# EDGAR Filing Document

**Accession Number:** 0001995940
**File Stem:** 0001193125-26-251460
**Filing Date:** 2026-6
**Character Count:** 965385
**Document Hash:** 35599647a8bad251bb795a60d8fdcf8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251460.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251460

**CONFORMED SUBMISSION TYPE**: 486APOS

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Pantheon Credit Solutions Fund
- **CENTRAL INDEX KEY:** 0001995940

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

**FILING VALUES:**
- **FORM TYPE:** 486APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23904
- **FILM NUMBER:** 261051060

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 800-548-4539

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Pantheon Credit Solutions Fund
- **CENTRAL INDEX KEY:** 0001995940

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

**FILING VALUES:**
- **FORM TYPE:** 486APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-274875
- **FILM NUMBER:** 261051059

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 800-548-4539

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**As filed with the Securities and Exchange Commission on June 1, 2026** 

**1933 Act File No. 333-274875** 

**1940 Act File No. 811-23904** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-2** 

**REGISTRATION STATEMENT** 

**UNDER** 

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| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 2** | ☒ |

---

**and** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE INVESTMENT COMPANY ACT OF 1940** 

---

| | |
|:---|:---|
| **Amendment No. 6** | ☒ |

---

## AMG PANTHEON CREDIT SOLUTIONS FUND
**(Exact Name of Registrant as Specified in Charter)** 

**680 Washington Boulevard, Suite 500** 

**Stamford, CT 06901** 

**(Address of Principal Executive Offices)** 

**800-548-4539** 

**(Registrant's Telephone Number)** 

**Mark J. Duggan** 

**AMG Funds LLC** 

**680 Washington Boulevard, Suite 500** 

**Stamford, CT 06901** 

**(Name and Address of Agent for Service)** 

**Copy to:** 

**Gregory C. Davis** 

**Ropes & Gray LLP** 

**One Maritime Plaza, Suite 1800** 

**300 Clay Street** 

**San Francisco, CA 94111** 

***and***

**Pantheon Ventures (US) LP** 

**11 Times Square, 35<sup>th</sup> Floor** 

**New York, NY 10036** 

**APPROXIMATE DATE OF COMMENCEMENT 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.

☒ 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) of the Securities Act

*The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act*:

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☒ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

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: ☐.

☐ 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: ☐.

☐ 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: ☐.

Check each box that appropriately characterizes the Registrant:

☒ 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).

☒ 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.

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

------

**AMG Pantheon Credit Solutions Fund** 

**PROSPECTUS** 

**Class S Shares: PCSZX** 

**Class I Shares: PCSJX** 

**Class M Shares: PCSBX** 

**[July 31, 2026]** 

AMG Pantheon Credit Solutions Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, non-diversified management investment company. The Fund operates as an "interval fund". The Fund continuously offers its shares of beneficial interest ("Shares"). The Fund operates under an Agreement and Declaration of Trust dated October 3, 2023 (the "Declaration of Trust"). The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser"). The Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund has elected 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").

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

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

---

<sup>(1)</sup> The minimum initial investment in Class S Shares by any investor is $10,000,000. The minimum initial investment in Class I Shares by any investor is $2,500. The minimum initial investment in Class M Shares by any investor is $2,500. Each of the Adviser or AMG Funds LLC reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. See "Summary of Terms — The Offering." 

<sup>(2)</sup> AMG Distributors, Inc. (the "Distributor") acts as the distributor for the Shares and serves in that capacity on a best efforts basis, subject to various conditions. Pantheon Securities, LLC, a wholly-owned subsidiary of Pantheon Ventures Inc., acts as a sub-distributor for the Shares. 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 Shares. If, however, Class M Shares 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 Share. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Shares or Class S Shares. The Fund is offering on a continuous basis an unlimited number of Shares. See "SUMMARY OF TERMS - The Offering." 

*Investment Objective and Principal Investment Strategy*. The primary investment objective of the Fund is to generate attractive returns through a combination of current income distributions and total return.

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) directly or indirectly in credit securities. For purposes of the Fund's above-referenced policy to invest at least 80% of its assets directly or indirectly in credit securities, the Fund considers credit securities to include private and public credit investments, including corporate loan investments, investments in private credit investment funds (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act ("Private Funds")), U.S. or global high yield securities, bank loans, notes, loan participations and assignments, non-performing loans, convertible

------

securities, preferred securities, private and public business development companies ("BDCs"), mutual funds or exchange traded funds ("ETFs" and together with Private Funds, BDCs and mutual funds, "Underlying Funds") that invest in credit securities, collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), mezzanine debt and distressed securities. The Fund's investment exposure to these assets is implemented through a variety of investment types that include: (i) investments in existing or newly formed Private Funds managed by unaffiliated asset managers; (ii) investments in assets issued by private companies ("Direct Investments"); and (iii) investments alongside Private Funds in assets issued primarily by private companies ("Co-Investments" and, collectively with Private Funds and Direct Investments, "Portfolio Investments"). The Fund's investments will primarily be acquired through privately negotiated transactions from investors in Portfolio Investments and/or in connection with the restructuring of a Private Fund or Co-Investment ("Secondary Transactions"); and may also be made through primary commitments to newly formed Private Funds or special purpose vehicles structured to invest in Co-Investments ("Primary Commitments"). Cash and short term securities held in support of unfunded capital commitments to Underlying Funds that invest in credit securities will be counted towards satisfying the Fund's 80% policy. The Fund may hold a significant portion of its assets in cash and short term securities in support of unfunded capital commitments. See "INVESTMENT OBJECTIVE AND STRATEGIES."

**The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment. See "PRINCIPAL RISK FACTORS" BEGINNING ON PAGE [27].** 

*Offering of Shares*. This prospectus (the "Prospectus") applies to the public offering of shares of beneficial interest ("Shares") of the Fund, designated as Class S Shares, Class I Shares and Class M Shares. The Shares will be offered in a continuous offering.

The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the Shares. The Shares 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 fees, as described herein. The Shares will be issued at net asset value per Share. The minimum initial investment in Class S Shares, Class I Shares and Class M Shares by any investor is $10,000,000, $2,500 and $2,500, respectively. However, each of the Adviser or AMG Funds LLC reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. (see "SUMMARY OF TERMS – The Offering"). No holder of Shares (each, a "Shareholder") will have the right to require the Fund to redeem its Shares. 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 Investment Company Act) of not less than 5% nor more than 25% of the Fund's outstanding Shares on the repurchase request deadline. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase (generally 5% of the outstanding Shares), the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund (see "OFFERS TO REPURCHASE" beginning on page [65] and "REPURCHASE PROCEDURE" beginning on page [66]).

The Distributor acts as the distributor for the Shares and serves in that capacity on a best efforts basis, subject to various conditions. The Distributor may engage one or more sub-distributors. The Distributor has appointed Pantheon Securities, LLC, a wholly-owned subsidiary of Pantheon Ventures Inc., as a sub-distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SHARES ARE SPECULATIVE AND ILLIQUID INVESTMENTS INVOLVING SUBSTANTIAL RISKS OF LOSS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund does not intend to list the Shares on any securities exchange and the Fund does not anticipate a secondary market for the Shares to develop.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should generally not expect to be able to sell your Shares (other than through the limited repurchase process) regardless of how the Fund performs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should consider that you may not have access to the money you invest for an indefinite period of time.** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **An investment in the Shares is not suitable for you if you have a foreseeable need to access the money you invest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The amount of distributions that the Fund may pay, if any, is uncertain.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund may pay distributions in significant 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 shareholders.** 

&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).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**See "PRINCIPAL RISK FACTORS."** 

This Prospectus concisely provides 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 (the "SAI"), dated [July 31, 2026], as it may be further revised or supplemented from time to time, has been filed with the SEC. You may request a free copy of this Prospectus, the SAI, annual and semi-annual reports, and other information about the Fund, and make inquiries without charge by writing to the Fund, c/o AMG Funds LLC, 1 (800) 548-4539 or 680 Washington Boulevard, Suite 500, Stamford, CT 06901. The SAI is incorporated by reference into this Prospectus in its entirety. You may also obtain copies of the SAI, and the annual and semi-annual reports of the Fund, as well as other information about the Fund on the SEC's website (sec.gov). The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

**None of the SEC, the Commodity Futures Trading Commission, or any state securities commission has approved or disapproved the Fund's Shares 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 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.

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. Shares 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.

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 [July 31, 2026].

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [SUMMARY OF TERMS](#pro121788_1) | 5.0 |
|  [SUMMARY OF FUND EXPENSES](#pro121788_2) | 12.0 |
|  [FINANCIAL HIGHLIGHTS](#pro121788_3) | 15.0 |
|  [PRIVACY POLICY](#pro121788_4) | 19.0 |
|  [USE OF PROCEEDS](#pro121788_5) | 19.0 |
|  [THE FUND](#pro121788_6) | 20.0 |
|  [INVESTMENT OBJECTIVE AND STRATEGIES](#pro121788_7) | 20.0 |
|  [USE OF LEVERAGE](#pro121788_8) | 25.0 |
|  [PRINCIPAL RISK FACTORS](#pro121788_9) | 27.0 |
|  [MANAGEMENT OF THE FUND](#pro121788_10) | 54.0 |
|  [INVESTMENT MANAGEMENT AND INCENTIVE FEES](#pro121788_11) | 57.0 |
|  [DISTRIBUTOR](#pro121788_12) | 59.0 |
|  [DISTRIBUTION AND SERVICE PLAN](#pro121788_13) | 61.0 |
|  [ADMINISTRATION](#pro121788_14) | 61.0 |
|  [CUSTODIAN](#pro121788_15) | 61.0 |
|  [TRANSFER AGENT](#pro121788_16) | 61.0 |
|  [FUND EXPENSES](#pro121788_17) | 61.0 |
|  [VOTING](#pro121788_18) | 64.0 |
|  [CONFLICTS OF INTEREST](#pro121788_19) | 64.0 |
|  [OUTSTANDING SECURITIES](#pro121788_20) | 66.0 |
|  [OFFERS TO REPURCHASE](#pro121788_21) | 66.0 |
|  [REPURCHASE PROCEDURE](#pro121788_22) | 67.0 |
|  [DERIVATIVE ACTIONS/EXCLUSIVE FORUM](#pro121788_23) | 68.0 |
|  [TRANSFER OF SHARES](#pro121788_24) | 69.0 |
|  [ANTI-MONEY LAUNDERING](#pro121788_25) | 70.0 |
|  [CALCULATION OF NET ASSET VALUE](#pro121788_26) | 70.0 |
|  [TAXES](#pro121788_27) | 73.0 |
|  [ERISA AND CODE CONSIDERATIONS](#pro121788_28) | 77.0 |
|  [DESCRIPTION OF SHARES](#pro121788_29) | 78.0 |
|  [PURCHASING SHARES](#pro121788_30) | 78.0 |
|  [TERM, DISSOLUTION AND LIQUIDATION](#pro121788_31) | 79.0 |
|  [REPORTS TO SHAREHOLDERS](#pro121788_32) | 79.0 |
|  [FISCAL YEAR](#pro121788_33) | 79.0 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#pro121788_34) | 80.0 |
|  [INQUIRIES](#pro121788_35) | 81.0 |

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**AMG PANTHEON CREDIT SOLUTIONS FUND** 

**SUMMARY OF TERMS** 

This is only a summary and does not contain all of the information that a prospective investor should consider before investing in AMG Pantheon Credit Solutions Fund (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 Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, non-diversified management investment company. The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser").<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 Investment Company Act) of not less than 5% nor more than 25% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares 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 Shares tendered by each Shareholder.<br>Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.<br>This Prospectus describes three classes of shares of beneficial interest ("Shares") designated as Class S Shares, Class I Shares and Class M Shares (each a "Class of Shares"). In the future, other classes of Shares may be registered. The Fund has received an exemptive order from the Securities and Exchange Commission ("SEC") with respect to the Fund's multi-class structure.<br>The Fund (but not the Subsidiaries, as such term is defined below) has elected 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"), which generally requires that, at the end of each quarter: (1) at least 50% of the Fund's total assets are invested in (i) cash and cash items (including receivables), Federal Government securities and securities of other regulated investment companies; and (ii) securities of separate issuers, each of which amounts to no more than 5% of the Fund's total assets (and no more than 10% of the issuer's outstanding voting shares), and (2) no more than 25% of the Fund's total assets are invested in (i) securities (other than Federal Government securities or the securities of other regulated investment companies) of any one issuer; (ii) the securities (other than the securities of other regulated investment companies) of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses; or (iii) the securities of one or more qualified publicly traded partnerships. |

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| | |
|:---|:---|
| **Investment Objective and Strategies** | The primary investment objective of the Fund is to generate attractive returns through a combination of current income distributions and total return. There is no assurance that the Fund will achieve its investment objective.<br>Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) directly or indirectly in credit securities. For purposes of the Fund's above-referenced policy to invest at least 80% of its assets directly or indirectly in credit securities, the Fund considers credit securities to include private and public credit investments, including corporate loan investments (as defined below), investments in private credit investment funds (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act ("Private Funds")), U.S. or global high yield securities, bank loans, notes, loan participations and assignments, non-performing loans, convertible securities, preferred securities, private and public business development companies ("BDCs"), mutual funds or exchange traded funds ("ETFs" and together with Private Funds, BDCs and mutual funds, "Underlying Funds") that invest in credit securities, collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), mezzanine debt and distressed securities. The Fund's investment exposure to these assets is implemented through a variety of investment types that include: (i) investments in existing or newly formed Private Funds managed by unaffiliated asset managers; (ii) investments in assets issued by private companies ("Direct Investments"); and (iii) investments alongside Private Funds in assets issued primarily by private companies ("Co-Investments" and, collectively with Private Funds and Direct Investments, "Portfolio Investments"). The Fund's investments will primarily be acquired through privately negotiated transactions from investors in Portfolio Investments and/or in connection with the restructuring of a Private Fund or Co-Investment ("Secondary Transactions"); and may also be made through primary commitments to newly formed Private Funds or special purpose vehicles structured to invest in Co-Investments ("Primary Commitments"). Cash and short term securities held in support of unfunded capital commitments to Underlying Funds that invest in credit securities will be counted towards satisfying the Fund's 80% policy. The Fund may hold a significant portion of its assets in cash and short term securities in support of unfunded capital commitments. See "INVESTMENT OBJECTIVE AND STRATEGIES."<br>The Fund's corporate loan investments may include secured debt (including first lien senior secured, unitranche, and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), including investments in the debt of middle-market companies. The Fund may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities, to the extent permitted by law.<br>It is anticipated that, under normal market conditions, the Fund will primarily invest in North America-domiciled investments, predominantly within the U.S. The Fund also may make European-domiciled investments.<br>The Fund may make investments directly and indirectly through its two subsidiaries that are 100% owned ("Wholly-Owned") by the Fund (each a "Subsidiary" and together, the "Subsidiaries"). Except as otherwise provided, references to the Fund's investments also will refer to each Subsidiary's investments, in each case, for the convenience of the reader.<br>The Fund has obtained an exemptive order from the SEC that permits 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. |

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| | |
|:---|:---|
|  | <br> Except as otherwise indicated, the Fund may change its investment objective and any of its investment 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 without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares.<br>See "INVESTMENT OBJECTIVE AND STRATEGIES." |
| **The Adviser** | Pantheon Ventures (US) LP (the "Adviser") provides day-to-day investment management services to the Fund. Its principal place of business is located at 555 California Street, Suite 3450, San Francisco, CA 94104. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of [ ], it had approximately $[ ] in discretionary assets under management.<br>Affiliated Managers Group, Inc., a publicly-traded company, indirectly owns a majority of the interests of the Adviser. |
| **The Administrator** | The Fund has retained AMG Funds LLC (the "Administrator") to provide it with certain administration, accounting, and investor services for the Fund. The Fund compensates the Administrator for these services. See "FEES AND EXPENSES" below. |
| **Fees and Expenses** | The Fund, and, therefore, its Shareholders, 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. A more detailed discussion of the Fund's expenses can be found under "FUND EXPENSES."<br>*Investment Management Fee*. The Fund pays the Adviser an investment management fee (the "Investment Management Fee") at an annual rate of 1.15%, payable monthly in arrears, accrued daily based upon the Fund's average daily "Managed Assets." See "INVESTMENT MANAGEMENT AND INCENTIVE FEES." 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 Shares in the Fund effective as of that date 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.<br>As the sole investor in each Subsidiary, the Fund bears the investment management fee paid by each Subsidiary to the Adviser in consideration of the advisory and other services provided by the Adviser to each Subsidiary. In consideration for such services, each Subsidiary will pay the Adviser a management fee at an annual rate of 1.15%, payable monthly in arrears, accrued daily based upon such Subsidiary's average daily Managed Assets. Furthermore, in consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the management fee that the Adviser otherwise would have been entitled to receive from the Fund in an amount equal to the investment management fee paid to the Adviser under such Subsidiary's investment management agreement with the Adviser. The management fee is paid to the Adviser out of the assets of the Fund and each Subsidiary and, therefore, decreases the net profits or increases the net losses of the Fund. |

