholders of the Fund will indirectly bear the fees and expenses charged by the Portfolio Funds. These fees are reflected in the valuations of the Portfolio Funds and are not reflected in the ratios to average net assets in the Fund’s Financial Highlights.

K. Foreign Currency Translation

The Fund has foreign investments which require the Fund to translate these investments into U.S. dollars. For foreign investments for which the functional currency is not the U.S. dollar, the fair values of the investments are translated into the U.S. dollar equivalent using period end exchange rates. The resulting translation adjustments are recorded as unrealized appreciation or depreciation on investments.

Contributed capital to and distributions received from these foreign investments are translated into the U.S. dollar equivalent using exchange rates on the date of the transaction.

Conversion gains and losses resulting from changes in foreign exchange rates during the reporting period and gains and losses realized upon settlement of foreign currency transactions are reported in the Consolidated

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

Statement of Operations. The Fund does not isolate the portion of the results of operations arising as a result of changes in foreign exchange rates on investment transactions from the fluctuations arising from changes in the fair value of these investments.

L. Distributions to Shareholders

The Fund intends to pay dividends from net investment income at least annually. The Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years) at least annually. Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the calendar year, at which time it will be reported to the Shareholders.

M. Security Transactions and Related Income

Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Discounts on securities purchased are amortized over the life of the respective securities. Premiums on securities purchased are amortized over the life of the respective security, unless the security has a non-contingent call feature, in which case the premium is amortized to the earliest call date. Realized gains and losses on securities and unrealized appreciation and depreciation of securities are reported on the identified cost basis, which is also used for income tax purposes.

N. Fund Expenses

The Fund bears all expenses incurred in the course of business on an accrual basis, including, but not limited to, the following: Advisory Fees (as defined herein); Incentive Fees (as defined herein); Distribution and Servicing Fees for Class A-1 and Class A-2 Shares; investment related expenses; legal fees; administration; auditing; tax preparation fees; custodial fees; cost of insurance; registration expenses; Independent Managers’ fees (as defined herein); and expenses of meetings of the Board.

O. Recent Accounting Pronouncements

In November of 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 does not change how public entities identify their operating segments, aggregate those operating segments, or apply the quantitative thresholds to determine their reportable segments. However, it does clarify that all segment disclosures are applicable, even for entities that have a single reportable segment. This update is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The Fund adopted this guidance during the year and the adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations.

P. Segment reporting

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NBIA acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its governing documents. The financial information in the form of

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

the Fund’s Investments as well as the information contained with the Fund’s Consolidated Financial Highlights which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. The Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Operations are reflective of the Fund’s segment assets and expenses, respectively.

3. Advisory Fee, Incentive Fee, Distribution and Servicing Fee, and Other Expenses

The Registered Investment Adviser provides investment advisory services to the Fund and incurs research, travel and other expenses related to the selection and monitoring of underlying investments. Further, the Registered Investment Adviser provides certain management and administrative services including providing office space and other support services, maintaining files and records, and preparing and filing various regulatory materials. In consideration for such services, the Fund pays the Registered Investment Adviser an investment advisory fee (the “Advisory Fee”) at an annual rate of 1.50%, based on the Fund’s net asset value, calculated and accrued monthly as of the last business day of each month, and payable quarterly in arrears within five (5) business days after the completion of the net asset value computation for the quarter. Certain of the Fund’s investments pay the Adviser for transaction services at the time of closing of the investment. This income to the Adviser is shared with the Fund based on the Fund’s ownership percentage of the investment through a fee offset which is presented on the Consolidated Statement of Operations. For the year ended March 31, 2025, the Fund incurred Advisory Fees totaling $19,398,955.

At the end of each calendar quarter of the Fund, the Registered Investment Adviser will be entitled to receive an incentive fee (the “Incentive Fee”) equal to 10% of the difference, if positive, between (i) the net profits of the Fund for the relevant period and (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term “net profits” shall mean (i) the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses) plus (ii) the aggregate distributions accrued during the period. For the year ended March 31, 2025, the Fund incurred Incentive Fees totaling $10,372,037.

The Fund maintains a memorandum account (the “Loss Recovery Account”), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Net losses are defined as the amount by which the net asset value of the Fund on the last day of the relevant period is less than the net asset value of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses).

In consideration for services provided under an investment sub-advisory agreement, the Registered Investment Adviser pays the Sub-Adviser a quarterly fee equal to 90% of the Advisory Fee and 100% of the Incentive Fee received from the Fund.

The Fund has entered into an expense limitation agreement with the Registered Investment Adviser (the “Expense Limitation Agreement”). The Expense Limitation Agreement has a term ending July 31, 2026 (the “Limitation Period”). The Registered Investment Adviser may extend the Limitation Period for a period of one year on an annual basis. Pursuant to the Expense Limitation Agreement, the Registered Investment Adviser agrees to waive and/or reimburse certain annual operating expenses (excluding the advisory fee, incentive fee, distribution and servicing fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, expenses related to, or incurred by, special purpose vehicles in connection with any credit facilities obtained by the Fund, interest payments incurred by the Fund or a subsidiary, fees and expenses incurred in connection with any credit facilities obtained by the

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

Fund or a subsidiary, valuation service providers and extraordinary expenses, if any) (“Other Expenses”) of the Fund so they are limited to 0.30% (30bps) per annum, of the average monthly net assets (“Expense Limitation”). The Fund has agreed to repay the Registered Investment Adviser any fees waived under the Expense Limitation or any Other Expenses the Registered Investment Adviser reimburses in excess of the Expense Limitation, provided the repayments do not cause the Fund’s Other Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Registered Investment Adviser, whichever is lower. Any such repayments must be made within three years after the year in which the Registered Investment Adviser incurred the expense. During the year ended March 31, 2025, the Registered Investment Adviser waived expenses totaling $254,642 that are subject to possible recoupment and recouped $1,096,826 pursuant to the Expense Limitation Agreement.

