# EDGAR Filing Document

**Accession Number:** 0002097545
**File Stem:** 0001193125-26-209377
**Filing Date:** 2026-5
**Character Count:** 1064766
**Document Hash:** c7333b2a353c6291b4602ccbf89da730
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-209377.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001193125-26-209377

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG BBH Asset-Backed Credit Fund, LLC
- **CENTRAL INDEX KEY:** 0002097545

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24143
- **FILM NUMBER:** 26949690

**BUSINESS ADDRESS:**
- **STREET 1:** THE CORPORATION TRUST COMPANY
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 203-299-3500

**MAIL ADDRESS:**
- **STREET 1:** THE CORPORATION TRUST COMPANY
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG BBH Asset-Backed Fund, LLC
- **DATE OF NAME CHANGE:** 20251119
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG BBH Asset-Backed Credit Fund, LLC
- **CENTRAL INDEX KEY:** 0002097545

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291973
- **FILM NUMBER:** 26949689

**BUSINESS ADDRESS:**
- **STREET 1:** THE CORPORATION TRUST COMPANY
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 203-299-3500

**MAIL ADDRESS:**
- **STREET 1:** THE CORPORATION TRUST COMPANY
- **STREET 2:** 1209 ORANGE STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG BBH Asset-Backed Fund, LLC
- **DATE OF NAME CHANGE:** 20251119

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on May 6, 2026** 

**1933 Act File No. 333-291973** 

**1940 Act File No. 811-24143** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM N-2** 

**(Check appropriate box or boxes)** 

**REGISTRATION STATEMENT** 

***UNDER***

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No. 1** | ☒ |
| **Post-Effective Amendment No.** | ☐ |
| **and**<br> **REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |

---

---

| | |
|:---|:---|
| **Amendment No. 1** | ☒ |

---

## AMG BBH Asset-Backed Credit Fund, LLC
**(Exact Name of Registrant as Specified in Charter)** 

**680 Washington Boulevard, Suite 500** 

**Stamford, CT 06901** 

**(Address of Principal Executive Offices)** 

**(Number, Street, City, State, Zip Code)** 

**203-299-3500** 

**(Registrant's Telephone Number, including Area Code)** 

**Mark J. Duggan** 

**AMG Funds LLC** 

**680 Washington Boulevard, Suite 500** 

**Stamford, CT 06901** 

**(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)** 

***Copies to*:** 

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| | |
|:---|:---|
| **Rajib Chanda**<br> **Simpson Thacher & Bartlett LLP**<br> **900 G Street, N.W.**<br> **Washington, DC 20001** | **Nathan Somogie**<br> **Simpson Thacher & Bartlett LLP**<br> **855 Boylston Street**<br> **Boston, MA 02116** |

---

**and** 

**Brown Brothers Harriman Credit Partners, LLC** 

**140 Broadway** 

**New York, NY 10005** 

**Approximate Date of Proposed Public Offering:** 

**As soon as practicable after the effective date of this Registration Statement.** 

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in
reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to Section 8(c)

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <u>.</u>

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <u>.</u>

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <u>.</u>

Check each box that appropriately characterizes the Registrant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Interval Fund (Registered Closed-End Fund or a Business Development
Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months
preceding this filing).

**The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, May 6, 2026** 

**PROSPECTUS** 

## AMG BBH Asset-Backed Credit Fund, LLC
**Class S Units: [ ]** 

**Class I Units: [ ]** 

**Class M Units: [ ]** 

**[ ], 2026** 

AMG BBH Asset-Backed Credit Fund, LLC (the "Fund") is a newly formed Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund operates as an "interval fund" that continuously offers its units of beneficial interest ("Units") and will periodically repurchase its Units, subject to certain conditions. The Fund's investment adviser is Brown Brothers Harriman Credit Partners, LLC (the "Adviser").

The Fund's investment objective is to seek to generate a return comprised of both current income and capital appreciation. The Fund will seek to achieve its investment objective by employing a flexible and dynamic allocation approach, investing primarily across a broad range of asset-backed and other structured credit investments. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, directly or indirectly in a broad-based portfolio of asset-backed and other structured credit investments (collectively, "Asset-Backed Credit Investments"). The Fund considers "Asset-Backed Credit Investments" to be investments in credit and credit-related instruments secured or covered by financial or physical assets or that derive returns from interest income, recurring revenues, fees, realized gains or other types of cash flows of underlying financial or physical assets. Examples of Asset-Backed Credit Investments include junior investment interests in: (i) asset-backed investments, (ii) commercial real estate debt investments, (iii) collateralized loan obligations, (iv) loan co-investments and pools, (v) stressed debt, (vi) asset-based loans, and (vii) debt securities issued by investment companies. To the extent the Fund makes investments in derivatives and other synthetic instruments that provide investment exposure to Asset-Backed Credit Investments, such derivatives and synthetic instruments will be counted toward satisfaction of the Fund's 80% policy. The Fund will primarily make investments that are unrated, or rated B through BBB, which are commonly referred to as "junk bonds," but may invest in higher-rated investment grade instruments. The Fund may invest in instruments of any duration or maturity. The Fund's investment objective and 80% policy are non-fundamental and may be altered by the Board of Directors upon providing shareholders with at least 60 days' prior written notice. In addition, the Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, directly or indirectly in investments other than Asset-Backed Credit Investments as described in this prospectus (the "Prospectus"), including cash, cash equivalents, other short-term investments, exchange-traded funds and liquid fixed-income securities, consistent with prudent liquidity management.

This Prospectus applies to the public offering of Units of the Fund, designated as Class S Units, Class I Units and Class M Units. The Units will be offered in a continuous offering.

*Total Offering*.<sup>(1)</sup>

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| | | | |
|:---|:---|:---|:---|
|  | **Class S Units** | **Class I Units** | **Class M Units** |
| **Public Offering Price** | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |
|  **Upfront Sales Load<sup>(2)</sup> as percentage of purchase amount** |  |  |  |
| **Proceeds to Fund** | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |

---

(1) The minimum initial investment in Class S Units by any investor is $10,000,000. The minimum initial
investment in Class I Units by any investor is $2,500. The minimum initial investment in Class M Units by any investor is $2,500. The minimums may be

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##### [**Table of Contents**](#toc)
reduced by the Fund in the discretion of the Adviser or AMG Funds LLC (the "Sponsor") based on consideration of various factors, including the Investor's overall relationship with the Adviser or Sponsor, the Investor's holdings in other funds affiliated with the Adviser or the Sponsor, and such other matters as the Adviser or the Sponsor may consider relevant at the time. See "Summary of Terms—The Offering."

(2) AMG Distributors, Inc. (the "Distributor") acts as the distributor for the Units and serves in that
capacity on a best efforts basis, subject to various conditions. No upfront selling commission, dealer manager fees, or other similar placement fees (together, the "Upfront Sales Load") will be paid to the Fund or the Distributor with
respect to Class M Units. If, however, Class M Units are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage
commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class M Unit. Such fees are not Upfront Sales Loads paid to the Fund or the
Distributor. Financial intermediaries will not charge such fees on Class I Units or Class S Units. The Fund is offering on a continuous basis an unlimited number of Units. See "SUMMARY OF TERMS—THE OFFERING."

PURCHASERS OF UNITS OF THE FUND WILL BECOME BOUND BY THE TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF THE FUND (THE "LLC AGREEMENT"). SEE "ADDITIONAL INFORMATION" FOR A SUMMARY OF CERTAIN MATERIAL TERMS OF THE LLC AGREEMENT.

AN INVESTMENT IN THE FUND SHOULD BE CONSIDERED A SPECULATIVE INVESTMENT THAT ENTAILS SUBSTANTIAL RISKS, INCLUDING BUT NOT LIMITED TO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE FUND HAS NO OPERATING HISTORY AND THE UNITS HAVE NO HISTORY OF PUBLIC TRADING.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **LOSS OF CAPITAL.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE AND IT IS NOT ANTICIPATED THAT A SECONDARY MARKET FOR THE UNITS WILL DEVELOP.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE LLC AGREEMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **ALTHOUGH THE FUND IS GENERALLY REQUIRED TO OFFER TO REPURCHASE UNITS FROM TIME TO TIME, UNITS ARE NOT REDEEMABLE AT AN INVESTOR'S SOLE OPTION NOR ARE THEY EXCHANGEABLE FOR UNITS OR SHARES OF ANY OTHER FUND. AS A RESULT, AN INVESTOR MAY NOT BE ABLE TO SELL OR OTHERWISE LIQUIDATE HIS OR HER UNITS OR MAY LIQUIDATE HIS OR HER UNITS BELOW THE PRICE OF THE INVESTOR'S INITIAL PURCHASE PRICE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **UNITS ARE APPROPRIATE ONLY FOR THOSE INVESTORS WHO CAN TOLERATE A HIGH DEGREE OF RISK AND DO NOT REQUIRE A LIQUID INVESTMENT AND FOR WHOM AN INVESTMENT IN THE FUND DOES NOT CONSTITUTE A COMPLETE INVESTMENT PROGRAM.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **IT IS ANTICIPATED THAT THE FUND WILL REPURCHASE NO MORE THAN 5% OF ITS NET ASSETS PER QUARTER. SEE "TYPES OF INVESTMENTS AND RELATED RISK FACTORS – REPURCHASE RISKS" AND "REPURCHASES OF UNITS AND TRANSFERS."** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE FUND WILL INCUR OFFERING EXPENSES OF [ ]%, WHICH ARE PAID BY THE FUND AT THE FUND LEVEL, AND THESE COSTS ARE ESTIMATED TO BE APPROXIMATELY $[ ] AND ARE REFLECTED IN THE "OTHER EXPENSES" LINE ITEM OF THE FEE TABLE. PLEASE SEE "SUMMARY OF FUND EXPENSES." IF YOU PAY [ ]% IN OFFERING EXPENSES FOR UNITS, YOU MUST EXPERIENCE A TOTAL RETURN ON YOUR NET INVESTMENT OF [ ]% IN ORDER TO RECOVER THESE EXPENSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE AMOUNT OF DISTRIBUTIONS THAT THE FUND MAY PAY, IF ANY, IS UNCERTAIN.** 

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE FUND MAY PAY DISTRIBUTIONS IN PART FROM SOURCES THAT MAY NOT BE AVAILABLE IN THE FUTURE AND THAT ARE UNRELATED TO THE FUND'S PERFORMANCE, SUCH AS FROM OFFERING PROCEEDS, BORROWINGS, AND AMOUNTS FROM THE FUND'S AFFILIATES THAT ARE SUBJECT TO REPAYMENT BY INVESTORS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **ALL OR A PORTION OF A DISTRIBUTION MAY CONSIST OF A RETURN OF CAPITAL (I.E., FROM YOUR ORIGINAL INVESTMENT) (AND NOT A RETURN OF NET INVESTMENT INCOME).** 

See "Types of Investments and Related Risk Factors."

This Prospectus sets forth information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information ("SAI"), dated [ ], as revised or supplemented from time to time, has been filed with the Securities and Exchange Commission (the "SEC"). The SAI is incorporated by reference into this Prospectus in its entirety. You can obtain a copy of the SAI and the Fund's annual and semi-annual reports, when available, without charge by writing to or calling the Transfer Agent at 833-724-5508. You can obtain the SAI, material incorporated by reference herein and other information about the Fund on the SEC's website (<u>http://www.sec.gov</u>). Additionally, quarterly and monthly performance, semi-annual and annual reports and other information regarding the Fund, when available, may be found on the Fund's investor web portal.

**None of the SEC, the Commodity Futures Trading Commission, or any state securities commission has approved or disapproved the Fund's Units or passed upon the adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.** 

No broker-dealer, salesperson, or other person is authorized to give a holder of Units (each, an "Investor") any information or to represent anything not contained in this Prospectus. As an Investor, you must not rely on any unauthorized information or representations that anyone provides to you, including information not contained in this Prospectus, the SAI or the accompanying exhibits. The information contained in this Prospectus is current only as of the date of this Prospectus.

The Distributor is not required to sell any specific number or dollar amount of the Fund's Units, but will use its best efforts to solicit orders for the sale of the Units. The Units will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business. The Units will be issued at net asset value per Unit. The minimum initial investment in Class S Units, Class I Units and Class M Units by any investor is $10,000,000, $2,500 and $2,500, respectively. However, each of the Adviser or the Sponsor reserves the right, on behalf of the Fund, to waive the minimum and additional investment amounts in their sole discretion. (See "Summary of Terms—The Offering"). No Investor will have the right to require the Fund to redeem its Units.

The Fund is a closed-end investment company operating as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers (subject to certain specific exceptions in Rule 23c-3 under the 1940 Act) of not less than 5% nor more than 25% of the Fund's outstanding Units on the "Repurchase Request Deadline" (i.e., the date by which Investors can tender their Units in response to a repurchase offer). Currently, Rule 23c-3 notices of each repurchase offer are intended to be sent to Investors no more than 42 days and no less than 21 days before the Repurchase Request Deadline. The Fund determines the net asset value applicable to repurchases no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Investors between one and three business days after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. The Fund's initial quarterly repurchase offer is expected to occur on or about the [ ] quarter of [ ]. If the value of Units tendered for repurchase exceeds the value the Fund intended to repurchase (generally 5% of the outstanding Units), the Fund may determine to repurchase less than the full number of Units tendered. In such event, Investors will have their Units repurchased on a pro rata basis, and tendering Investors will not have all of their tendered Units repurchased by the Fund (see "Repurchases of Units and Transfers—Offers to Repurchase" and "Repurchases of Units and Transfers—Repurchase Procedure").

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##### [**Table of Contents**](#toc)
The Distributor may engage one or more sub-distributors.

In making an investment decision, investors must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved. Units of the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured financial institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Distributor may elect to reduce, otherwise modify or waive the sales load with respect to certain investors. See "Purchase of Units."

Prospective investors should not construe the contents of this Prospectus as legal, tax, or financial advice. Each prospective investor should consult with his or her own professional advisers as to the legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

The date of this Prospectus is [ ].

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | Page |
| [SUMMARY OF TERMS](#pro150516_1) | 1 |
| [SUMMARY OF FUND EXPENSES](#pro150516_2) | 14 |
| [FINANCIAL HIGHLIGHTS](#pro150516_3) | 15 |
| [PRIVACY POLICY](#pro150516_4) | 16 |
| [USE OF PROCEEDS](#pro150516_5) | 16 |
| [THE FUND AND STRUCTURE](#pro150516_6) | 16 |
| [INVESTMENT PROGRAM](#pro150516_7) | 17 |
| [TYPES OF INVESTMENTS AND RELATED RISK FACTORS](#pro150516_8) | 22 |
| [CONFLICTS OF INTEREST](#pro150516_9) | 45 |
| [MANAGEMENT OF THE FUND](#pro150516_10) | 47 |
| [FEES AND EXPENSES](#pro150516_11) | 50 |
| [DESCRIPTION OF UNITS](#pro150516_12) | 52 |
| [DISTRIBUTION POLICY; DIVIDENDS](#pro150516_13) | 54 |
| [PURCHASE OF UNITS](#pro150516_14) | 54 |
| [REPURCHASES OF UNITS AND TRANSFERS](#pro150516_15) | 56 |
| [CALCULATION OF NET ASSET VALUE](#pro150516_16) | 59 |
| [CERTAIN TAX CONSIDERATIONS](#pro150516_17) | 60 |
| [ERISA CONSIDERATIONS](#pro150516_18) | 67 |
| [ADDITIONAL INFORMATION](#pro150516_19) | 68 |

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##### [**Table of Contents**](#toc)
**AMG BBH ASSET-BACKED CREDIT FUND, LLC** 

**Class S, Class I and Class M Units** 

**SUMMARY OF TERMS** 

This is only a summary and does not contain all of the information that a prospective Investor (as defined below) should consider before investing in AMG BBH Asset-Backed Credit Fund, LLC (the "Fund"). Before investing, a prospective Investor in the Fund should carefully read the more detailed information appearing elsewhere in this prospectus (the "Prospectus") and the Fund's statement of additional information (the "SAI"), each of which should be retained for future reference by any prospective Investor.

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| | |
|:---|:---|
| **The Fund** | The Fund is a newly formed Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. The Fund's investment adviser is Brown Brothers Harriman Credit Partners, LLC (the "Adviser"). The Fund intends to elect and intends each year to qualify and be eligible to be treated as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code").<br>The Fund is an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers (subject to certain specific exceptions in Rule 23c-3 under the 1940 Act) of not less than 5% nor more than 25% of the Fund's outstanding Units on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Units each quarter, and there is no guarantee that investors in the Fund ("Investors") will be able to sell all of the Units that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Fund's units of beneficial interest (the "Units") tendered by each Investor.<br>The Fund offers Class S, Class I and Class M Units of beneficial interest, each of which is subject to different investment minimums and fees and expenses, which may affect performance. Each class of units (each, a "Class") has certain differing characteristics, particularly in terms of the sales load that Investors in that class may bear, and the distribution fees and investor servicing fees that each class may be charged. |
| **Investment Objective and Strategies** | The Fund's investment objective is to seek to generate a return comprised of both current income and capital appreciation. The Fund will seek to achieve its investment objective by employing a flexible and dynamic allocation approach, investing primarily across a broad range of asset-backed and other structured credit investments.<br>Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, directly or indirectly in a broad-based portfolio of asset-backed and other structured credit investments (collectively, "Asset-Backed Credit Investments"). The Fund considers "Asset-Backed Credit Investments" to be investments in credit and credit-related instruments secured or covered by financial or physical assets or that derive returns from interest income, recurring revenues, fees, realized gains or other types of cash flows of underlying financial or physical assets. Examples of Asset-Backed Credit Investments include junior investment interests in:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Asset-Backed Investments – Debt, junior investments, structures collateralized by financial and non-financial assets and insurance-linked investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Commercial Real Estate Debt Investments – Junior tranches, B-pieces of commercial real estate ("CRE") loan securitizations, structures collateralized by CRE debt, and preferred equity; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Collateralized Loan Obligations ("CLOs") – Junior debt and other junior investments in CLOs backed by pools of broadly syndicated loans ("BSLs"), private credit instruments and middle market loans, including, but not limited to, subordinated income, limited partner, and preferred tranches, as well as secured positions in leveraged loan warehouses;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Loan Co-Investments and Pools – Consumer and commercial whole loans, mezzanine loans, preferred equity, revolving credit facilities, and credit risk transfer ("CRT") transactions;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Stressed Debt – Securitized and corporate debt available at unusually high yields owing to issuer-related or market conditions;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Asset-Based Loans – Portfolios of recourse loans fully secured by commodity, energy, and metals collateral; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Investment Company Debt – Debt securities issued by investment companies.<br>The Fund's investment objective and 80% policy are non-fundamental and may be altered by the Board of Directors (the "Board") upon providing shareholders with at least 60 days' prior written notice.<br>The Fund expects that its indirect exposure to Asset-Backed Credit Investments will consist primarily of co-investment vehicles formed for the purpose of acquiring Asset-Backed Credit Investments, debt securities issued by investment companies, interests in companies and/or private investment vehicles (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) ("Investment Funds") and investments made through wholly-owned subsidiaries.<br>Investment Funds in which the Fund invests are not subject to the Fund's investment restrictions and, unless registered under the 1940 Act, are generally not subject to any investment limitations under the 1940 Act other than those applicable to private funds. Unregistered Investment Funds typically have greater flexibility than conventional registered investment companies as to the types of securities they may hold, the types of trading strategies they may use, the parties with whom they may transact (including affiliates) and, in some cases, the extent to which they utilize leverage.<br>To the extent the Fund makes investments in derivatives and other synthetic instruments that provide investment exposure to Asset-Backed Credit Investments, such derivatives and synthetic instruments will be counted toward satisfaction of the Fund's 80% policy.<br>The Fund will primarily make investments that are unrated, or rated B through BBB, which are commonly referred to as "junk bonds," but may invest in higher-rated investment grade instruments. The Fund may invest in instruments of any duration or maturity.<br>The Fund intends to invest in Asset-Backed Credit Investments through private transactions that are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").<br>In addition, the Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, directly or indirectly in investments other than Asset-Backed Credit Investments as described in this Prospectus, including cash, cash equivalents, other short-term investments, exchange-traded funds ("ETFs") and liquid fixed-income securities, consistent with prudent liquidity management. The allocation among these types of investments may vary from time to time.<br>

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In pursuing the Fund's investment objective, the Fund generally intends to invest in the United States but may invest across a broader selection of geographies (e.g., North America, the United Kingdom (the "UK")/Europe and Asia). The Fund's ability to access certain types of investment opportunities (including certain types of Asset-Backed Credit Investments) may be limited by legal, regulatory or tax considerations related to the Fund's status as a registered investment company, resulting in periods during which the Fund may not have any exposure to such investments.<br>To maintain liquidity, the Fund may invest in cash and short-term securities. For short periods of time, the Fund may hold a substantial portion of its assets in cash and short-term investments as it seeks desirable investments for its Asset-Backed Credit Investments.<br>The Fund may invest in derivatives (primarily futures and, to a lesser extent, options, swaps (including interest rate swaps, total return swaps and credit default swaps), exchange-listed and over-the-counter put and call options, and forward contracts) to manage the duration exposure of the Fund's portfolio or for hedging purposes.<br>The Adviser, the Fund and certain funds managed by affiliates of the Adviser have submitted an application to the SEC for an exemptive order that would permit the Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions. There is no guarantee that the Fund will receive the requested exemptive relief.<br>The Fund is focused on making investments in a variety of Asset-Backed Credit Investments. The Fund seeks to maximize returns through full market cycles with a lower return volatility similar to fixed income markets. The Adviser believes that higher return opportunities are available in certain credit segments that are well-established yet still require market access, specialized knowledge, and active engagement to source and analyze opportunities.<br>The Fund generally intends to (i) seek to generate a return comprised of both income and capital appreciation, consistent with capital preservation and prudent investment management; (ii) attempt to avoid instances of negative total return over extended periods of time; (iii) avoid portfolio management practices based on short-term expectations, momentum following, and frequent trading; (iv) generate incremental returns primarily by investing in securities that offer an all-in return that is highly attractive given their low underlying risk of loss; and (v) preserve capital through an emphasis on high-quality consistent income-producing investments where historical experience and the Adviser's own independent analysis suggest a low probability of loss of capital over the investment's life.<br>The Adviser intends to use a range of techniques to reduce the risk associated with the Fund's investment strategy. From time to time, these techniques may include, without limitation: (i) allocating assets across several asset-backed securities ("ABS") sectors; (ii) allocating capital among various Asset-Backed Credit Investments; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy repurchase requests, consistent with the limitations and requirements of the 1940 Act; and (vi) seeking to invest in cash and short-term securities to provide liquidity to satisfy repurchase requests, consistent with the limitations and requirements of the 1940 Act. See "Investment Program–Portfolio Construction" for more information on the Fund's risk reduction techniques.<br>

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|  | The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. |
| **Borrowing** | The Fund is authorized to borrow money in connection with its investment activities, subject to the limits of the 1940 Act. The Fund may borrow money through a credit facility or other arrangements for investment purposes, including through the use of total return swaps or reverse repurchase agreements, to pay operating expenses, to satisfy repurchase requests from Investors, to enhance returns and to otherwise provide the Fund with temporary liquidity.<br>The Asset-Backed Credit Investments may utilize leverage in their investment activities. However, certain Asset-Backed Credit Investments' borrowings, such as investments in Investment Funds or certain other collective investment vehicles that are not subject to the 1940 Act, are not subject to the limits of the 1940 Act. Accordingly, the Fund, through investments in the Asset-Backed Credit Investments, may be exposed to the risk of highly leveraged investment programs. See "Summary of Fees and Expenses" and "Types of Investments and Related Risk Factors." |
| **Distribution Policy** | The Fund intends to pay dividends on the Units at least quarterly in amounts representing substantially all of the Fund's net investment income, if any. The Fund's first dividend distribution may not occur until after an initial six-month investment period following the Fund's commencement of investment operations, but may occur earlier. The Fund reserves the right also to distribute substantially all net capital gain realized on investments to Investors at least annually, but the Fund may do so more frequently.<br>Dividends and capital gain distributions paid by the Fund on a class of Units will be reinvested in additional Units of that class unless an Investor opts out (elects not to reinvest in the relevant class of Units). Investors are free to change their election at any time by contacting the Transfer Agent (or, alternatively, by contacting their financial advisor, provided the financial advisor informs the Transfer Agent and provides sufficient supporting documentation). See "Distribution Policy; Dividends." Units purchased through reinvestment will be issued at their net asset value on the ex–dividend date (which is generally expected to be the last business day of a month). There is no sales load or other charge for reinvestment. The Fund reserves the right, in its sole discretion, to suspend or limit at any time the ability of Investors to reinvest distributions. A distribution by the Fund potentially may economically constitute, and/or be treated for U.S. federal income tax purposes as, a return of capital. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes – Taxation of Investors – Distributions by the Fund" in the SAI. |
| **Risk Factors** | &nbsp;&nbsp;&nbsp;&nbsp; All investments carry risks to some degree. The Fund cannot guarantee that its investment objective will be achieved or that its investment strategy will be successful, and its net asset value may decrease. Risks involved in investing in the Fund are listed below. See "Types of Investment and Related Risk Factors" on pages [22]-[45].<br>**General Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of capital, up to the entire amount of an Investor's investment.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a new Fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Units represent illiquid securities of an unlisted closed-end fund, are not listed on any securities exchange or traded in any other market, and are subject to substantial limitations on transferability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser may face conflicts of interest.<br>**Investment Program Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Asset-Backed Credit Investments in which the Fund may invest are not typically registered under the federal securities laws like stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-Backed Credit Investments are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those outstanding liabilities, the Fund will incur losses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Below investment grade instruments (i.e., "junk bonds") have predominantly speculative characteristics and may be particularly susceptible to economic downturns, which could cause losses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CLOs may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund investment's ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund's principal investment. Investments in structured vehicles, including junior debt and other junior investments in CLOs, involve risks, including credit risk and market risk.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Fund may borrow money or otherwise utilize leverage through a credit facility or other arrangements for investment purposes, including through the use of total return swaps or reverse repurchase agreements, to pay operating expenses, to satisfy repurchase requests from Investors, to enhance returns and to otherwise provide the Fund with temporary liquidity, which may increase the Fund's volatility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities in which the Fund may invest may be among the most junior in an issuer's capital structure and, thus, subject to the greatest risk of loss. Generally, there will be no collateral to protect an investment once made.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is a non-diversified fund, which means that the percentage of the Fund's assets that may be invested in the securities of a single issuer is not limited by the 1940 Act, although it will be limited by the Fund's intention to qualify as a RIC under the Code. As a result, the investment portfolio of the Fund may be subject to greater risk and volatility than if investments had been made in the securities of a broad range of issuers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund Investors will have no recourse against the Asset-Backed Credit Investments made by the Fund.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund intends to qualify as a RIC under the Code; this will limit the percentage of the Fund's assets that may be invested in the securities of a single issuer or in a combination of certain issuers. If the Fund fails to qualify as such, it may be subject to increased income tax liability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to the risk that it may not receive sufficient information concerning certain Asset-Backed Credit Investments to ensure that the Fund qualifies as a RIC under the Code.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most of the Fund's Asset-Backed Credit Investments to trade. Due to the lack of centralized information and trading, the valuation of loans, fixed-income instruments and other Fund holdings may result in more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such instrument carried on the Fund's books. Nonetheless, the Fund will provide valuations of the Fund's Asset-Backed Credit Investments in accordance with the Adviser's valuation policy, and will issue Units, on each Business Day (as defined below). See "Calculation of Net Asset Value."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may not be able to vote on matters that require the approval of investors of Asset-Backed Credit Investments, including matters that could adversely affect the Fund's investment in such Asset-Backed Credit Investment.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may receive from an Asset-Backed Credit Investment an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments located outside of the U.S. may be subject to withholding or other taxes in such jurisdictions, which may reduce the return of the Fund and its Investors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Fund may use derivative transactions (primarily futures and, to a lesser extent, options, swaps (including interest rate swaps, total return swaps and credit default swaps), exchange-listed and over-the-counter put and call options, and forward contracts) to manage the duration exposure of the Fund's portfolio or for hedging purposes. Futures contracts markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally required in futures trading, a high degree of leverage is typical of a futures trading. As a result, a relatively small price movement in a futures contract may result in substantial losses. Options and swaps transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or the clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Fund could present significant risks, including the risk of losses in excess of the amounts invested.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is registered as an investment company under the 1940 Act, which may limit the Fund's investment flexibility or access to certain types of investments, compared to a fund that is not so registered.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To maintain liquidity, the Fund may invest in cash, cash equivalents, other short-term investments, ETFs and liquid fixed-income securities, consistent with prudent liquidity management. The Adviser expects that, even when fully invested, the Fund may from time to time hold up to 20% of its assets in liquid investments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may be required to sell its position in any Asset-Backed Credit Investment on private secondary markets at a discount to net asset value, if deemed necessary or appropriate for liquidity or portfolio management reasons.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to applicable statutory and regulatory limitations, the assets of the Fund may be invested in securities issued by investment companies. Investments in securities of investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies' portfolio securities. As a shareholder of an investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. The Fund may also purchase debt securities offered by investment companies. The debt securities do not carry the same expenses associated with holding shares of other investment companies. However, investment company debt securities carry similar risks to those of other fixed income instruments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to special risks associated with investments in the Investment Funds, which may include risks related to the range of instruments and markets the Investment Funds may invest in, the use of leverage, the independent and largely unregulated nature of the Investment Funds, and the potentially limited withdrawals from the Investment Funds. While the Adviser will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.<br>**No assurance can be given that the Fund's investment program will be successful. Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective Investor should invest in the Fund only if it can sustain a complete loss of its investment. An investment in the Fund should be viewed only as part of an overall investment program.**<br>See "Types of Investments and Related Risk Factors."<br>

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| **The Offering** | The minimum initial investment in the Fund in Class S Units is $10,000,000. The minimum initial investment in the Fund in Class I Units is $2,500. The minimum initial investment in the Fund in Class M Units is $2,500. The minimum additional investment in the Fund by any Investor is $500. However, each of the Adviser or AMG Funds LLC, the Fund's administrator (the "Administrator" and the "Sponsor") reserves the right, on behalf of the Fund, to waive the minimum and additional investment amounts in their sole discretion. The Fund, in the sole discretion of the Adviser or the Sponsor, may also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts.<br>The Units will be offered in a continuous offering through the Fund/SERV electronic ticketing platform. Units will generally be offered for purchase on any day the New York Stock Exchange ("NYSE") is open for business (each, a "Business Day"), except that Units may be offered more or less frequently as determined by the Fund in its sole discretion. Once an Investor's purchase order is received, a confirmation is sent to the Investor. Investors should send subscription funds by wire transfer pursuant to instructions provided to them by the Fund. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to Investors.<br>Investors may purchase Units directly through AMG Distributors, Inc. (the "Distributor") or through a registered investment adviser (a "RIA") or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements as well as additional charges.<br>No upfront selling commission, dealer manager fees, or other similar placement fees (together, the "Upfront Sales Load") will be paid to the Fund or the Distributor with respect to Class M Units. If, however, Class M Units are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class M Unit. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Units or Class S Units.<br>The Fund reserves the right to reject, in its sole discretion, any request to purchase Units in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Units at any time at the Board's discretion.<br>An investment in the Fund involves a considerable amount of risk. An Investor may lose money. Before making an investment decision, a prospective Investor should (i) consider the suitability of this investment with respect to the Investor's investment objectives and personal situation and (ii) consider factors such as the Investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment. Investors have no right to require the Fund to redeem their Units of the Fund. |
| **Board of Directors** | The Board of Directors (the "Board" or the "Directors") has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. The Board is comprised of six Directors, a majority of whom are not "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser ("Independent Directors"). See "Management of the Fund." |
| **The Adviser** | Brown Brothers Harriman Credit Partners, LLC serves as the Fund's investment adviser (previously defined as the "Adviser"). The Adviser is a limited liability company organized under the laws of the State of Delaware and is registered as an investment |

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|  | adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a majority owned subsidiary of, and controlled by, Brown Brothers Harriman & Co. ("BBH&Co."), a limited partnership organized under the laws of the State of New York. The Adviser is an affiliate of Affiliated Managers Group, Inc. ("AMG"), a publicly traded company. AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally.<br>The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Adviser. The Investment Management Agreement provides for an initial term of two years and thereafter may be continued from year to year if its continuation is approved annually (i) by the Board or by vote of a majority of the outstanding voting securities of the Fund, and (ii) by vote of a majority of the Independent Directors. The Investment Management Agreement is terminable without penalty, on sixty (60) days' prior written notice by the Board, by vote of a majority of the outstanding voting securities of the Fund or by the Adviser.<br>Under the Investment Management Agreement, the Adviser agrees to develop and furnish continuously an investment program for the Fund. |
| **Management Fee** | The Fund will pay the Adviser an investment management fee (the "Investment Management Fee") at an annual rate of 1.45%, payable monthly in arrears, accrued daily based upon the Fund's average daily "Managed Assets." The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Investment Management Fees are paid before giving effect to any repurchase of Units in the Fund effective as of the end of such month, if any, and will decrease the net profits or increase the net losses of the Fund. "Managed Assets" means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares) as of each day, subject to certain adjustments. |
| **Other Fees and Expenses** | The Fund, and, therefore, Investors, will bear all expenses incurred in the business of the Fund other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement. The Fund will also bear certain ongoing offering costs associated with the Fund's continuous offering of Units. See "Summary of Fund Expenses" and "Fees and Expenses." |
| **Expense Limitation and Reimbursement Agreement** | The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to waive the management fees payable by the Fund and pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.50% per annum of the Fund's average daily net assets (the "Expense Cap").<br>"Excluded Expenses" is defined to include the following fees and expenses of the Fund: (a) the management fee incurred by the Fund; (b) fees, expenses, allocations, carried interests, etc. of the Fund's investments; (c) acquired fund fees and expenses of the Fund; (d) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of the Fund's investments; (e) interest expense incurred; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (g) the Distribution and/or Service Fees (as applicable) incurred by the Fund; (h) the shareholder servicing fees (as applicable) incurred by the Fund; (i) taxes of the Fund; and (j) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. To the extent that the Fund's total annual operating expenses exceed the Expense Cap, the Adviser will waive the management fee payable by the Fund or pay or reimburse the Fund for expenses to the extent necessary to eliminate such excess. |

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|  | For a period not to exceed 36 months from the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser, the Adviser may recoup amounts paid, waived, or reimbursed, provided that the amount of any such additional payment by the Fund in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Cap that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Cap that is in effect at the time of such additional payment by the Fund.<br>The Expense Limitation and Reimbursement Agreement shall remain in effect until August 1, 2027, unless approved by the Board of the Fund for successive one-year periods, and may only be amended or terminated by the Board of the Fund during such period. The Expense Limitation and Reimbursement Agreement will terminate at such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund. See "Fees and Expenses – Expense Limitation and Reimbursement Agreement." |
| **Conflicts of Interest** | The Adviser and its affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. See "Conflicts of Interest." |
| **Distribution of Units** | Class I and Class S Units in the Fund are offered at their current net asset value. No upfront selling commission, dealer manager fees, or other similar placement fees (together, the "Upfront Sales Load") will be paid to the Fund or the Distributor with respect to Class M Units. If, however, Class M Units are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class M Unit. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Units or Class S Units. The Fund is not obligated to sell any Units to anyone.<br>The Adviser and the Fund have submitted an application to the SEC for an exemptive order that would permit the Fund to offer multiple classes of units, however, there is no guarantee that the Fund will receive the requested exemptive relief. If received, pursuant to such order, the Fund will adopt a Distribution and Service Plan with respect to Class M Units that is intended to comply with Rule 12b-1 under the 1940 Act. Under the Distribution and Service Plan, the Fund is permitted to pay as compensation up to 0.75% on an annualized basis of the average daily net assets of the Fund attributable to Class M Units (the "Distribution and/or Service Fees"), to the Distributor or other qualified recipients under the Distribution and Service Plan. The Distribution and/or Service Fee will be paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. The Distribution and Service Plan does not apply to Class I and Class S Units. The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") and to selling agents and other financial intermediaries ("Selling Agents") that provide distribution and investor services to Investors. In addition, the Adviser or the Distributor may compensate certain Selling Agents out of their own assets and not as an additional charge to the Fund, in connection with the sale and distribution of the Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund or the Adviser. |

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| **Valuation** | Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee to perform the Fund's fair value determinations (the "Valuation Designee"), which are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Adviser's fair value determinations. Because there is not a public market or active secondary market for many of the securities in which the Fund intends to invest, the Fund will value these securities at fair value as determined in good faith by the Valuation Designee. The valuation of the Fund's investments is performed in accordance with Financial Accounting Standards Board's Accounting Standards Codification 820—Fair Value Measurements and Disclosures ("ASC 820"). The Valuation Designee utilizes the services of third-party vendors to assist in determining the fair value for the pricing of Fund Investments (as defined below).<br>Securities for which a pricing service or other approved source either does not supply a quotation, price, or market based valuation, or supplies a quotation, price, or market based valuation that is believed by the primary pricing service or the Adviser to be unreliable, will be valued according to fair value procedures specified in the valuation procedures. In general, fair value represents a good faith determination of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.<br>The Adviser and its affiliates act as investment advisers to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.<br>See "Calculation of Net Asset Value." |
| **Unlisted Closed-End Structure; Limited Liquidity and Transfer Restrictions** | The Fund is organized as a closed-end management investment company. Unlike open-end management investment companies (commonly known as "mutual funds"), investors in closed-end funds do not have the right to redeem their Units on a daily basis. To meet daily redemption requests, mutual funds must comply with more stringent regulations than closed-end funds.<br>The Fund is not listed on a national stock exchange, and there currently is no secondary market for the Fund's Units. In addition, Units are subject to limitations on transferability and liquidity will be provided only through limited repurchase offers described below. An investment in the Fund is suitable only for Investors who can bear the risks associated with the limited liquidity of the Units and should be viewed as a long-term investment. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units" and "Repurchases of Units and Transfers." |
| **Repurchase of Units** | As a general matter, on a quarterly basis, the Fund will make repurchase offers, at the per-class net asset value, to repurchase no less than 5% and no more than 25% of the Fund's outstanding Units. Typically, the Fund will conduct such quarterly repurchase offers for 5% of the Fund's outstanding Units. |

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|  | The time between the notification to investors and the repurchase request deadline may vary from no more than 42 days to no less than 21 days, but will generally be 30 days (the "Repurchase Request Deadline"). Units will be repurchased at the per-class net asset value per unit determined as of the close of business on a date determined by the Fund, which will be no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (the "Repurchase Pricing Date"). If investors request a repurchase of only a portion of their Units, they must maintain a minimum balance of $2,500 worth of Units of common stock following a repurchase request. See "Repurchases of Units and Transfers—Offers to Repurchase" and "Repurchases of Units and Transfers—Repurchase Procedure." |
| **Summary of Taxation** | The Fund intends to elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. To qualify and to be treated as a RIC under the Code, the Fund must, among other things: (i) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stocks, securities or foreign currencies, or other income derived with respect to its business of investing in such stocks, securities or currencies, and (b) net income from interests in "qualified publicly traded partnerships" (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of its total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund has a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of a single issuer, two or more issuers that it controls and that are engaged in the same, similar or related trades or businesses or one or more qualified publicly traded partnerships; and (iii) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year. See "Types of Investments and Related Risk Factors—Tax Risks." A fund, such as the Fund, that qualifies as a RIC is not subject to U.S. federal income tax to the extent its income is timely distributed to its investors in a manner qualifying for the dividends-paid deduction. There can be no assurance that the Fund will so qualify or be eligible.<br>If the Fund were to fail to qualify as a RIC or to satisfy the distribution requirement in any taxable year, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to its Investors, and all distributions out of earnings and profits would be taxable to Investors as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make distributions (which could be subject to interest charges) before requalifying as a RIC that is accorded special tax treatment.<br>Provided the Fund qualifies as a RIC, distributions from the Fund generally will be taxable to Investors as ordinary income or net capital gains, whether or not such distributions are reinvested in Units. An Investor that is not subject to tax on its income will generally not be required to pay tax on amounts distributed to it by the Fund, provided that such Investor's acquisition of its Units is not debt-financed within the meaning of Section 514 of the Code. The Fund will inform Investors of the amount and character of its distributions to Investors.<br>See "Certain Tax Considerations" and "Types of Investments and Related Risk Factors—Tax Risks" below for additional information. |

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|:---|:---|
| **ERISA Plans and Other Tax-Exempt Entities** | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and Keogh plans may purchase Units. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, the Adviser will not be a "fiduciary" within the meaning of ERISA with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes an Investor, solely as a result of the Investor's investment in the Fund. See "ERISA Considerations" below for additional information. |
| **Reports to Investors** | The Fund will furnish to Investors, as soon as practicable after the end of each calendar year, information on Form 1099-DIV as required by law to assist the Investors in preparing their tax returns. The Fund will also prepare and transmit or make available to Investors unaudited semi-annual reports and audited annual reports (when each becomes available). It is anticipated that reports regarding the Fund's operations during each quarter will be posted to the Fund's investor web portal, as well as monthly performance updates that focus on quantitative performance. |
| **Term** | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents. |
| **Additional Information about the Fund** | The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, the Administrator, the Distributor and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund.<br>Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. See "Additional Information." |

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**SUMMARY OF FUND EXPENSES** 

The following tables describe the aggregate fees and expenses that the Fund expects to incur and that the Investors can expect to bear, either directly or indirectly, through the Fund's investments. The expenses shown in the table are based on estimated amounts for the current fiscal year. The Fund's actual expenses may vary from the estimated expenses shown in the table. For a more complete description of the various fees and expenses of the Fund, see "Management of the Fund" and "Purchase of Units."

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| | | | |
|:---|:---|:---|:---|
|  | **Class S** | **Class I** | **Class M** |
|  **INVESTOR TRANSACTION EXPENSES:** |  |  |  |
|  Maximum Sales Load (as a percentage of purchase amount<sup>)(1)</sup> |  |  |  |
|  **ANNUAL EXPENSES:**<br> **(*As a Percentage of Average Net Assets Attributable to Common Shares*)** |  |  |  |
|  Investment Management Fee<sup>(2)</sup> | []% | []% | []% |
|  Distribution and/or Service Fees<sup>(3)</sup> |  |  | [ ]% |
|  Acquired Fund Fees and Expenses<sup>(4)(5)</sup> | [ ]% | [ ]% | [ ]% |
|  Other Expenses<sup>(4)</sup> | [ ]% | [ ]% | [ ]% |
|  Interest Expense | [ ]% | [ ]% | [ ]% |
|  Total Annual Expenses | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Expense Reductions<sup>(6)</sup> | ([ ])% | ([ ])% | ([ ])% |
|  Net Annual Expenses | [ ]% | [ ]% | [ ]% |

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(1) No Upfront Sales Load will be paid to the Fund or the Distributor with respect to Class M Units. If,
however, Class M Units are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may
determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class M Unit. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not
charge such fees on Class I Units or Class S Units.

(2) The Investment Management Fee shown is payable in part by the Fund. The Fund will pay the Adviser an Investment
Management Fee at the annual rate of 1.45% payable monthly in arrears, accrued daily based upon the Fund's average daily Managed Assets. The Investment Management Fee shown in the table is computed as a percentage of the Fund's net
assets.

(3) The Fund has submitted an application to the SEC for an exemptive order that would permit the Fund to offer
multiple classes of Units, however, there is no guarantee that the Fund will receive the requested exemptive relief. If received, pursuant to such order, the Fund will adopt a distribution and service plan for Class M Units. Under the
Distribution and Service Plan, the Fund may charge a Distribution and/or Service Fee at an annualized rate of 0.75% of the average daily net assets of the Fund that are attributable to Class M Units, determined as of the end of each month. The
Distribution and/or Service Fee is paid for distribution and investor services provided to Investors (responding to Investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption
requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by investors; and processing dividend payments for the
Fund on behalf of investors). The Distributor may pay all or a portion of the Distribution and/or Service Fee to selling agents that provide distribution and investor services to Investors.

(4) Other Expenses and Acquired Fund Fees and Expenses represent estimated amounts for the current fiscal year.
"Other Expenses" include professional fees and other expenses, including, without limitation, offering expenses, filing fees, printing fees, administration fees, transfer agency fees, custody fees, accounting and sub-administration fees, shareholder servicing fees, trustee fees and insurance costs. Offering expenses include expenses incurred in its continuous offering and are estimated to be approximately $[ ] or
[ ]% of net assets.

(5) The "Acquired Fund Fees and Expenses" disclosed above are based on the expense ratios for the most
recent fiscal year of the underlying funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." Some of the underlying funds in which
the Fund intends to invest charge incentive fees based on the underlying funds' performance. The [ ]% shown as "Acquired Fund Fees and Expenses" reflects estimated operating expenses of the underlying funds and
transaction-related fees. [Certain underlying funds in which the Fund intends to invest generally charge a management fee of 0.00% to 2.00% and up to a 15% incentive fee on income and/or capital gains, which are included in "Acquired Fund Fees
and Expenses," as applicable.] The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees or allocations paid by the underlying funds that are calculated solely on the realization
and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of
investing in the underlying funds. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund's financial statements; and the information presented in the table will differ from that presented
in the Fund's financial highlights.

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(6) The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to
waive the management fees payable by the Fund and pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.50% per annum
of the Fund's average daily net assets (the "Expense Cap"). "Excluded Expenses" is defined to include the following fees and expenses of the Fund: (a) the management fee incurred by the Fund; (b) fees,
expenses, allocations, carried interests, etc. of the Fund's investments; (c) acquired fund fees and expenses of the Fund; (d) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the
acquisition and disposition of the Fund's investments; (e) interest expense incurred; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (g) the Distribution and/or Service Fees (as
applicable) incurred by the Fund; (h) the shareholder servicing fees (as applicable) incurred by the Fund; (i) taxes of the Fund; and (j) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which
may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are
not limited to, the Fund's administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Fund's professional fees (outside of professional fees related to transactions), the Fund's
organizational costs and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fees
payable by the Fund to the extent necessary to eliminate such excess. For a period not to exceed 36 months from the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser, the Adviser may recoup
amounts paid, waived, or reimbursed, provided that the amount of any such additional payment by the Fund in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses
(exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Cap that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Cap that is in effect at the time of
such additional payment by the Fund. The Expense Limitation and Reimbursement Agreement shall remain in effect until August 1, 2027, unless approved by the Board of the Fund for successive one-year periods, and may only be amended or terminated by the Board of the Fund during such period. The Expense Limitation and Reimbursement Agreement will terminate at such time that the Adviser ceases to be the investment adviser of the Fund or upon
mutual agreement among the Adviser and the Board of the Fund.

The purpose of the table above is to assist you in understanding the various costs and expenses you will bear directly or indirectly as an Investor in the Fund. The table assumes the reinvestment of all dividends and distributions at net asset value. For a more complete description of the various fees and expenses of the Fund, see "Fees and Expenses."

<u>Example</u> 

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at net asset value and that the percentage amounts listed under annual expenses remain the same in the years shown (except that the example reflects the Expense Limitation and Reimbursement Agreement for the 1 Year period and the first year of the 3 Year, 5 Year and 10 Year periods in the example).

You would pay the following expenses on a $1,000 investment, assuming a 5% annual return:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class S Units | $[] | $[] | $[] | $[] |
|  Class I Units | $[] | $[] | $[] | $[] |
|  Class M Units | $[] | $[] | $[] | $[] |

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The example does not present actual expenses and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example above; if the actual return were greater, the amount of fees and expenses would increase.

**FINANCIAL HIGHLIGHTS** 

The Fund is newly formed, and it has not commenced operations as of the date of this Prospectus. Therefore, there is no financial history for the Fund.

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**PRIVACY POLICY** 

This Privacy Policy covers the practices of the Fund and applies to the nonpublic personal information of its Investors and former Investors (to the extent required by applicable law, including Gramm-Leach-Bliley Act ("GLBA") requirements).

The Fund may collect nonpublic personal information about Investors that the law allows or requires the Fund to have in order to conduct its business and properly service its accounts.

The Fund only uses and re-discloses third-party information in accordance with the purpose for which it is received and does not share with other nonaffiliated third parties (other than Fund service providers), unless the original third party could have legally shared with such a party.

The Fund does not disclose any nonpublic personal information about Investors or former Investors to nonaffiliated third parties, except in accordance with the GLBA. In no circumstances does the Fund share credit-related information, such as income, total wealth, or other credit header information, with nonaffiliated third parties, other than in their capacity as service providers of the Fund.

The Fund has relationships with nonaffiliated third parties that require the Fund to share Investor information in order for the third party to carry out its services for the Fund. These nonaffiliated third parties provide marketing, administration or other related services to the Fund and/or carry out marketing activities on the Fund's behalf. Each of these nonaffiliated third parties described in this exception is required to enter into a joint marketing or other agreements with the Administrator. These agreements include confidentiality provisions as required by GLBA privacy regulations. These provisions ensure that the nonaffiliated third party only uses and re-discloses Investor nonpublic personal information for the purpose for which it was originally disclosed.

The Fund may also share information when it is necessary to effect, administer, or enforce a transaction for an Investor or if an Investor initiates a request for the Fund to share information with an outside party. All requests by Investors must be received in writing from the Investor or the Investor's authorized representative.

It also may be necessary under anti-money laundering and similar laws to disclose information about Investors in order to accept subscriptions from them. The Fund also will release information about Investors if compelled to do so by law in connection with any government request or investigation, or if any Investors direct the Fund to do so.

**USE OF PROCEEDS** 

The proceeds will be invested in accordance with the Fund's investment objective and strategies as soon as practicable. Notwithstanding the foregoing, the Adviser anticipates that it may take up to 6 months to invest all or substantially all of the proceeds from a sale of Units in accordance with the Fund's investment objective and policies.

To maintain liquidity, the Fund may invest in cash and short-term securities. While the Fund seeks opportunities to deploy capital in any way consistent with its investment objective and strategies, the Fund may hold a substantial portion of its assets in cash and short-term investments as it seeks desirable investments for the private asset portion of the Fund's portfolio.

**THE FUND AND STRUCTURE** 

The Fund, which is registered under the 1940 Act as a closed-end, non-diversified, management investment company, was recently formed as a Delaware limited liability company on November 10, 2025. The Fund continuously offers its Units and is operated as an "interval fund." The Fund's principal office is located at 680

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Washington Boulevard, Suite 500, Stamford, Connecticut 06901, and its telephone number is 833-724-5508. Investment advisory services are provided to the Fund by the Adviser pursuant to the Investment Management Agreement. The individuals who serve on the Board are responsible for monitoring and overseeing the Fund's investment program. See "Management of the Fund."

Investors purchase Units in the Fund. The Units will generally be offered for purchase on any Business Day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Units will be issued at net asset value per Unit, plus any applicable sales charge. In contrast to many Asset-Backed Credit Investments, the Fund is permitted to offer Units to an unlimited number of Investors. The Fund was designed to permit Investors to participate in an investment program that employs ABS-related strategies without requiring, among other things, Investors to commit the more substantial minimum investments required by many Asset-Backed Credit Investments, and without subjecting the Fund to the same restrictions on the number of Investors as are imposed on many of these Asset-Backed Credit Investments.

**INVESTMENT PROGRAM** 

The Fund's investment objective is to seek to generate a return comprised of both current income and capital appreciation. The Fund will seek to achieve its investment objective by employing a flexible and dynamic allocation approach, investing primarily across a broad range of asset-backed and other structured credit investments. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, directly or indirectly in a broad-based portfolio of Asset-Backed Credit Investments. The Fund considers "Asset-Backed Credit Investments" to be investments in credit and credit-related instruments secured or covered by financial or physical assets or that derive returns from interest income, recurring revenues, fees, realized gains or other types of cash flows of underlying financial or physical assets. Examples of Asset-Backed Credit Investments include junior investment interests in:

• Asset-Backed Investments – Debt, junior investments, structures collateralized by financial and non-financial assets and insurance-linked investments;

• Commercial Real Estate Debt Investments – Junior tranches, B-pieces of CRE loan securitizations, structures collateralized by CRE debt, and preferred equity;

• CLOs – Junior debt and other junior investments in CLOs backed by pools of BSLs, private credit instruments
and middle market loans, including, but not limited to, subordinated income, limited partner, and preferred tranches, as well as secured positions in leveraged loan warehouses;

• Loan Co-Investments and Pools – Consumer and commercial whole
loans, mezzanine loans, preferred equity, revolving credit facilities, and CRT transactions;

• Stressed Debt – Securitized and corporate debt available at unusually high yields owing to issuer-related
or market conditions;

• Asset-Based Loans – Portfolios of recourse loans fully secured by commodity, energy, and metals collateral;
and

• Investment Company Debt – Debt securities issued by investment companies.

The Fund expects that its indirect exposure to Asset-Backed Credit Investments will consist primarily of co-investment vehicles formed for the purpose of acquiring Asset-Backed Credit Investments, debt securities issued by investment companies, interests in companies and/or private investment vehicles (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) ("Investment Funds") and investments made through wholly-owned subsidiaries.

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Investment Funds in which the Fund invests are not subject to the Fund's investment restrictions and, unless registered under the 1940 Act, are generally not subject to any investment limitations under the 1940 Act other than those applicable to private funds. Unregistered Investment Funds typically have greater flexibility than conventional registered investment companies as to the types of securities they may hold, the types of trading strategies they may use, the parties with whom they may transact (including affiliates) and, in some cases, the extent to which they utilize leverage.

The Fund will primarily make investments that are unrated, or rated B through BBB, which are commonly referred to as "junk bonds," but may invest in higher-rated investment grade instruments. The Fund may invest in instruments of any duration or maturity. The Fund's investment objective and 80% policy are non-fundamental and may be altered by the Board of Directors upon providing shareholders with at least 60 days' prior written notice.

The Fund intends to invest in Asset-Backed Credit Investments through private transactions that are exempt from registration under the Securities Act.

In addition, the Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, directly or indirectly in investments other than Asset-Backed Credit Investments as described in this Prospectus, including cash, cash equivalents, other short-term investments, exchange-traded funds ("ETFs") and liquid fixed-income securities, consistent with prudent liquidity management. The allocation among these types of investments may vary from time to time.

In pursuing the Fund's investment objective, the Fund generally intends to invest in the United States but may invest across a diverse selection of geographies (e.g., North America, the United Kingdom (the "UK")/Europe and Asia). The Fund's ability to access certain types of investment opportunities (including certain types of Asset-Backed Credit Investments) may be limited by legal, regulatory or tax considerations related to the Fund's status as a registered investment company, resulting in periods during which the Fund may not have any exposure to such investments.

To maintain liquidity, the Fund may invest in cash and short-term securities. For short periods of time, the Fund may hold a substantial portion of its assets in cash and short-term investments as it seeks desirable investments for its Asset-Backed Credit Investments.

The Fund may invest in derivatives (primarily futures and, to a lesser extent, options, swaps (including interest rate swaps, total return swaps and credit default swaps), exchange-listed and over-the-counter put and call options, and forward contracts) to manage the duration exposure of the Fund's portfolio or for hedging purposes.

In addition to the foregoing, the Fund may utilize a revolving credit facility to satisfy repurchase requests and to otherwise provide the Fund with temporary liquidity.

The Asset-Backed Credit Investments may utilize leverage in their investment activities. However, certain Asset-Backed Credit Investments' borrowings, such as investments in Investment Funds or certain other collective investment vehicles that are not subject to the 1940 Act, are not subject to the limits of the 1940 Act. Accordingly, the Fund, through investments in the Asset-Backed Credit Investments, may be exposed to the risk of highly leveraged investment programs.

Investment Funds in which the Fund invests are not subject to the Fund's investment restrictions and, unless registered under the 1940 Act, are generally not subject to any investment limitations under the 1940 Act other than those applicable to private funds. Unregistered Investment Funds typically have greater flexibility than conventional registered investment companies as to the types of securities they may hold, the types of trading strategies they may use, the parties with whom they may transact (including affiliates) and, in some cases, the extent to which they utilize leverage.

The Adviser, the Fund and certain funds managed by affiliates of the Adviser have submitted an application to the SEC for an exemptive order that would permit the Fund to invest alongside affiliates, including certain public

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or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions. There is no guarantee that the Fund will receive the requested exemptive relief.

**Investment Strategies** 

The Fund is focused on making investments in a variety of Asset-Backed Credit Investments. The Fund seeks to maximize returns through full market cycles with a lower return volatility similar to fixed income markets. The Adviser believes that higher return opportunities are available in certain credit segments that are well-established yet still require market access, specialized knowledge, and active engagement to source and analyze opportunities.

The Fund generally intends to (i) seek to generate a return comprised of both income and capital appreciation, consistent with capital preservation and prudent investment management; (ii) attempt to avoid instances of negative total return over extended periods of time; (iii) avoid portfolio management practices based on short-term expectations, momentum following, and frequent trading; (iv) generate incremental returns primarily by investing in securities that offer an all-in return that is highly attractive given their low underlying risk of loss; and (v) preserve capital through an emphasis on high-quality consistent income-producing investments where historical experience and the Adviser's own independent analysis suggest a low probability of loss of capital over the investment's life.

The Adviser may sell the Fund's portfolio holdings at any time, including to enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Units by Investors (including, during adverse market conditions, selling investments at a discount).

The Fund expects that a portion of its holdings will consist of liquid assets for purposes of liquidity management. The Fund may borrow for investment purposes. The 1940 Act generally requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness occurs (the "Asset Coverage Requirement"). This means that, as a general matter, the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, shares unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase. The Fund also may borrow money from banks or other lenders for temporary purposes in an amount not to exceed 5% of the Fund's assets, measured at the time of borrowing. Such temporary borrowings are not subject to the Asset Coverage Requirement in connection with the Fund's borrowings for investment purposes.

**No guarantee or representation is made that the investment program of the Fund will be successful or that the Fund will achieve its investment objective.** 

**Asset-Backed Credit Investments** 

Some of the investments that the Adviser will consider with respect to the Fund include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-Backed Investments – Asset-backed investments are debt obligations, debt securities or limited
partnership interests that entitle the holders thereof to receive payments that depend primarily on the cash flow from underlying financial assets, together with rights or other assets designed to assure the servicing or timely distribution of
proceeds to holders of such securities. Asset-backed investments may be collateralized by, but not limited to, credit card loans, automobile loans, home equity loans and manufactured housing and airplane leases. Asset-backed investments are subject

to a conduit, generally a bankruptcy-remote vehicle such as a grantor trust or other special-purpose entity, which becomes the legal issuer of the asset-backed investments. Interests in or other securities issued by the trust or special-purpose
entity, which give the holder thereof the right to certain

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cash flows arising from the underlying assets, are then sold to investors through an investment bank or other securities underwriter.

The structure of an asset-backed investment and the terms of the investors' interest in the collateral can vary depending on the type of collateral, the desires of investors and the use of credit enhancements. Although the basic elements of all asset-backed investments are similar, individual transactions can differ markedly in both structure and execution. Holders of asset-backed investments bear various risks, including credit risks, liquidity risks, interest rate risks, market risks, operations risks, structural risks and legal risks.

The Fund will seek to make investments in asset-backed investments debt, junior investments, structures collateralized by financial and non-financial assets and insurance-linked investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Real Estate Debt Investments – The Fund will seek to make investments in junior tranches, B-pieces of CRE loan securitizations, and structures collateralized by CRE debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CLOs – A CLO is a trust typically consisting of loans made to issuers (both U.S. and foreign). CLOs consist
of a portfolio of many underlying loans where the cashflows from the securitization are derived from this portfolio of loans. The cashflows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest
portion is the "junior investment" tranche, which bears the bulk of defaults from the loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially
protected from defaults a senior tranche from a CLO trust typically has a higher rating and lower yield than its underlying securities and can be rated investment grade. Despite the protection from the junior investment tranche, CLO tranches can
experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

The Fund will seek to make investments in junior investments in CLOs backed by pools of BSLs, private credit instruments, and middle market loans, including, but not limited to, subordinated, income, limited partner, and preferred tranches, as well as secured positions in leveraged loan warehouses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan Co-Investments and Pools – The Fund may make investments in
consumer and commercial whole loans, mezzanine loans, preferred equity, revolving credit facilities, and CRT transactions. CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by government
sponsored enterprises and banks. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stressed Debt – The Fund may make investments in securitized and corporate debt available at unusually high
yields owing to issuer-related or market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-Based Loans – The Fund may make investments in portfolios of fully secured recourse loans that
entitle the holders thereof to receive payments that depend primarily on the cash flow from underlying assets, including commodities, energy, and metals collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Company Debt – Subject to applicable statutory and regulatory limitations, the assets of the
Fund may be invested in securities issued by investment companies. Investments in securities of investment companies are subject to market and selection risk, as well as the specific risks associated with the investment companies' portfolio
securities. As a shareholder of an investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the
advisory and other expenses that the Fund bears directly in connection with its own operations. The Fund may also purchase debt securities offered by investment companies. The debt securities do not carry the same expenses associated with holding
shares of other investment companies. However, investment company debt securities carry similar risks to those of other fixed income instruments.

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**Use of Derivatives** 

As described above, the Fund may invest in derivatives (primarily futures and, to a lesser extent, options, swaps (including interest rate swaps, total return swaps and credit default swaps), exchange-listed and over-the-counter put and call options, and forward contracts) to manage the duration exposure of the Fund's portfolio or for hedging purposes. The use of derivatives may reduce certain potential risks to which the Fund's portfolio may be exposed.

**Temporary Defensive Strategies** 

The Fund may, from time to time in its sole discretion, significantly alter its portfolio as a temporary defensive strategy. For defensive purposes, the Fund may invest without limit in short-term securities, including high-quality commercial paper, obligations of banks and savings institutions, U.S. Government securities, government agency securities, and repurchase agreements, or it may retain funds in cash. When the Fund is invested defensively, it may not meet its investment objective. In addition, the Fund may, in the Adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds in significant amount while the Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, pending investment, in order to fund anticipated repurchases, expenses of the Fund, or other operational needs, or otherwise in the sole discretion of the Adviser. Given the nature of the Fund's investments, the Fund may be unable to significantly alter its portfolio to respond to short-term market changes.

**Affiliated Transactions** 

The Adviser, the Fund and certain funds managed by affiliates of the Adviser have submitted an application to the SEC for an exemptive order that would permit the Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions. There is no guarantee that the Fund will receive the requested exemptive relief.

**Portfolio Construction** 

The Adviser manages the Fund's portfolio with a view towards managing liquidity and maintaining a high investment level and maximizing capital appreciation. Accordingly, the Adviser may make investments based, in part, on anticipated future distributions from investments. The Adviser also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Units by Investors and any distributions made to Investors.

The Adviser intends to use a range of techniques to reduce the risk associated with the Fund's investment strategy. From time to time, these techniques may include, without limitation: (i) allocating assets across several ABS sectors; (ii) allocating capital among various Asset-Backed Credit Investments; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy repurchase requests, consistent with the limitations and requirements of the 1940 Act; and (vi) seeking to invest in cash and short-term securities to provide liquidity to satisfy repurchase requests, consistent with the limitations and requirements of the 1940 Act.

The Adviser may sell the Fund's portfolio holdings at any time, including to enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Units by Investors (including, during adverse market conditions, selling investments at a discount).

The Adviser will seek to allocate Fund assets among the Asset-Backed Credit Investments that, in its view, represent attractive investment opportunities. Allocation depends on the Adviser's assessment of the potential risks and returns of the Asset-Backed Credit Investments as well as expected cash flows of such Asset-Backed Credit Investments. The Adviser generally seeks to invest the Fund's assets in Asset-Backed Credit Investments whose expected risk-adjusted returns are deemed attractive.

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The Fund is a "non-diversified" fund under the 1940 Act. See "Types of Investments and Related Risk Factors—Non-Diversified Status." The Adviser believes, however, that the Fund should generally maintain a portfolio of Asset-Backed Credit Investments varied by ABS sector to diminish the impact on the Fund of any one Asset-Backed Credit Investment's losses or poor returns. There is no guarantee that the Fund will be able to avoid substantial losses as a result of poor returns with regards to any Asset-Backed Credit Investment.

Where only voting securities may be available for purchase by the Fund, the Fund may seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

The Asset-Backed Credit Investments are not subject to the Fund's investment restrictions and are generally subject to few investment limitations, including investment limitations under the 1940 Act or the Code. While the 1940 Act applies to the Fund, the Asset-Backed Credit Investments are not subject to the 1940 Act.

There can be no assurance that the Fund's investment program will be successful, that the objectives of the Fund with respect to liquidity management will be achieved or that the Fund's portfolio design and risk management strategies will be successful. Prospective Investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund found under "Types of Investments and Related Risk Factors."

***Subsidiaries***. The Fund may, but does not currently intend to, make investments through one or more subsidiaries that are 100% owned ("Wholly-Owned") by the Fund (each a "Subsidiary" and collectively, the "Subsidiaries"). The Fund may form a Subsidiary in order to pursue its investment objective and strategies in a potentially tax-efficient manner or for the purpose of facilitating its use of permitted borrowings. Except as otherwise provided, references to the Fund's investments in this prospectus also will refer to any Subsidiary's investments, as applicable. Such Subsidiaries may not be registered under the 1940 Act; however, they will be Wholly-Owned and controlled by the Fund.

The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary and the Fund's role as sole direct or indirect shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. The Fund will comply with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with any Subsidiary. Any investment adviser to a Subsidiary would comply with Section 15 of the 1940 Act relating to investment advisory contracts as if it were an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. Any Subsidiary also would comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of any Subsidiary as if the assets were held directly by the Fund, as appropriate.

If the Fund uses one or more Subsidiaries to make investments, such Subsidiaries will bear their respective organizational and operating fees, costs, expenses and liabilities and, as a result, the Fund will indirectly bear these fees, costs, expenses and liabilities. As the Subsidiaries will be Wholly-Owned, they will have the same investment strategies (or a subset thereof) as the Fund.

**TYPES OF INVESTMENTS AND RELATED RISK FACTORS** 

**General Risks** 

Investing in the Fund involves risks, including those associated with the Fund's investments in Asset-Backed Credit Investments.

<u>Investment Risk</u>. All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. To the extent that the Fund's portfolio is concentrated in securities of a few issuers or issuers in a single sector, the risk of any investment decision is increased. An Asset-Backed Credit Investment's use of

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leverage is likely to cause the Fund's average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

An investment in the Fund involves a high degree of risk, including the risk that the Investor's entire investment may be lost. No assurance can be given that the Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of Asset-Backed Credit Investments, the allocation of offering proceeds thereto and the performance of the Asset-Backed Credit Investments. Risks generally applicable to the Fund's investments include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of issuers, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, labor strikes, war, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors which are beyond the control of the Fund. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) its investment program, investment strategy and investment decisions will be successful; (ii) the Asset-Backed Credit Investments will achieve their return expectations; (iii) the Asset-Backed Credit Investments will achieve any return of capital invested; (iv) the Fund's investment activities will be successful; or (v) Investors will not suffer losses from an investment in the Fund. Any event which affects adversely the value of an investment by the Fund would be magnified to the extent the Fund is leveraged.

<u>Investment Discretion; Dependence on the Adviser</u>. The Adviser has complete discretion to select the Asset-Backed Credit Investments as opportunities arise. The Fund, and, accordingly, Investors, must rely upon the ability of the Adviser to identify and implement investments for the Fund ("Fund Investments") consistent with the Fund's investment objective and consistent with prospectus disclosure. Investors will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Fund Investments. The Adviser has the authority and responsibility for portfolio construction, the selection of Fund Investments and all other investment decisions for the Fund. The success of the Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Fund. Investors will have no right or power to participate in the management or control of the Fund or the Fund Investments, or the terms of any such investments. There can be no assurance that the Adviser will be able to select or implement successful strategies or achieve their respective investment objectives. The Fund is organized to provide Investors access to an investment program and not an indirect way for Investors to gain access to any particular Asset-Backed Credit Investment.