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<br> *Incentive Fee*. In addition to the Investment Management Fee, the Adviser will be entitled to an income incentive fee ("Incentive Fee"), if earned. The Incentive Fee is payable quarterly in arrears based upon "pre-incentive fee net investment income" attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income (inclusive of accrued interest and other non-cash interest features, including OID), dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Management Fee but will exclude the Incentive Fee.<br>The "catch-up" provision is intended to provide the Adviser with an Incentive Fee of 10% on pre-incentive fee net investment income when that class's pre-incentive fee net investment income reaches 1.667% of the class's average daily net asset value (calculated in accordance with GAAP) in any fiscal quarter. See "INVESTMENT MANAGEMENT AND INCENTIVE FEES."<br>For purposes of calculating the Fund's Incentive Fee, each Subsidiary's interest income (inclusive of accrued interest and other non-cash interest features, including original issue discount), dividend income and any other income and each Subsidiary's operating expenses (including, without limitation, the Subsidiary's management fee) and distribution and/or shareholder servicing fees (if any) will be considered in the calculation of the Fund's pre-incentive fee net investment income.<br>*Administration Fee*. In consideration for the services provided, the Fund pays the Administrator a fee based on the average daily net assets of the Fund (the "Administration Fee"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore, decrease the net profits or increase the net losses of the Fund. See "ADMINISTRATION."<br>*Distribution and Service Fees*. The Fund will pay out of its assets an ongoing distribution fee to the Distributor. The Distributor will generally pay substantially all of these ongoing fees to financial intermediaries whose customers hold Shares through an account with the applicable financial intermediary.<br>The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure. Pursuant to such order, the Fund has adopted a Distribution and Service Plan with respect to Class M Shares in compliance with Rule 12b-1 under the Investment Company Act. 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 Shares (the "Distribution and Service Fees"), to the Fund's distributor or other qualified recipients under the Distribution and Service Plan. The Distribution and Service Fee will be paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. For purposes of determining the Distribution and Service Fees only, the value of the Fund's assets will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Service Fees payable. Class I Shares and Class S Shares are not subject to the Distribution and Service Fees.<br>See "DISTRIBUTION AND SERVICE PLAN".<br>

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|:---|:---|
|  | <br> *Expense Limitation and Reimbursement Agreement*. The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund and each of the Fund's two Subsidiaries, whereby the Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund and each Subsidiary (a "Waiver"), if required to ensure the Total Annual Expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.75% of the average daily net assets attributable to the Fund and each Subsidiary (the "Expense Limit"). "Excluded Expenses" is defined to include (a) the management fee and Incentive Fee paid by the Fund and each Subsidiary; (b) fees, expenses, allocations, carried interests, etc. of Private Funds, special purpose vehicles and co-investments in portfolio companies in which the Fund or a Subsidiary may invest; (c) acquired fund fees and expenses of the Fund and any Subsidiary; (d) transaction costs, including legal costs and brokerage commissions, of the Fund and any Subsidiary; (e) interest payments incurred by the Fund or a Subsidiary; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund or a Subsidiary; (g) the Distribution and/or Service Fees (as applicable) paid by the Fund; (h) the shareholder servicing fees (as applicable) paid by the Fund; (i) taxes of the Fund or a Subsidiary; (j) extraordinary expenses of the Fund or a Subsidiary (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; (k) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to a Subsidiary; and (l) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary. 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 offering costs and fees and expenses of Fund Trustees. Because the Excluded Expenses noted above are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 0.75% for a Class of Shares. For a period not to exceed 36 months from the date the Fund or a Subsidiary, as applicable, 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 and such Subsidiary in any year, together with all other expenses of the Fund and such Subsidiary, in the aggregate, would not cause the Fund's total annual operating expenses and such Subsidiary's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Limit that is in effect at the time of such additional payment by the Fund and such Subsidiary. The Expense Limitation and Reimbursement Agreement will continue for at least one year from the effective date of the Fund's registration statement and will continue thereafter until such time that the Adviser ceases to be the investment manager of the Fund or upon mutual agreement between the Adviser and the Fund's Board. See "FUND EXPENSES." |
| **The Offering** | The minimum initial investment in the Fund by any investor in Class S Shares is $10,000,000. The minimum initial investment in the Fund by any investor in Class I Shares is $2,500. The minimum initial investment in the Fund by any investor in Class M Shares is $2,500. The minimum additional investment in the Fund by any Shareholder is $500. However, each of the Adviser or the Administrator reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund, in the sole discretion of the Adviser or the Administrator, 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. |

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|:---|:---|
|  | <br> The Shares will be offered in a continuous offering through the Fund/SERV electronic ticketing platform. Shares 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 Shares 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 Shares directly through the Distributor or through a registered investment adviser (a "RIA") or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements for investors, 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 Shares. If, however, Class M Shares 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 Share. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Shares or Class S Shares. The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time at the Board's discretion. The Fund is not obligated to sell any Shares to any person or entity. |
| **Distribution Policy** | The Fund intends to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. Such distributions will generally be taxable to Shareholders holding Shares in taxable accounts. A distribution by the Fund potentially may be treated as a return of capital for U.S. federal income tax purposes. A return of capital is not taxable, but it reduces a Shareholder's tax basis in its Shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Shareholder of its Shares.<br>Dividends and capital gain distributions paid by the Fund on the Shares will be reinvested in additional Shares unless a Shareholder opts out (elects not to reinvest in the Shares). 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). Shares 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 Shareholders to reinvest distributions. Distributions are subject to tax whether received in cash or reinvested in additional Shares. |
| **Repurchase of Shares** | As a general matter, on a quarterly basis, the Fund will make repurchase offers, at the per-class net asset value ("NAV"), to repurchase no less than 5% and no more than 25% of the Fund's outstanding Shares. Typically, the Fund will conduct such quarterly repurchase offers for 5% of the Fund's outstanding Shares. |

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|:---|:---|
|  | <br> The time between the notification to shareholders 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"). Information about each quarterly repurchase offer will be made available on the Fund's website at wealth.amg.com. Shares will be repurchased at the per-class NAV per share determined as of the close of business 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 Shares, they must maintain a minimum balance of $2,500 worth of Shares of common stock following a repurchase request. See "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURE." |
| **Exchange of Shares Between Classes** | A Shareholder is permitted to exchange shares between Classes of the Fund, provided that the Shareholder's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the shares of the applicable Class are eligible for sale in the Shareholder's state of residence and that the shares are otherwise available for offer and sale. When an individual Shareholder cannot meet the initial investment requirements of the applicable Class, exchanges of shares from one Class to the applicable Class will be permitted if such Shareholder'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 Shareholder's investment meet the initial investment requirements for the applicable Class. Shareholders will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Shareholders 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 a Shareholder receiving new shares 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 shares will not reduce a Shareholder's interest in the Fund. Shareholders 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. |
| **Borrowing and Leverage** | The Fund may borrow cash for a number of reasons, including without limitation, in connection with its investment activities, to make distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity.<br>The Investment Company Act requires that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed (or an asset coverage requirement of 200% in the case of issuance of preferred shares and/or senior secured notes). Thus, if the Fund and/or a Subsidiary uses a combination of borrowing money and issuing preferred shares and/or senior secured notes, the maximum allowable leverage will be between 33 1/3% (i.e., asset coverage of 300%) and 50% (i.e., asset coverage of 200%) of Managed Assets, which is the maximum extent permitted by the Investment Company Act. The Fund and/or its Subsidiaries are permitted to use the following forms of leverage in combination: (a) reverse repurchase agreements, dollar rolls, derivatives or transactions that have the economic effect of leverage, (b) borrowings from a financial institution, (c) the issuance of preferred shares, and (d) the issuance of senior secured notes. The Fund has entered into a credit agreement, and may enter into one or more additional credit agreements or other similar agreements. |

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|:---|:---|
|  | <br> If and when the Fund or an Underlying Fund employs leverage, there is no assurance that such leveraging strategies will be successful. The use of leverage will increase the volatility of the performance of the underlying investment portfolio and could result in the Fund experiencing greater losses than if leverage was not used. The use of leverage may increase the Management Fee and Incentive Fee paid by the Fund to the Adviser. Leveraging is a speculative technique and there are special risks and costs involved. To the extent the Fund uses leverage and invests in other investments that also use leverage, the risks associated with leverage will be further magnified, potentially significantly. See "USE OF LEVERAGE" and "PRINCIPAL RISK FACTORS – GENERAL RISKS - BORROWING; USE OF LEVERAGE." |
| **Risk Factors** | References in this section to the "Fund" also include each Subsidiary, which share the same risks as the Fund. The Fund is subject to substantial risks — including market risks and strategy risks. The Fund is also subject to the risks associated with the investment strategies employed by the Adviser, which may include credit risks, prepayment risks, valuation risks, and interest rate risks. 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. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Adviser and its affiliates and employees with respect to the management of accounts for other clients as well as the investment of proprietary assets. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested.<br>Accordingly, 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. Past results of the Adviser, its principals, and the Fund are not indicative of future results. Prospective investors should review carefully the "PRINCIPAL RISK FACTORS" section of this Prospectus. |
| **Summary of Taxation** | The Fund has elected to be treated and intends each year to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes its net income and gains to Shareholders each year. See "TAXES." |

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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 Shareholders 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 "INVESTMENT MANAGEMENT AND INCENTIVE FEES," "ADMINISTRATION," "FUND EXPENSES," and "PURCHASING SHARES."

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[To be updated by amendment]

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| | | | |
|:---|:---|:---|:---|
|  | **Class S** | **Class I** | **Class M** |
|  **SHAREHOLDER TRANSACTION EXPENSES:** |  |  |  |
|  Maximum Sales Load (as a percentage of purchase amount)<sup>(1)</sup> |  |  |  |
|  Maximum Early Repurchase Fee (as a percentage of repurchased amount) |  |  |  |
|  **ANNUAL EXPENSES:**<br> **(*As a Percentage of Average Net Assets Attributable to Shares*)** |  |  |  |
|  Investment Management Fee<sup>(2)</sup> | 1.15% | 1.15% | 1.15% |
|  Incentive Fee<sup>(3)</sup> | []% | []% | []% |
|  Distribution and/or Service Fees<sup>(4)</sup> |  |  | 0.75% |
|  Acquired Fund Fees and Expenses<sup>(5)(6)</sup> | []% | []% | []% |
|  Other Expenses<sup>(5), (7)</sup> | []% | []% | []% |
|  Total Annual Expenses | []% | []% | []% |

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<sup>(1)</sup> No Upfront Sales Load will be paid to the Fund or the Distributor with respect to Class M Shares. If, however, Class M Shares 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 Share. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Shares or Class S Shares. 

<sup>(2)</sup> The Investment Management Fee shown is payable in part by the Fund and in part by each Subsidiary. An Investment Management Fee of 1.15% is charged on total Managed Assets, which includes the impact of leverage (excluding the assets attributable to each Subsidiary). Each Subsidiary will pay the Adviser a management fee at the annual rate of 1.15% payable monthly in arrears, accrued daily based upon such Subsidiary's average daily Managed Assets. 

<sup>(3)</sup> The Fund anticipates that it may have interest income that could result in the payment of an Incentive Fee to the Investment Manager during certain periods. However, the Incentive Fee is based on the Fund's performance and will not be paid unless the Fund achieves certain performance targets. The Fund expects the Incentive Fee the Fund pays to increase to the extent the Fund earns greater interest income through its investments. The Incentive Fee is calculated and payable quarterly in arrears in an amount equal to 10% of the Fund's "pre-incentive fee net investment income" attributable to each class of the Fund's Shares for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. See "INVESTMENT MANAGEMENT AND INCENTIVE FEES" for a full explanation of how the Incentive Fee is calculated. 

<sup>(4)</sup> The Fund has received exemptive relief from the SEC that permits the Fund to offer multiple classes of shares. Pursuant to such order, the Fund has also adopted a distribution and service plan for Class M Shares. 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 Shares, determined as of the end of each month. The Distribution and/or Service Fee is paid for distribution and investor services provided to Shareholders (such as responding to Shareholder inquiries and providing information regarding investments in Shares of the Fund; processing purchase, exchange, and redemption requests by beneficial owners of Shares; placing orders with the Fund or its service providers for Shares; providing sub-accounting with respect to Shares beneficially owned by Shareholders; and processing distribution payments for Shares of the Fund on behalf of Shareholders). 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 Shareholders. For purposes of determining the Distribution and/or Service Fee payable to the Distributor for any month, the value of the Fund's assets is calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the Investment Management Fee and any Administration Fee). 

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<sup>(5)</sup> 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, and fees and expenses incurred in connection with the Fund's credit facility. 

<sup>(6)</sup> 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. 

<sup>(7)</sup> The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund and each of the Fund's two Subsidiaries, whereby the Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund and each Subsidiary (a "Waiver"), if required to ensure the Total Annual Expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.75% of the average daily net assets attributable to the Fund and each Subsidiary (the "Expense Limit"). "Excluded Expenses" is defined to include (a) the management fee and Incentive Fee paid by the Fund and each Subsidiary; (b) fees, expenses, allocations, carried interests, etc. of Private Funds, special purpose vehicles and co-investments in portfolio companies in which the Fund or a Subsidiary may invest; (c) acquired fund fees and expenses of the Fund and any Subsidiary; (d) transaction costs, including legal costs and brokerage commissions, of the Fund and any Subsidiary; (e) interest payments incurred by the Fund or a Subsidiary; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund or a Subsidiary; (g) the Distribution and/or Service Fees (as applicable) paid by the Fund; (h) the shareholder servicing fees (as applicable) paid by the Fund; (i) taxes of the Fund or a Subsidiary; (j) extraordinary expenses of the Fund or a Subsidiary (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; (k) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to a Subsidiary; and (l) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary. 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 offering costs and fees and expenses of Fund Trustees. Because the Excluded Expenses noted above are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 0.75% for a Class of Shares. For a period not to exceed 36 months from the date the Fund or a Subsidiary, as applicable, 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 or such Subsidiary in any year, together with all other expenses of the Fund and such Subsidiary, in the aggregate, would not cause the Fund's total annual operating expenses and such Subsidiary's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Limit that is in effect at the time of such additional payment by the Fund and such Subsidiary. The Expense Limitation and Reimbursement Agreement will continue for at least one year from the effective date of the Fund's registration statement and will continue thereafter until such time that the Adviser ceases to be the investment manager of the Fund or upon mutual agreement between the Adviser and the Fund's Board. 

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The purpose of the table above is to assist you in understanding the various costs and expenses you will bear directly or indirectly as a Shareholder 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 NAV and that the percentage amounts listed under annual expenses remain the same in the years shown.

[To be updated by amendment]

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 Shares | $[] | $[] | $[] | $[] |
|  Class I Shares | $[] | $[] | $[] | $[] |
|  Class M Shares | $[] | $[] | $[] | $[] |

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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. See "INVESTMENT MANAGEMENT AND INCENTIVE FEES."

**FINANCIAL HIGHLIGHTS** 

The financial highlights table is intended to help you understand the Fund's financial performance for the past ten fiscal years (or since inception). The information for the fiscal period ended March 31, 2026 is derived from the Fund's financial statements, which have been audited by [ ], the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report to shareholders, which is available upon request.

[To be updated by amendment]

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| | | |
|:---|:---|:---|
|  | **For the fiscal year ended** | **For the fiscal period ended** |
|  | **March 31, 2026** | **March 31, 2025<sup>1</sup>** |
|  **Class M** |  |  |
|  **Net Asset Value, Beginning of Period** | $[] | $10.69 |
|  **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | [] | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | [] | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | [] | 0.12 |
|  **Less Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [] | (0.09) |

---

------

---

| | | |
|:---|:---|:---|
|  **Net Asset Value, End of Period** | $[] | $10.72 |
|  Total Return<sup>3</sup> | []% | 1.1%<sup>4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | []% | 1.68%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | []% | 3.41%<sup>6,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>1</sup> | []% | 3.87%<sup>6</sup> |
|  Portfolio turnover | []% | 0.0%<sup>5,10</sup> |
|  Net assets end of period (000's) omitted | $[] | $101.0 |

---

<sup>1</sup> Commencement of operations was February 3, 2025.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Excludes the effects of any sales charges.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Ratio includes the deferred income tax expense related to the unrealized gain or loss from the Corporate Subsidiary. The ratio of net expenses and gross expenses to average net assets excluding the deferred income tax expense would have been 1.54% and 3.27%, respectively. 

<sup>8</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses.

<sup>9</sup> Ratio does not reflect the annualization of audit fees and organizational costs.

<sup>10</sup> Less than 0.5%. 

------

---

| | | |
|:---|:---|:---|
|  | **For the fiscal year ended** | **For the fiscal period ended** |
|  | **March 31, 2026** | **March 31, 2025<sup>1</sup>** |
|  **Class I** |  |  |
|  **Net Asset Value, Beginning of Period** | $[] | $10.00 |
|  **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2</sup> | [] | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | [] | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | [] | 1.11 |
|  **Less Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [] | (0.41) |
|  **Net Asset Value, End of Period** | $[] | $10.70 |
|  Total Return<sup>3</sup> | []% | 11.17%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | []% | 1.92%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup> | []% | 2.81%<sup>5,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | []% | 3.63%<sup>5</sup> |
|  Portfolio turnover | []% | 0%<sup>4,9</sup> |
|  Net assets end of period (000's) omitted | $[] | $40249 |

---

<sup>1</sup> Commencement of operations was June 3, 2024.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes the deferred income tax expense related to the unrealized gain or loss from the Corporate Subsidiary. The ratio of net expenses and gross expenses to average net assets excluding the deferred income tax expense would have been 1.78% and 2.67%, respectively. 

<sup>7</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses.

<sup>8</sup> Ratio does not reflect the annualization of audit fees and organizational costs.

<sup>9</sup> Less than 0.5%. 