As of March 31, 2025, the following amounts remain subject to recoupment by the Registered Investment Adviser by the following dates:

	March 31, 2027			March 31, 2028
	$170,927				$	254,642

Class A-1 Shares and Class A-2 Shares are subject to a Distribution and Servicing Fee at an annual rate of 0.70% based on the aggregate net assets of the Fund attributable to such class payable to Neuberger Berman BD LLC, an affiliate of the Adviser (the “Distributor”). For purposes of determining the Distribution and Servicing Fee, net asset value will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable. Institutional Class Shares are not subject to a Distribution and Servicing Fee. The Registered Investment Adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Shares. For the year ended March 31, 2025, the Fund incurred Distribution and Servicing Fees of $855 and $3,411,738 for Class A-1 and Class A-2, respectively.

Pursuant to an Administration, Fund Accounting and Recordkeeping Agreement, the Fund retains UMB Fund Services, Inc. (“UMBFS”) a subsidiary of UMB Financial Corporation, to provide administration, accounting and transfer agency services to the Fund. In consideration for these services, the Fund will pay UMBFS tiered fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees. The Fund also reimburses UMBFS for certain out-of-pocket expenses. For the year ended March 31, 2025, the Fund incurred accounting and administration service fees totaling $1,005,329.

The Board consists of six managers (the “Managers”), of which five are not “interested persons” of the Fund as defined by Section 2(a)(19) of the Investment Company Act. Compensation to the Board is paid and expensed by the Fund on a quarterly basis. The Independent Managers are also reimbursed for out of pocket expenses in connection with providing their services to the Fund. For the year ended March 31, 2025, during which five Independent Managers served on the Board, the Fund incurred $215,592 in Independent Managers’ fees.

4. Description of Certain Investments

Due to the nature of the investments in Portfolio Funds and certain Direct Investments, the Fund generally cannot liquidate its positions in such investments except through distributions from the investment, which are made at the discretion of the manager or sponsor of the Direct Investments. The Fund has no right to demand repayment of its investment in such investments.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

5. Capital Commitments to Investments

As of March 31, 2025, the Fund had total capital commitments of $1,233,864,530 with remaining unfunded commitments to the investments totaling $127,500,443 as listed below:

Investment:	Unfunded Commitment
Private Funds		$	127,500,443
Total		$	127,500,443

6. Investment Transactions

Purchases and sales of investments, excluding short-term investments, for the year ended March 31, 2025 were $893,168,683 and $375,864,165, respectively. Purchases and sales of short-term investments for the year ended March 31, 2025 were $2,494,604,880 and $2,521,517,851, respectively.

7. Indemnifications

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on the Registered Investment Adviser’s experience, the risk of loss from such claims is considered remote.

8. Concentrations of Market, Credit, Liquidity, Industry and Currency Risk

Due to the inherent uncertainty of valuations, estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the difference could be material.

The Fund’s investments are subject, directly or indirectly, to various risk factors including market, credit, industry, currency and capital call risk. Certain investments are made internationally, which may subject the investments to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such countries or regions. Market risk represents the potential loss in value of financial instruments caused by movements in market variables, such as interest and foreign exchange rates and equity prices. The Fund may have a concentration of investments, as permitted by its registration statement, in a particular industry or sector. Investment performance of the sector may have a significant impact on the performance of the Fund. The Fund’s investments are also subject to the risk associated with investing in private equity securities. The investments in private equity securities are illiquid, can be subject to various restrictions on resale, and there can be no assurance that the Fund will be able to realize the value of such investments in a timely manner if at all.

The Fund believes that its liquidity and capital resources are adequate to satisfy its operational needs as well as the continuation of its investment program.

If the Fund defaults on its commitment or fails to satisfy capital calls, it will be subject to significant penalties, including the complete forfeiture of the Fund’s investment in a Portfolio Fund. This may impair the ability of the Fund to pursue its investment program, force the Fund to borrow or otherwise impair the value of the Fund’s investments (including the complete devaluation of the Fund). While the Registered Investment Adviser has taken steps to mitigate this risk, there is no guarantee that such measures will be sufficient or successful.

NB Private Markets Access Fund LLC
Consolidated Notes to the Financial Statements (continued)
March 31, 2025

9. Fixed Income Risk

Fixed-income securities in which the Fund may invest are generally subject to the following risks, other risks can be found in the Fund’s prospectus.

Interest Rate Risk: The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Adviser.

Credit Risk: Credit risk is the risk that one or more fixed-income securities in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. Credit risk is increased when a portfolio security is downgraded, or the perceived creditworthiness of the issuer deteriorates.

Duration and Maturity Risk: The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Adviser may seek to adjust the portfolio’s duration or maturity based on its assessment of current and projected market conditions and all other factors that the Adviser deems relevant. Any decisions as to the targeted duration or maturity of any particular category of investments or of the Fund’s portfolio generally will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust the portfolio’s average duration or maturity. There can be no assurance that the Adviser’s assessment of current and projected market conditions will be correct or that any strategy to adjust the portfolio’s duration or maturity will be successful at any given time.