The structure of an ABS and the terms of the investors' interest in the collateral can vary widely depending on the type of collateral, the desires of investors and the use of credit enhancements. Although the basic elements of all ABS are similar, individual transactions can differ markedly in both structure and execution. Holders of ABS bear various risks, including credit risks, liquidity risks, interest rate risks, market risks, operations risks, structural risks and legal risks. In addition, concentrations of ABS of a particular type, as well as concentrations of ABS issued or guaranteed by affiliated entities, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk.

Credit risk is an important issue in ABS because of the significant credit risks inherent in the underlying collateral and because issuers are primarily private entities. Credit risk arises from losses due to defaults by the borrowers in the underlying collateral or the issuer's or servicer's failure to perform. Market risk arises from the

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cash-flow characteristics of the security, which for many ABS tend to be predictable. The greatest variability in cash flows comes from credit performance, including the presence of wind-down or acceleration features designed to protect the investor if credit losses in the portfolio rise well above expected levels. Interest-rate risk arises for the issuer from the relationship between the pricing terms on the underlying collateral and the terms of the rate paid to security holders and from the need to mark to market the excess servicing or spread account proceeds carried on the balance sheet. Liquidity risk can arise from increased perceived credit risk. Liquidity can also become a significant problem if concerns about credit quality, for example, lead investors to avoid the securities issued by the relevant special-purpose entity. Operations risk arises through the potential for misrepresentation of asset quality or terms by the originating institution, misrepresentation of the nature and current value of the assets by the servicer and inadequate controls over disbursements and receipts by the servicer. Structural risk may arise through investments in ABS with structures (for example, the establishment of various security tranches) that are intended to reallocate the risks entailed in the underlying collateral (particularly credit risk) in ways that give certain investors less credit risk protection (i.e., a lower priority claim on the cash flows from the underlying pool of assets) than others. As a result, such securities have a higher risk of loss as a result of delinquencies or losses on the underlying assets. Investments in ABS also entail legal risks, including the risks that the investors may not have an enforceable agreement against the issuer or a valid security interest in the underlying collateral, as well as the risk that events that materially affect the value of the underlying collateral (for example, a default on an underlying loan or derivative instrument) may not be tied directly to the rights of the ABS holders (for example, by triggering the declaration of a default on the ABS). As a result, the Fund's investments in ABS could decline substantially in value.

<u>Securitized Transactions Risk.</u> The Fund expects to invest in various securitized transactions and related securities. Securities issued in securitized transactions present risks similar to other credit investments, including default (credit), interest rate and prepayment risks. In addition, securitized vehicles in which the Fund expects to invest, such as CLOs, are typically governed by a complex series of legal documents and contracts, which increases the possibility of disputes over the interpretation and enforceability of such documents. For example, some documents governing the loans underlying the Fund's investments may allow for "priming transactions," in connection with which majority lenders or debtors can amend loan documents to the detriment of other lenders, amend loan documents in order to move collateral, or amend documents in order to facilitate capital outflow to other parties/subsidiaries in a capital structure, any of which may adversely affect the rights and security priority of the Fund's investment. In addition, a collateral manager or trustee of a securitized vehicle may not properly carry out its duties, potentially resulting in loss to such vehicle and thereby, the Fund. Any leveraged vehicles in which the Fund invests are also subject to leverage risk.

<u>Commercial Real Estate Debt; Non-Performing Loans Risk</u>. The Fund may invest in commercial real estate loans and debt securities (including, but not limited to, investments in subordinate debt, such as mezzanine debt, b-notes, preferred equity and first mortgage loans, such as higher loan-to-value senior loans and bridge loans). The Fund may hold direct or indirect interests in performing or non-performing real estate investments. Non-performing real estate investments may require a substantial amount of workout negotiations and/or restructuring, which may entail, among other things, a substantial reduction in the interest rate and a substantial write-down of the principal of such loan and/or purchasing senior loans. In addition, a company may announce a plan of restructuring which promises to enhance value and fail to implement it, resulting in losses to investors. In liquidations and other forms of corporate reorganization, the risk exists that the reorganization either will be unsuccessful, will be delayed or will result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the investment in respect of which such distribution was made. In addition, certain privately offered commercial real estate loans and debt securities carry risks of illiquidity and lack of control. It is possible that the Adviser may find it necessary or desirable to foreclose on collateral securing one or more real estate loans purchased by the Fund. The foreclosure process will vary from jurisdiction to jurisdiction and can be lengthy and expensive. Issuers often resist foreclosure actions by asserting numerous claims, counterclaims and defenses against the holder of a real estate loan, including, without limitation, lender liability claims and defenses, even when such assertions may have no basis in fact, in an effort to prolong the foreclosure action. During the foreclosure proceedings, an issuer may have the ability to file for bankruptcy or its equivalent, potentially staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and may result in disrupting ongoing leasing and management of the property. If this were to occur, the Fund may be negatively impacted. Similar risks relate to foreclosure of mezzanine debt and the exercising of remedies in connection with such debt.

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<u>Investment in CLOs</u>. The Fund expects to invest in CLOs. For CLOs, the cash flows are split into two or more portions, called "tranches," varying in risk and yield. The riskiest portion is the "junior investment" tranche, which bears the bulk of defaults from the debt instruments and serves to protect the other, more senior tranches ("debt tranches") from default in all but the most severe circumstances. Since it is partially protected from defaults, a more senior debt tranche from a CLO typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the junior investment tranche, debt tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

The market value of CLOs generally fluctuates with, among other things, the financial condition of the obligors on the underlying debt obligations or, with respect to synthetic securities, of the obligors on or issuers of the reference obligations, general economic conditions, the condition of certain financial markets, political events, developments or trends in any particular industry and changes in prevailing interest rates.

CLOs are subject to credit, liquidity and interest rate risks. In particular, investment-grade CLOs have greater liquidity risk than investment grade sovereign or corporate bonds. There is no established, liquid secondary market for many of the CLOs securities the Fund may purchase. The lack of such an established, liquid secondary market may have an adverse effect on the market value of such CLOs securities and the Fund's ability to sell them. Further, CLOs are subject to certain transfer restrictions that may further restrict liquidity. Therefore, no assurance can be given that if the Fund were to dispose of a particular CLOs held by the Fund, it could dispose of such investment at the previously prevailing market price.

The performance of CLOs is adversely affected by macroeconomic factors, including (i) general economic conditions affecting capital markets and participants therein, (ii) the economic downturns and uncertainties affecting economies and capital markets worldwide, (iii) concern about financial performance, accounting and other issues relating to various publicly traded companies and (iv) changes (or even proposed changes) in accounting and reporting standards and bankruptcy legislation.

<u>Limitations on Transfer; Units Not Listed; No Market for Units</u>. The transferability of Units is subject to certain restrictions contained in the limited liability company agreement of the Fund. Units are not traded on any securities exchange or other market. No secondary market currently exists for Units.

<u>Closed-End Fund; Liquidity Risks</u>. The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. An Investor should not invest in the Fund if the Investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their units on a daily basis at a price based on net asset value. Units in the Fund are not traded on any securities exchange or other market and are subject to substantial restrictions on transfer. Although the Fund will generally make quarterly repurchase offers, there is no guarantee that Investors will be able to sell all of the Units that they desire to sell in any particular repurchase offer.

<u>Repurchase Risks</u>. The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers (subject to certain specific exceptions in Rule 23c-3 under the 1940 Act) of not less than 5% and not more than 25% of the Fund's outstanding Units on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Units each quarter, and there is no guarantee that Investors will be able to sell all of the Units that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Units tendered by each Investor. The potential for proration may cause some investors to tender more Units for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer.

Repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may

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limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments. If the Fund employs investment leverage, repurchases of Units would compound the adverse effects of leverage in a declining market. Also, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect investors who do not tender their Units by increasing the Fund's expenses and reducing any net investment income. Further, the Fund's use of cash to fund repurchases may impede its ability to distribute a sufficient amount to investors to qualify as a RIC or to avoid income or excise taxes.

An Investor may be subject to market and other risks, and the net asset value of Units tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the net asset value for tendered Units is determined. In addition, the repurchase of Units by the Fund will generally be a taxable event to investors, potentially including even investors who do not tender any Units in such repurchase.

Units in the Fund provide limited liquidity since Investors will not be able to redeem Units on a daily basis. An Investor may not be able to tender its Units in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Units are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Units in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Units and should be viewed as a long-term investment.

The Fund's repurchase policy will have the effect of decreasing the size of the Fund over time from what it otherwise would have been. Such a decrease may therefore force the Fund to sell assets it would not otherwise sell. It may also reduce the investment opportunities available to it and cause its expense ratio to increase.

Notices of each repurchase offer are intended to be sent to Investors no more than 42 days and no less than 21 days before the "Repurchase Request Deadline" (i.e., the date by which Investors can tender their Units in response to a repurchase offer). The Fund determines the net asset value applicable to repurchases no later than fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Investors between one and three business days after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. If an Investor tenders all of its Units (or a portion of its Units) in connection with a repurchase offer made by the Fund, that tender may not be rescinded by the Investor after the Repurchase Request Deadline. Because the net asset value applicable to a repurchase is calculated 14 days after the Repurchase Request Deadline, an Investor will not know its repurchase price until after it has irrevocably tendered its Units. See "Repurchases of Units and Transfers—Offers to Repurchase" and "Repurchases of Units and Transfers—Repurchase Procedure." Investors may be subject to market risk in relation to the tender of their Units for repurchase because like other market investments, the value of the Fund's Units may move up or down, sometimes rapidly and unpredictably, between the date a repurchase offer terminates and the repurchase date. Likewise, because the Fund's investments may include securities denominated in foreign currencies, changes in currency values between the date a repurchase offer terminates and the repurchase date may also adversely affect the value of the Fund's Units.

<u>Co-Investments</u>. The Fund may invest indirectly in Asset-Backed Credit Investments with other co-investors (including affiliates of the Adviser) by means of co-investment vehicles formed to facilitate such investments. It is anticipated that Co-Investments will be formed and managed by third-party fund managers and that neither the Adviser nor the Fund will be able to exercise day to day control over the Co-Investments. The realization of Asset-Backed Credit Investments made as co-investments may take longer than would the realization of investments under the sole control of the Adviser or the Fund because the co-investors may require an exit procedure requiring notification of the other co-investors and possibly giving the other co-investors a right of first refusal or a right to initiate a buy-sell procedure (i.e., one party specifying the terms upon which it is prepared to purchase the other party's or parties' participation in the investment and the non-initiating party or parties having the option of either buying the initiating party's participation or selling its or their participation in the investment on the specified terms).

Co-Investments may involve risks in connection with such third-party involvement, including the possibility that a third-party may have financial difficulties, resulting in a negative impact on such investment, or

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that the Fund may in certain circumstances be held liable for the actions of such third-party co-investor. Third-party co-investors may also have economic or business interests or goals which are inconsistent with those of the Fund, or may be in a position to take or block action in a manner contrary to the Fund's investment objective. In circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to the Co-Investments, including incentive compensation arrangements, and the interests of such third parties may not be aligned with the interests of the Fund.

With respect to Co-Investments, the Fund will be highly dependent upon the capabilities of the investment fund managers alongside whom the investment is made. The Fund may indirectly make binding commitments to Co-Investments without an ability to participate in their management and control and with no or limited ability to transfer its interests in such Co-Investments. In some cases, the Fund will be obligated to fund its entire investment for a Co-Investment up front, and in other cases the Fund will make commitments to fund from time to time as called by the managers of the Co-Investments. Neither the Adviser nor the Fund will have control over the timing of capital calls or distributions received from Co-Investments, or over investment decisions made by such Co-Investments.

Through Co-Investments, the Fund also generally will not have control over any of the underlying issuers and will not be able to direct the policies or management decisions of such issuers. Thus, the returns to the Fund from any such investments will be dependent upon the performance of the particular issuer and its management and the Fund will not be able to direct the policies or management decisions of such issuers.

<u>Wholly-Owned Subsidiaries Risk</u>. To the extent that the Fund makes investments through one or more Subsidiaries, the Fund will be indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Fund's investments. No Subsidiary will be registered under the 1940 Act, but each Subsidiary will comply with certain sections of the 1940 Act (e.g., it will enter into an investment management agreement with the Adviser that contains the provisions required by Section 15(a) of the 1940 Act (including the requirement of annual renewal), will have an eligible custodian or otherwise meet the criteria of Section 17(f) of the 1940 Act, and, together with the Fund on a consolidated basis, will comply with the provisions of Section 8 of the 1940 Act relating to fundamental investment policies, Section 17 relating to affiliated transactions and custody, Section 18 relating to capital structure and leverage, and Section 31 regarding books and records) and be subject to the same policies and restrictions as the Fund as they relate to the investment portfolio. The Fund will own 100% of, and control, any Subsidiary, which, like the Fund, will be managed by the Adviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Fund and its investors. In managing a Subsidiary's investment portfolio, the Adviser will manage the Subsidiary's portfolio in accordance with the Fund's investment policies and restrictions. There can be no assurance that a Subsidiary's investment objective will be achieved. Changes in the laws of the United States and/or the State of Delaware, under which the Fund and the Subsidiaries are organized, could result in the inability of the Fund and/or a Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its investors.

<u>Borrowing</u>. The Fund may borrow money in connection with its investment activities—i.e., the Fund may utilize leverage. The Fund may borrow money through a credit facility or other arrangements for investment purposes, including through the use of total return swaps or reverse repurchase agreements, to pay operating expenses, to satisfy repurchase requests from Investors, to enhance returns and to otherwise provide the Fund with temporary liquidity. The Fund may also borrow money through a credit facility to manage timing issues in connection with the acquisition of its investments, such as providing the Fund with temporary liquidity to fund investments in Asset-Backed Credit Investments in advance of the Fund's receipt of distributions from another Asset-Backed Credit Investment. The Fund may enter into a credit facility for such purposes.

The 1940 Act generally requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the indebtedness is incurred. This means that, as a general matter, the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, Units unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase.

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The Fund may be required to maintain minimum average balances in connection with borrowings or to pay commitment fees and other costs of borrowings under the terms of a line of credit or credit facility. Moreover, interest on borrowings will be an expense of the Fund. With the use of borrowings, there is a risk that the interest rates paid by the Fund on the amount it borrows will be higher than the return on the Fund's investments. Such additional costs and expenses may affect the operating results of the Fund. If the Fund cannot generate sufficient cash flow from investments, they may need to refinance all or a portion of indebtedness on or before maturity. Additionally, uncertainty in the debt and equity markets may negatively impact the Fund's ability to access financing on favorable terms or at all and a lender may terminate or not renew any credit facility. The inability to obtain additional financing could have a material adverse effect on the Fund's operations and on its ability to meet its debt obligations. If it is unable to refinance any of its indebtedness on commercially reasonable terms or at all, the Fund's returns may be harmed. Moreover, the Fund may be forced to sell investments at inopportune times, which may further depress returns.

<u>Substantial Fees and Expenses</u>. An Investor in the Fund meeting the eligibility conditions imposed by the Asset-Backed Credit Investments, if applicable, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could invest directly in the Asset-Backed Credit Investments. In addition, by investing in the Asset-Backed Credit Investments through the Fund, an Investor in the Fund will bear a portion of the management fee and other expenses of the Fund, including interest expenses through the use of leverage at the underlying investment level, which may be substantial. An Investor in the Fund will also indirectly bear a portion of the asset-based fees, incentive allocations, carried interests or fees and operating expenses borne by the Fund as an investor in the Asset-Backed Credit Investments. The operating expenses of an Asset-Backed Credit Investment may include, but are not limited to, organizational and offering expenses; the cost of investments; administrative, legal and internal and external accounting fees; and extraordinary or non-recurring expenses (such as litigation or indemnification expenses). It is difficult to predict the future expenses of the Fund.

<u>Investments in Non-Voting Stock; Inability to Vote</u>. The Fund may hold its interests in the Asset-Backed Credit Investments in non-voting form in order to avoid becoming (i) an "affiliated person" of any Asset-Backed Credit Investment within the meaning of the 1940 Act and (ii) subject to the 1940 Act limitations and prohibitions on transactions with affiliated persons. Where only voting securities are available for purchase, the Fund may seek to create by contract the same result as owning a non-voting security by agreeing to relinquish the right to vote in respect of its investment. The Fund may irrevocably waive its rights (if any) to vote its interest in an Asset-Backed Credit Investment. The Fund will not receive any consideration in return for entering into a voting waiver arrangement. To the extent that the Fund contractually foregoes the right to vote Asset-Backed Credit Investments or its interest in a Direct Investment, the Fund will not be able to vote on matters that may be adverse to the Fund's interests. As a result, the Fund's influence on an Asset-Backed Credit Investment could be diminished, which may consequently adversely affect the Fund and its Investors. Any such waiver arrangement should benefit the Fund, as it will enable the Fund to acquire more interests of an Asset-Backed Credit Investment that the Adviser believes is desirable than the Fund would be able to if it were deemed to be an "affiliate" of the Asset-Backed Credit Investment within the meaning of the 1940 Act.

<u>Non-Diversified Status</u>. The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations.

<u>Dilution from Subsequent Offering of Units and Fund Interests</u>. Units will generally be offered for purchase on each Business Day, except that Units may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Units at any time. Additional purchases will dilute the indirect interests of existing Investors in the Asset-Backed Credit Investments prior to such purchases, which could have an adverse impact on the existing Investors' interests in the Fund if subsequent Asset-Backed Credit Investments underperform the prior investments in the Asset-Backed Credit Investments.

<u>Valuation of the Fund's Investments</u>. Under the 1940 Act, the Fund is required to value its assets at market value or, if there is no readily available market value, at fair value. The Board has approved valuation procedures for the Fund and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Fund's Adviser (in this capacity, the Valuation Designee), subject to the oversight of the Board. Because there is not

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a public market or active secondary market for many of the securities in which the Fund intends to invest, the Fund will value these securities at fair value as determined in good faith by the Valuation Designee. The valuation of the Fund's investments is performed in accordance with Financial Accounting Standards Board's ASC 820. The Valuation Designee utilizes the services of third-party vendors to assist in determining the fair value for the pricing of Fund Investments. Due to the lack of centralized information and trading, the valuation of loans, fixed-income instruments and other Fund holdings may result in more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such instrument carried on the Fund's books. Nonetheless, the Fund will provide valuations based on the fair value of the Fund's Asset-Backed Credit Investments, and will issue Units, on each Business Day.

The valuations reported by the Asset-Backed Credit Investments based upon which the Fund determines its net asset value on each Business Day may be subject to later adjustment or revision. For example, net asset value calculations may be revised as a result of fiscal year-end audits or other conditions that impact the Asset-Backed Credit Investments' investments but that are unknown to the Adviser at the time of the Fund's valuation estimate. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Fund at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by Investors who had their Units repurchased prior to such adjustments and received their repurchase proceeds, subject to the ability of the Fund to adjust or recoup the repurchase proceeds received by Investors under certain circumstances as described in "Repurchases of Units and Transfers." As a result, to the extent that such subsequently adjusted valuations from the Asset-Backed Credit Investments or the Fund adversely affect the Fund's net asset value, the outstanding Units may be adversely affected by prior repurchases to the benefit of Investors who had their Units repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Units and to the detriment of Investors who previously had their Units repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Units. New Investors may be affected in a similar way.

Investors should be aware that situations involving uncertainties as to the valuations of the Fund's investments could have a material adverse effect on the Fund if judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund.

<u>Valuation of the Investment Funds Risk</u>. The valuation of the Fund's investments in Investment Funds is typically based on valuations provided by the Investment Fund's manager or administrator on a quarterly basis. A significant portion of an Investment Fund's assets may lack a readily available market price and, therefore, require fair valuation by the Investment Fund's manager. In this context, the Investment Fund's manager may encounter a conflict of interest when valuing these securities, as their value can impact the Investment Fund manager's compensation or their capacity to raise additional funds. There are no guarantees or assurances regarding the valuation methodology employed or the adequacy of systems utilized by any Investment Fund manager. Additionally, there is no assurance regarding the accuracy of valuations provided by the Investment Fund managers, their compliance with internal policies or procedures for record-keeping and valuation, or the stability of their policies, procedures, and systems. Consequently, it is possible that an Investment Fund manager's valuation of securities may not align with the ultimate realized amount upon the disposition of such securities. The information provided by an Investment Fund manager may be subject to inaccuracy due to fraudulent activity, misvaluation, or inadvertent errors. It is important to note that the Adviser in its role as Valuation Designee may not identify valuation errors for a significant period of time, if at all.

<u>Investment Funds Risks</u>. The Fund's investments in Investment Funds that provide exposure to Asset-Backed Credit Investments are subject to a number of risks. Investment Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. Some of the Investment Funds in which the Fund invests may have only limited operating histories. Although the Adviser will seek to receive detailed information from each Investment Fund regarding its business strategy and any performance history, in most cases the Adviser will have little or no means of independently

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verifying this information. In addition, Investment Funds may have little or no near-term cash flow available to distribute to investors, including the Fund. Due to the pattern of cash flows in Investment Funds and the illiquid nature of their investments, investors may see negative returns in the early stages of holding Investment Funds. Then as investments are able to realize liquidity events, such as a sale or maturity, positive returns will be realized if the Investment Fund's investments are successful.

Investment Fund interests are ordinarily valued based upon valuations provided by the Investment Fund managers, which may be received on a delayed basis. Certain securities in which the Investment Funds invest may not have a readily ascertainable market price and are fair valued by the Investment Fund managers. An Investment Fund manager may face a conflict of interest in valuing such securities because their values may have an impact on the Investment Fund manager's compensation. The Adviser will review and perform due diligence on the valuation procedures and monitor the returns provided by the Investment Funds. However, neither the Adviser nor the Board can confirm the accuracy of valuations provided by Investment Fund managers. Unreliable valuations provided by Investment Funds could materially adversely affect the value of the Fund's Units.

The Fund will pay asset-based fees, and, in most cases, will be subject to performance-based fees in respect of its interests in Investment Funds. Such fees and performance-based compensation are in addition to any investment advisory fee the Investment Fund charges. In addition, performance-based fees charged by Investment Fund managers may create incentives for the Investment Fund managers to make risky investments, and may be payable by the Fund to an Investment Fund manager based on an Investment Fund's positive returns even if the Fund's overall returns are negative.

Moreover, a shareholder in the Fund will indirectly bear a proportionate share of the fees and expenses of the Investment Funds, in addition to its proportionate share of the expenses of the Fund. Thus, a shareholder in the Fund may be subject to higher operating expenses than if the shareholder invested in the Investment Funds directly. In addition, because of the deduction of the fees payable by the Fund to the Adviser and other expenses payable directly by the Fund from amounts distributed to the Fund by the Investment Funds, the returns to a shareholder in the Fund will be lower than the returns to a direct investor in the Investment Funds. Fees and expenses of the Fund and the Investment Funds will generally be paid regardless of whether the Fund or Investment Funds produce positive investment returns. Shareholders could avoid the additional level of fees and expenses of the Fund by investing directly with the Investment Funds, although access to many Investment Funds may be limited or unavailable, particularly as a secondary investment, and may not be permitted for investors who do not meet the substantial minimum net worth and other criteria for direct investment in Investment Funds.

There is a risk that the Fund may be precluded from acquiring an interest in certain Investment Funds due to regulatory implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in voting securities of Investment Funds. The Adviser also may refrain from including an Investment Fund in the Fund's portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the Fund if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which, among other things, may impact the ability of the Fund to enter into unfunded commitment agreements, such as a capital commitment to an Investment Fund. In addition, the Fund's ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory restrictions, including those arising under the 1940 Act, may cause the Fund to invest in different Investment Funds than other clients of the Adviser.

If the Fund fails to satisfy any capital call by an Investment Fund in a timely manner, it will typically be subject to significant penalties, including the complete forfeiture of the Fund's investment in the Investment Fund. Any failure by the Fund to make timely capital contributions may impair the ability of the Fund to pursue its investment program, cause the Fund to be subject to certain penalties from the Investment Funds or otherwise impair the value of the Fund's investments.

The governing documents of an Investment Fund generally are expected to include provisions that would enable the fund sponsor, the manager, or a majority in interest (or higher percentage) of an Investment Fund's limited partners or members, under certain circumstances, to terminate the Investment Fund prior to the end of its stated term. Early termination of an Investment Fund in which the Fund is invested may result in the Investment Fund having distributed to it a portfolio of immature and illiquid securities, or the Fund's inability to invest all of its capital as anticipated, either of which could have a material adverse effect on the performance of the Fund.

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Although the Fund will be an investor in an Investment Fund, shareholders will not themselves be equity holders of that Investment Fund and will not be entitled to enforce any rights directly against the Investment Fund or the Investment Fund manager or assert claims directly against any Investment Funds, the Investment Fund managers or their respective affiliates. Shareholders will have no right to receive the information issued by the Investment Funds that may be available to the Fund as an investor in the Investment Funds. In addition, Investment Funds generally are not registered as investment companies under the 1940 Act; therefore, the Fund, as an investor in Investment Funds, will not have the benefit of the protections afforded by 1940 Act. Investment Fund managers may not be registered as investment advisers under the Advisers Act, in which case the Fund, as an investor in Investment Funds managed by such Investment Fund managers, will not have the benefit of certain of the protections afforded by the Advisers Act.

Undrawn commitments to Investment Funds generally are not immediately invested. Instead, committed amounts are drawn down by Investment Funds and invested over time, as underlying investments are identified—a process that may take a period of several years, with limited ability to predict with precision the timing and amount of each Investment Fund's drawdowns. During this period, investments made early in an Investment Fund's life are often realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Investment Funds do not draw down 100% of committed capital, and historic trends and practices can inform the Adviser as to when it can expect to no longer need to fund capital calls for a particular Investment Fund. Accordingly, the Adviser may make investments and commitments based, in part, on anticipated future capital calls and distributions from Investment Funds. This may result in the Fund making commitments to Investment Funds in an aggregate amount that exceeds the total amounts invested by shareholders in the Fund at the time of such commitment (i.e., to "over-commit"). To the extent that the Fund engages in an "over-commitment" strategy, the risk associated with the Fund defaulting on a commitment to an Investment Fund will increase. The Fund will maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser's judgment, to satisfy capital calls from Investment Funds.

<u>Investment Funds Fee Risk</u>. Each third-party investment manager to which the Adviser allocates assets generally will charge the Fund, as an investor in an underlying Investment Fund, an asset-based fee, and some or all of the Investment Fund managers will receive performance-based compensation (either fees or in the form of profit "allocations"). The asset-based fees of the Investment Fund managers are generally expected to range from 1% to 3% annually of the net assets under their management. The performance compensation to the Investment Fund managers is generally expected to range from 10% to 25% of net profits annually, which can exceed the levels permitted for funds registered under the 1940 Act. The receipt of performance compensation by an Investment Fund manager may create an incentive for an Investment Fund manager to make investments that are riskier or more speculative than those that might have been made in the absence of such incentive. In addition, because performance compensation will generally be calculated on a basis that includes unrealized appreciation of an Investment Fund's assets, such compensation may be greater than if it were based solely on realized gains. Investment Fund managers may receive compensation for positive performance of an Investment Fund even if the Investment Fund's overall returns are negative.

An investment manager to an Investment Fund will receive any performance compensation to which it is entitled, irrespective of the performance of the other Investment Funds and the Fund generally. Thus, an investment manager with positive performance may receive performance compensation from the Fund, as an investor in an underlying Investment Fund, and indirectly from the Fund's investors, even if the Fund's overall returns are negative. Investment decisions for the Investment Funds are made by the investment managers independently of each other and may conflict with each other. Consequently, at any particular time, one Investment Fund may be purchasing interests in an issuer that at the same time are being sold by another Investment Fund. Investing by Investment Funds in this manner could cause the Fund to indirectly incur certain transaction costs without accomplishing any net investment result.

<u>Reporting Requirements</u>. Investors who beneficially own Units that constitute more than 5% or 10% of a Class of the Fund's Units may be subject to certain requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Investors or to notify Investors that such reports are required to be made. Investors who may be subject to such requirements should consult with their legal advisors.

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<u>Debt Securities</u>. The Fund may invest in bonds or other debt securities. The value of a debt security may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of fixed income securities to decrease, may adversely impact the liquidity of fixed income securities, and increase the volatility of fixed income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

<u>Credit Risk</u>. An issuer of bonds or other debt securities may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. This risk of default for most debt securities is monitored by several nationally recognized statistical rating organizations such as Moody's and S&P. Actual or perceived changes in a company's financial health will affect the valuation of its debt securities. Bonds or debt securities rated BBB/Baa by S&P/Moody's, although investment grade, may have speculative characteristics because their issuers are more vulnerable to financial setbacks and economic pressures than issuers with higher ratings.

<u>Interest Rate Risk</u>. Changes in interest rates can impact bond and debt security prices. As interest rates rise, the fixed coupon payments (cash flows) of debt securities become less competitive with the market and thus the price of the securities will fall. Interest rate risk is generally higher for investments with longer maturities or durations. Duration is the weighted average time (typically quoted in years) to the receipt of cash flows (principal plus interest) for a particular bond, debt security or portfolio, and is used to evaluate such bond's, debt security's or portfolio's interest rate sensitivity. For example, if interest rates rise by one percentage point, the share price of a fund with an average duration of one year would be expected to fall approximately 1% and a fund with an average duration of five years would be expected to decline by about 5%. If rates decrease by one percentage point, the share price of a fund with an average duration of one year would be expected to rise approximately 1% and the share price of a fund with an average duration of five years would be expected to rise by about 5%. Negative or very low interest rates could magnify the risks associated with changes in interest rates. During periods of increasing interest rates, the Fund may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Fund.

<u>Collateral Risk.</u> If the Fund's financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Fund's right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated including, for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer's obligations under a financial instrument. Non-affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer's obligations under a financial instrument.

<u>Inflation Risk</u>. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets or distributions may decline. This risk is more prevalent with respect to debt securities held by the Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of investors' investments in the Funds. Investors' expectation of future inflation can also impact the current value of portfolio investments, resulting in lower asset values and potential losses. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment.

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<u>Defaulted Debt Securities and Other Securities of Stressed Companies</u>. The Fund may invest in low grade or unrated debt securities (i.e., "high yield" or "junk" bonds) and securities of stressed companies. Such investments involve substantial risks. For example, high yield bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Issuers of high yield debt may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. In addition, the risk of loss due to default by the issuer is significantly greater for the holders of high yield bonds because such securities may be unsecured and may be subordinated to other creditors of the issuer. Similar risks apply to other private debt securities. Successful investing in stressed companies involves substantial time, effort and expertise, as compared to other types of investments. Information necessary to properly evaluate a stress situation may be difficult to obtain or be unavailable and the risks attendant to a restructuring or reorganization may not necessarily be identifiable or susceptible to considered analysis at the time of investment.

<u>Mezzanine Investments</u>. The Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower's capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a "put" feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer.

<u>Risks of Investing in Subordinated or Junior Investments</u>. The Fund is permitted to invest in the certificates that comprise a structured vehicle's junior interest, which are subordinated in priority of payment and are subject to certain payment restrictions generally set forth in an indenture governing the notes. In addition, holders of junior investments and subordinated notes generally do not benefit from any creditors' rights or ability to exercise remedies under the indenture governing the notes. Junior investments are not guaranteed by another party and are subject to greater risk than secured notes. The Fund is also permitted to invest in subordinated tranches of notes, which are junior in priority of payment to more senior tranches, and may not be able to benefit from creditors' rights and remedies under their respective indentures while more senior tranches remain outstanding. CLOs, in particular, are typically highly levered, and therefore the junior positions in CLOs in which the Fund intends to invest are subject to a higher risk of loss. There can be no assurance that distributions on the assets held by the CLO or other investment vehicles will be sufficient to make any distributions or that the yield on the junior investments or subordinated notes will meet our expectations.

<u>Geographic Concentration Risks</u>. The Fund may concentrate its investments in specific geographic regions. This focus may constrain the liquidity and the number of Asset-Backed-Related Credit Investments available for investment by the Fund. In addition, the investments of the Fund will be disproportionately exposed to the risks associated with the region of concentration. Certain Asset-Backed-Related Credit Investments may disproportionately expose the Fund to specific geographic regions.

<u>Foreign Investments</u>. Investment in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political, and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, diplomatic relations, embargoes, economic sanctions against a particular country or countries, organizations, entities and/or individuals, limitation on the

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removal of funds or assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund and Asset-Backed-Related Credit Investments may be subject to foreign taxation on realized capital gains, dividends or interest payable on foreign securities, on transactions in those securities and on the repatriation of proceeds generated from those securities. Transaction-based charges are generally calculated as a percentage of the transaction amount and are paid upon the sale or transfer of portfolio securities subject to such taxes. Any taxes or other charges paid or incurred by the Fund in respect of its foreign securities will reduce the Fund's yield.

Issuers of foreign securities are subject to different, often less comprehensive, accounting, custody, reporting, and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than in the United States. Foreign countries may have reporting requirements with respect to the ownership of securities, and those reporting requirements may be subject to interpretation or change without prior notice to investors. No assurance can be given that the Asset-Backed-Related Credit Investments will satisfy applicable foreign reporting requirements at all times.

In addition, the tax laws of some foreign jurisdictions in which the Fund may invest are unclear and interpretations of such laws can change over time. As a result, in order to comply with guidance related to the accounting and disclosure of uncertain tax positions under U.S. generally accepted accounting principles ("GAAP"), the Fund may be required to accrue for book purposes certain foreign taxes in respect of its foreign securities or other foreign investments that it may or may not ultimately pay. Such tax accruals will reduce the Fund's net asset value at the time accrued, even though, in some cases, the Fund ultimately will not pay the related tax liabilities. Conversely, the Fund's net asset value will be increased by any tax accruals that are ultimately reversed.

<u>Registered Investment Companies</u>. The Fund may invest in the securities of other registered investment companies to the extent that such investments are consistent with the Fund's investment objective and permissible under the 1940 Act or made pursuant to an exemption under the 1940 Act. Under one provision of the 1940 Act, the Fund may not acquire the securities of other registered investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other registered investment companies; (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one registered investment company being held by the Fund; or (iii) more than 5% of the Fund's total assets would be invested in any one registered investment company. Pursuant to rules adopted by the SEC, the Fund may invest in excess of the above limitations if the Fund and the investment company in which the Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Other provisions of the 1940 Act are less restrictive provided that the Fund is able to meet certain conditions. The above limitations do not apply to the acquisition of units of any registered investment company in connection with a merger, consolidation, reorganization or acquisition of substantially all of the assets of another registered investment company.

The Fund, as a holder of the securities of other investment companies, will bear its *pro rata* portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund.

<u>Cash, Cash Equivalents, Investment Grade Bonds and Money Market Instruments</u>. The Fund may invest, including for defensive purposes, some or all of its assets in high quality fixed-income securities, money market instruments, money market mutual funds, and other short-term securities, or hold cash or cash equivalents in such amounts as the Adviser deems appropriate under the circumstances. In addition, the Fund may invest in these instruments pending allocation of its offering proceeds. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

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These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default.

<u>Exchange-Traded Funds</u>. The Fund may invest in ETFs. ETFs are hybrid investment companies that are registered as open-end investment companies or unit investment trusts ("UITs") but possess some of the characteristics of closed-end funds. ETFs in which the Fund may invest typically hold a portfolio of common stocks that is intended to track the price and dividend performance of a particular equity index.

The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.

The provisions of the 1940 Act may impose certain limitations on the Fund's investments in other investment companies, including ETFs. In particular, the 1940 Act, subject to certain exceptions, generally limits a fund's investments in ETFs to no more than (i) 3% of the total outstanding voting stock of any one ETF, (ii) 5% of the fund's total assets with respect to any one ETF, and (iii) 10% of the fund's total assets with respect to ETFs or other investment companies in the aggregate (the "Limitation"). Pursuant to rules adopted by the SEC, the Fund may invest in excess of the Limitation if the Fund and the investment company in which the Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Certain of these conditions do not apply if the Fund is investing in shares issued by affiliated funds. In addition, the Fund may invest in shares issued by money market funds, including certain unregistered money market funds, in excess of the Limitation.

The Fund's purchase of shares of ETFs may result in the payment by an Investor of duplicative management fees. The Adviser will consider such fees in determining whether to invest in other mutual funds. The return on the Fund's investments in investment companies will be reduced by the operating expenses, including investment advisory and administrative fees, of such companies.

<u>Hedging</u>. Subject to the limitations and restrictions of the 1940 Act, the Fund may use derivative transactions (primarily futures and, to a lesser extent, options, swaps (including interest rate swaps, total return swaps and credit default swaps), exchange-listed and over-the-counter put and call options, and forward contracts) to manage the duration exposure of the Fund's portfolio or for hedging purposes. Derivative transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Fund could present significant risks, including the risk of losses in excess of the amounts invested. See "Legal and Regulatory Risks."

*Futures and Forwards.* Futures contracts markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. If prices fluctuate during a single day's trading beyond those limits, the Fund could be prevented from promptly liquidating unfavorable positions and thus be subjected to substantial losses. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the futures contracts and the underlying investment sought to be hedged may prevent the Fund from achieving the intended hedging effect or expose the Fund to the risk of loss.

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Forward contracts, unlike futures contracts, are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward trading is relatively unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. Disruptions can occur in any market traded by the Fund due to unusual trading volume, political intervention, or other factors. The imposition of controls by governmental authorities might also limit such forward (and futures) trading to less than that which the Fund would otherwise recommend, to the possible detriment of the Fund. Market illiquidity or disruption could result in major losses to the Fund. In addition, the Fund will be exposed to credit risks with regard to counterparties with whom the Fund trades as well as risks relating to settlement or other default by its counterparties. Such risks could result in substantial losses to the Fund.

*Options*. There are various risks associated with transactions in options. The value of options will be affected by many factors, including changes in the value of underlying securities or indices, changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices), changes in interest rates, changes in the actual or perceived volatility of the stock market and underlying securities, and the remaining time to an option's expiration. The Fund's ability to use options as part of its investment program depends on the liquidity of the markets in those instruments. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If no liquid market exists, the Fund might not be able to effect an offsetting transaction in a particular option. If the Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. As the writer of a call option on a portfolio security, during the option's life, the Fund foregoes the opportunity to profit from increases in the market value of the security underlying the call option above the sum of the premium and the strike price of the call, but retains the risk of loss (net of premiums received) should the price of the underlying security decline. Similarly, as the writer of a call option on a securities index, the Fund foregoes the opportunity to profit from increases in the index over the strike price of the option, though it retains the risk of loss (net of premiums received) should the price of the index decline. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund's potential loss is theoretically unlimited. Stock or index options that may be purchased or sold by the Fund may include options not traded on a securities exchange. The risk of nonperformance by the Fund's counterparty to such bilateral options may be greater and the ease with which the Fund can dispose of or enter into closing transactions with respect to such an option may be less than in the case of an exchange-traded option.

*Swap Agreements.* Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specified assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular non-U.S. currency, or in a security or "basket" of securities representing a particular index. Because swap agreements are two-party contracts that may be subject to contractual restrictions on transferability and termination, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary securities transactions. The Fund's use of swaps could create significant investment leverage.

<u>Derivatives Counterparty Risk</u>. The Fund will be subject to credit risk with respect to the counterparties to derivative contracts. There can be no assurance that a counterparty will be able or willing to meet its obligations. Events that affect the ability of the Fund's counterparties to comply with the terms of the derivative contracts may have an adverse effect on the Fund. If the counterparty defaults, the Fund will have contractual remedies, but there can be no assurance that the Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because the Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by the Fund, if any, the Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument. If a counterparty becomes insolvent, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding or may obtain a limited or no recovery of amounts due to it under the derivative contract.

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Transactions in certain types of derivatives including futures and options on futures as well as some types of swaps are required to be (or are capable of being) centrally cleared. In a transaction involving such derivatives, the Fund's counterparty is a clearing house so the Fund is subject to the credit risk of the clearing house and the member of the clearing house (the "clearing member") through which it holds its position. Credit risk of market participants with respect to such derivatives is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is generally obligated to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. The assets of the Fund might not be fully protected in the event of the insolvency of the Fund's clearing member, because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. In addition, financial difficulty, fraud or misrepresentation at any of these institutions could lead to significant losses as well as impair the operational capabilities or capital position of the Fund. For example, if a clearing member does not comply with applicable regulations or its agreement with the Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

<u>Legal and Regulatory Risks</u>. Legal and regulatory changes that could occur during the term of the Fund may substantially affect private funds and such changes may adversely impact the performance of the Fund. The regulation of the U.S. and non-U.S. securities, derivatives and futures markets and investment funds has undergone substantial change in recent years and such change may continue. Such market regulations may increase the costs of the Fund's investments, may limit the availability or liquidity of certain investments, or may otherwise adversely affect the value or performance of the Fund's investments. Any such developments could impair the effectiveness of the Fund's investments and cause the Fund to lose value. Counterparty risk with respect to derivatives and certain other transactions has also been impacted by rules and regulations affecting such markets. For example, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, in the event of an insolvency of its counterparties (or their affiliates) could be stayed or eliminated under special resolution regimes adopted in the United States and various other jurisdictions.

Greater regulatory scrutiny may increase the Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), there have been extensive rulemaking and regulatory changes that affect fund managers, the funds that they manage, the instruments in which funds invest (such as derivatives), and the financial industry as a whole. The European Union (the "EU"), the UK and various other jurisdictions have implemented or are in the process of implementing similar requirements that will affect the Fund when it enters into derivatives transactions with a counterparty organized in that jurisdiction or otherwise subject to that jurisdiction's derivatives regulations. These and other legislative and regulatory measures may reduce the availability of some types of derivative instruments, may increase the cost of trading in or maintaining other instruments or positions and may cause uncertainty in the markets for a variety of derivative instruments. While many of these requirements are already in effect, others are still being implemented, so their ultimate impact remains unclear. There can be no assurance that current or future regulatory actions authorized by the Dodd-Frank Act will not have a material adverse effect on the Fund, significantly reduce the profitability of the Fund, or impair the ability of the Fund to achieve its investment objectives. In addition, greater regulatory scrutiny may increase the Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

Rule 18f-4 under the 1940 Act governs the classification and use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. If a fund meets certain specified conditions, Rule 18f-4 permits a

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fund to enter into an unfunded commitment agreement without treating it as a senior security subject to otherwise applicable restrictions under the 1940 Act. In connection with the adoption of Rule 18f-4, the SEC also eliminated the asset segregation framework for covering certain derivative instruments and related transactions arising from prior SEC guidance. Compliance with Rule 18f-4 could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule 18f-4 may limit the Fund's ability to use derivatives as part of its investment strategy.

Since 2021, the SEC has proposed and, in some cases, finalized several new rules regarding a wide range of topics relevant to the Fund and its investments. For example, the SEC has finalized new rules requiring the central clearing of certain cash and repurchase transactions involving U.S. Treasuries and has also proposed new rules that would require public reporting of certain security-based swap transactions. These and other proposed new rules, whether assessed on an individual or collective basis, could fundamentally change the current regulatory framework for relevant markets and market participants, including having a material impact on activities of registered investment advisers and their funds. While it is currently difficult to predict the full impact of these new rules, these rules could make it more difficult for the Fund to execute certain investment strategies and may have an adverse effect on the Fund's ability to achieve its investment objective.

The U.S. Commodity Futures Trading Commission ("CFTC"), certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded, unless an exemption applies. It is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser (acting in its capacity as investment adviser of the Fund) may have to be modified and positions held by the Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy. The Fund may also be affected by other regimes, including those of the EU and UK, and trading venues that impose position limits on commodity derivative contracts.

The Adviser with respect to the Fund intends to file a notice of exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and, therefore, the Fund will not be subject to registration or regulation as a commodity pool under the CEA. For the Adviser to remain eligible for the relief, the Fund must comply with certain limitations, including limits on their ability to gain exposure to certain financial instruments such as futures, options on futures and certain swaps. These limitations may restrict the Fund's ability to pursue its investment objective and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return.

<u>Reverse Repurchase Agreements</u>. The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the investment restrictions set forth herein. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. The use by the Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement.

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<u>Repurchase Agreements</u>. The Fund may enter into repurchase agreements, by which the Fund purchases a security and obtains a simultaneous commitment from the seller to repurchase the security at an agreed-upon price and date (usually seven days or less from the date of original purchase). The resale price typically is in excess of the purchase price and reflects an agreed-upon market interest rate unrelated to the coupon rate on the purchased security. Repurchase agreements are economically similar to collateralized loans and afford the Fund the opportunity to earn a return on temporarily available cash. The Fund does not have percentage limitations on how much of its total assets may be invested in repurchase agreements. The Fund typically may also use repurchase agreements for cash management and temporary defensive purposes. The Fund may invest in a repurchase agreement that does not produce a positive return to the Fund if the Adviser believes it is appropriate to do so under the circumstances (for example, to help protect the Fund's uninvested cash against the risk of loss during periods of market turmoil). While in some cases the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the U.S. government, the obligation of the seller is not guaranteed by the U.S. government and there is a risk that the seller may fail to repurchase the underlying security. In such event, the Fund would attempt to exercise rights with respect to the underlying security, including possible disposition in the market. However, the Fund may be subject to various delays and risks of loss, including (i) possible declines in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto, (ii) possible reduced levels of income and lack of access to income during this period and (iii) inability to enforce rights and the expenses involved in the attempted enforcement, for example, against a counterparty undergoing financial stress.

<u>Market Disruption and Geopolitical Risk</u>. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 pandemic, and systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Asset-Backed Credit Investments.

The effects of infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crisis could cause significant market volatility and declines in global financial markets and may affect adversely the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, borrowers and sectors, and the health of capital markets and other markets generally in potentially significant and unforeseen ways. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. A global pandemic or other widespread health crisis could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates, and adverse effects on the values and liquidity of securities or other assets. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The foregoing could impair the Fund's ability to maintain operational standards, disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the Fund. Other epidemics or pandemics that arise in the future may have similar impacts.

Given the increasing interdependence between global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Continuing uncertainty as to the status of the Euro and the European Monetary Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of the Fund's investments. The UK left the EU on January 31, 2020 (commonly referred to as "Brexit"). During an 11-month transition period, the UK and the EU agreed to a Trade and Cooperation Agreement that sets out the agreement for certain parts of the future relationship between the

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EU and the UK from January 1, 2021. The Trade and Cooperation Agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as the UK previously maintained as a member of the EU and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services, which is yet to be agreed. Accordingly, uncertainty remains in certain areas as to the future relationship between the UK and the EU.

Beginning on January 1, 2021, EU laws ceased to apply in the UK. Many EU laws were initially retained and continued to apply in the UK; however, the UK government has since enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that were initially retained, with a view to those laws being replaced by purely domestic legislation. It is impossible to predict the consequences of these amendments on the Fund and its investments. Such changes could be materially detrimental to investors.

Although one cannot predict the full effect of Brexit, it could have a significant adverse impact on the UK, European and global macroeconomic conditions and could lead to prolonged political, legal, regulatory, tax and economic uncertainty. This uncertainty is likely to continue to impact the global economic climate and may impact opportunities, pricing, availability and cost of bank financing; regulation; values; or exit opportunities of companies or assets based, doing business, or having service or other significant relationships in, the UK or the EU, including companies or assets held or considered for prospective investment by the Fund.

Additionally, in March 2023, the shutdown of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system.

Political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war", may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the current trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

<u>Cyber Security Risk</u>. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Asset-Backed Credit Investments, the Adviser or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or the Investors. For instance, cyber-attacks may interfere with the processing of Investor transactions, affect the Fund's ability to calculate its NAV, cause the release of private Investor information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of Fund assets and transactions, Investor ownership of Units, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. The Fund may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. The Fund and the Investors could be negatively impacted as a result. The use of artificial intelligence ("AI") and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. While the Adviser has established business continuity plans and systems designed to prevent cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. The Fund relies on third-party service providers for many of its day-to-day operations, and is subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund from cyber-attack. Any problems relating to the performance and effectiveness of security procedures used by the Fund or third-party service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple

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signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in the Fund. The Adviser does not control the cyber security plans and systems put in place by third-party service providers and such third-party service providers may have limited indemnification obligations to the Adviser or the Fund. Similar types of cyber security risks also are present for the Asset-Backed Credit Investments and other issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the investments of the Asset-Backed Credit Investments to lose value.

**Other Risks** 

Investing in the Fund involves risks other than those associated with investments made by the Asset-Backed Credit Investments. Some of these risks are described below:

<u>No Operating History</u>. The Fund was organized on November 10, 2025. It has not yet commenced operations as of the date of this Prospectus and has no operating history. The Fund may not succeed in meeting its objective, and its net asset value may decrease. As a new Fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.

<u>Availability of Investment Opportunities</u>. The business of identifying and structuring investments of the types contemplated by the Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities is subject to market conditions and may also be affected by the prevailing regulatory or political climate. The Fund will compete for attractive investments with other prospective investors and there can be no assurance that the Adviser will be able to identify, gain access to, or complete attractive investments, that the investments which are ultimately made will satisfy all of the Fund's objectives, or that the Fund will be able to fully invest its assets. Other investment vehicles managed or advised by the Adviser and its affiliates may seek investment opportunities similar to those the Fund may be seeking. Consistent with the Adviser's allocation policies, the Adviser will allocate fairly between the Fund and such other investment vehicles any investment opportunities that may be appropriate for the Fund and such other investment vehicles.

The Adviser may sell the Fund's holdings of certain of its investments at different times than similar investments are sold by other investment vehicles advised by the Adviser, particularly if significant repurchases of Units by the Fund occur, which could negatively impact the performance of the Fund.

<u>Inadequate Return</u>. No assurance can be given that the returns on the Fund's investments will be proportionate to the risk of investment in the Fund. Potential Investors should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment.

<u>Recourse to the Fund's Assets</u>. The Fund's assets, including any interest in the Asset-Backed Credit Investments held by the Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

<u>Possible Exclusion of Investors and/or Mandatory Redemption of Units Based on Certain Detrimental Effects</u>. The Fund may repurchase Fund Units held by an Investor or other person acquiring Units from or through an Investor, if: (i) the Units have been transferred in violation of the LLC Agreement or have vested in any person by operation of law (*i.e.*, the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Investor); (ii) any transferee does not meet any investor eligibility requirements established by the Fund from time to time; (iii) ownership of the Units by the Investor or other person likely will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; (iv) continued ownership of the Units by the Investor or other person may be harmful or injurious to the business or reputation of the Fund, the Adviser or the Sponsor, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences; (v) any of the representations and warranties made by the Investor or other person in connection with the acquisition of the

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Units was not true when made or has ceased to be true; (vi) the Investor is subject to special laws or regulations, and the Fund determines that the Investor is likely to be subject to additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold the Units; (vii) the Investor's investment balance falls below $2,500 or the amount the Board determines from time to time to be a minimum investment in the Fund or rises above the amount the Board determines from time to time to be a maximum investment in the Fund; or (viii) the Fund or the Board determines that the repurchase of the Units would be in the interest of the Fund. Any repurchases of Fund Units pursuant to clause (vii) in the preceding sentence will be conducted consistent with Section 23(c) of the 1940 Act and the rules thereunder. These provisions may, in effect, deprive an Investor in the Fund of an opportunity for a return that might be received by other Investors.

<u>Placement Risk</u>. It is expected that many Investors will invest in the Fund with RIAs. When a limited number of RIAs represents a large percentage of Investors, actions recommended by the RIAs may result in significant and undesirable variability in terms of Investor subscription or tender activity. Additionally, it is possible that if a matter is put to a vote at a meeting of Investors, clients of a single RIA may vote as a block, if so recommended by the RIA.

<u>Tax Risks</u>. Special tax risks are associated with an investment in the Fund. The Fund intends to qualify and elect to be treated as a RIC under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, diversification and 90% gross income requirements, and a requirement that it distribute at least 90% of its investment company taxable income and net short-term gains in the form of deductible dividends.

In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in an Asset-Backed Credit Investment that limit utilization of this cure period. See "Certain Tax Considerations – Taxation of the Fund – Qualification for and Treatment as a Regulated Investment Company."

If the Fund were to fail to satisfy the asset diversification or other RIC requirements, absent a cure, it would lose its status as a RIC under the Code. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of the Fund's taxable income to be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to Investors. In addition, all distributions (including distributions of net capital gain) would be taxed to their recipients as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of the Fund's Units.

The Fund must distribute at least 90% of its investment company taxable income, in a manner qualifying for the dividends-paid deduction, to qualify as a RIC, and must distribute substantially all its income in order to avoid a fund-level tax. In addition, if the Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, it would be subject to an excise tax. See "Certain Tax Considerations."

The Fund may directly or indirectly invest in issuers located outside the United States. Such issuers may be subject to withholding taxes or other taxes in such jurisdictions with respect to their investments or operations, as applicable. In addition, adverse U.S. federal income tax consequences can result by virtue of certain foreign investments, including potential U.S. withholding taxes on foreign investment entities with respect to their U.S. investments and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as "passive foreign investment companies." See "Certain Tax Considerations—Passive Foreign Investment Companies."

Certain of the Fund's investments require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. In particular, the Fund may invest in loans and other debt obligations that will be treated as having "market discount" and/or original issue discount for U.S. federal income tax purposes and may also invest in certain passive foreign investment companies. Because the Fund will,

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from time to time, be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes in such circumstances. Accordingly, the Fund may, from time to time, be required to sell assets, including at potentially disadvantageous times or prices, borrow, raise additional equity capital, make taxable distributions of its shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund will, from time to time, realize gain or loss on such liquidations; in the event the Fund realizes net capital gains from such liquidation transactions, its shareholders could receive larger capital gain distributions than they would in the absence of such transactions.

A number of items of legislation have been proposed in the past that could significantly alter certain of the U.S. federal income tax consequences of an investment in the Fund. President Trump recently signed into law the "One Big Beautiful Bill Act" (the "OBBBA") which includes several new provisions (and other amendments) to the Internal Revenue Code. The impact of the OBBBA and any other potential tax changes on an investment in the Fund is uncertain. Prospective investors should consult their own tax advisors regarding any change or potential changes in tax laws and the impact on their investment in the Fund and the impact on the Fund and any potential investments.

The Fund may, from time to time, invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund will cease to accrue interest, original issue discount or market discount, when and to what extent deductions can be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues are addressed by the Fund to the extent necessary in order to seek to ensure that it distributes sufficient income to ensure that it does not become subject to U.S. federal income or excise tax.

<u>Senior Secured Loans</u>. Senior secured loans are of a type generally incurred by the obligors thereunder in connection with highly leveraged transactions, often (although not exclusively) to finance internal growth, acquisitions, mergers and/or stock purchases. As a result of, among other things, the additional debt incurred by the obligor in the course of such a transaction, the obligor's creditworthiness is often judged by the rating agencies to be below investment grade. Senior secured loans are typically at the most senior level of the capital structure. Senior secured loans are generally secured on shares in certain group companies and may also be secured by specific collateral or guarantees, including but not limited to, trademarks, patents, accounts receivable, inventory, equipment, buildings, real estate, franchises and common and preferred stock of the obligor and its subsidiaries. Senior secured loans usually have shorter terms than more junior obligations and often require mandatory prepayments from excess cash flow, asset dispositions and offerings of debt and/or equity securities on a priority basis.

Although any particular senior secured loan often will share many similar features with other loans and obligations of its type, the actual terms of any particular senior secured loan will have been a matter of negotiation and will thus be unique. The types of protection afforded to creditors will therefore vary from investment to investment. Because of the unique nature of a loan agreement, and the private syndication of the loan, leveraged loans are generally not as easily purchased or sold as publicly traded securities.

An interest in a non-investment grade loan is generally considered speculative in nature and may become a defaulted obligation for a variety of reasons. Upon any investment becoming a defaulted obligation, such defaulted obligation may become subject to either substantial workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal and a substantial change in the terms, conditions and covenants with respect of such defaulted obligation. In addition, such negotiations or restructuring may be quite extensive and protracted over time, and therefore may result in uncertainty with respect to ultimate recovery on such defaulted obligation. The liquidity for defaulted obligations may be limited, and to the extent that defaulted obligations are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. Consequently, the fact that a loan is secured does not guarantee that an Asset-Backed Credit Investment will receive principal and interest payments according to the loan's terms, or at all, or that an Asset-Backed Credit Investment will be able to collect on the loan should it be forced to enforce its remedies.

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<u>Junior and Other Subordinated Debt, Unsecured Debt, Low/Unrated Debt Risks</u>. Certain investments (or a portion thereof) may be made in certain high-yield securities known as junior investments, which are subordinated debt securities that may be issued together with an equity security (e.g., with attached warrants). Junior investments can be lower-rated, unsecured and generally subordinate to other obligations of the issuer.

Junior investments share all of the risks of other high yield securities and are subject to greater risk of loss of principal and interest than higher-rated securities, especially in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower-rated securities, the yields and prices of those securities may tend to fluctuate more than those for higher-rated securities.

There are additional risks associated with second-lien or other subordinated loans. In the event of a loss of value of the underlying assets that collateralize the loans, the subordinate portions of the loans may suffer a loss prior to the more senior portions suffering a loss. If a borrower defaults and lacks sufficient assets to satisfy the loan, the Fund may directly or indirectly suffer a loss of principal or interest. If a borrower defaults on the loan or on debt senior to the loan, or in the event of the bankruptcy of a borrower, the loan will be satisfied only after all senior debt is paid in full. Similarly, in the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for an unsecured holder and therefore result in a direct or indirect loss of investment. Unsecured loans also generally have greater price volatility than secured loans and may be less liquid.

<u>Equity Securities, Warrants, Convertible Securities</u>. In addition to the Fund's investment in Asset-Backed Credit Investments and otherwise, Fund may invest in equity securities that fall within the definition of "subordinated debt investments" or may receive equity securities or warrants rights as a result of its debt investments. As with other investments, the value of equity securities held by the Fund may be adversely affected by actual or perceived negative events relating to the issuer of such securities, the industry or geographic areas in which such issuer operates or the financial markets generally; however, equity securities may be even more susceptible to such events given their subordinate position in the issuer's capital structure, thus subjecting them to greater price volatility. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of options, the terms of which may limit the Fund's ability to exercise the warrants or rights at such time, or in such quantities, as the Fund would otherwise wish.

The Fund may also invest in convertible securities, which have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective.

<u>Special Situations</u>. The Fund may make investments in Asset-Backed Credit Investments or with respect to an obligor involved in (or the target of) acquisition attempts or tender offers, or companies involved in spin-offs and similar transactions. In any investment opportunity involving any such type of business enterprise, there exists the risk that the transaction in which such business enterprise is involved will either be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss. In connection with such transactions (or otherwise), the Fund may purchase securities on a when-issued basis, which means that delivery and payment take place sometime after the date of the commitment to purchase and are often conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, reorganization or debt restructuring. The purchase price or interest rate receivable with respect to a when issued security is fixed when the Fund enters into the commitment. Such securities are subject to changes in market value prior to their delivery.

**The Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment.** 

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The above discussions of the various risks associated with the Fund and the Units are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective Investors should read this entire Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment programs change or develop over time, or market conditions change or develop, an investment in the Fund may be subject to risk factors not described in this Prospectus.

**No guarantee or representation is made that the investment program of the Fund will be successful, that the various Asset-Backed Credit Investments selected will produce positive returns or that the Fund will achieve its investment objective.** 

**CONFLICTS OF INTEREST** 

**The Adviser** 

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser, and certain of its investment professionals and other principals, may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts and clients of the Adviser, including private funds advised by the Adviser (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund has no interest in these activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, will manage the Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. Such persons will devote only so much of their time as in their judgment is necessary and appropriate.

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa. In allocating investments among the Fund and Other Accounts, the Adviser will consider the appropriateness of a particular investment opportunity in light of the investment objectives, strategies, and liquidity needs of the Fund and Other Accounts and will follow its allocation policies and procedures in order to minimize conflicts of interest.

The Adviser or Distributor may compensate, from its own resources, Selling Agents in connection with the distribution of Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund or the Adviser. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall net asset value of the Fund, or a fee determined in some other method by negotiation between the Adviser or Distributor and such Selling Agents. Each Selling Agent also may charge Investors, at the Selling Agent's discretion, a distribution fee based on the purchase price of Fund Units purchased by the Investor. Class M Units will be sold at the prevailing net asset value per Class M Unit. No Upfront Sales Load will be paid to the Fund or the Distributor with respect to Class M Units. If, however, Class M Units are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per unit for each Class M Unit. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. All or a portion of such compensation may be paid by the Selling Agent to the financial advisory personnel involved in the sale of Units. As a result of the various payments that Selling Agents may receive from Investors and the Adviser or Distributor, the amount of compensation that a Selling Agent may receive in connection with the sale of Units in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Selling Agent to recommend the Fund over another investment product.

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Selling Agents may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, or other investment vehicles managed or sponsored by the Adviser, may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to, a Selling Agent. As such, certain conflicts of interest may exist between such persons and a Selling Agent. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Selling Agents may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund. Such entities may compete with the Fund for investment opportunities and may invest directly in such investment opportunities.

A Selling Agent may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisors whose clients purchase Units of the Fund. Such fee arrangements may create an incentive for a Selling Agent to encourage investment in the Fund, independent of a prospective Investor's objectives.

A Selling Agent may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund. A Selling Agent may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund. A Selling Agent may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or adviser, investment sub-adviser, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, fund accountant, transaction (e.g., a swap) counterparty and/or lender. A Selling Agent is expected to provide certain of such services to the Fund in connection with the Fund obtaining a credit facility, if any.

In addition, issuers of securities held by the Fund may have publicly or privately traded securities in which a Selling Agent is an investor or makes a market. The trading activities of Selling Agents generally will be carried out without reference to positions held by the Fund and may have an effect on the value of the positions so held, or may result in a Selling Agent having an interest in the issuer adverse to the Fund. No Selling Agent is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund has an interest.

A Selling Agent may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, including with respect to fees and the right to receive information.

**Participation in Investment Opportunities** 

Directors, principals, officers, employees, and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts that are the same as, different from or made at a different time than, positions taken for the Fund.

**Other Matters** 

The Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that (i) the Adviser and its affiliates may invest in the Fund, and (ii) the Fund may, in accordance with rules under the 1940 Act, engage in transactions with accounts that are affiliated with the Fund. The transactions referred to in (ii) above would be effected in circumstances in which the Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument on the same day.

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Future investment activities of the Adviser and its affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**MANAGEMENT OF THE FUND** 

**Board of Directors** 

The Fund has a Board, currently consisting of Jill R. Cuniff, Kurt A. Keilhacker, Peter W. MacEwen, Eric Rakowski, Victoria L. Sassine, and Garret W. Weston, which supervises the conduct of the Fund's affairs. The Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. Messrs. Keilhacker, MacEwen, and Rakowski and Mses. Cuniff and Sassine are persons who are not "interested persons" (as defined in the 1940 Act) of the Fund, and Mr. Weston is an "interested person" of the Fund. There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. Each officer holds office at the pleasure of the Board.

**The Adviser** 

Brown Brothers Harriman Credit Partners, LLC serves as the Fund's Adviser. The Adviser is a limited liability company organized under the laws of Delaware and is registered as an investment adviser under the Advisers Act and established in 2025. The Adviser is a majority owned subsidiary of, and controlled by, BBH&Co., a limited partnership organized under the laws of the State of New York. The Adviser is an affiliate of AMG, a publicly traded company. AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally.

The Adviser serves as investment adviser or sub-adviser to mutual funds registered under the 1940 Act, institutional separately managed accounts, collective investment trusts, private funds and collective investment funds organized under the Undertaking for Collective Investments in Transferable Securities Act. As of [ ], 2026, the Adviser had assets under management of approximately $[ ] billion.

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement entered into between the Fund and the Adviser. The Directors have engaged the Adviser to develop and furnish continuously an investment program for the Fund under the ultimate supervision of, and subject to any policies established by, the Board. A discussion of the basis for the Board's approving the Investment Management Agreement will be available in the Fund's first annual or semi-annual report to Investors.

The offices of the Adviser are located at 140 Broadway, New York, NY 10005, and its telephone number is (212) 483-1818.

**Investment Management Agreement** 

Pursuant to the Investment Management Agreement, the Adviser is responsible, subject to the supervision of the Directors, for developing and formulating a continuing investment program for the Fund. The Investment Management Agreement is terminable without penalty, on sixty (60) days' prior written notice by the Board, by vote of a majority of the outstanding voting securities of the Fund or by the Adviser. The Investment Management Agreement provides for an initial term of two years and will continue in effect from year to year thereafter if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Fund, provided that, in either event, the continuance also is approved by a majority of the Directors who are not "interested persons" of the Fund or the Adviser by vote cast in person at a meeting called for the purpose of voting on such approval to the extent required by applicable law. The Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

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In consideration of the management services provided by the Adviser to the Fund, the Fund will pay the Adviser, out of the Fund's assets, the Investment Management Fee at the annual rate of 1.45% payable monthly in arrears, accrued daily based upon the Fund's average daily Managed Assets. The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Investment Management Fees are paid before giving effect to any repurchase of Units in the Fund effective as of the end of such month, if any, and will decrease the net profits or increase the net losses of the Fund.

The Investment Management Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties to the Fund, the Adviser will not be liable to the Fund or any investor of the Fund for any act or omission in the course of, or connected with, rendering services under the Investment Management Agreement. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund of the Adviser, its affiliates (including any affiliated sub-adviser), and any of their respective partners, members, directors, officers, employees, or investors (each, an "Adviser Indemnitee"), from and against any claim, liability, damage, loss, cost, or expense incurred by the Adviser Indemnitee that arises out of or in connection with the performance or non-performance of any of the Adviser's responsibilities under the Investment Management Agreement, provided that the Adviser Indemnitee acted in good faith and in a manner the Adviser Indemnitee reasonably believed to be in or not opposed to the best interests of the Fund and the claim, liability, damage, loss, cost, or expense is not incurred by reason of the Adviser Indemnitee's willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations to the Fund.

**Portfolio Management** 

Under the Investment Management Agreement, the Adviser agrees to develop and furnish continuously an investment program for the Fund. The portfolio managers listed below are collectively responsible for activities comprised in the day-to-day investment of the Fund's portfolio.

<u>Neil Hohmann, Ph.D</u>. Neil Hohmann is a Portfolio Manager of Brown Brothers Harriman Credit Partners and a Partner of BBH&Co. with 29 years of investment experience. He has served as a portfolio manager of the Fund since its inception. Mr. Hohmann holds a BA from Yale University and a PhD in Economics from the University of Chicago. He has served as a Portfolio Manager of Brown Brothers Harriman Credit Partners since 2026. Mr. Hohmann joined BBH&Co.in 2006 and has served as a Partner since January 2024.

<u>Chris Ling</u>. Chris Ling is a Portfolio Manager and lead structured products trader of the Adviser with 25 years of investment experience. He has served as a portfolio manager to the Fund since its inception. Mr. Ling holds an undergraduate degree in business management from Binghamton University and an MBA in Finance from the New York University Stern School of Business. He has served as a Portfolio Manager of the Adviser since 2026. He joined BBH&Co. in 2011.

**Other Service Providers to the Fund** 

**Administrator** 

AMG Funds LLC serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. The Administrator performs or supervises certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee").

The Administrator maintains certain of the Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (140 Broadway, New York, NY 10005), or the custodian (50 Post Office Square, Boston, MA 02110-1548).

**Sub-Administrator** 

The Fund has engaged Brown Brothers Harriman & Co. (the "Sub-Administrator") to serve as sub-administrator to the Fund. For its services as sub-administrator, the Fund pays certain fees to the sub-administrator.

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**Transfer Agent** 

Ultimus Fund Solutions, LLC (the "Transfer Agent"), 225 Pictoria Drive, Suite 450, P.O. Box 46707, Cincinnati, Ohio 45246-0707, serves as Transfer Agent to the Fund. The Transfer Agent performs certain transfer agency, recordkeeping, fund accounting, and investor services for the Fund.