------

---

| | | |
|:---|:---|:---|
|  | **For the fiscal year ended** | **For the fiscal period ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  **Class S** |  |  |
|  **Net Asset Value, Beginning of Period** | $[] | $10.00 |
|  **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | [] | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | [] | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | [] | 1.21 |
|  **Less Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [] | (0.41) |
|  **Net Asset Value, End of Period** | $[] | $10.80 |
|  Total Return<sup>2</sup> | []% | 12.19%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | []% | 1.68%<sup>4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | []% | 2.56%<sup>4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | []% | 3.87%<sup>4</sup> |
|  Portfolio turnover | []% | 0%<sup>3,8</sup> |
|  Net assets end of period (000's) omitted | $[] | $622561 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes the deferred income tax expense related to the unrealized gain or loss from the Corporate Subsidiary. The ratio of net expenses and gross expenses to average net assets excluding the deferred income tax expense would have been 1.54% and 2.42%, respectively. 

<sup>6</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses.

<sup>7</sup> Ratio does not reflect the annualization of audit fees and organizational costs.

<sup>8</sup> Less than 0.5%. 

------

**PRIVACY POLICY** 

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

The Fund may collect nonpublic personal information about Shareholders 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 Shareholders or former Shareholders 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 Shareholder 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 Shareholder 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 a Shareholder or if a Shareholder initiates a request for the Fund to share information with an outside party. All requests by Shareholders must be received in writing from the Shareholder or the Shareholder's authorized representative.

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

**USE OF PROCEEDS** 

The proceeds from the continuous offering of the Fund's Shares, not including the Fund's fees and expenses (including, without limitation, offering expenses not paid by the Adviser), will be invested by the Fund in accordance with the Fund's investment objective and strategies as soon as practicable and not later than six months after receipt, subject to market conditions, the availability of suitable investments, and the extent proceeds are held in cash to pay distributions or expenses, satisfy repurchase offers or for temporary defensive purposes.

Delays in fully investing the Fund's assets may occur, for example, because of the time required to complete certain transactions in corporate loans, and the Adviser's ability to find suitable investments may be delayed. The aforementioned delays may inhibit the Fund from being fully-invested at all times. A delay in the anticipated use of proceeds could lower returns and reduce the Fund's distributions to Shareholders. Pending such use, the Fund may take temporary defensive measures and invest a portion of proceeds in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, municipal bonds, bank accounts, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities and other high-quality debt instruments maturing in one year or less from the time of investment. In addition, subject to applicable law, the Fund may maintain a portion of its assets in cash or short-term securities or money market funds to meet operational needs or to maintain liquidity. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

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**THE FUND** 

The Fund is a non-diversified closed-end management investment company registered under the Investment Company Act of 1940 (the "Investment Company Act"). The Fund continuously offers its Shares and is operated as an "interval fund". The Fund has received exemptive relief from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple Classes of Shares. This prospectus describes three classes of Shares designated as Class S Shares, Class I Shares and Class M Shares.

An investment in the Fund may not be appropriate for all investors. The Fund does not intend to list the Shares on any securities exchange and the Fund does not anticipate a secondary market for the Shares to develop. 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, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. Please see "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURE" for additional information.

The Fund was organized as a Delaware statutory trust and operates under an Agreement and Declaration of Trust dated October 3, 2023 (the "Declaration of Trust"). The Fund's principal office is located at c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

**INVESTMENT OBJECTIVE AND STRATEGIES** 

**INVESTMENT OBJECTIVE** 

The primary investment objective of the Fund is to generate attractive returns through a combination of current income distributions and total return.

Except as otherwise indicated, the Fund may change its investment objective and any of its investment 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 Shares.

**INVESTMENT OPPORTUNITIES, STRATEGIES AND PROCESS** 

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) directly or indirectly in credit securities. This 80% policy may be changed by the Board, upon 60 days' written notice to Shareholders. This notice will be provided in advance of a repurchase offer by the Fund and such repurchase may not be oversubscribed for the change to take effect. For purposes of the Fund's above-referenced policy to invest at least 80% of its assets directly or indirectly in credit securities, the Fund considers credit securities to include private and public credit investments, including corporate loan investments (as defined below), investments in private credit investment funds (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act ("Private Funds")), U.S. or global high yield securities, bank loans, notes, loan participations and assignments, non-performing loans, convertible securities, preferred securities, private and public business development companies ("BDCs"), mutual funds or exchange traded funds ("ETFs" and together with Private Funds, BDCs and mutual funds, "Underlying Funds") that invest in credit securities, collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), mezzanine debt (which is typically subordinate to first lien and second lien debt, and in some cases, may be issued together with an equity security, e.g., with attached warrants) and distressed securities. The Fund's investment exposure to these assets is implemented through a variety of investment types that include: (i) investments in existing or newly formed Private Funds managed by unaffiliated asset managers; (ii) investments in assets issued by private companies ("Direct Investments"); and (iii) investments alongside Private Funds in assets issued primarily by private companies ("Co-Investments" and, collectively with Private Funds and Direct Investments, "Portfolio Investments"). The Fund's investments will primarily be acquired through privately negotiated transactions from investors in Portfolio Investments and/or in connection with the restructuring of a Private Fund or Co-Investment ("Secondary Transactions"); and may also be made through primary commitments to newly formed Private Funds or special purpose vehicles structured to invest in Co-Investments ("Primary Commitments").

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Cash and short term securities held in support of unfunded capital commitments to Underlying Funds that invest in credit securities will be counted towards satisfying the Fund's 80% policy. The Fund may hold a significant portion of its assets in cash and short term securities in support of unfunded capital commitments.

To the extent the Fund has knowledge of the holdings of an Underlying Fund, the Fund will consider the holdings of the Underlying Fund when the Fund determines compliance with its 80% investment policy.

The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments. Most direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities. See "Investment Objective and Strategies – Investment Opportunities, Strategies and Process." The Fund uses a "multi-lender" approach whereby the Adviser partners with a variety of corporate lenders ("Investment Partners") to source investment opportunities for the Fund.

The Fund's corporate loan investments may include secured debt (including first lien senior secured, unitranche, and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), including investments in the debt of middle-market companies. First lien senior secured debt has first claim to any underlying collateral of a loan, second lien debt is secured but subordinated in payment and/or lower in lien priority to first lien holders, and unitranche loans are secured loans that combine both senior and subordinated debt into one tranche of debt, generally in a first lien position. In connection with a corporate loan, the Fund may invest in warrants or other equity securities of borrowers and may receive non-cash income features, including payment in kind ("PIK") interest and original issue discount ("OID"). The Fund may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities, to the extent permitted by law.

It is anticipated that, under normal market conditions, the Fund will primarily invest in North America-domiciled investments, predominantly within the U.S. The Fund also may make European-domiciled investments and may invest, to a lesser extent, directly in other foreign debt and equity securities, including those from emerging markets, issued in both U.S. dollars and foreign currencies.

A portion of the Fund's assets may be invested in cash or cash equivalents; in order to respond to adverse market, economic, political or other conditions, as determined by the Adviser, the Fund may hold a larger position in cash or cash equivalents and reduce its investment in credit investments for temporary defensive purposes. The Fund also may invest in derivatives (such as options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions) for hedging and investment purposes. When the Fund invests in loans and debt securities, the Fund may acquire warrants or other equity securities of borrowers as well. The Fund may also invest in warrants and equity securities directly, including securities of specialty finance companies and companies that employ private debt strategies for all or part of their investment strategy. The Fund's equity holdings may be issued by small-, mid- and large-cap companies.

The Fund may make investments directly or indirectly through its two subsidiaries that are 100% owned ("Wholly Owned") by the Fund (each a "Subsidiary" and together, the "Subsidiaries"). The Subsidiaries are not registered under the Investment Company Act; however, the Fund wholly owns and controls the Subsidiaries. The Board of Trustees of the Fund (the "Board") has oversight responsibility for the investment activities of the Fund, including its investment in each Subsidiary, and the Fund's role as sole direct or indirect shareholder of each 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 "looks through" each Subsidiary to determine compliance with its investment policies. The Adviser serves as the investment adviser to each Subsidiary and complies with Section 15 of the Investment Company Act with respect to advisory contract approval. The Fund complies with Section 8 and Section 18 of the Investment Company Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with each Subsidiary. Each Subsidiary also complies with Section 17 of the Investment Company Act relating to affiliated transactions and custody. The Fund does not currently intend to make investments through a foreign controlled company, but to the extent that the Fund were to make investments through a foreign controlled company in the future, such foreign controlled company and its board of directors would agree to designate an agent for service of process in the United States and to the inspection of its books and records in the United States.

Each Subsidiary has the same investment objective and strategies as the Fund and, like the Fund, is managed by the Adviser. Pursuant to Subchapter M of the Code, the Fund may invest up to 25% of its total assets measured quarterly in the Wholly-Owned subsidiary organized as a Delaware limited liability company that has elected to be treated as a

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corporation for U.S. federal income tax purposes (the "Corporate Subsidiary"). The Fund's investment in the Corporate Subsidiary permits the Fund to pursue its investment objective and strategies in a potentially tax-efficient manner. The Fund may also invest all or a portion of its assets in a second Wholly-Owned subsidiary organized as a Delaware limited liability company that intends to be treated as a disregarded entity for U.S. federal income tax purposes (the "Lead Fund"). The Lead Fund was organized for the purpose of facilitating the Fund's use of a revolving credit facility. Except as otherwise provided, references to the Fund's investments include each Subsidiary's investments for the convenience of the reader.

There is no limit on the duration, maturity or credit quality of any investment in the Fund's portfolio. The Fund may invest in below-investment grade debt securities and non-rated debt securities. These investments could constitute a material percentage of the Fund's holdings at any given point in time. The Fund's allocations among assets will vary over time in response to changing market opportunities. There can be no assurance that the Fund will achieve its investment objective.

The Fund has obtained an exemptive order from the SEC that permits 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.

Except as otherwise indicated, the Fund may change its investment objective and any of its investment 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 without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares.

*MARKET OPPORTUNITY* 

The market for private credit secondaries is large and has been rapidly expanding, driven by: (i) the large size of the private credit asset class and its projected growth outlook; (ii) the increase in investors and investor types allocating to private credit; (iii) the growth in the number of private credit managers and related strategies globally; and (iv) the increasing need for investor liquidity to better manage private markets allocations and portfolios. Global private credit assets under management reached a record level in 2025 of over $2.3 trillion, having grown nearly 300% since 2017, and the Adviser projects it will almost double over the next five years. Active private credit managers have increased from ~330 managers in 2010 to over 2,000 firms across all strategies in 2025. As the overall market size increases, the Adviser expects a greater need for liquidity solutions and portfolio rebalancing, which provides strong tailwinds for future investment activity in credit secondaries. The Adviser believes the current market presents a significant opportunity for private credit secondaries with highly favorable supply / demand dynamics creating attractive investment opportunities.

In 2018, the Pantheon Group<sup>1</sup> was the first asset manager to create a dedicated fund focused on private credit secondaries, and has since raised approximately $17.5 billion in capital from investors for investing in private credit (as of May 2026). Annual deal flow sourced by the Pantheon Group has grown at a ~40% compounded annual growth rate from approximately $5 billion in 2018 to $51 billion in 2025. To date, the Pantheon Group has deployed approximately $15 billion across 230+ credit transactions, with over $5 billion deployed in 2025. The Pantheon Group expects deal flow to continue to grow in-line with that of the broader private credit market.

As of the date of this Prospectus, the Adviser expects deal flow within credit secondaries to be driven by strong capital formation in private credit and the increased acceptance of secondary solutions. The Adviser is currently seeing an increased focus by GPs seeking to: (i) address specific LP requests for liquidity; (ii) wrap up legacy funds that reach term limits; (iii) reduce balance sheet exposure; (iv) seed/accelerate new fund launches; and (v) reduce fund/platform complexity. GP liquidity solutions have several positive attributes from the Adviser's perspective, especially in the current investing environment, including the ability to: (i) be diligent and select a high quality, lower-risk portfolio; (ii) customize and negotiate bespoke fund terms and active governance/portfolio management mechanics; and (iii) increase GP alignment beyond market norms.

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Capital (Asia) Limited, Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Singapore) Pte. Ltd., Pantheon Ventures (Ireland) DAC and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. 

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The Adviser believes that investing in private credit secondaries offers a number of attractive benefits to investors: potential discount to existing investment valuations at entry; high visibility into funded portfolios of private credit assets; the potential for immediate yield; attractive borrower credit quality; shorter investment durations and efficient recycling; and enhanced diversification (by company, industry, vintage year, credit strategy and private credit manager). Credit secondaries also benefit from attractive risk-mitigating benefits including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower leverage/loan-to-value and/or superior credit quality entry points vs a newly originated loan at inception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to select or omit select loan positions to enhance overall performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price adjustments that are aligned with current / anticipated fair market value trends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional clarity/transparency on portfolio company financial performance with seasoned loans, with potentially
reduced EBITDA add-backs and adjustments.

*FUND'S TARGET INVESTMENT PORTFOLIO.* It is anticipated that, under normal market conditions, the Fund will primarily have exposure to North America-domiciled investments, predominantly within the U.S. The Fund also may make European-domiciled investments and, to a lesser extent, may invest directly in other foreign debt and equity securities, including those from emerging markets. The Fund's Underlying Fund allocation will consist of both funded and unfunded capital commitments.

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| | |
|:---|:---|
| **<u>Asset Allocation</u>**<br> **Investment Type** | **% of Managed Assets** |
|  Secondary Transactions | 55% to 80% |
|  Direct Investments/Co-Investments | 20% to 45% |
|  **Geographic Region** |  |
|  North America | 70% to 90% |
|  Europe | 10% to 30% |

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*OVERVIEW OF INVESTMENT PROCESS.* The Adviser and its personnel use a range of strategies and resources to source, identify and evaluate prospective Portfolio Investments. The Adviser sources Portfolio Investments from deep and long-standing relationships developed from a broad and extensive network of investment constituents and partners. The Adviser's relationships include private credit asset managers, origination platforms, private equity asset managers, regional/commercial banks, investment banks, insurance companies, financial intermediaries, limited partners of funds (such as corporate and public pension plans) and other parties. The Adviser's Private Credit investment team, based in New York and London, currently manages investing relationships with approximately 110+ private credit asset managers globally (~$17.5 billion of capital raised) and has sourced over $200 billion of investment opportunities since 2018. The Adviser's broader platform consists of 142 investment professionals, 780+ institutional investor relationships, 2,000+ general partner relationships across all asset classes, over 680 advisory board seats and 14 offices around the world. 

The Adviser's investment process focuses on selecting high quality private credit assets with top credit managers; utilizing an intensive and rigorous underwriting and due diligence investment framework; leveraging the investment team's and Adviser's expertise, relationships and information advantages; and employing conservative risk management strategies and policies. The Adviser incorporates both bottom-up asset and top-down portfolio analyses in the investment evaluation process, which is designed to identify opportunities with attractive absolute and risk-adjusted returns while protecting capital and securing downside protection through adequate diversification and portfolio construction. The Adviser's investment team, with oversight from the Adviser's Global Credit Committee ("GCC"), seeks to identify the relevant strengths and weaknesses of each potential investment while employing appropriate portfolio and risk management practices to seek to achieve target investment performance.

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During the due diligence process, the Adviser reviews, among other things, offering documents, financial statements, regulatory filings, loan tapes including historical asset level performance as well as loan instrument pricing and related information, facility agreements of underlying loans and client/management team correspondence. The Adviser will select Portfolio Investments based on a variety of qualitative and quantitative criteria, including the Adviser's analysis of an investment opportunity's actual and projected cash flows resulting from detailed assumptions and sensitivities around projected loss rates and duration, as well as an assessment of an asset manager's reputation, experience, competitive advantages, team and track record of performance during various time periods and market cycles. The Adviser's due diligence process typically encompasses loan level quantitative analyses using its proprietary database to compare manager performance and assess differences across various metrics (e.g., underlying loan performance, attribution, risk, etc.). The Adviser may also review a range of underlying transactions (case studies) to evaluate an asset manager's credit underwriting, deal flow quality, and risk tolerance, among other factors.

The Adviser's due diligence on Portfolio Investments (particularly Direct Investments or Co-Investments) may examine some or all of the following attributes, along with other factors: (i) transaction dynamics such as deal rationale, use of proceeds and co-investment rationale; (ii) borrower credit profile, including credit metrics, size of the borrower, resiliency of business model, market position, industry fundamentals and relative value assessment; (iii) historical financial performance, future projections, growth assumptions, free cash flow generation, de-leveraging profile and key financial credit metrics; (iv) legal considerations including the strength of the credit structure and related documentation; (v) performance track record of the investment partner; and (vi) private equity sponsor experience and track record.

The Adviser also interacts regularly with senior personnel of asset managers and those associated with Portfolio Investments. This interaction facilitates not only the sourcing and identification of attractive investment opportunities but also ongoing portfolio management and analysis, which assists in risk management and potential performance improvement. It also provides ongoing due diligence feedback, as additional investments, secondary investments, and co-investments with a particular asset manager are considered. The Adviser may also perform background and reference checks on personnel associated with Portfolio Investments.

After making a Portfolio Investment, and as part of its ongoing diligence process, the Adviser will seek to: track operating information and other pertinent details; participate in periodic conference calls with Portfolio Investment personnel and onsite visits where appropriate; review audited and unaudited reports; and monitor performance generally. In conjunction with the due diligence process, the tax treatment and legal terms of investments are also considered.