10. Subsequent Events

On April 1, 2025, the Fund entered into a secured, revolving line of credit facility with JPMorgan Chase Bank N.A. in the amount of $150,000,000. The Fund has evaluated all other events subsequent to March 31, 2025, through the date these financial statements were issued and has determined there were no other subsequent events that require disclosure or adjustments in the financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Managers
NB Private Markets Access Fund LLC:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of NB Private Markets Access Fund LLC and subsidiaries (the Fund), including the consolidated schedule of investments, as of March 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years or periods in the four-year period then ended and the period from January 19, 2021 (commencement of operations) through March 31, 2021. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended and the period from January 19, 2021 through March 31, 2021, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, fund managers and portfolio companies or by other appropriate auditing procedures where replies from the custodian, fund managers and portfolio companies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor for one or more NB Private Markets/NB Crossroads Private Markets investment companies since 2016.

Boston, Massachusetts

May 13, 2025

NB Private Markets Access Fund LLC
Proxy Voting and Portfolio Holdings (Unaudited)
March 31, 2025

Proxy Voting and Portfolio Holdings

A description of the Fund’s policies and procedures used to determine how to vote proxies relating to the Fund’s portfolio securities, as well as information regarding proxy votes cast by the Fund (if any) during the most recent twelve month period ended June 30, is available without charge, upon request, by calling the Fund at 212-476-8800 or on the website of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov. The Fund did not receive any proxy solicitations during the year ended March 31, 2025.

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s N-PORT filings are available in the EDGAR database on the SEC’s website at www.sec.gov or by calling Neuberger Berman at 212-476-8800.

NB Private Markets Access Fund LLC
Board of Managers of the Fund (Unaudited)
March 31, 2025

Information pertaining to the Board of Managers is set forth below:

Name, Position(s) Held, Address, and
Year of Birth

Term of Office and
Length of Time Served

Principal Occupation
During Past 5 Years

Number of Funds in
Fund Complex*
Overseen by Director

Other Directorships Held by Director During Past
5 Years

Disinterested Directors

Virginia G. Breen, Director
1290 Avenue of the Americas
New York, NY 10104
(1964)

Term Indefinite —
Since Inception

Private investor and board member of certain entities
(as listed herein)

Trustee/Director of UBS Registered Fund Complex (41 funds); Director of Calamos Fund Complex (58 funds); Director of Paylocity Holding Corp.; Former Director of JLL Income Property Trust, Inc. (2004 – 06/23); Former Director of Tech and Energy Transition Corporation (2021 – 03/23).

Alan Brott, Director
1290 Avenue of the Americas
New York, NY 10104
(1942)

Term Indefinite —
Since Inception

Consultant (since 1991 – 2018)

Director of Grosvenor Registered Multi- Strategy Funds (3 funds); Director of Hedge Fund Guided Portfolio Solution (part of the Grosvenor complex); Former Director of Stone Harbor Investment Funds (8 funds) (2007 – 2022); Manager of Man FRM Alternative Multi-Strategy Fund LLC (8/09 to 8/21).

Victor F. Imbimbo, Jr., Director
1290 Avenue of the Americas
New York, NY 10104
(1952)

Term Indefinite —
Since Inception

President and CEO of Caring Today, LLC, an information and support resource for the family caregiver market (since 2008).

Former Manager of Man FRM Alternative Multi-Strategy Fund LLC (10/00 to 8/21).

Thomas F. McDevitt, Director
1290 Avenue of the Americas
New York, NY 10104
(1956)

Term Indefinite —
Since Inception

Managing Partner of Edgewood Capital Partners and President of Edgewood Capital Advisors (since 2002).

Former Director of Jones Lang LaSalle Property Trust, Inc. (12/04 to 06/15).

Thomas G. Yellin, Director
1290 Avenue of the Americas
New York, NY 10104
(1954)

Term Indefinite —
Since Inception

President of The Documentary Group (since 2006).

Director of Grosvenor Registered Multi-Strategy Funds (3 funds); Director of Hedge Fund Guided Portfolio Solution (part of the Grosvenor complex); Former Manager of Man FRM Alternative Multi-Strategy Fund LLC (8/09 to 8/21).

Interested Director

James D. Bowden**, Director
1290 Avenue of the Americas
New York, NY 10104
(1953)

Term Indefinite —
Since April 2023

Managing Director, NBAA (2015 – 2023)

None.

The “Fund Complex” consists of NB Private Markets Fund III (Master) LLC, NB Private Markets Fund III (TI) LLC, NB Private Markets Fund III (TE) LLC, NB Crossroads Private Markets Fund IV (TI) — Client LLC, NB Crossroads Private Markets Fund IV (TE) — Client LLC, NB Crossroads Private Markets Fund IV Holdings LLC, NB Crossroads Private Markets Fund V Holdings LP, NB Crossroads Private Markets Fund V (TE) LP, NB Crossroads Private Markets Fund V (TE) Advisory LP, NB Crossroads Private Markets Fund V (TI) LP, NB Crossroads Private Markets Fund V (TI) Advisory LP, NB Crossroads Private Markets Fund VI Holdings LP, NB Crossroads Private Markets Fund VI LP, NB Crossroads Private Markets Fund VI Advisory LP, NB Crossroads Private Markets Fund VII Holdings LP, NB Crossroads Private Markets Fund VII LP, NB Crossroads Private Markets Fund VII Advisory LP, NB Private Markets Access Fund LLC, and NB Asset-Based Credit Fund.