**Custodian** 

Brown Brothers Harriman & Co. (the "Custodian"), 50 Post Office Square, Boston, MA 02110-1548, serves as a custodian and fund accounting agent for the Fund and any Subsidiary. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund in connection with the Fund's investments, releasing and delivering assets as directed by the Fund, maintaining bank accounts in the names of the Fund, receiving for deposit into such accounts payments for units of the Fund, collecting income and other payments due the Fund with respect to investments, paying out monies of the Fund, and providing certain fund accounting services to the Fund.

The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

**The Distributor and Distribution Arrangements** 

AMG Distributors, Inc. (the "Distributor") acts as the distributor of the Fund's Units on a best efforts basis. The Distributor's principal address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Distributor is a wholly-owned subsidiary of the Administrator.

The Class S, Class I and Class M Units are publicly offered at current net asset value per unit. The Distributor is not obligated to buy from the Fund any of the Units and does not intend to make a market in the Units. Investors should consult with their financial intermediaries about any additional fees or charge they might impose.

The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more Sub-Distributors or Selling Agents that provide distribution and investor services to Investors.

The Fund has submitted an application to the SEC for an exemptive order that would permit the Fund to offer multiple classes of units, however, there is no guarantee that the Fund will receive the requested exemptive relief. If received, pursuant to such order, the Fund will adopt a Distribution and Service Plan with respect to Class M Units that is intended to comply with Rule 12b-1 under the 1940 Act. Under the Distribution and Service Plan, the Fund is permitted to pay Distribution and/or Service Fees for the sale and servicing of its Class M Units. Under the Distribution and Service Plan, the Fund is permitted to pay as compensation 0.75% on an annualized basis of the average daily net assets of the Fund attributable to Class M Units (the "Distribution and/or Service Fees") to the Fund's Distributor and/or other qualified recipients. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. The Distribution and Service Plan does not apply to Class I and Class S Units.

*Payments to Financial Intermediaries* 

The Adviser or the Distributor may compensate certain Selling Agents, out of their own assets and not as an additional charge to the Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. The level of such payments may be substantial and may be different for different Selling Agents. These payments may create incentives on the part of a Selling Agent to view the Fund favorably compared with investment funds that do not make these payments, or that make smaller payments. In addition to the above, the Adviser may compensate the Distributor, out of its own assets and not as an additional charge to the Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. Such Selling Agents may be affiliated with the Fund or the Adviser.

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In addition, the Fund may pay fees (for Class M Units, in addition to any amounts paid pursuant to its Distribution and Service Plan) to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other shareholder services and recordkeeping associated with investors whose Units are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents. Additionally, the Fund may pay a servicing fee to a financial intermediary for providing ongoing services in respect of clients with whom it has distributed Units of the Fund. Such services may include the aggregation or electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation and payments, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and the provision of other information and ongoing investor liaison services.

**Independent Registered Public Accounting Firm** 

KPMG LLP, Two Manhattan West, 375 9th Avenue, New York, New York 10001, is the independent registered public accounting firm for the Fund. KPMG LLP will conduct an annual audit of the financial statements of the Fund and may provide other audit, tax and related services.

**Legal Counsel** 

Simpson Thacher & Bartlett LLP, 855 Boylston Street, Boston, MA 02116, acts as legal counsel to the Fund.

**FEES AND EXPENSES** 

**Fees and Expenses** 

The Adviser will bear all of its own costs incurred in providing investment advisory services to the Fund. The Fund will bear all expenses incurred in the business and investment program of the Fund, including all costs related to its organization and offering of Units.

The Fund (and thus, indirectly, the Investors) will bear all expenses incurred in the business of the Fund, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses related to its investment program, including, but not limited to: (i) expenses borne through
the Fund's investments; (ii) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Fund's investments (whether or not
consummated), and enforcing the Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vi) if applicable, brokerage commissions and finders'
fees, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Management Fee and Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Distribution and/or Service Fees based on the net assets attributable to a Class of Units and any other
distribution or service fees to be paid by the Fund pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the operation and registration of the Fund, including, without limitation,
all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance with any applicable federal or state laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred in exchange for loan administration services;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses of the Independent Directors of the Fund and the fees and expenses of independent counsel
thereto, and the costs and expenses of holding any meetings of the Board or Investors for the Fund that are regularly scheduled, permitted or required to be held under the terms of the LLC Agreement, the 1940 Act or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion, as determined by the Board, of the expenses attributable to implementing the Fund's compliance
program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and disbursements of any attorneys, accountants, independent registered public accounting firms, and
other consultants and professionals engaged on behalf of the Fund and the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund or the Directors
or the officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all recordkeeping, custody, transfer agency and similar fees and expenses incurred by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses incurred in connection with investor reporting and preparing, setting in type, printing
and distributing reports and other communications, including repurchase offer correspondence or similar materials, to Investors or potential investors or the Fund's investors or potential investors, including information technology costs
related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses of computing the Fund's net asset value, including any equipment or services obtained for the
purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all charges for equipment or services used for communications between the Fund and any custodian, or other agent
engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees of custodians, other service providers to the Fund including transfer agents and depositaries (including The
Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extraordinary expenses, including, without limitation, (i) any actual or potential litigation, claim,
mediation, arbitration or other disputes (including expenses incurred in connection with the investigation, prosecution, defense, judgment, award or settlement of litigation and the appointment of any agents for service of process); (ii)
indemnification or contribution obligations under the Fund's organizational documents, including advanced payment of any such fees, costs or expenses to persons entitled to such indemnification, or other matters that are the subject of
indemnification or contribution pursuant to the Fund's organizational documents; (iii) excise taxes and (iv) costs incurred in connection with holding and/or soliciting proxies for a meeting of Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all taxes to which the Fund may be subject, directly or indirectly, and whether in the United States, any state
thereof or any other U.S. or non-U.S. jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all statutory fees or other governmental, administrative, legal regulatory or other similar charges, if any,
levied against or in respect of or in relation to the Fund or in connection with its business or operations, including relating to compliance with any Fund-related agreements and agreements with investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any actual or potential audit, inquiry, assessment, examination, investigation or other proceeding by any taxing
authority or incurred in connection with any governmental inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Fund, including the amount of any judgment, settlement, remediation, fine, interest, late interest
and/or penalty paid in connection therewith and including advancement of any such amounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all borrowings related payments, including interest and fees incurred in connection with the negotiation and
establishment of credit facilities, credit support, guarantees, swap or other relevant arrangements with respect to such borrowings or related to securing the same by mortgage, pledge, or other encumbrance, if applicable, or relating to hedging
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any activities with respect to protecting the confidential or non-public nature of any information or data, including confidential information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other types of expenses as may be approved from time to time by the Board.

Except as set forth in the Investment Management Agreement, the Adviser shall be entitled to reimbursement from the Fund for any of the above expenses that the Adviser pays on behalf of the Fund.

The Fund will bear certain ongoing offering costs associated with the Fund's continuous offering of Units (mostly filing and printing expenses). Offering costs cannot be deducted for tax purposes by the Fund or the Fund's Investors. [The Fund's organizational expenses and offering costs were paid, and will be paid, by the Adviser prior to the Fund's commencement of investment operations.] The Fund anticipates that such amounts will be reimbursed by the Fund after the Fund's commencement of investment operations.

**Expense Limitation and Reimbursement Agreement** 

The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to waive the management fees payable by the Fund and pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.50% per annum of the Fund's average daily net assets (the "Expense Cap"). "Excluded Expenses" is defined to include the following fees and expenses of the Fund: (a) the management fee incurred by the Fund; (b) fees, expenses, allocations, carried interests, etc. of the Fund's investments; (c) acquired fund fees and expenses of the Fund; (d) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of the Fund's investments; (e) interest expense incurred; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (g) the Distribution and/or Service Fees (as applicable) incurred by the Fund; (h) the shareholder servicing fees (as applicable) incurred by the Fund; (i) taxes of the Fund; and (j) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, the Fund's administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Fund's professional fees (outside of professional fees related to transactions), the Fund's organizational costs and fees and expenses of Fund Directors.

To the extent that the Fund's total annual operating expenses exceed the Expense Cap, the Adviser will waive the management fee payable by the Fund or pay or reimburse the Fund for expenses to the extent necessary to eliminate such excess. For a period not to exceed 36 months from the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser, the Adviser may recoup amounts paid, waived, or reimbursed, provided that the amount of any such additional payment by the Fund in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Cap that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Cap that is in effect at the time of such additional payment by the Fund. The Expense Limitation and Reimbursement Agreement shall remain in effect until August 1, 2027, unless approved by the Board of the Fund for successive one-year periods, and may only be amended or terminated by the Board of the Fund during such period. The Expense Limitation and Reimbursement Agreement will terminate at such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund.

**DESCRIPTION OF UNITS** 

The following is a description of the material features of the Fund's capital structure.

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**General** 

The Fund is a limited liability company organized under the laws of the state of Delaware and intends to elect to be treated as a RIC for U.S. federal income tax purposes. The Fund is authorized to issue an unlimited number of units and may divide the units into one or more Classes. This Prospectus describes three separate classes of Units designated as Class S Units, Class I Units and Class M Units. From time to time, and pursuant to exemptive relief received from the SEC, the Board may create and offer additional classes of Units, or may vary the characteristics of Class S Units, Class I Units, or Class M Units described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular Class of Units; (5) differences in any dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) any sales load structure; and (7) any conversion features, as permitted under the 1940 Act. The Fund's repurchase offers will be made to all of its classes of Units at the same time, in the same proportional amounts and on the same terms, except for differences in net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses.

The members of the Fund (the "Members") are entitled to one vote for each unit held of the Fund (or Class thereof), on matters on which Units of the Fund (or Class thereof) shall be entitled to vote. Each unit, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. Any meeting of Investors may be called by the Board or Investors holding one-third of the total number of votes eligible to be cast by all Investors at such meeting. Except for the exercise of their voting privileges, Investors will not be entitled to participate in the management or control of the Fund's business, and may not act for or bind the Fund.

All Units of a Class are equal as to right of repurchase by the Fund, dividends and other distributions, and voting rights and currently have no preemptive or other subscription rights.

Investors are not liable for further calls or assessments, except that an Investor may be obligated to repay any funds wrongfully distributed to such Investor. The Fund will send periodic reports (including financial statements) to all Investors. The Fund does not intend to hold annual meetings of Investors. Investors are entitled to receive dividends only if and to the extent declared by the Board and only after the Board has made provision for working capital and reserves as it in its sole discretion deems advisable. Units are not available in certificated form. With very limited exceptions, Units are not transferable and liquidity will be provided principally through limited repurchase offers. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units."

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, any action requiring a vote of Investors shall be effective if taken or authorized by the affirmative vote of a majority of the total number of votes eligible to be cast by Investors that are present in person or by proxy at the meeting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, Investors generally are entitled to share ratably in all the remaining assets of the Fund.

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, (i) those candidates for election to be a Director receiving a plurality of the votes cast at any meeting of Members shall be elected as Directors, and (ii) all other actions of the Members taken at a meeting shall require the affirmative vote of Members holding a majority of the total number of votes eligible to be cast by those Members who are present in person or by proxy at such meeting.

**Outstanding Securities as of [date]** 

---

| | | | |
|:---|:---|:---|:---|
| **(1)**<br> **Title of Class** | **(2)<br>Amount<br>Authorized** | **(3)<br>Amount Held by<br>Registrant for<br>its Account** | **(4)<br>Amount<br>Outstanding<br>Exclusive of Amount<br>Shown Under (3)** |
|  Class S | Unlimited | [] | [] |
|  Class I | Unlimited | [] | [] |
|  Class M | Unlimited | [] | [] |

---

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**DISTRIBUTION POLICY; DIVIDENDS** 

The Fund expects that dividends will be paid quarterly on the Units in amounts representing substantially all of the net investment income, if any, earned each year. [The Fund's first dividend distribution may not occur until after an initial six-month investment period following the Fund's commencement of investment operations, but may occur earlier.] Payments on the Units may vary in amount depending on investment income received, the class of Units held and expenses of operation.

The Fund reserves the right to distribute to Investors substantially all of any net capital gain realized on investments at least annually, but the Fund may do so more frequently. A distribution by the Fund potentially may economically constitute, and/or be treated for U.S. federal income tax purposes as, a return of capital. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes—Taxation of Investors—Distributions by the Fund" in the SAI.

The net asset value of each Unit that an Investor owns will be reduced by the amount of the distributions or dividends that the Investor receives in respect of Units.

An Investor's dividends and capital gain distributions will be automatically reinvested in additional Units of that class unless an Investor opts out (elects not to reinvest in the relevant class of Units). Investors are free to change their election at any time by contacting the Transfer Agent (or, alternatively, by contacting their financial advisor, provided the financial advisor informs the Transfer Agent and provides sufficient supporting documentation). An Investor who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.

All correspondence concerning the reinvestment of Units should be directed to the Transfer Agent, in writing to: 225 Pictoria Drive, Suite 450, P.O. Box 46707, Cincinnati, Ohio 45246-0707.

Units will be issued at their net asset value on the ex-dividend date; there is no sales load or other charge for reinvestment. Investors may elect not to reinvest by indicating that choice by contacting the Transfer Agent (or, alternatively, by contacting their financial advisor, provided the financial advisor informs the Transfer Agent and provides sufficient supporting documentation). Your request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

The Fund reserves the right to suspend at any time the ability of Investors to reinvest distributions and to require Investors to receive all distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund may determine to do so if, for example, the amount being reinvested by Investors exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

**PURCHASE OF UNITS** 

**Purchase Terms** 

The minimum initial investment in Class S Units by any investor is $10,000,000. The minimum initial investment in Class I Units by any investor is $2,500. The minimum initial investment in Class M Units by any investor is $2,500. The minimum additional investment in the Fund by any Investor is $500. However, each of the Adviser or the Sponsor reserves the right, on behalf of the Fund, to waive the minimum and additional investment amounts in their sole discretion. The Fund, in the sole discretion of the Adviser or the Sponsor, may also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. None of the Classes are subject to a sales charge by the Fund at the time of purchase.

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The Units will initially be issued at $10 per unit, which is not less than the net asset value of each such Unit, and thereafter, the purchase price for each Class of Units will be based on the net asset value per Unit of that class as of the date such Units are purchased.

Units will generally be offered for purchase on each Business Day, except that Units may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Units at any time.

Except as otherwise permitted by the Board, initial and subsequent purchases of Units will be payable in cash. Orders will be priced at the appropriate price next computed after the order is received by the Administrator. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Units in the Fund at any time.

In general, an investment will be accepted if funds are received in good order in advance of the cut-off dates identified in a particular offering. The Fund reserves the right to reject, in its sole discretion, any request to purchase Units in the Fund at any time.

The Fund has authorized one or more brokers to receive on its behalf purchase and repurchase orders. Such brokers are authorized to designate other intermediaries to receive purchase and repurchase orders on the Fund's behalf. The Fund will be deemed to have received a purchase order when an authorized broker, or if applicable, a broker's authorized designee, receives the order. Customer purchase orders will be priced at the Fund's net asset value next computed after they are received by an authorized broker or the broker's authorized designee. Repurchase orders will be priced at the Fund's net asset value computed on the next applicable repurchase date, in each case assuming acceptance prior to the applicable repurchase request deadline and subject to any limitations relating to the size of the applicable repurchase offer.

To help the government fight terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each Investor. As a result, Investors will need to identify the name, address, date of birth, and other identifying information about the Investors. If an Investor's identity cannot be verified, the Investor may be restricted from conducting additional transactions and/or have their investment liquidated. In addition, any other action required by law will be taken.

**Exchange of Units Between Classes** 

An Investor is permitted to exchange units between Classes of the Fund, provided that the Investor's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the units of the applicable Class are eligible for sale in the Investor's state of residence and that the units are otherwise available for offer and sale. Investors should review the prospectus of the Fund to determine whether they are eligible to invest in such units. When an individual Investor cannot meet the initial investment requirements of the applicable Class, exchanges of units from one Class to the applicable Class will be permitted if such Investor's investment is made by an intermediary that has discretion over the account and that has invested other clients' assets in the Fund which when aggregated together with such Investor's investment meet the initial investment requirements for the applicable Class. Investors will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Investors may be subject to certain terms imposed by their financial intermediaries, as applicable. Ongoing fees and expenses incurred by a given Class will differ from those of other Classes, and an Investor receiving new units in an intra-Fund exchange may be subject to higher or lower total expenses following such exchange. Exchange transactions will be effected only into an identically registered account. For U.S. federal income tax purposes such exchanges between two Classes of the Fund's units will not reduce an Investor's interest in the Fund. Investors should consult their tax advisors as to the federal, state, local and foreign tax consequences of an intra-Fund exchange. Such exchange transactions must be effected according to other applicable law. The Fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange.

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**Lost Stockholders, Inactive Accounts and Unclaimed Property** 

It is important that the Fund maintains a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Transfer Agent will attempt to locate the investor or rightful owner of the account. If the Transfer Agent is unable to locate the investor, then it will determine whether the investor's account can legally be considered abandoned. Fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. It is your responsibility to ensure that you maintain a correct address for your account. Please proactively contact the Transfer Agent toll-free at 833-724-5508 at least annually to ensure your account remains in active status. The Fund and the Adviser will not be liable to investors or their representatives for good faith compliance with escheatment laws.

**REPURCHASES OF UNITS AND TRANSFERS** 

**No Right of Redemption** 

No Investor or other person holding Units acquired from an Investor has the right to require the Fund to redeem any Units. No public market for Units currently exists. As a result, Investors may not be able to liquidate their investment other than through repurchases of Units by the Fund, as described below.

**Offers to Repurchase** 

A substantial portion of the Fund's investments are illiquid. For this reason, the Fund is structured as a closed-end interval fund, which means that the Investors will not have the right to redeem their Units on a daily basis. In addition, the Fund does not expect any trading market to develop for the Units. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Units.

The Fund provides a limited degree of liquidity to the Investors by conducting repurchase offers quarterly.

For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Units based on relevant factors, including the liquidity of the Fund's positions and the Investors' desire for liquidity. An Investor whose Units (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the Investor's purchase of the Units.

Investors tendering Units for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days (or the next Business Day, if the fourteenth day is not a Business Day) prior to the date on which the repurchase price for Units is determined. Investors who tender may not have all of the tendered Units repurchased by the Fund. If over-subscriptions occur, the Fund may elect to repurchase less than the full amount that an Investor requests to be repurchased. In such an event, the Fund may repurchase only a pro rata portion of the amount tendered by each Investor.

In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional Units in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such Units on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the Units tendered in an Estate Offer. If the Fund repurchases any Units pursuant to an Estate Offer, this will not affect the number of Units that it repurchases from other Investors in the quarterly repurchase offers.

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The Fund may cause a mandatory repurchase of all or some of the Units of an Investor, or any person acquiring Units from or through an Investor, at net asset value in accordance with the LLC Agreement and Section 23 of the 1940 Act and Rule 23c-2 thereunder. Such circumstances may include if, among other reasons, the Board determines that continued ownership of such Units by the Investor may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Investors to an undue risk of adverse tax or other fiscal consequences, or would otherwise not be in the best interests of the Fund.

An Investor who tenders for repurchase only a portion of his or her Units in the Fund will be required to maintain a minimum account balance of $2,500. If an Investor tenders a portion of his or her Units and the repurchase of that portion would cause the Investor's account balance to fall below this required minimum of $2,500, the Fund reserves the right to repurchase all of such Investor's outstanding Units. Such minimum capital account balance requirement may also be waived by the Board in its sole discretion, subject to applicable federal securities laws.

**Repurchase Procedure** 

As a general matter, once each quarter, the Fund will offer to repurchase no less than 5% of the outstanding Units of the Fund on the Repurchase Request Deadline, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Units on the Repurchase Request Deadline (the amount set by the Board herein referred to as the "Repurchase Offer Amount") based on relevant factors, including the liquidity of the Fund's positions and the Investors' desire for liquidity. The offer to purchase Units is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Investors will be notified in writing of each quarterly repurchase offer, how they may request that the Fund repurchase their Units, and the date the repurchase offer ends (the "Repurchase Request Deadline") (i.e., the date by which Investors can tender their Units in response to a repurchase offer). Information about each quarterly repurchase offer will also be made available on the Fund's website at wealth.amg.com. Units will be repurchased at the per-class net asset value per Unit determined as of the close of business on a date determined by the Fund, which will be no later than the fourteenth day after the Repurchase Request Deadline, or the next Business Day if the fourteenth day is not a Business Day (each a "Repurchase Pricing Date").

Units tendered for repurchase by investors prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to Investors (the "Investor Notification") and the Repurchase Request Deadline is generally thirty (30) days, but may vary from no more than forty-two (42) days to no less than twenty-one (21) days. The Investor Notification will contain information Investors should consider in deciding whether to tender their Units for repurchase. The Investor Notification also will include detailed instructions on how to tender Units for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the "Repurchase Payment Deadline"). The Investor Notification also will set forth the net asset value per Unit that has been computed no more than seven (7) days before the date of such notification, and how Investors may ascertain the net asset value per Unit after the notification date. Payment pursuant to the repurchase will be made by check to the Investor's address of record, or credited directly to a predetermined bank account between one and three business days after the Repurchase Payment Deadline and will distribute payment no later than seven (7) calendar days after such date. The Board may establish other policies for repurchases of Units that are consistent with the 1940 Act, regulations thereunder and other pertinent laws.

If Investors tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Units not to exceed 2% of the outstanding Units of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Investors tender Units in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Units on the Repurchase Request Deadline, the Fund will repurchase the Units on a pro rata basis. However, the Fund may accept all Units tendered for repurchase by Investors who own less than $2,500 worth of Units and who tender all of their Units, before prorating other amounts tendered. In addition, the Fund may accept the total number of Units tendered in connection with required minimum distributions from an IRA or other qualified retirement plan. It is the Investor's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan.

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The Fund may suspend or postpone a repurchase offer only: (a) if making or effecting the repurchase offer would cause the Fund to lose its status as a RIC under the Code; (b) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d) for such other periods as the SEC may by order permit for the protection of Investors of the Fund.

The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the Investor Notification is sent to Investors until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take whatever action it deems appropriate to ensure compliance.

The Fund may cause a mandatory repurchase or redemption of all or some of the Units of an Investor, or any person acquiring Units from or through an Investor, at net asset value in accordance with the LLC Agreement and Section 23 of the 1940 Act and Rule 23c-2 thereunder.

**Mandatory Redemption by the Fund** 

The Fund may repurchase all or any portion of the Units of an Investor without consent or other action by the Investor or other person if the Fund determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Units have been transferred or have vested in any person by operation of law (*i.e.*, the result of the
death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any transferee does not meet any investor eligibility requirements established by the Fund from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Units by an Investor or other person is likely to cause the Fund to be in violation of, or subject
the Fund to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued ownership of Units by an Investor may be harmful or injurious to the business or reputation of the
Fund, the Adviser or the Sponsor, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the representations and warranties made by an Investor or other person in connection with the acquisition
of Units was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to an Investor subject to special laws or regulations, the Investor is likely to be subject to
additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment balance of the Investor falls below $2,500; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it would be in the interest of the Fund, as determined by the Board, for the Fund to repurchase the Units. This
may include, for example, if one investor jeopardizes the tax or other status of the Fund.

Such repurchases will be conducted consistent with Section 23(c) of the 1940 Act and the rules thereunder.

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**Transfers of Units** 

Units may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of an Investor or (ii) with the written consent of the Board or Sponsor, which may be withheld in each of its sole and absolute discretion and is expected to be granted, if at all, only in limited circumstances. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to Investor eligibility and suitability.

Each Investor and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such transfer. If such a transferee does not meet the Investor eligibility requirements, the Fund reserves the right to repurchase the Units transferred.

By purchasing Units of the Fund, each Investor has agreed to indemnify and hold harmless the Fund, the Sponsor, the Adviser, the Directors, the officers of the Fund, each other Investor, and any affiliate of the foregoing against all losses, claims, damages, liabilities, costs and expenses, including legal or other expenses incurred in investigating or defending against any such losses, claims, damages, liabilities, costs and expenses and any judgments, fines and amounts paid in settlement, joint or several, to which such persons may become subject by reason of or arising from any transfer made by such Investor in violation of these provisions or any misrepresentation made by such Investor in connection with any such transfer. The foregoing does not apply to claims arising under the federal securities laws.

**CALCULATION OF NET ASSET VALUE** 

The Fund calculates its net asset value as of the close of business on each Business Day and at such other times as the Board may determine, including in connection with repurchases of Units, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date"). In determining its net asset value, each Class of the Fund will value its investments as of the relevant Determination Date. The net asset value of each Class of the Fund will equal the assets of the Class less the liabilities attributable to the Class, including accrued fees and expenses, each determined as of the relevant Determination Date. Because of the differences in distribution and service fees and Class-specific expenses, the per Unit net asset value of each Class will differ.

The Board has authorized the Adviser to utilize the independent third-party pricing services and independent third-party valuation services that have been approved by the Board. Securities for which a pricing service or other approved source either does not supply a quotation, price, or market based valuation, or supplies a quotation, price, or market based valuation that is believed by the primary pricing service or the Adviser to be unreliable, will be valued according to fair value procedures specified in the valuation procedures. In general, fair value represents a good faith determination of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

Under the 1940 Act, the Fund is required to value its assets at market value or, if there is no readily available market value, at fair value. The Board has approved valuation procedures for the Fund and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Fund's Adviser (in this capacity, the "Valuation Designee"), subject to the oversight of the Board. Because there is not a public market or active secondary market for many of the securities in which the Fund intends to invest, the Fund will value these securities at fair value as determined in good faith by the Valuation Designee. The valuation of the Fund's investments is performed in accordance with ASC 820. The Valuation Designee utilizes the services of third-party vendors to assist in determining the fair value for the pricing of Fund Investments.

The Adviser and its affiliates act as investment advisers to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.

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Expenses of the Fund, including the Investment Management Fee, are accrued on a daily basis on each Determination Date and taken into account for the purpose of determining the Fund's net asset value.

Prospective Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net asset value if the judgments of the Adviser regarding appropriate valuations should prove incorrect.

**CERTAIN TAX CONSIDERATIONS** 

The following discussion offers only a brief outline of the U.S. federal income tax consequences of investing in the Fund and is based on the U.S. federal tax laws in effect on the date hereof. Such tax laws are subject to change by legislative, judicial or administrative action, possibly with retroactive effect. For more detailed information regarding tax considerations, see the SAI. There may be other tax considerations applicable to particular Investors, including Foreign Investors (as defined below). Investors should consult their own tax advisors for more detailed information and for information regarding the impact of state, local and foreign taxes on an investment in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

**Taxation of the Fund** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund intends to elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the favorable tax treatment accorded RICs and their investors, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined in the Code); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund holds a 20% or more voting stock interest, in (x) the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers each of which the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) the securities of one or more "qualified publicly traded partnerships" (as defined in the Code and as discussed further in the SAI); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC.

If the Fund qualifies as a RIC that is accorded favorable tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

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The Fund currently expects to satisfy the requirements to qualify and be eligible to be treated as a RIC. Nonetheless, there can be no assurance that the Fund will so qualify and be eligible.

The federal income tax rules applicable to the Fund's investments are unclear in some cases. An adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund may increase its investments in ETFs and/or other qualifying income securities in order to increase the percentage of the Fund's income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded favorable tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund (as described below). 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 that is accorded favorable tax treatment.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its Investors who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. Given the difficulty of estimating Fund income and gains in a timely fashion, each year the Fund is likely to be liable for the 4% excise tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

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**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to each Investor early in the succeeding year.

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified real estate investment trust ("REIT") dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written

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notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax-Exempt Investors* 

Income of a RIC that would constitute unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"), if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs.

Charitable remainder trusts and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale or Exchange of Units* 

Investors who tender all of the Fund interests (as previously defined, "Units") they hold or are deemed to hold in response to a repurchase offer (as described under "Repurchases of Units and Transfers" above) will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its Units or fewer than all Units tendered are repurchased, such

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Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund.

The sale or other taxable disposition of Fund Units that is treated as a sale or exchange generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's wash-sale rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

The Fund's use of cash to repurchase Units could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether the distribution requirements are satisfied.

*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

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In the case of Units held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to Foreign Investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE"), because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund. The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of

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a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

*General Considerations* 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

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**ERISA CONSIDERATIONS** 

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA or Keogh plan, each of which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Plans") should consider, among other things, the matters described below before determining whether to invest in the Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be the assets of any Plan investing in the Fund for purposes of ERISA's (or the Code's) fiduciary responsibility and prohibited transaction rules. Thus, the Adviser will not be a fiduciary within the meaning of ERISA by reason of its authority with respect to the assets of the Fund.

The Adviser will require a Plan which proposes to invest in the Fund to represent that it and any fiduciaries responsible for such Plan's investments (including in its individual or corporate capacity, as may be applicable) are aware of and understand the Fund's investment objective, policies and strategies, and that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Certain prospective Investors that are Plans may currently maintain relationships with the Adviser or other entities which are affiliated with the Adviser. Each of such persons may be deemed to be a "party in interest" under ERISA (or "disqualified person" under Section 4975 of the Code) to and/or a fiduciary (under ERISA or Section 4975 of the Code) of any Plan to which it provides investment management, investment advisory or other services. ERISA prohibits (and the Code penalizes) the use of Plan assets for the benefit of a party in interest (or disqualified person) and also prohibits (or penalizes) a Plan fiduciary from using its position to cause such Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Investors that are Plans should consult with counsel to determine if participation in the Fund is a transaction which is prohibited by ERISA or the Code. Fiduciaries of Investors that are Plans will be required to represent (including in their individual or corporate capacity, as applicable) that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that such fiduciaries are duly authorized to make such investment decision and that they have not relied on any individualized advice or recommendation of such affiliated persons, as a primary basis for the decision to invest in the Fund, unless such purchase and holding is pursuant to an applicable exemption.

Employee benefit plans which are not subject to ERISA or Section 4975 of the Code, such as governmental plans and certain church plans, may be subject to other rules governing such plans. Fiduciaries of these plans, whether or not subject to ERISA or Section 4975 of the Code, should consult with their own legal advisors regarding such matters.

The provisions of ERISA and the Code are subject to continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this Prospectus is general and may be affected by future publication of regulations and rulings. Potential Investors that are Plans should consult their legal advisors regarding the consequences under ERISA and the Code of the acquisition and ownership of Units.

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**ADDITIONAL INFORMATION** 

The following is a summary description of additional items and of select provisions of the Fund's LLC Agreement and by-laws ("By-Laws") which are not described elsewhere in this Prospectus. With respect to the select provisions of the LLC Agreement, the description of such provisions is not definitive and reference should be made to the LLC Agreement.

**Board Management of the Fund** 

The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, AMG Funds LLC, the Fund's Administrator and Sponsor, the Distributor, and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund.

*Forum for Adjudication of Disputes*. The Fund's By-Laws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any action or proceeding brought on behalf of the Fund or the Investors, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other agent of the Fund to the Fund or the Fund's Investors, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Limited Liability Company Act, the Fund's LLC Agreement or By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the LLC Agreement or By-Laws or any agreement contemplated by any provision of the 1940 Act, LLC Agreement or By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine, shall be the Court of Chancery of the State of Delaware (each, a "Covered Action"), or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware. The foregoing section of the By-Laws does not apply to claims arising under the federal securities laws.

The By-Laws further provide that if any Covered Action is filed in a court other than in a federal or state court sitting with the State of Delaware ("a Foreign Action") in the name of any Investor, such Investor shall be deemed to have consented to (i) the personal jurisdiction of the State of Delaware in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such Investor in any such Enforcement Action by service upon such Investor's counsel in the Foreign Action as agent for such Investor. Furthermore, except to the extent prohibited by any provision of the Delaware Limited Liability Company Act or the LLC Agreement or for claims arising under federal securities laws, if any Investor shall initiate or assert a Foreign Action without the written consent of the Fund, then each such Investor shall be obligated jointly and severally to reimburse the Fund and any officer or Director of the Fund made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys' fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this provision of the By-Laws.

Any person purchasing or otherwise acquiring or holding any Units of the Fund will be (i) deemed to have notice of and consented to the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit an Investor's ability to bring a claim, including a non-federal securities law claim, in a judicial forum that it finds favorable or convenient for disputes with Directors, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions.

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Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

*Derivative and Direct Claims of Investors*. The Fund's LLC Agreement provides that an Investor may not commence a proceeding on behalf or for the benefit of the Fund unless the following conditions are met: (i) the Investor or Investors must make a pre-suit demand upon the Directors to bring the subject action unless an effort to cause the Directors to bring such an action is not likely to succeed; a demand on the Directors shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is not composed of Independent Directors; (ii) unless a demand is not required under provision (i), Investors eligible to bring such derivative action under the Delaware Limited Liability Company Act who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the Class to which such action relates, shall join in the request for the Directors to commence such action; and (iii) unless a demand is not required under provision (i), the Directors must be afforded a reasonable amount of time to consider such Investor request and to investigate the basis of such claim. The Directors shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the Investors making such request to reimburse the Fund for the expense of any such advisers in the event that the Directors determine not to bring such action. The Board may designate a committee of one Director to consider an Investor demand if necessary to create a committee with a majority of Independent Directors. If demand is not required under the Fund's LLC Agreement, only Investors eligible to bring such derivative action under the Delaware Limited Liability Company Act who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the Class to which such action relates, may bring a derivative action on behalf of the Fund. The foregoing section of the LLC Agreement does not apply to claims arising under the federal securities laws.

Any decision by the Board to bring, maintain or settle (or not to bring, maintain or settle) such proceeding, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Fund, or to submit the matter to a vote of Investors, shall be made by a majority of the Independent Directors in their sole business judgment and shall be binding upon the Investors, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

An Investor may not bring or maintain a direct action or claim for monetary damages against the Fund or the Directors predicated upon an express or implied right of action under the LLC Agreement unless the Investor has obtained authorization from a majority of the Independent Directors to bring the action. In its sole discretion, the Board may submit the matter to a vote of Investors of the Fund. Any decision by a majority of the Independent Directors to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Investors, shall be binding upon the Investor or Investors seeking authorization. The foregoing section of the LLC Agreement does not apply to claims arising under the federal securities laws.

**Liability of Investors** 

Investors in the Fund will be members of a limited liability company as provided under Delaware law. Under Delaware law and the LLC Agreement, an Investor will not be liable for the debts, obligations, or liabilities of the Fund solely by reason of being an Investor, except that the Investor may be obligated to repay any funds wrongfully distributed to the Investor.

**Duty of Care of the Board and the Adviser** 

The LLC Agreement provides that none of the Directors, officers of the Fund, Adviser, or the Sponsor (including any officer, director, member, partner, principal, employee, or agent of the Adviser or Sponsor and each of their respective affiliates) shall be liable to the Fund or any of the Investors for any loss or damage occasioned by any act or omission in the performance of their respective services under the LLC Agreement, unless such loss or damage was due to an act or omission of such person constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of their duties. The LLC Agreement also contains provisions for the indemnification, to the extent permitted by law, of the Directors, officers of the Fund, Adviser, Sponsor, or any of their affiliates, by the Fund, against any damages, liability, and expense to which any of them may be liable; (i) by reason of being or having been a Director or officer of the Fund, the Adviser, the Sponsor or officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor or any of their respective affiliates; or (ii) which arises in

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connection with the performance of their activities on behalf of the Fund. The rights of indemnification and exculpation provided under the LLC Agreement do not provide for indemnification of a Director for any liability, including liability under U.S. federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith, to the extent, but only to the extent, that such indemnification would be in violation of applicable law.

Nothing in the LLC Agreement modifying, restricting or eliminating the duties or liabilities of directors and other fiduciary covered persons shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

**Confidentiality** 

The LLC Agreement states that, except as required by applicable law, Investors agree not to share the names or addresses of any other Investor that has been provided to the Investor by the Fund and that is not otherwise publicly available (collectively, "Confidential Information"). Such Confidential Information may only be shared with the prior written consent of the Board. This provision is not applicable to the Fund. If an Investor or any of the Investor's principals, partners, members, directors, officers, employees or agents or any of the Investor's affiliates, including any of such affiliates' principals, partners, members, directors, officers, employees or agents, breaches this provision of the LLC Agreement, the non-breaching Investors will have the right to obtain equitable relief, including without limitation, injunctive relief, to prevent the disclosure of Confidential Information and the right to reasonable attorneys' fees and other litigation expenses. This right to equitable relief would be in addition to any and all other remedies available at law or in equity to the non-breaching Investors and the Fund.

The LLC Agreement also provides that the Fund, the Board, the Adviser and the Sponsor have the right to keep certain information confidential from Investors.

**Amendment of the LLC Agreement** 

Subject to the limitations of Section 8.1(b) of the LLC Agreement, the LLC Agreement may be amended with the approval of (i) the Board, including a majority of the Independent Directors, if required by the 1940 Act; and (ii) if required by the 1940 Act, the approval of the Investors by such vote as is required by the 1940 Act.

**Power of Attorney** 

By purchasing an interest in the Fund, each Investor will appoint the Sponsor and each of the Directors his or her attorney-in-fact for purposes of filing required certificates and documents relating to the formation and continuance of the Fund as a limited liability company under Delaware law or signing all instruments effecting authorized changes in the Fund or the LLC Agreement and conveyances and other instruments deemed necessary to effect the dissolution or termination of the Fund. With respect to the dissolution of the Fund, the power of attorney will extend to any liquidator of the Fund's assets.

The power-of-attorney granted in the LLC Agreement is a special power-of-attorney coupled with an interest in favor of the Sponsor and each of the Directors and as such is irrevocable and continues in effect until all of such Investor's interest in the Fund has been withdrawn pursuant to a periodic tender or transferred to one or more transferees that have been approved by the Board.

**Term, Dissolution and Liquidation** 

The Fund will be dissolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the affirmative vote to dissolve the Fund by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the determination of Investors not to continue the business of the Fund at a meeting called by the Sponsor
when no Director remains or if the required number of Directors is not elected within sixty (60) days after the date on which the last Director ceased to act in that capacity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the election of the Sponsor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as required by operation of law.

Upon the occurrence of any event of dissolution, the Board, acting directly, or a liquidator under appointment by the Board, is charged with winding up the affairs of the Fund and liquidating its assets. Upon the dissolution of the Fund, its assets are to be distributed (1) first to satisfy the debts and liabilities of the Fund, other than debts and liabilities to Investors, including actual or anticipated liquidation expenses, (2) next to satisfy debts or liabilities owing to the Investors; and (3) finally to the Investors proportionately in accordance with their investment in the Fund. The Board or liquidator may distribute ratably in kind any assets of the Fund, provided such assets are valued pursuant to provisions of the LLC Agreement.

**Reports to Investors** 

The Fund will furnish to Investors, as soon as practicable after the end of each calendar year, information on Form 1099-DIV as required by law to assist the Investors in preparing their tax returns. The Fund will also send to Investors, or make available, a semi-annual and an audited annual report. Quarterly reports from the Adviser regarding the Fund's operations during such period will be posted to the Fund's investor's web portal.

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**The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, May 6, 2026** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**[ , 2026]** 

## AMG BBH ASSET-BACKED CREDIT FUND, LLC
**Class S Units: [ ]** 

**Class I Units: [ ]** 

**Class M Units: [ ]** 

**680 Washington Boulevard, Suite 500** 

**Stamford, Connecticut 06901** 

**833-724-5508** 

The prospectus for Class S, Class I and Class M Units of beneficial interest (the "Units") of AMG BBH Asset-Backed Credit Fund, LLC (the "Fund"), dated [ ], as revised or supplemented from time to time (the "Prospectus"), provides the basic information investors should know before investing. This Statement of Additional Information ("SAI"), which is not a prospectus, is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus. You may request a copy of the Prospectus or this SAI free of charge by contacting the Fund at the telephone number or address set forth above. Capitalized terms not otherwise defined in this SAI have meanings accorded to them in the Fund's Prospectus.

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**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
|  [INVESTMENT POLICIES](#sai150516_1) | 1 |
|  [FUNDAMENTAL INVESTMENT RESTRICTIONS](#sai150516_2) | 1 |
|  [ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES AND RELATED RISKS](#sai150516_3) | 3 |
|  [MANAGEMENT OF THE FUND](#sai150516_4) | 4 |
|  [PORTFOLIO MANAGEMENT](#sai150516_5) | 12 |
|  [CODES OF ETHICS](#sai150516_6) | 13 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai150516_7) | 13 |
|  [INVESTMENT MANAGEMENT AND OTHER SERVICES](#sai150516_8) | 14 |
|  [BROKERAGE ALLOCATION AND OTHER PRACTICES](#sai150516_9) | 15 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#sai150516_10) | 16 |
|  [CERTAIN U.S. FEDERAL INCOME TAX MATTERS](#sai150516_11) | 16 |
|  [FINANCIAL STATEMENTS](#sai150516_12) | 29 |
|  [APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES](#sai150516_13) | A-1 |
|  [APPENDIX B](#sai150516_14) | B-1 |

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**INVESTMENT POLICIES** 

The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. Certain additional related information is provided below.

**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

The following investment restrictions have been adopted with respect to the Fund. Except as otherwise stated, these investment restrictions are "fundamental" policies. A "fundamental" policy is defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), to mean that the restriction cannot be changed without the vote of a "majority of the outstanding voting securities" of the Fund. A majority of the outstanding voting securities is defined in the 1940 Act as the lesser of (a) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities are present or represented by proxy, or (b) more than 50% of the outstanding voting securities. "SEC," as used in this SAI, refers to the U.S. Securities and Exchange Commission. The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) May issue senior securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) May borrow money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) May lend money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) May underwrite securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) May purchase and sell commodities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) May purchase and sell real estate to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) May not concentrate investments in a particular industry or group of industries, as concentration is defined or interpreted under the 1940 Act, and the rules, and regulations thereunder, as such statute, rules or regulations may be amended from time to time, and under regulatory guidance or interpretations of such act, rules, or regulations.

Any restriction on investments or use of assets, including, but not limited to, market capitalization, geographic, rating and/or any other percentage restrictions, set forth in this SAI or the Fund's Prospectus shall be measured only at the time of investment, and any subsequent change, whether in the value, market capitalization, rating, percentage held or otherwise, will not constitute a violation of the restriction, other than with respect to investment restriction (2) above related to borrowings by the Fund.

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In addition to the above, the Fund has adopted the following additional fundamental policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will make quarterly repurchase offers for no less than 5% and not more than 25% (except as permitted by Rule 23c-3 under the 1940 Act ("Rule 23c-3")) of the Units outstanding at per-class net asset value ("NAV") per Unit
(measured on the repurchase request deadline) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each repurchase request deadline will be determined in accordance with Rule 23c-3, as may be amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each repurchase pricing date will be determined in accordance with Rule 23c-3, as may be amended from time to time.

Currently, Rule 23c-3 requires the repurchase request deadline to be no less than 21 and no more than 42 days after the Fund sends a notification to Investors of the repurchase offer and requires the repurchase pricing date to be no later than the 14th day after a repurchase request deadline, or the next business day if the 14th day is not a business day.

THE FUND MAY CHANGE ITS INVESTMENT OBJECTIVE, POLICIES, RESTRICTIONS, STRATEGIES, AND TECHNIQUES.

Except as otherwise indicated, the Fund may change its investment objective and any of its policies, restrictions, strategies, and techniques without Shareholder approval. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Units.

THE FOLLOWING DESCRIPTIONS OF THE INVESTMENT COMPANY ACT MAY ASSIST INVESTORS IN UNDERSTANDING THE ABOVE POLICIES AND RESTRICTIONS.

**<u>Borrowing</u>.** The 1940 Act restricts an investment company from borrowing in excess of 33 1/3% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the Investment Company Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

**<u>Concentration</u>.** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC guidance

**<u>Senior Securities</u>.** Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, unless immediately after the issuance of the leverage the fund has satisfied the asset coverage test with respect to senior securities, representing indebtedness prescribed by the 1940 Act; that is, the value of the fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") is at least 300% of the senior securities representing indebtedness (effectively limiting the use of leverage through senior securities representing indebtedness to 33 1/3% of the fund's total net assets, including assets attributable to such leverage). In addition, the Fund is not permitted to declare any cash dividend or other distribution on common shares unless, at the time of such declaration, this asset coverage test is satisfied.

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**<u>Underwriting</u>.** Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

**<u>Lending</u>.** Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

**ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES** 

**AND RELATED RISKS** 

As discussed in the Prospectus, the Fund's investment objective is to seek to generate a return comprised of both current income and capital appreciation. The Fund will seek to achieve its investment objective by employing a flexible and dynamic allocation approach, investing primarily across a broad range of asset-backed and other structured credit instruments. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, directly or indirectly in a broad-based portfolio of asset-backed and other structured credit investments (collectively, "Asset-Backed Credit Investments"). The Fund considers "Asset-Backed Credit Investments" to be investments in credit and credit-related instruments secured or covered by financial or physical assets or that derive returns from interest income, recurring revenues, fees, realized gains or other types of cash flows of underlying financial or physical assets. Examples of Asset-Backed Credit Investments include junior investment interests in: (i) asset-backed securities, (ii) commercial mortgage-backed securities, (iii) collateralized loan obligations, (iv) loan co-investments and pools, (v) stressed debt, (vi) asset-based loans, and (vii) debt securities issued by investment companies. To the extent the Fund makes investments in derivatives and other synthetic instruments that provide investment exposure to Asset-Backed Credit Investments, such derivatives and synthetic instruments will be counted toward satisfaction of the Fund's 80% policy. The Fund will primarily make investments that are unrated, or rated B through BBB, but may invest in higher-rated investment grade instruments. The Fund may invest in instruments of any duration or maturity. The Fund's investment objective and 80% policy are non-fundamental and may be altered by the Board of Directors upon providing shareholders with at least 60 days' prior written notice. In addition, the Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, directly or indirectly in investments other than Asset-Backed Credit Investments as described in this Prospectus, including cash, cash equivalents, other short-term investments, exchange-traded funds and liquid fixed-income securities, consistent with prudent liquidity management.

The Fund intends to invest in Asset-Backed Credit Investments through private transactions that are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").

Additional information concerning the characteristics of certain of the Fund's investments are set forth below.

**Real Estate Investment Trusts ("REITs")** 

The Fund may invest in REITs, which are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interest.

REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Like regulated investment company ("RICs") such as the Fund, REITs are not taxed on income distributed to shareholders provided that they comply with certain requirements under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund will indirectly bear its proportionate share of any expenses paid by REITs in which it invests in addition to the expenses paid by the Fund.

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Investing in REITs involves certain unique risks. Equity REITs may be affected by changes in the value of the underlying property owned by such REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified (except to the extent the Code requires), and are subject to the risk of financing projects. During periods of declining interest rates, certain mortgage REITs may hold mortgages that the mortgagors elect to prepay, and such prepayment may diminish the yield on securities issued by such mortgage REITs. REITs are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for the favorable tax treatment accorded REITs under the Code and failing to maintain their exemption from the 1940 Act. REITs, and mortgage REITs in particular, are also subject to interest rate risk.

**Additional Market Disruption and Geopolitical Risks** 

Political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war", may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the current trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe and the North Atlantic Treaty Organization ("NATO"). Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries and political bodies issued broad-ranging economic sanctions against Russia. Sanctions threatened or imposed by these jurisdictions, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Fund. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that may have negative effects on the Fund. Sanctions, or the threat of new or modified sanctions, could directly or indirectly impair the ability of the Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. The extent and duration of the military actions associated with Russia's invasion of Ukraine, the resulting sanctions, and the resulting disruption of the Russian economy are impossible to predict but may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund.

**MANAGEMENT OF THE FUND** 

**Directors and Officers of the Fund** 

The Directors and Officers of the Fund, their business addresses, principal occupations for the past five years, and ages are listed below. The Board of Directors (the "Board") provides broad supervision over the affairs of the Fund. The Board is composed of experienced executives who meet periodically throughout the year to oversee the Fund's activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund's performance. Unless otherwise noted, the address of each Director and each Officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

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##### [**Table of Contents**](#toc)
There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. The Chairman of the Board, the President, any Vice President, the Treasurer, and the Secretary and such other officers as the Directors may in their discretion from time to time elect each hold office until his or her successor is elected and qualified, or until he or she sooner dies, resigns, is removed or becomes disqualified. Each officer holds office at the pleasure of the Board.

***Independent Directors***

The Directors in the following table are Independent Directors of the Fund. Eric Rakowski serves as the Independent Chairman of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS**<br> **AND YEAR**<br> **OF BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND AND**<br> **LENGTH OF**<br> **TIME SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS** | **NUMBER OF<br>FUNDS IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR\*\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Jill R. Cuniff<br> YOB: 1964 | Director since<br> 2026 | Retired (2016-Present); Member of Board of Governors and Investment Committee, Montana State University Alumni Foundation (2015-2021, 2023-Present); President & Portfolio Manager, Edge Asset Management (2009-2016); President & Chief Investment Officer, Morley Financial Services (2001-2009); President, Union Bond & Trust Company (2001-2009) | 40 | Director of Harding Loevner Funds, Inc. (6 portfolios) (2018-Present) | Significant experience as a board member of mutual funds; significant business experience as president of executive teams; experience with institutional and retail distribution; experience as a co-portfolio manager. |
| Kurt A. Keilhacker<br> YOB: 1963 | Director since<br> 2026 | Managing Partner, Elementum Ventures (2013-Present); Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Adjunct Professor, University of San Francisco (2022-Present); Trustee, Wheaton College (2018-Present); Director, Wheaton College Trust Company, N.A. (2018-2024) | 40 |  | Significant board experience, including as a board member of private companies; significant experience as a managing member of private companies; significant experience in the venture capital industry; significant experience as co-founder of a number of technology companies. |

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##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS**<br> **AND YEAR**<br> **OF BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND AND**<br> **LENGTH OF**<br> **TIME SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS** | **NUMBER OF<br>FUNDS IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR\*\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Peter W. MacEwen<br> YOB: 1964 | Director since 2026 | Private investor (2019-Present); Affiliated Managers Group, Inc. (2003-2018): Chief Administrative Officer, Office of the CEO (2013-2018); Senior Vice President, Finance (2007-2013); Vice President, Finance (2003-2007) | 40 | Trustee, John Hancock Comvest Private Income Fund (2023-Present) | Significant experience in the financial services industry, including as a senior executive of an S&P 500 asset management firm where responsibilities included: corporate finance and capital raising; strategy development and execution; internal audit and risk management; and oversight of global operations. |
| Eric Rakowski<br> YOB: 1958 | Director since 2026 | Professor of Law (Emeritus), University of California at Berkeley School of Law (1990-Present) | 40 | Trustee of Parnassus Funds (4 portfolios) (2021-Present); Trustee of Parnassus Funds II (2 portfolios) (2021-Present); Director of Harding, Loevner Funds, Inc. (6 portfolios) (2008-Present); Trustee, John Hancock Comvest Private Income Fund (2023-Present); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019) | Significant experience as a board member of mutual funds; former practicing attorney; currently professor of law. |
| Victoria L. Sassine<br> YOB: 1965 | Director since 2026 | Trustee, University of California San Diego School of Business (2025-Present); Adjunct Professor, Babson College (2007-Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-2025); Chairperson, Board of Directors, Business Management Associates (2018-2019) | 40 |  | Significant board experience, including as a board member of private companies; finance experience in strategic financial and operation management positions in a variety of industries; audit and tax experience in a global accounting firm; experience as a board member of various organizations; Certified Public Accountant (inactive). Current adjunct professor of finance. |

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\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV.

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##### [**Table of Contents**](#toc)
***Interested Director***

Garret Weston is being treated by the Fund as an "interested person" of the Fund within the meaning of the 1940 Act by virtue of his position with, and interest in securities of, Affiliated Managers Group, Inc. ("AMG"), which indirectly owns a minority of the interests of Brown Brothers Harriman Credit Partners, LLC (the "Adviser").

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS AND**<br> **YEAR OF**<br> **BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING<br>PAST 5 YEARS** | **NUMBER OF<br>FUNDS IN<br>FUND<br>COMPLEX<br>OVERSEEN<br>BY<br>DIRECTOR\*\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY<br>DIRECTOR** | **EXPERIENCE,<br>QUALIFICATIONS,<br>ATTRIBUTES, SKILLS<br>FOR BOARD<br>MEMBERSHIP** |
| Garret W. Weston<br> YOB: 1981 | Director since<br> 2025 | Affiliated Managers Group, Inc. (2008-Present): Managing Director, Head of Global Strategic Partnerships (2025-Present), Managing Director, Head of Affiliate Product Strategy and Development (2023-2025), Managing Director, Co-Head of Affiliate Engagement, Distribution (2021-2022), Senior Vice President, Office of the CEO (2019-2021), Senior Vice President, Affiliate Development (2016-2019), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2008-2015); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006) | 40 |  | Significant senior leadership role within AMG across a number of areas, including past responsibilities for the AMG Funds business and other distribution related activities, as well as prior significant experience with AMG's investments and relationships with its affiliates. Prior to AMG, significant business, investment and corporate finance experience within the financial services industry. |

---

\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV.

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##### [**Table of Contents**](#toc)
***Information About Each Director's Experience, Qualifications, Attributes or Skills***

Directors of the Fund, together with information as to their positions with the Fund, principal occupations and other board memberships for the past five years, and experience, qualifications, attributes or skills for serving as Directors are shown in the tables above. The summaries relating to the experience, qualifications, attributes and skills of the Directors are required by the registration form adopted by the SEC, do not constitute holding out the Board or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case. The Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to be able to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that each of its members has these abilities. Experience relevant to having these abilities may be achieved through a Director's educational background; business, professional training or practice (e.g., finance or law), or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, significant private or not-for-profit entities or other organizations; and/or other life experiences. To assist them in evaluating matters under federal and state law, the Independent Directors are counseled by their own separate, independent legal counsel, who participates in Board meetings and interacts with the Adviser, and also may benefit from information provided by the Fund's and the Adviser's legal counsel. Both Independent Director and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts, including the Fund's independent public accounting firm, as appropriate. The Board evaluates its performance on an annual basis.

***Officers***

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| | | |
|:---|:---|:---|
| **NAME,**<br> **ADDRESS**<br> **AND YEAR**<br> **OF BIRTH \*** | **POSITION(S) HELD WITH**<br> **THE FUND AND LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS** |
| Keitha Kinne<br> YOB: 1958 | President, Chief Executive Officer, Principal Executive Officer, and Chief Operating Officer since 2026 | President, Chief Executive Officer and Principal Executive Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2018-Present); Chief Operating Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2014-Present); President, Chief Executive Officer, Principal Executive Officer, and Chief Operating Officer, AMG Pantheon Credit Solutions Fund (2024-Present); President, Chief Executive Officer, Principal Executive Officer, and Chief Operating Officer, AMG Pantheon Infrastructure Fund, LLC (2025-Present); Managing Director, Head of Platform and Operations, AMG Funds LLC (2023-Present); Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG ETF Trust, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG ETF Trust and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006) |
| Thomas Disbrow<br> YOB: 1966 | Treasurer, Principal Financial Officer, and Principal Accounting Officer since 2026 | Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2017-Present); Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Pantheon Credit Solutions Fund (2024-Present); Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Pantheon Infrastructure Fund, LLC (2025-Present); Managing Director, Platform and Operations, AMG Funds |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **NAME,**<br> **ADDRESS**<br> **AND YEAR**<br> **OF BIRTH \*** | **POSITION(S) HELD WITH**<br> **THE FUND AND LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS** |
|  |  | LLC (2025-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Managing Director—Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director—Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015) |
| Mark Duggan<br> YOB: 1965 | Secretary and Chief Legal Officer since 2026 | Secretary and Chief Legal Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2015-Present); Secretary and Chief Legal Officer, AMG Pantheon Credit Solutions Fund (2024-Present); Secretary and Chief Legal Officer, AMG Pantheon Infrastructure Fund, LLC (2025-Present); Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015) |
| Patrick Spellman<br> YOB: 1974 | Chief Compliance Officer, Sarbanes-Oxley Code of Ethics Compliance Officer, and Anti-Money Laundering Compliance Officer since 2026 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2019-Present); Anti-Money Laundering Compliance Officer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2022-Present); Chief Compliance Officer, Sarbanes-Oxley Code of Ethics Compliance Officer, and Anti-Money Laundering Compliance Officer, AMG Pantheon Credit Solutions Fund (2024-Present); Chief Compliance Officer, Sarbanes-Oxley Code of Ethics Compliance Officer, and Anti-Money Laundering Compliance Officer, AMG Pantheon Infrastructure Fund, LLC (2025-Present); Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV (2019-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG ETF Trust, and AMG Funds III (2014-2019; 2022-Present); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019; 2022-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011) |
| John Starace<br> YOB: 1970 | Deputy Treasurer since 2025 | Deputy Treasurer, AMG Pantheon Fund, LLC and AMG Pantheon Master Fund, LLC (2017-Present); Deputy Treasurer, AMG Pantheon Credit Solutions Fund (2024-Present); Deputy Treasurer, AMG Pantheon Infrastructure Fund, LLC (2025-Present); Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG ETF Trust, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP |

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\* The address for each executive officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

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##### [**Table of Contents**](#toc)
***Director Share Ownership***

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity<br>Securities in the Fund<br>Beneficially Owned as<br>of December 31, 2025** | **Aggregate Dollar Range<br>of Equity Securities<br>in All Registered<br>Investment Companies<br>Overseen by<br>Director in the<br>Family of Investment<br>Companies<br>Beneficially Owned as<br>of December 31, 2025** |
| ***Independent Directors*:** |  |  |
|  Jill R. Cuniff |  | Over $100,000 |
|  Kurt A. Keilhacker |  | Over $100,000 |
|  Peter W. MacEwen |  | Over $100,000 |
|  Eric Rakowski |  | Over $100,000 |
|  Victoria L. Sassine |  | Over $100,000 |
| ***Interested Director*:** |  |  |
|  Garret W. Weston |  | Over $100,000 |

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***Board Leadership Structure and Risk Oversight***

The following provides an overview of the leadership structure of the Board and the Board's oversight of the Fund's risk management process. The Board consists of six Directors, five of whom are Independent Directors. An Independent Director serves as Chairman of the Board. In addition, the Board also has two standing committees, the Audit Committee and Governance Committee (the "Committees") (discussed below), each comprised of all of the Independent Directors, to which the Board has delegated certain authority and oversight responsibilities.

The Board's role in supervising the operations of the Fund is oversight, including oversight of the Fund's risk management process. The Board meets regularly on at least a quarterly basis and at these meetings the officers of the Fund and the Fund's Chief Compliance Officer report to the Board on a variety of matters. A portion of each regular meeting is devoted to an executive session of the Independent Directors, the Independent Directors' separate, independent legal counsel, and the Fund's Chief Compliance Officer, at which no members of management are present. In a separate executive session of the Independent Directors and the Independent Directors' independent legal counsel, the Independent Directors consider a variety of matters that are required by law to be considered by the Independent Directors, as well as matters that are scheduled to come before the full Board, including fund governance, compliance, and leadership issues. When considering these matters, the Independent Directors are advised by their independent legal counsel. The Board reviews its leadership structure periodically and believes that its structure is appropriate to enable the Board to exercise its oversight of the Fund.

The Fund has retained the Adviser as the Fund's investment adviser. The Adviser is responsible for the Fund's overall investment operations, including management of the risks that arise from the Fund's investment operations. The Board provides oversight of the services provided by the Adviser, the Fund's other service providers, and the Fund's officers, including their risk management activities. On an annual basis, the Fund's Chief Compliance Officer conducts a compliance review and risk assessment and prepares a written report relating to the review that is provided to the Board for review and discussion. The assessment includes a broad-based review of the risks inherent to the Fund, the controls designed to address those risks, and selective testing of those controls to determine whether they are operating effectively and are reasonably designed. In the course of providing oversight, the Board and the Committees receive a wide range of reports on the Fund's activities, including regarding the Fund's investment portfolio, the compliance of the Fund with applicable laws, and the Fund's financial accounting and reporting. The Board receives periodic reports from the Fund's Chief Legal Officer on risk management matters. The Board also receives periodic reports from the Fund's Chief Compliance Officer regarding the compliance of the Fund with federal and state securities laws and the Fund's internal compliance policies and procedures.

***Board Committees***

As described below, the Board has two standing Committees. The Board has not established a formal risk oversight committee. However, much of the regular work of the Board and its standing Committees addresses aspects of risk oversight.

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##### [**Table of Contents**](#toc)
***Audit Committee***

The Board has an Audit Committee consisting of all of the Independent Directors. Peter W. MacEwen serves as the chair of the Audit Committee. Under the terms of its charter, the Audit Committee (a) acts for the Directors in overseeing the Fund's financial reporting and auditing processes; (b) receives and reviews communications from the independent registered public accounting firm relating to its review of the Fund's financial statements; (c) reviews and assesses the performance, approves the compensation, and approves or ratifies the appointment, retention or termination of the Fund's independent registered public accounting firm; (d) meets periodically with the independent registered public accounting firm to review the Fund's annual audits and pre-approves the audit services provided by the independent registered public accounting firm; (e) considers and acts upon proposals for the independent registered public accounting firm to provide non-audit services to the Fund or the Adviser or its affiliates to the extent that such approval is required by applicable laws or regulations; (f) considers and reviews with the independent registered public accounting firm, periodically as the need arises, but not less frequently than annually, matters bearing upon the registered public accounting firm's status as "independent" under applicable standards of independence established from time to time by the SEC and other regulatory authorities; and (g) reviews and reports to the full Board with respect to any material accounting, tax, valuation or record keeping issues of which the Audit Committee is aware that may affect the Fund, the Fund's financial statements or the amount of any dividend or distribution right, among other matters. As of the date of this SAI, the Audit Committee has met one time.

***Governance Committee***

The Board has a Governance Committee consisting of all of the Independent Directors. Eric Rakowski serves as the chairman of the Governance Committee. Under the terms of its charter, the Governance Committee is empowered to perform a variety of functions on behalf of the Board, including responsibility to make recommendations with respect to the following matters: (i) individuals to be appointed or nominated for election as Independent Directors; (ii) the designation and responsibilities of the chairperson of the Board (who shall be an Independent Director) and Board committees, such other officers of the Board, if any, as the Governance Committee deems appropriate, and officers of the Fund; (iii) the compensation to be paid to Independent Directors; and (iv) other matters the Governance Committee deems necessary or appropriate. The Governance Committee is also empowered to: (i) set any desired standards or qualifications for service as a Director; (ii) conduct self-evaluations of the performance of the Directors and help facilitate the Board's evaluation of the performance of the Board at least annually; (iii) oversee the selection of independent legal counsel to the Independent Directors and review reports from independent legal counsel regarding potential conflicts of interest; and (iv) consider and evaluate any other matter the Governance Committee deems necessary or appropriate. It is the policy of the Governance Committee to consider nominees recommended by members. Members who would like to recommend Director nominees to the Governance Committee should submit the candidate's name and background information in a sufficiently timely manner (and in any event, no later than the date specified for receipt of member proposals in any applicable proxy statement of the Fund) and should address their recommendations to the attention of the Governance Committee, at c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. As of the date of this SAI, the Governance Committee has met one time.

***Directors' Compensation***

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| | | |
|:---|:---|:---|
| **Name of Director** | **Aggregate**<br>**Compensation<br>from the<br>Fund<sup>(a)</sup>** | **Total Compensation<br>from the Fund<br>Complex Paid to<br>Directors<sup>(a)</sup>** |
|  ***<u>Independent Directors</u>*<u>:</u>** |  |  |
|  Jill R. Cuniff | $6398 | $400000 |
|  Kurt A. Keilhacker | $6398 | $425000 |
|  Peter W. MacEwen | $16398 | $410000 |
|  Eric Rakowski | $8531 | $505000 |
|  Victoria L. Sassine | $6398 | $430000 |
|  ***<u>Interested Director</u>*<u>:</u>** |  |  |
|  Garret W. Weston |  |  |

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(a) The Fund's initial fiscal year of investment operations ends on March 31, 2027. Because the Fund is
new, compensation is estimated for the fiscal year ending March 31, 2027. Total compensation from the Fund Complex includes compensation estimated to be paid during the 12-month period ending
March 31, 2027. The Fund does not provide any pension or retirement benefits for the Directors.

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**PORTFOLIO MANAGEMENT** 

In addition to the Fund (for purposes of this section, the "Fund" includes its Subsidiaries, if any, unless otherwise indicated), the portfolio managers listed below, who are collectively responsible for activities comprised in the day-to-day investment of the Fund's portfolio, manage, or are affiliated with, other accounts, including other pooled investment vehicles managed by the Adviser or its affiliates. The following tables list the number and types of accounts, other than the Fund, managed by the portfolio managers and estimated assets under management in those accounts, as of [ ].

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered investment<br>companies managed** | **Registered investment<br>companies managed** | **Other pooled investment<br>vehicles managed<br>(world-wide)** | **Other pooled investment<br>vehicles managed<br>(world-wide)** | **Other accounts<br>(world-wide)** | **Other accounts<br>(world-wide)** |
| **Portfolio Manager** | ***Number of***<br>***accounts*** | ***Total<br>assets*** | ***Number of<br>accounts*** | ***Total<br>assets*** | ***Number of<br>accounts*** | ***Total<br>assets*** |
|  Neil Hohmann | [] | $[] | [] | $[] | [] | $[] |
|  Chris Ling | [] | $[] | [] | $[] | [] | $[] |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered investment<br>companies managed for<br>which the Adviser receives<br>a performance-based fee** | **Registered investment<br>companies managed for<br>which the Adviser receives<br>a performance-based fee** | **Other pooled investment<br>vehicles managed<br>(world-wide) for which<br>the Adviser receives a<br>performance-based fee** | **Other pooled investment<br>vehicles managed<br>(world-wide) for which<br>the Adviser receives a<br>performance-based fee** | **Other accounts (world-wide)<br>for which the<br>Adviser receives a<br>performance-based fee** | **Other accounts (world-wide)<br>for which the<br>Adviser receives a<br>performance-based fee** |
| **Portfolio Manager** | ***Number of***<br>***accounts*** | ***Total<br>assets*** | ***Number of<br>accounts*** | ***Total<br>assets*** | ***Number of<br>accounts*** | ***Total<br>assets*** |
|  Neil Hohmann | [] | $[] | [] | $[] | [] | $[] |
|  Chris Ling | [] | $[] | [] | $[] | [] | $[] |

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***Potential Conflicts of Interest***

The Adviser will advise multiple clients with different investment objectives, guidelines and policies, and fee structures. In situations where an investment opportunity falls within the investment objectives of multiple clients of the Adviser, there may also be conflicts of interest among clients regarding which of those entities will be given the opportunity to make or participate in the investment opportunity and, if the investment is to be made by more than one of those entities, the proportions in which such opportunity will be allocated among the participating entities.

The Adviser will receive both management fees and/or carried interest (performance fees) as compensation for its advisory services for many clients. Carried interest will, at times, create an incentive for the Adviser to make investments that are riskier or more speculative than would be the case in the absence of a performance-based fee. In these instances, the Adviser's compensation will, at times, be greater than it would otherwise have been, as the fee will be based on the funds' or separate accounts' performance instead of, or in addition to, a percentage of assets under management. In theory, the Adviser has an incentive to dedicate increased resources and allocate more profitable investment opportunities to clients bearing higher carried interest percentages or to clients whose governing documents contain less restrictive terms regarding timing of carried interest distributions, which would not include the Fund. In theory, the Adviser also has an incentive to allocate investment opportunities to clients that pay a general partner's share or management fees based on invested capital or capital committed to transactions rather than on capital commitments. However, the Adviser has a Conflicts of Interest Policy to manage conflicts of interest, including with respect to allocation of investment opportunities, and it is the Adviser's policy to allocate investment opportunities and resources based on its allocation procedures (as discussed below), and it does not consider fees or carried interest, in any regard, when making allocation determinations.

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The Adviser's investment allocation policy (the "Allocation Policy") is to allocate investment opportunities among clients based on methodologies designed to be fair and equitable over time, not taking into account fee structures on particular accounts, and consistent with and subject to the fiduciary and contractual duties of the Adviser to such clients in accordance with the Adviser's Allocation Policy and procedures.