*OTHER INFORMATION REGARDING INVESTMENT STRATEGY.* The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. During such times, the Adviser may determine that a large portion of the Fund's assets should be invested in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, municipal bonds, bank accounts, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities and other high-quality debt instruments maturing in one year or less from the time of investment. In these and in other cases, the Fund may not achieve its investment objective. The Adviser may invest the Fund's cash balances in any investments it deems appropriate. 

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") may vary from year to year. The portfolio turnover rate will not be a limiting factor when the Adviser deems portfolio changes appropriate. In certain circumstances, the Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund.

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*ALLOCATION OF INVESTMENT OPPORTUNITIES.* 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 performance-based fees (e.g., incentive fees and/or carried interest) as compensation for its advisory services. Incentive fees and 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 performance-based fees or to clients whose governing documents contain less restrictive terms regarding timing of performance-based fee distributions. In theory, the Adviser also has an incentive to allocate investment opportunities to clients that pay a fee 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.

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. The Adviser takes steps to reasonably ensure all clients are treated in a fair and equitable manner, and mitigates allocation-related risks by leveraging an internal portfolio strategy team and an allocation committee. The allocation committee approves the policies and procedures used in constructing the allocations, audits the construction of allocation recommendations and opines on questions relating to prospective allocations. Notwithstanding the foregoing, there can be no assurances that the Fund will participate in all investment opportunities consistent with the Fund's investment objective and strategy that comes to the Adviser's attention.

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 (including other investment vehicles and accounts managed or advised by a Pantheon entity, referred to herein as "Pantheon Funds"), the Adviser will have excess capacity for a transaction for which it may look to other persons, including syndication partners or investors in Pantheon 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.

*AFFILIATED TRANSACTIONS*. The Fund has obtained exemptive relief from the SEC permitting the Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser or its affiliates, subject to certain terms and conditions.

**USE OF LEVERAGE** 

**IN GENERAL** 

The Fund has entered into a credit agreement, and may enter into one or more additional credit agreements or other similar agreements, negotiated on market terms (each, a "Borrowing Transaction") with one or more banks or other financial institutions which may or may not be affiliated with the Adviser (each, a "Financial Institution") as chosen by the Adviser and approved by the Board. The Fund may borrow under a credit facility for a number of reasons, including without limitation, in connection with its investment activities, to make quarterly income distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity. To

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facilitate such Borrowing Transactions, the Fund may pledge its assets to a Financial Institution. If and when the Fund or an Underlying Fund employs leverage, there is no assurance that such leveraging strategies will be successful. The use of leverage will increase the volatility of the performance of the underlying investment portfolio and could result in the Fund experiencing greater losses than if leverage was not used. Leveraging is a speculative technique and there are special risks and costs involved. The use of leverage may increase the Management Fee and any Incentive Fee paid by the Fund to the Adviser. To the extent the Fund uses leverage and invests in other investments that also use leverage, the risks associated with leverage will be further magnified, potentially significantly. See "PRINCIPAL RISK FACTORS – GENERAL RISK—BORROWING; USE OF LEVERAGE."

The costs associated with any issuance and use of leverage will be borne by the Shareholders and result in a reduction of the NAV of the Shares. Such costs may include legal fees, audit fees, structuring fees, commitment fees and a usage (borrowing) fee. In addition, the Borrowing Transactions in which the Fund may incur may be secured by mortgaging, pledging or otherwise subjecting as security the assets of the Fund.

Certain types of Borrowing Transactions may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Generally, covenants to which the Fund may be subject include affirmative covenants, negative covenants, financial covenants, and investment covenants. An example of an affirmative covenant would be one that requires the Fund to send its annual audited financial report to the lender. An example of a negative covenant would be one that prohibits the Fund from making any amendments to its fundamental policies. An example of a financial covenant is one that would require the Fund to maintain a 3:1 asset coverage ratio. An example of an investment covenant is one that would require the Fund to limit its investment in a particular asset class. The Fund may need to liquidate its investments when it may not be advantageous to do so in order to satisfy such obligations or to meet any asset coverage and segregation requirements (pursuant to the Investment Company Act or otherwise). As the Fund's portfolio will be substantially illiquid, any such disposition or liquidation could result in substantial losses to the Fund.

The terms of the Fund's Borrowing Transactions may also contain provisions which limit certain activities of the Fund, including the payment of dividends to Shareholders in certain circumstances, and the Fund may be required to maintain minimum average balances with the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of Borrowing Transaction over the stated interest rate. In addition, certain types of Borrowing Transactions may involve the rehypothecation of the Fund's securities. Furthermore, the Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term corporate debt securities or preferred stock issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act, as described below. It is not anticipated that these covenants or guidelines will impede the Adviser from managing the Fund's portfolio in accordance with the Fund's investment objective and policies. Any Borrowing Transaction will likely be ranked senior or equal to all other existing and future Borrowing Transactions of the Fund. The leverage utilized by the Fund would have complete priority upon distribution of assets over the Shares.

Under the requirements of the Investment Company Act, the Fund, immediately after any Borrowing Transaction, must have an "asset coverage" of at least 300% (33- 1/3% of total assets). With respect to such Borrowing Transaction, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the Investment Company Act), bears to the aggregate amount of such borrowing represented by senior securities issued by the Fund. Also under the Investment Company Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance the value of the Fund's total assets is at least 200% of the liquidation value of the outstanding preferred stock (i.e., the liquidation value may not exceed 50% of the Fund's total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Shares unless, at the time of such declaration, the value of the Fund's total assets is at least 200% of such liquidation value. If preferred stock is issued, the Fund intends, to the extent possible, to purchase or redeem its preferred stock from time to time to the extent necessary in order to maintain coverage of any preferred stock of at least 200%. In addition, as a condition to obtaining ratings on the preferred stock, the terms of any preferred stock issued are expected to include asset coverage maintenance provisions which will require the redemption of the preferred stock in the event of non-compliance by the Fund and also may prohibit dividends and other distributions on the Shares in such circumstances. In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would cause the Fund to incur related transaction costs and could result in capital losses to the Fund. Prohibitions on dividends and other distributions on the Shares could impair the Fund's ability to qualify as a regulated investment company under the Code.

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The rights of lenders to the Fund to receive interest on and repayment of principal of any Borrowing Transactions will likely be senior to those of the Shareholders. Further, the Investment Company Act grants, in certain circumstances, to certain lenders to the Fund certain voting rights in the event of default in the payment of interest on or repayment of principal. In the event that such provisions would impair the Fund's status as a regulated investment company under the Code, the Fund, subject to its ability to liquidate its portfolio, intends to repay the Borrowing Transactions. If the Fund has preferred shares outstanding, two of the Fund's trustees will be elected by the holders of preferred shares as a class. The remaining trustees of the Fund will be elected by holders of Shares and preferred shares voting together as a single class. In the event the Fund failed to pay dividends on preferred shares for two years, the holders of the preferred shares would be entitled to elect a majority of the trustees of the Fund.

The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.

*Derivatives Transactions*. On October 28, 2020, the SEC adopted Rule 18f-4 under the Investment Company Act providing for the regulation of the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "Limited Derivatives User," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the Investment Company Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements, tender option bonds or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements, tender option bonds or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4 as a Limited Derivative User.

**PRINCIPAL RISK FACTORS** 

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 NAV may decrease. **An investment in the Fund involves substantial risks, including the risk that the entire amount invested may be lost.** References in this section to the "Fund" also include each Subsidiary, which shares the same risks as the Fund.

**INVESTMENT RELATED RISKS – STRATEGY SPECIFIC INVESTMENT RELATED RISKS** 

In addition to the risks generally described in this Prospectus, the following are some of the specific risks of the investment strategy:

*CREDIT SECURITIES.* Under normal market conditions, the Fund expects to primarily invest directly or indirectly in debt and debt-related securities. One of the fundamental risks associated with such investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund's return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund invests becomes unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

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*DEFAULT RISK.* The ability of the Fund to generate income through its loan investments is dependent upon payments being made by the borrower underlying such loan investments. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan.

A portion of the loans in which the Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third-party and will not be backed by any governmental authority. The Fund may need to rely on the collection efforts of third-parties, which also may be limited in their ability to collect on defaulted loans. The Fund may not have direct recourse against borrowers, may not be able to contact a borrower about a loan and may not be able to pursue borrowers to collect payment under loans. To the extent a loan is secured, there can be no assurance as to the amount of any funds that may be realized from recovering and liquidating any collateral or the timing of such recovery and liquidation and hence there is no assurance that sufficient funds (or, possibly, any funds) will be available to offset any payment defaults that occur under the loans. Loans are credit obligations of the borrowers and the terms of certain loans may not restrict the borrowers from incurring additional debt. If a borrower incurs additional debt after obtaining a loan through a platform, the additional debt may adversely affect the borrower's creditworthiness generally, and could result in the financial distress, insolvency or bankruptcy of the borrower. This circumstance would ultimately impair the ability of that borrower to make payments on its loans and the Fund's ability to receive the principal and interest payments that it expects to receive on such loan. To the extent borrowers incur other indebtedness that is secured, the ability of the secured creditors to exercise remedies against the assets of that borrower may impair the borrower's ability to repay its loans, or it may impair a third-party's ability to collect, on behalf of the Fund, on the loan upon default. To the extent that a loan is unsecured, borrowers may choose to repay obligations under other indebtedness (such as loans obtained from traditional lending sources) before repaying an unsecured loan because the borrowers have no collateral at risk. The Fund will not be made aware of any additional debt incurred by a borrower or whether such debt is secured.

If a borrower files for bankruptcy, any pending collection actions will automatically be put on hold and further collection action will not be permitted absent court approval. It is possible that a borrower's liability on its loan will be discharged in bankruptcy. In most cases involving the bankruptcy of a borrower with an unsecured loan, unsecured creditors will receive only a fraction of any amount outstanding on the loan, if anything.

*SECURED DEBT.* Secured debt holds the most senior position in the capital structure of a borrower. Secured debt in most circumstances is fully collateralized by assets of the borrower. Thus, it is generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders. However, there is a risk that the collateral securing the Fund's loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the borrower to raise additional capital. Also, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements. In some circumstances, the Fund's security interest could be subordinated to claims of other creditors. In addition, any deterioration in a borrower's financial condition and prospects, including any inability on its part to raise additional capital, may result in the deterioration in the value of the related collateral. Consequently, the fact that debt is secured does not guarantee that the Fund will receive principal and interest payments according to the investment terms or at all, or that the Fund will be able to collect on the investment should the Fund be forced to enforce its remedies. Moreover, the security for the Fund's investments in secured debt may not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Fund may not have priority over other creditors as anticipated.

Secured debt usually includes restrictive covenants, which must be maintained by the borrower. The Fund may have an obligation with respect to certain senior secured term loan investments to make additional loans, including delayed draw term loans and revolving facilities, upon demand by the borrower. Such instruments, unlike certain bonds, usually do not have call protection. This means that such interests, while having a stated term, may be prepaid, often without penalty. The rate of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a senior loan to be shorter than its stated maturity.

Secured debt typically will be secured by pledges of collateral from the borrower in the form of tangible and intangible assets. In some instances, the Fund may invest in secured debt that is secured only by stock of the borrower or its Subsidiaries or affiliates. The value of the collateral may decline below the principal amount of the senior secured term loans subsequent to an investment by the Fund.

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*SECOND LIEN AND SUBORDINATED LOANS.* The Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights the Fund may have with respect to the collateral securing the loans the Fund makes to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund's rights are adversely affected. 

*UNSECURED LOANS.* The Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims generally would rank equally with the unpaid portion of such secured creditors' claims against the borrower's remaining assets, if any. 

*EQUITY INVESTMENTS.* When the Fund invests in loans and debt securities, the Fund may acquire warrants or other equity securities of borrowers as well. The Fund may also invest in warrants and equity securities directly. To the extent the Fund holds equity investments, the Fund will attempt to dispose of them and realize gains upon the disposition of such equity investments. However, the equity interests the Fund receives may not appreciate in value and may decline in value. As a result, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences. 

Warrants are securities that give the holder the right, but not the obligation, to purchase equity securities of the company issuing the warrants, or a related company, at a fixed price either on a certain date or during a set period. The price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer.

*PRIVATE FUNDS RISK.* The Fund may invest in Private Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies and the Private Funds are not limited by the Investment Company Act in how they

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invest their assets. Investments held by the Private Funds may impact the strategies, risks, and costs of and for the Fund. The Fund may not have the same amount of information about the identity, value, or performance of the Private Funds' investments as such Private Funds' managers and Shareholders will have limited information about the Private Funds, including the Private Funds' holdings, liquidity, and valuation. Investments in Private Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the private fund due to poor performance or other reasons. The fees paid by Private Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Fund in addition to the management fees and other expenses paid by the Fund. Private Fund managers will receive any incentive-based allocations or performance fees to which they are entitled irrespective of the performance of the other Private Fund investments and the Fund generally. As a result, a Private Fund with positive performance may receive compensation from the Fund, even if the Fund's overall returns are negative. 

*VALUATION RISK.* Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most of the Fund's investments to trade. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments 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 loans or fixed-income instruments carried on the Fund's books. 

Shareholders should recognize that valuations of illiquid assets involve various judgments and consideration of factors that may be subjective. As a result, the NAV of the Fund, as determined based on the fair value of its investments, may vary from the amount ultimately received by the Fund from its investments. This could adversely affect Shareholders whose Shares are repurchased as well as new Shareholders and remaining Shareholders. For example, in certain cases, the Fund might receive less than the fair value of its investment, resulting in a dilution of the value of the Shares of Shareholders who do not tender their Shares in any coincident repurchase offer and a windfall to tendering Shareholders; in other cases, the Fund might receive more than the fair value of its investment, resulting in a windfall to Shareholders remaining in the Fund, but a shortfall to tendering Shareholders.

*VALUATION OF THE FUND'S INVESTMENT IN PRIVATE FUNDS.* The valuation of the Fund's investments in Private Funds is typically based on valuations provided by the third-party managers to such underlying Private Funds ("Underlying Fund Managers") on a quarterly basis. In addition to quarterly valuations provided by the Underlying Fund Managers, the Fund undertakes daily valuations and the daily issuance of Shares. A significant portion of the Fund's invested securities may lack a readily available market price and, therefore, require fair valuation by the Underlying Fund Manager. In this context, the Adviser may encounter a conflict of interest when valuing these securities, as their value can impact the Adviser'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 Underlying Fund Manager. Additionally, there is no assurance regarding the accuracy of valuations provided by the Underlying Fund Managers, their compliance with internal policies or procedures for record-keeping and valuation, or the stability of their policies, procedures, and systems without prior notice to the Fund. Consequently, it is possible that an Underlying 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 Underlying Fund Manager may be subject to inaccuracy due to fraudulent activity, misvaluation, or inadvertent errors. It is important to note that the Fund may not identify valuation errors for a significant period of time, if at all. 

*VALUATION ADJUSTMENTS IN PRIVATE FUNDS*. The Fund calculates its NAV on a daily basis using the quarterly valuations provided by the Underlying Fund Managers. However, it is important to note that these valuations may not capture market changes or other events that take place after the end of the quarter. The Fund will adjust the valuation of its holdings in investment funds to account for such events, in accordance with its valuation policies. However, it is important to note that there is no guarantee that the Fund will accurately determine the fair value of these

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investments. Furthermore, it is possible that the valuations reported by the Underlying Fund Managers may be subject to subsequent adjustments or revisions. Since such adjustments or revisions to the NAV of the Fund are based on information available only at the time of the adjustment or revision, they may not impact the amount of repurchase proceeds received by Shareholders who had their Shares repurchased before these adjustments occurred. Consequently, if the subsequent adjusted valuations from the Underlying Fund Managers or revisions to the NAV of an investment fund have an adverse impact on the Fund's NAV, the remaining outstanding Shares may be negatively affected due to prior repurchases. This may result in a potential benefit for Shareholders who had their Shares repurchased at a NAV higher than the adjusted amount. Contrarily, any increases in the NAV resulting from such subsequent adjustments may exclusively benefit the outstanding Shares, potentially disadvantaging Shareholders who had previously had their Shares repurchased at a NAV lower than the adjusted amount. These principles also extend to the purchase of Shares, meaning that new Shareholders may be similarly affected.

*LACK OF CONTROL OVER PRIVATE FUNDS AND OTHER PORTFOLIO INVESTMENTS.* Once the Fund has invested in a Private Fund or other Portfolio Investment, the Adviser generally will have no control over the investment decisions made by such investment fund. The Adviser may be constrained by the withdrawal limitations imposed by Portfolio Investments, which may restrict the Fund's ability to terminate investments in Portfolio Investments that are performing poorly or have otherwise had adverse changes. The Adviser will be dependent on information provided by a Private Fund, including quarterly unaudited financial statements, which, if inaccurate, could adversely affect the Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objective and/or the Fund's ability to calculate its net asset value accurately. By investing in the Fund, a Shareholder will not be deemed to be an investor in any investment fund and will not have the ability to exercise any rights attributable to an investor in any such investment fund related to their investment. 

*SMALL AND MIDDLE-MARKET COMPANIES.* Investment in private and small or middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund will rely on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If they are unable to uncover all material information about these companies, they may not make a fully informed investment decision, and the Fund may lose money on its investments. Small and middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, small and middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies in which the Fund invests. Small and middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. 

*PAYMENT IN KIND ("PIK") INTEREST.* To the extent that the Fund invests in loans with a PIK interest component and the accretion of PIK interest constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (iii) the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and (iv) even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan. 

*DIRECT LOANS AND DIRECT LENDING RISK.* Direct loans typically consist of intermediate- to long-term borrowings by companies that are originated directly by lenders typically without the traditional intermediary role of a bank or broker. Traditional direct lenders include insurance companies, business development companies, asset management firms (on behalf of their investors), and specialty finance companies. 