Mr. Bowden is deemed to be an “interested person” (as defined in the Investment Company Act) of the Fund because of his prior position at NBAA. Mr. Bowden does not serve on the Board’s Audit or Nominating Committees.

NB Private Markets Access Fund LLC
Officers of the Fund (Unaudited)
March 31, 2025

Information pertaining to the officers of the fund is set forth below:

Name, Address* and Age	Position(s) Held with the Company	Term of Office and Length of Time Served	Principal Occupation During Past 5 Years
Officers who are not Directors
Peter von Lehe (1968)	President	Term — Indefinite; Length — since 2023	Head of Investments Solutions and Strategy, Managing Director, NBAA, since 2006.
Mark Bonner (1977)	Treasurer	Term — Indefinite; Length — since inception	Managing Director, Neuberger Berman, since 2024, and Director of Private Equity Finance, NBAA, since 2015. Formerly, Senior Vice President, Bank of America; Merrill Lynch Alternative Investments LLC (2006 – 2015).
Claudia A. Brandon (1956)	Executive Vice President and Secretary	Term — Indefinite; Length — since inception	Senior Vice President, Neuberger Berman, since 2007.
Sarah Doane (1989)	Assistant Treasurer	Term — Indefinite; Length — since 2020	Senior Vice President, Neuberger Berman, since 2024, and Director of Private Equity Finance, NBAA, since 2016.
Corey A. Issing (1978)	Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002); Interim Chief Compliance Officer since 2024	Term — Indefinite; Length — since inception	Co-General Counsel of Asset Management, NBIA, since 2025, and Managing Director, NBIA, since 2017. Formerly General Counsel — Mutual Funds (2016 to 2025).
Sheila James (1965)	Assistant Secretary	Term — Indefinite; Length — since inception	Senior Vice President, Neuberger Berman, since 2023. Formerly, Vice President, Neuberger Berman (2008 – 2023).
Maura Reilly Kennedy (1978)	Vice President	Term — Indefinite; Length — since 2023	Managing Director, NBAA, since 2018. Formerly Principal, NBAA (2014 – 2018).
Brian Kerrane (1969)	Vice President	Term — Indefinite; Length — since inception	Managing Director, Neuberger Berman, since 2013; Chief Operating Officer — Mutual Funds and Managing Director, NBIA, since 2015.
Josephine Marone (1963)	Assistant Secretary	Term — Indefinite; Length — since inception	Senior Paralegal, Neuberger Berman, since 2007.

NB Private Markets Access Fund LLC
Officers of the Fund (Unaudited) (continued)
March 31, 2025

Name, Address* and Age	Position(s) Held with the Company	Term of Office and Length of Time Served	Principal Occupation During Past 5 Years
David Morse (1961)	Vice President and Principal Executive Officer (for purposes of the Sarbanes-Oxley Act of 2002)	Term — Indefinite; Length — since 2024	Global Co-Head of Private Equity Co-Investments, Managing Director, NBAA, since 2003.
Michael Smith (1984)	Vice President	Term — Indefinite; Length — since 2023	Managing Director, NBAA, since 2022. Formerly Principal, NBAA (2018 – 2022).

The business address of each listed person is 1290 Avenue of the Americas, New York, NY 10104, except for Mark Bonner, Sarah Doane and Michael Smith, whose business address is 53 State Street, 13th Floor, Boston, MA 02109.

Privacy notice

	FACTS			WHAT DOES NEUBERGER BERMAN DO WITH YOUR PERSONAL INFORMATION?
	Why?			Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
	What?			The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security numbers, dates of birth and other numerical identifiers • Names and addresses • Driver’s licenses, passports and other identification documents • Usernames and passwords • Internet protocol addresses and other network activity information • Income, credit history, credit scores, assets, transaction history and other financial information When you are no longer our customer, we continue to share your information as described in this notice.
	How?			All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Neuberger Berman chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Neuberger Berman share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

	Questions?			Call 646.497.4003 or 866.483.1046 (toll-free) Email NBPrivacyOfficer@nb.com
	Who we are
	Who is providing this notice?			Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.

	What we do
	How does Neuberger Berman protect my personal information?			To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include physical, electronic and procedural safeguards, including secured files and buildings. We restrict access to customer information to those employees who need to know such information in order to perform their job responsibilities.
	How does Neuberger Berman collect my personal information?			We collect your personal information directly from you or your representatives, for example, when you • seek advice about your investments • give us your contact or income information • provide account information or open an account • direct us to buy or sell securities, or complete other transactions • visit one of our websites, portals or other online locations We may also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
	Why can’t I limit all sharing?			Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
	Definitions
	Affiliates			Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include companies with a Neuberger Berman name; financial companies, such as investment advisers or broker dealers; mutual funds, and private investment funds.
	Nonaffiliates			Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.
	Joint marketing			A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • Neuberger Berman doesn’t jointly market.

Item 1. Reports to Stockholders Continued.

(b) Not applicable to the Registrant.

Item 2. Code of Ethics.

The Registrant (or the “Fund”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. A copy of the Code of Ethics is provided as an exhibit pursuant to Item 19(a)(1). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3. Audit Committee Financial Expert.

The Board of Managers (the “Board”) of the Registrant has determined that Alan Brott possesses the technical attributes to qualify as the audit committee's financial expert and is an "independent" Manager pursuant to paragraph (a)(2) of Item 3 on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

KPMG, LLP serves as independent registered public accounting firm to the Registrant.