In order to implement the Allocation Policy and manage any conflicts of interest related to investment allocations, the Adviser maintains procedures relating to the allocation of investment opportunities. The Adviser's allocation procedures may be modified from time to time at its discretion.

Occasionally, after allocating opportunities to all eligible clients of the Adviser pursuant to the Allocation Policy (including other investment vehicles and accounts managed or advised by a BBH entity, referred to herein as "BBH Funds"), the Adviser will have excess capacity (or overage) for a transaction for which it may look to other persons, including syndication partners or investors in BBH Funds. The Adviser reserves full discretion with respect to the allocation of such opportunities. The Adviser may charge fees or carried interest to any such persons.

**Portfolio Manager Compensation and Securities Ownership** 

As of the date of this SAI, none of the portfolio managers had any direct or indirect beneficial ownership of the Fund.

Neil Hohmann is a Partner of BBH&Co. and Portfolio Manager of Brown Brothers Harriman Credit Partners. As a Partner, most of his compensation is linked directly to the profits of BBH&Co. through a working interest in BBH&Co.'s profits and a return on capital invested in BBH&Co. Mr. Hohmann's working interest is set at the beginning of each calendar year by BBH&Co.'s Executive Committee based on his overall contribution to BBH&Co., including the investment performance and profitability of the Fund and other funds and accounts that he manages and co-manage. Mr. Hohmann has also invested capital in BBH&Co. and receives an annual return on his invested capital that fluctuates each year based on the overall profits of BBH&Co. Mr. Hohmann is also paid a salary.

Chris Ling is a Portfolio Manager of Brown Brothers Harriman Credit Partners. He receives a fixed base salary that is based on his individual experience and performance and which is consistent with the salaries paid to other Portfolio Managers of Brown Brothers Harriman Credit Partners. In addition, they receive incentive compensation which includes an annual bonus and participation in a profit-sharing plan that applies to all Brown Brothers Harriman Credit Partners employees. The annual bonus is based on his performance, the investment performance of his respective funds and other portfolios he co-manages, including the Fund, and his leadership, collaboration, and communication skills.

**CODES OF ETHICS** 

Each of the Fund, the Adviser, and AMG Distributors, Inc. ("AMGD") has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively the "Codes of Ethics"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel ("Access Persons"). The Codes of Ethics apply to the Fund and permit Access Persons to, subject to certain restrictions, invest in securities, including securities that may be purchased or held by the Fund. Under the Codes of Ethics, Access Persons may engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings, private placements or certain other securities. The Codes of Ethics are available on the EDGAR database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

A control person is a person who beneficially owns more than 25% of the voting securities of a company. To the knowledge of the Fund, as of the date of this SAI, the Fund does not have any control persons other than AMG and its affiliates, which provided the initial seed capital for the Fund.

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To the knowledge of the Fund, as of the date of this SAI, the Directors of the Fund and the Officers of the Fund, as a group, owned less than 1% of the outstanding Units of each Class of Units of the Fund.

**INVESTMENT MANAGEMENT AND OTHER SERVICES** 

**The Adviser** 

Brown Brothers Harriman Credit Partners, LLC serves as the Fund's investment adviser. The Adviser is a limited liability company organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). AMG, a publicly-traded company, indirectly owns a minority interest of the Adviser. The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement entered into between the Fund and the Adviser (the "Investment Management Agreement"). The Directors have engaged the Adviser to develop and furnish continuously an investment program for the Fund under the ultimate supervision of, and subject to any policies established by, the Board.

The Adviser charges the Fund the Investment Management Fee. The method of calculating the management fees payable by the Fund is described in the Prospectus under "Management of the Fund— Investment Management Agreement." Because the Fund commenced operations on or following the date of this SAI, there have been no payments by the Fund to the Adviser for advisory services.

The Adviser is subject to an expense limitation and reimbursement agreement, which is described further in the Prospectus under "Fees and Expenses." As of the date of this SAI, no fees were waived and/or expenses reimbursed to (recouped from) the Fund pursuant to the Expense Limitation and Reimbursement Agreement.

**Administrator** 

AMG Funds LLC (the "Administrator") serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee"). The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. AMGD, a wholly-owned subsidiary of the Administrator, serves as the Fund's distributor and the distributor of the AMG Fund Complex, a fund complex comprised of 40 different funds, each having distinct investment management objectives, strategies, risks, and policies.

The Administrator maintains certain of the Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (140 Broadway, New York, New York 10005), or the Custodian (50 Post Office Square, Boston, MA 02110-1548).

**Sub-Administrator** 

The Fund has engaged Brown Brothers Harriman & Co. (the "Sub-Administrator") to serve as sub-administrator to the Fund. For its services as sub-administrator, the Fund pays certain fees to the sub-administrator.

**Custodian** 

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, MA 02110-1548, serves as a custodian and fund accounting agent for the Fund. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund in connection with the Fund's investments, releasing and delivering assets as directed by the Fund, maintaining bank accounts in the name of the Fund, receiving for deposit into such accounts payments for units of the Fund, collecting income and other payments due the Fund with respect to investments, paying out monies of the Fund, and providing certain fund accounting services to the Fund.

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The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

**Independent Registered Public Accounting Firm** 

KPMG LLP, Two Manhattan West, 375 9th Avenue, New York, New York 10001, is the independent registered public accounting firm for the Fund. KPMG LLP will conduct an annual audit of the financial statements of the Fund and may provide other audit, tax and related services.

**Legal Counsel** 

Simpson Thacher & Bartlett LLP, 855 Boylston Street, Boston, MA 02116, acts as legal counsel to the Fund.

**BROKERAGE ALLOCATION AND OTHER PRACTICES** 

It is the policy of the Fund to obtain best results in connection with effecting its portfolio transactions taking into certain factors set forth below.

The Fund will bear commissions or spreads in connection with its portfolio transactions, if any. In placing orders, it is the policy of the Fund to obtain the best results, taking into account the broker-dealer's general execution and operational facilities, the type of transaction involved, and other factors such as the broker-dealer's risk in positioning the securities involved. While the Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily be paying the lowest spread or commission available. In executing portfolio transactions and selecting brokers or dealers, the Adviser seeks to obtain the best overall terms available for the Fund. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis.

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 ("Exchange Act")). Consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, the Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to its discretionary clients, including the Fund. In addition, the Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser or the Fund's placement agent) and to take into account the sale of Units of the Fund if the Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. Given the focus on private assets investing, the Fund is not expected to pay significant brokerage commissions.

Because the Fund commenced operations on or following the date of this SAI, there have been no payments by the Fund for brokerage commissions.

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**PROXY VOTING POLICIES AND PROCEDURES** 

The Fund has delegated the voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies (as defined below) in accordance with the Adviser's proxy voting policies and procedures, except with regards to investments in cash sweep funds (where the Adviser will typically vote as recommended by the cash sweep fund's directors) and investments in other registered investment companies in reliance on the exemption provided by Section 12(d)(1)(F) of the 1940 Act, including cash sweep funds (where the Adviser will vote in the same proportion as the vote of all other shareholders of the other investment company). The proxy voting policies and procedures of the Adviser are attached as Appendix A. In general, the Adviser believes that voting proxies in accordance with the Adviser's proxy voting policies and procedures will be in the best interests of the Fund.

In exercising its voting discretion, the Adviser seeks to avoid any direct or indirect conflict of interest presented by the voting decision. No less frequently than annually, the Adviser will provide the Board a written report describing any issues arising under the Adviser's proxy voting policies and procedures, including information about any material conflicts of interest and actions taken in response to those material conflicts of interest.

Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling 833-724-5508, and on the SEC's website at www.sec.gov.

**CERTAIN U.S. FEDERAL INCOME TAX MATTERS** 

The following summary of certain U.S. federal income tax considerations is intended for general informational purposes only. This discussion is not tax advice. This discussion does not address all aspects of taxation (including state, local, or foreign taxes) that may be relevant to particular Investors in light of their own investment or tax circumstances, or to particular types of Investors (including insurance companies, tax-advantaged retirement plans, financial institutions or broker-dealers, foreign corporations, and persons who are not citizens or residents of the United States) subject to special treatment under U.S. federal income tax laws. This summary is based on the Code, the U.S. Treasury regulations thereunder, published rulings and court decisions, each as in effect as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisers to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISER WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF AN INVESTMENT IN THE FUND IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. THIS DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING.

**U.S. Federal Income Taxation of the Fund – in General** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund intends to elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the favorable tax treatment accorded RICs and their investors, the Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of

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such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2).

In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in paragraph (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in paragraph (b) above, the identification of the issuer (or, in some cases, issuers) of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a RIC's ability to meet the diversification test in paragraph (b) above.

If the Fund qualifies as a RIC that is accorded favorable tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

The Fund currently expects to satisfy the requirements to qualify and be eligible to be treated as a RIC. Nonetheless, there can be no assurance that the Fund will so qualify and be eligible.

The federal income tax rules applicable to the Fund's investments are in certain cases unclear. An adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund may increase its investments in Exchange-Traded Funds ("ETFs") and/or other qualifying income securities in order to increase the percentage of the Fund's income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded favorable tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the

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case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund. 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 that is accorded favorable tax treatment.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its Investors, who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, plus its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. Also, for purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year. In addition, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. Given the difficulty of estimating Fund income and gains in a timely fashion, each year the Fund is likely to be liable for a 4% excise tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

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**Taxation of Fund Investments** 

*Passive Foreign Investment Companies* 

The Fund may invest in entities that are classified as passive foreign investment companies ("PFICs") for U.S. federal income tax purposes. Investments in PFICs could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to investors. The Fund generally may elect to avoid the imposition of that tax by, for example, electing to treat a PFIC in which it holds an interest as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distributions from the PFIC.

In certain circumstances, the Fund may be permitted to and elect to mark the gains (and to a limited extent losses) in such PFIC holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) such holdings on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. If the Fund realizes a loss with respect to a PFIC which has elected such mark-to-market treatment, whether by virtue of selling all or part of its interest in the PFIC or because of the "mark to market" adjustment described above, the loss will be ordinary to the extent of the excess of the sum of the mark-to-market gains over the mark-to-market losses previously recognized with respect to the PFIC. To the extent that the Fund's mark-to-market loss with respect to a PFIC exceeds that limitation, the loss will effectively be taken into account in offsetting future mark-to-market gains from the PFIC, and any remaining loss will generally be deferred until the PFIC interests are sold, at which point the loss will be treated as a capital loss.

Where the mark-to-market election is made, it is possible that the Fund will be required to recognize income (which generally must be distributed to the Fund's Investors) in excess of the distributions that it receives in respect of an interest in a PFIC. Accordingly, the Fund may need to borrow money or to dispose of investments, potentially including its interests in the PFIC, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income tax and/or the nondeductible 4% excise tax. There can be no assurances, however, that the Fund will be successful in this regard; if the Fund were unsuccessful in this regard, it could limit the ability of the Fund to qualify and be eligible for treatment as a RIC.

In certain cases, the Fund will not be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will not have control over whether the QEF or mark-to-market election is made.

If neither a "mark-to-market" nor a QEF election is made with respect to an interest in a PFIC, the ownership of the PFIC interest may have significantly adverse tax consequences for the Fund. In such a case, the holder of the PFIC interest would be subject to an interest charge (at the rate applicable to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions and on gain from the disposition of the interests in the PFIC (collectively referred to as "excess distributions"), even if, in the case where the holder is a RIC, those excess distributions are paid by the RIC as a dividend to its shareholders.

Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund may unexpectedly incur the tax and interest charges described above. Any such tax will reduce the value of an Investor's investment in the Fund.

*Investments in Other RICs* 

The Fund's investment in shares of mutual funds, ETFs or other companies that qualify as RICs (each, an "underlying RIC") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

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If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as "qualified dividend income," then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided that the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

*Derivatives, Hedging and Related Transactions* 

In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. The gain or loss with respect to any termination of the Fund's obligation under an option other than through the exercise of the option generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

Certain covered call-writing activities of the Fund may trigger the U.S. federal income tax straddle rules of Section 1092 of the Code, requiring that losses be deferred and holding periods be tolled on offsetting positions in options and stocks deemed to constitute substantially similar or related property. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain futures contracts entered into by the Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, equity indices and debt securities) will be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to Investors.

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Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Book-Tax Differences* 

Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between the Fund's book income and its taxable income. If such a difference arises, and the Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded favorable tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds its taxable income (including realized capital gains), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its Units, and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Special Rules for Debt Obligations* 

Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as having original issue discount ("OID"). OID is, very generally, the excess of the stated redemption price at maturity of a debt obligation over the issue price. OID is treated as interest income and is included in the Fund's income and is required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund treated as a partnership may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities, including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to Investors at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its Investors may receive a larger Capital Gain Dividend (as defined below) than if the Fund had not held such securities.

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A portion of the OID accrued on certain high-yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium* 

Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium—the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without the consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

*At-risk or Defaulted Securities* 

Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its eligibility for treatment as a RIC and does not become subject to U.S. federal income or excise tax.

*Foreign Currency Transactions* 

Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to Investors and increase the distributions taxed to Investors as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Commodity-Linked Derivatives* 

The Fund's use of commodity-linked derivatives can bear on or be limited by the Fund's intention to qualify as a RIC. Income and gains from certain commodity-linked derivatives does not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of certain other commodity-linked derivative instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other non-qualifying income, caused the Fund's non-qualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

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*Certain Investments in REITs* 

Any investment by the Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund Investors for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

*Mortgage-Related Securities* 

The Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to Investors of the RIC in proportion to the dividends received by such Investors, with the same consequences as if the Investors held the related interest directly. As a result, a RIC investing in such interests may not be a suitable investment for charitable remainder trusts (See, "Tax-Exempt Investors" below).

In general, excess inclusion income allocated to Investors (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. Investor, will not qualify for any reduction in U.S. federal withholding tax. An Investor will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Foreign Taxation* 

Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Fund's assets at the end of its taxable year consists of the securities of foreign corporations, the Fund may elect to permit its investors to claim a credit or deduction on their U.S. federal income tax returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the Code. In such a case, the investors will include in gross income from foreign sources their pro rata share of such taxes paid by the Fund. Even if the Fund is eligible to make such an election for a given year, it may determine not to do so. If the Fund is not so eligible or does not so elect, foreign taxes, if any, would nonetheless reduce the Fund's taxable income. An Investor's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes passed through by the Fund is subject to certain limitations imposed by the Code, which may result in the Investor's not receiving a full credit or deduction (if any) for the amount of such taxes. Investors who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Investors that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If the Fund is not eligible to or does not make the above election, the Fund's taxable income will be reduced by the foreign taxes paid or withheld, and Investors will not be entitled separately to claim a credit or deduction with respect to such taxes. Investors are advised to consult their own tax advisers with respect to the treatment of foreign source income and foreign taxes under the U.S. federal income tax laws.

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**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each Investor as soon as practicable in the succeeding year.

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

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Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

A "publicly offered regulated investment company" or "publicly offered RIC" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the 1933 Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While the Fund generally expects to qualify as a publicly offered RIC, if the Fund does not qualify as a publicly offered RIC for any period, a non-corporate shareholder's allocable portion of the Fund's affected expenses, including any management fees or incentive fees, will be treated as an additional distribution to the shareholder and the affected expense will be treated as having been incurred by the shareholder and will be treated as miscellaneous itemized deductions that are deductible only to the extent permitted by applicable law. Under current law, such expenses will not be deductible by any such shareholder.

Certain distributions reported by the Fund as Section 163(j) interest dividends may be eligible to be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income. There can be no assurance that the Fund will report any distributions as Section 163(j) interest dividends.

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax-Exempt Investors* 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

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In addition, special tax consequences apply to charitable remainder trusts that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a charitable remainder trust (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a charitable remainder trust will not recognize UBTI as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a charitable remainder trust (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable charitable remainder trust, or other Investor, and thus reduce such Investor's distributions for the year by the amount of the tax that relates to such Investor's interest in the Fund.

Charitable remainder trusts and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale or Exchange of Units* 

Investors who tender all of the Fund interests (as previously defined, "Units") they hold or are deemed to hold in response to a repurchase offer (as described under "Repurchases of Units and Transfers" in the Prospectus) will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its Units or fewer than all Units tendered are repurchased, such Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund.

The sale or other taxable disposition of Fund Units that is treated as a sale or exchange generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's "wash sale" rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

The Fund's use of cash to repurchase Units could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether the distribution requirements are satisfied.

Upon the sale or exchange of Units, the Fund or, in the case of Units purchased through a financial intermediary, the financial intermediary, may be required to provide an Investor and the IRS with cost basis and certain other related tax information about the Units the Investor sold, exchanged or redeemed. See the Prospectus for more information.

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*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to Investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of Units held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units of the Fund unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units of the Fund (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

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If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund.

The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units of the Fund. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

*Tax Shelter Reporting Regulations* 

Under U.S. Treasury regulations, if an Investor recognizes a loss of at least $2 million in any single tax year or $4 million in any combination of tax years for an individual Investor or at least $10 million in any single tax year or $20 million in any combination of tax years for a corporate Investor, the Investor must file with the IRS a disclosure statement on IRS Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, investors in a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to investors in most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Investors should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

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*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends, and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

**General Considerations** 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS** 

The audited financial statements and related report of KPMG LLP, the Fund's independent registered public accounting firm, are contained in Appendix B.

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**APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES** 

**Proxy Voting Policy** 

[To be provided by amendment.]

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##### [**Table of Contents**](#toc)
**APPENDIX B** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Unitholder

AMG BBH Asset-Backed Credit Fund, LLC:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AMG BBH Asset-Backed Credit Fund, LLC (the Fund), as of March 4, 2026, the related statement of operations for the period from November 10, 2025 (inception) through March 4, 2026, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 4, 2026, and the results of its operations for the period from November 10, 2025 (inception) through March 4, 2026, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more AMG Funds since 2021.

New York, New York

March 16, 2026

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**AMG BBH Asset-Backed Credit Fund, LLC** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
|  | **As of March 4, 2026** |
|  **Assets:** |  |
|  Cash | $100000 |
|  Deferred offering costs (See Note 2) | 425385 |
|  Receivable from affiliate (See Note 3) | 908611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1433996 |
|  **Liabilities:** |  |
|  Due to affiliate (See Note 3) | 1333996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1333996 |
|  **Commitments and Contingencies (See Note 5)** |  |
|  **Net Assets** | $**100000** |
|  **Net Assets Represent:** |  |
|  Paid-in capital | $100000 |
|  **Net Assets** | $**100000** |
|  **Class S:** |  |
|  Net Assets | $100000 |
|  Units outstanding | 10000 |
|  Net asset value per Unit | $10.00 |

---

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

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**AMG BBH Asset-Backed Credit Fund, LLC** 

**STATEMENT OF OPERATIONS** 

---

| | |
|:---|:---|
|  | **Period from November 10, 2025<br>(inception) through March 4, 2026** |
|  **Expenses:** |  |
|  Organizational expenses (See Note 2) | $908611 |
|  Less: Reimbursement from the Investment Manager (See Note 3) | (908611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0 |
|  **Net increase in net assets resulting from operations** | $**0** |

---

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

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##### [**Table of Contents**](#toc)
**Notes to the Financial Statements** 

**1. Organization and Business Purpose** 

AMG BBH Asset-Backed Credit Fund, LLC (the "Fund") is a newly organized Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund intends to operate as an "interval fund" that continuously offers its units of beneficial interest ("Units") and will periodically repurchase its Units, subject to certain conditions. The Fund's investment adviser is Brown Brothers Harriman Credit Partners, LLC (the "Adviser").

The Fund's investment objective is to seek to generate a return comprised of both current income and capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, directly or indirectly in a varied portfolio of asset-backed and other structured credit investments (collectively, "Asset-Backed Credit Investments"). The Fund considers "Asset-Backed Credit Investments" to be investments in credit and credit-related instruments secured by a financial or physical asset and investments that derive returns from interest incomes, recurring revenues, fees, realized gains or other types of cash flows of underlying financial and physical assets.

The Fund has established one class of Units of beneficial interest, Class S. Subject to receipt of an exemptive order from the Securities and Exchange Commission, the Fund will establish two more classes of Units, Class I and Class M. The Fund can issue an unlimited number of Units of beneficial interest. Currently, the Fund only offers Class S Units.

As of March 4, 2026, the Fund is in the development stage and has not commenced investment operations. The Fund's fiscal year end is March 31.

**2. Summary of Significant Accounting Policies** 

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including accounting and reporting guidance pursuant to Accounting Standards Codification Topic 946 applicable to investment companies. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Fund in the preparation of the financial statements:

***a. Organizational Expenses and Offering Costs:*** The Fund will bear the organizational expenses and offering costs incurred in connection with its formation of and the offering of the Units, including the out-of-pocket expenses of the Adviser and its agents and affiliates. Organizational expenses are expensed as incurred, while offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of investment operations, which has not yet occurred.

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***b. Income Taxes:*** The Fund's tax year end is September 30. The Fund is currently treated as a partnership for U.S. federal income tax purposes. However, on or about the date on which the Fund's registration statement under the Securities Act of 1933, as amended (the "Securities Act") goes effective, the Fund intends to elect to be treated as a corporation for U.S. federal tax purposes and to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will generally not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders and meets certain diversification and qualifying gross income requirements. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund which did not meet the "more likely than not" standard as of March 4, 2026.

**3. Agreements and Related Party Transactions** 

***Investment Management Agreement***

The Fund will enter into an investment management agreement with the Adviser, a limited liability company organized under the laws of the State of Delaware and registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a majority owned subsidiary of, and controlled by, Brown Brothers Harriman & Co., a limited partnership organized under the laws of the State of New York. The Adviser is an affiliate of Affiliated Managers Group, Inc. ("AMG"). For services rendered pursuant to the investment management agreement, the Fund will pay the Adviser an investment management fee at an annual rate of 1.45% (the "Investment Management Fee"), payable monthly in arrears, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during any period in which the Fund is offering its Units in a private offering exempt from registration under
the Securities Act (i.e., a privately offered interval fund), the Investment Management Fee for each month will be calculated based on the Fund's "Managed Assets" as of the beginning of the first calendar day of the applicable
month adjusted for any share issuances or repurchases during the applicable month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period in which the Fund is offering its Units pursuant to an effective registration statement on
Form N-2 (i.e., a publicly offered interval fund), the Investment Management Fee will be accrued daily and calculated based on the Fund's average daily "Managed Assets" for the applicable
month.

"Managed Assets" means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares) as of each relevant calculation date specified above. In the case of a partial month, compensation will be based on the number of days during the month in which the Adviser provided services to the Fund. Compensation will be paid to the Adviser before giving effect to any repurchase of any Units in the Fund effective as of that date.

***Expense Limitation and Reimbursement Agreement***

The Adviser will enter into an Expense Limitation and Reimbursement Agreement with the Fund, until at least August 1, 2027, to waive the management fees payable by the Fund and pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed: (1) 0.50% of the value of the Fund's monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month during the period of time that the Fund is offering its Units in a private offering exempt

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from registration under the Securities Act (i.e., a privately offered interval fund) (the "Monthly Expense Limit"), and (2) 0.50% per annum of the Fund's average daily net assets during the period of time that the Fund is offering its Units pursuant to an effective registration statement on Form N-2 (i.e., a publicly offered interval fund) (the "Annual Expense Limit").

"Excluded Expenses" include (a) the Investment Management Fee incurred by the Fund; (b) fees, expenses, allocations, carried interests, etc. of the Fund's investments; (c) acquired fund fees and expenses of the Fund; (d) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of the Fund's investments; (e) interest expense incurred; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (g) the distribution and/or service fees (as applicable) incurred by the Fund; (h) the shareholder servicing fees (as applicable) incurred by the Fund; (i) taxes of the Fund; and (j) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses.

For a period not to exceed 36 months from the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser, the Adviser may recoup amounts paid, waived, or reimbursed, provided that the amount of any such additional payment by the Fund in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Monthly Expense Limit or the Annual Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Monthly Expense Limit or the Annual Expense Limit that is in effect at the time of such additional payment by the Fund.

***Administration Agreement***

The Fund will enter into an Administration Agreement under which AMG Funds LLC, a subsidiary and the U.S. wealth platform of AMG, serves as the Fund's administrator (the "Administrator") and is responsible for certain aspects of managing the Fund's operations, including administration and shareholder services to the Fund, its investors, and certain institutions, such as broker-dealers and registered investment advisers, that advise or act as an intermediary with the Fund's investors. The Fund will pay the Administrator an annual fee at the rate of 0.15% (the "Administration Fee"), payable monthly, and prorated for any shorter period during which the Administrator provided services to the Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during any period in which the Fund is offering its Units in a private offering exempt from registration under
the Securities Act (i.e., a privately offered interval fund), the Administration Fee for each month shall be calculated based on the Fund's net assets as of the beginning of the first calendar day of the applicable month adjusted for any share
issuances or repurchases during the applicable month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period in which the Fund is offering its Units pursuant to an effective registration statement on
Form N-2 (i.e., a publicly offered interval fund), the Administration Fee shall be accrued daily and calculated based on the Fund's average daily net assets for the applicable month.

***Distribution Agreement***

The Fund will be distributed by AMG Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Administrator. The Distributor will serve as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Units of the Fund will be continuously offered and will be sold directly to prospective investors and through

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brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of registration statements for sales purposes and any advertising or sales literature.

If the Fund receives an exemptive order to offer multiple share classes, pursuant to such order, the Fund will adopt a distribution and service plan (the "Plan") with respect to Class M in accordance with the requirements of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, the Fund will make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of the Class M Units and for maintenance and personal service provided to existing investors of Class M. The Plan will authorize payments to the Distributor of 0.75% annually of the average daily net assets of the Fund attributable to Class M Units. The Plan further provides for periodic payments by the Fund to brokers, dealers and other financial intermediaries for providing shareholder services and for promotional and other sales-related costs.

***Payments to Financial Intermediaries***

The Fund may pay fees (for Class M Units, in addition to any amounts paid pursuant to the Plan), to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other shareholder services and recordkeeping associated with investors whose Units are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents. Additionally, the Fund may pay a servicing fee to a financial intermediary for providing ongoing services in respect of clients with whom it has distributed Units of the Fund.

***Due to Affiliate***

The Fund's organizational expenses and offering costs were paid, or will be paid, by the Adviser and will be reimbursed by the Fund after the commencement of investment operations. This payable is included as "Due to affiliate" on the Statement of Assets and Liabilities.

**4. Capital Stock** 

On March 3, 2026, a subsidiary of AMG purchased 10,000 Class S Units of beneficial interest of the Fund, which represented all of the issued and outstanding Units of the Fund, for an aggregate purchase price of $100,000.

**5. Segment Reporting** 

The Fund will operate through a single operating and reporting segment to achieve its investment objective as reflected in the Fund's prospectus. The Chief Operating Decision Makers ("CODM") will be the Fund's president, chief financial officer, and senior management at the Adviser. The CODM will assess the performance and make operating decisions for the Fund primarily based on the Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM will utilize the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

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**6. Commitments and Contingencies** 

In the ordinary course of its business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Management believes that the likelihood of such an event is remote.

**7. Subsequent Events** 

Subsequent events after March 4, 2026, have been evaluated through the date at which the financial statements were issued and the Fund has determined that no material events or transactions occurred.

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APPENDIX C. OTHER INFORMATION

<u>Item 25</u>. <u>Financial Statements and Exhibits</u>.

1. Financial Statements:

Part A: Not applicable, as Registrant has not yet commenced operations.

Part B: Included in Part B: Audited Financial Statements dated March 4, 2026 are included as Appendix B to the Statement of Additional Information filed herewith.

2. Exhibits:

---

| | |
|:---|:---|
| (a) (1) | [Amended and Restated Certificate of Formation filed as an exhibit to the Registrant's Registration Statement on Form N-2, Registration No. 811-24143 (filed December 5, 2025), and is hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/2097545/000119312525309819/d11976dex99a1.htm).  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Limited Liability Company Agreement filed as an exhibit to the Registrant's Registration Statement on Form N-2, Registration No. 811-24143 (filed December 5, 2025), and is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/2097545/000119312525309819/d11976dex99a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws filed as an exhibit to the Registrant's Registration Statement on Form N-2, Registration No. 811-24143 (filed December 5, 2025), and is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/2097545/000119312525309819/d11976dex99b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) See Item 25(2)(a)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

(g) (1) [Investment Management Agreement is filed herewith.](d150516dex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Expense Limitation and Reimbursement Agreement is filed herewith.](d150516dex99g2.htm)

(h) (1) [Distribution Agreement is filed herewith.](d150516dex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of Distribution and Service Plan is filed herewith.](d150516dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Multiple Class Expense Allocation Plan Pursuant to Rule 18f-3 is filed herewith.](d150516dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

(j) (1) [Custody Agreement is filed herewith.](d150516dex99j1.htm)

(k) (1) [Administration Agreement is filed herewith.](d150516dex99k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Administrative Agency Agreement is filed herewith.](d150516dex99k2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Transfer Agent Services Agreement is filed herewith.](d150516dex99k3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Opinion and Consent of Counsel to be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [Consent of Independent Registered Public Accounting Firm is filed herewith.](d150516dex99o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Not Applicable.

(r) (1) [Code of Ethics of Registrant is filed herewith.](d150516dex99r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Code of Ethics of Brown Brothers Harriman Credit Partners, LLC to be filed by amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of AMG Distributors, Inc. is filed herewith.](d150516dex99r3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [Power of Attorney is filed herewith.](d150516dex99t.htm)

<u>Item 26</u>. <u>Marketing Arrangements</u>:

Not Applicable.

<u>Item 27</u>. <u>Other Expenses of Issuance and Distribution</u>:

All figures are estimates:

---

| | |
|:---|:---|
|  **Registration fees** | $58000.0 |
|  **Legal fees** | $415000.0 |
|  **Printing fees** | $16000.0 |
|  **Blue Sky fees** | $59000.0 |
|  **Transfer Agent fees** | $109000.0 |
|  **Total** | $657000.0 |

---

<u>Item 28</u>. <u>Persons Controlled by or Under Common Control with Registrant</u>:

The Registrant may be deemed to be controlled by Brown Brothers Harriman Credit Partners, LLC, the adviser of the Registrant (the "Adviser"). Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-134310), and is incorporated herein by reference.

<u>Item 29</u>. <u>Number of Holders of Securities</u>:

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Number of Record Holders\*** | **Number of Record Holders\*** |  |
|  Class S |  | [ | ] |
|  Class I |  | [ | ] |
|  Class M |  | [ | ] |

---

\* As of [ ], 2026

<u>Item 30</u>. <u>Indemnification</u>:

Reference is made to Section 3.6 of the Registrant's Limited Liability Company Agreement (the "LLC Agreement"), filed as Exhibit (a)(2) to this registration statement. The Registrant hereby undertakes that it will apply the indemnification provisions of the LLC Agreement in a manner consistent with Release 40-11330 of the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect.

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The Registrant maintains insurance on behalf of any person who is or was an independent director, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify. In addition, Affiliated Managers Group, Inc. maintains insurance on behalf of Garret W. Weston, an employee of Affiliated Managers Group, Inc. and an interested director of the Fund, against certain liability asserted against and incurred by, or arising out of, his position.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1940 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1940 Act and will be governed by the final adjudication of such issue.

<u>Item 31</u>. <u>Business and Other Connections of Investment Adviser</u>:

Brown Brothers Harriman Credit Partners, LLC is the investment adviser to the Fund, and its business is summarized in Part A and Part B of this Registration Statement under the sections entitled "Management of the Fund." Information regarding any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each member, director, executive officer, or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, director, officer, employee, partner or director, is included in its Form ADV as filed with the SEC (File No. 801-134310), and is incorporated herein by reference.

<u>Item 32</u>. <u>Location of Accounts and Records</u>:

AMG Funds LLC, the Registrant's administrator, maintains certain required accounting related and financial books and records of the Registrant at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other required books and records are maintained by Brown Brothers Harriman Credit Partners, LLC, the Adviser, at 140 Broadway, New York, NY 10005 or by Brown Brothers Harriman & Co., the Custodian, at 50 Post Office Square, Boston, MA 02110-1548.

<u>Item 33</u>. <u>Management Services</u>:

None.

<u>Item 34</u>. <u>Undertakings</u>:

1. Not Applicable.

2. Not Applicable.

3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the 1933 Act;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Registrant is subject to Rule 430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule 424(b)
under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in
the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the
initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424 under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act
relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Not applicable.

5. Not applicable.

6. Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers
and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in
the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of
such issue.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, its Statement of Additional Information.

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##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford and the State of Connecticut, on the 6<sup>th</sup> day of May, 2026.

---

| | |
|:---|:---|
| AMG BBH Asset-Backed Credit Fund, LLC | AMG BBH Asset-Backed Credit Fund, LLC |
| By: | /s/ Keitha L. Kinne |
| Name: | Keitha L. Kinne |
| Title: | Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Keitha L. Kinne | Principal Executive Officer | May 6, 2026 |
| Keitha L. Kinne |  |  |
| /s/ Thomas Disbrow | Principal Financial Officer | May 6, 2026 |
| Thomas Disbrow | and Principal Accounting Officer |  |
| \*/s/ Jill R. Cuniff | Director | May 6, 2026 |
| Jill R. Cuniff |  |  |
| \*/s/ Kurt A. Keilhacker | Director | May 6, 2026 |
| Kurt A. Keilhacker |  |  |
| \*/s/ Peter W. MacEwen | Director | May 6, 2026 |
| Peter W. MacEwen |  |  |
| \*/s/ Eric Rakowski | Director | May 6, 2026 |
| Eric Rakowski |  |  |
| \*/s/ Victoria L. Sassine | Director | May 6, 2026 |
| Victoria L. Sassine |  |  |
| \*/s/ Garret W. Weston | Director | May 6, 2026 |
| Garret W. Weston |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow |

---

\* Attorney-in-Fact pursuant to the Power of Attorney filed herewith.

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##### [**Table of Contents**](#toc)
**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
|  (g)(1) | [Investment Management Agreement](d150516dex99g1.htm) |
|  (g)(2) | [Expense Limitation and Reimbursement Agreement](d150516dex99g2.htm) |
|  (h)(1) | [Distribution Agreement](d150516dex99h1.htm) |
|  (h)(2) | [Form of Distribution and Service Plan](d150516dex99h2.htm) |
|  (h)(3) | [Form of Multiple Class Expense Allocation Plan Pursuant to Rule 18f-3](d150516dex99h3.htm) |
|  (j)(1) | [Custody Agreement](d150516dex99j1.htm) |
|  (k)(1) | [Administration Agreement](d150516dex99k1.htm) |
|  (k)(2) | [Administrative Agency Agreement](d150516dex99k2.htm) |
|  (k)(3) | [Form of Transfer Agent Services Agreement](d150516dex99k3.htm) |
| (o) | [Consent of Independent Registered Public Accounting Firm](d150516dex99o.htm) |
|  (r)(1) | [Code of Ethics of Registrant](d150516dex99r1.htm) |
|  (r)(3) | [Code of Ethics of AMG Distributors, Inc.](d150516dex99r3.htm) |
| (t) | [Power of Attorney](d150516dex99t.htm) |

---

## Ex-99.(G)(1)

**Exhibit (g)(1)** 

**AMG BBH ASSET-BACKED CREDIT FUND, LLC** 

**INVESTMENT MANAGEMENT AGREEMENT** 

This **INVESTMENT MANAGEMENT AGREEMENT**, dated and effective as of May 1, 2026 (the "Agreement"), is between **Brown Brothers Harriman Credit Partners, LLC**, a limited liability company organized under the laws of Delaware (the "Investment Manager"), and **AMG BBH Asset-Backed Credit Fund, LLC**, a limited liability company organized under the laws of Delaware (the "Fund").

**WHEREAS**, the Investment Manager is engaged principally in the business of rendering investment management services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

**WHEREAS**, the Fund proposes to (i) engage in business as a closed-end management investment company and (ii) be registered under the Investment Company Act of 1940, as amended (the "Investment Company Act");

**NOW, THEREFORE**, in consideration of the mutual covenants contained in this Agreement, it is agreed as follows:

**1.** **Appointment.** 

The Fund appoints the Investment Manager as investment adviser with respect to the Fund's assets for the period and on the terms set forth in this Agreement, and the Investment Manager accepts such appointment.

**2.** **Authority and Duties of the Investment Manager.** 

(a) The Investment Manager agrees to develop and furnish continuously an investment program for the Fund. In this
regard the Investment Manager will (i) manage the investment and reinvestment of the Fund's assets in compliance with the Fund's investment program and policies as set forth in the Fund's registration statement;
(ii) provide research and analysis relative to the investment program and objectives of the Fund; (iii) determine (subject to the overall supervision and review of the Fund's board of directors (the "Board of Directors"
and each member of the Board of Directors, a "Director")) what investments will be purchased, held, sold, or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held in cash or cash equivalents; and
(iv) continuously review, supervise, and administer the investment program of the Fund. As applicable and appropriate, and without limiting the generality of the foregoing, the Investment Manager has the power and authority (including the power
to sub-delegate) to review, negotiate and execute any and all agreements, letters, instruments, certificates and other documentation necessary to facilitate, effect and manage the purchase, sale and holding of
the Fund's investments.

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The Fund constitutes and appoints the Investment Manager as the Fund's true and lawful representative and attorney-in-fact, with full power of delegation (to any one or more permitted sub-advisers), in the Fund's name, place and stead, to make, execute, sign, acknowledge, and deliver all subscription and other agreements, contracts, and undertakings on behalf of the Fund as the Investment Manager may deem necessary or advisable for implementing the investment program of the Fund by purchasing, selling, and redeeming its assets and placing orders for such purchases and sales.

The Fund may delegate to the Investment Manager, subject to revocation at the discretion of its Board of Directors, the responsibility for voting proxies relating to the Fund's portfolio holdings.

(b) The Investment Manager agrees that it will discharge its responsibilities under this Agreement subject to the
supervision of the Board of Directors and in accordance with (i) the terms hereof; (ii) the Fund's Limited Liability Company Agreement; (iii) the investment objective, policies, guidelines, and restrictions of the Fund set forth
in the Fund's current registration statement, (iv) the Investment Company Act, the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), and other applicable federal and state laws; (v) any
future amendments or supplements to the Fund's registration statement that, in each case, are provided in writing, to the Investment Manager with reasonable notice prior to implementation; and (vi) any policies determined by the
Fund's Board of Directors, all of (i)-(vi) hereof as from time to time in effect.

(c) Subject to the prior approval of a majority of the Directors, including a majority of the Directors who are not
interested persons of the Fund ("Independent Directors") and, to the extent permitted by the Investment Company Act and the rules and regulations thereunder (subject to any applicable guidance or interpretation of the SEC or its staff
and any applicable exemptive orders), by the investors of the Fund, the Investment Manager may, from time to time, delegate to a sub-adviser any of the Investment Manager's duties under this Agreement,
including the management of all or a portion of the assets being managed. In all instances, however, the Investment Manager must oversee the provision of delegated services, the Investment Manager must bear the separate costs of employing any sub-adviser, and no delegation will relieve the Investment Manager of any of its obligations under this Agreement. As used in this Section 2(c), the term "interested persons" has the meaning set
forth in the Investment Company Act.

**3.** **Fees.** 

(a) <u>Management Fee</u>. For the services provided and the expenses assumed pursuant to this Agreement, the Fund
shall pay to the Investment Manager compensation at an annual rate of 1.45% (the "Management Fee"), payable monthly in arrears by the 10<sup>th</sup> business day of the succeeding month, as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during any period in which the Fund is offering its units in a private offering exempt from registration under
the Securities Act of 1933, as amended, (i.e., a privately offered interval fund), the Management Fee for each month shall be calculated based on the Fund's "Managed Assets" as of the beginning of the first calendar day of the
applicable month adjusted for any share issuances or repurchases during the applicable month; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period in which the Fund is offering its units pursuant to an effective registration statement on
Form N-2 (i.e., a publicly offered interval fund), the Management Fee shall be accrued daily and calculated based on the Fund's average daily "Managed Assets" for the applicable month.

"Managed Assets" means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares) as of each relevant calculation date specified above in this Section 3(a). In the case of a partial month, compensation will be based on the number of days during the month in which the Investment Manager provided services to the Fund. Compensation will be paid to the Investment Manager before giving effect to any repurchase of any units in the Fund effective as of that date. The Investment Manager may, in its discretion and from time to time, reduce any portion of the compensation or reimbursement of expenses due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Fund under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Investment Manager hereunder or to continue future payments. All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

**4.** **Expenses.** 

(a) Other than as specifically indicated in this Agreement, the Investment Manager shall not be required to pay any
expenses of the Fund. The Investment Manager shall bear its own operating and overhead expenses attributable to its duties hereunder (such as salaries, bonuses, rent, office and administrative expenses, depreciation and amortization, and auditing
expenses). The Fund is not responsible for the overhead expenses of the Investment Manager. The Investment Manager may from time to time agree not to impose all or a portion of its Management Fee otherwise payable under this Agreement and/or
undertake to pay or reimburse the Fund for all or a portion of its expenses not otherwise required to be paid by or reimbursed by the Investment Manager. Unless otherwise agreed, any Management Fee reduction or undertaking may be discontinued or
modified by the Investment Manager at any time.

(b) The Fund will bear all of the legal and other out-of-pocket expenses incurred in connection with the organization of the Fund and the offering of its units, including (i) all expenses related to the investment
program, which include (A) expenses borne (1) through the Fund's investments, (2) through the Fund's investments in other investment companies, and (3) through the Fund's co-investments in portfolio companies; (B) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated
with certain of the Fund's investments, co-investments in portfolio companies and any other investments (whether

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or not consummated), and enforcing the Fund's rights in respect of such investments; (C) transfer taxes and premiums; (D) taxes withheld on non-U.S. dividends or other non-U.S. source income; (E) professional fees (including, without limitation, the fees and expenses of consultants, attorneys, and experts of the Fund); and (F) if applicable, brokerage commissions, private placement fees, interest, and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees; (ii) the Management Fee; (iii) any distribution, private placement or service fee paid pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act; (iv) all costs and expenses (including costs and expenses associated with the organization and initial registration of the Fund) associated with the operation and ongoing registration of the Fund, including, without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance with any applicable federal or state laws; (v) risk management expenses; (vi) compensation of Independent Directors; (vii) the costs and expenses of holding any meetings of the Board of Directors or investors that are regularly scheduled, permitted, or required to be held under the terms of the Fund's Limited Liability Company Agreement, the Investment Company Act, or other applicable law; (viii) fees and disbursements of any attorneys, accountants, auditors, and other consultants and professionals engaged on behalf of the Fund or the Independent Directors; (ix) the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund, or the Directors or the officers of the Fund; (x) recordkeeping, custody, transfer agency, and shareholder servicing fees and expenses; (xi) all costs and expenses of preparing, setting in type, printing, filing, and distributing reports and other communications to investors or potential investors; (xii) all expenses of computing net asset value, including any equipment or services obtained for the purpose of valuing the investment portfolio, including appraisal and valuation services provided by third parties; (xiii) fees of custodian, administrator, sub-administrator, and other service providers including transfer agents and depositaries; (xiv) any extraordinary expenses, including indemnification or litigation expenses; (xv) all taxes to which the Fund may be subject, directly or indirectly, and whether in the U.S., any state thereof or any other U.S. or non-U.S. jurisdictions; and (xvi) such other types of expenses as may be approved from time to time by the Board of Directors.

Nothing in this paragraph 4(b) shall limit the generality of the first sentence of paragraph 4(a) of this Agreement.

**5.** **Fund Transactions.** 

If applicable, the Investment Manager will place orders either directly with the issuer or with brokers, dealers or placement agents selected by the Investment Manager. In the selection of such brokers or dealers and the placing of such orders, the Investment Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Investment Manager, bearing in mind the Fund's best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the

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**6.** **Other Activities and Investments.** 

(a) The Investment Manager and its officers and employees shall devote so much of their time to the affairs of the
Fund as in the judgment of the Investment Manager the conduct of its business shall reasonably require, and none of the Investment Manager or its affiliates shall be obligated to do or perform any act or thing in connection with the business of the
Fund not expressly set forth herein.

(b) The services of the Investment Manager to the Fund are not to be deemed exclusive, and the Investment Manager
is free to render similar services to others so long as its services to the Fund are not impaired thereby. To the extent that affiliates of, or other accounts managed by, the Investment Manager invest in other types of investments that limit the
amount of assets and the number of accounts that they will manage or where capacity or access to such investment opportunity is otherwise constrained, the Investment Manager may be required to choose between the Fund and other accounts or affiliated
entities in making allocation decisions. The Investment Manager will make allocation decisions in a manner it believes to be equitable to each account. It is recognized that in some cases this may adversely affect the price paid or received by the
Fund or the size or position obtainable for or disposed by the Fund. Nothing herein contained in this Section 6 shall be deemed to preclude the Investment Manager or its affiliates from exercising investment responsibility, from engaging
directly or indirectly in any other business or from directly or indirectly purchasing, selling, holding, or otherwise dealing with any co-investments in portfolio companies for the account of any such other
business, for their own accounts, for any of their family members or for other clients.

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(c) It is understood that any of the investors, Directors, officers, and employees of the Fund may be an investor,
director, officer, or employee of, or be otherwise interested in, the Investment Manager, and in any person controlled by or under common control with the Investment Manager, and that the Investment Manager and any person controlled by or under
common control with the Investment Manager may have an interest in the Fund. It is also understood that the Investment Manager and any person controlled by or under common control with the Investment Manager may have advisory, management, service,
or other contracts with other organizations and persons and may have other interests and business.

**7.** **Reports and Other Information.** 

(a) The Fund and the Investment Manager agree to furnish to each other, if applicable, current registration
statements, proxy statements, reports to investors, certified copies of their financial statements, and such other information with respect to their affairs as each may reasonably request. The Investment Manager further agrees to furnish to the
Fund, if applicable, the same such documents and information pertaining to any sub-adviser as the Fund may reasonably request.

(b) Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and 31a-2 under the Investment Company Act which are prepared or maintained by the Investment Manager (or any sub-adviser) on
behalf of the Fund are the property of the Fund and will be surrendered promptly to the Fund on request; provided that the Investment Manager may make and retain copies of such records. The Investment Manager further agrees to preserve the necessary
records for the periods prescribed in Rule 31a-2 under the Investment Company Act.

**8.** **Scope of Liability; Indemnification.** 

(a) In the absence of willful misfeasance, bad faith, or gross negligence on the part of the Investment Manager, or
reckless disregard of its obligations and duties hereunder, the Investment Manager shall not be subject to any liability to the Fund or to any investor of the Fund, for any act or omission in the course of, or connected with, rendering services
hereunder, or for losses, damages, costs or expenses (including reasonable attorneys' fees) (collectively, " <u>Losses</u> "). The Fund shall, to the fullest extent permitted by law, indemnify and save harmless the Investment
Manager, its affiliates (including any affiliated sub-adviser), and any of their respective partners, principals, members, directors, officers, employees, and investors (the "Indemnitees") from and
against any and all claims, liabilities, damages, losses, costs, and expenses, that are incurred by any Indemnitee and that arise out of or in connection with the performance or non-performance of or by the
Indemnitee of any of the Investment Manager's responsibilities hereunder, provided that an Indemnitee shall be entitled to indemnification hereunder only if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed
to be in or not opposed to the best interests of the Fund; provided, however, that no Indemnitee shall be indemnified against any liability to the Fund or its investors by reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of the Indemnitee's duties under this Agreement ("disabling conduct").

------

(b) Expenses, including reasonable counsel fees incurred by the Indemnitee (but excluding amounts paid in
satisfaction of judgments, in compromise, or as fines or penalties), shall be paid from time to time by the Fund in advance of the final disposition of a proceeding upon receipt by the Fund of an undertaking by or on behalf of the Indemnitee to
repay amounts so paid to the Fund if it is ultimately determined that indemnification of such expenses is not authorized under this Agreement; provided, however, that (i) the Indemnitee shall provide security considered in the sole discretion
of the Fund to be appropriate for such undertaking; (ii) the Fund shall be insured against losses arising from any such advance payments; or (iii) either a majority of the Independent Directors that are not parties to the proceeding,
acting on the matter, or independent legal counsel in a written opinion, shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnitee ultimately will
be found entitled to indemnification.

(c) Notwithstanding anything to the contrary in the Agreement, in no event will the Investment Manager or any
Indemnitees be liable for any indirect, special, incidental, punitive, exemplary, enhanced or consequential Losses of any kind or nature whatsoever.

**9.** **Independent Contractor.** 

For all purposes of this Agreement, the Investment Manager shall be an independent contractor and not an employee or dependent agent of the Fund; nor shall anything herein be construed as making the Fund a partner or co-venturer with the Investment Manager or any of its affiliates or clients. Except as provided in this Agreement, the Investment Manager shall have no authority to bind, obligate, or represent the Fund.

**10.** **Term; Termination; Renewal.** 

This Agreement shall become effective as of the date of its execution, and

(a) unless otherwise terminated, this Agreement shall continue in effect until May 1, 2028, and from year to
year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Directors or by vote of a majority of the outstanding voting securities of the Fund, and (ii) by vote of a majority of the Directors
of the Fund who are not interested persons of the Fund or the Investment Manager, cast in person at a meeting called for the purpose of voting on such approval;

(b) this Agreement may at any time be terminated on sixty days' written notice to the Investment Manager
either by vote of the Board of Directors of the Fund or by vote of a majority of the outstanding voting securities of the Fund;

(c) this Agreement shall automatically terminate in the event of its assignment (as defined in section 2(a)(4) of
the Investment Company Act); and

(d) this Agreement may be terminated by the Investment Manager on sixty days' written notice to the Fund.

------

Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty. For purposes of this Section 10, the terms "assignment," "interested persons," and "vote of a majority of the outstanding voting securities" shall have their respective meanings defined in the Investment Company Act, subject, however, to such exemptions or no-action positions as may be granted by the SEC or its staff under the Investment Company Act.

**11.** **Amendment; Modification; Waiver.** 

This Agreement shall not be amended, nor shall any provision of this Agreement be considered modified or waived, unless evidenced by a writing signed by the parties hereto, and in compliance with applicable provisions of the Investment Company Act.

**12.** **Use of the Name "BBH".** 

The Fund acknowledges that, as between the Fund and the Investment Manager, the Investment Manager owns and controls the term "BBH." The Investment Manager grants to the Fund a royalty-free, non-exclusive sublicense to use the name "BBH" in the name of the Fund solely for the duration of this Agreement (including any extensions or renewals thereof). Such sublicense shall, upon termination of this Agreement, automatically terminate, in which event the Fund shall promptly take whatever action may be necessary (including calling a meeting of its Board of Directors or investors) to change its name and to discontinue any further use or display of the name "BBH" in the name of the Fund or otherwise. The name "Brown Brothers Harriman" may be used or licensed by the Investment Manager in connection with any of its activities, or licensed by the Investment Manager to any other party.

The Fund agrees that, so long as it uses or displays the name "BBH" pursuant to the foregoing sublicense, all goods, services and activities exploited or conducted by it in connection therewith shall be of a high standard and of a quality at least consistent with the goods, services and activities of the Investment Manager and its affiliates exploited or conducted in connection with the name "BBH". The Fund shall provide samples and other documentation or materials requested by Investment Manager to confirm compliance with the foregoing sentence. The parties agree and acknowledge that any and all goodwill associated with, or that arises from, the Fund's use or display of the name "BBH" shall inure to the sole and exclusive benefit of the Investment Manager.

**13.** **Notices.** 

Except as otherwise provided herein, all communications hereunder shall be in writing and shall be delivered by mail, hand delivery or courier, or sent by telecopier or electronically to the requisite party, at its address as specified by such party.

------

**14.** **Governing Law/Venue/Waiver of Jury Trial.** 

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York which are applicable to contracts made and entirely to be performed therein, without regard to the place of performance hereunder, and the conflict of law principles of such State. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control. If any suit is instituted by any of the parties to enforce any of the terms or conditions of this Agreement, each of the parties hereby submits to the exclusive jurisdiction and venue in the federal courts of the United States of America, County of New York, State of New York, to the extent permitted by federal law, and otherwise, each of the parties hereby submits to the exclusive jurisdiction of and venue in the state courts of the State of New York located in the city and county of New York. Each party hereto hereby irrevocably waives all right of trial by jury in any dispute, controversy, action, proceeding, claim or counterclaim arising out of or in connection with this Agreement or any matter arising hereunder.

**15.** **Severability.** 

If any provision of this Agreement shall be held invalid or made invalid by a court decision, statute, rule or otherwise the remainder of this Agreement shall not be affected thereby.

**16.** **Track Record.** 

Notwithstanding anything else to the contrary herein, the Investment Manager shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent permitted by law. Further, for the avoidance of doubt, the Investment Manager shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

**17.** **Counterparts.** 

This Agreement may be executed in multiple counterparts all of which counterparts together shall constitute one agreement.

**18.** **Miscellaneous.** 

Where the effect of a requirement of the Investment Company Act or the Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or statute.

**19.** **No Third Party Beneficiaries.** 

The parties hereto acknowledge and agree that this Agreement is intended solely for the benefit of the parties hereto and any natural person or entity obtaining rights hereunder as an Indemnitee and that there shall be no third party beneficiaries to this Agreement, express or implied.

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**20.** **Survival.** 

The terms of the Agreement relating to this Section 19 and Sections 7(b), 8, 10 and 13 will survive the termination of the Agreement.

**21.** **Entire Agreement.** 

This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein, is intended to be the complete and exclusive statement of the terms hereof, and no other agreement, verbal or otherwise, shall be binding as between the parties unless it shall be in writing and signed by the party against whom enforcement is sought.

------

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC | BROWN BROTHERS HARRIMAN CREDIT PARTNERS, LLC |
| By: | /s/ Daniel Greifenkamp |
|  | Name: Daniel Greifenkamp |
|  | Title: Chief Executive Officer |
| AMG BBH ASSET-BACKED CREDIT FUND, LLC | AMG BBH ASSET-BACKED CREDIT FUND, LLC |
| By: | /s/ Thomas Disbrow |
|  | Name: Thomas Disbrow |
|  | Title: Treasurer |

---

## Ex-99.(G)(2)

**Exhibit (g)(2)** 

May 1, 2026

**LETTER AGREEMENT** 

AMG BBH Asset-Backed Credit Fund, LLC

680 Washington Boulevard, Suite 500

Stamford, Connecticut 06901

Re: <u>Expense Limitation and Reimbursement Agreement</u>

Ladies and Gentlemen:

This Letter Agreement documents (i) an undertaking by Brown Brothers Harriman Credit Partners, LLC (the "Adviser") to limit the total operating expenses of AMG BBH Asset-Backed Credit Fund, LLC (the "Fund"); and (ii) our agreement regarding the extent to which the Adviser will, under certain circumstances, receive payment from the Fund as recoupment of certain amounts paid, waived, or reimbursed by the Adviser to the Fund in fulfillment of an undertaking by the Adviser to limit the expenses of the Fund.

Effective as of May 1, 2026, and until at least August 1, 2027, the Adviser will waive the management fees payable by the Fund and pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed: (1) 0.50% of the value of the Fund's monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month during the period of time that the Fund is offering its units in a private offering exempt from registration under the Securities Act of 1933, as amended, (i.e., a privately offered interval fund) (the "Monthly Expense Limit"), and (2) 0.50% per annum of the Fund's average daily net assets during the period of time that the Fund is offering its units pursuant to an effective registration statement on Form N-2 (i.e., a publicly offered interval fund) (the "Annual Expense Limit"). "Excluded Expenses" include (a) the management fee incurred by the Fund; (b) fees, expenses, allocations, carried interests, etc. of the Fund's investments; (c) acquired fund fees and expenses of the Fund; (d) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of the Fund's investments; (e) interest expense incurred; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (g) the distribution and/or service fees (as applicable) incurred by the Fund; (h) the shareholder servicing fees (as applicable) incurred by the Fund; (i) taxes of the Fund; and (j) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. For a period not to exceed 36 months from the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser, the Adviser may recoup amounts paid, waived, or reimbursed, provided that the amount of any such additional payment by the Fund in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Monthly Expense Limit or the Annual Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Monthly Expense Limit or the Annual Expense Limit that is in effect at the time of such additional payment by the Fund.

------

This Letter Agreement shall remain in effect until August 1, 2027, unless approved by the Fund's Board of Directors for successive one-year periods. This Letter Agreement will terminate in the event the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement between the Adviser and the Fund's Board of Trustees.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| Brown Brothers Harriman Credit Partners, LLC | Brown Brothers Harriman Credit Partners, LLC |
| By: | /s/ Daniel Greifenkamp |
| Name: | Daniel Greifenkamp |
| Title: | Chief Executive Officer |
| Date: | May 1, 2026 |
| <u>ACKNOWLEDGED AND ACCEPTED</u> | <u>ACKNOWLEDGED AND ACCEPTED</u> |
| AMG BBH Asset-Backed Credit Fund, LLC | AMG BBH Asset-Backed Credit Fund, LLC |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer |
| Date: | May 1, 2026 |

---

## Ex-99.(H)(1)

**Exhibit (h)(1)** 

**DISTRIBUTION AGREEMENT** 

This DISTRIBUTION AGREEMENT ("<u>Agreement</u>") is entered into on and effective as of May 1, 2026 (the "<u>Effective Date</u>") by and between AMG Distributors, Inc. ("<u>AMGD</u>"), a Delaware corporation, and AMG BBH Asset-Backed Credit Fund, LLC, a Delaware limited liability company (the "<u>Fund</u>").

**WHEREAS**, AMGD is a registered broker-dealer with the Securities and Exchange Commission ("<u>SEC</u>") and is a member of the Financial Industry Regulatory Authority ("<u>FINRA</u>");

**WHEREAS**, the Fund is registered as an investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as a closed-end management investment company, and offers for sale to the public units of beneficial interest (the "<u>Units</u>") issued by the Fund, which Units have been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), in accordance with the terms and conditions set forth in the prospectus (the "<u>Prospectus</u>") and statement of additional information (the "<u>Statement of Additional Information</u>") included in the Fund's registration statement on Form N-2 (the "<u>Registration Statement</u>"), as such documents may be amended from time to time;

**WHEREAS**, the Fund desires to appoint AMGD to serve as the distributor for the continuous public offering of Units issued by the Fund (the "<u>Offering</u>"), including, without limitation, through financial intermediaries, such as registered investment advisers, broker-dealers and other intermediaries engaged by AMGD (the "<u>Financial Intermediaries</u>") to facilitate the offering of the Fund; and

**WHEREAS**, AMGD desires to accept such appointment, and to serve as distributor and provide the services described in this Agreement in connection therewith.

**NOW, THEREFORE**, in consideration of the mutual promises and intending to be legally bound, the parties hereby agree as follows:

1. <u>Appointment of Distributor</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby appoints AMGD as the distributor ("<u>Distributor</u>") to introduce the Fund to Financial Intermediaries and other potential investors (the "<u>Investors</u>") in connection with the Offering, in a manner consistent with the terms of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AMGD hereby accepts its appointment as distributor of the Fund to certain Financial Intermediaries and to potential Investors as described in Section 1(a). AMGD will act on a "best efforts" basis and is not obligated to sell any Units or to purchase any Units for its own account. AMGD will not have any authority to enter into transactions on behalf of the Fund, to accept Investors on behalf of the Fund, or to require the Fund to enter into any transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) AMGD may retain the services of one or more sub-distributors (each, a "<u>Sub-Distributor</u>") to provide some or all of the services contemplated by this Agreement. Any Sub-Distributor shall be compensated by AMGD out of the fees it receives under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At AMGD's request, the Fund will provide AMGD with information relevant to the Fund and the Offering that AMGD reasonably deems necessary or advisable in order to permit AMGD to provide its services hereunder. The Fund will provide AMGD with copies of the Prospectus for AMGD's review, distribution and files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will promptly forward to AMGD any non-routine communications received from any securities or other regulatory authority in any jurisdiction relating to the Offering, and promptly notify AMGD of any claim, action, suit or proceeding to which the Fund is made a party relating to the Offering. Similarly, AMGD will promptly forward to the Fund any such communication received by AMGD during such period and AMGD agrees to notify the Fund promptly of any such claim, action, suit or proceeding to which AMGD becomes a party relating to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) AMGD will not conduct the Offering by means of any marketing materials or representations (including materials delivered electronically) unless such materials or representations have been previously approved by the Fund. In addition, AMGD will conduct the Offering in a manner consistent with the Prospectus, the written instructions of the Fund and any applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) AMGD's arrangements with the Fund pursuant to this Agreement shall be disclosed by AMGD to Financial Intermediaries and potential Investors to the extent required to ensure compliance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) AMGD shall not, directly or indirectly, pay or award any finder's fees, commissions or other compensation to any Financial Intermediary engaged by an Investor for investment advice to induce such advisor to advise or recommend the purchase of Units; provided, however, the normal sales commissions payable to a registered broker-dealer or other properly licensed person for selling Units shall not be prohibited hereby. Except as set forth in this Agreement, AMGD shall not, in its capacity as Distributor, accept any direct or indirect compensation of any kind from any person or entity other than the Fund in connection with the Offering without the prior written consent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) AMGD shall be responsible for ensuring that all selling activity by AMGD with Financial Intermediaries and potential Investors in the Fund is made solely by duly licensed registered representatives of AMGD. AMGD shall be responsible for supervising the activities of such representatives and ensuring their compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each party hereto will promptly provide the other parties hereto any and all information reasonably requested by any such party in connection with the performance of this Agreement, to confirm compliance with such party's policies and procedures as in effect from time to time, and as may be required by any applicable regulatory requirements, including without limitation with respect to any examinations, investigations or other inquiries by any regulatory or quasi-regulatory body.

------

2. <u>Fees and Expenses</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In return for the services provided by AMGD pursuant to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund agrees to pay to AMGD distribution and/or service fees pursuant to Rule 12b-1 under the 1940 Act, to be paid monthly at an annual rate of 0.75% of the average daily net assets of the Class M Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Units may be sold by AMGD only at prices and terms described in the then current Prospectus or Statement of Additional Information relating to the Units. To facilitate sales, the Fund will furnish AMGD with the net asset value of its Units promptly after each calculation thereof. If sales charges are described in the then-current Prospectus of the Fund, as amended or supplemented, AMGD shall be entitled to receive such sales charges. AMGD may reallow all or a part of any such sales charges to such brokers, dealers, or other persons as AMGD may determine.

3. <u>AMGD's Representations, Warranties and Undertakings</u> 

AMGD represents and warrants to the Fund and undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AMGD is a corporation duly organized and existing under the laws of the State of Delaware, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) AMGD has complied, and will comply, with all applicable laws, rules and regulations of any jurisdiction in which AMGD undertakes any activities related to the Offering. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) AMGD will promptly obtain and maintain all necessary consents, permits, licenses and other authorizations (together, "<u>Authorizations</u>") required to conduct AMGD's business in any jurisdiction or in order to perform its services hereunder. AMGD will provide to the Fund, upon their request, a copy of any such Authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) AMGD is registered as a broker-dealer with the SEC, and under the "blue sky" law of each state with which it is required to be so registered and is a member in good standing of FINRA, and shall operate only through its duly licensed registered representatives. AMGD further represents and warrants that it is registered or qualified in all capacities and jurisdictions required by reason of this Agreement. AMGD shall remain so registered during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) AMGD shall comply fully with the terms and conditions set forth in the Prospectus for the Fund and with all applicable statutes, rules and regulations in each jurisdiction in which the Financial Intermediaries are located, and with all applicable laws and regulations, including, without limitation, all applicable securities, commodities, anti-money laundering and tax laws. AMGD has obtained all required governmental and regulatory licenses, registrations and approvals as may be necessary for it to act as described hereunder and in the Prospectus for the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) AMGD has established and implemented an anti-money laundering and countering the financing of terrorism ("AML/CFT") compliance program reasonably designed to ensure compliance with U.S. and other applicable AML/CFT laws and regulations, including, but not limited to, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the "USA PATRIOT Act"), and related rules and regulations administered by FINRA and/or the U.S. Department of the Treasury's Financial Crimes Enforcement Network, to include the establishment and operation of any customer identification programs required pursuant to Section 326 of the USA PATRIOT ("AML/CFT Laws and Regulations"). AMGD has further established and implemented a program reasonably designed to comply with applicable sanctions, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("Sanctions"). The services provided by AMGD under this Agreement will, at all times, be conducted in compliance with the AML/CFT Laws and Regulations, Sanctions, and AMGD's AML/CFT and Sanctions compliance programs. AMGD will not introduce any Investors that it knows are the subject or target of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) AMGD has policies and procedures in place reasonably designed to ensure compliance with all applicable anti-bribery and anti-corruption laws, rules, and regulations, including, but not limited, to the U.S. Foreign Corrupt Practices Act (collectively, the "Anti-Corruption Laws"), and such policies and procedures shall be applied to all AMGD services and activities related to this Agreement. Based on implementation of its policies and procedures, to the best of its knowledge, in connection with this Agreement, AMGD has materially complied and shall materially comply at all times during this Agreement with the Anti-Corruption Laws and have not engaged in commercial bribery (i.e., bribery involving solely private parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) AMGD will use only the then current version of any written or electronic material relating to the Fund, unless approved in advance by the Fund.

4. <u>The Fund's Representations, Warranties and Undertakings</u> 

The Fund represents and warrants to AMGD and undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund agrees and acknowledges that AMGD is entitled to rely, without investigation, appraisal or verification, on the contents of the Prospectus, the Fund's Registration Statement and any additional materials that the Fund makes available to AMGD pursuant to this Agreement (such materials, "<u>Additional Material</u>") in connection with the Offering and that AMGD will not in any respect be responsible for the accuracy or completeness of any such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund has complied, and will comply, with all laws, rules and regulations (to the extent applicable to the Fund) of any jurisdiction in which the Fund is organized or operated or, to the extent relevant to such activity, in which the Units are marketed. In particular, the Fund will promptly obtain and maintain all necessary Authorizations required with respect to the Fund in this regard (other than any Authorizations AMGD is required to obtain in order to conduct its business generally in any jurisdiction or in order to perform its services hereunder).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund will take all action which is required to assure that the offering and sale of interests in the Fund will comply with the Securities Act and applicable state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund has been duly formed and is validly existing in good standing with all requisite power and authority, all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies, and all necessary rights, licenses and permits from other parties to conduct its business as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund has all requisite power and authority to duly and validly issue its Units to the Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund intends to use the proceeds of any purchase of its Units by an Investor in the manner provided in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund will maintain its registration with the SEC as a closed-end management investment company for so long as this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registration Statement will contain all statements required to be stated therein in accordance with the 1940 Act and the Securities Act and the rules and regulations thereunder; all statements of fact contained or to be contained in the Registration Statement, the Prospectus and the Additional Material are or will be true and correct in all material respects at the time indicated, as the case may be; and the Registration Statement, Prospectus and Additional Material, when they shall be authorized for use, will not include an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund will from time to time file with the SEC such amendment or amendments to the Registration Statement and shall amend the Prospectus as, in the light of then-current and then-prospective developments, shall, in the opinion of its counsel, be necessary in order to have the Registration Statement and such Prospectus at all times contain all material facts required to be stated therein or necessary to make any statements therein not misleading to a purchaser of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Fund shall not file any amendment to the Registration Statement or amend the Prospectus without giving AMGD reasonable advance notice thereof; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or amend the Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any amendment to the Registration Statement hereafter filed will, when it is filed, contain all statements required to be stated therein in accordance with the 1940 Act and the Securities Act and the rules and regulations thereunder; all statements of fact contained in the Registration Statement or Prospectus will be true and correct in all material respects at the time indicated; and no such amendment, when it is filed, will include an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund shall advise AMGD promptly: (i) of any request by the SEC or any state securities examiner for amendments to the Fund's Registration Statement or Prospectus or for additional information; (ii) in the event of the issuance by the SEC or any state securities examiner of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) of the happening of any material event that makes untrue any statement made in the Fund's then current Registration Statement or Prospectus or which requires the making of a change in either thereof in order to make the statements therein not misleading; and (iv) of all action of the SEC with respect to any amendments to the Fund's Registration Statement that may from time to time be filed with the SEC under the 1940 Act and the Securities Act.