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Direct loans are commonly structured to include fixed payment schedules and extensive contractual rights and remedies. Direct loans generally pay interest on a monthly or quarterly basis, typically with maturities between three and seven years. Direct loans are priced primarily on a floating rate basis, with interest rates calculated on the basis of a fixed interest rate spread over a specified base rate. Consequently, the total rate of interest typically is variable, floating up or down with the specified base rate. U.S. dollar-denominated loans typically reference the Secured Overnight Funding Rate ("SOFR"), which is a median of rates that market participants pay to borrow cash on an overnight basis, using Treasury securities as collateral. Please see "LIBOR Transition & Reference Benchmark Risk" for more information. Relative to the interest spreads on liquid credit asset classes (such as bank loans), the interest spread on direct loans is generally higher, reflecting their lack of liquidity, non-rated status, and level of credit risk equivalent to or greater than that of non-investment grade loans and bonds. Direct loan pricing is influenced by several factors, including the borrower's size, whether the borrower is private equity-backed, the position of the loan in the capital structure, structural considerations, fundamental performance, and general market conditions.

Most direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities. The Adviser does not view ratings as the determinative factor in its investment decisions and relies more upon its credit analysis abilities than upon ratings. Borrowers may have outstanding debt obligations that are rated below investment grade by a rating agency. Direct loans often are collateralized by a security interest against some or all of the borrower's tangible and intangible assets, although some direct loans are unsecured.

To the extent the Fund is the sole lender in privately offered debt, it may be solely responsible for the expense of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (e.g., the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Fund compared to syndicated or publicly offered debt.

*DIRECT ORIGINATION RISK.* A significant portion of the Fund's investments may be originated by the Adviser. The results of the Fund's operations depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to its Shareholders. In addition, competition for originations of and investments in the Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate desired returns. Also, as a result of this competition, desirable investments in the Fund's target investments may be limited in the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can provide no assurance that the Adviser will be able to identify and make investments that are consistent with its investment objective. 

*"COVENANT-LITE" LOANS RISK.* Although many of the Fund's loan investments are expected to include both incurrence and maintenance-based covenants, there may be instances in which the Fund invests in covenant-lite loans, which means the obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's revenues, net income and NAV. 

*INTEREST RATE RISK.* The Fund is subject to the risks of changes in interest rates. While it is expected that the majority of the Fund's investments will be in floating rate loans, some of the Fund's investments may be in fixed rate loans and similar debt obligations. The value of such fixed rate loans is susceptible to general changes in interest rates. A decline in interest rates could reduce the amount of current income the Fund is able to achieve from interest on fixed-income securities and convertible debt. An increase in interest rates could reduce the value of any fixed income securities and convertible securities owned by the Fund. To the extent that the cash flow from a fixed income security is known in advance, the present value (i.e., discounted value) of that cash flow decreases as interest rates increase; to the extent that the cash flow is contingent, the dollar value of the payment may be linked to then prevailing interest

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rates. Moreover, the value of many fixed income securities depends on the shape of the yield curve, not just on a single interest rate. Thus, for example, a callable cash flow, the coupons of which depend on a short term rate, may shorten (i.e., be called away) if the long rate decreases. In this way, such securities are exposed to the difference between long rates and short rates. These risks will generally be greater in a rising interest rate environment. Markets have recently experienced increased volatility, which may be due to the impact of historically high inflation and rising interest, resulting in potentially adverse effects to the value and/or liquidity of certain of the Fund's investments. 

The Fund expects to invest the majority of its assets in variable and floating rate securities, which are generally less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. When the Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund's Shares.

Interest rates in the United States and many other countries have risen in recent periods. The U.S. Federal Reserve and other central banks may continue to increase interest rates or, alternatively, decrease them as inflationary and market conditions change. To the extent the Fund borrows money to finance its investments, the Fund's performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund's cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund's financial condition and results of operations.

In addition, a decline in the prices of the debt the Fund owns could adversely affect the Fund's NAV. Changes in market interest rates could also affect the ability of operating companies in which the Fund invests to service debt, which could materially impact the Fund in which the Fund may invest, thus impacting the Fund.

*LIBOR TRANSITION & REFERENCE BENCHMARK RISK.* LIBOR had been used extensively in the U.S. and globally as a "benchmark" or "reference rate" for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Fund invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Fund and issuers of instruments in which the Fund invests may have also historically obtained financing at floating rates based on LIBOR. The underlying collateral of CLOs in which the Fund invests have also paid interest at floating rates based on LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop (e.g., the SOFR for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remain residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined. 

SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For

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these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform under the European Union ("EU") regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom ("UK") law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that the relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

*EXTENSION RISK.* Rising interest rates tend to extend the duration of long-term, fixed rate securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. 

*PREPAYMENT RISK.* When interest rates decline, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in the Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund. 

*REINVESTMENT RISK.* Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio's current earnings rate. For instance, during periods of declining interest rates, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, forcing the Fund to invest in lower-yielding securities. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons. A decline in income received by the Fund from its investments is likely to have a negative effect on dividend levels, NAV and/or overall return of the Fund's Shares. 

*INFLATION/DEFLATION RISK.* Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund's portfolio could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio. During periods of rising inflation, the borrowing costs associated with the Fund's use of leverage would likely increase, which may increase Fund expenses and reduce shareholder returns. 

*ILLIQUID PORTFOLIO INVESTMENTS.* The Fund is expected to invest in securities that are subject to legal or other restrictions on transfer or for which no liquid market exists. The market prices, if any, for such securities may be volatile and the Fund may not be able to sell them when the Adviser desires to do so or to realize what the Adviser perceives to be their fair value in the event of a sale. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over the counter markets. Restricted securities may sell at prices that are lower than similar securities that are not subject to restrictions on resale.

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Investors acquiring direct loans hoping to recoup their entire principal must generally hold their loans through maturity. Direct loans may not be registered under the Securities Act of 1933, as amended (the "Securities Act") and are not listed on any securities exchange. Accordingly, those loan investments may not be transferred unless they are first registered under the Securities Act and all applicable state or foreign securities laws or the transfer qualifies for an exemption from such registration. A reliable secondary market has yet to develop, nor may one ever develop for direct loans and, as such, these investments should be considered illiquid. Until an active secondary market develops, the Fund intends to primarily hold its direct loans until maturity. The Fund may not be able to sell any of its direct loans even under circumstances when the Adviser believes it would be in the best interests of the Fund to sell such investments. In such circumstances, the overall returns to the Fund from its direct loans may be adversely affected. Moreover, certain direct loans may be subject to certain additional significant restrictions on transferability. Although the Fund may attempt to increase its liquidity by borrowing from a bank or other institution, its assets may not readily be accepted as collateral for such borrowing.

*LENDER LIABILITY CONSIDERATIONS AND EQUITABLE SUBORDINATION.* A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower, or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability. 

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

*PARTICIPATION ON CREDITORS' COMMITTEES AND BOARDS OF DIRECTORS.* The Adviser or its affiliates, on behalf of the Fund or of other funds or accounts it manages, may participate on committees formed by creditors to negotiate with the management of financially troubled companies that may or may not be in bankruptcy. The Adviser may also seek to negotiate directly with debtors with respect to restructuring issues. In the situation where a representative of the Adviser chooses to join a creditors' committee, the representative would likely be only one of many participants, each of whom would be interested in obtaining an outcome that is in its individual best interest. There can be no assurance that the representative would be successful in obtaining results most favorable to the Fund in such proceedings, although the representative may incur significant legal fees and other expenses in attempting to do so. As a result of participation by the representative on such committees, the representative may be deemed to have duties to other creditors represented by the committees, which might thereby expose the Fund to liability to such other creditors who disagree with the representative's actions. In addition, if the Adviser acquires material non-public confidential information about any issuer as a result of participation by the representative on such committees, the Fund may be restricted from purchasing securities or selling certain securities of such issuer. 

*NEED FOR FOLLOW-ON INVESTMENTS.* Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as "follow-on" investments, including exercising warrants, options or convertible securities that were acquired in the original or subsequent financing; in seeking to: (i) increase or maintain in whole or in part the Fund's position as a creditor or the Fund's equity ownership percentage in a portfolio company; or (ii) preserve or enhance the value of the Fund's investment. The Fund has discretion to make follow-on investments, subject to the availability of capital resources. Failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of an underlying portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, the Adviser may elect not to make a follow-on investment because the Adviser may not want to increase the Fund's level of risk or because the Adviser prefers other opportunities for the Fund. 

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*HIGH YIELD DEBT.* The Fund may invest in high yield debt. A substantial portion of the high yield debt in which the Fund may invest are rated below investment-grade by one or more nationally recognized statistical rating organizations or are unrated but of comparable credit quality to obligations rated below investment-grade, and have greater credit and liquidity risk than more highly rated debt obligations. Lower-rated securities may include securities that have the lowest rating or are in default. High yield debt is generally unsecured and may be subordinate to other obligations of the obligor. The lower rating of high yield debt reflects a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Many issuers of high yield debt are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of high yield debt may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. High yield debt may be more susceptible to real or perceived adverse economic and individual corporate developments than would investment grade debt securities. Certain of these securities may not be publicly traded, and therefore, it may be difficult to accurately value certain portfolio securities and to obtain information as to the true condition of the issuers. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities. Because investment in high yield debt involves greater investment risk, achievement of the Fund's investment objective will be more dependent on the Adviser's analysis than would be the case if the Fund were investing in higher quality debt securities.

High yield debt is often issued in connection with leveraged acquisitions or recapitalizations in which the issuers incur a substantially higher amount of indebtedness than the level at which they had previously operated. High yield debt has historically experienced greater default rates than has been the case for investment-grade securities. The Fund may also invest in equity securities issued by entities with unrated or below investment-grade debt.

High yield debt may also be in the form of zero-coupon or deferred interest bonds, which are bonds that are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero-coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. Such investments experience greater volatility in market value due to changes in the interest rates than bonds that provide for regular payments of interest.

Investing in lower-rated securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities, including a high degree of credit risk. Lower-rated securities may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers/issues of lower-rated securities may be more complex than for issuers/issues of higher quality debt securities. Securities that are in the lowest rating category are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default and/or to be unlikely to have the capacity to pay interest and repay principal. The secondary markets on which lower-rated securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading markets could adversely affect and cause large fluctuations in the value of the Fund's portfolio. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated securities, especially in a thinly traded market.

The use of credit ratings as the sole method of evaluating lower-rated securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of lower-rated securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was rated.

*PREFERRED SECURITIES.* The Fund may invest in preferred securities. There are various risks associated with investing in preferred securities, including credit risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting

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rights and special redemption rights. Interest rate risk is, in general, the risk that the price of a debt security falls when interest rates rise. Securities with longer maturities tend to be more sensitive to interest rate changes. Credit risk is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. Holders of preferred securities may not receive dividends, or the payment can be deferred for some period of time. In bankruptcy, creditors are generally paid before the holders of preferred securities.

*CONVERTIBLE SECURITIES.* The Fund may invest in convertible securities. Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Convertible securities are similar to fixed-income securities because they usually pay a fixed interest rate (or dividend) and are obligated to repay principal on a given date in the future. The market value of fixed-income and preferred securities tends to decline as interest rates increase and tends to increase as interest rates decline. Convertible securities have characteristics of a fixed-income security and are particularly sensitive to changes in interest rates when their conversion value is lower than the value of the bond or preferred share. Fixed-income and preferred securities also are subject to credit risk, which is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. In addition, the Fund may invest in fixed-income and preferred securities rated less than investment grade that are sometimes referred to as high yield. These securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality securities. Fixed-income and preferred securities also may be subject to prepayment or redemption risk. If a convertible security held by the Fund is called for redemption, the Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash or sell it to a third-party at a time that may be unfavorable to the Fund. Such securities also may be subject to resale restrictions. The lack of a liquid market for these securities could decrease the Fund's share price. Convertible securities with a conversion value that is the same as the value of the bond or preferred share have characteristics similar to common stocks. The price of equity securities may rise or fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.

*BANK LOANS.* The Fund may invest in loans originated by banks and other financial institutions. These loans may include term loans and revolving loans, may pay interest at a fixed or floating rate and may be senior or subordinated. Special risks associated with investments in bank loans and participations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) so-called lender-liability claims by the issuer of the obligations, (iii) environmental liabilities that may arise with respect to collateral securing the obligations, (iv) the risk that bank loans may not be securities and therefore may not have the protections afforded by the federal securities laws, and (v) limitations on the ability of the Fund to directly enforce its rights with respect to participations. Successful claims in respect of such matters may reduce the cash flow and/or market value of the investment. In addition, the bank loan market may face illiquidity and volatility. There can be no assurance that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity or the market will not experience periods of significant illiquidity in the future.

In addition to the special risks generally associated with investments in bank loans described above, the Fund's investments in second-lien and unsecured bank loans will entail additional risks, including (i) the subordination of the Fund's claims to a senior lien in terms of the coverage and recovery from the collateral and (ii) with respect to second-lien loans, the prohibition of or limitation on the right to foreclose on a second-lien or exercise other rights as a second-lien holder, and with respect to unsecured loans, the absence of any collateral on which the Fund may foreclose to satisfy its claim in whole or in part. In certain cases, therefore, no recovery may be available from a defaulted second-lien or unsecured loan. The Fund's investments in bank loans of below investment grade companies also entail specific risks associated with investments in non-investment grade securities.

*LOAN PARTICIPATIONS AND ASSIGNMENTS.* The Fund may acquire interests in loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution

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participating out the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation. A selling institution voting in connection with a potential waiver of a default by a borrower may have interests different from those of the Fund, and the selling institution might not consider the interests of the Fund in connection with its vote. Notwithstanding the foregoing, many participation agreements with respect to loans provide that the selling institution may not vote in favor of any amendment, modification or waiver that forgives principal, interest or fees, reduces principal, interest or fees that are payable, postpones any payment of principal (whether a scheduled payment or a mandatory prepayment), interest or fees or releases any material guarantee or collateral without the consent of the participant (at least to the extent the participant would be affected by any such amendment, modification or waiver). In addition, many participation agreements with respect to loans that provide voting rights to the participant further provide that if the participant does not vote in favor of amendments, modifications or waivers, the selling institution may repurchase such participation at par.

*NON-PERFORMING LOANS.* The Fund may invest in non-performing and sub-performing loans which often involve workout negotiations, restructuring and the possibility of foreclosure. These processes are often lengthy and expensive. In addition, the Fund's investments may include securities and debt obligations of financially distressed issuers, including companies involved in bankruptcy or other reorganization and liquidation proceedings. As a result, the Fund's investments may be subject to additional bankruptcy related risks, and returns on such investments may not be realized for a considerable period of time.

*TRUE SALE FOR CERTAIN INVESTMENTS.* In respect of investments which are purchased from third-parties, such purchases may be set aside by an insolvency court if, for example, (i) the transferor of an asset was insolvent at the time of the transfer; (ii) as a result of the transfer the transferor has become insolvent; or (iii) a transferor has not secured valuable consideration for the transfer of the assets. If such investments are set aside by an insolvency court or similar body, the amount available to the Fund distribution may be reduced.

*BORROWER FRAUD.* The Fund may be directly or indirectly subject to a risk of material misrepresentation or omission on the part of a borrower. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of an existing lender or the Fund to perfect or effectuate a lien on any collateral securing the loan. The Fund cannot guarantee the accuracy or completeness of representations made by and information provided by borrowers.

*FRAUDULENT CONVEYANCE.* Various U.S. federal and state and applicable foreign laws enacted for the protection of creditors may apply to the purchase of underlying investments. In general, if payments on an underlying investment are voidable, whether as fraudulent conveyances or preferences, such payments can be recaptured either from the initial recipient or from subsequent transferees of such payments.

*OTHER INVESTMENT COMPANIES RISK.* The Fund may invest in other investment companies, including BDCs and ETFs. Investments in securities of other investment companies are generally subject to limitations prescribed by the Investment Company Act and its rules, and applicable SEC staff interpretations or applicable exemptive relief granted by the SEC. Such investments subject the Fund to the risks that apply to the other investment company, including market and selection risk, and may increase the Fund's expenses to the extent the Fund pays fees, including investment advisory and administrative fees, charged by the other investment company. The success of the Fund's investment in these securities is directly related, in part, to the ability of the other investment companies to meet their investment objective.

Securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund's leverage risk.

With respect to BDCs, at least 70% of a BDC's investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income at the corporate level, provided the income is distributed to their shareholders and that the BDC complies with the applicable requirements of Subchapter M of the Code. Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain

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public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. Private BDCs are illiquid investments, and there is no guarantee the Fund will be able to liquidate or sell its private BDC investments.

Certain BDCs may use leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC, it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition, a BDC's income may fall if the interest rate on any borrowings of the BDC rises.

To comply with the Investment Company Act, the Adviser may be required to vote shares of a BDC held by the Fund in the same general proportion as shares held by other shareholders of the BDC. Please see "Underlying Fund Risk" above for additional information regarding recent SEC regulations with respect to the Fund's investments in other investment companies.

With respect to ETFs, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

*ASSET BACKED SECURITIES RISK.* Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities, which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.

An investment in subordinated (residual) classes of asset-backed securities is typically considered to be an illiquid and highly speculative investment, as losses on the underlying assets are first absorbed by the subordinated classes. The risks associated with an investment in such subordinated classes of asset-backed securities include credit risk, regulatory risk pertaining to the Fund's ability to collect on such securities and liquidity risk.