(a) Audit Fees

The aggregate fees, billed for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements and security counts required under Rule 17f-2 of the Investment Company Act of 1940 (the "1940 Act") for the fiscal years ended March 31, 2024 and March 31, 2025 were $249,400 and $271,768, respectively.

(b) Audit-Related Fees

Audit-related services provided by the principal accountant to the Registrant for the fiscal years ended March 31, 2024 and March 2025 were $100,000 and $80,770, respectively.

The principal accountant for the audit of the Registrant's annual financial statements billed no fees for tax compliance, tax advice or tax planning services to the Registrant during the last two fiscal years.

(d) All Other Fees

The principal accountant billed no other fees to the Registrant during the last two fiscal years.

(e) (1) During its regularly scheduled periodic meetings, the Registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the Registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any such pre-approved fees are presented to the audit committee at its next regularly scheduled meeting.

(e) (2) None of the services described in paragraphs (b)-(d) above were approved by the Registrant’s audit committee pursuant to the “de minimis exception” in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The amount of non-audit fees that were billed by the Registrant's accountant for services rendered to:

(i)

the Registrant, and (ii) the Registrant's investment adviser and any control person of the adviser that provides ongoing services to the Registrant for the fiscal years ended March 31, 2024 and ended March 31, 2025, were $0 and $0, respectively.

(ii)

The amount of non-audit fees that were billed by the Registrant's accountant for services rendered to: (i) the Registrant, and (ii) the Registrant's investment adviser and any control person of the adviser that provides ongoing services to the Registrant for the fiscal years ended March 31, 2024 and ended March 31, 2025, were $0 and $0, respectively.

(h) The Registrant's audit committee has considered whether the provision of non-audit services that may be rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) The Schedule of Investments is included as part of the report to members filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

Item 9. 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.

Subject to the Board’s oversight, the Registrant has delegated responsibility to vote proxies related to the securities held in the Fund’s portfolio to its Investment Adviser, Neuberger Berman Investment Advisers LLC (“NBIA”). Under this authority, NBIA is required by the Board to vote proxies related to portfolio securities in the best interests of the Registrant and its members. The Board permits NBIA to contract with a third party to obtain proxy voting and related services, including research of current issues.

NBIA has implemented written Proxy Voting Policies and Procedures (“Proxy Voting Policy”) that are designed to reasonably ensure that NBIA votes proxies prudently and in the best interest of its advisory clients for whom NBIA has voting authority, including the Registrant. The Proxy Voting Policy also describes how NBIA addresses any conflicts that may arise between its interests and those of its clients with respect to proxy voting.

NBIA’s Governance and Proxy Committee (“Proxy Committee”) is responsible for developing, authorizing, implementing and updating the Proxy Voting Policy, administering and overseeing the proxy voting process and engaging and overseeing any independent third-party vendors as voting delegates to review, monitor and/or vote proxies. In order to apply the Proxy Voting Policy noted above in a timely and consistent manner, NBIA utilizes Glass, Lewis & Co. (“Glass Lewis”) to vote proxies in accordance with NBIA’s voting guidelines. In instances where a material conflict has been determined to exist, NBIA will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements. .

NBIA retains final authority and fiduciary responsibility for proxy voting. NBIA believes that this process is reasonably designed to address material conflicts of interest that may arise between NBIA and a client as to how proxies are voted.

In the event that an investment professional at NBIA believes that it is in the best interests of a client or clients to vote proxies in a manner inconsistent with NBIA’s proxy voting guidelines, the Proxy Committee will review information submitted by the investment professional to determine that there is no material conflict of interest between NBIA and the client with respect to the voting of the proxy in that manner. In the event that the Proxy Committee determines that such vote will not present a material conflict, the Proxy Committee will make a determination whether to vote such proxy as recommended by the NB investment professional.

If the Proxy Committee determines that the voting of a proxy as recommended by the investment professional would not be appropriate, the Proxy Committee shall: (i) take no further action, in which case Glass Lewis shall vote such proxy in accordance with the voting guidelines; (ii) disclose such conflict to the client or clients and obtain written direction from the client as to how to vote the proxy; (iii) suggest that the client or clients engage another party to determine how to vote the proxy; (iv) instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements; or (v) engage another independent third party to determine how to vote the proxy.

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

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Member - As of March 31, 2025:

Neuberger Berman Private Markets’ Private Investment Portfolios and Co-Investment Team is responsible for the day-to-day management of the Fund and is led by the Private Investment Portfolio and Co-Investment Investment Committee (the “Investment Committee”), which serve as the Fund's Portfolio Managers and is comprised of thirteen members. The Investment Committee and other senior private equity investment personnel also have responsibility for managing private equity investments made on behalf of third-party investors, sourcing new investment opportunities, performing due diligence on all new investment opportunities and monitoring existing investments.

The Investment Committee is responsible for the development, selection, and ongoing monitoring and realization of investments:

Kent Chen, CFA, is a Managing Director of Neuberger Berman and leader of the firm’s private equity efforts in the Asia Pacific region. He is a member of the Private Investment Portfolios and Co-Investment Investment Committee. Mr. Chen joined Neuberger Berman in May 2015 from the Hong Kong Monetary Authority (HKMA) after 17 years of central banking career in various positions including Deputy Chief Representative of the HKMA’s New York Office and Advisor to the Executive Director for China at the International Monetary Fund in Washington D.C. From 2008, Mr. Chen helped to establish the HKMA’s private equity program, comprising of global buyout, Asia private equity and global energy investments. Before joining the HKMA in 1998, Mr. Chen was Head of China Research at Daiwa Securities in Hong Kong covering the Chinese stocks market with a focus on infrastructure, energy and power equipment stocks. Mr. Chen has been awarded the Chartered Financial Analyst designation and earned a MPA from Columbia University, MBA from University of Hull and BS in Economics from University of London.