5. <u>The Offering</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AMGD will deliver or cause to be delivered to each Financial Intermediary and potential Investor, prior to the time of any purchase of Units, a copy of the Prospectus. AMGD shall not make any representations (whether written or oral) concerning the Fund or its affiliates, other than those representations contained in the Prospectus or in any promotional materials or sales literature furnished to AMGD by the Fund or prepared by AMGD and approved by the Fund for use by AMGD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For all sales of Fund Units in connection with this Agreement the Fund will conduct all such sales in accordance with all applicable laws and the Fund's and AMGD's policies and procedures with respect to the sale of Fund Units, as in effect from time to time, including without limitation, the Fund's and AMGD's policies with respect to anti-money laundering/know your customer rules, suitability determinations, and the qualification of Fund investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties agree that the Fund's transfer agent shall be responsible for anti-money laundering/know your customer rule compliance (other than with respect to investors purchasing Units through certain platforms), suitability determinations, and the qualification of Fund investors, in each case with respect to the sale of Units in connection with this Agreement. Notwithstanding the foregoing, the parties will cooperate with the transfer agent and with AMG Funds LLC (the administrator to the Fund) in facilitating the discharge of these obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party represents that it has put into place proper procedures that conform to all applicable laws in connection with its obligations under this Agreement. Each party further represents that it will comply with its policies and procedures and all applicable laws in conducting activities and performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments for Units shall be made as specified in the Prospectus.

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6. <u>Suspension of Solicitation</u> 

AMGD and the Fund shall have the right, with prior notice to the other parties, to require that the solicitation by AMGD of Financial Intermediaries and potential Investors be suspended as promptly as practicable after the receipt of such notice by any such other party as a result of a determination by AMGD or the Fund, in its reasonable discretion, that a supplement or amendment to any Prospectus is required in order that such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.

7. <u>Notices</u> 

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested. Unless otherwise notified in writing, all notices to the Fund and AMGD shall be given or sent to the addresses set forth below. The address for notices to the Fund shall be promptly furnished to AMGD by the Fund.

<u>If to the Fund, to</u>:

AMG BBH Asset-Backed Credit Fund, LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Attn.: Legal and Compliance

Email: amgfcco@amg.com

With a copy to:

AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Attn.: Mark Duggan

Email: mark.duggan@amg.com

<u>If to AMGD, to</u>:

AMG Distributors, Inc.

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Attn.: Legal and Compliance

Email: amgfcco@amg.com

------

With a copy to:

AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Attn.: Mark Duggan

Email: mark.duggan@amg.com

8. <u>Term, Termination, Assignment and Amendment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date first set forth above and shall remain in effect for one year from such date and thereafter from year to year provided such continuance is specifically approved at least annually (i) by vote of the Directors of the Fund and (ii) by vote of a majority of the Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund and have no direct or indirect financial interest in the operation of this Agreement or any plan adopted by the Fund under Rule 12b-1 under the 1940 Act (the "12b-1 Plan") (the "Qualified Directors"), cast in person at a meeting called for the purpose of voting on this Agreement to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, (a) by AMGD by giving sixty (60) days' written notice to the Fund (which notice may be waived by the Fund); or (b) by vote of (i) the Directors of the Fund, (ii) a majority of the Qualified Directors of the Fund or (iii) a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, in each case, upon sixty (60) days' written notice to AMGD (which notice may be waived by AMGD).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of its assignment (as such term is defined in the 1940 Act and the rules thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may only be amended by a written agreement signed by the parties hereto and, with respect to the Fund, approved in the same manner as provided for the continuance of this Agreement in Section 8(a).

9. <u>Governing Law</u> 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without giving effect to the provisions, policies or principles thereof relating to the choice or conflict of laws, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act or the Securities Act, or any rules, orders or interpretations of the SEC or its staff thereunder.

10. <u>Forum for Adjudication of Disputes</u> 

Any legal action or proceeding with respect to this Agreement or the services provided hereunder or for recognition and enforcement of any judgment in respect hereof brought by any party hereto or its successors or assigns may be brought and determined only in the state courts of the State of New York or the United States District Court for the District of New York, and each party hereto submits with regard to any action or proceeding for itself and in respect of its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any

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claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, (b) that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (c) to the fullest extent permitted by applicable law, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

11. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund and AMGD (each, for purposes hereof, an "<u>Indemnitor</u>") hereby agrees to, and will, indemnify and hold harmless the other, the other's affiliates (as such term is used in the 1940 Act), and the respective directors, officers, partners, members, agents and employees of the other and their affiliates (each of the foregoing, an "<u>Indemnitee</u>") from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively, "<u>Liabilities</u>"), and will reimburse each Indemnitee for all fees and expenses (including the reasonable fees and expenses of counsel) incurred in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation (collectively, "<u>Proceeding</u>"), caused by or arising out of or in connection with (i) any material breach of any representation, warranty, covenant or agreement of the Indemnitor (or any facts or circumstances constituting such breach) contained in this Agreement or (ii) the negligence, fraud or willful misconduct of the Indemnitor, in each case, except to the extent such Liabilities or such fees and expenses are caused by or arise out of or in connection with the Indemnitees' negligence, fraud, willful misconduct or material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Indemnitee seeking indemnification under this Section 11 will promptly notify the Indemnitor of its receipt of any notice of a Proceeding, *provided*, that the failure to furnish such notice will not relieve the Indemnitor of any liability under this Section 11 other than to the extent, if any, that the Indemnitor is prejudiced by such failure. The Indemnitor may assume the defense of any Proceeding against the Indemnitee and, if it does so, will employ legal counsel reasonably satisfactory to the Indemnitee. The Indemnitee may also employ separate counsel who may participate in the defense of the Proceeding (but shall not appear as counsel of record) at the Indemnitee's sole expense; *provided*, *however*; that the Indemnitor will bear the expense of such separate counsel (but not more than one such counsel for all Indemnitees) if the Indemnitor fails to assume the defense of the Proceeding or in the event that the Indemnitor's counsel would have a conflict of interest in representing both parties. No party may, without the written consent of the other parties, settle or compromise any Proceeding, unless the other parties are released unconditionally from all Liabilities arising out of such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any indemnification provided for under this Section 11 is unavailable or insufficient to hold the Indemnitee harmless, the Indemnitor will contribute to the amount paid or payable by the Indemnitee in respect of any Liability for which such indemnification was sought in such proportion as is appropriate to reflect not only the relative benefits to the Indemnitee on the one hand, and the Indemnitor on the other, in connection with the Offering, but also the relative fault of the parties, as well as any equitable considerations.

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12. <u>Confidentiality</u> 

Each party hereby agrees to keep confidential any confidential information provided by any other party in connection with this Agreement, and not to use or disclose such information without the prior written consent of such other party.

13. <u>Privacy</u> 

In accordance with Regulation S-P, AGMD will not disclose any non-public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that AGMD may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to AMGD. AMGD shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund. The Fund represents to AMGD that it has adopted a Statement of its privacy policies and practices as required by SEC Regulation S-P and agrees to provide to AMGD a copy of that statement. AMGD agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

14. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No member or any person other than the Fund and AMGD is a party to this Agreement or shall be entitled to any right or benefit arising under or in respect of this Agreement; there are no third-party beneficiaries of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any member or person other than the Fund (including without limitation any member in the Fund) any direct, indirect, derivative or other rights against AMGD, or (ii) create or give rise to any duty or obligation on the part of AMGD (including without limitation any fiduciary duty) to any member or person other than the Fund, all of which rights, benefits, duties and obligations are hereby expressly excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement sets forth the entire agreement between the parties hereto and replaces and supersedes all other understandings, commitments and agreements relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) AMGD and the Fund shall provide the Directors of the Fund quarterly statements concerning 12b-1 Plan expenditures complying with Rule 12b-1(b)(3)(ii) under the 1940 Act, as it may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No waiver of any provision of this Agreement or the performance thereof shall be effective unless in writing signed by the party making such waiver or shall be deemed to be a waiver of any other provision or the performance thereof or of any future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any provision of this Agreement is determined to be unenforceable the remaining provisions shall remain enforceable to the extent permissible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be executed in counterparts, each of which when so executed shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed signature page to this Agreement or any related document by facsimile transmission or by email with an attached copy of the executed agreement shall be effective as delivery of a manually signed counterpart of this Agreement or such related document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties hereto expressly agree that each is acting as an independent contractor hereunder and nothing in this Agreement shall be construed as creating a partnership, joint venture, agency or any fiduciary relationship between AMGD and the Fund. No party has assumed an advisory or fiduciary responsibility under this Agreement in favor of the other parties in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The failure of any party to seek redress for violation, or to insist on strict performance, of any covenant or condition of this Agreement shall not prevent a subsequent act which would have constituted a violation from having the effect of an original violation.

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IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **AMG DISTRIBUTORS, INC.** | **AMG DISTRIBUTORS, INC.** |
|  By: | /s/ Keitha L. Kinne |
|  Name: | Keitha L. Kinne |
|  Title: | President |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
|  By: | /s/ Thomas Disbrow |
|  Name: | Thomas Disbrow |
|  Title: | Treasurer |

---

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**AMG BBH ASSET-BACKED CREDIT FUND, LLC** 

**DISTRIBUTION AND SERVICE PLAN** 

**CLASS M UNITS** 

This Distribution and Service Plan (the "Plan") has been adopted in conformity with Rule 12b-1<sup>1</sup> (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by AMG BBH Asset-Backed Credit Fund, LLC, a Delaware limited liability company (the "Fund"), with respect to its class of units of beneficial interest designated as Class M units ("Class M" or the "Class," and all such units, the "Units") subject to the terms and conditions set forth herein.

WHEREAS, the Fund engages in business as a closed-end management investment company and is registered as such under the 1940 Act; and

WHEREAS, the Fund may enter into one or more agreements with the principal underwriter of the Fund (the "Distributor") and/or one or more other underwriters, distributors, dealers, brokers, banks, trust companies, selling agents, and other financial intermediaries (each, an "Intermediary") for the sale of Units and/or the servicing or maintenance of accounts for the beneficial owners of the Units (each, an "Agreement"); and

WHEREAS, the Board of Directors of the Fund, and the Directors who are not interested persons of the Fund (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or any Agreement (the "Qualified Directors"), having determined, in the exercise of their reasonable business judgment and in light of their fiduciary duties under state law and under Section 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan and such Agreements will benefit the Fund, the Class, and the unitholders thereof, have accordingly approved this Plan and the Agreements by votes cast in person at a meeting called for the purpose of voting on this Plan and the Agreements to the extent required by applicable law;

NOW, THEREFORE, the Fund hereby adopts this Plan in accordance with the Rule, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DISTRIBUTION AND SERVICING ACTIVITIES. Subject to the supervision of the Board of Directors, the Fund may engage, directly or indirectly, in financing any activities primarily intended to result in the sale of Units and in investor servicing activities, including, but not limited to, the following: (a) making payments to the Distributor and/or one or more Intermediaries, which payments may be used to compensate such persons for such activities, without regard to the actual expenses incurred thereby; (b) providing reimbursement of

<sup>1</sup> [The Rule does not apply to closed-end management investment companies such as the Fund. However, the Fund has obtained relief from the Securities and Exchange Commission to permit the Fund to offer multiple classes of Units of beneficial interest. As a condition of reliance on the exemptive relief, the Fund is required to comply with the Rule as if the Rule applied to closed-end funds.] 

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direct out-of-pocket expenditures by the Distributor and/or Intermediaries in connection with the distribution of Units; and (c) making payments to compensate the Distributor and/or Intermediaries for servicing and/or maintaining accounts for the beneficial owners of the Units (such as: personal services including, among others, responding to investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by investors; and processing dividend payments for the Fund on behalf of investors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DISTRIBUTION AND/OR SERVICE FEE. The Fund is authorized to make periodic payments to the Distributor and/or Intermediaries at the annual rate provided for in the Agreements, such rate not to exceed an annual rate of 0.75% of the average daily net assets attributable to Class M Units (the "Distribution and/or Service Fee"). If amounts are received by the Distributor, the Distributor may in turn remit to and allocate among one or more Intermediaries, as compensation for, and/or as reimbursement for expenses incurred in the provision of, distribution or investor services, such amounts as the Distributor shall determine. Any amounts received by the Distributor and not so allocated may be retained by the Distributor as compensation to the Distributor for providing services under the Agreement and/or as reimbursement for expenses incurred in connection with the distribution and/or the servicing or maintenance of shareholder accounts as contemplated by Section 1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. TERM AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Term. This Plan shall become effective upon the effective date written below, subject to approval of the Plan by votes of a majority of both (i) the Board of Directors of the Fund and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on such approval to the extent required by applicable law, and shall continue in effect thereafter with respect to the Class (subject to Section 3(c) hereof) until one year from the date of such effectiveness, unless the continuation of this Plan shall have been approved with respect to the Class in accordance with the provisions of Section 3(b) hereof. Notwithstanding the foregoing, this Plan shall not take effect as it relates to the Class until it has been approved by a vote of at least a majority of the outstanding holders of the Class of Units of the Fund; except to the extent it is adopted with respect to the Class of Units before any public offering of such Class of Units or the sale of such Class of Units to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Continuation. This Plan shall continue in effect with respect to the Class subsequent to the initial term specified in Section 3(a) for so long as such continuance is specifically approved at least annually by votes of a majority of both (i) the Board of Directors of the Fund and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on this Plan to the extent required by applicable law, subject to any investor approval requirements existing under applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination. This Plan may be terminated at any time with respect to the Class by vote of a majority of the Qualified Directors, or by vote of a majority of the outstanding Units of the Class. For purposes of this Plan, the term "vote of a majority of the outstanding Units" of the Class shall mean the vote of the lesser of (A) 67 percent or more of the outstanding voting Units of the Class present at such meeting, if the holders of more than 50 percent of the outstanding voting Units of the Class are present and represented by proxy; or (B) more than 50 percent of the outstanding voting Units of the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AMENDMENTS. This Plan may not be amended to increase materially the amount of the Distribution and/or Service Fee provided for in Section 2 hereof with respect to the Class unless such amendment is approved by a vote of a majority of the outstanding Units of the Class. No material amendment to the Plan shall be made unless approved by votes of a majority of both (i) the Board of Directors of the Fund and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on such amendment to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INDEPENDENT DIRECTORS. While this Plan is in effect, the selection and nomination of Directors who are not interested persons (as defined in the 1940 Act) of the Fund shall be committed to the discretion of the Directors who are not interested persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. QUARTERLY REPORTS. The Distributor shall provide to the Directors of the Fund, and the Directors shall review, at least quarterly, a written report of the amounts expended for the distribution of the Units pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. RECORDKEEPING. The Fund shall preserve copies of this Plan, the Agreements, and any related agreements and all reports made pursuant to Section 6 hereof, for a period of not less than six years from the date of this Plan and the Agreements (including any related agreements) or such reports, as the case may be, the first two years in an easily accessible place.

Effective as of: May ___, 2026

## Ex-99.(H)(3)

**Exhibit (h)(3)** 

**AMG BBH ASSET-BACKED CREDIT FUND, LLC** 

**MULTIPLE CLASS EXPENSE** 

**ALLOCATION PLAN PURSUANT TO RULE 18f-3** 

As of May ___, 2026

AMG BBH Asset-Backed Credit Fund, LLC, a Delaware limited liability company (the "Fund"), engages in business as a closed-end management investment company. The Fund issues units of beneficial interest (the "Units"). The Fund has designated certain separate classes of Units, as set forth below (each a "Class"). The Directors of the Fund, including a majority of the Directors who are not interested persons of the Fund (as defined in the Investment Company Act of 1940, as amended ("1940 Act") ("Independent Directors")), having been furnished with and having evaluated information reasonably necessary to evaluate this Multiple Class Expense Allocation Plan Pursuant to Rule 18f-3 ("Plan"), have determined in the exercise of their reasonable business judgment that the Plan is in the best interests of each Class and the Fund as a whole. Accordingly, the Fund has hereby adopted this Plan.

Section 1. <u>Class</u> <u>Differences</u>.

Each Class shall represent an equal pro rata interest in the same portfolio of investments of the Fund and, except as otherwise set forth in this Plan, shall differ solely with respect to: (i) sales, distribution, service and other charges and expenses as provided for in Section 2 and Section 3 of this Plan; (ii) the exclusive voting rights of each Class on matters submitted to members that relate solely to that Class; (iii) the separate voting rights of each Class on matters submitted to unitholders in which the interests of one Class differ from the interests of another Class; (iv) such differences relating to eligible unitholders as may be set forth in the prospectuses and statements of additional information of the Fund, as the same may be amended or supplemented from time to time (the "Prospectus" and "SAI"); (v) the designation of each Class; and (vi) exchange privileges as provided for in Section 4.

Section 2. <u>Distribution and Service Arrangements</u>.

<u>Class</u> <u>S</u>. Class S Units shall be offered at a public offering price that is equal to their net asset value, without imposition of an initial sales charge. Class S Units shall be sold only to those investors meeting the eligibility requirements (if any) set forth in the Prospectus and SAI.

<u>Class</u> <u>I</u>. Class I Units shall be offered at a public offering price that is equal to their net asset value, without imposition of an initial sales charge. Class I Units may pay fees for the shareholder services set forth from time to time in the Prospectus in such amounts as may be approved by the Fund's Board of Directors (the "Board") from time to time. Class I Units shall be sold only to those investors meeting the eligibility requirements (if any) set forth in the Prospectus and SAI.

<u>Class</u> <u>M</u>. Class M Units shall be offered at a public offering price that is equal to their net asset value, without imposition of an initial sales charge. Class M Units shall be charged a distribution and shareholder service fee at an annual rate of 0.75% of the net assets attributable to Class M Units under a Plan of Distribution adopted in conformity with Rule 12b-1 under the

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1940 Act (the "Rule 12b-1 Plan"). Class M Units also may pay fees for the shareholder services set forth from time to time in the Prospectus in such amounts as may be approved by the Board from time to time, which would be in addition to any fees for shareholder servicing paid under the Rule 12b-1 Plan. Class M Units shall be sold only to those investors meeting the eligibility requirements (if any) set forth in the Prospectus and SAI.

Section 3. <u>Expense Allocation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class Expenses.

Certain expenses may be attributable to a particular Class ("Class Expenses"). Class Expenses shall be allocated exclusively to the particular Class to which they are attributable. In addition to Rule 12b-1 Plan Fees and shareholder servicing fees described in Section 2 above, Class Expenses may include such other expenses that are attributable to a particular Class and that are specifically approved as Class Expenses by the Board.

Expenses attributable to the Fund other than Class Expenses shall be allocated to each Class based on its net asset value relative to the net asset value of the Fund. Notwithstanding the foregoing, the underwriter, investment adviser, subadviser or other provider of services to the Fund may waive or reimburse the expenses of a specific Class or Classes to the extent permitted under Rule 18f-3 under the 1940 Act; provided, however, that the Board shall monitor the use of waivers or expense reimbursements intended to differ by Class.

Section 4. <u>Exchange Privilege</u>

Units of a Class may be exchanged for Units of another Class to the extent set forth in the Prospectus.

Section 5. <u>Additional Information</u>.

The Prospectus and SAI contain additional information about each Class and the Fund's multiple class structure. This Plan is subject to the terms of the Prospectus and SAI; provided, however, that none of the terms set forth in the Prospectus and SAI shall be inconsistent with the terms of this Plan.

Section 6. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund.

This Plan shall become effective with respect to the Fund as of the date hereof, and shall continue in effect with respect to the Classes until terminated in accordance with the provisions of Section 6(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Termination.

This Plan may be terminated at any time with respect to the Fund or any Class thereof, as the case may be, by vote of a majority of both the Directors of the Fund and the Independent Directors. The Plan may remain in effect with respect to the Fund or any Class thereof even if it has been terminated in accordance with this Section 6(b) with respect to any other Class of the Fund.

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Section 7. <u>Amendments</u>.

Before any material amendment to this Plan affecting the Fund or any Class thereof, a majority of both the Directors of the Fund and the Independent Directors shall find that the amendment is in the best interests of each Class individually and the Fund as a whole.

## Ex-99.(J)(1)

Exhibit (j)(i)

**CUSTODIAN AGREEMENT** 

***THIS AGREEMENT*** (this "**Agreement**") is dated as of March 3, 2026, between **AMG BBH ASSET-BACKED CREDIT FUND, LLC**, and each investment company that becomes a party to this Agreement by a duly executed Joinder (as defined in Section 13) and listed, accordingly, on <u>Appendix A</u> hereto, each a closed-end management investment company organized as a Delaware limited liability company and registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "**1940 Act**") (each, severally and not jointly, the "**Fund**"), and **BROWN BROTHERS HARRIMAN & CO.**, a limited partnership formed under the laws of the State of New York ("**BBH&Co."** or the "**Custodian"**). This Agreement constitutes a separate agreement between BBH&Co. and each Fund.

***W I T N E S S E T H:***

***WHEREAS***, the Fund wishes to employ BBH&Co. to act as custodian for the Fund and to provide related services, all as provided herein, and BBH&Co. is willing to accept such employment, subject to the terms and conditions herein set forth;

***NOW, THEREFORE***, in consideration of the mutual covenants and agreements herein contained, the Fund and BBH&Co. hereby agree, as follows:

1. ***Appointment of Custodian.*** The Fund hereby appoints BBH&Co. as the Fund's Custodian, and BBH&Co. hereby accepts such appointment. All Investments of the Fund delivered to and accepted by the Custodian or its agents or Subcustodians shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the Fund's Investments shall be only as set forth expressly in this Agreement which duties are generally comprised of safekeeping and various administrative duties that will be performed in accordance with this Agreement and Instructions and as reasonably required to effect Instructions.

2. ***Representations, Warranties and Covenants of the Fund.*** The Fund hereby represents, warrants and covenants each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement has been, and at the time of delivery of each Instruction such Instruction will have been, duly authorized, executed and delivered by the Fund. Neither this Agreement nor any Instruction issued thereunder violates any Applicable Law or conflicts with or constitutes a default under the Fund's prospectus, articles of organization or other constitutive document or any agreement, judgment, order or decree to which the Fund is a party or by which it or its Investments is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 By providing an Instruction with respect to the first acquisition of an Investment in a jurisdiction other than the United States of America, the Fund shall be deemed to have confirmed to the Custodian that the Fund has (a) assessed and accepted all material Country, Sanctions or Sovereign Risks and accepted responsibility for their occurrence, (b) made all determinations required to be made by the Fund under the 1940 Act, and (iii) appropriately and adequately disclosed to its shareholders, other investors and all persons who have rights in or to such Investments, all material investment risks, including those relating to the custody and settlement infrastructure or the servicing of securities in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Fund shall safeguard and shall solely be responsible for the safekeeping of any testkeys, identification codes, passwords, other security devices or statements of account with which the Custodian provides it. If the Fund uses any on-line or similar communications service made available by the Custodian, the Fund shall be solely responsible for ensuring the security of its access to the service and for the use of the service, and shall only attempt to access the service and the Custodian's computer systems as directed by the Custodian. If the Custodian provides any computer software to the Fund relating to the services described in this Agreement, the Fund will only use the software for the purposes for which the Custodian provided the software to the Fund, and will abide by the license agreement accompanying the software and any other security policies which the Custodian provides to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Notwithstanding anything in this Agreement to contrary effect, the Fund specifically represents and warrants to the Custodian that it shall at all times be principally liable for the repayment of any Advance made by the Custodian under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 By providing an Instruction in respect of an Investment (which Instruction may relate to among other things, the processing of orders and/or settlement of transactions in funds), the Fund hereby (i) authorizes BBH&Co. to complete such documentation as may be required or appropriate to carry out the Instruction, and agrees to be contractually bound to the terms of such documentation "as is" without recourse against BBH&Co., provided that BBH&Co. has completed the documentation in accordance with the Instruction; (ii) represents, warrants and covenants that the Fund (for itself and/or its customers) has accepted and agreed to comply with all Applicable Law, terms and conditions to which it and/or its Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions and requirements that all such documentation relating to the investment has been received, read and understood); (iii) acknowledges and agrees that BBH&Co. will not be responsible for the accuracy of any information provided to it by or on behalf of the Fund, or for any underlying commitment or obligation inherent to an Investment; (iv) except as otherwise provided for in Section 2.5.1, represents, warrants and covenants that it will not effect any sale, transfer or disposition of Investment(s) held in BBH&Co.'s name by any means other than the issuance of an Instruction by the Fund to BBH&Co.; (v) acknowledges that collective investment schemes (and/or their agent(s)) in which the Fund invests may pay to BBH&Co. certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund's investments in such schemes; (vi) agrees that BBH&Co. shall have no obligation or responsibility whatsoever to respond to, or provide capital in connection with any capital calls, letters of intent or other requirements as set out in the prospectus or offering circular of an Investment; (vii) represents, warrants and covenants that it will provide BBH&Co. with such information as is necessary or appropriate to enable BBH&Co.'s performance pursuant to an Instruction or under this Agreement; (viii) undertakes to inform BBH&Co. and to keep the same updated as to any tax withholding or benefit to which an Investment may be subject; (ix) authorizes BBH&Co. to furnish the customer due diligence records maintained by BBH&Co. on the Fund (for itself and/or its customers) and their beneficial owners upon request of the transfer agent or other agent of an issuer of an Investment; (x) represents and warrants that to the extent the Fund provides BBH&Co. with any personal data or personally identifiable information in connection with an Investment, the Fund will have obtained the consent of the applicable individuals to provide such data and information to BBH&Co. and the fund and to the use of such data and information as described in the applicable account opening, subscription and related fund documentation; (xi) acknowledges that BBH&Co. shall have no obligation to fund any order placed by the Fund for which the Fund does not have sufficient cash on deposit with BBH&Co.; and (xii) agrees that BBH&Co. shall be held harmless for the acts, omissions or any unlawful activity of any agent of the Fund, or any transfer agent or other agent of an Investment in which the Fund may invest, except to the extent any such damages or losses result solely and directly from the fraud, bad faith, willful malfeasance, or negligence of BBH&Co. in the performance of its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Fund represents and warrants that it is not resident in or organized under the laws of any country with which transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; or (iii) any person or entity on the List of Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 The Fund represents and warrants that either the Fund or its service providers conduct ongoing screening of the Fund's investors and the Fund's transactional activity against lists promulgated by a Sanctions Regime, as such lists are amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and systems to ensure that it will not instruct or otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not invest in, engage in, or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, "Sanctioned Property"). The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or any of its underlying investors whose assets are held by the Custodian becomes subject to a Sanctions Regime or holds assets that subsequently became Sanctioned Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Fund represents and warrants that it has developed and implemented an anti-money laundering ("AML") program ("AML Program") that is reasonably designed to ensure its compliance with all applicable AML and terrorist financing laws and regulations, including but not limited to: the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the rules and guidance of any applicable self-regulatory organization (collectively, "applicable AML laws"). The Fund represents and warrants that its AML Program, or the AML Programs of its service provider, includes a written Customer Identification Program ("CIP") that identifies and verifies the Fund's investors, including beneficial owners, as required by applicable AML laws. The Fund further represents and warrants that its AML Program, or the AML Program of its service provider, includes policies, procedures and controls reasonably designed to ensure its compliance with the requirements in applicable AML laws that: (i) none of the Fund's investors are prohibited banks that fail to maintain a physical presence in any country (a "Shell Bank"); (ii) enhanced due diligence is conducted on investors identified as Politically Exposed Persons, which includes ascertaining source of wealth for such investors; (iii) ongoing monitoring is conducted to identify and report suspicious activity; and (iv) the Fund or its service providers create and maintain all records and documentation required by applicable AML laws, including identification and verification records of the Fund's investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1 The Fund acknowledges that the Custodian is obligated under applicable US AML Laws to obtain, verify and record identifying information about its customers prior to opening an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2 The Fund represents and warrants that upon request, it will provide the Custodian with information that the Custodian requires to comply with applicable AML Laws and Sanctions Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3 The Fund further represents and warrants that it will not instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any applicable AML laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Fund represents and warrants that it is an investment company registered under the 1940 Act and therefore exempt from ERISA "plan asset" regulation under 29 C.F.R. § 2510.3-101 and ERISA Section 3(21)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 The Fund represents and warrants that it will promptly notify the Custodian in writing if any of the above representations and warranties cease to be true.

3. ***Representation and Warranty of BBH&Co.*** BBH&Co. hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by BBH&Co. and does not and will not violate any Applicable Law or conflict with or constitute a default under BBH&Co.'s limited partnership agreement or any agreement, instrument, judgment, order or decree to which BBH&Co. is a party or by which it is bound. BBH&Co. will promptly notify the Fund in writing (which may be by email) if any of the above representations and warranties ceases to be true and such cessation has a material adverse affect on BBH&Co.'s ability to perform its duties or obligations under this Agreement.

4. ***Instructions.*** Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to Instructions. As used herein, the term **Instruction** shall mean a directive initiated by the Fund, acting directly or through its board of directors or other Authorized Person, which directive shall conform to the requirements of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Authorized Persons.*** For purposes hereof, an **Authorized Person** shall be a person or entity authorized to give Instructions to the Custodian by written notices or otherwise for or on behalf of the Fund in accordance with procedures delivered to and acknowledged by the Custodian. The Custodian may treat any Authorized Person as having the full authority of the Fund to issue Instructions hereunder unless the notice of authorization contains explicit limitations as to said authority. The Custodian shall be entitled to rely upon the authority of Authorized Persons until it receives appropriate written notice from the Fund to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Form of Instruction.*** Each Instruction shall be transmitted by such secured or authenticated electro-mechanical means as the Custodian shall make available to the Fund from time to time unless the Fund shall elect to transmit such Instruction in accordance with Subsections 4.2.1 through 4.2.3 of this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 ***Fund Designated Secured-Transmission Method.*** Instructions may be transmitted through a secured or tested electro-mechanical means identified by the Fund or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian, it being understood that such acknowledgment shall authorize the Custodian to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 ***Written Instructions.*** Instructions may be transmitted in a writing that bears the manual signature of Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 ***Other Forms of Instruction.*** Instructions may also be transmitted by another means determined by the Fund or Authorized Persons and acknowledged and accepted by the Custodian (subject to the same limits as to acknowledgements as are contained in Subsection 4.2.1, above) including Instructions given orally or by SWIFT or telefax (whether tested or untested).

When an Instruction is given by means established under Subsections 4.2.1 through 4.2.3, it shall be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with respect to such means of Instruction, but the Authorized Person shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. With respect to Oral Instructions, the Fund agrees that an Authorized Person shall deliver to the Custodian written Instructions confirming Oral Instructions by the close of business of the same day that such Oral Instructions are given to the Custodian. It is acknowledged that with respect to fax Instructions, the receipt of complete or legible Instructions cannot be assured and such errors may not be manifest to the Custodian, and the Custodian cannot verify that a signature on a fax Instruction is duly affixed by an Authorized Person; therefore, the Fund agrees that by electing to transmit any communication by fax, the Fund is assuming the risks attendant to that method of delivery of an Instruction. The provisions of Section 4A of the Uniform Commercial Code shall apply to Funds Transfers performed in accordance with Instructions. The Funds Transfer Services Agreement accompanying this Agreement and the BBH Online Terms and Conditions shall each comprise a designation of a means of delivering Instructions for purposes of this Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Completeness and Contents of Instructions.*** The Authorized Person shall be responsible for assuring the adequacy and accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in the Fund's Investments and upon any delivery and transfer of any Investment or moneys, the person initiating the Instruction shall give the Custodian an Instruction with appropriate detail, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 The transaction date and the date and location of settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 The specification of the type of transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 A description of the Investments or moneys in question, including, as appropriate, quantity, price per unit, amount of money to be received or delivered and currency information. Where an Instruction is communicated by electronic means, or otherwise where an Instruction contains an identifying number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be entitled to rely on such number as controlling notwithstanding any inconsistency contained in the Instruction, particularly with respect to Investment description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 The name of the broker or similar entity concerned with execution of the transaction.

If the Custodian determines that an Instruction is either unclear or incomplete, the Custodian may give prompt notice of such determination to the Fund, and the Fund shall thereupon amend or otherwise reform the Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction initially delivered until the redelivery of an amended or reformed Instruction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Timeliness of Instructions.*** In giving an Instruction, the Fund shall take into consideration delays which may occur due to the involvement of a Subcustodian or agent, differences in time zones, and other factors particular to a given market, exchange or issuer. When the Custodian has established specific timing requirements or deadlines with respect to particular classes of Instruction, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to have acted on such instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline or at such time (including any modification or revocation of a previous Instruction) shall be at the risk of the Fund.

5. ***Safekeeping of Fund Assets.*** The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Use of Securities Depositories.*** The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or any agent of either from holding its client assets in such a separate account, the Custodian, the Subcustodian or any agent of either shall as appropriate segregate such Investments for the benefit of the Fund or for the benefit of clients of the Custodian generally on its own books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***Certificated Assets.*** Investments which are certificated may be held in registered or bearer form: (a) in the Custodian's vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities Depository; all in accordance with customary market practice in the jurisdiction in which any Investments are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 ***Registered Assets***. Investments which are registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund or a nominee for any of the foregoing, and may be held in any manner set forth in Section 5.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 ***Book Entry Assets.*** Investments which are represented by book-entry may be so held in an account maintained by the Book-Entry Agent on behalf of the Custodian, a Subcustodian, an Agent of the Custodian, or a Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 ***Replacement of Lost Investments.*** In the event of a loss of Investments for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or such other lesser amount as shall be agreed by the parties.

6. ***Administrative Duties of the Custodian.*** The Custodian shall perform the following administrative duties with respect to Investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Purchase of Investments.*** Pursuant to Instruction, Investments purchased for the account of the Fund shall be paid for (a) against delivery thereof to the Custodian or a Subcustodian, as the case may be, either directly or through a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (b) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Sale of Investments.*** Pursuant to Instruction, Investments sold for the account of the Fund shall be delivered (a) against payment therefor in cash, by check or by bank wire transfer, (b) by credit to the account of the Custodian or the applicable Subcustodian, as the case may be, with a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (c) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 ***Delivery and Receipt in Connection with Borrowings of the Fund or other Collateral and Margin Requirements.*** Pursuant to Instruction, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund and other collateral and margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4** *Futures and Options.*** If, pursuant to an Instruction, the Custodian shall become a party to an agreement with the Fund and a futures commission merchant regarding margin ("**Tri-Party Agreement"**), the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded futures contracts and commodity options, (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened pursuant to such Tri-Party Agreement (**Margin Account**), segregated either physically or by book-entry in a Securities Depository for the benefit of any futures commission merchant, such Investments as the Fund shall have designated as initial, maintenance or variation "margin" deposits or other collateral intended to secure the Fund's performance of its obligations under the terms of any exchange-traded futures contracts and commodity options; and (c) thereafter pay, release or transfer Investments into or out of the margin account in accordance with the provisions of such Tri-Party Agreement. Alternatively, the Custodian may deliver Investments, in accordance with an Instruction, to a futures commission merchant for purposes of margin requirements in accordance with Rule 17f-6 under the 1940 Act. The Custodian shall in no event be responsible for the acts and omissions of any futures commission merchant to whom Investments are delivered pursuant to this Section; for the sufficiency of Investments held in any Margin Account; or, for the performance of any terms of any exchange-traded futures contracts and commodity options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 ***Contractual Obligations and Similar Investments.*** From time to time, the Fund's Investments may include Investments that are not ownership interests as may be represented by certificate (whether registered or bearer), by entry in a Securities Depository or by Book-Entry Agent, registrar or similar agent for recording ownership interests in the relevant Investment. If the Fund shall at any time acquire such Investments, including without limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the arrangement; and (b) perform (e.g., deposit or transfer cash) in respect of the relevant Fund account in accordance with the terms of the applicable arrangement, but only to the extent directed to do so by Instruction. The Custodian shall have no responsibility for agreements running to the Fund as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents evidencing the arrangement and, in accordance with Instruction, to include such arrangements in reports made to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 ***Exchange of Securities.*** Unless otherwise directed by Instruction, the Custodian shall: (a) exchange securities held for the account of the Fund for other securities in connection with any reorganization, recapitalization, conversion, stock split, change of par value of shares or similar event, and (b) deposit any such securities in accordance with the terms of any reorganization or protective plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 ***Surrender of Securities.*** Unless otherwise directed by Instruction, the Custodian may surrender securities: (a) in temporary form for definitive securities; (b) for transfer into the name of an entity allowable under Section 5.3; and (c) for a different number of certificates or instruments representing the same number of shares or the same principal amount of indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 ***Rights, Warrants, Etc.*** Pursuant to Instruction, the Custodian shall (a) deliver warrants, puts, calls, rights or similar securities to the issuer or trustee thereof, or to any agent of the issuer or trustee, for purposes of exercising such rights or selling such securities, and (b) deliver securities in response to any tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 ***Mandatory Corporate Actions.*** Unless otherwise directed by Instruction, the Custodian shall: (a) comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions or similar rights of securities ownership affecting securities held on the Fund's account and promptly notify the Fund of such action; and (b) collect all stock dividends, rights and other items of like nature with respect to such securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 ***Income Collection.*** Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal or Agency Account; provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 ***Corporate Action Information.* **In fulfilling the duties set forth in Sections 6.6 through 6.10 above, the Custodian shall provide to the Fund such material information pertaining to a corporate action which the Custodian actually receives; provided that the Custodian shall not be responsible for the completeness or accuracy of such information. Information relative to any pending corporate action made available to the Fund via any of the services described in the BBH Online Terms and Conditions shall constitute the delivery of such information by the Custodian. Any advance credit of cash or shares expected to be received as a result of any corporate action shall be subject to actual collection and may be reversed by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 ***Proxy Materials.*** The Custodian shall deliver, or cause to be delivered, to the Fund proxy forms, notices of meeting, and any other notices or announcements materially affecting or relating to Investments received by the Custodian or any nominee. Notifications and ballots made available to clients via access to BBH's Online portal, BBH Infuse, or delivered electronically to an address or identification furnished by the Client (e.g., ProxyEdge ID) shall constitute the delivery of such information by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13** *Ownership Certificates and Disclosure of the Fund's Interest*.** The Custodian is hereby authorized to execute on behalf of the Fund ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund with respect to Investments, or in connection with the sale, purchase or ownership of Investments.

With respect to securities issued in the United States of America, the Custodian [ ] may [X] may not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside of the United States of America, information shall be released in accordance with law or custom of the particular country in which such security is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. ***Taxes.*** The Custodian shall, where applicable, assist the Fund in the reclamation of taxes withheld on dividends and interest payments received by the Fund. In the performance of its duties with respect to tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of counsel and upon information and advice regarding the Fund's tax status that is received from or on behalf of the Fund (via an Authorized Person) without duty of separate inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 ***Other Dealings.*** The Custodian shall otherwise act as directed by Instruction, including without limitation effecting the free payments of moneys or the free delivery of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 ***Nondiscretionary Details and Minor Expenses.*** The Custodian shall attend to all nondiscretionary details and debit the Fund's Account to make payments for minor nondiscretionary expenses in connection with the sale or purchase or other administration of Investments, except as otherwise directed by Instruction. Custodian's records for the Fund's Accounts shall reflect any such payments of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 ***Use of Agents.* **The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other affiliate, bank, trust company or subcontractor as its agent (each an "**Agent**" and collectively, the "**Agents**"), in addition to Subcustodians, to carry out such provisions of this Agreement as it may from time to time direct, including in connection with use of any Securities System.

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The Custodian shall exercise reasonable care in the selection and monitoring of such Agents and Subcustodians. The appointment of an Agent or, except as provided in Section 8, a Subcustodian shall not relieve the Custodian of its obligations under this Agreement. The Custodian shall be liable for any acts or omissions of an Agent to the extent that the Custodian would itself be liable under this Agreement had it performed such acts or omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 ***Registration Document Completion Service.*** The Fund may appoint the Custodian to further provide registration document completion services for account openings, name changes, conversions, mergers, market-specific licensing renewals, account closings and other events, and for such markets, as may be agreed between the Fund and the Custodian from time to time (the "Registration Services"). The Fund shall pay Custodian such fees as may be agreed between the parties from time to time with respect to the Registration Services in accordance with Section 14 hereof. The Fund further acknowledges and agrees that: (i) as part of the Registration Services, the Custodian will complete registration documentation for the agreed markets on behalf of the Fund and then forward such documentation to the Fund or an Authorized Person for final review and signature on behalf of the Fund; (ii) by the Fund or an Authorized Person signing and submitting the aforementioned documentation to the Custodian on behalf of the Fund (the "Submitted Documents"), the Fund shall be deemed to have confirmed to the Custodian that the Fund has reviewed the Submitted Documents and has determined that all of the information contained therein is accurate and complete; (iii) the submission of the Submitted Documents to the Custodian shall be deemed an Instruction under Section 4 hereof to open one or more accounts in the referenced market (in accordance with the information provided in the Submitted Documents) and to provide the Submitted Documents and/or the information contained therein to the Subcustodian in the referenced market (and where applicable, for further submission to the relevant Securities Depository, exchanges, regulatory and tax authorities, tax agents and/or brokers in the referenced market).

7. ***Cash Accounts, Deposits and Money Movements.* **Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself, Subcustodians or other banking institutions, cash accounts in such currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction (including, as applicable, in connection with a standing Instruction for the Fund's participation in BBH&Co.'s cash management sweep program). Notwithstanding anything in this Agreement to the contrary, the Fund shall be liable as principal for any overdrafts occurring in any cash accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Types of Cash Accounts*.** Cash accounts opened on the books of the Custodian (**Principal Accounts**) shall be opened in the name of the Fund. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund or in the name of the Custodian for the Fund or in the name of the Custodian for its customers generally (**Agency Accounts**). Such Agency Account deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund. Accordingly, the Custodian shall be responsible for exercising reasonable care in the administration of such accounts, but shall not be liable for their repayment in the event the Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 ***Administrative Accounts.*** In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation, foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an "Account"). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Payments and Credits with Respect to the Cash Accounts*.** The Custodian shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not limited to income collection with respect to the Fund's Investments, and otherwise in accordance with Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only

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when moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account before actual receipt of cleared funds shall be provisional and may be reversed by the Custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the Custodian or any Subcustodian, all deposits shall be payable only at the branch of the Custodian or Subcustodian where the deposit is made or carried.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 ***Currency and Related Risks.*** The Fund bears the risks of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with the Custodian. The Custodian shall not be liable for any loss or damage arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal or Agency Accounts are maintained or (b) in which such currency is issued, except to the extent any such damage or loss results solely and directly from the fraud, bad faith, willful malfeasance, or negligence of BBH&Co. in the performance of its duties and obligations under this Agreement, and in no event shall the Custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability, convertibility or availability has been affected by any such law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Subcustodian shall be required to repay any deposit made at a foreign branch of either the Custodian or Subcustodian if such branch cannot repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Subcustodian expressly agrees in writing to repay the deposit under such circumstances. All currency transactions in any account opened pursuant to this Agreement are subject to exchange control regulations of the United States and of the country where such currency is the lawful currency or where the account is maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Fund shall be for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 ***Foreign Exchange Transactions*.** The Custodian shall, subject to the terms of this Section, settle foreign exchange transactions (including contracts, futures, options and options on futures) on behalf and for the account of the Fund with such currency brokers or banking institutions, including Subcustodians, as the Fund may direct pursuant to Instructions. The Custodian may act as principal in any foreign exchange transaction with the Fund in accordance with Section 7.4.2 of this Agreement. The obligations of the Custodian in respect of all foreign exchange transactions (whether or not the Custodian shall act as principal in such transaction) shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 ***Third Party Foreign Exchange Transactions*.** The Custodian shall process foreign exchange transactions (including without limitation contracts, futures, options, and options on futures), where any third party acts as principal counterparty to the Fund on the same basis it performs duties as agent for the Fund with respect to any other of the Fund's Investments. Accordingly, the Custodian shall only be responsible for delivering or receiving currency on behalf of the Fund in respect of such contracts pursuant to Instructions. The Custodian shall not be responsible for the failure of any counterparty (including any Subcustodian) in such agency transaction to perform its obligations thereunder. The Custodian (a) shall transmit cash and Instructions to and from the currency broker or banking institution with which the Fund has executed a foreign exchange contract or option, (b) may make free outgoing payments of cash in the form of Dollars or foreign currency without receiving confirmation of a foreign exchange contract or option or confirmation that the countervalue currency completing the foreign exchange contract has been delivered or received or that the option has been delivered or received, (c) may, in connection with cash payments made to third party currency brokers/dealers for settlement of the Fund's foreign exchange spot or forward transactions, foreign currency swap transactions and similar foreign exchange transactions, process settlements using the facilities of the CLS Bank according to the CLS Bank and the CLS Bank Settlement Member terms and conditions**,** and (d) shall hold in safekeeping all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign exchange transactions. The Fund accepts full responsibility for its use of third-party foreign exchange dealers and for execution of the foreign exchange contracts and options and understands that the Fund shall be responsible for any and all costs and interest charges which may be incurred by the Fund or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 ***Foreign Exchange with the Custodian as Principal*.** The Custodian may enter into foreign exchange transactions with the Fund. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have not otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the FX Terms and Conditions (available at: http://<u>www.bbh.com/fxtermsandconditions</u>) incorporated into the BBH Online Terms and Conditions (the "FX Terms and Conditions"), which terms may be updated from time to time in accordance with the procedures set forth in the BBH Online Terms and Conditions. Foreign exchange transactions that occur or are placed on or after the effective date of such updates, as stated in the applicable notice, shall be governed by the FX Terms and Conditions, as so modified. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 ***Delays*.** If no event of Force Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to the Fund: (a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Subcustodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in carrying out Instructions to transfer cash which are not due to the Custodian's own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 ***Advances.*** If, for any reason in connection with this Agreement the Custodian or any Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund (whether or not any Principal or Agency Account shall be overdrawn either during, or at the end of, any Business Day), the Fund hereby does:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1 acknowledge that the Fund shall have no right, title or interest in or to any Investments purchased with such Advance or proceeds of such Investments, and that any credit of Investments to an account of the Fund shall be provisional, until: (a) the debit of the Principal or Agency Account by the Custodian for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased with any such Advance pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time;

In addition, in order to secure the obligations of the Fund to pay or perform any and all obligations of the Fund pursuant to this Agreement, including without limitation to repay any Advance made pursuant to this Agreement, the Fund grants to the Custodian a security interest and right of setoff in all Investments and proceeds thereof (as defined in the Uniform Commercial Code as currently in effect in the State of New York); and agrees to take, and agrees that the Custodian may take, in respect of the security interest referenced above, any further actions that the Custodian may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 ***Custodian's Rights*** Neither the Custodian nor any Subcustodian shall be obligated to make any Advance or to allow an Advance to occur to the Fund, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to such Advance shall be for the account and risk of the Fund and shall not be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the Custodian may assign all or part of its security interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund shall fail to repay the Advance Costs when due, the Custodian or its assignee, as the case may be, shall be entitled to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Fund authorizes the Custodian, on behalf of the Fund, to pay an amount equal to such Advance Costs irrevocably to such Subcustodian or other person, and to dispose of any property in such Account to the extent necessary to make such payment. Any Investments credited to accounts subject to this Agreement created pursuant hereto shall be treated as financial assets credited to securities accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any Subcustodian shall have the rights and benefits of a secured creditor that is a securities intermediary under such Articles 8 and 9.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 ***Integrated Account*.** For purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund's obligations to the Custodian or its assignee, and balances in the Principal Accounts shall be available for satisfaction of the Fund's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.

8. ***Subcustodians and Securities Depositories*.** Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Fund and to appoint from time to time and to utilize Subcustodians. With respect to securities and cash held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form in accordance with (a) governmental regulations, (b) rules of Securities Depositories and Clearing Corporations, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Domestic Subcustodians and Securities Depositories*.** The Custodian may deposit and/or maintain, either directly or through one or more Agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the United States, including The Depository Trust Company, provided such Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, from time to time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Foreign Subcustodians and Securities Depositories*.** Unless instructed otherwise by the Fund, the Custodian may deposit and/or maintain non-U.S. Investments of the Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.5 below, the Custodian shall have prepared an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an "eligible foreign custodian**"** under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Delegation of Board Review of Subcustodians.*** From time to time, the Custodian may agree to perform certain reviews of Subcustodians and of Subcustodian Contracts as the delegate of the Fund's Board. In such event, the Custodian's duties and obligations with respect to this delegated review will be performed in accordance with the terms of the attached 17f-5 Delegation Schedule to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 ***Board Approval of Foreign Subcustodians*.** Unless and except to the extent that the Board has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Fund outside the United States, obtain written confirmation of the approval of the Board of Trustees or Directors of the Fund with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ***Monitoring and Risk Assessment of Securities Depositories.*** Prior to the placement of any assets of the Fund with a non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative an assessment of the custody risks associated with maintaining assets within such Securities Depository; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository on a continuing basis and to promptly notify the Fund or its Investment Adviser of any material changes in such risk. In performing its duties under this subsection, the Custodian shall use reasonable care and may rely on such reasonable sources of information as may be available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties under this subsection provided that it has performed such duties with reasonable care and without negligence, fraud, bad faith, or willful misconduct. Notwithstanding the foregoing sentence, the Custodian shall not be liable for repayment to the Fund of cash credited to the Fund's, Custodian's, or a Subcustodian's account at a Securities Depository that the Custodian is not able to recover from the Securities Depository. The risk assessment shall be provided to the Fund or its Investment Advisor by such means as the Custodian shall reasonably establish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Responsibility for Subcustodians*.** The Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***New Countries.*** The Fund shall be responsible for informing the Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Subcustodian is authorized to act in order that the Custodian shall, if it deems appropriate to do so, have sufficient time to establish a subcustodial arrangement in accordance herewith. In the event the Custodian is unable to establish such arrangements prior to the time the investment is to be acquired, the Custodian is authorized to designate at its discretion a local safekeeping agent, and the use of the local safekeeping agent shall be at the sole risk of the Fund, and accordingly the Custodian shall be responsible to the Fund for the actions of such agent if and only to the extent the Custodian shall have recovered from such agent for any damages caused the Fund by such agent.

9. ***Responsibility of the Custodian.*** In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected, but shall not be required to take any action which, in the Custodian's reasonable judgment, is in contravention of any Applicable Law, rule or regulation or any order or judgment of any court of competent jurisdiction. Subject to the specific provisions of this Section, the Custodian shall be liable for any direct damage incurred by the Fund caused by the Custodian's negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund's Investments or to provide investment advice with respect to such Investments and that the Fund as principal shall bear any risks attendant to particular Investments such as failure of counterparty or issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Limitations of Performance*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 ***Force Majeure.*** Notwithstanding anything to the contrary, neither BBH&Co. nor the Fund shall be responsible or liable for any failure, hindrance or delay in the performance of its obligations under this Agreement arising out of, or for any loss or damages arising out of, a Force Majeure event. Each of BBH&Co. and the Fund, respectively, will use reasonable efforts to perform its obligations under this Agreement notwithstanding such Force Majeure event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 ***Country Risk; Sovereign Risk; AML and Sanctions Risk.*** The Custodian shall not be responsible under this Agreement for any failure to perform its duties and shall not be liable hereunder for any loss or damages in association with such failure to perform if such failure is a result of AML and Sanctions Risk.

**AML and Sanctions Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments, all risks relating to, or arising in consequence of the Custodian complying with one or more Sanctions Regimes or applicable AML Laws, including, but not limited to, the risk that if Custodian reasonably believes it has come in contact with a sanctioned party, or has come into possession or control of any Sanctioned Property as a result of its performance of this Agreement, Custodian may be required by one or more Sanctions Regime to block (i.e. prevent further movement of) such Sanctioned Property and report any related activity to relevant government authorities. The Fund acknowledges that if multiple Sanctions Regimes apply (including OFAC), the Custodian will comply with the most restrictive of the applicable regimes. The Fund also acknowledges that the Custodian shall not be liable hereunder for any loss or damage caused by any delays or refusals to process a transaction that result from Custodian's obligation to ensure compliance with applicable AML Laws and Sanctions Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. ***Limitations on Liability*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 ***Country Risk; Sovereign Risk***. The Custodian shall not be liable for any loss, damages or other liability arising from or related to Country Risk or Sovereign Risk and not from the from the Custodian's negligence, bad faith, recklessness, or willful misconduct. The Custodian shall, at the Fund's request, use commercially reasonable efforts and available means to assist the Fund in limiting any such losses, damages or other liabilities.

**Country Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets.

**Sovereign Risk** shall mean, in respect of any jurisdiction, including the United States of America, where an Investment is acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any investment, repatriation or exchange control restrictions by any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investments or cash deposits by any Governmental Authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting Investments or cash deposits, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 ***Failure of Third Parties.*** The Custodian shall not be liable for any loss, claim, damage or other liability arising from the failure of any third party including: (a) any issuer of Investments or Book-Entry Agent or other agent of an issuer; (b) any counterparty with respect to any Investment, including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (c) any Investment Advisor or other agent of the Fund; (d) any Digital Asset Custodian or other service provider responsible for safekeeping, holding in custody or providing asset services in respect of Digital Assets; or (e) any other third parties similarly beyond the control or choice of the Custodian. For the avoidance of doubt, the Custodian's liability with respect to Subcustodians is set forth in Section 8.6 above rather than in this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 ***Information Sources.*** The Custodian may rely upon information received from issuers of Investments or agents of such issuers, information received from Subcustodians and from other commercially reasonable sources such as commercial data bases and the like, but shall not be responsible for specific inaccuracies in such information, provided that the Custodian has relied upon such information in good faith, or for the failure of any commercially reasonable information provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4 ***Reliance on Instruction; Restricted Securities*.** The Custodian shall not be liable for any loss, claim, damage or other liability arising from (a) action by the Custodian or the Subcustodian in accordance with an Instruction, even when such action conflicts with, or is contrary to any provision of, the Fund's declaration of trust, certificate of incorporation or by-laws or other constitutive document, Applicable Law, or actions by the trustees, directors or shareholders of the Fund, or (b) limitations inherent in the rights, transferability or similar investment characteristics of a given Investment of the Fund.

10. ***Indemnification.*** The Fund hereby indemnifies the Custodian and each Subcustodian, and their respective Agents, nominees and their partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this Agreement and any Instruction, except to the extent such claims or liabilities arise from the negligence, bad faith, recklessness, or willful misconduct of the Custodian or Subcustodian, as applicable. If a Subcustodian or any other person indemnified under the preceding sentence gives written notice of claim to the Custodian, the Custodian shall promptly give written notice to the Fund. Except with respect to the Fund's indemnification obligation for third party claims under this Section 10, in no event shall the Fund be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Fund has been advised of the possibility of such damages. The provisions of this paragraph shall survive the termination of this Agreement.

11. ***Reports and Records.*** The Custodian shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 create and maintain records relating to the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 make available to the Fund, its auditors, agents and employees, upon reasonable request and during normal business hours of the Custodian, all records maintained by the Custodian pursuant to Section 11.1 above, subject, however, to all reasonable security requirements of the Custodian then applicable to the records of its custody customers generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 make available to the Fund all Electronic Reports; it being understood that the Custodian shall not be liable hereunder for the inaccuracy or incompleteness thereof or for errors in any information included therein except to the extent any such inaccuracy, incompleteness or errors result solely and directly from the fraud, bad faith, willful malfeasance, or negligence of BBH&Co. in the performance of its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The Fund shall examine all records, howsoever produced or transmitted, promptly upon receipt and notify the Custodian promptly of any discrepancy or error. Unless the Fund delivers written notice of any such discrepancy or error within a reasonable time after its receipt of the records, the records shall be deemed to be true and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 The Fund acknowledges that the Custodian obtains information on the value of assets from outside sources which may be utilized in certain reports made available to the Fund. The Custodian deems such sources to be reliable but the Fund acknowledges and agrees that the Custodian does not verify such information nor make any representations or warrantees as to its accuracy or completeness and accordingly shall be without liability in selecting and using such sources and furnishing such information.

12. ***Miscellaneous.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 ***Powers of Attorney, etc.*** The Fund will promptly execute and deliver, upon request, such proxies, powers of attorney or other instruments as may be necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, custody services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 ***Entire Agreement; Amendment.* **This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the Fund and the Custodian with respect to the subject matter hereof. No provision of this Agreement may be waived, amended or modified except by a statement in writing executed by the party against which enforcement of such waiver, amendment or modification is sought, provided, however, that an Instruction shall, whether or not such Instruction shall constitute a waiver, amendment or modification for purposes hereof, be deemed to have been accepted by the Custodian when it commences actions pursuant thereto or in accordance therewith. In the event of a conflict between the terms of this Agreement and the terms of a service level agreement or other operating agreement in place between the parties from time to time, the terms of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 ***Binding Effect; Assignment.* **This Agreement shall be binding upon and shall inure to the benefit of the Custodian and the Fund and their successors and assignees, provided that neither party may assign this Agreement without the prior written consent of the other party. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 ***GOVERNING LAW, JURISDICTION AND VENUE.*** THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 ***Notices.*** Notices and other writings contemplated by this Agreement, other than Instructions, shall be delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, (c) by a nationally recognized overnight courier, or (d) by facsimile transmission, provided that, unless waived, any notice or other writing sent by facsimile transmission shall also be mailed, postage prepaid, to the party to whom such notice is addressed. All such notices shall be addressed, as follows:

If to the Fund:

AMG BBH Asset-Backed Credit Fund, LLC

c/o AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Attention: Legal and Compliance

Telephone: 203-299-3500

Facsimile: 203-299-3580

Email: amgfcco@amg.com

If to the Custodian:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110-1548

Attn: Office of the General Counsel

Telephone: (617) 772-1818

Facsimile: (617) 772-2235,

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or such other address as the Fund or the Custodian may have designated in writing to the other. Notices given by the Custodian pursuant to Section 7.4.2 may also be given by electronic mail to the email address of any Authorized Person. The Fund agrees that such notices given by electronic mail shall be conclusively presumed to have been delivered and received by the Fund as of the date such electronic mail was sent by the Custodian, as recorded by the Custodian's systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 ***Headings.*** Paragraph headings included herein are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 7 ***Severability.*** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 ***Counterparts.*** This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which collectively shall be deemed to constitute only one instrument. Delivery of an executed counterpart of this Agreement by facsimile transmission or other electronic mail transmission (e.g. ".pdf" or ".tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 ***Confidentiality.*** The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement (and offering, rendering or obtaining related BBH&Co. services) and, except as may be required in carrying out this Agreement (including, without limitation, disclosure to Subcustodians or Agents appointed by the Custodian), shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, that is independently developed by the receiving party without reference to the disclosing party's confidential information, that is made available to the receiving party by a third party on a non-confidential basis, or that is requested to be disclosed by or to any regulator of the receiving party (including, with respect to the Custodian, any regulator of any Agent or Subcustodian), any Regulatory Authority, any auditor or attorney of the parties hereto, by judicial or administrative process or otherwise by Applicable Law; provided, however, that if disclosure of disclosing party's confidential information is commanded by a court or agency order, subpoena, or other legally authorized administrative or judicial demand ("Compelled Disclosure"), then, to the extent permissible under Applicable Law (i) the receiving party will promptly notify the disclosing party of a request for the disclosing party's confidential information from any such entity so that the disclosing party may seek a protective order, and (ii) the receiving party will limit its disclosure of the disclosing party's confidential information to only the information that the receiving party determines to be responsive to the Compelled Disclosure. The limitations on disclosure of confidential information under this Section 12.9 shall survive for so long as a party retains the other party's confidential information. For the avoidance of doubt, and notwithstanding anything in this Agreement to the contrary, neither party may use the other party's confidential information to train artificial intelligence or machine learning models, other than AI or ML models related to the services provided hereunder. Any such AI or ML will not allow the delivering party's confidential information to be shared with third parties other than agents or contractors of the receiving party and receiving party will not permit such agents or contractors to use the confidential information for their own benefit or that of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 ***Tape-recording.* **Each party authorizes the other party to tape record any and all telephonic or other oral instructions given to the Custodian by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by a party in writing. Each party further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 ***Counsel/ Certified Public Accountant*.** In fulfilling its duties hereunder, the Custodian shall be entitled to receive and act upon the advice of (i) counsel and/or a certified public accountant regularly retained by the Custodian in respect of such matters, (ii) counsel and/or a certified public accountant for the Fund or (iii) such counsel or certified public accountant as the Fund and the Custodian may agree upon, with respect to all matters, and actions reasonably taken by the Custodian in reliance on such advice shall be presumed to have been taken in good faith, which presumption may be rebutted by evidence.

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*Execution Version*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 ***Conflict.*** Nothing contained in this Agreement shall prevent the Custodian and its associates from (i) dealing as a principal or an intermediary in the sale, purchase or loan of the Fund's Investments to or from the Custodian or its associates; (ii) acting as a custodian, a subcustodian, a trustee, an agent, securities dealer, an investment manager or in any other capacity for any other client whose interests may be adverse to the interest of the Fund; or (iii) buying, holding, lending, and dealing in any way in any assets for the benefit of its own account, or for the account of any other client whose interests may be adverse to the Fund notwithstanding that the same or similar assets may be held or dealt in by, or for the account of the Fund by the Custodian. The Fund hereby voluntarily consents to and waives any potential conflict of interest between the Custodian and/or its associates and the Fund, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Custodian's and/or its associates' engagement in any such transaction shall not disqualify the Custodian from continuing to perform as the custodian of the Fund under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian and/or its associates shall not be under any duty to disclose any information in connection with any such transaction to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Custodian and/or its associates shall not be liable to account to the Fund for any profits or benefits made or derived by or in connection with any such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 ***BBH Online Terms and Conditions.*** Use of the BBH Infuse<sup>™</sup> (f/k/a WorldView<sup>®</sup>) portal, any future release thereof or successor thereto (the "Portal"), and the products and services available through the Portal (the "Online Services") are subject to additional terms and conditions, which are available at: <u>bbh.com/onlineterms</u>, as such may be updated from time to time (the "BBH Online Terms and Conditions") and which are incorporated herein by reference. Without limiting any provision of this Agreement or the BBH Online Terms and Conditions, the Fund is responsible for all use of the Online Services by its authorized users (including employees, officers, directors, agents, consultants, contractors and any third parties given access to the Online Services by or on behalf of the Fund), and for ensuring that all such persons comply with the BBH Online Terms and Conditions. BBH&Co. will inform the Fund of any updates to the BBH Online Terms and Conditions in accordance with the procedures set forth therein.

13.  ***Definitions.*** The following defined terms will have the respective meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.  ***Advance(s)*** shall mean any extension of credit by or through the Custodian or by or through any
Subcustodian and shall include, without limitation, amounts due to the Custodian as the principal counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2 hereof, or paid to third parties for account of the
Fund or in discharge of any expense, tax or other item payable by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.  ***Advance Costs*** shall mean any Advance, interest on the Advance and any related expenses, including
without limitation any mark to market loss of the Custodian or Subcustodian on any Investment to which Section 7.6.1 applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.  ***Agency Account(s)*** shall mean any deposit account opened on the books of a Subcustodian or other
banking institution in accordance with Section 7.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.  ***Agent(s)*** shall have the meaning set forth in Section 6.17 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.  ***Applicable Law*** shall mean with respect to each jurisdiction, all (a) laws, statutes,
treaties, regulations, guidelines (or their equivalents); (b) orders, interpretations, licenses and permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a court of competent jurisdiction; compliance with which
is required or customarily observed in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.  ***Authorized Person(s)*** shall mean any person or entity authorized to give Instructions on behalf of
the Fund in accordance with Section 4.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.  ***BBH Online Terms and Conditions*** shall have the meaning set forth in Section 12.13 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.  ***Book-Entry Agent(s)*** shall mean an entity acting as agent for the issuer of Investments for
purposes of recording ownership or similar entitlement to Investments, including without limitation a transfer agent or registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9.  ***Clearing Corporation*** shall mean any entity or system established for purposes of providing
securities settlement and movement and associated functions for a given market(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.  ***Digital Asset*** shall mean any interest in any type of digital or electronic record that is used as
a medium of exchange or a form of digitally or electronically stored value that would require the Custodian to use cryptographic techniques, distributed ledger technology, digital wallets and/or other similar computational means in its custody of
such asset, including without limitation any electronic money or "virtual currency" under 23 CRR-NY 200.2(p). Appendix B hereto applies to any and all Digital Assets that the Company may own or
acquire during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11.  ***Delegation Schedule*** shall mean any separate schedule entered into between the Custodian and the
Fund or its authorized representative with respect to certain matters concerning the appointment and administration of Subcustodians delegated to the Custodian pursuant to Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12.  ***Electronic Reports*** shall mean any reports prepared by the Custodian and remitted to the Fund or
its authorized representative via the internet or electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13.  ***Force Majeure*** shall mean (a) acts of God, earthquakes, fires, floods, storms, water or wind
damage, or other elements of nature; accidents or explosions; wars or acts of war, enemy actions, insurrections, rebellions, riots, terrorism, sabotage, revolutions, or civil commotions or disorders or other acts attributable to economic or
political factors or other civil or military disturbances; outbreaks, epidemics, pandemics, public health emergencies, any governmental order or corporate order or any requirement relating thereto; interruptions, loss or malfunctions of utilities,
transportation, computer (hardware or software), or communications service(s); any strikes, lock-outs, work stoppages, or other labor disputes; governmental actions; any provision of any present or future law, regulation or order of a federal,
state, municipal, local, territorial, provincial or other governmental department, regulatory authority, self-regulatory organization or legislative, judicial or administrative body, including any political subdivision thereof, or of any securities
depository or clearing agency; inability to obtain material, equipment or transportation; any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets or transactions; or any encumbrance on the
transferability of, convertibility, or ability to hold a currency or a currency position; or any delay or disruption resulting from or reflecting the occurrence of any Country, AML and Sanctions or Sovereign Risk, or (b) any other circumstance
or event which is beyond the reasonable control of the Custodian, regardless of whether such circumstance or event is of a nature or type described in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14.  ***Foreign Custody Manager*** shall mean the Fund's foreign custody manager appointed pursuant to
Rule 17f-5 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15.  ***Foreign Financial Regulatory Authority*** shall have the meaning given by Section 2(a)(50) of
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16.  ***Funds Transfer Services Agreement*** shall mean the Funds Transfer Services Agreement entered into
between the Custodian and the Fund dated of even date herewith, as amended, supplemented or substituted from time to time, with respect to certain matters concerning the processing of payment orders from Principal Accounts of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17. **G *lobal Custody Network Listing*** shall mean the Countries and Subcustodians approved for
Investments in non-U.S. Markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18.  ***Instruction(s)*** shall have the meaning assigned in Section 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19.  ***Investment Advisor*** shall mean any person or entity who is an Authorized Person to give
Instructions with respect to the investment and reinvestment of the Fund's Investments.