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tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches entitled to receive regular installments of principal and interest, other tranches entitled to receive regular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.

Investors in CLOs and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving S&P Global Ratings ("S&P") ratings of A to AAA and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because the loans held in the pool often may be prepaid without penalty or premium, CLOs and CDOs can be subject to higher prepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to the Fund to the extent that the prepaid securities purchased at a market discount from their stated principal amount will have accelerated the recognition of interest income by the Fund, which would be taxed as ordinary income when distributed to the Shareholders. The credit characteristics of CLOs and CDOs also differ in a number of respects from those of traditional debt securities. The credit quality of most CLOs and CDOs depends primarily upon the credit quality of the assets/collateral underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement to such securities.

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

In addition to the typical risks associated with fixed-income securities and asset-backed securities, CLOs and CDOs carry other risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality, or be downgraded by a rating agency; (iii) the Fund may invest in tranches of CLOs and CDOs that are subordinate to other tranches, diminishing the likelihood of payment; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes with the issuer or unexpected investment results; (v) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (vi) the manager of the CLO or CDO may perform poorly.

*STRUCTURED PRODUCTS.* The CLOs and other CDOs in which the Fund may invest are structured products. Holders of structured products bear risks of the underlying assets and are subject to counterparty risk.

The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of assets underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its securities at below-market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.

Certain structured products may be thinly traded or have a limited trading market. CLOs, CDOs and credit-linked notes are typically privately offered and sold. As a result, investments in structured products may be characterized by the Fund as illiquid securities. In addition to the general risks associated with fixed-income securities, structured

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products carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in structured products are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

*MEZZANINE DEBT.* A portion of the Fund's debt investments may be made in certain high yield securities known as mezzanine investments, which are subordinated debt securities that may be issued together with an equity security (e.g., with attached warrants). Those mezzanine investments may be issued with or without registration rights. Mezzanine investments can be unsecured and generally subordinate to other obligations of the issuer. The expected average life of the Fund's mezzanine investments may be significantly shorter than the maturity of these investments due to prepayment rights. Mezzanine 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. They are also generally considered to be subject to greater risk than securities with higher ratings 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. The Fund does not anticipate a market for its mezzanine investments, which can adversely affect the prices at which these securities can be sold. In addition, adverse publicity and investor perceptions about lower-rated securities, whether or not based on fundamental analysis, may be a contributing factor in a decrease in the value and liquidity of those lower-rated securities. Mezzanine securities are often even more subordinated than other high yield debt, as they often represent the most junior debt security in an issuer's capital structure.

*DISTRESSED SECURITIES.* Certain of the companies in whose securities the Fund may invest may be in transition, out of favor, financially leveraged or troubled, or potentially troubled, and may be or have recently been involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. The characteristics of these companies can cause their securities to be particularly risky, although they also may offer the potential for high returns. These companies' securities may be considered speculative, and the ability of the companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic factors affecting a particular industry or specific developments within the companies. Such investments can result in significant or even total losses. In addition, the markets for distressed investment assets are frequently illiquid. Also, among the risks inherent in investments in a troubled issuer is that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Adviser's judgments about the credit quality of a financially distressed issuer and the relative value of its securities may prove to be wrong.

In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied) 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 security in respect to which such distribution was made. Consequently, the Fund will be subject to significant uncertainty as to when, and in what manner, and for what value obligations evidenced by securities of financially distressed issuers will eventually be satisfied (e.g., through a liquidation of the issuer's assets, an exchange offer or plan of reorganization, or a payment of some amount in satisfaction of the obligation). In certain transactions, the Fund may not be "hedged" against market fluctuations, or, in liquidation situations, may not accurately value the assets of the company being liquidated. This can result in losses, even if the proposed transaction is consummated.

*UNDERLYING FUND RISK.* Rule 12d1-4 under the Investment Company Act permits registered investment companies to invest in other funds subject to certain conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most multi-tier fund structures.

In addition to the "STRATEGY SPECIFIC INVESTMENT RELATED RISKS" described herein, investments in Underlying Funds present the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Higher and Duplicative Fees</u>. The Fund will incur higher and duplicative expenses, including advisory fees,
when it invests in shares of Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds (such as the use of derivatives). The ETFs in which the

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Fund invests that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the ETFs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. The shares of listed closed-end funds may also frequently trade at a discount to their NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Reliance on the Managers of Underlying Funds</u>. The success of the Fund will be highly dependent upon the
capabilities of the managers of the Underlying Funds in which the Fund invests. The Fund will generally be a limited partner or shareholder in such Underlying Funds without an ability to participate in their management and control and with limited
ability to transfer its interest in such Underlying Funds. In addition, the Adviser must necessarily rely upon the risk management capabilities and internal controls of managers to the Underlying Funds. For example, the Adviser generally must rely
on the reports prepared by managers to the Underlying Funds, and the audit report in respect of annual financial statements, for purposes of monitoring investments, and the Adviser will not be able to independently verify the transactions and
accounts of such Underlying Funds. The Adviser must also rely on the Underlying Fund's managers' risk management and other internal processes and internal controls to mitigate the risks of fraud. Any inadequacy or failure of the risk
management systems or internal controls of an underlying manager or an Underlying Fund could result in a financial loss in respect of an investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Borrowing in Underlying Funds</u>. The Fund may invest in Underlying Funds that use borrowings to finance
investments or to meet operating expenses. Underlying Funds may also incur leverage that may have material adverse consequences. For example, Underlying Funds may be subject to restrictive financial and operating covenants and leverage may impair
their ability to respond to changing business and economic conditions and to business opportunities. In addition, since any fall in the value of an Underlying Fund's investments is borne by that Underlying Fund, where there is a decline in the
value of such investments, the use of leverage can also result in a greater decrease in the Fund's capital and therefore have a material adverse impact on returns of the Fund. Fund investments in Private Funds are not subject to the Investment
Company Act restrictions on the use of leverage.

*SECONDARY INVESTMENT RISK.* The performance of the Fund's secondary investments will be influenced, in part, by the acquisition price paid, which can be determined through negotiations relying on incomplete or imperfect information. There is a risk that investors who exit a co-investment or an investment fund through a secondary transaction may have access to superior knowledge regarding the value of their investment. As a result, the Fund may end up paying a higher price for a secondary investment compared to what it would have paid if it had the same information. In some circumstances, returns on secondaries will be higher than returns on primaries as a result of secondaries typically being purchased at a discount, and then revalued based on such investment's net asset value. In certain instances, the Fund may acquire certain secondary investments as a portfolio, and in such situations, it may not be feasible for the Fund to selectively exclude investments that the Adviser deems less appealing due to commercial, tax, legal, or other considerations. When the Fund acquires a secondary investment fund, it is typically not empowered to make modifications or amendments to the constituent documents (e.g., limited partnership agreements) of that secondary investment fund. Additionally, the Fund usually does not have the authority to negotiate the economic terms of the interests it is acquiring except with regard to the acquisition price paid which is negotiated directly with and affected to the sellers of such positions, rather than the underlying general partner of said investment fund(s). Furthermore, it is important to note that the costs and resources necessary for investigating the commercial, tax, and legal aspects of secondary investments may be higher compared to those associated with primary investments. When the Fund acquires a secondary investment fund, it may also assume contingent liabilities related to that interest. Specifically, if the seller of the interest has previously received distributions from the relevant secondary investment fund and, subsequently, the secondary investment fund demands the return of any portion of those distributions, the Fund (as the purchaser of the interest) may be obliged to pay an equivalent amount to the secondary investment fund. While the Fund may have the option to seek reimbursement from the seller for any funds paid to the secondary investment fund, there is no guarantee that the Fund would possess such a right or succeed in such a claim.

*COMMITMENT RISK IN FUND INVESTMENTS.* The Fund may hold a significant portion of its assets in cash or short term securities in support of unfunded capital commitments. Capital calls, issued periodically by investment funds that the Fund may own, require the Fund to make additional contributions. However, holding a substantial cash position may have a negative impact on the overall performance of the Fund.

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Failure by the Fund to make timely capital contributions towards its unfunded capital commitments may have various consequences. It could impair the Fund's ability to pursue its investment program, necessitate borrowing, subject the Fund and Shareholders to penalties imposed by the investment funds (including complete loss of the Fund's investment), or otherwise devalue the Fund's investments and relationships with Underlying Fund Managers.

*DERIVATIVE INSTRUMENTS.* The Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, if the Fund is owed an amount as a result of the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

On October 28, 2020, the SEC adopted Rule 18f-4 under the Investment Company Act providing for the regulation of a registered investment company's use of derivatives and certain related instruments. Rule 18f-4 imposes limits on the amount of derivatives and other transactions a fund can enter into, eliminates the asset segregation framework that had been used by funds to comply with Section 18 of the Investment Company Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund intends to qualify as a Limited Derivative User under Rule 18f-4, and therefore, it is required to limit its derivatives exposure (excluding Derivatives Transactions (as defined below) used to hedge certain currency or interest rate risks) to 10% of net assets, and to maintain written policies and procedures reasonably designed to manage its derivatives risk. Should the Fund no longer qualify as a Limited Derivative User in the future, it would be required to establish and maintain a comprehensive derivative risk management program and appoint a derivative risk manager, as required by Rule 18f-4. Rule 18f-4 could restrict the Fund's ability to engage in certain Derivatives Transactions and/or increase the costs of Derivatives Transactions, which could adversely affect the value or performance of the Fund.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision").

The derivatives markets are subject to various forms of regulatory oversight. Global regulations require most derivatives to be margined and reported, require certain derivatives to be cleared and in some cases also traded on an exchange, impose business conduct requirements on counterparties, and impose other regulatory requirements that impact derivatives markets. These requirements or additional future regulation of the derivatives markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity of derivatives, and may impose

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limits or restrictions on the counterparties with which the Fund engages in derivative transactions. In the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations or realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the United Kingdom, the European Union and various other jurisdictions. Such regimes provide governmental authorities broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, in the United Kingdom and the European Union, governmental authorities could reduce, eliminate, or convert to equity the liabilities of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

In addition, the Commodity Futures Trading Commission ("CFTC"), certain foreign regulators and various exchanges have established (and continue to evaluate and revise) speculative position limits, referred to as "position limits", on the maximum net long or net short positions that any person or entity may hold or control in certain particular futures or options contracts. Additionally, 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. Thus, even if the Fund or an Underlying Fund does not intend to exceed applicable position limits, it is possible that positions of different clients managed by the Adviser and its affiliates or by the Underlying Fund Manager and its affiliates may be aggregated for this purpose. It is possible that the trading decisions of the Adviser or of the Underlying Fund Managers may have to be modified and that positions held by the Fund or the Underlying Funds may have to be 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 has claimed the relief provided to fund-of-funds operators pursuant to CFTC No-Action Letter 12-38 and is therefore not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund. For the Adviser to remain eligible for the relief, the Fund must comply with certain limitations, including limits on its 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 objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return.

*FOREIGN INVESTMENTS.* Foreign securities may be issued and traded in foreign currencies. As a result, changes in exchange rates between foreign currencies may affect their values in U.S. dollar terms. For example, if the value of the U.S. dollar goes up, compared to a foreign currency, a loan payable in that foreign currency will go down in value because it will be worth fewer U.S. dollars. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. The Fund may employ hedging techniques to minimize these risks, but the Fund can offer no assurance that the Fund will, in fact, hedge currency risk or that, if the Fund does, such strategies will be effective.

The political, economic, and social structure of some foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases. A government may take over assets or operations of a company or impose restrictions on the exchange or export of currency or other assets. Some countries also may have different legal systems that may make it difficult for the Fund to vote proxies, exercise stockholder rights, and pursue legal remedies with respect to foreign investments. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Fund's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and to take into account with respect to the Fund's investments in foreign securities. Brokerage commissions and other fees generally are higher for foreign securities. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the United States. The procedures and rules governing foreign transactions and custody (holding of the Fund's assets) may involve delays in payment, delivery or recovery of money or investments. Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies, and some countries may lack uniform accounting and auditing standards. Thus, there

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may be less information publicly available about foreign companies than about most U.S. companies. Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities. This means the Fund may at times be unable to sell foreign securities at favorable prices. Dividend and interest income from foreign securities may be subject to withholding taxes by the country in which the issuer is located, and the Fund may not be able to pass through to its Shareholders foreign tax credits or deductions with respect to these taxes.

The Fund may invest in foreign securities of issuers in so-called "emerging markets" (or less developed countries). Such investments are particularly speculative and entail all of the risks of investing in foreign securities but to a heightened degree. "Emerging market" countries generally include all countries in the following regions: Asia (excluding Japan), Eastern Europe, the Middle East, Africa and Latin America, or such countries as reasonably determined by the Adviser from time to time. Emerging markets generally have less developed trading markets and exchanges, thus securities of issuers in emerging and developing markets may be more difficult to sell at acceptable prices and may show greater price volatility than securities of issuers in more developed markets. Settlements of securities trades in emerging and developing markets may be subject to greater delays than in other markets so that the Fund might not receive the proceeds of a sale of a security on a timely basis. Investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody and the imposition of exchange controls (including repatriation restrictions). Since emerging markets generally have less developed legal systems, the legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited. In addition, emerging markets countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. There may be significant differences between financial statements prepared in accordance with an emerging market's accounting standards as compared to financial statements prepared in accordance with international accounting standards. Consequently, the quality of certain foreign audits may be unreliable, which may require enhanced procedures, and the Fund may not be provided with the same level of protection or information as would generally apply in developed countries, potentially exposing the Fund to significant losses. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from substantial economic, political and social disruptions.

*CURRENCY RISK.* The Fund may engage in practices and strategies that will result in exposure to fluctuations in foreign exchange rates, in which case the Fund will be subject to foreign currency risk. The Fund's Shares are priced in U.S. dollars and the distributions paid by the Fund to Shareholders are paid in U.S. dollars. However, a portion of the Fund's assets may be denominated directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

Currency rates in foreign (non-U.S.) countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, rates of inflation, balance of payments and governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign (non-U.S.) governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These fluctuations may have a significant adverse impact on the value of the Fund's portfolio and/or the level of Fund distributions made to Shareholders. The Fund intends to hedge exposure to reduce the risk of loss due to fluctuations in currency exchange rates relative to the U.S. dollar. There is no assurance, however, that these strategies will be available or will be used by the Fund or, if used, that they will be successful. As a result, the Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund.

Currency risk may be particularly high to the extent that the Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. These currency transactions may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) currencies or engaging in foreign currency transactions that are economically tied to developed foreign countries.

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*INVESTMENTS IN CASH, CASH-EQUIVALENT INVESTMENTS OR MONEY MARKET FUNDS.* A portion of the Fund's assets may be invested in cash, cash-equivalent investments or money market funds when, for example, other investments are unattractive, to provide a reserve for anticipated obligations of the Fund or for other temporary purposes. Although such a practice may assist in the preservation of capital, the assumption of cash positions may also impact overall investment return. Cash investment practices of the Fund may be expected, therefore, to affect total investment performance of the Fund. Although a money market fund seeks to preserve a $1.00 per share NAV, it cannot guarantee it will do so. The sponsor of a money market fund has no legal obligation to provide financial support to the money market fund and investors in money market funds should not expect that the sponsor will provide support to a money market fund at any time.

RIC-RELATED RISKS OF INVESTMENTS GENERATING NON-CASH TAXABLE INCOME. Certain of the Fund's investments will require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in loans and other debt instruments that will be treated as having "market discount" and/or OID for U.S. federal income tax purposes. Because the Fund may 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. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of 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 may realize additional gain or loss on such liquidations. In the event the Fund realizes additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than they would in the absence of such transactions.

Instruments that are treated as having OID for U.S. federal income tax purposes may have unreliable valuations because their continuing accruals require judgments about the collectability of the deferred payments and the value of any collateral. Loans that are treated as having OID generally represent a significantly higher credit risk than coupon loans. Accruals on such instruments may create uncertainty about the source of Fund distributions to Shareholders. OID creates the risk of non-refundable cash payments to the Adviser based on accruals that may never be realized. In addition, the deferral of payment-in-kind interest also reduces a loan's loan-to-value ratio at a compounding rate.

*UNCERTAIN TAX TREATMENT.* The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may 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 will be addressed by the Fund to the extent necessary in connection with the Fund's intention to distribute sufficient income each tax year to minimize the risk that it becomes subject to U.S. federal income or excise tax. If the treatment of these instruments prevents the Fund from complying with the requirements for qualifying as a RIC under the Code, the Fund may become subject to U.S. federal or excise tax, which would reduce a Shareholder's return on investment.

*WAREHOUSE INVESTMENT RISK.* The Fund may invest in (i) CLOs, (ii) CDOs, and (iii) warehouses, which are financing structures created prior to and in anticipation of CLO or CDO closings and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles ("Warehouses"). To finance the acquisition of a Warehouse's assets, a financing facility (a "Warehouse Facility") is often opened by (i) the entity or affiliates of the entity that will become the collateral manager of the CLO or CDO upon its closing and/or (ii) third-party investors that may or may not invest in the CLO or CDO. The period from the date that a Warehouse is opened and asset accumulation begins to the date that the CLO or CDO closes is commonly referred to as the "warehousing period." In practice, investments in Warehouses ("Warehouse Investments") are structured in a variety of legal forms, including subscriptions for equity interests or subordinated debt investments in SPVs that obtain a Warehouse Facility secured by the assets acquired in anticipation of a CLO or CDO closing.