Paul Daggett, CFA is a Managing Director of Neuberger Berman and a senior member of the firm's Private Investment Portfolios and Co-Investments team. He is a member of the Private Investment Portfolios and Co-Investment Investment Committee. Prior to joining Neuberger Berman in 2004, Mr. Daggett worked in the European Equity Derivatives Group at JPMorgan Chase & Co. He holds an MBA from the Cox School of Business at Southern Methodist University and a BEng, with honors, in Aeronautical Engineering from the University of Bristol. Mr. Daggett is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA) and holds the Chartered Financial Analyst designation.

Michael Kramer is a Managing Director of Neuberger Berman. He is a member of the Private Investment Portfolios and Co-Investment, Credit Opportunities, and Marquee Brands Investment Committees as well as a member of the Board of Directors for Marquee Brands. Before joining Neuberger Berman in 2006, Mr. Kramer was a vice president at The Cypress Group, a private equity firm with $3.5 billion under management. Prior thereto, he worked as an analyst at PaineWebber Incorporated. Mr. Kramer holds an MBA from Harvard Business School and a BA, cum laude, from Harvard College.

David Morse is a Managing Director of Neuberger Berman and is the Global Co-Head of Private Equity Co-Investments. He is also a member of the Private Investment Portfolios and Co-Investment Investment Committee and Private Debt Investment Committee. Mr. Morse joined Lehman Brothers in 2003 as a Managing Director and principal in the Merchant Banking Group where he helped raise and invest Lehman Brothers Merchant Banking Partners III L.P. Prior to joining Lehman Brothers, Mr. Morse was a founding Partner of Hampshire Equity Partners (and its predecessor entities). Founded in 1993, Hampshire is a middle-market private equity and corporate restructuring firm with $825 million of committed capital over three private equity funds. Prior to Hampshire, Mr. Morse worked in GE Capital’s Corporate Finance Group providing one-stop financings to middle-market buyouts. Mr. Morse began his career in 1984 in Chemical Bank’s middle-market lending group. Mr. Morse holds an MBA from the Tuck School of Business at Dartmouth College and a BA in Economics from Hamilton College. Mr. Morse is a former member of the MBA Advisory Board of the Tuck School and of the Alumni Council of Hamilton College, and is a current member of the Board of Trustees of the Berkshire School.

Joana Rocha Scaff is a Managing Director of Neuberger Berman, Head of Europe Private Equity and a member of the Private Investment Portfolio and Co-Investment and Strategic Capital Investment Committees. She is also a member of Neuberger Berman’s ESG Advisory Committee. Ms. Rocha Scaff has over 20 years of experience in financial markets, the majority of which in private equity investing and prior to that in investment banking. She has been with the firm since 2005. Prior to NB Private Equity, Ms. Rocha Scaff worked in the investment banking division of Lehman Brothers, and prior to that at Citigroup Global Markets and Espirito Santo Investment Bank. She advised on corporate transactions including M&A, financial restructurings and public equity and debt offerings in the United States, Europe and Brazil. Ms. Rocha Scaff received her M.B.A. from Columbia Business School and her B.A. in Business Management and Administration from the Universidade Catolica of Lisbon. Ms. Rocha Scaff is the current Chair of the LP Committee of the BVCA – British Private Equity Association and a member of the Limited Partner Advisory Committee of multiple European private equity funds.

Jonathan D. Shofet is the Global Head of the firm’s Private Investment Portfolios and Co-Investments group and is a Managing Director of Neuberger Berman. He is a member of the Private Investment Portfolios and Co-Investment Investment Committee. Prior to joining Neuberger Berman in 2005, Mr. Shofet was a member of the Lehman Brothers Private Equity division, focusing on mid-through late-stage equity investments primarily in the technology, communications and media sectors. Prior to that, Mr. Shofet was a member of the Lehman Brothers Investment Banking division, where he focused on public and private financings, as well as strategic advisory in the real estate, technology and utility sectors. Mr. Shofet has been, or currently sits, on the Limited Partner Advisory Boards of a number of funds including those managed by Amulet Capital, Beacon Capital Partners, Castlelake, Cerberus Institutional Partners, Clearlake Capital, ComVest Investment Partners, DFW Capital, Oak Hill Capital Partners, Platinum Equity, Thomas H. Lee Partners and Vector Capital Partners. He has also been a Board Observer for several private companies. Mr. Shofet holds a B.A. from Binghamton University, where he graduated summa cum laude, Phi Beta Kappa.

Brien Smith is a Managing Director of Neuberger Berman and Senior Advisor of the Neuberger Berman Private Equity Division. He is a member of the Private Investment Portfolios and Co-Investment Investment Committee, as well as the Private Debt Investment Committee. Brien is also a member of Neuberger Berman’s Operating Committee, the firm’s Investment Risk and Operational Risk Committees and was also formerly Chief Operating Officer of the Neuberger Berman Private Equity Division. Prior to joining Neuberger Berman in 2001, he worked in the middle market private equity firm Mason Best Company, L.P., and its affiliates. He began his career at Arthur Andersen & Co. Brien is a life member of the Red McCombs School of Business Advisory Council at the University of Texas at Austin. He also currently serves on the board of the Texas Exes Alumni Association and chairs its Investment Committee. He serves and has served on a number of other boards of directors. He received a Master’s in Professional Accounting and a BBA from the University of Texas at Austin.