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*Execution Version*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20.  ***Investment(s)*** shall mean any investment asset of the Fund, including without limitation
securities, bonds, notes, and debentures as well as receivables, derivatives, contractual rights or entitlements and other intangible assets, but shall not include any Principal Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21.  ***Joinder*** shall mean a document that binds a new party to this Agreement and the Funds
Transfer Services Agreement and, as applicable, CMS Instruction, substantially in the form attached hereto as <u>Appendix B</u>, duly executed from time to time by the Custodian and one or more investment companies registered under the 1940 Act and
affiliated with a/the Fund (for purposes of this definition, an "Additional Fund"). Any such joinder with respect to any Additional Fund shall become effective as of the date set forth therein and shall include an update to Appendix A to
this Agreement, executed by the Custodian and the Additional Fund, and acknowledged by each other existing Fund, adding the Additional Fund to the existing Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22.  ***Margin Account*** shall have the meaning set forth in Section 6.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23.  ***OFAC*** shall mean the US Treasury Department's Office of Foreign Assets Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24.  ***Principal Account(s)*** shall mean deposit accounts of the Fund carried on the books of BBH&Co.
as principal in accordance with Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25.  ***Sanctions or Sanctions Regime(s)*** shall mean any governmental sanctions against countries, persons
and entities that are imposed at any time by the US, the European Union and its member states, the United Nations, the UK or any other jurisdiction with which Custodian must comply in connection with the provision of services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.26.  ***Securities Depository*** shall mean a central or book entry system or agency established under
Applicable Law for purposes of recording the ownership and/or entitlement to investment securities for a given market that, if a foreign Securities Depository, meets the definitional requirements of Rule 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.27.  ***Subcustodian(s)*** shall mean each foreign bank appointed by the Custodian pursuant to
Section 8 hereof, but shall not include Securities Depositories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.28.  ***Tri-Party Agreement*** shall have the meaning set forth in
Section 6.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.29.  ***1940 Act*** shall mean the Investment Company Act of 1940.

14. ***Compensation.*** The Fund agrees to pay to the Custodian (a) a fee in an amount set forth in the fee letter between the Fund and the Custodian in effect on the date hereof or as amended from time to time, and (b) reasonable out-of-pocket expenses incurred by the Custodian that are incident to the services provided hereunder, including the fees and expenses of all Subcustodians and other amounts paid by the Custodian to a third party for account or benefit of the Fund, and payable from time to time.

15. ***Termination.*** This Agreement may be terminated by either party in accordance with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 ***Term, Notice and Effect***. This Agreement shall have an initial term of two (2) years from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective no sooner than ninety (90) days following the date that notice to such effect shall be delivered to the other party at its address set forth in Section 12.5 hereof. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 60 days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or (b) upon thirty (30) days written notice to the other party in the event that either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 ***Notice and Succession.* **In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well as the movement of any records or materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. Furthermore, to the extent that it appears

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impracticable given the circumstances to effect an orderly transfer and conversion of assets from the Custodian to a successor within the time specified in the notice of termination as aforesaid, Custodian and the Fund agree that this Agreement shall remain in full force and effect for such reasonable period as may be required to complete necessary arrangements with a successor and the Custodian shall be entitled to continue to be paid fees hereunder until such transfer and conversion are complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 ***Successor Custodian*.** In the event of the appointment of a successor custodian, it is agreed that the Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor custodian in accordance with reasonable Instructions. The Custodian agrees to cooperate with the Fund in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like manner transfer the Fund's Investments in accordance with Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 ***Delayed Succession.*** If no Instruction has been given as of the effective date of termination, Custodian may at any time on or after such termination date and upon ten (10) consecutive calendar days written notice to the Fund either (a) deliver the Investments of the Fund held hereunder to the Fund at the address designated for receipt of notices hereunder; or (b) deliver any investments held hereunder to a bank or trust company having a capitalization of $50,000,000 USD equivalent and operating under the Applicable Law of the jurisdiction where such Investments are located, such delivery to be at the risk of the Fund. In the event that Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians after the date of termination owing to the failure of the Fund to issue Instructions with respect to their disposition or owing to the fact that such disposition could not be accomplished in accordance with such Instructions despite diligent efforts of the Custodian, the Custodian shall be entitled to compensation for its services hereunder and the provisions of this Agreement shall remain in full force and effect until disposition in accordance with this Section is accomplished.

16. ***Compliance Policies and Procedures.*** To assist the Fund in complying with Rule 38a-1 of the 1940 Act, BBH&Co. represents that it has adopted written policies and procedures reasonably designed to prevent violation of the federal securities laws in fulfilling its obligations under the Agreement and that it has in place a compliance program to monitor its compliance with those policies and procedures. BBH&Co will upon request provide the Fund with information about our compliance program as mutually agreed.

17. ***Business Continuity***. Without prejudice to the provisions of Section 9.1.1 (*Force Majeure*) of this Agreement, BBH&Co. will maintain a business continuity plan that is reasonably designed for (but does not guarantee) the resumption of BBH&Co.'s provision of the services hereunder within forty-eight (48) hours following any event which prevents BBH&Co. from providing such services (the "BCP Plan"). BBH&Co. will conduct a test of significant components of its BCP Plan not less frequently than annually. At the Fund's request, BBH&Co. will meet with the Fund on an annual basis to provide details about the BCP Plan and test results and to answer Fund's reasonable questions about the same.

18. ***Information Security***. BBH&Co. agrees to maintain a comprehensive information security program ("CISP") in compliance with Part 500 of the New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies (as such may be amended from time to time) which is reasonably designed (a) to protect the Fund's data that is in BBH&Co.'s possession from unauthorized access by third parties and (b) to prevent the introduction of any computer code or instructions that may disrupt, damage, or interfere with the Fund's use of BBH&Co.'s relevant computer and/or telecommunications facilities (e.g., malicious code or viruses), or that may allow for access bypassing any security features, and to periodically review and reasonably update the CISP in response to identified cybersecurity threats. Without limiting the foregoing, on an annual basis BBH&Co. shall conduct penetration testing of selected BBH&Co. networks and systems in accordance with the CISP, and BBH&Co.'s employees shall receive training on BBH&Co.'s data security policies and procedures and then be required to attest to their understanding of such policies and procedures. Further, at the Fund's request, BBH&Co. will meet with the Fund on an annual basis to provide the Fund with reasonably requested information about BBH&Co.'s CISP and changes thereto, and to answer the Fund's reasonable questions about the same.

BBH&Co. shall annually, upon request, provide a copy of its most recent SOC2 Report to the Fund, which the Fund may disclose to the Fund's auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the SOC2 Report to any third party or use the SOC2 Report for any purpose other than evaluating BBH&Co.'s security controls. The Fund shall be responsible for the acts and omissions of its auditors as if such acts and omissions were those of its own personnel.

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*Execution Version*

BBH&Co. shall notify the Fund as soon as is reasonably possible, but in no event more than 72 hours after the Custodian becoming aware of the Security Incident (defined below), in the event of a successful cybersecurity breach of BBH&Co.'s systems which prevents BBH&Co. from providing a material portion of the custody services hereunder (a "Security Incident"). BBH&Co. will thereafter reasonably cooperate with the Fund with respect to the mitigation of the effects of such Security Incident, including by providing the Fund, upon the Fund's request, any additional relevant information regarding such Security Incident learned by BBH&Co. during the investigation of such Security Incident. BBH&Co.'s obligations under this paragraph shall be subject to any prohibitions or restrictions placed on BBH&Co. or its affiliates by applicable laws or regulations, or by compliance with requests from law enforcement.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Agreement to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

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| | | | |
|:---|:---|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Shawn McNinch | By: | /s/ Thomas Disbrow |
| Name: | Shawn McNinch | Name: | Thomas Disbrow |
| Title: | Partner | Title: | Authorized Person |
| Date: | March 3, 2026 | Date: | March 3, 2026 |

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APPENDIX A

TO

CUSTODIAN AGREEMENT

List of Funds Added by Joinder

Dated as of March 3, 2026,

The following is a list of Funds for which, pursuant to a Joinder, BBH&Co. will serve as custodian under the Custodian Agreement dated as of March 3, 2026, as amended from time to time:

None.

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **[ADDITIONAL FUND]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Acknowledged: |  |

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| |
|:---|
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: |
| Name: |
| Title: |
| Date: |

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*Execution Version*

APPENDIX B

TO

CUSTODIAN AGREEMENT

The Fund acknowledges and agrees with the Custodian that, with respect to any Digital Asset the Fund may from time to time own or acquire during the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Digital Asset will become subject to this Agreement except as expressly set forth in this Appendix B, and
the Fund will not attempt, and will ensure no issuer or agent of the Fund or any third-party attempts, to deliver or provide access to such Digital Asset to the Custodian, any of its Subcustodians or any of the Custodian's agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian will have no responsibility for safekeeping the Digital Asset in any manner, and will not accept
any access to, possession of or control over, any private keys or other authentication devices or methods associated with any ownership, custody, possession or control of Digital Asset held by or for the Fund or any other person, account or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian may, upon the Fund's specific written request, provide the Fund or its Investment Advisor
with names of third-party service providers (if any) unaffiliated with the Custodian of whom the Custodian is aware may provide custody or safekeeping services for the Digital Asset (all such service providers, the "**Digital Asset Custodians**") but the Custodian's provision of the name of any Digital Asset Custodian does not constitute the recommendation, referral, endorsement or any other view of the Custodian of said Digital Asset Custodian and the Custodian
expressly disclaims any responsibility or liability for products and services offered or provided by any Digital Asset Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the generality of the foregoing, the Fund acknowledges that any such list of Digital Asset
Custodians will be subject to specific disclaimers that the Custodian deems appropriate, including the following:

"*Brown Brothers Harriman & Co. is not in the business of acting as custodian for Digital Assets. The specialist custodians referenced here ("Digital Asset Custodians") are third parties and not hired by, or affiliated with, Brown Brothers Harriman & Co. or any of its subsidiaries or other affiliates ("BBH" or "us"). BBH's provision of these names is not an endorsement or recommendation that you hire any or all of them. You may receive information from the Digital Asset Custodians, including but not limited to service descriptions, capabilities and fee arrangements. Please note that BBH has not participated in the development of this information, nor has BBH checked for accuracy or otherwise reviewed that information. You rely on that information at your own risk. We make no representations or warranties as to, and shall have no liability for, the acts and omissions of the Digital Asset Custodian, including but not limited to those acts or omissions related or pertaining to your contract with the Digital Asset Custodian or the third-party's performance, or failure to perform, under any such contract. You may also select a third-party not currently listed here as a Digital Asset Custodian and BBH will work with that Digital Asset Custodian so long as consistent with applicable laws and the third-party establishes responsible technical connectivity (e.g., through API) so that BBH may receive information sufficient to permit BBH to fulfill its reporting obligations to you under your separate contract with BBH."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may provide the Custodian with an Instruction to receive Digital Asset position statements from a
Digital Asset Custodian and to post the relevant positions stated therein to the Custodian's records for record-keeping purposes only (no Digital Asset positions will be in BBH's custody) and to report information contained in said
records to the Fund through BBH Infuse<sup>™</sup>, or its successor client communication portal for recordkeeping purposes only.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund acknowledges and agrees that by providing such recordkeeping:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian has no contractual or other relationship with any Digital Asset Custodian allowing the Custodian
to carry out transactions or enforce any failure on the Digital Asset Custodian's part to affect, maintain or transfer Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Custodian shall not have any obligation to reconcile the Digital Asset with any third party, or to provide
any other services referred to in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian makes no representations as to, and shall not be responsible for, or required to verify,
(A) the validity, legality, enforceability, due authorization, effectiveness, recordability, insurability, sufficiency, value, form, substance, or genuineness of any of the Digital Asset positions reported by the Custodian; (B) the
collectability, ownership (including any defect in such ownership), registration, insurability, validity, transferability, value, effectiveness, perfection, priority or suitability of any Digital Assets and further, (C) Custodian shall have no
obligation to determine that any of such Digital Asset position statements delivered to the Custodian have been actually recorded or registered in the Fund's name or that they are other than what they purport to be on their face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Custodian will not act as a financial intermediary with respect to any Digital Assets recorded in such
record keeping accounts and that such recordkeeping account shall not be a Securities Account as defined in NY UCC 8-501 and the inclusion of any Digital Assets in such record-keeping account will not create a
Securities Entitlement as defined in NY UCC 8-102(17) in favor of the Fund or otherwise. The Fund acknowledges that the Custodian has no ability to control the disposition of the Digital Asset or otherwise
control any income distributions due to the Fund in relation to Digital Asset. As a result of the foregoing, the Fund will be treated as not holding the Digital Asset through the Custodian.

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*Execution Version*

**APPENDIX C** 

**17f-5 DELEGATION SCHEDULE** 

By its execution of this Delegation Schedule dated as of March 3, 2026, **AMG BBH ASSET-BACKED CREDIT FUND, LLC,** a management investment company registered with the Securities and Exchange Commission (the **Commission**) under the Investment Company Act of 1940, as amended (the **1940 Act**), acting through its Board of Directors/Trustees or its duly appointed representative (the **Fund**), hereby appoints **BROWN BROTHERS HARRIMAN & CO.**, a New York limited partnership with an office in Boston, Massachusetts (the **Delegate**) as its delegate to perform certain functions with respect to the custody of Fund's Assets outside the United States.

1. <u>Maintenance of Fund's Assets Abroad</u>. The Fund, acting through its Board or its duly authorized representative, hereby instructs the Delegate pursuant to the terms of the Custodian Agreement dated as of the date hereof executed by and between the Fund and the Delegate (the **Custodian Agreement**) to place and maintain the Fund's Assets in countries outside the United States in accordance with Instructions received from the Fund's Investment Advisor. Such instruction shall constitute an Instruction under the terms of the Custodian Agreement. The Fund acknowledges that (a) the Delegate shall perform services hereunder only with respect to the countries where it accepts delegation as Foreign Custody Manager as indicated on the Delegate's Global Custody Network Listing; (b) depending on conditions in the particular country, advance notice may be required before the Delegate shall be able to perform its duties hereunder in or with respect to such country (such advance notice to be reasonable in light of the specific facts and circumstances attendant to performance of duties in such country); and (c) nothing in this Delegation Schedule shall require the Delegate to provide delegated or custodial services in any country, and there may from time to time be countries as to which the Delegate determines it will not provide delegation services.

2. <u>Delegation</u>. Pursuant to the provisions of Rule 17f-5 under the 1940 Act as amended, the Board hereby delegates to the Delegate, and the Delegate hereby accepts such delegation and agrees to perform only those duties set forth in this Delegation Schedule concerning the safekeeping of the Fund's Assets in each of the countries as to which it acts as the Board's delegate. The Delegate is hereby authorized to take such actions on behalf of or in the name of the Fund as are reasonably required to discharge its duties under this Delegation Schedule, including, without limitation, to cause the Fund's Assets to be placed with a particular Eligible Foreign Custodian in accordance herewith. The Fund confirms to the Delegate that the Fund or its Investment Adviser has considered the Sovereign Risk and prevailing Country Risk as part of its continuing investment decision process, including such factors as may be reasonably related to the systemic risk of maintaining the Fund's Assets in a particular country, including, but not limited to, financial infrastructure, prevailing custody and settlement systems and practices (including the use of any Securities Depository in the context of information provided by the Custodian in the performance of its duties as required under Rule 17f-7 and the terms of the Custodian Agreement governing such duties), and the laws relating to the safekeeping and recovery of the Fund's Assets held in custody pursuant to the terms of the Custodian Agreement.

3. <u>Selection of Eligible Foreign Custodian and Contract Administration</u>. The Delegate shall perform the following duties with respect to the selection of Eligible Foreign Custodians and administration of certain contracts governing the Fund's foreign custodial arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodian</u>. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Eligible Foreign Custodian's general reputation and standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contract Administration</u>. The Delegate shall cause that the foreign custody arrangements with an Eligible Foreign Custodian shall be governed by a written contract that the Delegate has determined will provide reasonable care for Fund assets based on the standards applicable to custodians in the relevant market. Each such contract shall, except as set forth in the last paragraph of this subsection (b), include provisions that provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That the Fund's Assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of such Custodian arising under bankruptcy, insolvency or similar laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) That beneficial ownership of the Fund's Assets will be freely transferable without the payment of money or value other than for safe custody or administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That adequate records will be maintained identifying the Fund's Assets as belonging to the Fund or as being held by a third party for the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) That the Fund's independent public accountants will be given access to those records described in (iv) above or confirmation of the contents of such records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) That the Delegate will receive sufficient and timely periodic reports with respect to the safekeeping of the Fund's Assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing the Fund's Assets.

Such contract may contain, in lieu of any or all of the provisions specified in this Section 3(b), such other provisions that the Delegate determines will provide, in their entirety, the same or a greater level of care and protection for the Fund's Assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limitation to Delegated Selection</u>. Notwithstanding anything in this Delegation Schedule to the contrary, the duties under this Section 3 shall apply only to Eligible Foreign Custodians selected by the Delegate and shall not apply to Securities Depositories or to any Eligible Foreign Custodian that the Delegate is directed to use pursuant to Section 7 of this Delegation Schedule.

4. <u>Monitoring</u>. The Delegate shall establish a system to monitor at reasonable intervals (but at least annually) the appropriateness of maintaining the Fund's Assets with each Eligible Foreign Custodian that has been selected by the Delegate pursuant to Section 3 of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of placement of the Fund's Assets in accordance with the criteria established under Section 3(a) of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of the contract governing the Fund's arrangements in accordance with the criteria established under Section 3(b) of this Delegation Schedule.

5. <u>Reporting</u>. At least annually and more frequently as mutually agreed between the parties, the Delegate shall provide to the Board written reports specifying placement of the Fund's Assets with each Eligible Foreign Custodian selected by the Delegate pursuant to Section 3 of this Delegation Schedule and shall promptly report on any material changes to such foreign custody arrangements. Delegate will prepare such a report with respect to any Eligible Foreign Custodian that the Delegate has been instructed to use pursuant to Section 7 of this Delegation Schedule only to the extent specifically agreed with respect to the particular situation.

6. <u>Withdrawal of Fund's Assets</u>. If the Delegate determines that an arrangement with a specific Eligible Foreign Custodian selected by the Delegate under Section 3 of this Delegation Schedule no longer meets the requirements of said Section, Delegate shall withdraw the Fund's Assets from the non-complying arrangement as soon as reasonably practicable; provided, however, that if in the reasonable judgment of the Delegate, such withdrawal would require liquidation of any of the Fund's Assets or would materially impair the liquidity, value or other investment characteristics of the Fund's Assets, it shall be the duty of the Delegate to provide information regarding the particular circumstances and to act only in accordance with Instructions of the Fund or its Investment Advisor with respect to such liquidation or other withdrawal.

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*Execution Version*

7. <u>Direction as to Eligible Foreign Custodian</u>. Notwithstanding this Delegation Schedule, the Fund, acting through its Board, its Investment Advisor or its other Authorized Representative, may direct the Delegate to place and maintain the Fund's Assets with a particular Eligible Foreign Custodian, including without limitation with respect to investment in countries as to which the Custodian will not provide delegation services. In such event, the Delegate shall be entitled to rely on any such instruction as an Instruction under the terms of the Custodian Agreement and shall have no duties under this Delegation Schedule with respect to such arrangement save those that it may undertake specifically in writing with respect to each particular instance.

8. <u>Standard of Care</u>. In carrying out its duties under this Delegation Schedule, the Delegate agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for safekeeping the Fund's Assets would exercise.

9. <u>Representations</u>. The Delegate hereby represents and warrants that it is a U.S. Bank and that this Delegation Schedule has been duly authorized, executed and delivered by the Delegate and is a legal, valid and binding agreement of the Delegate.

The Fund hereby represents and warrants that its Board of Directors has determined that it is reasonable to rely on the Delegate to perform the delegated responsibilities provided for herein and that this Delegation Schedule has been duly authorized, executed and delivered by the Fund and is a legal, valid and binding agreement of the Fund.

10. <u>Effectiveness; termination</u>. This Delegation Schedule shall be effective as of the date on which this Delegation Schedule shall have been accepted by the Delegate, as indicated by the date set forth below the Delegate's signature. This Delegation Schedule may be terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Such termination shall be effective on the 30th calendar day following the date on which the non-terminating party shall receive the foregoing notice. The foregoing to the contrary notwithstanding, this Delegation Schedule shall be deemed to have been terminated concurrently with the termination of the Custodian Agreement.

11. <u>Notices</u>. Notices and other communications under this Delegation Schedule are to be made in accordance with the arrangements designated for such purpose under the Custodian Agreement unless otherwise indicated in a writing referencing this Delegation Schedule and executed by both parties.

12. <u>Definitions</u>. Capitalized terms not otherwise defined in this Delegation Schedule have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Country Risk</u> – shall have the meaning set forth in Section 9.1.2 of the Custodian Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Eligible Foreign Custodian</u> - shall have the meaning set forth in Rule 17f-5(a)(1) of the 1940 Act and shall also include a U.S. Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fund's Assets</u> - shall mean any of the Fund's investments (including foreign currencies) for
which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Instructions</u> - shall have the meaning set forth in the Custodian Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Securities Depository</u> - shall have the meaning set forth in Rule 17f-7 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Sovereign Risk</u> - shall have the meaning set forth in Section 9.1.2 of the Custodian Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>U.S. Bank</u> - shall mean a bank which qualifies to serve as a custodian of assets of investment companies
under <u>Section</u> 17(f) of the 1940 Act.

13. <u>Governing Law and Jurisdiction</u>. This Delegation Schedule shall be construed in accordance with the laws of the State of New York. The parties hereby submit to the exclusive jurisdiction of the Federal courts sitting in the State of New York or the Commonwealth of Massachusetts or of the state courts of either such State or such Commonwealth.

14. <u>Fees</u>. Delegate shall perform its functions under this Delegation Schedule for the compensation determined under the Custodian Agreement.

15. <u>Integration</u>. This Delegation Schedule sets forth all of the Delegate's duties with respect to the selection and monitoring of Eligible Foreign Custodians, the administration of contracts with Eligible Foreign Custodians, the withdrawal of assets from Eligible Foreign Custodians and the issuance of reports in connection with such duties. The terms of the Custodian Agreement shall apply generally as to matters not expressly covered in this Delegation Schedule, including dealings with the Eligible Foreign Custodians in the course of discharge of the Delegate's obligations under the Custodian Agreement.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Agreement to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

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| | | | |
|:---|:---|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Shawn McNinch | By: | /s/ Thomas Disbrow |
| Name: | Shawn McNinch | Name: | Thomas Disbrow |
| Title: | Partner | Title: | Authorized Person |

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*Execution Version*

APPENDIX D

TO CUSTODIAN AGREEMENT

FORM OF JOINDER

Reference is made to the:

1. Custodian Agreement between Brown Brothers Harriman & Co. and AMG BBH Asset-Backed Credit Fund, LLC,
dated March 3, 2026;

2. Funds Transfer Services Agreement between Brown Brothers Harriman & Co. and AMG BBH Asset-Backed
Credit Fund, LLC, March 3, 2026; and

3. Cash Management Sweep Instruction by AMG BBH Asset-Backed Credit Fund, LLC to Brown Brothers
Harriman & Co. dated March 3, 2026

(as amended from time to time, collectively, the "**Agreements**") to which this Joinder is attached and made as of ___________________, 20<u>__.</u>

Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Custodian Agreement.

_______________________, a [closed-end] management investment company organized as a [Delaware limited liability company] and registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "**Additional Fund**") and Brown Brothers Harriman & Co. (the "**Custodian**") acknowledge and agree that, by the execution of this Joinder, the Additional Fund and the Custodian shall be deemed to be mutual parties to the Agreements effective as of the date hereof as if the Additional Fund were an original signatory thereto and the Additional Fund hereby makes the representations and warranties and expressly assumes, and agrees to perform and discharge, all of the obligations and liabilities of an "Additional Fund" and "Fund" and "Client" under the Agreements. All references in the Agreement to the "Fund" and "Funds" and "Client" shall hereafter include the Additional Fund.

In accordance with the terms of the Agreements, the Additional Fund and the Custodian have concurrent herewith added the name of the Additional Fund to the current Appendix A to the Custodian Agreement as attached hereto, signed by each of the Additional Fund and the Custodian. Furthermore, the Additional Fund and the Custodian have concurrent herewith added the name of the Additional Fund to the current Appendix A to the CMS as attached hereto, signed by each of the Additional Fund and the Custodian.

The terms of this Joinder shall supplement the terms of the Agreements and in the event of a conflict between the terms of this Agreement and the terms provided in such Joinder, the terms of this Joinder shall control as between the Custodian and the respective Additional Fund.

This Joinder shall be governed by and construed in accordance with the provisions of Section 12.4 (*Governing Law, Jurisdiction and Venue*) of the Custodian Agreement referenced above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This page constitutes the signature page for: (i) the Agreements and (ii) this Joinder. Execution of this page constitutes execution of, and the undersigned hereby authorizes this page to be attached to a counterpart of, each of these documents.

IN WITNESS WHEREOF, the undersigned have caused this signature page to be executed as of the day and year first above written.

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **[ADDITIONAL FUND]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Acknowledged: |  |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

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*Execution Version*

APPENDIX A

TO

CUSTODIAN AGREEMENT

List of Funds Added by Joinder

Dated as of ___________, 202_

The following is a list of Funds for which, pursuant to a Joinder, BBH&Co. will serve as custodian under the Custodian Agreement dated as of ____________, 2026, as amended from time to time:

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **[ADDITIONAL FUND]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Acknowledged: |  |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit A to CMS Instruction: List of Accounts and Currencies</u> 

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| | | | |
|:---|:---|:---|:---|
|  | **Account Name** | **Account Number** | **Currency** |
| (1) |  |  |  |
| (2) |  |  |  |
| (3) |  |  |  |
| (4) |  |  |  |
| (5) |  |  |  |
| (6) |  |  |  |
| (7) |  |  |  |
| (8) |  |  |  |
| (9) |  |  |  |
| (10) |  |  |  |

---

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **[ADDITIONAL FUND]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| Acknowledged: |  |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

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*Execution Version*

**US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN AGREEMENT** 

**TERMS & CONDITIONS** 

**FOR PROCESSING ORDERS IN U.S. MONEY MARKET FUNDS ("US MMF T&C")** 

This US MMF T&C supplements the Custodian Agreement between AMG BBH Asset-Backed Credit Fund, LLC ("Client") and Brown Brothers Harriman & Co. ("BBH") dated March 3, 2026, as amended from time to time (the "Custodian Agreement"), and provides terms and conditions related to Instructions to BBH thereunder to process orders in and custody shares of U.S. registered investment companies that hold themselves out as money market funds ("MMFs"), if any. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement.

US MMFs are subject to various requirements under Rule 2a-7 under the Investment Company Act of 1940 (the "1940 Act"), as adopted by the Securities and Exchange Commission on July 23, 2014 (as further amended from time-to-time, "Rule 2a-7").

The MMFs will disclose in their prospectus and statement of additional information, as amended from time to time, that the MMFs are subject to certain limitations and restrictions pursuant to amendments to Rule 2a-7, including provisions relating to the calculation of net asset values ("NAVs"), structure of its liquidity fee framework, imposition of liquidity fees on redemptions ("liquidity fees"), and shareholder eligibility requirements.

If and to the extent Client instructs BBH to process orders in and custody shares of MMFs, Client is responsible for knowing and complying with all investor requirements imposed by the MMF. If Client provides BBH with an Instruction to process orders for transactions in MMFs and/or requires BBH to service shares of MMFs, Client shall assist and cooperate with BBH, the MMFs and the MMFs' agents to comply with Rule 2a-7. Without limitation on the foregoing, fund order processing and custody of shares of MMFs are subject to the following additional terms and conditions.

**2)** **<u>Orders in MMFs</u>**. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any Instruction by Client to purchase any MMF shall be based on the gross dollar amount of the value of
shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any Instruction by Client for subscriptions, exchanges or redemption orders in any MMF shall be made gross and
shall not net any subscription, exchange or redemption orders in any MMF, including any orders originating from underlying customers of Client, if any.

**3)** **<u>Liquidity Fees.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Client (and not BBH) will be responsible for reviewing any disclosure on a MMF website providing notice to
shareholders and prospective shareholders of liquidity of the MMF and when liquidity fees are imposed or lifted and Client agrees that BBH is not responsible for notifying Client of the imposition by an MMF of any such event or re-confirming Client's intent to transact in a MMF when a liquidity fee is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If a liquidity fee is implemented by a MMF, BBH will not be directly responsible for calculating or withholding
the liquidity fee, but will apply any liquidity fee calculated and withheld by the MMF from any order as notified by the MMF or Distributor to BBH.

**4)** **<u>Retail MMFs.</u>** 

BBH does not support and is not responsible for the order processing, purchase, exchange, redemption, settlement, custody or other servicing of shares of Retail MMFs (as defined in Rule 2a-7(a)(25)). Client shall establish policies, procedures and internal controls reasonably designed to ensure that it does not, and shall not, submit any request or other instruction to BBH to purchase or exchange shares of a Retail MMF.

**5)** **<u>No Agency.</u>** 

With respect to orders in a MMF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) BBH generally elects not serve as the MMF's dealer, agent, or designee for purposes of Rule 22c-1 under the 1940 Act in connection with the receipt of orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Accordingly, the MMF will apply a NAV calculation based on the time that the MMF accepts the order in good form
from BBH, and not the time Client instructs BBH to process the order; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Neither BBH nor the MMF or its distributor is responsible for any losses arising from orders accepted by BBH
before, but received and accepted by the MMF after, a NAV calculation time, or imposition of a liquidity fee.

Any order for shares in a MMF placed and held in custody by BBH will be made in reliance upon the terms hereof.

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*Execution Version*

**FUNDS TRANSFER SERVICES AGREEMENT** 

**("FTSA")** 

**Date: March 3, 2026** 

In accordance with the Custodian Agreement dated March 3, 2026 (the "Custodian Agreement") and any administration agreement, and/or any other agreement in which funds transfers are contemplated (as amended, restated, supplemented, modified, and otherwise in effect from time to time, each an "Agreement", and collectively, the "Agreements") between **AMG BBH ASSET-BACKED CREDIT FUND, LLC** and each investment company that becomes a party to the Custodian Agreement by a duly executed Joinder (as defined in the Custodian Agreement) and listed, accordingly, on <u>Appendix A</u> thereto, (each severally and not jointly the "**Client**"), and **BROWN BROTHERS HARRIMAN & CO.** and/or any of its affiliates (collectively, "**BBH**"), the Client acknowledges and accepts the following terms and conditions in respect of all funds transfers effected by BBH and BBH is willing to effect such funds transfers subject to the terms and conditions set forth in this FTSA. References to UCC 4A shall mean Article 4A of the Uniform Commercial Code as currently in effect in the State of New York.

In consideration of the mutual covenants and agreements herein contained, the Client and BBH hereby agree, as follows:

1. <u>Definitions</u>. As used in this FTSA, the following terms shall have the meanings set forth below (such
meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms not otherwise defined herein shall have the meanings accorded to them in the applicable Agreement.

"**Authorized Instructors**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>give</u> FT Instructions.

"**Authorized Person**" refers collectively to any individual authorized by the Client or its agent to give (i.e., Authorized Instructor) and/or verify (i.e., Authorized Verifier) FT Instructions, on the relevant cash account as set forth in the APD.

"**Authorized Persons Document**" or "**APD**" means a form acceptable to BBH whereby the Client or its agent designates Authorized Person(s) and the entitlements the Client or its agent has granted such person(s) with respect to the relevant cash account. The APD includes the names, phone numbers, email addresses, and/or fax numbers of Authorized Instructors and/or Authorized Verifiers (as applicable), and any other information that BBH may require from time to time.

"**Authorized Verifiers**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>verify</u> FT Instructions.

"**BBH Designated Security Procedure**" means the security procedures that BBH makes available to the Client as set forth in Appendix A attached hereto (as amended from time to time by BBH, "Appendix A").

"**Callback Procedure**" has the meaning set forth in Appendix A.

"**Client Designated Security Procedure**" means an alternate security procedure, as set forth in Appendix A, that the Client elects to use to transmit and authenticate an FT Instruction in lieu of a BBH Designated Security Procedure.

"**Designated Security Procedure**" refers, collectively, to Client Designated Security Procedures and BBH Designated Security Procedures.

"**FT Instructions**" refers to Instructions or Proper Instructions, as applicable and as defined in an applicable Agreement, made in the name of the Client in relation to a payment order as defined in UCC 4A, whether such payment order is a Fed wire payment order or other funds transfer, including a book transfer.

2. <u>Execution of Payment Orders</u>. BBH will execute each FT Instruction, whether denominated in United States dollars or other applicable currency, received by BBH, provided that the Client has sufficient available funds on deposit at BBH and provided that the FT Instruction: (a) is received by BBH in the manner specified herein; (b) complies with any written instructions and restrictions set forth in the APD; (c) is verified in accordance with a Designated Security Procedure; and (d) contains sufficient data to enable BBH to process such FT Instruction.

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3. <u>Transmission of Payment Orders and Designated Security Procedures</u>. An FT Instruction must be transmitted by secured or authenticated means; set forth in Appendix A are the "security procedures" within the meaning of UCC 4A for verifying the authenticity of payment orders within the meaning of UCC 4A. BBH offers to the Client BBH Designated Security Procedures which Client may elect from time to time in a separate election form (each an "**Election Form**"). Alternatively, the Client may elect in an Election Form to transmit an FT Instruction in accordance with a Client Designated Security Procedure. In electing to transmit an FT Instruction via a Client Designated Security Procedure, Client (a) agrees to be bound by the transaction(s) or payment order(s) specified on said FT Instruction, whether or not authorized, and accepted by BBH in compliance with such Client Designated Security Procedure, and (b) accepts the risk associated with such Client Designated Security Procedure and confirms it is commercially reasonable for the transmission and authentication of the FT Instruction. BBH may accept a Client Designated Security Procedure but takes no responsibility for the reasonableness or security of the means utilized by Client.

The Client and BBH agree that BBH will verify the authenticity of the Client's FT Instructions pursuant to the Designated Security Procedures elected by the Client. Client agrees that, so long as BBH acts in good faith and complies with the Designated Security Procedure selected by the Client, an FT Instruction issued in the Client's name and accepted by BBH in compliance with the Designated Security Procedure selected by the Client shall be binding on the Client and the Client shall be responsible for payment of the transferred amount, even if the transfer request was not actually initiated or authorized by the Client or its Authorized Person.

The Client may elect, in the Election Form, to choose the relevant Designated Security Procedures for FT Instructions for itself and each of Client's Authorized Persons, or to permit its Authorized Persons to select the Designated Security Procedures such Authorized Person(s) will use for FT Instructions in an Election Form, in which case the Client agrees that any such selection by an Authorized Person shall be deemed to have been chosen by the Client, even if the Client had not chosen such Designated Security Procedure for its own use. The Client agrees that the totality of the Designated Security Procedures elected by the Client and its Authorized Persons are authorized by the Client for FT Instructions. Subject to any set-up requirements set forth in the Designated Security Procedure, a new, or changes to an existing, Election Form shall be effective once BBH has a reasonable opportunity to act thereon (which shall be not later than two (2) banking days after receipt by BBH).

**4.** <u>Rejection of Payment Orders; Rescission of Designated Security Procedure</u>. BBH will notify the Client of BBH's rejection of an FT Instruction. Such notice may be given in writing, electronically (including via email, BBH's online portal Infuse<sup>TM</sup>, etc.) or orally by telephone. In the event BBH fails to execute a properly executable FT Instruction and fails to give the Client notice of BBH's non-execution, BBH shall be liable only for the Client's actual damages and only to the extent that such damages are recoverable under UCC 4A. BBH may decide to no longer accept FT Instructions using a particular Designated Security Procedure, or to do so only on revised terms. In such a case, BBH will provide prior written notice to the Client or such Authorized Person of such decision or revision of terms.

5. <u>Cancellation or Amendment of Payment Orders</u>. The Client may cancel or amend an FT Instruction but BBH shall have no liability for BBH's failure to act on a cancellation or amendment of an FT Instruction unless BBH has received such cancellation FT Instruction or amendment FT Instruction at a time and in a manner affording BBH reasonable opportunity to act prior to BBH's execution of the original FT Instruction. Any cancellation or amendment of an FT Instruction shall be sent and verified by a Designated Security Procedure elected by the Client or an Authorized Person.

6. <u>Preauthorized Repetitive Payment Orders</u>. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (**PPO**) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder.

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*Execution Version*

The PPO may take the form of either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A  ***standing instruction*** in which the Client provides in the PPO all required information for an FT
Instruction (except for the transfer date and amount) on a "standing instructions" basis. The Client may from time-to-time instruct BBH to make a payment
under the PPO, through a Designated Security Procedure, which instruction shall reference the repetitive line number (a number assigned to it by BBH after execution of the PPO), details of the payment, the transfer date and the amount of the
transfer. BBH will verify the authenticity of this standing instruction in a manner required under the Designated Security Procedure elected by the Client or Authorized Person (but will not perform a callback or other authentication prior to
executing individual payments thereunder). An instruction from the Client confirming the transfer date and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of this FTSA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A  ***recurring instruction*** in which the Client provides all required information for an FT
Instruction with an instruction to process such payments with a specific frequency. Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will not perform a callback prior to executing a payment under a recurring
instruction.

7. <u>Errors in Payment Orders; Liability of the Parties</u>. The purpose of using a Designated Security Procedure is to verify the authenticity of any FT Instruction and not to detect errors or omissions. Therefore, BBH is not responsible for detecting any Client error or omission contained in any FT Instruction. In the event that the FT Instruction either (a) identifies the beneficiary by both a name and an identifying bank or account number and the name and number identify different persons or entities, or (b) identifies any bank by both a name and an identifying number and the number identifies a person or entity different from the bank identified by name, then execution of the relevant payment order, payment to the beneficiary, cancellation of the payment order or actions taken by BBH or any bank in respect of such payment order may be made solely on the basis of the number.

In the event that a party discovers that a FT Instruction was erroneously executed or not authorized, such party shall promptly notify the other party. BBH shall not be liable for interest on the amount of any FT Instruction that was not authorized or was erroneously executed unless the Client so notifies BBH within sixty (60) calendar days following the Client's receipt of notice that such FT Instruction was processed (without, for avoidance of doubt, having first been notified thereof by BBH). Any compensation payable in the form of interest shall be payable in accordance with UCC 4A. If BBH receives and acts upon an FT Instruction issued in the name of the Client that was not authorized by the Client, the liability of the parties will be governed by the applicable provisions of UCC 4A. Notwithstanding anything in this FTSA and the Agreements to the contrary, BBH shall in no event be liable for any consequential, indirect, special or punitive damages under this FTSA, including any loss of profits, whether or not such damages relate to services covered by UCC 4A, even if BBH was advised of the possibility of such damages.

8. <u>Cut-Off Time</u>. If an FT Instruction is not received prior to BBH's respective published deadline for funds transfers or is received on a non-banking day in the country of the currency instructed, it will be treated as received on the next banking day.

9. <u>Miscellaneous</u>. Each party hereby agrees on behalf of itself and its Authorized Persons, including any respective agent, employee, or officer thereof, that each party may (but has no obligation to) record, without further notice, telephone calls that relate to any FT Instruction. BBH does not recommend the sending of FT Instructions by facsimile, telephonic, e-mail or other Client Designated Security Procedure. In addition, to the extent the Client uses email to transmit FT Instructions or any other information under this FTSA, the Client is solely responsible to ensure emails are sent via secure means, such as by way of example only, via transport layer security. BY ELECTING TO SEND FT INSTRUCTIONS BY FACSIMILE, TELEPHONIC, E-MAIL OR OTHER CLIENT DESIGNATED SECURITY PROCEDURE, THE CLIENT ACKNOWLEDGES THAT THE LIMITATIONS OF LIABILITY APPLICABLE TO BBH, THE INDEMNIFICATION OBLIGATION, AND HOLD HARMLESS TERMS GIVEN BY THE CLIENT IN THIS FTSA AND IN THE AGREEMENTS INCLUDE ALL CLAIMS, LOSSES, DAMAGES AND COSTS (INCLUDING BUT NOT LIMITED TO ATTORNEYS' FEES) ARISING THEREFROM OR RELATING THERETO.

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The Client hereby indemnifies BBH, and its respective agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this FTSA and the execution by BBH of any FT Instruction received from the Client to the extent not covered under UCC 4A. The provisions of this paragraph shall survive the termination of this Agreement.

THIS FTSA SHALL BE CONSTRUED IN ACCORDANCE WITH, AND BE GOVERNED BY THE LAWS OF, THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS FTSA OR THE TRANSACTIONS CONTEMPLATED HEREBY.

This FTSA, together with the Appendix A and Election Form (as may be amended from time to time), constitutes the entire agreement between the Client and BBH with respect to the subject matter hereof. Accordingly, this FTSA supersedes any other oral or written agreements heretofore in effect among the Client and BBH with respect to any funds transfers.

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*Execution Version*

IN WITNESS WHEREOF, each of the parties hereto has caused this FTSA to be duly executed as of the date first set forth above.

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| | | | |
|:---|:---|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Shawn McNinch | By: | /s/ Thomas Disbrow |
| Name: Shawn McNinch | Name: Shawn McNinch | Name: Thomas Disbrow | Name: Thomas Disbrow |
| Title: Partner | Title: Partner | Title: Authorized Person | Title: Authorized Person |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Appendix A

To The

FUNDS TRANSFER SERVICES AGREEMENT ("FTSA")

Designated Security Procedures

Prior to the initiation of an FT Instruction, the Client will complete and sign an APD, in which the Client will provide to BBH: (a) required information about each Authorized Person, and (b) the entitlements granted to such person(s) by the Client. This Appendix A to the FTSA may be updated from time to time by BBH by electronic mail to the email address of any Authorized Person, in the event BBH determines it will no longer offer a particular Designated Security Procedure, will do so only on revised terms, or will offer a new Designated Security Procedure. The Client (or its Authorized Person(s)) will choose the Designated Security Procedure(s) in an Election Form. Terms not defined herein shall have the same meaning as set forth in the FTSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>BBH Designated Security Procedure</u>. BBH offers the following BBH Designated Security Procedures to the
Client for use in communicating FT Instructions to BBH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>BBH Infuse</u><u><sup>™</sup></u> <u>Payment Products</u>. The Client may submit FT Instructions through BBH Infuse<sup>™</sup> Payment Products (or any successor thereto, "BBH Infuse"), which are BBH proprietary on-line payment order authorization facilities with built-in multi-factor authentication procedures. BBH and the Client shall each be responsible for maintaining the confidentiality of passwords or other codes used by them in connection with BBH Infuse. BBH will act on FT Instructions received through BBH Infuse without duty of further verification unless the Client notifies BBH that its password is not secure. Access to, and use of, BBH Infuse are subject to the terms and conditions available at: www.bbh.com/onlineterms, as updated from time to time and which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>SWIFT (Society for Worldwide Interbank Financial Telecommunication) Transmission</u>. The Client may submit FT Instructions through SWIFT. BBH and the Client shall comply with SWIFT's authentication procedures. BBH and the Client are each responsible for maintaining the confidentiality of passwords, codes and credentials, and for securing the systems and applications, used in connection with SWIFT authentication. BBH will act on FT Instructions received via SWIFT provided the instruction is authenticated by the SWIFT system until the Client notifies BBH in writing to cease acting on FT Instructions received via SWIFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>sFTP (Secure File Transmission Protocol)</u>. The Client may upload FT Instructions through a secure file transmission protocol ("sFTP"), which includes multi-factor authentication processes and encryption of the complete transmission. BBH and the Client are each responsible for maintaining the confidentiality of passwords or other codes used in connection with sFTP. BBH will act on FT Instructions received through sFTP without duty of further verification unless the Client notifies BBH in writing that its credentials have been compromised. As a prerequisite to receiving FT Instructions via sFTP, BBH and the Client shall have conducted testing and confirmed that the FT Instructions sent via sFTP can be processed in good time and order; once such testing and confirmation is satisfactory to the Client and BBH, BBH will act on FT Instructions received via sFTP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Written Instruction with PIN Verified Callback</u>. The Client may elect to send an FT Instruction that bears the signature of an Authorized Instructor (a) in an original writing to an address designated by BBH from time-to-time for such purposes, (b) by fax to a fax number designated by BBH from time-to-time for such purposes, or (c) in PDF format by email to an email address designated by BBH from time-to-time for such purposes. The authenticity of that FT Instruction shall be deemed conclusive if verified by BBH as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon BBH's receipt of the document containing the FT Instruction, BBH shall identify the name of the
instructor to verify if it is a named Authorized Instructor. BBH shall rely on the purported identity of the instructor but will not perform signature verification;

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*Execution Version*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BBH will perform a callback to a telephone number set forth in the APD attributable to an Authorized Verifier
during which the Authorized Verifier provides a personal identification number, one-time identification code, or password (collectively, a "**PIN**") or other authentication information to
verify that the FT Instruction is properly authorized and to verify certain FT Instruction details (such as the account name or number, the amount, and/or the beneficiaries account name or number) (such an authentication process, a
" **Callback Procedure** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If, however, (1) the FT Instruction does not on its face appear to originate from an Authorized Instructor
(e.g., because the name of the instructor identified by BBH on the FT Instruction is not an Authorized Instructor) or (2) during the Callback Procedure, BBH is unable to reach an individual designated as an Authorized Verifier, or an Authorized
Verifier cannot verify relevant FT Instruction details, BBH will reject the FT Instruction and shall notify the Client of the rejection (in accordance with the FTSA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Client Designated Security Procedure - Client may send an FT Instruction through such other means, and subject
to such additional security procedures, as may be elected by Client (or by an Authorized Person), if such means is acknowledged and accepted by BBH via the issuance of an updated Appendix A to Client (or an Authorized Person) referencing the
relevant procedure (each a "**Client Designated Security Procedure** "); it being understood that BBH's acknowledgment shall authorize it to accept such means of delivery but shall not represent a judgment by BBH as to the
reasonableness or security of the means utilized by Client or such Authorized Person.

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**FUNDS TRANSFER SERVICES AGREEMENT DESIGNATED SECURITY PROCEDURES ELECTION FORM** 

Reference is made to the Funds Transfer Services Agreement dated as of March 3, 2026, by and between AMG BBH ASSET-BACKED CREDIT FUND, LLC and each investment company that becomes a party to the Custodian Agreement by a duly executed Joinder (as defined in the Custodian Agreement) and listed, accordingly, on Appendix A thereto (each severally and not jointly, the "Client") and BROWN BROTHERS HARRIMAN & CO. and/or any of its affiliates ("BBH") (as amended, restated, supplemented, modified, and otherwise in effect from time to time, the "Agreement" or the "FTSA"). Terms not otherwise defined herein shall have the meanings accorded to them in the FTSA.

By making a selection or selections below by affirmatively marking a checkbox, the Client is agreeing to the security procedures, as more fully described in the FTSA related to such method (collectively, the "Designated Security Procedures"), each of which is designed to verify the authenticity of an FT Instruction. By not affirmatively marking a checkbox below, Client is excluding such Designated Security Procedure with respect to FT Instructions.

**BBH Designated Security Procedures**.

☑ BBH Infuse<sup>™</sup> Payment Products.

☑ Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission.

☑ sFTP (Secure File Transmission Protocol).

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| | |
|:---|:---|
| ☑ | Written Instruction with PIN Verified Callback.  |

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**Client Designated Security Procedures**.

Client agrees that there are currently no Client Designated Security Procedures selected.

**Client Authorization / Agent Authorization**.

Pursuant to Section 3 of the FTSA, the Client hereby confirms to BBH (select only one):

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| | |
|:---|:---|
| ☑ | that Client has chosen all the permitted Designated Security Procedures for FT Instructions for itself and Client's Authorized Persons; **OR**  |

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☐ that Client's Authorized Persons are permitted to select the Designated Security Procedures such Authorized Person will use for FT Instructions, Client acknowledges and consents to the Designated Security Procedure(s) selected by one or more such Authorized Person(s), and Client authorizes BBH to accept from such Authorized Person(s) the selection and use of such Designated Security Procedure or Designated Security Procedures. 

IN WITNESS WHEREOF, the Client has caused this Election Form to be duly executed as of March 3, 2026.

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| | |
|:---|:---|
| AMG BBH ASSET-BACKED CREDIT FUND, LLC | AMG BBH ASSET-BACKED CREDIT FUND, LLC |
| By: | /s/ Thomas Disbrow |
| Name: Thomas Disbrow | Name: Thomas Disbrow |
| Title: Authorized Person | Title: Authorized Person |
| Date: March 3, 2026 | Date: March 3, 2026 |

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*Execution Version*

**FUNDS TRANSFER DESIGNATED SECURITY PROCEDURES ELECTION FORM** 

**THIRD PARTY AUTHORIZED PERSONS** 

Reference is made to the funds transfer services arrangements (the "FT Arrangements") the undersigned's underlying client AMG BBH ASSET-BACKED CREDIT FUND, LLC and each investment company that becomes a party to the Custodian Agreement by a duly executed Joinder (as defined in the Custodian Agreement) and listed, accordingly, on Appendix A thereto (each severally and not jointly, the "Client") has made with BROWN BROTHERS HARRIMAN & CO. and/or any of its affiliates ("BBH") under a funds transfer services agreement, custody agreement and/or any other agreement which governs Client's use of funds transfers (the "Agreements").

By making a selection or selections below by affirmatively marking a checkbox, the undersigned, as the Client's third party authorized person (an "Authorized Person"), is agreeing to the security procedures as more fully described in Appendix A attached hereto (collectively, the "Designated Security Procedures"), each of which is designed to verify the authenticity of a funds transfer instruction delivered to BBH ("FT Instruction(s)"). By not affirmatively marking a checkbox below, the undersigned Authorized Person is excluding such Designated Security Procedure with respect to FT Instructions.

**BBH Designated Security Procedures**.

☐ BBH Infuse<sup>™</sup> Payment Products.

☐ Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission.

☐ sFTP (Secure File Transmission Protocol).

☐ Written Instruction with PIN Verified Callback. 

**Client Designated Security Procedures**.

The undersigned Authorized Person agrees that there are currently no Client Designated Security Procedures selected.

IN WITNESS WHEREOF, the undersigned has caused this election form to be duly executed as of _____________, 20__.

[Insert Legal entity name of Authorized Person]

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Appendix A

To The

FUNDS TRANSFER DESIGNATED SECURITY PROCEDURES ELECTION FORM

THIRD PARTY AUTHORIZED PERSONS

Designated Security Procedures

Prior to the initiation of an FT Instruction, the Authorized Person will complete and sign an APD (defined below), in which the Authorized Person will provide to BBH: (a) required information about each person authorized to act on behalf of the Authorized Person, and (b) the entitlements granted to such person(s) by the Authorized Person. This Appendix A to the Funds Transfer Designated Security Procedures Election Form ("Election Form") may be updated from time to time by BBH by electronic mail to the email address of any Authorized Person, in the event BBH determines it will no longer offer a particular Designated Security Procedure, will do so only on revised terms, or will offer a new Designated Security Procedure. The Authorized Person(s) will choose the Designated Security Procedure(s) in an Election Form. Terms not defined herein shall have the same meaning as set forth in the Election Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>BBH Designated Security Procedure</u>. BBH offers the following BBH Designated Security Procedures to the
Authorized Person(s) for use in communicating FT Instructions to BBH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>BBH Infuse</u> <u><sup>™</sup></u> <u>Payment Products</u>.
The Authorized Person(s) may submit FT Instructions through BBH Infuse<sup>™</sup> <u> </u> Payment Products (or any successor thereto, "BBH Infuse"), which are BBH proprietary on-line payment order authorization facilities with built-in multi-factor authentication procedures. BBH and the Authorized Person(s) shall each be responsible for maintaining
the confidentiality of passwords or other codes used by them in connection with BBH Infuse. BBH will act on FT Instructions received through BBH Infuse without duty of further verification unless the Authorized Person(s) notifies BBH that its
password is not secure. Access to, and use of, BBH Infuse are subject to the terms and conditions available at: <u>www.bbh.com/onlineterms</u>, as updated from time to time and which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission</u>. The
Authorized Person(s) may submit FT Instructions through SWIFT. BBH and the Authorized Person(s) shall comply with SWIFT's authentication procedures. The Authorized Person(s) is responsible for maintaining the confidentiality of passwords,
codes and credentials, and for securing the systems and applications, used in connection with SWIFT authentication. BBH will act on FT Instructions received via SWIFT provided the instruction is authenticated by the SWIFT system until the Authorized
Person(s) notifies BBH in writing to cease acting on FT Instructions received via SWIFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>sFTP (Secure File Transmission Protocol)</u>. The Authorized Person(s) may upload FT Instructions through a
secure file transmission protocol ("sFTP"), which includes multi-factor authentication processes and encryption of the complete transmission. The Authorized Person(s) is responsible for maintaining the confidentiality of passwords or
other codes used in connection with sFTP. BBH will act on FT Instructions received through sFTP without duty of further verification unless the Authorized Person(s) notifies BBH in writing that its credentials have been compromised. As a
prerequisite to receiving FT Instructions via sFTP, BBH and the Authorized Person(s) shall have conducted testing and confirmed that the FT Instructions sent via sFTP can be processed in good time and order; once such testing and confirmation is
satisfactory to the Authorized Person(s) and BBH, BBH will act on FT Instructions received via sFTP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Written Instruction with PIN Verified Callback</u>. The Authorized Person(s) may elect to send an FT
Instruction that bears the signature of an Authorized Instructor (a) in an original writing to an address designated by BBH from time-to-time for such purposes,
(b) by fax to a fax number designated by BBH from time-to-time for such purposes, or (c) in PDF format by email to an email address designated by BBH from time-to-time for such purposes. The authenticity of that FT Instruction shall be deemed conclusive if verified by BBH as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon BBH's receipt of the document containing the FT Instruction, BBH shall identify the name of the instructor to verify if it is a named Authorized Instructor. BBH shall rely on the purported identity of the instructor but will not perform signature verification;

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*Execution Version*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BBH will perform a callback to a telephone number set forth in the APD attributable to an Authorized Verifier during which the Authorized Verifier provides a personal identification number, one-time identification code, or password (collectively, a "PIN") or other authentication information to verify that the FT Instruction is properly authorized and to verify certain FT Instruction details (such as the account name or number, the amount, and/or the beneficiaries account name or number) (such an authentication process, a "**Callback Procedure**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If, however, (1) the FT Instruction does not on its face appear to originate from an Authorized Instructor (e.g., because the name of the instructor identified by BBH on the FT Instruction is not an Authorized Instructor) or (2) during the Callback Procedure, BBH is unable to reach an individual designated as an Authorized Verifier, or an Authorized Verifier cannot verify relevant FT Instruction details, BBH will reject the FT Instruction and shall notify the Authorized Person(s) of the rejection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Client Designated Security Procedure</u> – The Authorized Person(s) may send an FT Instruction through
a Client Designated Security Procedure, in lieu of a BBH Designated Security Procedure.

As used herein, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms not otherwise defined herein shall have the meanings accorded to them in the applicable Agreement.

"**Authorized Instructors**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>give</u> FT Instructions.

"**Authorized Person**" refers collectively to any individual authorized by the Client or its agent to give (i.e., Authorized Instructor) and/or verify (i.e., Authorized Verifier) FT Instructions, on the relevant cash account as set forth in the APD.

"**Authorized Persons Document**" or "**APD**" means a form acceptable to BBH whereby the Client or its agent designates Authorized Person(s) and the entitlements the Client or its agent has granted such person(s) with respect to the relevant cash account. The APD includes the names, phone numbers, email addresses, and/or fax numbers of Authorized Instructors and/or Authorized Verifiers (as applicable), and any other information that BBH may require from time to time.

"**Authorized Verifiers**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>verify</u> FT Instructions.

"**BBH Designated Security Procedure**" means the security procedures that BBH makes available to the Client as set forth in Appendix A attached hereto (as amended from time to time by BBH, "Appendix A").

"**Callback Procedure**" has the meaning set forth in Appendix A.

"**Client Designated Security Procedure**" means an alternate security procedure, as set forth in Appendix A, that the Client elects to use to transmit and authenticate an FT Instruction in lieu of a BBH Designated Security Procedure, which is subject to additional security procedures, if such means is acknowledged by BBH via the issuance of an updated Appendix A to Client (and the Authorized Person) referencing the relevant procedure; it being understood that BBH's acknowledgment shall authorize it to accept such means of delivery but shall not represent a judgment by BBH as to the reasonableness or security of the means utilized by Client or such Authorized Person.

"**Designated Security Procedure**" refers, collectively, to Client Designated Security Procedures and BBH Designated Security Procedures.

"**FT Instructions**" refers to Instructions or Proper Instructions, as applicable, made in the name of the Client in relation to a payment order as defined in UCC 4A, whether such payment order is a Fed wire payment order or other funds transfers, including a book transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[Client Letterhead]

CMS INSTRUCTION

Brown Brothers Harriman & Co.

140 Broadway

New York, New York 10005

Ladies and Gentlemen:

Reference is made to a custodian agreement between and among AMG BBH Asset-Backed Credit Fund, LLC, and each investment company that becomes a party to the Custodian Agreement by a duly executed Joinder (as defined in the Custodian Agreement) and listed, accordingly, on Appendix A thereto (each severally and not jointly, the "Client") and Brown Brothers Harriman & Co. ("BBH"), dated March 3, 2026, as amended or supplemented from time to time (the "Custodian Agreement"). Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement.

The Client agrees to participate in the Brown Brothers Harriman & Co. Cash Management Services Sweep ("CMS Sweep"). The Client hereby instructs BBH to place, on each local business day (with respect to the applicable currencies, referred to herein as a "Business Day"), Client end-of-day demand deposit balances (representing uninvested cash resulting from the administration of Client's investment transaction(s) and income receipt(s)) in the accounts and currencies identified in Exhibit A ("Excess Cash") into overnight deposits (each, a "Deposit") with one or more deposit institutions selected by Client as set forth in Exhibit B, including BBH (the "Eligible Institutions"). Client acknowledges that BBH has other clients that participate in the CMS Sweep (together with Client, the "clients") and that BBH can use the CMS Sweep to place BBH cash in Deposits.

Client hereby instructs BBH to debit Excess Cash from Client's cash account(s) at the end of each Business Day, place the Excess Cash in the Deposits of one or more Eligible Institutions, and then credit Client's cash account(s) after receipt from the Eligible Institution(s) of the Excess Cash the following Business Day. With respect to each Eligible Institution, Excess Cash debited from Client's cash account(s) will be placed in a pooled deposit designated as a client deposit and will be marked on the books of the Eligible Institution as "Deposit for BBH RIC Customers" or similar name indicating BBH is acting in its capacity as agent for such clients. BBH will use sub-accounting to identify the principal and amount of interest each Client has earned and is payable with respect to each deposit placed with an Eligible Institution.

BBH will place Client's Excess Cash with an Eligible Institution based on, among other factors, any limitations identified in Exhibit B, as amended from time-to-time and accepted by BBH, the amount of Excess Cash available, the Eligible Institutions willing to accept Deposits and the deposit-taking capacity of each Eligible Institution. BBH then randomly allocates Client's Excess Cash among that Business Day's participating Eligible Institutions.

Each Business Day, BBH calculates a base rate of return with respect to each currency placed in a Deposit ("Base Rate"). This calculation takes into account a variety of factors, including but not limited to relevant overnight and short-term reference rates, the range of distribution between and among the interest rates paid by each Eligible Institution (not to include BBH) on their respective Deposits, and the weighted average distribution of interest rates on the Deposits. The net daily return to a Client is equal to the Base Rate, less any then applicable commission charged by BBH to the Client and Client authorizes BBH to make such deductions. On a sweep to an Eligible Institution other than BBH (an agency sweep), BBH's compensation is the commission, adjusted to reflect the difference, if any, between the Deposit yield and the Base Rate. On a sweep to BBH (a principal sweep), BBH earns as a bank of deposit. Client may access information concerning Deposit placements and net daily returns through the BBH Infuse reporting tool.

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*Execution Version*

At the request of the Client or an Authorized Person, BBH will credit earnings received (subject to deductions by BBH as authorized by Client in the above paragraph or as otherwise contemplated in connection with the custodian arrangement) on a daily or monthly basis or as otherwise agreed to with the Client or an Authorized Person. If monthly, BBH will post all daily client earnings to an omnibus demand deposit account ("Omnibus Deposit Account"). BBH will maintain records of the underlying ownership of each deposit representing the earnings due to each client and will transfer the value to Client once each month or as otherwise instructed by the Client or other authorized party of the Client. At all times, Client's balance in the Omnibus Deposit Account will constitute a general deposit obligation of BBH.

The Client acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Client has full authority to execute this CMS Instruction. Client's Board of Directors or Trustees,
as the case may be, has made all determinations and Client has received all approvals necessary to participate in the CMS Sweep and to hold cash in each account (identified in Exhibit A) with an Eligible Institution to which such Client's
Excess Cash is transferred pursuant to this CMS Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This CMS Instruction is not in conflict with, or contrary to (a) any provision(s) of Client's
documents of formation, and any other corporate or publicly available documents, (b) any contractual agreement or arrangement that may apply to the Excess Cash, or (c) any legal requirements relating to the custody or management of Client
assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Client is solely responsible for providing the information necessary for BBH to perform the services under this
CMS Instruction and for assuring the adequacy, accuracy and timeliness of all such information, including, without limitation, any relevant investment limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The list of Eligible Institutions set forth in Exhibit B represents those deposit institutions with which BBH
has arranged the capability to place Deposits. Client, and not BBH, is solely responsible for selecting the Eligible Institutions, and adding or removing an Eligible Institution, in each case, based on Client's determination as to the credit
quality of and other risks associated with the Eligible Institution. BBH makes no representation or warranty with respect to the credit quality or risks associated with any deposit institution other than BBH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. BBH can allocate Client's Excess Cash to one, some or all of Client's Eligible Institutions,
including allocating all of Client's Excess Cash to BBH, subject to, among other factors, any limitations identified in Exhibit B, as amended from time-to-time and
accepted by BBH, as well as the availability of deposit-taking capacity at each Eligible Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. BBH is not liable to Client for (a) any violation of Client's investment policies or guidelines, or
of other limitations with respect to Client's powers to invest, make expenditures, encumber securities, borrow or take similar actions affecting Client, or (b) any special, indirect, punitive or consequential damages arising out of,
pursuant to or in connection with, this CMS Instruction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The Eligible Institutions are not serving as Subcustodians or Securities Depositories (each term as defined in
the Custodian Agreement) of BBH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. This CMS Instruction (including the Exhibits thereto) is an Instruction (or Proper Instruction) (as defined in
the Custodian Agreement) and all representations, warranties and covenants made by Client in the Custodian Agreement with respect to an Instruction (or Proper Instruction) are incorporated herein. Each Deposit constitutes an Investment (as defined
in the Custodian Agreement) subject to all provisions applicable to Investments in the Custodian Agreement. BBH's services pursuant to this CMS Instruction do not constitute investment advice and BBH is not acting as an investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. The Custodian Agreement's provisions pertaining to standard of care, limitation of liability and
indemnification are applicable to any actions taken by, or omissions of, BBH under this CMS Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. This CMS Instruction is a standing Instruction (or Proper Instruction), and Client will notify BBH in writing
of any and all amendments to this CMS Instruction, including but not limited to any changes to Exhibits A and B, which amendment will take effect on the next Business Day after BBH receives and accepts the written amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Notwithstanding any other provision in this CMS Instruction and without limiting any provision under the
Custodian Agreement, in addition to the terms and conditions imposed by each Eligible Institution relative to its Deposits, Deposits placed in a particular jurisdiction, whether at BBH or one or more other Eligible Institutions, are subject to any
and all risks associated with: opening an account (through BBH as agent) and holding cash in the relevant jurisdiction with one or more Eligible Institutions; creditor rights, banking, currency and related risks in that jurisdiction; and Country and
Sovereign Risk (as each term is defined in the Custodian Agreement) in such jurisdiction. These risks are exclusively for, and at all times risks undertaken by, the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. For all Eligible Institutions listed in Exhibit B (other than BBH), Excess Cash placed with any such Eligible
Institution is not a liability of, or guaranteed by, BBH, and BBH is not responsible for any losses or other damages incurred by Client or any shareholder of Client in the event of the insolvency or failure of any such Eligible Institution, or as a
result of delays in repayment of, or failure to pay, principal or interest. Any such losses or damages are exclusively and at all times those of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. BBH conducts, or in the future may conduct, other activities and have other relationships with Eligible
Institutions, and may place its own monies in Deposits at Eligible Institutions. Client may now, or in the future, enter into business relationships with the Eligible Institutions. Nothing in this CMS Instruction prevents BBH or the Client from
entering into or maintaining such relationships with Eligible Institutions, even if they were to create an actual or potential conflict with the services provided or received pursuant to this CMS Instruction.

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*Execution Version*

This CMS Instruction shall be construed in accordance with, and is governed by, the laws of the State of New York, without giving effect to the conflicts of laws of such state. In the event of a conflict between the terms of this CMS Instruction and the Custodian Agreement, this CMS Instruction will prevail. The undersigned irrevocably consents to the exclusive jurisdiction of the courts of the State of New York and the federal courts located in New York City in the Borough of Manhattan. The parties hereby waive the right to trial by jury in any judicial proceedings involving any matter in any way arising out of, related to, or connected with this CMS Instruction.

BBH may terminate the CMS Sweep, and Client may terminate this CMS Instruction, in either case, by providing the other party with prior written notice. Termination will become effective one business day after receipt. Representations (i)-(iv), (vi), (ix), (xi)-(xiii) and the provisions in this CMS Instruction regarding governing law, jurisdiction and dispute resolution will survive the termination of this CMS Instruction. Notices contemplated by this Instruction shall be delivered in accordance with the Notice delivery provisions in the Custodian Agreement and shall be addressed, as follows:

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| | |
|:---|:---|
| If to the Client:<br> AMG BBH Asset-Backed Credit Fund, LLC<br> c/o AMG Funds LLC<br> 680 Washington Boulevard, Suite 500<br> Stamford, Connecticut 06901<br> Attn: Legal and Compliance<br>Telephone: (203) 299-3550 | If to the Custodian:<br> Brown Brothers Harriman & Co.<br> 140 Broadway<br> New York, New York 10005<br> Attn: Treasury Department<br>Telephone: (212) 493-1818 |

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| |
|:---|
| AMG BBH ASSET-BACKED CREDIT FUND, LLC |
| By: |
| Name: |
| Title: |
| Date: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit A: List of Accounts and Currencies</u> 

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| | | | |
|:---|:---|:---|:---|
|  | **Account Name** | **Account Number** | **Currency** |
| (1) |  |  |  |
| (2) |  |  |  |
| (3) |  |  |  |
| (4) |  |  |  |
| (5) |  |  |  |
| (6) |  |  |  |
| (7) |  |  |  |
| (8) |  |  |  |
| (9) |  |  |  |
| (10) |  |  |  |

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| |
|:---|
| AMG BBH ASSET-BACKED CREDIT FUND, LLC |
| By: |
| Name: |
| Title: |
| Date: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit B – Eligible Institutions Selected by the Client</u> 

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| | | |
|:---|:---|:---|
| **Country** | **Branches of the Following Institutions** | **Account Level<br>Limitation (if any)** |
| Australia | Australia and New Zealand Banking Group Ltd. | $|
| Australia | National Australia Bank Limited | $|
| Canada | Bank of Montreal | $|
| Canada | Bank of Nova Scotia | $|
| Canada | Canadian Imperial Bank of Commerce | $|
| Canada | Royal Bank of Canada | $|
| China | China Construction Bank Corp. | $|
| China | Industrial & Commercial Bank of China Ltd. | $|
| Finland | Nordea Bank Abp | $|
| France | BNP Paribas SA | $|
| France | HSBC Continental Europe | $|
| France | Société Générale | $|
| Germany | Deutsche Bank AG | $|
| Hong Kong | The Hongkong and Shanghai Banking Corp, Ltd | $|
| Japan | Sumitomo Mitsui Banking Corporation | $|
| Japan | Sumitomo Mitsui Trust Bank, Limited | $|
| Japan | MUFG Bank, Ltd. | $|
| The Netherlands | ING Bank NV | $|
| Norway | DnB Bank ASA | $|
| Singapore | DBS Bank Ltd | $|
| Spain | Banco Bilbao Vizcaya Argentaria SA | $|
| Spain | Banco Santander SA | $|
| Sweden | Skandinaviska Enskilda Banken AB | $|
| United Kingdom | Barclays Bank plc | $|
| United Kingdom | HSBC Bank plc | $|
| United Kingdom | Standard Chartered Bank | $|
| United States | Citibank NA | $|
| United States | JPMorgan Chase Bank NA | $|
| United States | The Bank of New York Mellon | $|
| United States | Wells Fargo Bank NA | $|
| United States | Brown Brothers Harriman & Co. | No Limit Permitted |

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In order to exclude an Eligible Institution from the approved list, please either cross-off, or strikethrough the Institution name. Brown Brothers Harriman & Co. may not be removed.