A Warehouse Investment generally bears the risk that (i) the warehoused assets (typically senior secured corporate loans) will drop in value during the warehousing period, (ii) certain of the warehoused assets default or for another reason are not permitted to be included in a CLO or CDO and a loss is incurred upon their disposition, and (iii) the anticipated CLO or CDO is delayed past the maturity date of the related Warehouse Facility or does not close at all, and, in either case, losses are incurred upon disposition of all of the warehoused assets. In the case of (iii), a particular CLO or CDO may not close for many reasons, including as a result of a market-wide material adverse change, a manager-related material adverse change or the discretion of the manager or the underwriter.

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There can be no assurance that a CLO or CDO related to Warehouse Investments will be consummated. In the event a planned CLO or CDO is not consummated, investors in a Warehouse (which may include the Fund) may be responsible for either holding or disposing of the warehoused assets. Because leverage is typically used in Warehouses, the potential risk of loss may be increased for the owners of Warehouse Investments. This could expose the Fund to losses, including in some cases a complete loss of all capital invested in a Warehouse Investment.

The Warehouse Investments represent leveraged investments in the underlying assets of a Warehouse. Therefore, the value of a Warehouse Investment is often affected by, among other things, (i) changes in the market value of the underlying assets of the Warehouse; (ii) distributions, defaults, recoveries, capital gains, capital losses and prepayments on the underlying assets of the Warehouse; and (iii) the prices, interest rates and availability of eligible assets for reinvestment. Due to the leveraged nature of a Warehouse Investment, a significant portion (and in some circumstances all) of the Warehouse Investments made by the Fund may not be repaid.

**INVESTMENT RELATED RISKS – GENERAL INVESTMENT RELATED RISKS** 

*WHOLLY-OWNED SUBSIDIARIES RISK*. By investing in the Subsidiaries, the Fund is indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Fund's investments. Neither Subsidiary is registered under the Investment Company Act, but each Subsidiary complies with certain sections of the Investment Company Act (e.g., it has entered into an investment management agreement with the Adviser that contains the provisions required by Section 15(a) of the Investment Company Act (including the requirement of annual renewal), has an eligible custodian or otherwise meets the criteria of Section 17(f) of the Investment Company Act, and, together with the Fund on a consolidated basis, complies with the provisions of Section 8 of the Investment Company 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 is subject to the same policies and restrictions as the Fund as they relate to the investment portfolio. The Fund owns 100% of, and controls, each Subsidiary, which, like the Fund, is 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 manages 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.

*MARKET RISK.* An investment in shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

*ECONOMIC RECESSION OR DOWNTURN RISK.* Many of the Fund's investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund's non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund's portfolio and a decrease in the Fund's revenues, net income and NAV. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund's operating results.

*GENERAL ECONOMIC CONDITIONS AND RECENT MARKET EVENTS.* The success of the Fund's investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. The value of your investment could go up or down depending on market conditions and other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic. These factors may affect the level and volatility of securities prices and

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the liquidity of investments held by the Fund. Unexpected volatility or illiquidity could impair the Fund's profitability or result in losses. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

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 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 (and such an agreement on financial services may never be concluded). 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 are assimilated into UK law and continue to apply in the UK; however, the UK government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that apply in the UK, with a view to those laws being replaced by purely domestic legislation. The process of revoking EU laws and replacing them with bespoke UK laws has already begun. 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.

International war or conflicts (including Russia's invasion of Ukraine and the Israel-Hamas war) and geopolitical events in foreign countries, along with instability in regions such as Asia, Eastern Europe and the Middle East, possible terrorist attacks in the United States or around the world, and other similar events could adversely affect the U.S. and foreign financial markets. As a result, whether or not the Fund invests in securities located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted.

New or escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts, and others around the world, are impossible to predict but could continue to be significant. Market disruption caused by these conflicts, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence ("AI"), including machine learning technology and generative AI, may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of the Fund's holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

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Interest rates in the United States and many other countries have risen in recent periods and may continue to rise in the future. See "Interest Rate Risk" below for more information. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. Adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Fund or issuers in which the Fund invests.

*RISKS OF SECURITIES ACTIVITIES.* The Fund will invest and trade in a variety of different securities, and utilize a variety of investment instruments and techniques. Each security and each instrument and technique involves the risk of loss of capital. While the Adviser will attempt to moderate these risks, there can be no assurance that the Fund's investment activities will be successful or that the Shareholders will not suffer losses.

*COUNTERPARTY RISK.* Many of the markets in which the Fund effects its transactions are "over the counter" or "inter-dealer" markets. The participants in these markets are typically not subject to credit evaluation and regulatory oversight as are members of "exchange-based" markets. These risks may differ materially from those associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily marking to market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Fund to increased risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such counterparty risk is accentuated in the case of contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating its investments with one counterparty. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties' financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

*SOURCING INVESTMENT OPPORTUNITY RISK.* It cannot be certain that the Adviser will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment strategy. In addition, privately negotiated investments in loans and illiquid securities of private middle-market companies require substantial due diligence and structuring, and the Fund may not be able to achieve its anticipated investment pace. These factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

*COMPETITION FOR ASSETS RISK.* The current lending market in which the Fund participates is competitive and rapidly changing. The Fund may face increasing competition for access to corporate loans and especially direct loans as the lending industry continues to evolve. The Fund may face competition from other institutional lenders such as pooled investment vehicles and commercial banks that are substantially larger and have considerably greater financial and other resources than the Fund. These potential competitors may have higher risk tolerances or different risk assessments than the Fund, which could allow them to consider a wider variety of investments than the Fund and establish relationships with direct lending managers. A direct lending manager may have similar arrangements with other parties, thereby reducing the potential investments of the Fund through such manager. There can be no assurance that the competitive pressures the Fund may face will not erode the Fund's ability to deploy capital. If the Fund is limited in its ability to invest in corporate and/or direct loans, it may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available through investments in corporate and direct loans. If the Fund's access to corporate and/or direct loans is limited, it would also be subject to increased concentration and counterparty risk.

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The direct lending business is highly competitive. Without a sufficient number of new qualified loan requests, there can be no assurances that the Fund will be able to compete effectively for corporate and direct loans with other market participants. General economic factors and market conditions, including the general interest rate environment, unemployment rates, and perceived consumer demand, may affect borrower willingness to seek corporate and/or direct loans and investor ability and desire to invest in such loans.

*DEPENDENCE ON KEY PERSONNEL RISK.* The Adviser may be dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund's investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund's portfolio, and the Fund's performance may lag behind that of similar funds. The Adviser has informed the Fund that its investment professionals are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund, and the performance of the Fund may also depend on the experience and expertise of such individuals.

**GENERAL RISKS** 

*MINIMAL CAPITALIZATION.* The Fund is not obligated to raise any specific amount of capital prior to commencing operations. There is a risk that the amount of capital actually raised by the Fund through the offering of its Shares may be insufficient to achieve profitability or allow the Fund to realize its investment objective. An inability to raise additional capital may adversely affect the Fund's financial condition, liquidity and results of operations, as well as its compliance with regulatory requirements. Further, if the Fund is unable to raise sufficient capital, Shareholders may bear higher expenses due to a lack of economies of scale.

*REPURCHASE OFFERS; LIMITED LIQUIDITY.* 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 Investment Company Act) of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares 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 Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares 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 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 Shares 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 shareholders who do not tender their Shares 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 shareholders to qualify as a RIC or to avoid excise taxes.

A shareholder may be subject to market and other risks, and the NAV of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to shareholders, potentially including shareholders who do not tender any Shares in such repurchase.

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Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares 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 will be sent to Shareholders no more than 42 days and no less than 21 days before the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than the 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 Shareholders 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 a Shareholder tenders all of its Shares (or a portion of its Shares) in connection with a repurchase offer made by the Fund, that tender may not be rescinded by the Shareholder after the Repurchase Request Deadline. Because the NAV applicable to a repurchase is calculated 14 days after the Repurchase Request Deadline, a Shareholder will not know its repurchase price until after it has irrevocably tendered its Shares. See "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURE." Shareholders may be subject to market risk in relation to the tender of their Shares for repurchase because like other market investments, the value of the Fund's Shares 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 Shares.

*DISTRIBUTION POLICY.* The Fund's distribution policy is to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. All or a portion of distribution may consist of a return of capital (i.e., from your original investment) and not a return of net investment income. Shareholders should not assume that the source of a distribution from the Fund is net investment income. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.

*COST OF CAPITAL AND NET INVESTMENT INCOME RISK.* If the Fund uses debt to finance investments, its net investment income may depend, in part, upon the difference between the interest rate at which it borrows funds and the interest rate of investments made using those funds. As a result, a significant change in market interest rates can have a material adverse effect on the Fund's net investment income. In periods of rising interest rates when it has debt outstanding, the Fund's cost of funds will increase, which could reduce the Fund's net investment income. The Fund may use interest rate risk management techniques in an

effort to limit its exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the Investment Company Act. These activities may limit the Fund's ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Fund's business, financial condition and results of operations.

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*NON-DIVERSIFIED STATUS.* The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund's assets, losses suffered by such securities could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. The Fund intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code. See "TAXES."

*GENERAL LEGAL, TAX AND REGULATORY.* Legal, tax and regulatory changes at the federal, state and local levels could occur that may materially adversely affect the Fund. For example, the regulatory environment for leveraged investors is evolving, and changes in the direct or indirect regulation of leveraged investors may materially adversely affect the ability of the Fund to pursue its investment objective or strategies. Increased regulatory oversight and other legislation or regulation could result. Such legislation or regulation could pose additional risks and result in material adverse consequences to the Fund and/or limit potential investment strategies that would have otherwise been used by the Fund in order to seek to obtain higher returns.

Each prospective investor should be aware that developments in the tax laws of the United States or other jurisdictions where the Fund invests could have a material effect on the tax consequences to the Shareholders. In the event of any such changes in law, each Shareholder is urged to consult its own tax advisers.

*DEPENDENCE ON THE ADVISER.* 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. Shareholders will have no right or power to participate in the management or control of the Fund.

*MANAGEMENT RISK.* The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Adviser's judgments about the attractiveness, value and potential appreciation of a particular sector and securities or the financial performance of portfolio companies in which the Fund invests may prove to be incorrect and may not produce the desired results.

*PORTFOLIO TURNOVER.* The Fund may sell securities without regard to the length of time they have been held to take advantage of new investment opportunities, when the Adviser feels either the securities no longer meet its investment criteria or the potential for capital appreciation has lessened, or for other reasons. The Fund's portfolio turnover rate may vary from year to year. A high portfolio turnover rate (100% or more) increases the Fund's transaction costs (including brokerage commissions and dealer costs), which would adversely impact the Fund's performance. Higher portfolio turnover may result in the realization of more short-term capital gains than if the Fund had lower portfolio turnover. The turnover rate will not be a limiting factor, however, if the Adviser considers portfolio changes appropriate.

*LARGE SHAREHOLDER TRANSACTION RISK.* Shares of the Fund may be offered to certain other investment companies, large retirement plans and other large investors. As a result, the Fund is subject to the risk that those Shareholders, or a large number of Shareholders collectively, may purchase or redeem a large amount of Shares of the Fund (collectively, such transactions are referred to as "large Shareholder transactions"). In addition, large purchases of Fund Shares could adversely affect the Fund's performance to the extent that the Fund does not immediately invest cash it receives and therefore holds more cash than it ordinarily would. Large Shareholder transactions could also generate increased transaction costs and cause adverse tax consequences, including acceleration of the realization of taxable income and/or gains to Shareholders. The effects of taxable income and/or gains resulting from large Shareholder transactions would particularly impact non-redeeming Shareholders who do not hold their Fund Shares in an IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains, such gains will generally be taxed at the ordinary income tax rate for Shareholders who hold Fund Shares in a taxable account. While the Fund's structure as an interval fund would limit the impact of significant shareholder repurchase requests, shareholders may receive only a prorated portion of their requested repurchase amount if the Fund's periodic repurchase offers are oversubscribed. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or a share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

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*TAX RISKS.* Special tax risks are associated with an investment in the Fund. The Fund has elected to be treated and intends each year to qualify 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.

Underlying Funds or Co-Investments classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test, described below. In order to meet the 90% gross income test, the Fund may structure its investments in a manner that potentially increases the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount or sources of such an Underlying Fund's or Co-Investment's income until such income has been earned by the Underlying Fund or Co-Investment or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

The Fund intends to invest a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Fund.

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 Shares.

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. These requirements and certain additional tax risks associated with investments in the Fund are discussed in "TAXES" in this Prospectus.

*CYBERSECURITY RISK.* 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 Adviser, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or the Shareholders. For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Fund's ability to calculate its NAV, cause the release of private Shareholder 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, Shareholder ownership of Shares, 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

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the Shareholders could be negatively impacted as a result. The use of 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. 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 Underlying Funds 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 Underlying Funds to lose value.

*OPERATIONAL RISK.* An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

*RELIANCE ON TECHNOLOGIES.* The Fund's business is highly dependent on the communications and information systems of the Adviser. In addition, certain of these systems are provided to the Adviser by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in the Fund's activities. This, in turn, could have a material adverse effect on the Fund's operating results.

\* \* \*

*LIMITS OF RISK DISCLOSURES.* The above discussions relate to various principal risks that are associated with the Fund, its investments and Shares, 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 advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Prospectus.

**In view of the risks noted above, the Fund should be considered a speculative investment and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.** 

**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.** 

**MANAGEMENT OF THE FUND** 

**THE BOARD OF TRUSTEES** 

The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of the Board is and will be persons who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees"). To the extent permitted by the Investment Company Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or service providers. See "MANAGEMENT OF THE FUND" in the Fund's SAI for the identities of the Trustees and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

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**THE ADVISER** 

Pantheon Ventures (US) LP serves as the investment adviser (the "Adviser") of the Fund and is responsible for determining and implementing the Fund's overall investment strategy. The Adviser is located at 555 California Street, Suite 3450, San Francisco, CA 94104. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of [ ], it had approximately $[ ] in discretionary assets under management. Affiliated Managers Group, Inc. ("AMG"), a publicly-traded company, indirectly owns a majority of the interests of the Adviser. AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally.

The Adviser and its affiliates may serve as investment advisers to other funds or accounts that have investment programs which are similar to the investment program of the Fund, and the Adviser or one of its affiliates may in the future serve as the investment adviser or otherwise manage or direct the investment activities of other registered and/or private credit investment companies with investment programs similar to the investment program of the Fund. See "CONFLICTS OF INTEREST."

**ADDITIONAL INFORMATION ABOUT THE FUND'S WHOLLY-OWNED SUBSIDIARIES** 

The Fund invests a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes, provided that no more than 25% of the Fund's total assets may be invested in the Corporate Subsidiary at any quarter end of the Fund's taxable year. The Fund also invests a portion of its assets in the Lead Fund, a Delaware limited liability company that has elected to be treated as a disregarded entity for U.S. federal income tax purposes.

Each Subsidiary is overseen by its own board of directors. Each Subsidiary's board of directors currently has the same composition as the Board. The Adviser provides investment advisory services to each Subsidiary pursuant to a separate investment management agreement, which has substantially the same terms and provisions as the Fund's investment management agreement, In consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the investment management fee that the Adviser otherwise would have been entitled to receive from the Fund in an amount equal to the investment management fee paid to the Adviser under each Subsidiary's investment management agreement with the Adviser.

In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of the Subsidiary as if the assets were held directly by the Fund. The financial statements of each Subsidiary are consolidated with those of the Fund.

A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary will be organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Corporate Subsidiary.

The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly.

**PORTFOLIO MANAGERS** 

The portfolio managers listed below are collectively responsible for activities comprised in the day-to-day investment of the Fund's portfolio, including sourcing and reviewing investment opportunities, conducting due diligence and making investment recommendations to the Adviser's investment management committee. The Adviser's investment management committee comprises senior US-based investment executives and has responsibility for final review of investments and for making investment decisions in relation to all investments made by the Fund.

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<u>Jeff Miller</u>. Jeff joined Pantheon in 2008 and is a Partner and the Chief Investment Officer at Pantheon. Prior to joining Pantheon, Jeff was a principal at Allied Capital. Previously, Jeff was a vice president in Lehman Brothers' investment banking division. Jeff holds a BA in Economics and Mathematics from Gustavus Adolphus College and a MBA from Northwestern University. Jeff is a CFA Charterholder.

<u>Rakesh (Rick) Jain</u>. Rick joined Pantheon in 2019. Prior to joining Pantheon, Rick was managing director and an investment committee member at Star Mountain, where he led the direct investment business. Rick previously held several senior principal investment positions across asset managers and boutique investment firms including Citigroup, Stone Tower Equity Partners and Green Brook Capital Management. Rick received a Bcom in Economic and Finance from McGill University.

<u>Toni Vainio</u>. Toni joined Pantheon in 2010. Toni is a Partner in Pantheon's Global Private Credit Investment and European Investment Teams. He previously worked in the private markets team at Cambridge Associates, where he advised institutional investors on their private market investment programs and conducted research and due diligence on private market funds, managers, and markets. Toni has an MPhil in economics from the University of Oxford and a BEng in engineering with business finance, which was jointly taught at University College London and the London School of Economics and Political Science. He is fluent in Finnish, Spanish and English.

Messrs. Miller and Jain have served as portfolio managers of the Fund since its inception, and Mr. Vainio has served as a portfolio manager of the Fund since June 13, 2025. The Fund's SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of the Fund's Shares.

**THE INVESTMENT MANAGEMENT AGREEMENT** 

The Investment Management Agreement between the Adviser and the Fund provides for an initial two-year term and will continue in effect from year to year thereafter provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "VOTING."