David Stonberg is a Managing Director of Neuberger Berman and the Global Co-Head of Private Equity Co-Investments. He is also a member of the Private Investment Portfolios and Co-Investment Investment Committee, as well as the Renaissance, Secondary, Real Estate Secondary and Strategic Capital Investment Committees. Before joining Neuberger Berman in 2002, Mr. Stonberg held several positions within Lehman Brothers’ Investment Banking Division including providing traditional corporate and advisory services to clients as well as leading internal strategic and organizational initiatives for Lehman Brothers. Mr. Stonberg began his career in the Mergers and Acquisitions Group at Lazard Frères. Mr. Stonberg holds an MBA from the Stern School of New York University and a BSE. from the Wharton School of the University of Pennsylvania.

Elizabeth Traxler is a Managing Director of Neuberger Berman and a senior member of the private equity investment team. She is a member of the Private Investment Portfolios and Co-Investment Investment Committee, as well as the Secondary Investment Committee. Prior to joining Neuberger Berman in 2008, Ms. Traxler was at Wachovia Capital Partners (now known as Pamlico Capital), where she focused on making direct growth equity and buyout investments across a broad range of industries. Ms. Traxler also worked at Wachovia Securities in the Leveraged Capital Group, which provided senior and mezzanine debt for private equity-backed transactions. She is currently a Board Observer for several private companies and Advisory Board member for a number of private equity funds. Ms. Traxler received an MBA from the Kellogg School of Management at Northwestern University and a BA, cum laude, in Economics from Vanderbilt University.

Anthony Tutrone is the Global Head of NB Alternatives and a Managing Director of Neuberger Berman. He is a member of all Neuberger Berman Private Equity’s Investment Committees. Anthony is also a member of Neuberger Berman's Partnership, Operating, and Asset Allocation Committees. Prior to Neuberger Berman, from 1994 to 2001, Anthony was a Managing Director and founding member of The Cypress Group, a private equity firm focused on middle market buyouts that managed approximately $3.5 billion of commitments. Anthony began his career at Lehman Brothers in 1986, starting in Investment Banking and in 1987 becoming one of the original members of the firm’s Merchant Banking Group. This group managed a $1.2 billion private equity fund focused on middle market buyouts. He has been a member of the board of directors of several public and private companies and has sat on the advisory boards of several private equity funds. Anthony earned an MBA from Harvard Business School and a BA in Economics from Columbia University.

Peter von Lehe, JD, is the Head of Investment Solutions and Strategy and is a Managing Director of Neuberger Berman. He is also a member of the Private Investment Portfolios and Co-Investment Investment Committee, as well as the Athyrium, Marquee Brands and Renaissance Investment Committees. Mr. von Lehe sits on the Limited Partner Advisory Boards of a number of investment relationships globally on behalf of Neuberger Berman funds. Previously, Mr. von Lehe was a Managing Director and Deputy Head of the Private Equity Fund of Funds unit of Swiss Reinsurance Company. At Swiss Re, Mr. von Lehe was responsible for investment analysis and product structuring and worked in both New York and Zurich. Before that, he was an attorney with the law firm of Willkie Farr & Gallagher LLP in New York focusing on corporate finance and private equity transactions. He began his career as a financial analyst for a utility company, where he was responsible for econometric modeling. Mr. von Lehe received a BS with Honors in Economics from the University of Iowa and a JD with High Distinction, from the University of Iowa College of Law. He is a member of the New York Bar.

Jacquelyn Wang is a Managing Director of Neuberger Berman and a senior member of the private equity investment team. She is a member of the Private Investment Portfolios and Co-Investment Investment Committee. Ms. Wang joined Neuberger Berman in 2007, focusing on direct Co-investments, Primary Investments and Secondary Investments. Prior to joining Neuberger Berman, Ms. Wang worked in Corporate Development at Verizon Communications focused on corporate M&A. Previously, Ms. Wang worked at Spectrum Equity Investors, where she was responsible for sourcing, executing and evaluating buyout and growth equity investments in media, technology and telecom. Ms. Wang began her career in the investment banking division of Lehman Brothers advising on corporate transactions in the communications and media industries. Ms. Wang received an MBA from The Wharton School of the University of Pennsylvania and a BA with honors from The Johns Hopkins University.

Patricia Miller Zollar is a Managing Director of Neuberger Berman and a leader of the firm’s Private Investment Portfolios practice. She is a member of the Private Investment Portfolios and Co-Investment Investment Committee. Additionally, Ms. Zollar sits on the limited partner advisory boards of a number of funds. Before rejoining Neuberger Berman in 2004, Ms. Zollar was a vice president in the Asset Management Division of Goldman Sachs. Ms. Zollar began her career as a Certified Public Accountant in the Audit Division of Deloitte & Touche. She received her MBA from Harvard Business School and her BS, with highest distinction, from North Carolina A&T State University, where she is Chairperson Emeritus of the Board of Trustees and the recipient of an honorary Doctorate degree. Ms. Zollar is a member of the Executive Leadership Council, the Harvard Business School Alumni Board and was a former member of the executive board of the National Association of Investment Companies. She serves as Vice Chairman of The Apollo Theater and a member of the Investment Committee of the Robert Wood Johnson Foundation’s Board of Trustees.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member - As of March 31, 2025:

The following table lists the number and types of accounts, other than the Fund, managed by the Fund’s Portfolio Management Team and assets under management in those accounts, as of March 31, 2025. Please note that registered investment companies in a "master-feeder" structure are counted as one investment company for purposes for determining the number of accounts managed.