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| |
|:---|
| AMG BBH ASSET-BACKED CREDIT FUND, LLC |
| By: |
| Name: |
| Title: |
| Date: |

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## Ex-99.(K)(1)

**Exhibit (k)(1)** 

**<u>ADMINISTRATION AGREEMENT</u>**

This AGREEMENT, made as of this 1st day of May, 2026 by and between AMG BBH Asset-Backed Credit Fund, LLC, a limited liability company organized under the laws of the State of Delaware (the "Fund"), and AMG Funds LLC, a limited liability company organized under the laws of the State of Delaware (the "Administrator").

<u>WITNESSETH:</u> 

WHEREAS, the Fund engages in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund requires administration services and the Administrator has developed the capability to provide, and is currently providing, certain of the services required by the Fund; and

WHEREAS, the Fund desires to engage the Administrator to provide such services to the Fund and its unitholders and to provide certain other services which are now and may hereafter be required by the Fund on the terms and conditions set forth in this Agreement;

NOW THEREFORE, in consideration of the premises and the promises hereinafter set forth, the Fund and the Administrator agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Administration Services to be Provided.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator shall furnish to the Fund adequate (i) office space, which may be space within the offices of the Administrator or in such other place as may be agreed upon from time to time, (ii) office furnishings, facilities and equipment as may be reasonably required for supervising the management and administration of the operations and business of the Fund, including complying with the securities, tax and other reporting requirements of the United States and the various states in which the Fund does business; conducting correspondence and other communications with the unitholders of the Fund; managing or supervising the maintenance of all internal bookkeeping, accounting and auditing services and records in connection with the Fund's investment and business activities; and providing services in connection with preparing materials for and conducting Board of Directors meetings. The Fund agrees that its unitholder recordkeeping services, the computing of net asset value and the preparation of certain of its records required by Section 31 of the 1940 Act, and the rules promulgated thereunder are to be performed by Fund's transfer agent, custodian, accounting agent or investment adviser, and that with respect to these services the Administrator's obligations under this Subparagraph 1(a) are supervisory in nature only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator shall employ or provide and compensate the executive, administrative, secretarial and clerical personnel necessary to supervise the provision of the services set forth in Subparagraph 1(a) above, and shall bear the expense of providing such supervision. The Administrator shall also compensate all officers and employees of the Fund who are officers or employees of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator shall provide services in connection with such other administrative services, whether similar to or different from those described in Subparagraphs (a) and (b) of this Paragraph 1, as the parties may from time to time agree in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Blue Sky Services to be Provided.</u> The Administrator shall assist the Fund's transfer agent with the maintenance of the registration or qualification of the Fund and its units under the various appropriate state Blue Sky or securities laws and regulations; provided, that the Fund shall pay any fees of counsel to the Fund or of Blue Sky support services in connection with such registration or qualification and all related filing fees and registration or qualification fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Services to be Provided.</u> The Administrator shall provide such other services required by the Fund as the parties may from time to time agree in writing are appropriate to be provided under this Agreement. In the event that the Administrator provides any services to the Fund, or pays or assumes any Fund expense, which the Administrator is not obligated to provide, pay or assume under this Agreement, the Administrator shall not be obligated hereby to provide the same or any similar service to the Fund or to pay or assume the same or any similar Fund expense in the future; provided, that nothing herein contained shall be deemed to relieve the Administrator of any obligation to the Fund under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Administration Fees.</u> Unless otherwise waived in whole or in part by the Administrator, as compensation for all services provided and expenses paid or assumed by the Administrator under this Agreement, the Fund shall pay the Administrator an annual fee at the rate of 0.15% (the "Administration Fee"), payable monthly on the first business day of the next calendar month, and prorated for any shorter period during which the Administrator provided services to the Fund hereunder, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during any period in which the Fund is offering its units in a private offering exempt from registration under
the Securities Act of 1933, as amended (the "Securities Act") (i.e., a privately offered interval fund), the Administration Fee for each month shall be calculated based on the Fund's net assets as of the beginning of the first
calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period in which the Fund is offering its units pursuant to an effective registration statement on
Form N-2 (i.e., a publicly offered interval fund), the Administration Fee shall be accrued daily and calculated based on the Fund's average daily net assets for the applicable month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Manner of Providing Services.</u> The Administrator may provide services under this Agreement through its own personnel or by purchasing such services from a third party. If a third party is retained to provide services, any fees payable to such third party shall be paid by the Administrator. For the avoidance of doubt, this Section 5 shall not apply to any third parties engaged by the Fund to provide sub-administrative or similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Retention of Sub-Agents.</u> The Administrator may, in its discretion, retain the services of one or more sub-agents to provide some or all of the services contemplated by this Agreement. Such sub-agents shall be compensated by the Administrator out of the fees it receives under this Agreement, or out of its other resources. For the avoidance of doubt, this Section 6 shall not apply to any third parties engaged by the Fund to provide sub-administrative or similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Fund Ownership of Records.</u> All records required to be maintained and preserved by the Fund and by the Administrator pursuant to the provisions or rules or regulations of the Securities and Exchange Commission under Section 31(a) of the 1940 Act, including any such records maintained by the Administrator in connection with the performance of its obligations hereunder, are the property of the Fund and shall be surrendered by the Administrator promptly on request by the Fund; provided that the Administrator may, at its own expense, make and retain copies of any such records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Administrator Ownership of Software and Related Materials.</u> All computer programs, written procedures and similar items developed or acquired and used by the Administrator in performing its obligations under this Agreement shall be the property of the Administrator, and the Fund will not acquire any ownership interest therein or property rights with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Confidentiality.</u> The Administrator agrees, on its own behalf and on behalf of its employees, agents and contractors, to keep confidential any and all records maintained and other information obtained hereunder which relates to the Fund, including without limitation relating to the underlying investments made by the Fund or to any of the Fund's former, current or prospective unitholders, except that the Administrator may deliver records or divulge information with respect to the Fund when required by law or requested to do so by duly constituted authorities after prior notification to and approval in writing by the Fund (which approval will not be unreasonably withheld and may not be withheld by the Fund where the Administrator advises the Fund that it may be exposed to civil or criminal contempt proceedings or other penalties for failure to comply with such request) or whenever requested in writing to do so by the Fund or otherwise consented to by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Services to Other Clients.</u> Nothing herein contained shall limit the freedom of the Administrator or any affiliated person of the Administrator to render services of the types contemplated hereby to other persons, firms or corporations, including but not limited to other investment companies, or to engage in other business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Administrator Actions in Reliance on Fund Instructions, Legal Opinions, Etc.: Fund Compliance with Law.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator may at any time apply to an officer of the Fund for instructions, and may consult with legal counsel for the Fund or with the Administrator's own legal counsel, in respect of any matter arising in connection with this Agreement; and the Administrator shall not be liable for any action taken or omitted to be taken in good faith and with due care in accordance with such instructions or with the advice or opinion of such legal counsel. The Administrator shall be protected in acting upon any such instructions, advice or opinion and upon any other paper or document delivered by the Fund or such legal counsel which the Administrator believes to be genuine and to have been signed by the proper person or persons, and the Administrator shall not be held to have notice of any change of status or authority of any officer or representative of the Fund, until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Agreement or in any separate agreement between the parties and except for the accuracy of information furnished to the Fund by the Administrator, the Fund assumes full responsibility for the preparation, contents, filing and distribution of its applicable offering documents, and full responsibility for other documents or actions of the Fund required for compliance with all applicable requirements of the 1940 Act, the Securities Exchange Act of 1934, as amended, the Securities Act and any other applicable laws, rules and regulations of governmental authorities having jurisdiction over the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Liability of Administrator.</u> The Administrator shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator or its employees, agents or contractors in carrying out the provisions of this Agreement if such action was taken or omitted in good faith and without gross negligence or willful misconduct on the part of the Administrator, or its employees, agents or contractors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Indemnification by Fund.</u> The Fund shall indemnify the Administrator and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by the Administrator which result from: (i) any claim, action suit or proceeding in connection with the Administrator's entry into or performance of this Agreement; or (ii) any action taken or omission committed by the Administrator in the performance of its obligations hereunder; or (iii) any action of the Administrator taken upon instructions believed in good faith by it to have been executed by a duly authorized officer or representative of the Fund. Notwithstanding the foregoing, the Administrator shall not be entitled to such indemnification if its own gross negligence or willful misconduct contributed in any way to the actions or omissions giving rise to the Fund's obligation to indemnify the Administrator pursuant to this Section 13. Before confessing any claim against it which may be subject to indemnification by the Fund hereunder, the Administrator shall give the Fund reasonable opportunity to defend against such claim in its own name or in the name of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Indemnification by Administrator.</u> The Administrator shall indemnify the Fund and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by the Fund which result from: (i) the Administrator's failure to comply with the terms of this Agreement; (ii) the Administrator's lack of good faith in performing its obligations hereunder; (iii) the gross negligence or willful misconduct of the Administrator, or its employees, agents or contractors in connection herewith. Notwithstanding the foregoing, the Fund shall not be entitled to such indemnification if its own gross negligence or willful misconduct contributed in any way to the actions or omissions giving rise to the Administrator's obligation to indemnify the Fund pursuant to this Section 14. Before confessing any claim against it which may be subject to indemnification hereunder, the Fund shall give the Administrator reasonable opportunity to defend against such claim in its own name or in the name of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Effect of Agreement.</u> Nothing herein contained shall be deemed to require the Fund to take any action contrary to its limited liability company agreement, or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Directors of the Fund of their responsibility for and control of the conduct of the business and affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Term of Agreement; Termination.</u> The term of the Agreement shall begin on the date first above written, and shall continue in effect until terminated as provided below. This Agreement may be terminated at any month-end, without the payment of any penalty, by the Administrator upon at least one hundred and twenty (120) days' prior written notice to the Fund, or by the Fund upon at least thirty (30) days' prior written notice to the Administrator; provided, that in the case of termination by the Fund, such action shall have been authorized by the Fund's Directors, including the vote or written consent of a majority of the Directors who are not interested persons of the Administrator or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendment and Assignment of Agreement.</u> This Agreement may be amended only by a written instrument signed by the parties hereto. This Agreement may not be assigned by the Administrator, and the Administrator may not assign or transfer any interest hereunder, voluntarily, by operation of law or otherwise, without the prior written consent of the Fund's Directors. Any amendment hereof and any consent by the Fund to any assignment hereof or assignment or transfer of any interest hereunder by the Administrator shall not be effective unless and until authorized by the Fund's Directors, including the vote or written consent of a majority of the Directors who are not interested persons of the Administrator or the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Interpretation and Definition of Terms.</u> Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission validly issued pursuant to the 1940 Act. Specifically, the terms "interested persons," "assignment" and "affiliated person," as used in this Agreement, shall have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. The Fund and the Administrator may from time to time agree on such provisions interpreting or clarifying the provisions of this Agreement as, in their joint opinion, are consistent with the general tenor of this Agreement and with the specific provisions of this Paragraph 18. Any such interpretations or clarifications shall be in writing signed by the parties and annexed hereto, but no such interpretation or clarification shall be effective if in contravention of any applicable federal or state law or regulations, and no such interpretation or clarification shall be deemed to be an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Captions.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Execution in Counterparts.</u> This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Choice of Law.</u> Except insofar as the 1940 Act or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of New York.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer |

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| | |
|:---|:---|
|  **AMG FUNDS LLC** | **AMG FUNDS LLC** |
|  By: | /s/ Keitha L. Kinne |
|  Name: | Keitha L. Kinne |
|  Title: | Managing Director |

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## Ex-99.(K)(2)

Exhibits (k)(2)

***ADMINISTRATIVE AGENCY AGREEMENT***

**THIS ADMINISTRATIVE AGENCY AGREEMENT** (the "**Agreement**") is made as of April 14, 2026 by and between **BROWN BROTHERS HARRIMAN & CO**., a limited partnership organized under the laws of the State of New York (the "**Sub-Administrator**"), and each of **AMG BBH ASSET-BACKED CREDIT FUND, LLC**, and each investment company that becomes a party to this Agreement by a duly executed Joinder (as defined in Section 17) and listed, accordingly, on Appendix A hereto (each, severally and not jointly, the "**Fund**"), each a closed-end management investment company organized as a Delaware limited liability company and registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "**1940 Act**"). This Agreement constitutes a separate agreement between the Administrator and each Fund.

***WITNESSETH:***

***WHEREAS***, the Fund is registered with the United States Securities and Exchange Commission as a management investment company under the 1940 Act; and

***WHEREAS***, the Fund desires to retain the Sub-Administrator to render certain services to the Fund, and the Sub-Administrator is willing to render such services.

***NOW, THEREFORE***, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

1. ***Appointment of Sub-Administrator***. The Fund hereby employs and appoints the Sub-Administrator to act as its administrative agent on the terms set forth in this Agreement, and the Sub-Administrator accepts such appointment.

2. ***Delivery of Documents***. The Fund will on a continuing basis provide the Sub-Administrator with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 properly certified or authenticated copies of the resolutions of the Fund's Board of Directors authorizing the appointment of the Sub-Administrator as administrative agent of the Fund and approving this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 a copy of the Fund's most recent registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 copies of all agreements between the Fund and its service providers, including without limitation, advisory and distribution agreements and distribution and/or shareholder servicing plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 a copy of the Fund's valuation procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 a copy of the Fund's Limited Liability Company Agreement and By-laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 any other documents or resolutions (including but not limited to directions or resolutions of the Fund's Board of Directors) which relate to or affect the Sub-Administrator's performance of its duties hereunder or which the Sub-Administrator may at any time reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 copies of any and all amendments or supplements to the foregoing.

3. ***Duties as Sub-Administrator.*** Subject to the supervision and direction of the Fund's Board of Directors, the Sub-Administrator will perform the administrative services described in Appendix C hereto. Additional services may be provided by the Sub-Administrator upon the request of the Fund as mutually agreed from time to time. In performing its duties and obligations hereunder, the Sub-Administrator will act in accordance with the Fund's instructions as defined in Section 5 ("**Instructions**"). It is agreed and understood that the Sub-Administrator shall not be responsible for the Fund's compliance with any applicable documents, laws or regulations, or for losses, costs or expenses arising out of the Fund's failure to comply with said documents, laws or regulations or the Fund's failure or inability to correct any non-compliance therewith. The Sub-Administrator shall in no event be required to take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***Use of Agents*** The Sub-Administrator may at any time or times in its discretion, appoint (and may at any time remove) any other affiliate, bank, trust fund or subcontractor as its agent (each an "**Agent**" and collectively, the "**Agents**"), to carry out such provisions of this Agreement as it may from time to time direct. The Sub-Administrator shall exercise reasonable care in the selection and monitoring of such Agents. The appointment of an Agent shall not relieve the Sub-Administrator or Agent of its obligations under this Agreement, the Sub-Administrator shall be responsible for the Agents' compliance with the provisions hereof, to the extent that the Sub-Administrator would itself be liable for such compliance under this Agreement had it performed the relevant obligations, and the Sub-Administrator will be liable for any acts or omissions of an Agent pertaining to this Agreement as if it had performed such acts or omissions itself.

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4. ***Duties of the Fund***. The Fund shall notify the Sub-Administrator promptly of any matter affecting the performance by the Sub-Administrator of its services under this Agreement and, where the Sub-Administrator is providing fund accounting services pursuant to this Agreement, shall promptly notify the Sub-Administrator as to the accrual of liabilities of the Fund, including liabilities of the Fund not appearing on the books of account kept by the Sub-Administrator as to the existence, status and proper treatment of reserves, if any, authorized by the Fund. Where the Sub-Administrator is providing portfolio compliance monitoring services pursuant to this Agreement, the Fund agrees to notify the Sub-Administrator in the event the Fund or any officer, employee or agent of the Fund detects a non-compliance of the Fund with its investment restrictions, policies and limitations, and/or an occurrence reasonably expected to result in a non-compliance of the Fund with its investment restrictions, policies and limitations. The Fund further agrees to provide such information to the Sub-Administrator as may be requested under applicable laws, including, but not limited to, applicable anti-money laundering laws and regulations which require the Sub-Administrator to collect certain information about its customers. The Fund acknowledges that under applicable anti-money laundering rules and regulations, the Fund is the customer of the Sub-Administrator and the Shareholders are the customers of the Fund, for which the Fund is ultimately responsible for satisfying specific anti-money laundering obligations.

5. ***Instructions.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ****The Sub-Administrator shall not be liable for, and shall be indemnified by the Fund against any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions or upon any other written notice, request, direction, instruction, certificate or other instrument delivered by or on behalf of the Fund and reasonably believed by the Sub-Administrator to be genuine and signed or authorized by the proper party or parties. A list of persons so authorized by the Fund ("**Authorized Persons**"), and upon which the Sub-Administrator may rely until its receipt of notification to the contrary by the Fund, is attached hereto as Appendix D.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Telephonic or other oral instructions or instructions given by telefax transmission may be given by any one of the above persons and will also be considered Instructions if the Sub-Administrator reasonably believes them to have been given by a person authorized to give such Instructions with respect to the transaction involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 With respect to telefax transmissions, the Fund hereby acknowledges that (i) receipt of legible instructions cannot be assured, (ii) the Sub-Administrator cannot verify that authorized signatures on telefax instructions are original, and (iii) the Sub-Administrator shall not be responsible for losses or expenses incurred through actions taken in reliance on such telefax instructions. The Fund agrees that such telefax instructions shall be conclusive evidence of the Fund's Instruction to the Sub-Administrator to act or to omit to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Unless otherwise agreed between the parties, Instructions given orally will not be confirmed in writing and in any event, the lack of such confirmation shall in no way affect any action taken by the Sub-Administrator in reliance upon such oral Instructions. Each party is authorized to tape record any and all telephonic or other oral Instructions given to the Sub-Administrator by or on behalf of the Fund (including any Authorized Person).

6. ***Expenses and Compensation***. For the services to be rendered and the facilities to be furnished by the Sub-Administrator as provided for in this Agreement, the Fund shall pay the Sub-Administrator for its services rendered pursuant to this Agreement a fee based on such fee schedule as may from time to time be agreed upon in writing by the Fund and the Sub-Administrator. Additional services performed by the Sub-Administrator as requested by the Fund shall be subject to additional fees as mutually agreed from time to time. In addition to such fee, the Sub-Administrator shall bill the Fund separately for any reasonable out-of-pocket disbursements of the Sub-Administrator based on an out-of-pocket schedule as may from time to time be agreed upon in writing by the Fund and the Sub-Administrator. The foregoing fees and disbursements shall be billed to the Fund by the Sub-Administrator within thirty days after the applicable month-end and shall be paid by wire transfer or other appropriate means to the Sub-Administrator within thirty days after the Fund's receipt of the applicable invoice, unless an invoice is disputed in good faith. The foregoing sentence is not intended to prohibit the Fund from disputing in good faith the legitimacy of any out-of-pocket disbursements.

7. ***Standard of Care*.** The Sub-Administrator shall be held to the exercise of reasonable care and diligence in carrying out the provisions of this Agreement, provided that the Sub-Administrator shall not thereby be required to take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction.

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8. ***General Limitations on Liability***. The Sub-Administrator shall incur no liability with respect to any telecommunications, equipment or power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers (including without limitation those listed on Appendix E).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 A party shall also incur no liability under this Agreement if the party or any agent or entity utilized by the party shall be prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, by reason of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 with respect to the Sub-Administrator, any Sovereign Event. A "**Sovereign Event**" shall mean any nationalization; expropriation; devaluation; revaluation; confiscation; seizure; cancellation; destruction; strike; act of war, riot, terrorism, insurrection, rebellion, revolution, or civil disorder; or any other act or event beyond the Sub-Administrator's reasonable control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 with respect to such party, any provision of any present or future law, regulation or order of a U.S., or non-U.S., federal, state, municipal, local, territorial, provincial or other governmental department, regulatory authority, self-regulatory organization or legislative, judicial or administrative body, including any political subdivision thereof, or of any securities depository or clearing agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 with respect to the Sub-Administrator, any provision of any order or judgment of any court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 with respect to such party, a fire, flood, earthquake, other elements of nature or acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 with respect to such party, any epidemic, pandemic, public health emergency or outbreak (including but not limited to COVID-19), or any corporate or governmental order or requirement relating thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 with respect to such party, any other causes or events beyond the party's reasonable control, regardless of whether such causes or events are foreseeable or are of a nature or type described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Sub-Administrator shall not be held accountable or liable for any losses, damages or expenses the Fund or any shareholder or former shareholder of the Fund or any other person may suffer or incur arising from acts, omissions, errors or delays of the Sub-Administrator in the performance of its obligations and duties as provided in Section 3 hereof, including without limitation any error of judgment or mistake of law, except a damage, loss or expense directly resulting from the Sub-Administrator's willful malfeasance, fraud, bad faith or negligence in the performance of the Sub-Administrator's obligations and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Except as it relates to the Fund, with respect to the Fund's indemnification obligations for third party claims under Section 10, in no event and under no circumstances shall a party be held liable to the other party for consequential or indirect damages, loss of profits, damage to reputation or business or any other special or punitive damages arising under or by reason of any provision of this Agreement or for any act or omissions hereunder, even if the party has been advised of the possibility of such damages or losses.

9. ***Specific Limitations on Liability.*** In addition to, and without limiting the application of the general limitations on liability contained in Section 8, above, the following specific limitations on the Sub-Administrator's liability shall apply to the particular administrative services set forth on Appendix C hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Portfolio Compliance Monitoring.*** The secondary compliance monitoring of the investments of the Fund with respect to investment restrictions and policies is subject to parameters that may vary over time and which may be beyond the control or knowledge of the Sub-Administrator. Consequently, the results of the monitoring as notified by the Sub-Administrator to the Fund are to be considered merely as an indication of possible non-compliance with the investment restrictions and policies of the Fund rather than an affirmative statement as to non-compliance with the investment restrictions and policies. Moreover, the Sub-Administrator may not detect a breach and consequently might not notify the Fund thereof if information or data in its possession is inaccurate, incomplete or ambiguous. The Investment Manager of the Fund shall remain fully responsible for ensuring compliance of the investments of the Fund with its investment restrictions and policies and the services provided by the Sub-Administrator in monitoring investment restrictions and policies shall not be deemed to be a delegation of the Board's responsibility to the Sub-Administrator. In addition, the Fund agrees that the Sub-Administrator shall not be liable for the inaccuracy, incompleteness or errors in any information or data that any compliance system used by the Sub-Administrator generates in connection with such administrative compliance monitoring on any given date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 ***Liability for Fund Accounting Services.*** Without limiting the provisions in Section 8 hereof, the Sub-Administrator's liability for acts, omissions, errors or delays relating to the services set forth in the Fund Accounting Services section of Appendix C hereto shall be limited to the amount of any expenses associated with a required recalculation of net asset value per share ("**NAV**") and any direct damages suffered by the Fund or shareholders in connection with such recalculation. The Sub-Administrator's liability or accountability for such acts, omissions, errors or delays shall be further subject to clauses 9.2.1 through 9.2.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. The parties may agree to procedures pertinent to the resolution of NAV errors and hereto acknowledge that the Sub-Administrator's causing an error or delay in the determination of NAV may, but does not in and of itself, constitute negligence or reckless or willful misconduct. The parties further acknowledge that in accordance with industry practice, the Sub-Administrator shall be liable and the recalculation of NAV shall be performed only with regard to errors in the calculation of the NAV that are greater than or equal to 0.10 percent of the NAV. If a recalculation of NAV occurs, the Fund agrees to consider the reprocessing of shareholder transactions or to take such other reasonable action(s) so as to eliminate or minimize to the extent possible the liability of the Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. The Sub-Administrator shall not be held accountable or liable to the Fund, any shareholder or former shareholder thereof or any other person for any delays or losses, damages or expenses any of them may suffer or incur resulting from (i) the Sub-Administrator's usage of a third party service provider for the purpose of storing records delivered to the Sub-Administrator by the Fund and which the Sub-Administrator did not create in the performance of its obligations hereunder, provided that the Sub-Administrator has exercised reasonable care in the selection and oversight of such third-party service provider; (ii) the Sub-Administrator's failure to receive timely and suitable notification concerning quotations or corporate actions relating to or affecting portfolio securities of the Fund; or (iii) any errors in the computation of NAV based upon or arising out of quotations or information as to corporate actions if received by the Sub-Administrator either (a) from a source which the Sub-Administrator was authorized to rely upon (including, but not limited to, the fair value pricing procedures of the Investment Manager of the Fund and those sources listed on Appendix E), (b) from a source which in the Sub-Administrator's reasonable judgment was as reliable a source for such quotations or information as such authorized sources, or (c) relevant information known to the Fund or its service provider which would impact the calculation of NAV but which is not communicated by the Fund or its service providers to the Sub-Administrator. To the extent that Fund assets are not in the custody of the Sub-Administrator, the Sub-Administrator may conclusively rely on any reporting in connection with such assets provided to the Sub-Administrator by a third party on behalf of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3. In the event of any error or delay in the determination of such NAV for which the Sub-Administrator may be liable, the Fund and the Sub-Administrator will consult and make good faith efforts to reach agreement on what actions should be taken in order to mitigate any loss suffered by the Fund or its present or former shareholders, in order that the Sub-Administrator's exposure to liability shall be reduced to the extent possible after taking into account all relevant factors and alternatives. It is understood that in attempting to reach agreement on the actions to be taken or the amount of the loss which should appropriately be borne by the Sub-Administrator, the Fund and the Sub-Administrator will consider such relevant factors as the amount of the loss involved, the Fund's desire to avoid loss of shareholder good will, the fact that other persons or entities could have been reasonably expected to have detected the error sooner than the time it was actually discovered, the appropriateness of limiting or eliminating the benefit which shareholders or former shareholders might have obtained by reason of the error, and the possibility that other parties providing services to the Fund might be induced to absorb a portion of the loss incurred, to the extent that such factors apply to the situation in question.

10. ***Indemnification.*** The Fund hereby agrees to indemnify the Sub-Administrator against, and hold it harmless from, any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any claim, demand, action or suit, in connection with or arising out of the performance of its obligations and duties under this Agreement, not resulting from the willful malfeasance, fraud, bad faith or negligence of the Sub-Administrator in the performance of such obligations and duties. The provisions of this Section 10 shall survive the termination of this Agreement.

11. ***Reliance by the Sub-Administrator on Opinions of Counsel and Opinions of Certified Public Accountants*.**

The Sub-Administrator may consult with its counsel or the Fund's counsel in any case where so doing appears to the Sub-Administrator to be necessary or desirable. Actions taken by the Sub-Administrator in reliance on the advice of its counsel or of the Fund's counsel will be presumed to have been taken in good faith, which presumption may be rebutted by evidence.

The Sub-Administrator may consult with a certified public accountant or the Fund's Treasurer in any case where so doing appears to the Sub-Administrator to be necessary or desirable. Actions taken by the Sub-Administrator in reliance on the advice of such certified public accountant or of the Fund's Treasurer will be presumed to have been taken in good faith, which presumption may be rebutted by evidence.

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12. ***Termination of Agreement*.** This Agreement may be terminated by either party in accordance with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 This Agreement shall have an initial term of two (2) years from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party provides written notice of its intent to terminate to the other party at its address set forth herein. Thirty (30) days after a party provides such notice, a ninety (90)-day transition period (the "**Transition Period**") will commence, during which the Agreement will still be in effect but the parties will work together in good faith to transition the Fund to an alternate service provider (the "**Designated Third Party**"). This Agreement will terminate at the conclusion of the Transition Period. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time in the event of a material breach of the Agreement by the other party that is not cured within sixty (60) days, in which case termination shall be effective upon receipt of written notice by the non-terminating party, or upon thirty (30) days written notice to the other party in the event that the latter party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. In the event a termination notice is given by a party hereto, all expenses associated with the movement of records and materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. The Sub-Administrator shall be responsible for completing all actions in progress when such termination notice is given unless otherwise agreed.

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13. ***Confidentiality***. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be required in carrying out this Agreement (including, without limitation, disclosure to subcustodians or Agents appointed by the Sub-Administrator), shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, that is independently developed by the receiving party without reference to the disclosing party's confidential information, that is made available to the receiving party by a third party on a non-confidential basis, or that is requested to be disclosed by or to any regulator of the receiving party (including, with respect to the Sub-Administrator, any regulator of any Agent or subcustodian), any Regulatory Authority, any auditor or attorney of the parties hereto, by judicial or administrative process or otherwise by Applicable Law; provided, however, that if disclosure of disclosing party's confidential information is commanded by a court or agency order, subpoena, or other legally authorized administrative or judicial demand ("**Compelled Disclosure**"), then, to the extent permissible under Applicable Law (i) the receiving party will promptly notify the disclosing party of a request for the disclosing party's confidential information from any such entity so that the disclosing party may seek a protective order, and (ii) the receiving party will limit its disclosure of the disclosing party's confidential information to only the information that the receiving party determines to be responsive to the Compelled Disclosure. The limitations on disclosure of confidential information under this Section 13 shall survive for so long as a party retains the other party's confidential information. For the avoidance of doubt, and notwithstanding anything in this Agreement to the contrary, neither party may use the other party's confidential information to train artificial intelligence or machine learning models, other than AI or ML models related to the services provided hereunder. Any such AI or ML will not allow the delivering party's confidential information to be shared with third parties other than agents or contractors of the receiving party and receiving party will not permit such agents or contractors to use the confidential information for their own benefit or that of any third party.

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14. ***Business Continuity.*** Without prejudice to the provisions of Section 8.1 of this Agreement, the Sub-Administrator will maintain a business continuity plan that is reasonably designed for (but does not guarantee) the resumption of the Sub-Administrator's provision of the services hereunder within forty-eight (48) hours following any event which prevents the Sub-Administrator from providing such services (the "**BCP Plan**"). The Sub-Administrator will conduct a test of significant components of its BCP Plan not less frequently than annually. At the Fund's request, the Sub-Administrator will meet with the Fund on an annual basis to provide details about the BCP Plan and test results and to answer Fund's reasonable questions about the same.

15. ***Information Security.*** The Sub-Administrator agrees to maintain a comprehensive information security program ("**CISP**") in compliance with Part 500 of the New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies (as such may be amended from time to time) which is reasonably designed (a) to protect the Fund's data that is in the Sub-Administrator's possession from unauthorized access by third parties and (b) to prevent the introduction of any computer code or instructions that may disrupt, damage, or interfere with the Fund's use of the Sub-Administrator's relevant computer and/or telecommunications facilities (e.g., malicious code or viruses), or that may allow for access bypassing any security features, and to periodically review and reasonably update the CISP in response to identified cybersecurity threats. Without limiting the foregoing, on an annual basis the Sub-Administrator shall conduct penetration testing of selected Sub-Administrator networks and systems in accordance with the CISP, and the Sub-Administrator's employees shall receive training on the Sub-Administrator's data security policies and procedures and then be required to attest to their understanding of such policies and procedures. Further, at the Fund's request, the Sub-Administrator will meet with the Fund on an annual basis to provide the Fund with reasonably requested information about the Sub-Administrator's CISP and changes thereto, and to answer the Fund's reasonable questions about the same.

The Sub-Administrator shall annually, upon request, provide a copy of its most recent SOC2 Report to the Fund, which the Fund may disclose to the Fund's auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the SOC2 Report to any third party or use the SOC2 Report for any purpose other than evaluating the Sub-Administrator's security controls. The Fund shall be responsible for the acts and omissions of its auditors as if such acts and omissions were those of its own personnel.

The Sub-Administrator shall notify the Fund as soon as is reasonably possible, but in no event more than 72 hours after the Sub-Administrator becoming aware of the Security Incident (defined below), in the event of a successful cybersecurity breach of the Sub-Administrator's systems which prevents the Sub-Administrator from providing a material portion of the custody services hereunder (a "**Security Incident**"). The Sub-Administrator will thereafter reasonably cooperate with the Fund with respect to the mitigation of the effects of such Security Incident, including by providing the Fund, upon the Fund's request, any additional relevant information

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regarding such Security Incident learned by the Sub-Administrator during the investigation of such Security Incident. The Sub-Administrator's obligations under this paragraph shall be subject to any prohibitions or restrictions placed on the Sub-Administrator or its affiliates by applicable laws or regulations, or by compliance with requests from law enforcement.

16. ***Tape-recording*.** Each party authorizes the other party to tape record any and all telephonic or other oral instructions given to the Sub-Administrator by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the applicable party in writing. Each party further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law.

17. ***Joinder.*** References herein to "**Joinder**" shall mean any joinder to this Agreement and any other agreement or other legal document referenced therein, substantially in the form attached hereto as Appendix B, duly executed from time to time by the Sub-Administrator and one or more additional entities affiliated with a/the Fund (for purposes of this definition, an "**Additional Fund**"). Any such Joinder with respect to any Additional Fund shall become effective as of the date set forth therein and shall include an update to Appendix A to this Agreement, adding the Additional Fund to the existing Appendix A, signed by the Sub-Administrator and the Additional Fund, and acknowledged by each other existing Fund. The terms of each Joinder shall supplement the terms of this Agreement and in the event of a conflict between the terms of this Agreement and the terms provided in such Joinder, the terms of the Joinder shall control as between the Sub-Administrator and the respective Additional Fund.

18. ***Entire Agreement; Amendment.*** This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the parties with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought.

19. ***Severability.*** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

20. ***Headings.*** The section headings in this Agreement are for the convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions thereof.

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21. ***Governing Law*.** This Agreement shall be governed by and construed according to the laws of the Commonwealth of Massachusetts without giving effect to conflicts of laws principles and each of the parties hereto irrevocably consents to the exclusive jurisdiction of the courts of the Commonwealth of Massachusetts in the City of Boston and the federal courts located in the City of Boston. Each party irrevocably waives any objection it may now or hereafter have to the laying of venue of any action or proceeding in any of the aforesaid courts and any claim that any such action or proceeding has been brought in an inconvenient forum. Furthermore, each party hereto irrevocably waives any right that it may have to trial by jury in any action, proceeding or counterclaim arising out of or related to this Agreement or the services contemplated hereby.

22. ***Notices.*** Notices and other writings delivered or mailed postage prepaid to the Fund addressed to the Fund at 680 Washington Boulevard, Suite 500, Stamford, CT 06901, Attention: Legal and Compliance, e-mailed to the Fund at amgfcco@amg.com, or delivered to such other address as the Fund may have designated to the Sub-Administrator in writing, or delivered to the Sub-Administrator at 50 Post Office Square, Boston, MA 02110-1548, Attention: Manager, Fund Administration Department, e-mailed to the Sub-Administrator at AMG.Client.Service@bbh.com, or delivered to such other address as the Sub-Administrator may have designated to the Fund in writing, shall be deemed to have been properly delivered or given hereunder to the respective addressee.

23. ***Binding Effect; Assignment.*** This Agreement shall be binding upon and inure to the benefit of the Fund and the Sub-Administrator and their respective successors and assigns, provided that no party hereto may assign this Agreement or any of its rights or obligations hereunder without the written consent of the other party. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

24. ***Counterparts*.** This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by each of the parties. A photocopy or telefax of the Agreement shall be acceptable evidence of the existence of the Agreement, and a party shall be protected in relying on the photocopy or telefax until such party has received the original of the Agreement.

25. ***Exclusivity*.** The services furnished by the Sub-Administrator hereunder are not to be deemed exclusive, and the Sub-Administrator shall be free to furnish similar services to others.

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26. ***Authorization.*** The Fund hereby represents and warrants that the Fund's Board of Directors has authorized the execution and delivery of this Agreement and that an authorized officer of the Fund has signed this Agreement, Appendices A, C, D, and E and the fee schedule hereto.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first written above.

The undersigned acknowledges that (I/we) have received a copy of this document.

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** |
| By: | /s/ Shawn McNinch |
| Name: | Shawn McNinch |
| Title: | Partner |
| Date: | April 15, 2026 |
| **AMG BBH Asset-Backed Credit Fund, LLC** | **AMG BBH Asset-Backed Credit Fund, LLC** |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | April 14, 2026 |

---

------

**Execution** 

APPENDIX A

TO

ADMINISTRATIVE AGENCY AGREEMENT

List of Funds Added by Joinder

Dated as of ____________________________

The following is a list of Funds for which, pursuant to a Joinder, the Sub-Administrator shall serve as administrator under the Administrative Agency Agreement dated as of [ ], as amended from time to time:

None.

---

| |
|:---|
| **BROWN BROTHERS HARRIMAN & CO.** |
| By: |
| Name: |
| Title: |
| Date: |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: |
| Name: |
| Title: |
| Date: |
| **[Additional Fund]** |
| By: |
| Name: |
| Title: |
| Date: |

---

------

**BBH Draft 03/17/26** 

APPENDIX B

TO

ADMINISTRATIVE AGENCY AGREEMENT

Form of Joinder

Reference is made to the Administrative Agency Agreement between Brown Brothers Harriman & Co. and each of AMG BBH Asset-Backed Credit Fund, LLC, and each investment company that becomes a party to the Agreement by a duly executed Joinder, dated as of_________, 2026 (as amended, the "Agreement") to which this Joinder is attached and made as of ___________________, 20__.

Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

Each of [Name of Additional Fund] (the "**Additional Fund**") and Brown Brothers Harriman & Co. (the "**Sub**-**Administrator**") acknowledges and agrees that, by the execution of this Joinder, the Additional Fund and the Sub-Administrator shall be deemed to be mutual parties to the Agreement effective as of the date hereof as if the Additional Fund were an original signatory thereto and the Additional Fund hereby makes the representations and warranties and expressly assumes, and agrees to perform and discharge, all of the obligations and liabilities of an "Additional Fund" and "Fund" and "Client" under the Agreement. All references in the Agreement to the "Fund" and "Funds" and "Client" shall hereafter include the Additional Fund.

In accordance with the terms of the Agreement, the Additional Fund and the Sub-Administrator have, concurrent herewith, added the name of the Additional Fund to the current Appendix A to the Agreement as attached hereto, signed by each of the Additional Fund and the Sub-Administrator.

This Joinder shall be governed by and construed in accordance with the provisions of Section 17 of the Agreement referenced above.

------

**BBH Draft 03/17/26** 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first written above.

The undersigned acknowledges that (I/we) have received a copy of this document.

---

| |
|:---|
| **BROWN BROTHERS HARRIMAN & CO.** |
| By: |
| Name: |
| Title: |
| Date: |
| **[Additional Fund]** |
| By: |
| Name: |
| Title: |
| Date: |

---

------

APPENDIX C

TO

ADMINISTRATIVE AGENCY AGREEMENT

Dated as of April 14, 2026

***Fund Accounting Services***

The Sub-Administrator will provide the following fund accounting services to the Fund each day that the New York Stock Exchange ("NYSE") is open (each a "Business Day"): transaction processing and review, custodial reconciliation, securities pricing, shareholder/partner activity, investment accounting.

<u>Transaction Processing and Review</u>. The Sub-Administrator shall input and reconcile the Fund's investment activity including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment taxlots

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal paydowns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital calls and distributions on fund investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partner Allocations, if needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expense accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Reorganizations

<u>Custodial Reconciliation</u>. The Sub-Administrator shall reconcile daily the following positions of the Fund against the records of the Fund's custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash including cash transfers, fees assessed and other investment related cash transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade settlements

<u>Securities Pricing</u>. For each instance in which the Fund's NAV (defined below) is calculated, the Sub-Administrator shall update each security position of the Fund as to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market prices obtained from approved sources provided by the Fund or Fair Valuations obtained from an Authorized
Person of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark to market of non-base receivables/payables utilizing approved
foreign exchange quotations as quoted in Appendix E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark to market of non-base currency positions utilizing the
approved sources quoted in Appendix E or Fair Valuations obtained from an Authorized Person of the Fund

------

<u>Investment Accounting</u>. The Sub-Administrator shall provide the following investment accounting services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization/accretion at the individual tax lot level

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General ledger entries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade capture on Trade Date + 1 basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record income on all Fund investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculation and reconciliation of Net Asset Value Per Share ("NAV") as of the close of
business of the NYSE on any day the NYSE is open for business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to Fund reports via Infuse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the Fund's request, report daily pricing to identified database companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the Fund's request, report monthly portfolio holdings to identified database companies

***Global Financial and Regulatory Reporting ("GFRR")***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sub-Administrator shall accumulate information for and prepare:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One annual report and one semi-annual report on Form N-CSR, such
preparation to include the coordination of all printer and author edits, the review of printer drafts and the coordination of the audit of the Fund by its independent public auditor (e.g. manage open items lists, host weekly audit meeting, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly N-PORT filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one first fiscal quarter report and one third fiscal quarter report on Form N-PORT Part F or two quarterly report Schedule of Investments for Form N-PORT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one annual report on Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one annual Rule 24f-2 Notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon acceptance of each above-mentioned report by the Fund's Treasurer and/or Chief Financial Officer, the Sub-Administrator shall coordinate with the Fund to file such reports as required, including any applicable executed officer certifications or other exhibits

The Sub-Administrator shall provide the following additional services as requested by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly calculation and reporting of the Fund's portfolio turnover

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation of quarterly reports for the Fund's Board of Directors (in BBH Reporting Format or such other
format as agreed to between the Sub-Administrator and the Fund), including but not limited to: Net Asset Roll Forward and certain KPIs

***Expense Administration Services***

The Sub-Administrator shall perform the following services as requested by the Fund's Treasurer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process Fund expense invoices as per defined schedule or ad-hoc submission in accordance with authorized signatory lists and client instructed allocation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare a daily cash paid file that documents all invoices paid by vendor and expense type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Properly maintain asset-based accruals in accordance with the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the Fund's quarterly budget in accordance with service provider fee schedules and make
recommendations for adjustments as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the Fund's payable analysis at least annually preceding the Fund's fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the first Business Day of each month, prepare a monthly recalculation and reconciliation to the trial balance
of the prior month's asset-based contractual fees and reimbursement/recoupment amounts. Then prepare and pay the invoice for the contractual fees on the same day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the first Business Day of each month, prepare a sliding schedule of the Fund's reimbursements subject to
recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the first Business Day of each month, prepare a net revenue report for the prior month. The report must show
the dollar amount of expenses accrued during the month and the corresponding annualized expense ratio by expense type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within two months after the Fund's fiscal year end, prepare the acquired fund fee and expense calculations
for inclusion in the Fund's prospectus expense table, as well as the expense tables, hypothetical examples, and other expense-related disclosures for the prospectus and statement of additional information.

The Sub-Administrator shall perform the following additional services as requested by the Fund's Treasurer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare budgets and expense pro formas for new series, Portfolios or classes and/or with respect to mergers,
acquisitions, restructurings, and liquidations, if applicable, as may be requested and agreed to between the Fund and Sub-Administrator

***Tax Support Services***

The Sub-Administrator shall provide the following tax support services to the Fund:

***<u>Description of Standard Tax Support Services (applicable beginning as of the date when the Fund elects to be a Regulated Investment Company under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code")</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare fiscal year-end and excise tax distribution calculations
including estimates as of June, September and October;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• State and federal tax estimate calculations for corporate subsidiary if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retrieval and update of K-1 adjustments from secondary investments to the
provisions Prepare monthly, quarterly and annual income distributions as described in each Fund's prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ASC 740 update and analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide any tax analysis of portfolio transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare annual capital gain distribution(s) including spillback amounts as required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare tax-related ROCSOP entries for fund accounting purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare FINCEN filings

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review required tax disclosures (such as tax cost, long-term capital gain, tax-exempt designation, foreign tax credits, dividend-received deductions, and qualified dividend income pass throughs) in the Fund's financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare federal, state and local (if any) income tax returns, including tax return extension requests, for
signature by the Fund and/or its auditor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare shareholder year-end tax information, including 1099-misc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate the amounts and characterizations of distributions declared during the calendar year for Form 1099/DIV
reporting and assist in preparation of tax supplements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax will provide the year end reporting data (Qualified Dividends, Dividends received Deduction, and Foreign Tax
credits) for shareholder and performance reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide analysis and necessary adjustments based on passive foreign investment companies ("PFICs")
that have been identified by the Fund and communicated to the Sub-Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consult with the Fund's Authorized Persons on their management and/or investment strategy regarding
straddles identified by the Fund and communicated to the Sub-Administrator and provide necessary adjustments

***<u>Description of Standard Tax Support Services (applicable during the period in which the Fund is treated as a partnership under the Internal Revenue Code)</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare taxable income calculation/tax provision and allocation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furnish all amounts required to prepare the Fund's federal K-1, K-2 and K-3 (as applicable) and state K-1s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordination of review with Fund's tax accounting firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund's tax accounting firm will prepare all required tax forms

***<u>Description of Additional Tax Sup</u><u>port Services</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and maintain tax accruals and necessary adjustments for convertible preferred stock investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare available tax equalization schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare annual Qualified Investment Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare interim estimates of taxable income and capital gains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consult with the Fund's Authorized Persons on various tax issues as requested and with the Fund's
independent public accountant when appropriate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax will provide the year end reporting data (Qualified Dividends, Dividends received Deduction, and Foreign Tax
credits) for shareholder and performance reporting

------

***Performance Measurement Services***

The Sub-Administrator shall provide the following services related to calculating and reporting Fund performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate time weighted total returns for the Fund (by class, if applicable) and report such returns to the Fund
on a daily basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide and review the Fund's performance information disclosed in its financial statements, prospectus and
statement of additional information

The Sub-Administrator shall provide the following additional services related to calculating and reporting Fund performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth of Investment Reporting - a growth of investment and returns (including operating expenses, sales
charge(s), if applicable, and reinvestment of distributions) of the Fund (or class, if applicable) for the past 10 years or since inception for inclusion in the semi-annual and annual financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly Gross of Fee Returns Reporting - total return reporting, excluding any operating expenses and sales
charge(s), if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly Load Returns Reporting – total return reporting, adjusted for sales load, if applicable

The Sub-Administrator shall provide the following additional attribution calculation and reporting services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly Contribution Return Reporting (also known as absolute attribution) – contribution of each security
or sector or country to the overall performance of the Fund (or class, if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly Contribution to Return - Top/Bottom Securities by Contribution Reporting - the top and bottom ten
securities by contribution to overall performance of the Fund (or class, if applicable)

***Portfolio Compliance Monitoring Services***

As described herein, the Sub-Administrator is providing secondary portfolio compliance monitoring services ("Secondary Compliance Monitoring Services") pursuant to this Agreement. The Fund acknowledges that the Secondary Compliance Services duplicate the compliance program in place for the Fund (i.e., all tests performed as part of Secondary Compliance Monitoring Services are also performed by the Fund or Investment Manager independently of the Services provided by the Sub-Administrator), that the Secondary Compliance Monitoring Services are a double check or backup, and that the Sub-Administrator may not provide Secondary Compliance Monitoring Services unless they are duplicative to the compliance testing performed by the Fund or the Investment Manager. Finally, the Fund understands that this is a condition precedent to the Sub-Administrator's ability to provide Secondary Compliance Monitoring Services. Further, the Fund agrees to notify the Sub-Administrator in the event the Fund or any officer, employee or agent of the Fund detects any material non-compliance with regard to applicable investment restrictions, policies and limitations. The Fund understands that any printed material generated by the system employed by the Sub-Administrator to perform any Secondary Compliance Monitoring Services shall display the Charles River Development ("CRD") brand and logo, as appropriate. The Sub-Administrator shall perform the following Secondary Portfolio Compliance Monitoring Services with respect to the investments of the Fund on each Business Day unless otherwise specified:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade date plus one monitoring of the Fund's investments with respect to the investment restrictions,
policies and limitations as described in the current registration statement (including the Fund's most recent prospectus and statement of additional information), which shall be provided to the Sub-Administrator by the Fund, and agreed to by the Sub-Administrator and Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of policies, restrictions and limitations with respect to certain derivative investments is performed
monthly (or as requested)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade date plus one monitoring of the Fund's investments with respect to the 1940 Act requirements and
rules thereunder (including Rule 2a-7 if applicable) and applicable Internal Revenue Code rules and regulations as described in Exhibit A attached hereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qualifying gross income and asset diversification monitoring with respect to Subchapter M compliance shall be
performed quarterly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade date plus one monitoring of other portfolio investment restrictions, policies and limitations at such times
as may be agreed in writing by the Fund and Sub-Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sub-Administrator shall notify the Fund's Chief Compliance
Officer ("CCO") or such other Authorized Person(s) as may be agreed to by the Fund in the event and at such times as the Sub-Administrator detects possible non-compliance with the Fund's investment restrictions, policies and limitations ("Daily Exception Reporting")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the Fund's CCO or such other Authorized Person as may be agreed to by the Fund a monthly report
summarizing the results of the Portfolio Compliance Monitoring Services ("Monthly Summary Reporting")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the Fund's Board of Trustees/Directors a quarterly report summarizing the results of the Portfolio
Compliance Monitoring Services ("Quarterly Board Summary Reporting"), as requested

---

| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** |
| By: | /s/ Shawn McNinch |
| Name: | Shawn McNinch |
| Title: | Partner |
| Date: | April 15, 2026 |
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | April 14, 2026 |

---

------

APPENDIX D

TO

ADMINISTRATIVE AGENCY AGREEMENT

List of Authorized Persons

AMG Funds LLC, in its capacity as the Fund's administrator

---

| | |
|:---|:---|
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | April 14, 2026 |

---

------

APPENDIX E

TO

ADMINISTRATIVE AGENCY AGREEMENT

AUTHORISED SOURCES

The Fund and AMG Funds LLC hereby acknowledge that the Sub-Administrator is authorized to use the following authorized sources and their successors and assigns for financial reporting, compliance monitoring, performance measurement, pricing (including corporate actions, dividends and rights offering), and foreign exchange quotations, to assist it in fulfilling its obligations under the aforementioned Agreement; provided, however, that, the Fund and the Investment Manager may, in certain circumstances (for example, with respect to the valuation of the Fund's securities), specify which sources the Sub-Administrator should use, in which case the Sub-Administrator will use such specified sources.

BANK OF AMERICA MERRILL LYNCH GLOBAL RESEARCH

BLOOMBERG

RUSSELL/MELLON

FUND MANAGERS / CLIENT DIRECTED

INTERCONTINENTAL EXCHANGE ("ICE")

REPUTABLE BROKERS

LSEG DATA & ANALYTICS

SUBCUSTODIAN BANKS

SIX FINANCIAL

REPUTABLE FINANCIAL PUBLICATIONS

STOCK EXCHANGES

STAT PRO

MORGAN STANLEY CAPITAL INTERNATIONAL

WALL STREET OFFICE<sup>\*</sup>

PRICING DIRECT

IHS MARKIT

SUPER DERIVATIVES

S&P

DOW JONES

JP MORGAN

SQX (SECURITIES QUOTE EXCHANGE)

BARCLAYS

FITCH SOLUTIONS

MOODYS

FORD EQUITY RESEARCH

FTSE GROUP

INVESTMENT TECHNOLOGY GROUP (ITG)

WM COMPANY

WOLTERS KLUWER FINANCIAL SERVICES

DEPOSITORIES (DTC, EUROCLEAR, ETC)

CLEARING BANKS (JP MORGAN CHASE, BANK OF NEW YORK MELLON, ETC)

OeKB

CITIGROUP INDEX LLC

MORNINGSTAR INC.

<sup>\*</sup> By using Wall Street Office ("WSO") as an authorized information source, the Investment Manager and Fund are each authorizing the Sub-Administrator to share confidential information regarding bank loan transactions with WSO. Investment Manager and Fund each acknowledge and agree that, while WSO must maintain such information confidentially, WSO is permitted to utilize such information on an anonymous basis in furtherance of its products and services. 

------

---

| | |
|:---|:---|
| **AMG BBH ASSET-BACKED CREDIT FUND, LLC** | **AMG BBH ASSET-BACKED CREDIT FUND, LLC** |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | April 14, 2026 |
| **AMG FUNDS LLC** | **AMG FUNDS LLC** |
| By: | /s/ Keitha L. Kinne |
|  Name: | Keitha L. Kinne |
|  Title: | Managing Director |
|  Date: | April 14, 2026 |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)** 

**<u>TRANSFER AGENT SERVICES AGREEMENT</u>**

This Transfer Agent Services Agreement (the "**Agreement**") dated [ ], 2026, is between **AMG BBH Asset-Backed Credit Fund, LLC** (the "**Fund**"), a Delaware limited liability company, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and desires that Ultimus perform certain services. AMG Funds LLC is the Administrator of the Fund (the "**Administrator**") and Brown Brothers Harriman Credit Partners, LLC serves as the investment adviser of the Fund (the "**Adviser**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Fund retains Ultimus to act as the service provider for the services set forth in the Transfer Agent and Shareholder Services Addendum (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus agrees to perform the Services on the terms and conditions set forth in this Agreement.

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus shall furnish at its own expense the executive, supervisory, and clerical personnel
necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The Fund acknowledges and agrees that, except as provided in Section 2.1, Ultimus shall not
be responsible to pay any expenses of the Administrator, the Adviser or the Fund, including, without limitation: organization costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and
mailing reports, prospectuses, statements of additional information, information statements, proxy statements and related materials; all expenses incurred in connection with issuing and repurchasing shares; the costs of custodial services; the cost
of initial and ongoing registration or qualification of the shares under federal and state securities laws; fees and reimbursable expenses of officers who are not affiliated persons of Ultimus; insurance premiums; interest; brokerage costs;
litigation and other extraordinary or nonrecurring expenses; and all fees and charges of the Administrator or the Adviser to the Fund.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The Fund shall pay for the Services to be provided by Ultimus under this Agreement in accordance
with, and in the manner set forth in, the Transfer Agent and Shareholder Services Fee Letter attached to the Transfer Agent and Shareholder Services Addendum (the "**Fee Letter** "), which may be amended from time to time. The Fee
Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If this Agreement becomes effective subsequent to the first day of a month, Ultimus'
compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the Fee Letter. If this Agreement terminates before the last day of a month,
Ultimus' compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the Fee Letter. The Fund shall promptly pay Ultimus'
compensation for the preceding month.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other regulator or self-regulatory authority adopts regulations and requirements relating to the payment of fees to service providers or which would result in any
material increases in costs to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for additional compensation for Ultimus as
mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In the event that any fees are disputed, the Fund shall, on or before the due date, pay all
undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees shall be due within thirty (30) business days after the day on which Ultimus provides to the
Fund documentation which reasonably supports that the disputed charges were incurred in accordance with this Agreement and furtherance of the services provided by Ultimus under this Agreement and the Fund agrees in writing to such fees.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in the Fee Letter, the Fund agrees to reimburse Ultimus for its actual, reasonable and documented reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in
connection with attendance at meetings of the Fund's Board of Directors (the "**Board**") or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All freight and other delivery charges incurred by Ultimus in delivering materials on behalf of
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** The cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** All fees and expenses incurred in connection with any licensing of software, subscriptions to
databases, custom programming or systems modifications required to provide any special reports or services requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** Any expenses Ultimus shall incur at the direction of an officer of the Fund thereunto duly
authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the Fund for certain purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** A reasonable allocation of the costs associated with the preparation of Ultimus' Service
Organization Control 1 Reports ()"**SOC 1 Reports** ").

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**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus shall maintain and keep current the accounts, books, records and other documents relating
to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Ownership of Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus agrees that all such books, records, and other data (except computer programs and procedures)
developed to perform the Services (collectively, "**Client Records**") shall be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus agrees to provide the Client Records to the Fund, at the expense of the Fund, upon request, and
to make such books and records available for inspection by the Fund or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the electronic
or other medium in which such material is then maintained by Ultimus as soon as practicable after any termination of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly, upon the written request
of the Fund, turn over to the Fund or destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies as
soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus agrees to keep confidential all Client Records, except when requested to divulge such
information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If Ultimus is requested or required to divulge such information by duly constituted authorities
or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek, at the expense of the Fund, an appropriate protective order.

**6.** **Subcontracting** 

Ultimus may, at its expense and solely with the express written consent of the Fund which is not to be unreasonably withheld or delayed, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This Agreement shall become effective as of the date first above written (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** The Transfer Agent and Shareholder Services Addendum (the "**Addendum**") shall
become effective as of the date first written in the Addendum.

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**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party
as provided under this Section 8, for a period of two (2) years from the date first above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Subject to Section 8.3.C., immediately following the Initial Term this
Agreement shall automatically renew for successive one-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term, a party (the "**Terminating Party**") may only terminate the Agreement against the other party (the "**Non-Terminating Party"**) for good cause. A party may also terminate the Agreement for good cause during a
Renewal Term. For purposes of this Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a material breach of this Agreement by the Non-Terminating Party that
has not been cured or remedied within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Non-Terminating Party's willful misfeasance, bad faith, gross
negligence in the performance of its duties, or reckless disregard of its obligations and duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Non-Terminating Party takes a position regarding compliance with
Federal Securities Laws that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written notice of such disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a final and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the authorization or commencement of, or involvement by way of pleading, answer, consent, or acquiescence in, a
voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) liquidation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond the scope of this Agreement and/or the Fund's investment strategy, structure, holdings, or other aspects of the Fund's operations deviate in any material respect from those Ultimus
understood to exist during the initial due diligence and onboarding stage, such that Ultimus is (or will be) required to employ resources, whether in the form of additional man hours, investment or

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otherwise, beyond what was originally anticipated by Ultimus (collectively, the "Out-of-Scope Services"), and the parties cannot agree on appropriate terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination and Termination for Convenience.* A party can terminate this Agreement at the end of the Initial Term by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term. Following the end of the
Initial Term, a party may terminate this Agreement at any time without cause upon 90 days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination by the Fund other than termination under Section 8.3.A-C is deemed an "**Early Termination.**" If the Fund provides a notice of early termination, the Fund is subject to an "**Early Termination Fee**" equal to the
prorated fee amount due to Ultimus through the end of the then-current term as calculated in the Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment*  *.*** Any unpaid compensation, reimbursement of expenses, or Early Termination
Fee is due to Ultimus within 30 calendar days of receipt by the Fund of an invoice from Ultimus following the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not
constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

**9.** **Additional Classes of Shares** 

In the event that the Fund establishes one or more classes of shares after the Agreement Effective Date, each such class of shares shall become, at the discretion of the Fund and Ultimus, a class of shares of the Fund under this Agreement and shall be added to the Fee Letter as appropriate.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this
Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable
for any damages, losses or costs arising out of such party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise out of its willful misfeasance, bad faith, gross negligence in the performance of
its duties, or reckless disregard of its obligations and duties hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any oral, written, or electric instruction, notice, request, record,
order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of
the Fund (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the Fund for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating under its own initiative, in good faith and in accordance with the standard of care set forth herein,
in performing its duties or the Services, provided, however, that Ultimus shall remain liable for any Losses arising out of its acts or omissions under this Agreement to the extent such Losses arise out of its willful misfeasance, bad faith, gross
negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any default, damages, costs, loss of data or documents, errors, delay or other loss whatsoever caused by events
beyond Ultimus' actual or constructive knowledge and reasonable control, including, without limitation, corrupt, faulty or inaccurate data provided to Ultimus by third parties where Ultimus did not have actual or constructive knowledge of such
corrupt, faulty or inaccurate data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any error, action or omission by the Fund or other past or current service provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any failure by the Fund to properly register the Fund's shares in accordance with the Securities Act or
any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus may apply to the Fund at any time for instructions and may consult with counsel for the Fund and
with accountants and other experts with respect to any matter arising in connection with Ultimus' duties or the Services. Actions taken by Ultimus in reliance on the advice of such counsel, accountants, or other experts will be presumed to
have been taken in good faith, which presumption may be rebutted by evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Fund's certificate of formation is on file with the Secretary of State (or
equivalent authority) of the state in which the Fund is organized, and notice is hereby given that the Fund's organizational documents are executed on behalf of the Fund and not the shareholders individually and that the obligations of this
instrument are not binding upon any of the officers or shareholders individually but are binding only upon the assets and property of the Fund, and Ultimus shall look only to the assets of the Fund for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus shall not be held to have notice of any change of authority of any officer, agent,
representative or employee of the Fund, the Fund's investment adviser or any of the Fund's other service providers until receipt of written notice thereof from the Fund (as applicable).

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As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Fund has and retains primary responsibility for oversight of all compliance matters relating to the
Fund, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the
policies and limitations of the Fund relating to the portfolio investments as set forth in the prospectus and statement of additional information. Ultimus' monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To the maximum extent permitted by law, the Fund agrees to limit Ultimus' liability for the
Fund's Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus under this Agreement during the most recent rolling 12-month period or the actual time
period this Agreement has been in effect if less than 12 months, except to the extent that any such Losses are attributable to Ultimus' fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties
hereunder. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the
other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "), and shall hold the Indemnitees harmless from and
against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising out of (1) the Indemnifying
Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees' own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below)
by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding the foregoing provisions, the Fund shall indemnify Ultimus for Ultimus' Losses
arising from circumstances under Section 10.2.A(1), (4), or (5).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon the assertion of a claim for which either party may be required to indemnify the other, the
Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely
notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The Indemnifying Party shall have the option to participate with the Indemnitee in the defense of such
claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee
except with the Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.***  ***Severability.*** The provisions and the obligations under this Section 10 shall survive
termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties
shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It is a corporation, partnership, trust, limited liability company, or other entity duly organized and
validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the extent required by Applicable Law (defined below), it is duly registered with all appropriate
regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For the duties and responsibilities under this Agreement, it is currently and will continue to abide by
all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other
self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It has duly authorized the execution and delivery of this Agreement and the performance of the
transactions, duties, and responsibilities contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever, in the course of performing its duties under this Agreement, it determines that a violation of
Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Fund.*** The Fund represents and warrants, which representations and
warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1) as of the close of business on the Agreement Effective Date, the Fund has authorized unlimited shares, and,
(2) as applicable, no shares of the Fund will be offered to the public until the Fund's registration statement under the Securities Act of 1933, as amended (the "**Securities Act** "), and the Investment Company Act, has
been declared or becomes effective and all required state securities law filings have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It shall cause the investment adviser(s) and sub-advisers, prime
broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for the Fund to reasonably cooperate with Ultimus and to provide it with such information, documents, and advice relating to the Fund
as reasonably requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Fund is unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services,
Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* The Fund's organizational documents are true and accurate and will remain true and accurate at all
times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each officer of the Fund identified in writing by the Fund to Ultimus shall be considered an individual
who is authorized to provide Ultimus with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority is limited in a writing from the Fund and received by Ultimus) and has the authority to
appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons from time to time.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage
that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying
party's insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons therefor.

**14.** **Information Provided by the Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund will
furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the organizational documents and of any amendments thereto, certified by the proper official
of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* certified copies of resolutions of the Board covering the approval of this Agreement, authorization of
the officers of the Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* a list of all the officers of the Fund, together with specimen signatures of those officers who are
authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* an accurate, current list of shareholders of the Fund, if applicable, showing each shareholder's
address of record, number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* copies of the current plan of distribution adopted by the Fund under Rule 12b-1 under the Investment Company Act for the Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* copies of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* copies of the current distribution agreement for the Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* contact information for the Fund's service providers, including, but not limited to, the
Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish to
Ultimus any material amendments to the items listed in Section 14.1.

**15.** **Compliance with Law** 

The Fund assumes full responsibility for the preparation and contents of each prospectus of the Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

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**16.** **Anti-Money Laundering and Investor Screening Services** 

With respect to the Fund's offering and sale of interests, the Fund has requested that Ultimus, acting in its capacity as transfer agent, perform certain anti-money laundering and investor screening services as specified in the "Anti-Money Laundering and Investor Screening Services" listed in Appendix A (the "AML Services"). Ultimus will perform the AML Services in accordance with its anti-money laundering and investor screening procedures, which have been made available to the Adviser, Fund and/or their respective delegates. Except as otherwise specified in this Agreement, Ultimus does not warrant that the AML Services satisfy all anti-money laundering obligations of the Adviser, the Fund, and/or their respective delegates. The Fund acknowledge that it is ultimately responsible for ensuring that it is in compliance with its obligations under relevant AML Laws<sup>1</sup> and Sanctions.<sup>2</sup> Irrespective of the above, Ultimus acknowledges and agrees that the Adviser, the Fund and/or their respective delegates may reasonably rely on the accuracy and completeness of any information and records required to be provided and/or maintained by Ultimus in connection with its performance of the AML Services.

Ultimus has policies and procedures in place reasonably designed to ensure compliance with all applicable anti-bribery and anti-corruption laws, rules, and regulations, including, but not limited, to the U.S. Foreign Corrupt Practices Act (collectively, the "Anti-Corruption Laws"), and such policies and procedures shall be applied to all TA services and activities related to this Agreement. Based on implementation of its policies and procedures, to the best of its knowledge, in connection with this Agreement, Ultimus has materially complied and shall materially comply at all times during this Agreement with the Anti-Corruption Laws and have not engaged in commercial bribery (i.e., bribery involving solely private parties).

Ultimus agrees that it will, and will cause its officers, directors, employees, and agents to, in connection with this Agreement and the AML Services, (i) comply with Sanctions and AML Laws; (ii) not, directly or knowingly indirectly, cause any Person to be in violation of Sanctions; and (iii) promptly provide any documentation or other information requested by the Fund and/or its delegates as reasonably necessary or advisable in order to comply with AML Laws and Sanctions.

Ultimus understands and agrees that it, the Fund, and/or the Fund's delegates may be obligated to "freeze" investor accounts (e.g., by prohibiting additional capital contributions from or repayments of repurchase proceeds to an investor) and, in some cases, report such action and disclose certain associated information to governmental authorities, self-regulatory organizations, and financial institutions in order to comply with its obligations related to AML Laws or Sanctions. Ultimus agrees to fully cooperate with any reasonable request by the Adviser, the Fund, and/or their respective delegates to take, and to consult with the Adviser, the Fund and/or their respective delegates prior to taking, any action to prohibit additional capital contributions, restrict distributions, or any other action reasonably necessary or advisable to comply with Sanctions and AML Laws.

<sup>1</sup> "AML Laws" means all applicable laws and regulations related to money laundering, anti-terrorism, proceeds of crime, or financial record keeping administered or enforced by the United States, including without limitation the Bank Secrecy Act, as amended (including without limitation by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)) and all other applicable rules and regulations promulgated by the U.S. Department of the Treasury's Financial Crime Enforcement Network ("FinCEN"). 

<sup>2</sup> "Sanctions" means economic or financial sanctions or trade embargoes imposed, administered, or enforced from time to time by the United States government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury, U.S. Department of Commerce, or the U.S. Department of State, the United Nations, the European Union, any EU Member State, or HM's Treasury of the United Kingdom. 

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Ultimus hereby agrees that it maintains and will continue to maintain during the period of this Agreement, and that all AML Services provided by Ultimus pursuant to this Agreement shall be in accordance with, the internal policies, procedures, and controls administered and enforced by Ultimus reasonably designed to ensure ongoing compliance by Ultimus with Sanctions and AML Laws ("Internal Controls") and that it shall, upon reasonable request, provide a certification in a form reasonably agreed to between the parties that the Internal Controls are in compliance with AML Laws and Sanctions. The Internal Controls include controls to monitor suspicious activities, and Ultimus will notify the Adviser, the Fund and/or their respective delegates in writing as soon as reasonably possible upon becoming aware of any activity that may be a violation of, or that may trigger reporting obligations under (such as mandatory suspicious activity reporting), any Sanctions or AML Laws.

Notwithstanding the foregoing notification provisions, Ultimus need not obtain the permission of the Adviser, the Fund or any of their respective delegates to report activity that, in Ultimus' sole determination, may be a violation of, or that may trigger a reporting obligation under, any Sanctions or AML Laws; and Adviser, the Fund or any of their respective delegates need not obtain the permission of Ultimus to report activity that, in Advisor's or Fund's sole determination, may be a violation of, or that may trigger a reporting obligation under, any Sanctions or AML Laws.

Ultimus will retain all records relevant to the AML Services and to this Section 16 for as long as may be legally required, and at a minimum for five (5) years and will, upon reasonable request, promptly provide copies of the same to the Adviser, the Fund, and/or their respective delegates.

**17.** **Privacy and Confidentiality; Security Information Program** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible),
that is confidential, proprietary, or relates to portfolio companies, investments, the Fund's operations and performance, clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any information concerning technology, such as systems, source code, databases, hardware, software,
programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any information not contained in the public filings of the Fund concerning research activities and
investments, portfolio composition, portfolio management techniques, plans, customers, clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning performance or valuations of
portfolio companies, revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer Information (as defined below).

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Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately. Confidential Information shall not include any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
property of the Fund. "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing
regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.3.***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle,
collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be
amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least
the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and
permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know
and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, the Receiving Party may release Confidential Information as permitted or
required by law or approved in writing by the Disclosing Party, which approval shall not be unreasonably withheld and may not be withheld where the Receiving Party may be exposed to civil or criminal liability or proceedings for failure to release
such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will
cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.4.***  ***Security Information Program.*** Ultimus shall have in place and maintain physical, electronic and
procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, Ultimus has
implemented and will maintain an effective information security program reasonably designed to protect Customer Information, which program includes sufficient administrative, technical and physical safeguards and written policies and procedures
reasonably designed to (a) insure the security and confidentiality of such Customer Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Customer Information, including identity theft; and
(c) protect against unauthorized access to or use of such Customer Information that could result in substantial harm or inconvenience to the Fund or its shareholders (the "**Security Information Program** "). Ultimus shall
promptly, and in no event more than 72 hours after a Security Breach (defined below), notify the Fund in writing of any breach of the Security Information Program, misuse or misappropriation of, or unauthorized access to, any Customer Information
(any or all of the foregoing referred to individually and collectively for purposes of this provision as a "**Security Breach** "). In addition to, and without limiting the foregoing, Ultimus will promptly cooperate with the Fund to
prevent, investigate, cease or mitigate any Security Breach. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.5.***  ***Severability.*** This provision and the obligations under this Section 17 shall survive
termination of this Agreement.

**18.** **[Reserved]** 

**19.** **Non-Exclusivity** 

The services of Ultimus rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**20.** **Non-Solicitation** 

During the period this Agreement is in effect and for a period of twenty four (24) months thereafter, no party shall, without the prior written consent of the effected party, hire, solicit, induce, directly or through a third party, whether as a full–time or part–time employee, or as a consultant or otherwise, any employee, officer or consultant from the affected party. The parties agree that their respective obligations under this non-solicitation provision shall also be obligations of their affiliates (except that the Fund's "affiliates", for purposes of this section, shall be limited to those of its affiliates for which the Fund (including its directors and officers) has control over such affiliates' hiring process). Notwithstanding the foregoing, nothing in this Agreement shall preclude any party or any such affiliate from (A) making generalized searches for employees by use of general advertisements in the media (including trade media) or recruitment efforts by a recruitment agency that are not targeted specifically at employees of the effected party or (B) responding to any employee of the affected party who contacts the hiring party or any such affiliate regarding his or her own employment with the hiring party or such affiliate on his or her own initiative without any direct solicitation by the hiring party or such affiliate other than any generalized search or ordinary course practice referred to in clause (A) above.

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**21.** **Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**22.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

***If to the Fund:***

AMG BBH Asset-Backed Credit Fund, LLC

Attn: Legal and Compliance

680 Washington Boulevard, Suite 500

Stamford, CT 06901

Email: amgfcco@amg.com

With a copy to:

AMG Funds LLC

Attn: Legal & Compliance

680 Washington Blvd., Suite 500

Stamford, CT 06901

Email: amgfcco.com

***If to Ultimus:***

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

**23.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other
documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating to the Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any Appendices or Addendum
thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.3.***  ***Amendments.*** The parties may only amend, modify or waive all or part of this Agreement by written
amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except as provided in this Section 23.4, this Agreement and the rights and duties hereunder shall
not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The terms and provisions of this Agreement shall become automatically applicable to any investment
company that is the successor to a party because of reorganization, recapitalization, or change of domicile of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Unless this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may, to
the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the Fund at
least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of
Delaware and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state of Delaware, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter
shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only and
are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which
when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to have the
same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***23.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not
contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

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The parties duly executed this Agreement as of [ ], 2026.

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|  | **AMG BBH Asset-Backed Credit Fund, LLC** |
| By: |  |
| Name: |  |
| Title: |  |

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|:---|:---|
|  | **Ultimus Fund Solutions, LLC** |
| By: |  |
| Name: | Gary Tenkman |
| Title: | Chief Executive Officer |

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**<u>Transfer Agent and Shareholder Services Addendum</u>**

**for** 

**AMG BBH Asset-Backed Credit Fund, LLC** 

This Transfer Agent and Shareholder Services Addendum (this "**Addendum**"), dated [ ], 2026, is between **AMG BBH Asset-Backed Credit Fund, LLC** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and is an integral part of the Transfer Agent Services Agreement dated [ ], 2026 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process shareholder purchase, repurchase, exchange and transfer orders in accordance with
conditions set forth in the Fund's prospectus applying all applicable repurchase or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set up of account information, including address, account designations, dividend and capital
gains options, taxpayer identification numbers, banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue quarterly statements for shareholders, interested parties, broker firms, branch offices and
registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act as a service agent and process income dividend and capital gains distributions, including the
purchase of new shares, through dividend reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act ()"**FATCA** ")
withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of the Fund which are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012),
as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding taxes on non-resident alien accounts, pension
accounts and in accordance with state requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce, print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms
required by federal authorities with respect to distributions for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer and perform all other customary services of a transfer agent, including, but not
limited to, answering routine customer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process all standing instruction orders (Automatic Investment Plans ()"**AIPs** ")
and Systematic Withdrawal Plan ()"**SWPs** ")) including the debit of shareholder bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make information available to shareholder servicing unit and other remote access units regarding
trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce detailed history of transactions through duplicate or special order statements upon
request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide mailing labels for distribution of financial reports, prospectuses, proxy statements or
marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond as appropriate to all inquiries and communications from shareholders relating to
shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide Anti-Money Laundering and Investor Screening Services to
the Fund's direct shareholders domiciled in the United States and to operate the Fund's customer identification program for these shareholders, including in each case in accordance with the written procedures developed by Ultimus and
adopted or approved by the Board and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state
authorities, including the SEC, and to the Fund's auditors. Applicable state authorities are those governmental agencies located in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service
(" **IRS**") forms for shareholder income and capital gains (including the calculation of qualified income), sale of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on
Individual Retirement Accounts ("IRAs"), contributions, rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play rules.

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**4.** **Dealer/Load Processing** 

To the extent that the Fund has a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account for separation of shareholder investments from transaction sale charges for purchase of
Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** track sales and commission statistics by dealer and provide for payment of commissions on direct
shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** applying appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent
Deferred Sales Charges ()"**CDSCs**") automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain all shareholder records for each account in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as dividend disbursing agent, on or before the payment date of any dividend or distribution,
notify the Fund's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled by reason of any dividend or distribution and in the case of
shareholders entitled to receive additional shares of the Fund by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders a confirmation statement with respect to
such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue customer statements on a scheduled cycle, and provide duplicate second and third-party
copies, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain account documentation files for each shareholder.

**6.** **Fund Account Maintenance; Cash Deposits** 

To accommodate any cash balances maintained by the Fund, Ultimus will open and maintain one or more non-custodial, operating bank accounts in Ultimus' name for the benefit of the Fund, and any interest income earned thereon shall be retained by Ultimus as a separate fee for its account maintenance services.

**7.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide and maintain an internet portal for shareholders and registered investment advisers to
access and perform various online capabilities on their investment accounts with the Fund.

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**8.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Provide online bank account verification services using third-party PLAID technology.

**9.** **Blue Sky Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** Ultimus shall provide the Fund with state registration (blue sky) services.

**10.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.*** Ultimus shall perform other services for the Fund that are mutually agreed upon in a writing
signed by the parties for mutually agreed fees, if any, and all reimbursable expenses incurred by Ultimus; provided, however, that the Fund may retain third parties to perform such other services. These services may include performing internal audit
examination; mailing the annual reports of the Fund; preparing an annual list of shareholders; and mailing notices of shareholders' meetings, proxies, and proxy statements.

**11.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.1.*** process accounts through Networking and the purchase, repurchase, transfer and exchange of shares
in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's participants, including the Fund), in accordance with
instructions transmitted to and received by Ultimus by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as hereinafter defined on the dealer
file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.2.*** issue instructions to the Fund's custodian for the settlement of transactions between the
Fund and NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.3.*** provide account and transaction information from the affected Fund's records on an
appropriate computer system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.4.*** maintain shareholder accounts through Networking.

**12.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**13.** **Digital Signature Authorization and Indemnification** 

The Fund authorizes Ultimus, in its capacity as transfer agent, to accept digital signatures in lieu of original handwritten signatures on account opening documentation and any other documents requiring a signature in connection with transfer agency services. Such authorization shall remain in effect until revoked in writing.

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As a condition of Ultimus accepting any digital signature, each such signature must be accompanied by a valid digital signature security certificate and a complete audit history evidencing the authenticity and integrity of the signature.

The Fund agrees to indemnify, defend, and hold harmless Ultimus and its affiliates, officers, directors, managers, employees, and agents from and against any and all losses, claims, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to Ultimus' reliance on any digital signature reasonably accepted pursuant to this authorization, including but not limited to any claim that such signature was unauthorized, forged, altered, or otherwise invalid.

***Signatures are located on the next page.***

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The parties duly executed this Transfer Agent and Shareholder Services Addendum as of [ ], 2026.

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| | |
|:---|:---|
|  | **AMG BBH Asset-Backed Credit Fund, LLC** |
| By: |  |
| Name: |  |
| Title: |  |
|  | **Ultimus Fund Solutions, LLC** |
| By: |  |
| Name: | Gary Tenkman |
| Title: | Chief Executive Officer |

---

AMG BBH Asset-Backed Credit Fund <br> Transfer Agent and Shareholder Services Addendum Page 6 of 6

## Ex-99.(O)

**Exhibit (o)**![LOGO](g150516g0505233148553.jpg)

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated March 16, 2026, with respect to the financial statements of AMG BBH Asset-Backed Credit Fund, LLC, included herein, and to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Prospectus and under the headings "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information filed on Form N-2.

![LOGO](g150516g0505233145941.jpg)

New York, New York

May 6, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

## Ex-99.(R)(1)

**Exhibit (r)(1)** 

**AMG BBH ASSET-BACKED CREDIT FUND, LLC** 

**Rule 17j-1** 

**Code of Ethics** 

AMG BBH Asset-Backed Credit Fund, LLC (the "Fund") has adopted this Code of Ethics (the "Code"), pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

**I.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Access Person" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Adviser" or "BBHCP" shall mean Brown Brothers Harriman Credit Partners, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Adviser's Code of Ethics" shall mean the code of ethics of BBHCP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Generally, it means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Covered Security" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act. Generally, it means a "security" as defined in Section 2(a)(36) of the 1940 Act except that it shall not include (i) direct obligations of the government of the United States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and (iii) shares issued by registered open-end investment companies, other than Reportable Funds (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "Distributor" shall mean the "principal underwriter" for the Fund, as such term is defined in Section 2(a)(29) of the 1940 Act that is an "affiliated person" (as defined in the 1940 Act) of the Fund or the Adviser, or which has an officer, director or general partner who is also an officer, director or general partner of the Fund or the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Distributor's Code of Ethics" shall mean the code of ethics of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Initial Public Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "Independent Director" shall be any director of the Fund who is not an Interested Person of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "Interested Person" shall have the same meaning as that set forth in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "Investment Personnel" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "Limited Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "Purchase" or "Sale" of a security includes, without limitation, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "Reportable Fund" shall mean any fund for which BBHCP acts as investment adviser or for which an investment adviser that controls, is controlled by, or is under common control with BBHCP serves as the investment adviser or subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "Security Held or to be Acquired" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "Special Access Person" shall mean an Access Person who is neither an Independent Director nor an officer, director or employee of the Adviser or the Distributor.

**II.** **STATEMENT OF GENERAL PRINCIPLES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Persons Subject to the Code</u>. This Code applies to all Access Persons of the Fund, provided, however, that any Access Person of the Fund who is subject to a code of ethics pursuant to Rule 17j-1 under the 1940 Act adopted by the Adviser or the Distributor shall not be subject to this Code except that any such Access Person's violation of the code of ethics pursuant to Rule 17j-1 to which they are subject shall also constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fiduciary Obligations</u>. Every person subject to this Code should keep the following general fiduciary principles in mind in discharging their obligations under the Code. Each such person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times, place the interests of the Fund for which they are an Access Person before their personal
interests;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conduct all personal securities transactions in a manner consistent with this Code, so as to avoid any actual
or potential conflicts of interest, or an abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not take any inappropriate advantage of their position with or on behalf of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply at all times with all applicable policies, procedures and laws with respect to the use of material, non-public information and insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Prohibited Practices</u>. No person subject to this Code may, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to
make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engage in any manipulative practice with respect to the Fund.

**III.** **CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT DIRECTORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Independent Director of the Fund shall file with the Secretary of the Fund a written report containing the
information described in Section III.1(b) of this Code with respect to each transaction in any Covered Security in which such Independent Director has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such
Independent Director knew, or in the ordinary course of fulfilling their official duties as a director of the Fund, should have known that during the 15-day period immediately before or after the Independent
Director's transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund purchased or sold such Covered Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund or its Adviser considered purchasing or selling such Covered Security for the Fund;

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<u>provided</u>, <u>however</u>, that such Independent Director shall not be required to make a report with respect to any transaction effected for any account over which they do not have any direct or indirect influence or control, such as automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts, or other accounts managed by a third-party manager with discretionary investment authority, which the Independent Director cannot control or influence.

Each such report may contain a statement that the report shall not be construed as an admission by the Independent Director that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such report shall be made not later than 30 days after the end of each calendar quarter and shall contain the
following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the date such report is submitted by the Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review</u>. The Fund's Chief Compliance Officer (the "Fund CCO") shall review or supervise the review of the personal securities transactions reported pursuant to Section III.1. If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the Fund. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the person involved an opportunity to supply additional information regarding the transaction in question and shall consult with counsel for the Independent Director whose transaction is in question.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise, Fund counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the Fund's Board of Directors (other than the Director whose actions are at issue) for such further action and sanctions as the Board of Directors deems appropriate.

**IV.** **CODE PROVISIONS APPLICABLE ONLY TO SPECIAL ACCESS PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Report</u>.

Each Special Access Person of the Fund shall file with the Fund CCO or any person or persons designated by the Fund CCO, not later than 10 days after the person becomes a Special Access Person, a written report containing the following information, current as of a date no more than 45 days before the date the person became a Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership when the person became a Special Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person as of the date that person became a Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Report</u>.

Annually, each Special Access Person of the Fund shall file with the Fund CCO a written report containing the following information, current as of a date no more than 45 days before the report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Reports</u>.

Each Special Access Person of the Fund shall file with the Fund CCO, no later than 30 days after the end of each calendar quarter, a written report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any transaction during the quarter in a Covered Security in which the Special Access Person had
any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any account established by the Special Access Person in which a Covered Security was held
during the quarter for the direct or indirect benefit of the Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name of the broker, dealer or bank with whom the Special Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the date such report is submitted by the Special Access Person.

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In lieu of such a report the Special Access Person may provide broker trade confirmations or monthly account statements, if such trade confirmations or account statements were received by the Fund within the time period, and contain the information required by Section IV.1(c) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exceptions and Disclaimers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Special Access Person need not make a report under Section IV.1 with respect to transactions effected for,
and Covered Securities held in, any account over which the person has no direct or indirect influence or control such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) automatic dividend reinvestment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) automatic employer-sponsored savings and stock programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) blind trust accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other accounts managed by a third-party manager with discretionary investment authority, which the Special
Access Person cannot control or influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any report under Section IV.1 will contain a representation by the Special Access Person that they have not
exercised, directly or indirectly, any control or influence with respect to transactions in accounts subject to the reporting exception set forth in Section IV.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any report under Section IV.1 may contain a statement that the report shall not be construed as an admission by
the Special Access Person that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Review</u>. The Fund CCO shall review or supervise the review of the personal securities transactions reported to the Fund CCO pursuant to Section IV.1. If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the Fund. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the Special Access Person involved an opportunity to supply additional information regarding the transaction in question and shall consult with counsel for the Special Access Person whose transaction is in question.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise, Fund counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the Fund's Board of Directors (other than any Director whose actions are at issue) for such further action and sanctions as the Board of Directors deems appropriate.

**V.** **NOTICE TO ACCESS PERSONS** 

The Fund CCO shall notify each Access Person who may be required to make reports pursuant to this Code that such person is subject to this reporting requirement and shall deliver a copy of this Code to each such person.

**VI.** **REVIEW BY THE BOARD OF DIRECTORS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Approval of Codes of Ethics and material amendments or revisions thereto</u>. The Board of Directors, including a majority of the Independent Directors, of the Fund must approve a material change to this Code, and the Board of Directors, including a majority of the Independent Directors, of the Fund must approve a material change to the Adviser's Code of Ethics or the Distributor's Code of Ethics, in each case, no later than six (6) months after adoption of such material change. In addition, no investment adviser or distributor may be appointed unless and until the code of ethics of that entity has been approved by the Board of Directors, including a majority of the Independent Directors, of the Fund. Before approving a code of ethics or any material amendment to such code of ethics pursuant to this Section VI.1, the Board of Directors of the Fund must receive a certification from the entity that adopted the code of ethics or amendment that it has adopted procedures reasonably necessary to prevent its personnel who are Access Persons from violating its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Written Reports</u>. No less frequently than annually, the Fund CCO shall provide a written report to the Board of Directors of the Fund with respect to this Code, and shall request from the Adviser and the Distributor a written report regarding their respective Codes addressed to the Board of Directors of the Fund. Each report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) describe any issues arising under the applicable code of ethics or procedures since the last report to the
Boards of Directors, including, but not limited to, information about material violations of the applicable code of ethics and sanctions imposed in response to such material violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certify that the reporting entity or entities have adopted procedures reasonably necessary to prevent their
personnel who are Access Persons from violating their code of ethics.

**VII.** **MISCELLANEOUS PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Public Offerings and Limited Offerings</u>. Investment Personnel of the Fund or its Adviser may not directly or indirectly acquire beneficial ownership in any securities in an Initial Public Offering. Investment Personnel may not acquire or sell securities in a Limited Offering without prior approval from the Adviser's CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Fund shall maintain this Code and all related records and reports in the manner and to the extent required by Rule 17j-1 under the 1940 Act. The Fund has adopted a Books and Records Retention Policy and Procedures that sets forth the manner in which such records will be kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Interpretation of Provisions</u>. This Code shall be maintained and interpreted in accordance with Rule 17j-1 under the 1940 Act.

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## Ex-99.(R)(3)

**Exhibit (r)(3)**![LOGO](g150516g0505221327408.jpg)

**CODE OF ETHICS** 

**AMG Funds LLC** 

**AMG Distributors, Inc.** 

**November 2025** 

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| | |
|:---|:---|
|  **Introduction and Standards of Conduct** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions | 5 |
|  **Personal Trading Policies** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Clearance Requirement | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Clearance Procedures | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Sales | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Offerings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Discretionary Accounts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Account Reporting | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequent Trading | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Volitional Trading | 9 |
|  **Employee Reporting and Certification Requirements** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Certification of Personal Securities Transactions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Quarterly Certification of Brokerage Accounts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Holdings Reports | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Code of Ethics | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Compliance Manual | 13 |
|  **Initial and Quarterly Certification of Pay to Play Policy** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of AMG's Insider Trading Policy | 13 |
|  **Insider Trading** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Non-Public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Information Relating to Clients is Inside Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanctions and Penalties | 15 |
|  **Sharing or Using Investment-Related Information** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Barriers | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Note Regarding False Rumors and Other Abusive Market Activity | 16 |
|  **General Business Conduct and Avoiding of Conflicts of Interest** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Gratuities ("Gifts") | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Entertainment | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Sponsor Requirements | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Business Activities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Political Campaign Contributions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and Sales Activities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investigation and Sanctions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retaliation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidance | 21 |

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For Internal Use Only - AMG Funds LLC 2

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| | |
|:---|:---|
|  **Ethics Training Requirements** | **22** |
|  **Exhibit A – Definitions** | **A-1** |
|  **Exhibit B – Initial and Annual Holdings Certification Form** | **B-1** |
|  **Exhibit C – Special Request Form – Personal Securities Transaction Approval** | **C-1** |
|  **Exhibit D – Personal Securities Pre-Clearance/Reporting Requirements** | **D-1** |

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For Internal Use Only - AMG Funds LLC 3

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**Introduction and Standards of Conduct** 

**Introduction** 

AMG Funds LLC ("AMGF" or "Firm") has adopted this Code of Ethics ("Code") in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 of the Investment Company Act of 1940 as well as in accordance with FINRA Rule 2010, which applies to AMG Distributors, Inc. ("AMGDI"), AMGF's wholly owned subsidiary and broker-dealer and distributor for many of the funds in the AMG Funds family of funds (the "AMG Funds") and for registered funds sponsored by Affiliates of AMGDI. AMGDI also serves as placement agent for certain private funds sponsored by AMG Affiliates (each, a "Private Investment Fund"). AMGF is also a Commodity Futures Trading Commission ("CFTC") /National Futures Association ("NFA") registrant and as required by the CFTC (under Rule 180.1) this Code is designed to reasonably satisfy the CFTC's prohibition on Market Manipulation. Please see AMGF's CFTC/NFA Compliance Manual for additional information. AMGF has developed this Code to promote high standards of ethical conduct among our officers and Employees (defined in Exhibit A).

Additionally, the AMG Funds maintain a Code of Ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended, with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

One of the Firm's most important assets is our reputation for honesty, integrity and professionalism. The responsibility for maintaining that reputation rests with each Employee. This shared commitment underlies our success as individuals and as a business. The Code contains procedural requirements that Employees must follow to meet certain regulatory and legal requirements as well as ethical standards. Our procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address trading policies applicable to Employees' personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define confidentiality expectations and "non-public information" and set forth the parameters for appropriate use of this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describe the procedures we have established for "information barriers," which govern the
dissemination of information outside of AMGF; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address general business conduct expected of Employees to avoid conflicts of interest or conduct that may put the
Firm's reputation at risk.

The Code addresses the personal trading activities and other business-related conduct of AMGF Employees and registered representatives of AMGDI who (in certain instances) are also Employees of AMGF. The Firm's Chief Compliance Officer ("CCO"), who is responsible for administering the Code, also may subject certain individuals, including (but not limited to) interns, co-ops, temporary employees, contract employees or independent contractors, to any part or all of the Firm's Code, its requirements and provisions. Certain provisions of this Code also apply to "Immediate Family" of Employees where indicated.

The CCO is responsible for administering the Code of Ethics and ensuring that Employees understand the Code. The CCO should encourage Employees to discuss questions of business ethics or practices at any time they arise and to surface potential questions before any action is taken in order to prevent actual or apparent conflicts of interest. The CCO shall review the adequacy of the Code and the effectiveness of its implementation at least annually.

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**Contractors and Interns** 

AMGF may from time to time hire contractors, interns and other temporary workers (collectively referred to as a "Contractor"). An Employee in the Human Resources department will notify Compliance if any Contractors will be used by AMGF and indicate their anticipated length of stay, where he or she will be located and their responsibilities. Based upon this description, the CCO (or their designee) will determine the extent to which this Code applies to such Contractor. Generally, all Contractors will be required to complete Compliance training, at the time of engagement, which includes a discussion of the Code. However, an AMGF Contractor who is not expected to become an Employee, or whose stay is not expected to exceed six (6) consecutive months, will generally not be subject to the Employee Reporting and Certification Requirements. If an AMGF Contractor becomes an Employee or their length of stay exceeds six (6) months, then the AMGF Contractor may be treated as an Employee for purposes of the requirements under the Code. The Standards of Conduct addressed in the Code apply to all Employees and Contractors. All new Employees and Contractors receive training related to this Code.

**Exemptions** 

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**Standards of Conduct** 

AMGF expects Employees to conduct themselves in an ethical manner and consistently with all applicable fiduciary and legal obligations. As a "fiduciary", the Firm owes our clients a duty of care, loyalty, honesty, good faith, fair dealing and to always act in the best interests of our clients. Thus, we must always place the interests of our clients first and over the interests of the Firm. AMGF expects all Employees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with integrity, competence and dignity, and in an ethical manner when dealing with the public, clients,
prospects, and fellow Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to the highest standards with respect to any potential conflicts of interest with client accounts. Simply
stated, no Employee should ever enjoy an actual, apparent or perceived benefit to the detriment of the account of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preserve the confidentiality (and privacy) of information they may obtain during our business and to use such
information properly and in no way adversely to our clients' interests, subject to the legality of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct their personal financial affairs in a prudent manner, avoiding any action that could compromise in any
way their ability to deal objectively with clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise reasonable care and professional judgment to avoid engaging in actions that put the image of the Firm or
its reputation at risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all applicable federal securities laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly report suspected material violations of the Code, including violations of securities or other laws,
rules and regulations applicable to our business, to the CCO.

While it is not possible to specifically define and prescribe rules addressing all possible situations in which conflicts may arise, this Code sets forth the Firm's policy regarding those situations in which conflicts are most likely to develop.

**Failure to comply with the Code may result in disciplinary action, including but not limited to a warning, fines, disgorgement of profits, suspension, demotion, or termination of employment. Violations also may result in referral to civil or criminal authorities where appropriate.** 

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**Personal Trading Policies** 

Employees must avoid any actual or apparent conflict with securities transactions contemplated or being conducted by AMG Affiliates for their clients. Accordingly, Employees should not make direct personal investments in publicly traded securities for any account over which they exercise control or receive direct or indirect benefit from investments in securities including direct investment in stocks, bonds and derivatives (e.g. options) on these instruments, whether through an initial public offering or not. Investments in securities through mutual funds or other private and public pooled vehicles, or through a non-discretionary account, are permitted. Exemptions to this policy may be granted by the CCO with prior approval. Any Employee who receives such an exemption must receive pre-clearance approval, as described below, before they may initiate any transaction(s). The CCO or his designee may from time to time direct a review of Employee personal trading to ensure compliance with this policy.

Employees may purchase the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market instruments, including bankers' acceptances, bank certificates of deposits, commercial paper
and high-quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end mutual funds, closed-end funds\*, ETFs (excluding single stock), ETNs, BDC's other private or public pooled vehicles, including collective investment trusts, unit trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 529 Savings Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of Affiliated Managers Group, Inc. (AMG)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public stock, pursuant to employer stock options/grants\*, unless this is a non-volitional trade, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments through any account where the Employee does not have discretion or control over the investments,
including separately managed accounts.

\* Requires pre-clearance

If the Legal and Compliance team ("Compliance") should determine that an Employee's personal trade(s) gives the appearance of impropriety (such as front-running or market-timing), Compliance may require the Employee to sell the security or securities and disgorge any profits earned to a designated charity of the Firm's choice. Factors that may be considered in determining whether an Employee must sell their security include but may not be limited to: the frequency of occurrence, the degree of personal benefit to the Employee, and/or the degree of conflict of interest.

**<u>Note:</u>** Employees should refer to *Exhibit A – Definitions* for a Description of Terms.

**Pre-Clearance Requirement** 

Employees are required to pre-clear all personal securities transactions in Reportable Accounts prior to selling any security, except for those securities specifically exempted from pre-clearance in this Code. Employees should refer to *Exhibit D - Personal Securities Pre-Clearance and Reporting Requirements* or contact Compliance for a list of securities exempted from pre-clearance.

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**Pre-Clearance Procedures** 

Employees must use the Employee Personal Trading and Certification System ("Personal Trading System" or "System") to obtain pre-clearance of personal trades that are permitted under the Code. The Personal Trading System, which enables Employees to submit personal trade pre-clearance requests prior to execution, is accessible through the AMGF intranet (and the internet) 7 days a week/24 hours a day. <u>Please Note:</u> While the system can be accessed at any time, pre-clearance requests are only reviewed during the normal hours of market operation. Therefore, for any pre-clearance requests entered into the system prior to market open (or after market close), Employees may experience a longer waiting period between submission and notification than if the request was submitted during normal market hours. Employees should remember that pre-clearance is good <u>only</u> for the date approved.

Employees who experience technical difficulties with the System should contact Compliance for assistance. If a technical problem cannot be resolved in a timely manner, Compliance may ask the Employee to use the form, *Exhibit C - Special Request Form - Personal Securities Transactions Approval* posted on the Compliance section of the AMGF intranet. In no instance should an Employee trade a security that requires pre-clearance prior to obtaining said pre-clearance.

**Prohibited Sales** 

In addition to being prohibited from making any direct personal investments in publicly traded securities, including stocks, bonds and derivatives on these instruments, Employees are prohibited from selling any security where AMGF may have access to trade information about that security, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Restrictions Regarding Mutual Fund Subadviser Trading Information</u>. In cases where the Firm has
access to information regarding active or planned trading activity by a subadviser to one or more series of the AMG Funds (a "Mutual Fund Subadviser"), Employees are prohibited from selling a security if, during the prior three
(3) business days (starting from the date that Mutual Fund Subadviser's trading data is received by AMGF), a Mutual Fund Subadviser has traded in the security for any Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restrictions Regarding Private Investment Funds sponsored by AMG Affiliates or Certain Third-Party Private Funds</u>. In cases where the Firm has access to information regarding active or planned investment activity by an affiliated advisor to a Private Investment Fund or a third-party private fund, Employees are prohibited from purchasing or selling a
security involved in such activity. In addition, Employees are prohibited from purchasing or selling a security if, during the prior three (3) business days (starting from the date that advisor's investment data is received by AMGF), a
Private Investment Fund or a third-party private fund trades that security.

**<u>Note</u>:** Only under special circumstances (e.g., estate liquidation, home purchase, or financial hardship) can an Employee sell a security that would otherwise be denied. "Special Requests" must be submitted via *Exhibit C - Special Request Form – Personal Securities Transaction Approval* and require written approval from Compliance.

**Limited Offerings** 

Employees may not acquire or sell securities in a Limited Offering without prior approval from Compliance. Employees seeking approval should submit *Exhibit C - Special Request Form – Personal Securities Transaction Approval*. Approvals for transactions in Limited Offerings <u>should</u> be submitted through the Personal Trading System by uploading *Exhibit C – Special Request Form – Personal Securities Transaction Approval*. Employees interested in participating in a Limited Offering should contact the CCO or designee for further guidance on obtaining approval. Additionally, Employees who acquire securities in a Limited Offering should review the section below entitled "Frequent Trading" regarding additional stipulations that may affect their desire to participate in these types of offerings.

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**Non-Discretionary Accounts** 

Trading activity through an account for which an Employee does not have any authority to trade or to exercise discretion is not subject to pre-clearance and reporting requirements of the Code. Employees who hold AMG stock still need to have all transactions in AMG stock pre-cleared. This would include, for example, blind trusts or brokerage accounts where the Employee cannot exercise trading authority. Employees are required to provide Compliance with a copy of the investment management agreement or similar document that evidences assignment of investment discretion to a third party. If a copy of the required documentation is not provided to Compliance, the Employee will be considered to have discretion, and thus, be subject to pre-clearance and reporting requirements. In addition, Compliance may periodically ask Employees who have disclosed a non-discretionary (managed) account, and/or the broker(s) who administers this account, to submit certifications regarding the Employee's trading authority or influence over the account.

**Brokerage Account Reporting** 

Employees must disclose all Reportable Accounts (i.e., accounts in which there is direct or Beneficial Ownership) to the CCO. Employees must disclose any newly opened Reportable Account within 10 calendar days by disclosing such account in the Personal Trading System. All Reportable Accounts must also be disclosed prior to the Employee executing any trades in the new account. No employee should execute any trade in the disclosed account until receiving approval from Compliance. In addition, Employees must authorize the broker-dealer to send duplicate copies of trade confirmations and periodic statements (either electronically or by hard copy) for all Reportable Accounts directly to Compliance.

All Employees are limited to opening and maintaining personal brokerage accounts with select brokerage firms ("Designated Brokers") unless granted an exception from the CCO. Personal securities transactions executed with these firms are updated electronically and monitored by Compliance through the Personal Trading System.

Compliance maintains a current list of Designated Brokers. Employees should consult Compliance if they believe they have Reportable Accounts that cannot readily be maintained with a Designated Broker (e.g., family trust account, stock certificates held in paper form or 529 plans, etc.).

**Frequent Trading** 

In general, AMGF defines frequent trading as the purchase and sale (or sale and then repurchase) of a security within 30 calendar days of an initial transaction. Only under limited and extraordinary circumstances (e.g., financial hardships, estate issues, etc.) may Employees of AMGF engage in frequent trading activity. Any such request must be approved by the CCO. Any profits realized in the purchase and sale, or sale and purchase, of the same (or equivalent) securities in the same account, including mutual funds and ETFs, within 30 calendar days of initial transaction on such short-term trades may be required to be disgorged to a charity selected by the CCO.

**Non-Volitional Trading** 

Purchases or sales of securities that are non-volitional (i.e., the Employee has no control over the transaction in question) on the part of an Employee (i.e., an assignment of options or exercise of an option at expiration) are not considered a violation of the Code of Ethics, as the Employee is required to have obtained the necessary preclearance to enter into the contract prior to its commencement, excluding derivatives on stocks and bonds that are not eligible for purchase.

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**Bitcoin/Cryptocurrency Investing** 

Employees are allowed to directly invest in cryptocurrencies such as bitcoin. Prior to engaging in any cryptocurrency trading, the Employee must disclose in the Personal Trading System the account that the Employee opened to engage in cryptocurrency investing. Crypto ETFs would be subject to ETF rules. Investing in Initial Coin Offerings (ICOs) is prohibited.

After disclosure of the account, an Employee will not need to pre-clear any future cryptocurrency transactions within the account.

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**Sanctions for Personal Trading Violations** 

If Compliance determines that a breach of these personal trading policies has occurred, it shall promptly document and discuss the issue with the Employee and the Employee's immediate supervisor. Depending on the severity of the violation, sanctions, as determined to be appropriate, may be imposed. Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning (verbal or written).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reprimand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial compliance training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reassignment of duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of activities (*e.g.,* one's ability to trade for personal accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require the Employee to sell the security in question and disgorge all profits to a charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require the trade to be broken (if not settled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary action (*e.g.,* including a reduction in salary or bonus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

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**Employee Reporting and Certification Requirements** 

**Quarterly Certification of Personal Securities Transactions** 

Employees are required to certify their personal securities transactions each quarter via the Personal Trading System. Compliance will notify Employees (via e-mail) of this certification requirement each quarter. Employees authorized to maintain accounts at a brokerage firm not included on the Designated Broker list must also ensure the Firm receives all quarterly brokerage statements for any Reportable Accounts maintained by them or their Immediate Family (including account statements for any Reportable Security held outside of an AMGF 401(k) plan).

Certifications and all brokerage account statements must be submitted to Compliance by the date indicated by Compliance in its notification email as well as in the Personal Trading System.

**Initial and Quarterly Certification of Brokerage Accounts** 

Upon hire and on a quarterly basis, AMGF requires its Employees to certify as to their Reportable Accounts (i.e., their accounts and any accounts of their Immediate Family that hold or could hold Reportable Securities). Employees also should indicate Reportable Account(s) that they or their Immediate Family opened or closed during the quarter, which should be done via the Personal Trading System.

**Initial and Annual Certification of Holdings Reports** 

New Employees are required to disclose their Reportable Securities holdings (which include holdings of Reportable Accounts where the Employee has a direct or indirect Beneficial Ownership) promptly upon commencement of employment and on an <u>annual basis</u> thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No later than 10 calendar days after hire, and the information must be current as of a date no more than 45
calendar days prior to the Employee's start date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At least once each 12-month period thereafter, and the information must
be current as of a date no more than 45 calendar days prior to the date the report was submitted.

All Employees are also required to complete an Annual Holdings Report each year (i.e., typically due by the end of January). A description of the securities that must be reported on this certification is included in *Exhibit D - Personal Securities Pre-Clearance and Reporting Requirements*. Employees also are requested to provide the names of any brokers, dealers or banks at which the Employee held any securities in which the Employee has direct or indirect Beneficial Ownership (i.e., not just those accounts where the Employee held Reportable Securities).

**Initial and Annual Certification of Code of Ethics** 

Upon hire and at least annually thereafter, Compliance will provide Employees with a copy of AMGF's current Code, including any amendments. Employees are expected to read the Code and will be asked to acknowledge that they: 1) understand their responsibilities under the Code; 2) recognize that the Code applies to them <u>and may apply to their Immediate Family;</u> and 3) agree to comply in all respects. Absent extraordinary circumstances, certifications typically are initiated and recorded through the Personal Trading System.

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**Initial and Annual Certification of Compliance Manual** 

AMGF's Compliance Manual contains the written compliance policies and procedures for the Firm and must be followed by all Employees in carrying out their responsibilities with AMGF. Employees receive a copy of the Compliance Manual in electronic format upon hire and at least annually thereafter, as well as in the event of a material change during the year. Upon hire, Employees must acknowledge their receipt of the Compliance Manual and that they agree to abide by all requirements as set forth in the Manual. On an annual basis, Employees must reaffirm their ongoing compliance with the Firm's policies and procedures. Absent extraordinary circumstances, certifications typically are initiated and recorded through the Personal Trading System. Copies of the Compliance Manual are available on the intranet, in the Personal Trading System and may be requested from the Legal and Compliance Department.

**Initial and Quarterly Certification of Pay to Play Policy** 

Upon hire and at least quarterly thereafter, Compliance will provide Employees with a copy of AMGF's Political Contributions and Other Restricted Payment Policy ("Pay to Play Policy"). Employees are expected to read the Pay to Play Policy and will be asked to certify that they: 1) understand their responsibilities under the Pay to Play Policy; 2) recognize that the Pay to Play Policy applies to them<u>;</u> and 3) agree to pre-clear and/or disclose all political contributions and political activities required to be reported under the Pay to Play Policy. This certification is typically initiated and recorded through the Personal Trading System.

**Initial and Annual Disclosure of Past Disciplinary Issues** 

Upon hire and at least annually thereafter, AMGF requires its Employees to certify whether any of a list of certain "disqualifying" criminal or regulatory events applies to them. This certification is typically initiated and recorded through the Personal Trading System. If Employees are subject to any disqualifying criminal or regulatory event, they should contact the CCO.

**Initial and Annual Certification of AMG's Insider Trading Policy** 

Employees also are subject to AMG's (corporate) Insider Trading Policy, which broadly prohibits the use of material, non-public information and includes special procedures for personal securities transactions in AMG securities. Employees are required to certify they have read and understand this policy upon hire and at least annually thereafter.

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**Insider Trading** 

Federal and state securities laws prohibit AMGF or its Employees from engaging in securities transactions for themselves or for others based on non-public or "inside information." These laws also prohibit the dissemination of inside information to others who may use that knowledge to trade securities (so-called "tipping"). These prohibitions apply to all Employees and Contractors and extend to activities within and outside of Employees' and Contractors' duties at AMGF.

**Material Non-Public Information** 

AMGF's policy, as well as AMG's Insider Trading Policy to which Employees and Contractors also are subject, prohibit Employees and Contractors, while in possession of material, non-public information, from trading securities or recommending transactions, either personally or on behalf of others (including private accounts), or communicating material, non-public information to others in violation of the federal securities laws.

Information is defined as "material" when there is a substantial likelihood that a reasonable investor would consider it important in making their investment decisions. Generally, disclosure of this information would be expected to have a substantial effect on the price of a company's securities. Material information can relate to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems, and extraordinary management developments. This list is not all-inclusive but serves as an indication of what may constitute inside information.

"Material" information may also relate to the market for a company's securities. Information about significant trades to be affected for AMGF's client accounts may in some contexts be deemed as material inside information, including, for example, if AMGF or a subadviser was expecting to generate a large trade in a security that has the potential to move the market's pricing of that issue. This knowledge can be used to take advantage of price movements in the market that may be caused by the Firm's buying or selling of specific securities for its clients. Material nonpublic information also relates to securities recommendations and client securities holdings and transactions.

Information is "public" when it has been disseminated broadly to investors in the marketplace. Tangible evidence of such dissemination is the best indication that the information is public (e.g., press release, newspaper article, SEC filing, or announcement on a company website).

Any Employee who believes that he or she has come into possession of material, non-public information about a certain company should immediately contact the CCO and refrain from disclosing the information to anyone else. The CCO will review the information and consult with counsel, if necessary, to determine whether the information is material and non-public. If deemed necessary, AMGF will place that company on a "Restricted List" in order to prohibit trading in any security of the company for Employee or client accounts. This list is confidential (and maintained by Compliance) and may only be disseminated to certain individuals whom the CCO, in conjunction with counsel, deems appropriate.

**Investment Information Relating to Clients is Inside Information** 

In the course of their employment, Employees may learn or obtain material non-public information about investment recommendations, trading, and holdings for client accounts or Reportable Funds. Using or sharing this information other than in connection with the performance of one's duties for AMGF is considered acting on inside information and is therefore

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strictly prohibited. Employees' personal securities transactions must not be timed to precede orders placed for any Investment Adviser's or client accounts, which could be considered as "front-running" or insider trading. AMGF has a fiduciary duty to its clients, and as such, investment opportunities must be offered *first* to clients served by AMGF before the firm or its Employees or Contractors may act on them.

**Sanctions and Penalties** 

Transacting in securities while in possession of material non-public information or improperly communicating that information or other information considered inside information to others inside or outside AMGF may expose a person to stringent penalties. Regardless of whether a government inquiry occurs, AMGF views any violation of these procedures seriously. Such violations may constitute grounds for immediate dismissal.

In addition, government authorities and regulatory bodies, such as the SEC and/or the U.S. Department of Justice, may impose penalties for violations of securities laws. These penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formal censure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines and/or disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension from securities-related activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disbarment from the securities industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imprisonment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

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**Sharing or Using Investment-Related Information** 

**Information Barriers** 

Information Barriers exist between the Employees of AMGF and Investment Advisers with whom AMGF has a business relationship (e.g., AMGF Affiliates). These barriers are designed to prevent the dissemination or misuse of inside, confidential and proprietary information.

An Information Barrier prohibits the disclosure of non-public (i.e., inside), confidential and proprietary information that belongs to a company or its clients, to others. In this context, this information may include, but is not limited to, an adviser's investment recommendations, portfolio holdings and actual or pending purchases or sales of securities.

Employees are strictly prohibited from disclosing to or discussing with any person outside of AMGF, or any Employee whose job duties are not pertinent to the discussion, securities being considered for accounts of clients of AMGF or an Investment Adviser with whom AMGF has a business relationship.

If an Employee becomes aware of any instance where confidential trade information is communicated to AMGF or anyone outside of AMGF, the Employee must immediately report such instance to Compliance. Employees are strictly prohibited from trading in any security in which he/she has obtained knowledge that a particular security is being considered for purchase or sale by an Investment Adviser, any subadvisers, or other clients. Using or sharing this information with anyone inside or outside of AMGF (including family and friends), other than in connection with the investment of accounts of AMGF or any Investment Advisers with whom AMGF has a business relationship, is considered acting on inside information and is strictly prohibited.

**Special Note Regarding False Rumors and Other Abusive Market Activity** 

Employees should be aware that spreading false rumors or engaging in collusive activity to impact the financial condition of a security is strictly prohibited. Employees engaging in such activities may be subject to immediate termination in addition to civil and criminal prosecution.

Failure to comply with these policies may result in adverse consequences for AMGF, its Employees, and the Investment Advisers with whom AMGF has a business relationship.

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**General Business Conduct and Avoiding of Conflicts of Interest** 

AMGF is committed to the highest standards of business conduct. Therefore, Employees must always act in the best interests of clients and ensure their actions are always professional and ethical in order to protect the integrity of AMGF. Giving or accepting gifts, gratuities or entertainment in connection with an Employee's employment as well as Employees' participation in outside business activities can raise questions about their impartiality and ethical values.

In order to reduce the possibility of an actual, apparent or perceived conflict of interest, AMGF has adopted written policies and procedures relating to the giving and receiving of gifts. As a general matter, Employees may not accept gifts, gratuities, entertainment, special accommodations, or other things of material value that could influence the Employee's decision-making or suggest that they are beholden to any particular person or firm. Similarly, an Employee should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client or other person feel beholden to an Employee or the Firm.

**Gifts and Gratuities ("Gifts")** 

Neither AMGF nor any person associated with AMGF should, directly or indirectly, accept or give, pay or receive, or permit to be given or received anything of value (such items being considered a "gift" for these purposes) in excess of $100 per individual per year (except as indicated below) from or to any person or firm in relation to or in connection with any business arrangements between the person or firm and AMGF or its Employees. Gifts of cash or securities or gift cards that may be redeemed for cash are specifically prohibited, even if below the $100 threshold. Permissible gifts given or received by any Employee in relation to Firm business need to be approved by the Employee's supervisor and reported to Compliance and will be recorded on the Gift Log.

In determining the value of a gift given or received, the Firm uses the higher of the gift's cost or market value, exclusive of tax and delivery charges. When valuing tickets, the Firm uses the higher of the cost paid or face value of the ticket(s). If gifts are given to or received by multiple recipients, the names of individuals are to be recorded and assigned a value on a pro rata per recipient basis. Gifts given during the course of Business Entertainment are subject to the annual $100 limit per person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Items Generally Excluded from Definition of Gift</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional meals, social gatherings or meetings held for business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional invitations to regular season or other ordinary course sporting events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Items that are promotional in nature (e.g., pens, umbrellas, shirts, golf balls) inscribed with AMGF's
name, logo or brand with a value of less than $100 and not part of a gifting program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Special Note Regarding Gift Baskets</u> 

While it may be customary to send gift baskets or other consumable food items, particularly during the holiday season, Employees are reminded that the value of the gift basket or other consumable gift sent should be considered in the $100 annual gift limit per person. Gift baskets also are subject to reporting requirements as described below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Examples of Gifts Not Permitted</u> 

Gifts that may give the appearance of impropriety or a quid pro quo (i.e., gifts to or from vendors or service providers that are excessive in cost or frequency or that otherwise would be considered inappropriate) are not allowed. Examples include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportation expenditures, such as airfare or rental car costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hotel or other lodging accommodation expenditures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tickets to major sporting events where the face value of the tickets exceeds the de minimis value noted above
(*e.g.*, Super Bowl tickets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Employee Reporting of Gifts</u> 

All Employees are required to report to Compliance gifts given or received. Compliance maintains a Gift Log not only to comply with FINRA rules for AMGDI-related activities, as applicable, but also to help ensure the Firm's gift practices do not give rise to potential conflicts of interest.

**<u>Note</u>:** AMGF Employees who also are registered representatives of AMGDI should refer to AMGDI's *Written Supervisory Procedures Manual* for all applicable policies.

**Business Entertainment** 

For entertainment to be considered a business expense rather than a gift, a representative of the firm providing the entertainment must personally host or be present at the event, and the event must not raise any issues of impropriety. Employees may not provide or accept extravagant, excessive, or overly frequent entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of AMGF. Employees may provide or accept a business entertainment event of reasonable value, such as dinner or a sporting event. Employees should seek prior approval from Compliance in circumstances where they are unsure about the value of the proposed entertainment.

**Outside Sponsor Requirements** 

In addition, certain sponsor firms may have similar or additional restrictions and guidelines that may apply to AMGF Employees as described in the Compliance Manual. Employees must ensure they adhere to the more stringent requirements and obtain any required approvals. Employees also should refer to the *Cash/Non-Cash Compensation Policies* available in Seismic or contact a member of Compliance.

In addition to the requirements stated herein, registered representatives of AMGDI are required to also comply with the gifts and non-cash compensation policies maintained in AMGDI's *Written Supervisory Procedures Manual.* 

For Internal Use Only - AMG Funds LLC 18

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**Outside Business Activities** 

Outside business activities may give rise to potential conflicts of interest or the appearance of conflicts of interest or otherwise jeopardize the integrity or reputation of AMGF or any of its Affiliates. Prior to commencing with an outside business activity, an Employee must obtain approval from their supervisor and notify Compliance so that they may review the proposed activity for potential conflicts and document required approvals. An Employee who wishes to engage in an outside business activity must submit an Outside Business Activity Disclosure Form through the Personal Trading System or submit directly to the CCO to notify Compliance of the activity. Compliance will then obtain written approval from the Employee's supervisor before it will consider approving the activity. Additionally, once Compliance has approved, the submission must be approved by AMG's Human Resources Department.

Whether a particular outside activity may be approved will depend on a variety of factors including the extent to which the proposed activity could violate any law or regulation, interfere with an Employee's responsibilities to AMGF, involve prolonged absences during business hours, or actually compete or give the appearance of competing with AMGF's interests.

As a general matter, service with charitable organizations generally is permitted, subject to considerations related to time required during work hours, use of proprietary information and disclosure of potential conflicts of interest. Employees who engage in outside activities are not acting in their capacity as Employees of AMGF and may not use AMGF's name in conjunction with their activity unless otherwise authorized by AMG's Human Resources Department and/or Compliance.

Because of the high potential for conflicts of interest and insider trading, Employees may not serve on the board of directors or as an officer of any private or publicly traded company unless the appointment has been approved by AMG's Human Resources Department and CCO. In each case, a determination will be made based on consideration of whether the service poses a conflict with the interests of AMGF's clients or business relationships.

**<u>Note</u>:** As described in AMGDI's *Written Supervisory Procedures Manual*, registered representatives of AMGDI must obtain written approval prior to commencing any outside business activity and promptly disclose any changes to any outside business activities so that AMGDI can update the registered representative's Form U-4 within the required timeframe. Generally, charitable activities are not included in this requirement unless the registered representative is compensated for such activity or serves as part of an investment committee.

**Political Campaign Contributions** 

Employees are prohibited from making gifts or contributions in the name of, or on behalf of, the Firm to any political committee, candidate or party. Contributions are broadly defined to include any form of money, purchase of tickets, use of corporate personnel or facilities, or payment for services. Employees are prohibited from making *any* political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

Additionally, AMGF has implemented a separate Political Contribution or "Pay to Play" Policy that all Employees of the Firm must adhere to. This policy requires (among other duties) preclearance of political contributions to certain government entities that may have the ability to influence AMGF's business or the Firm's ability to solicit new business.

**Marketing and Sales Activities** 

Employees must ensure that all oral and written statements, including those made to clients, prospective clients, financial advisors, consultants, other intermediaries, or the media are professional, accurate, balanced, and not misleading in any way. Employees should use only pre-approved sales and marketing materials to describe AMGF, its Affiliates, or its products or services and are expected to adhere to the prescribed standards and Firm policies regarding all communications with the public. (See also AMGDI's Communication with the Public Supplement in the *Written Supervisory Procedures Manual*).

For Internal Use Only - AMG Funds LLC 19

------

**Reporting Potential Violations/Wrongdoing and Whistleblower Rules** 

All personnel are required to act honestly and ethically in support of the culture of integrity that we have all fostered within our Firm. Since every Employee is a valued member of the team which makes up our Firm, this broad requirement includes acting in what each individual believes to be the Firm's best interest, which includes reporting any concerns regarding any potential violations of any applicable law, rule or policy, or any other potential wrongdoing, by our Firm, any of our Employees, or any of our service providers. If our Firm's management is unaware of such activities, these potential violations may ultimately have an adverse effect on all of us as members of this Firm.

Accordingly, every Employee of our Firm is required to report any potential violations of any applicable law, rule or policy, or other potential wrongdoing, including "apparent" or "suspected" violations, promptly to either the CCO, AMGF, Senior Counsel, AMGF, or General Counsel and Secretary, AMG. In addition, any supervisor who receives a report of a potential violation or wrongdoing must immediately inform the CCO. If the CCO is involved in the potential violation or wrongdoing, the Employee may report the matter to any member of Capital Formation Management, Human Resources, Senior Counsel, AMGF, or General Counsel and Secretary, AMG. Please also see "Whistleblower Rules" below for additional information on Whistleblower Rules.

"Violations" should be interpreted broadly, and may include, but are not limited to, such items as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• noncompliance with laws, rules, and regulations applicable to the business of our Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fraud or illegal acts involving any aspect of the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material misstatements in regulatory filings, internal books and records, clients' records, or reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• activity that is harmful to clients, including any fund shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deviations from required internal controls, policies and procedures that safeguard clients and the Firm.

All such reports will be taken seriously, investigated promptly and appropriately, and treated confidentially to the extent permitted by law.

**Communication Channels** 

Any concerns or questions of officers or Employees regarding any violations of company policy, or any other complaints or concerns of conduct inconsistent with this Code or any similar written policy of AMGF which an officer or Employee does not feel comfortable addressing to a member of AMG Capital Formation Management as described above should be directed to AMGF as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a confidential memorandum marked "Private and Confidential" addressed to the attention of General
Counsel and Secretary at Affiliated Managers Group, Inc., 600 Hale Street, Prides Crossing, MA 01965, which memorandum identifies the subject of the complaint and the practices of this code or other conduct inconsistent with this Code or any similar
written policy of AMGF, providing as much detail as possible; and/or

For Internal Use Only - AMG Funds LLC 20

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By phoning the Employee report line (the "Employee Reporting Line") during regular business hours at
(844) 319-9344. During this phone call, the complaining party should identify the subject of their complaint and the practices that are alleged to constitute a violation of this code or other conduct
inconsistent with this Code or any similar written policy of AMGF, providing as much detail as possible.

If an officer or Employee does not feel comfortable submitting a complaint in accordance with the above procedures or does not believe that a previously submitted complaint was adequately addressed, the officer or Employee may contact Human Resources directly by mail at the address set forth above in a confidential memorandum marked "Private and Confidential". Please also see "Whistleblower Rules" below for additional information on Whistleblower Rules.

Every officer and Employee are required to report suspected violations of this Code, as well as any violation or suspected violation of any applicable law, rule or regulation governing AMGF in accordance with this Code.

No person shall use the reporting channels in bad faith or in a false or frivolous manner.

**Whistleblower Rules** 

Nothing in this Code or in any other agreements you may have with AMGF is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.).

**Investigation and Sanctions** 

The CCO, Human Resources and General Counsel and Secretary, AMG shall promptly investigate potential violations. During the course of the investigation, the CCO, Human Resources, or General Counsel and Secretary, AMG will be in contact with the reporting Employee, if the Employee makes their identity known, to inform the Employee of the status of the investigation. In addition, the reporting Employee may check with the investigator on the status at any time.

Following the Firm's investigation, Employees who are deemed to have committed any violations or other wrongdoing may be subject to disciplinary action including, but not limited to: (i) having the Employee's employment responsibilities reviewed and changed, including demotion; (ii) oral or written reprimand; (iii) forfeit of any trading profits or other compensation or monetary benefits; (iv) suspension of personal trading privileges; (v) suspension of employment; and/or (vi) termination. Violations of the Code or these procedures may also result in criminal prosecution or civil action.

**Retaliation** 

Retaliation of any type against an individual who reports a suspected violation or assists in the investigation of such conduct (even if the conduct is not found to be a violation) is strictly prohibited and constitutes a separate violation of the Code and these procedures. Furthermore, nothing in this Code or in any other agreements you may have with the Firm is intended to prohibit any protected communication with any governmental agency or similar entity.

**Guidance** 

All Employees are encouraged (and have the responsibility) to ask questions and seek guidance from the CCO (or his designee) or Executive Management with respect to any action or transaction that may constitute a violation and to refrain from any action or transaction which might lead to the appearance of a violation. The CCO (or his designee) will also provide periodic training to the Firm's Employees regarding the requirements of these policies and procedures.

For Internal Use Only - AMG Funds LLC 21

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**Ethics Training Requirements** 

The CFTC has issued guidelines that permit registrants such as the Firm to develop their own standards and such ethics training as they deem appropriate. The CFTC has released a Statement of Acceptable Practices that provides guidance as to the maintenance of proper ethics training procedures that would serve as a "safe harbor." The CCO will monitor compliance with these requirements and will make arrangements sufficient to permit all registered Associated Persons ("AP") of the Firm to remain in compliance.

The Firm is committed to operating with high ethical standards and is dedicated to meeting the requirements of the Statement of Acceptable Practices as issued by the CFTC. The Firm will treat all current and potential customers in a just and equitable manner and believes that professional ethics training programs are essential to the Firm's business. The Firm believes that in order to be successful and provide our customers with the best possible service, our Employees must receive the proper training to stay abreast of new regulations and current events.

In order to establish a corporate culture of high ethical standards, the Firm's APs will be required to complete ethics training on an initial and bi-annual basis. Ethics training will be provided as part of the Firm's annual compliance training, which will be conducted as part of the Firm's firm-wide training program or by an on-line training program.

The ethics training program will address the following topics, as they pertain to the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An explanation of the applicable laws and regulations and rules of self-regulatory organizations or contract
markets and registered derivatives transaction execution facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registrant's obligation to the public to observe just and equitable principles of trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. How to act honestly and fairly and with due skill, care and diligence in the best interest of customers and the
integrity of the markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How to establish effective supervisory systems and internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Obtaining and assessing the financial situation and investment experience of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disclosure of material information to customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Avoidance, proper disclosure and handling of conflicts of interest.

In accordance with NFA and CFTC requirements, the Firm will maintain records of its ethics training on file for 5 years. Every year the training program will be reviewed, and this plan will be modified as needed to ensure high ethical standards at the Firm, as well as compliance with the requirements of the Commodity Exchange Act.

For Internal Use Only - AMG Funds LLC 22

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**EXHIBITS** 

For Internal Use Only - AMG Funds LLC 23

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**Exhibit A - Definitions** 

**Affiliate** 

For purposes of this Code, "Affiliate" generally means any firm under common control of Affiliated Managers Group, Inc.

**Affiliated Managers Group, Inc.** 

Affiliated Managers Group, Inc. ("AMG") is AMGF's parent and a publicly traded company. AMG holds equity investments in independent investment management firms (its "Affiliates"). AMGF is a wholly owned subsidiary and serves as the U.S. Wealth platform of AMG.

**Automatic Investment Plan** 

A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

**Beneficial Ownership** 

An Employee is considered to have Beneficial Ownership in any transaction in which an Employee has the opportunity to directly or indirectly profit or share in the profits from the securities transacted. For purposes of the Code, you are presumed to have "Beneficial Ownership" in securities or accounts held by Immediate Family sharing your household.

**Client** 

Any corporate, advisory, investment company, individual or other account managed by and as to which investment advice is given by AMGF.

**Code** 

"Code" refers to AMGF's Code of Ethics, unless otherwise noted.

**Compliance** 

Compliance refers to AMGF's Legal and Compliance team.

**Conflict of Interest** 

A term used to describe the situation in which a person, contrary to the obligation and absolute duty to act for the benefit of clients, exploits the relationship for personal benefit.

**Designated Brokers** 

Employees must maintain Reportable Accounts with select broker-dealers known as "Designated Brokers" unless granted an exception by the CCO.

**Employee** 

Any officer of AMGF or any person currently employed by AMGF on a full-time or part-time basis.

For Internal Use Only - AMG Funds LLC A-1

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**Exchange-Traded Fund** 

An Exchange-Traded Fund ("ETF") is a security traded on a stock exchange that typically invests in the securities of companies that are included in a selected market index. There are also ETFs known as single-stock ETFs, which combine individual securities with leverage and are not permissible under the Code. Open-end ETFs are Reportable Securities but generally do <u>not</u> require pre-clearance. Closed-end ETFs are Reportable Securities <u>and</u> subject to pre-clearance. Employees can refer to financial websites such as CEF Connect at http://www.cefconnect.com/Default.aspx or Yahoo! Finance at http://finance.yahoo.com/ to determine whether an ETF is open-end or closed-end or can contact Compliance for assistance.

**Fiduciary** 

A "fiduciary" generally refers to an individual or entity with the legal authority and duty to make decisions regarding financial matters on behalf of the other party. Fiduciaries are required to act prudently and solely in the interest of a beneficiary or plan. For example, in instances where AMGF has investment discretion, AMGF is acting as a fiduciary.

**Immediate Family** 

For purposes of the Code, "Immediate Family" means any child, stepchild, foster child, grandchild, parent, stepparent, grandparent, spouse, domestic or civil partner, significant other, brother, sister, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law sharing the same household (including adoptive relationships) as well as any related or unrelated individual whose investments are controlled by the Employee or any individual to whose financial support an Employee materially contributes. Trustee or custodial accounts in which the Employee has a financial interest, and other accounts or over which an Employee has investment discretion, also are considered "Immediate Family" accounts.

**Initial Public Offering** 

An Initial Public Offering ("IPO") is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

**Limited Offering** 

A Limited Offering, sometimes referred to as a "private placement", reflects a security offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

**Reportable Account** 

A Reportable Account is any account held by an Employee or their Immediate Family at a broker, dealer or bank that holds or may hold a Reportable Security or Reportable Fund.

**Reportable Fund** 

A Reportable Fund is any fund for which AMGF serves as investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940 or any fund whose investment adviser or principal underwriter controls AMGF, is controlled by AMGF, or is under common control with AMGF. Compliance maintains the current list of Reportable Funds.

**Reportable Security** 

A Reportable Security means a security as defined in Section 202(a)(18) of the Investment Advisers Act of 1940 ("Advisers Act"), except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements;

For Internal Use Only - AMG Funds LLC A-2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by money market funds (including AMG Funds money market funds (if applicable)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by open-end funds other than Reportable Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

**Security** 

Section 202(a)(18) of the Advisers Act defines a "security" as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

For Internal Use Only - AMG Funds LLC A-3

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**Exhibit B - Initial and Annual Holdings Certification Form** 

**AMG FUNDS LLC** 

**Initial and Annual Holdings Report Certification** 

---

| |
|:---|
|  **Hire Date** *(Initial Certification Only):* |
| **Year Ending:** |
| **Holdings as of:** |

---

I certify that I have received, read, understand, and agree to abide by AMGF's *Code of Ethics*. I recognize that the Policies and Procedures described herein apply to me and agree to comply in all respects. I certify that I have reported all brokerage accounts and statements required to be reported under the *Code*. I also understand that AMGF will take appropriate disciplinary actions against me for violating such Policies as well as in the event of any other legal violations. Furthermore, I understand that any violation of the *Code of Ethics* may lead to serious sanctions, including dismissal from AMGF.

***Please check the appropriate box. If applicable, please attach your statements. It may be appropriate to check both the First and Second boxes if you hold accounts or securities where Compliance does not receive a regular account statement (e.g., limited offerings, IPOs, or a former 401(k) account).***

**As of month, /year-end date:** 

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I owned Reportable Securities\*. Copies of all my statements are already submitted to Compliance.** 

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I owned Reportable Securities\*. I have attached the statement(s) for the period ending _______ [date].** 

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I did not own any Reportable Securities\*.** 

*\** *See AMGF's Code of Ethics for the definition of 'security' and 'Reportable Security'.* 

**As of ________________________, the following reflects any brokers, dealers or banks at which I held <u>any securities</u> for my direct or indirect benefit.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Print Name** 

_________________________________ _________________________

**Signature Date** 

For Internal Use Only - AMG Funds LLC B-1

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**Exhibit C – Special Request Form – Personal Securities Transaction Approval** 

**EMPLOYEE NAME: __________________________________________________** 

**DATE OF REQUEST: _________________________________________________** 

☐ **Request Due to Special Circumstances** *(e.g., estate liquidation, home purchase, or financial hardship)* 

☐ **Request for Approval of Initial Public Offering**<sup>1</sup> **or Limited Offering**<sup>2</sup> 

☐ **Request Due to Technical Difficulty with Personal Trading & Certification System** 

**TYPE OF SECURITY** 

☐ Stock ☐ Option ☐ Closed-End ETF <br> ☐ Bond ☐ Closed-End Fund ☐ Other:______________

**TRANSACTION DETAIL** 

---

| | |
|:---|:---|
| Security Name | |
| CUSIP/Ticker | |
| Number of Shares/Par Value | |
| Broker, Dealer or Bank Name | |
| Account Name | |
| Account Number | |
| Transaction Requested | ☐ Buy ☐ Sell |

---

**REASON FOR REQUEST** 

**APPROVAL *(Granted only for date approved)*** 

---

| |
|:---|
| Compliance Approval |
| Date Approved |

---

<sup>1</sup> ***Initial public offering*** *means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.* 

<sup>2</sup> ***Limited offering*** *means securities offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.* 

For Internal Use Only - AMG Funds LLC C-1

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**Exhibit D – Personal Securities Pre-Clearance/Reporting Requirements** 

**You Must Pre-Clear *and* Report the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Depository Receipts (ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds (including Corporate Bonds and Government Agency Bonds, but Excluding Direct Obligations of the U.S.
Government)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds/Closed-End ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in Oil or Gas Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited Offerings<sup>3</sup>, Limited Partnership Interests, or
Limited Liability Company Interests (including those pertaining to hedge funds or private equity funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options and Futures (Including options on ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights or Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock Futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock grants/options on company securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

**You Must Report (but Not Pre-Clear) the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Actions (splits, tender offers, mergers, stock dividends, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-End Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Purchase Plan Acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Funds

**You Do Not Need to Pre-Clear or Report the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds that are Direct Obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Investment Plans (e.g., Employee Stock Ownership (ESOP) Plan or Dividend Reinvestment Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' Acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Quality Short-Term Debt Instruments (including repurchase agreements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-End Mutual Funds other than Reportable Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UITs) invested in one or more open-end funds
(other than Reportable Funds)

***The preceding may not include all securities types and is subject to change.***

<sup>3</sup> ***Limited offering*** *means a security offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.* 

For Internal Use Only - AMG Funds LLC D-1

## Ex-99.(T)

Exhibit (t)

<u>POWER OF ATTORNEY</u> 

Effective as of March 19, 2026, each of the persons whose name appears below hereby severally constitutes and appoints each of Keitha L. Kinne, Thomas Disbrow and Mark J. Duggan and each of them singly, with full powers of substitution and resubstitution, his or her true and lawful attorney, with full power to sign for him or her, and in his or her name and in the capacities indicated below with respect to AMG BBH Asset-Backed Credit Fund, LLC (the "Fund"), any one or more Registration Statements of the Fund on Form N-2 in connection with the registration of the Fund under the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), including specifically (but without limiting the generality of the foregoing) all amendments to any such Registration Statement, any and all supplements, or other instruments in connection therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and territories, and generally to do all such things in his or her name and on his or her behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act and the 1940 Act and all related requirements of the Securities and Exchange Commission and of the appropriate state and territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Date** |
| /s/ Jill R. Cuniff | Director | 3/19/2026 |
|  Jill R. Cuniff |  |  |
| /s/ Kurt A. Keilhacker | Director | 3/19/2026 |
|  Kurt A. Keilhacker |  |  |
| /s/ Peter W. MacEwen | Director | 3/19/2026 |
|  Peter W. MacEwen |  |  |
| /s/ Eric Rakowski | Director | 3/19/2026 |
|  Eric Rakowski |  |  |
| /s/ Victoria L. Sassine | Director | 3/19/2026 |
|  Victoria L. Sassine |  |  |
| /s/ Garret W. Weston | Director | 3/19/2026 |
|  Garret W. Weston |  |  |

---

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| | | |
|:---|:---|:---|
|  /s/ Keitha L. Kinne<br> Keitha L. Kinne | President, Chief Executive Officer,<br> Principal Executive Officer and<br> Chief Operating Officer | 3/19/2026 |
|  /s/ Thomas Disbrow<br> Thomas Disbrow | Treasurer,<br> Principal Financial Officer and<br> Principal Accounting Officer | 3/19/2026 |

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