Kent Chen

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Paul Daggett

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Michael Kramer

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

David Morse

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Joana P. Rocha Scaff

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	38	$	30,839,362,495	139	$	61,776,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	38	$	30,839,362,495	139	$	61,776,582,803

Jonathan D. Shofet

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Brien Smith

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

David S. Stonberg

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	42	$	37,099,797,995	140	$	61,851,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	42	$	37,099,797,995	140	$	61,851,582,803

Elizabeth Traxler

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	38	$	30,839,362,495	139	$	61,776,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	38	$	30,839,362,495	139	$	61,776,582,803

Anthony D. Tutrone

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	42	$	37,099,797,995	140	$	61,851,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	42	$	37,099,797,995	140	$	61,851,582,803

Peter J. von Lehe

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Jacquelyn Wang

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Patricia Miller Zollar

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number	Total Assets		Number	Total Assets		Number	Total Assets
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Registered Investment Companies Managed			Pooled Vehicles Managed			Other Accounts Managed
Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees		Number with Performance- Based Fees	Total Assets with Performance- Based Fees
5	$	1,413,924,270	35	$	22,633,955,761	137	$	60,951,582,803

Potential Conflicts of Interests

Real, potential or apparent conflicts of interest may arise should members of the Portfolio Management Team have day-to-day portfolio management responsibilities with respect to more than one fund. Portfolio Management Team members may manage other accounts with investment strategies similar to the Registrant, including other investment companies, pooled investment vehicles and separately managed accounts. Fees earned by the Investment Adviser may vary among these accounts and Portfolio Management Team members may personally invest in these accounts. These factors could create conflicts of interest because the Portfolio Management Team members may have incentives to favor certain accounts over others, that could result in other accounts outperforming the Registrant. A conflict may also exist if a Portfolio Management Team member identifies a limited investment opportunity that may be appropriate for more than one account, but the Registrant is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, a Portfolio Management Team member may execute transactions for another account that may adversely impact the value of securities held by the Registrant. However, the Investment Adviser believes that these risks are mitigated by the fact that accounts with like investment strategies managed by the Portfolio Management Team members are generally managed in a similar fashion and the Investment Adviser has policies that seek to allocate opportunities on a fair and equitable basis, taking into consideration the investment objectives and strategies and any legal, tax or regulatory considerations.

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members - As of March 31, 2025:

Neuberger Berman's compensation philosophy is one that focuses on rewarding performance and incentivizing our employees. We are also focused on creating a compensation process that we believe is fair, transparent, and competitive with the market.

Compensation for the Fund’s Portfolio Management Team consists of a fixed base salary and annual discretionary, performance-based bonus, which is a variable portion of total compensation. Members of the investment team also participate in the allocation of carred interest from funds managed by the investment team that charge carried interest. Compensation is paid from a portfolio management team compensation pool made available to the portfolio management team with which the investment professional is associated. The size of the team compensation pool is determined based on a number of factors including the revenue that is generated by that particular portfolio management team, less certain adjustments. The percentage allocated to individual team participants is based on a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger Berman.

The terms of our long-term retention incentives are as follows:

●

Employee-Owned Equity. Certain employees (primarily senior leadership and investment professionals) participated in Neuberger Berman’s equity ownership structure, which was launched as part of the firm’s management buyout in 2009 and designed to incentivize and retain key personnel. We currently offer an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger Berman.

●

Contingent Compensation. Certain employees may participate in the Neuberger Berman Group Contingent Compensation Plan (the “CCP”) to serve as a means to further align the interests of our employees with the success of the firm and the interests of our clients, and to reward continued employment. Under the CCP, up to 20% of a participant’s annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger Berman investment strategies as specified by the firm on an employee-by-employee basis. By having a participant’s contingent compensation tied to Neuberger Berman investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger Berman portfolio.

●

Restrictive Covenants. Most investment professionals, including Portfolio Fund Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases non-compete restrictions.

(a)(4) Beneficial Ownership of Securities – As of March 31, 2025:

Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
David Morse		$100,001-$500,000
Joana P. Rocha Scaff		$100,001-$500,000
Jonathan D. Shofet		$100,001-$500,000
Brien Smith		$100,001-$500,000
Peter J. Von Lehe		$100,001-$500,000
Anthony D. Tutrone		Over $1,000,000

(b) Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which members may recommend nominees to the Board.

Item 16. Controls and Procedures.

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act were effective as of a date within 90 days prior to the filing date of this report, based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures, as required by Rule 30a-3(b) of the 1940 Act.

(b) There were no changes 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.

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

(a) The Fund did not engage in any securities lending activity during the year ended March 31, 2025.

(b) The Fund did not engage in any securities lending activity and did not engage a securities lending agent during the year ended March 31, 2025.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	A copy of the Code of Ethics is filed herewith.

(a)(2)	Not applicable.

(a)(3)	Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the 1940 Act, are filed herewith.

(a)(4)	Not applicable.

(a)(5)	Not applicable.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act is furnished herewith.

By:	/s/ David Morse
	David Morse
	Vice President
	(Principal Executive Officer)

By:	/s/ Mark Bonner
	Mark Bonner
	Treasurer
	(Principal Financial Officer)