The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty upon sixty (60) days' written notice to the Fund by either the Board, by vote of a majority of the outstanding voting securities (as defined in the Investment Company Act) of the Fund or by the Adviser.

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 Shareholder 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, and any of their respective partners, members, directors, officers, employees, or investors (each, an "Indemnitee"), against any claim, liability, damage, loss, cost, or expense incurred by the Indemnitee that arise 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 Indemnitee acted in good faith and 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 Indemnitee's willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations to the Fund.

A discussion regarding the basis for the Board's approval of the Investment Management Agreement is available in the Fund's semi-annual report to Shareholders for the six-month period ended September 30.

In rendering investment advisory services to the Fund, the Adviser expects to use portfolio management, research and other resources of foreign (non-U.S.) affiliates of the Adviser through an intra-company agreement and/or a "participating affiliate" arrangement, as that term is used in no-action guidance issued by the staff of the SEC. This guidance allows U.S. registered investment advisers to use portfolio management or research resources of non-registered advisory affiliates, subject to the regulatory supervision of the registered investment adviser.

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**INVESTMENT MANAGEMENT AND INCENTIVE FEES** 

**INVESTMENT MANAGEMENT FEE** 

The Fund pays to the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.15% on an annualized basis of the Fund's average daily Managed Assets. The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders.

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. The Investment Management Fee will be accrued daily, and will be due and payable monthly in arrears within ten (10) Business Days after the end of the month.

As the sole investor in each Subsidiary, the Fund bears the investment management fee paid by each Subsidiary to the Adviser in consideration of the advisory and other services provided by the Adviser to each Subsidiary. In consideration for such services, each Subsidiary will pay the Adviser a management fee at an annual rate of 1.15%, payable monthly in arrears, accrued daily based upon such Subsidiary's average daily Managed Assets. Furthermore, in consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the management fee that the Adviser otherwise would have been entitled to receive from the Fund in an amount equal to the investment management fee paid to the Adviser under such Subsidiary's investment management agreement with the Adviser. The management fee is paid to the Adviser out of the assets of the Fund and each Subsidiary and, therefore, decreases the net profits or increases the net losses of the Fund.

**INCENTIVE FEE** 

In addition to the Investment Management Fee, the Adviser will be entitled to an income incentive fee ("Incentive Fee"), if earned. The Incentive Fee is payable quarterly in arrears based upon "pre-incentive fee net investment income" attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income (inclusive of accrued interest and other non-cash interest features, including OID), dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Management Fee but will exclude the Incentive Fee.

The "catch-up" provision is intended to provide the Adviser with an Incentive Fee of 10% on pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 1.667% of the class's average daily net asset value (calculated in accordance with GAAP) in any fiscal quarter.

For purposes of calculating the Fund's Incentive Fee, each Subsidiary's interest income (inclusive of accrued interest and other non-cash interest features, including original issue discount), dividend income and any other income and each Subsidiary's operating expenses (including, without limitation, the Subsidiary's management fee) and distribution and/or shareholder servicing fees (if any) will be considered in the calculation of the Fund's pre-incentive fee net investment income.

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The calculation of the Incentive Fee for each calendar quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Incentive Fee is payable to the Adviser if the Fund's pre-incentive fee net investment income attributable to the Class, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle
rate of 1.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All pre-incentive fee net investment income attributable to the Class (if
any), expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, that exceeds the hurdle rate but is less than or equal to 1.667% (the "catch-up") is
payable to the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any fiscal quarter in which pre-incentive fee net investment income
attributable to the Class, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, exceeds the catch-up, 10% is payable to the Adviser.

The following is a graphical representation of the calculation of the Incentive Fee:

**Quarterly Incentive Fee** 

**Class's Pre-Incentive Fee Net Investment Income** 

**(expressed as a percentage of the Class's average daily net asset value)**![LOGO](g121788dsp67.jpg)

**Percentage of each Class's Pre-Incentive Fee Net Investment Income allocated to the Incentive Fee.** 

**<u>Examples of Quarterly Incentive Fee Calculation</u>:** 

**Example 1 - Income Earned on Direct Investments Incentive Fee<sup>(1)</sup>:** 

*Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hurdle Rate<sup>(2)</sup> = 1.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management fee<sup>(3)</sup> = 0.2875%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other operating expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.1875%

(1) The hypothetical amount of pre-incentive fee net investment income
shown is based on a percentage of net assets.

(2) Represents the 1.5% quarterly hurdle rate.

(3) Represents a quarter of the 1.15% annualized management fee.

(4) Hypothetical other expenses. The examples assume that the Class does not incur a 12b-1 fee.

**Alternative 1** 

*Additional Assumptions* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment income on direct investments (including interest, dividends, fees, etc.) = 1.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-incentive fee net investment income (investment income - (management
fee + other expenses)) = 0.525%

Pre-incentive fee net investment income does not exceed the hurdle rate, therefore there is no income based fee.

**Alternative 2** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment income (including interest, dividends, fees, etc.) = 2.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-incentive fee net investment income (investment income - (management
fee + other expenses)) = 1.525%

Pre-incentive fee net investment income exceeds hurdle rate, therefore there is an income based fee.

Income Based Fee = 100% × (all pre-incentive fee net investment income that is greater than 1.5% but less than or equal to 1.667%) + the greater of 0% AND (10% × (pre-incentive fee net investment income - 1.667%))

= (100% × (1.525% - 1.5%)) + 0%

= 100% × 0.025%

= 0.025%

**Alternative 3** 

*Additional Assumptions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment income (including interest, dividends, fees, etc.) = 4.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-incentive fee net investment income (investment income - (management
fee + other expenses)) = 3.525%

Pre-incentive fee net investment income exceeds hurdle rate, therefore there is an income based fee.

Income Based Fee = 100% × (all pre-incentive fee net investment income that is greater than 1.5% but less than or equal to 1.667%) + the greater of 0% AND (10% × (pre-incentive fee net investment income - 1.667%))

= (100% × (1.667% - 1.5%)) + (10% × (3.525% - 1.667%))

= 0.167% + (10% × 1.858%)

= 0.167% + 0.1858%

= 0.3528%

**DISTRIBUTOR** 

AMG Distributors, Inc. (the "Distributor") acts as the distributor of the Fund's Shares 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 Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Under a Distribution Agreement with the Fund, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Fund Shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Fund.

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The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") or selling agents that provide distribution and investor services to Shareholders. The Distributor has appointed Pantheon Securities, LLC as a Sub-Distributor under a sub-distribution agreement pursuant to which Pantheon Securities, LLC may carry out certain of the Distributor's obligations in return for a portion of the Distribution and/or Service Fee.

Investors who purchase Shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase Shares. Investors purchasing Shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote Shares depending upon their arrangement with the financial intermediary. The Adviser pays the Distributor a fee for certain distribution-related services. The Fund has adopted a Distribution and Service Plan with respect to Class M Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan will allow the Fund to pay Distribution and Service Fees for the sale and servicing of its Class M Shares to the Fund's Distributor and/or other qualified recipients.

*Payments to Financial Intermediaries* 

The Adviser and/or its affiliates may make payments to selected affiliated or unaffiliated third-parties (including the parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of Shares and/or the provision of non-distribution services to Shareholders and/or the Fund. These payments will be made out of the Adviser's and/or affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount, and the prospect of receiving any such payments may provide such third-parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. Contact your financial intermediary for details about revenue sharing payments it receives or may receive.

In addition, the Fund may pay fees (for Class M Shares, in addition to any amounts paid pursuant 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 Shares 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 shares 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 such other information and ongoing investor liaison services.

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**DISTRIBUTION AND SERVICE PLAN** 

Pursuant to exemptive relief received from the SEC, the Fund has adopted a Distribution and Service Plan with respect to Class M Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund is permitted to pay Distribution and Service Fees for the sale and servicing of its Class M Shares. 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 Shares (the "Distribution and 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. Prior to April 1, 2026, the Fund was permitted to charge a Distribution and Service Fee at an annualized rate of 0.85% of the average daily net assets of the Fund attributable to Class M Shares. Class I Shares and Class S Shares are not subject to the Distribution and Service Fees.

**ADMINISTRATION** 

The Fund has retained the Administrator, AMG Funds LLC, whose principal business address is 680 Washington Boulevard, Suite 500, Stamford, CT 06901, to provide administrative services to, and assist with operational needs of, the Fund. The Fund has entered into an Administration Agreement with the Administrator. 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 daily 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.

**CUSTODIAN** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. subcustodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. 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 the Custodian or U.S. or non-U.S. subcustodians in a securities depository, clearing agency or omnibus customer account of such custodian.

**TRANSFER AGENT** 

BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent"), P.O. Box 534426, Pittsburgh, Pennsylvania 15253-4417, serves as Transfer Agent to the Fund. The Transfer Agent performs certain transfer agency, recordkeeping, fund accounting, and investor services for the Fund.

**FUND EXPENSES** 

The Adviser will bear all of its own costs incurred in providing investment advisory services to the Fund. For purposes of this section, the "Fund" includes each Subsidiary. 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 Shares, and any charges and fees to which the Fund is subject as an investor in the Underlying Funds.

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The Fund (and thus, indirectly, the Shareholders) 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;• all expenses related to its investment program, including, but not limited to: (i) expenses borne through
the Fund's investments in the Underlying Funds, if applicable, including, without limitation, any fees and expenses charged by the Underlying Fund Managers (such as management fees, performance, carried interests, or incentive fees or
allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (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 in Underlying Funds or co-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;• the Investment Management Fee, Incentive Fee and Administration Fee;

&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 Shares 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 Investment Company Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses of the Independent Trustees 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 Shareholders for the Fund that are regularly scheduled, permitted or required to be held under the terms of the Declaration of Trust, the Investment Company Act or other
applicable law;

&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;• 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 Trustees;

&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 Trustees
or the officers of the Fund;

&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;• 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 Shareholders or potential shareholders, including information technology costs related thereto;

&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;• 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;• 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;• 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 Shareholders;

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&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;• 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 Shareholders;

&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;

&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;• 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;• 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 Shares (mostly filing and printing expenses). Offering costs cannot be deducted for tax purposes by the Fund or the Fund's Shareholders.

The Underlying Funds bear various expenses in connection with their operations similar to those incurred by the Fund. Underlying Fund Managers generally assess asset-based fees to, and receive incentive-based allocations from, the Underlying Funds. As a result, the investment returns of the Underlying Funds will be reduced. As an investor in the Underlying Funds, the Fund will bear its proportionate share of the expenses and fees of the Underlying Funds and will also be subject to incentive allocations to the Underlying Fund Managers.

The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund and each of the Fund's two Subsidiaries, whereby the Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund and each Subsidiary (a "Waiver"), if required to ensure the Total Annual Expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.75% of the average daily net assets attributable to the Fund and each Subsidiary (the "Expense Limit"). "Excluded Expenses" is defined to include (a) the management fee and Incentive Fee paid by the Fund and each Subsidiary; (b) fees, expenses, allocations, carried interests, etc. of Private Funds, special purpose vehicles and co-investments in portfolio companies in which the Fund or a Subsidiary may invest; (c) acquired fund fees and expenses of the Fund and any Subsidiary; (d) transaction costs, including legal costs and brokerage commissions, of the Fund and any Subsidiary; (e) interest payments incurred by the Fund or a Subsidiary; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund or a Subsidiary; (g) the Distribution and/or Service Fees (as applicable) paid by the Fund; (h) the shareholder servicing fees (as applicable) paid by the Fund; (i) taxes of the Fund or a Subsidiary; (j) extraordinary expenses of the Fund or a Subsidiary (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; (k) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to a Subsidiary; and (l) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary. 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

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professional fees related to transactions), the Fund's offering costs and fees and expenses of Fund Trustees. Because the Excluded Expenses noted above are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 0.75% for a Class of Shares. For a period not to exceed 36 months from the date the Fund or a Subsidiary, as applicable, 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 and such Subsidiary in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses and such Subsidiary's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Limit that is in effect at the time of such additional payment by the Fund and such Subsidiary. The Expense Limitation and Reimbursement Agreement will continue for at least one year from the effective date of the Fund's registration statement and will continue thereafter until such time that the Adviser ceases to be the investment manager of the Fund or upon mutual agreement between the Adviser and the Fund's Board.

The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund that are credited to Shareholders.

**VOTING** 

Each Shareholder will have the right to cast a number of votes, based on the number of such Shareholder's Shares, at any meeting of Shareholders called by the Board. Each Share is entitled to one vote per Share. Except for the exercise of such voting privileges, Shareholders 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. Shareholders of the Fund shall have power to vote only: (a) for the election of one or more Trustees in order to comply with the provisions of the Investment Company Act (including Section 16(a) thereof); (b) for the removal of Trustees as provided in Article III of the Declaration of Trust; and (c) with respect to such additional matters relating to the Fund as may be required by the Fund's Declaration of Trust, the By-laws of the Fund or any registration of the Fund as an investment company under the Investment Company Act with the SEC (or any successor agency) or as the Trustees may consider necessary or desirable.

**CONFLICTS OF INTEREST** 

The Fund and the Adviser may be subject to a number of actual and potential conflicts of interest.

The Adviser and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Adviser and its affiliates may provide services to, invest in, advise, sponsor and/or act as investment adviser to investment vehicles and other persons or entities (including prospective investors in the Fund) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; which may compete with the Fund for investment opportunities; and which may, subject to applicable law, co-invest with the Fund in certain transactions. In addition, the Adviser and its affiliates and respective clients may themselves invest in securities that would be appropriate for the Fund. By acquiring Shares, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under provisions of Federal securities law which cannot be waived or modified.

Although the Adviser and its affiliates seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Adviser or its affiliates will be appropriate for the Fund or will be referred to the Fund. The Adviser and its affiliates are not obligated to refer any investment opportunity to the Fund.

The directors, partners, trustees, managers, members, officers and employees of the Adviser and its affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Adviser or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at

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different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund has adopted a code of ethics (the "Code of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Code of Ethics is also available on the EDGAR Database on the SEC's Internet site at sec.gov, and copies may be obtained, after paying a duplicating fee, by email at <u>publicinfo@sec.gov</u>.

The Fund may be considered affiliated with respect to certain of its portfolio companies if certain investment funds, accounts or investment vehicles managed by the Adviser also hold interests in these portfolio companies, and as such, these interests may be considered a joint enterprise under the Investment Company Act. To the extent that the Fund's interests in these portfolio companies may need to be restructured in the future or to the extent that the Fund chooses to exit certain of these transactions, its ability to do so will be limited.

The Adviser may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the issuers of certain investments, including, without limitation, investments being considered for acquisition by the Fund or held in the Fund's portfolio. The Adviser may (but is not required to) seek to avoid receipt of Confidential Information from issuers so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates. In such circumstances, the Fund may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. The Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates.

Many of the Fund's portfolio investments are expected to be loans and other securities that are not publicly traded and for which no market-based price quotation is available. As a general matter, the Fund calculates its NAV using the valuations of its advised assets provided by the Adviser and the Fund's Investment Partners and their respective agents, such valuations based on the Adviser's and the Fund's Investment Partners' valuation methodology. Furthermore, the Board will review and approve in advance the valuation methodology of the Adviser and any independent pricing service used. The participation of the investment professionals of the Adviser in the Fund's valuation process could result in a conflict of interest as the Investment Management Fee is based on the value of the Fund's assets. Investments in PIK and OID securities may provide certain additional benefits to the Adviser, including increased management fees resulting from the receipt of such PIK securities interest received on these investments increasing the size of the loan balance of underlying loans. In addition, the use of leverage may increase the Fund's assets which may result in increased management fees paid to the Adviser since the Investment Management Fee is based on the value of the Fund's assets.

The professional staff of the Adviser will devote such time and effort in conducting activities on behalf of the Fund as the Adviser reasonably determines to be appropriate for its respective duties to the Fund. However, each of the Adviser's staff is currently committed to and expects to be committed in the future to providing investment advisory services as well as other services to other clients (including other registered and unregistered pooled investment vehicles) and engaging in other business ventures in which the Fund has no interest. As a result of these separate business activities, the Adviser has actual or potential conflicts of interest in allocating management time, services and functions among the Fund and other business ventures or clients.

Multiple clients of the Adviser may hold or acquire positions directly or indirectly in the securities of the same companies. Such investments and transactions may raise potential conflicts of interest for the Adviser's clients (including the Fund), particularly if different clients are interested in different classes or types of securities or investments of the same company. In this regard, actions may be taken by some clients, either at their own discretion or at the Adviser's direction, that may be inconsistent, if not adverse to, other clients, including, but not limited to, interests in different parts of a company's capital structure during a restructuring, bankruptcy or other insolvency proceeding or similar matter. When the Adviser has clients that are invested in different parts of a company's capital structure, their interests may diverge in the case of financial distress. In a bankruptcy proceeding, one client's interests may be subordinated or otherwise adversely affected due to another client's involvement and actions relating to their investment. In addition, when one client is a creditor of a company in which another client holds more junior securities, actions may be taken, either at the client's direction or in the Adviser's discretion with respect to their rights as a

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creditor, that may be adverse to the interests of other clients. The Adviser takes steps to reasonably ensure all clients are treated in a fair and equitable manner, and mitigates allocation-related risks by leveraging an internal portfolio strategy team and an allocation committee. The allocation committee approves the policies and procedures used in constructing the allocations, audits the construction of allocation recommendations and opines on questions relating to prospective allocations. Notwithstanding the foregoing, there can be no assurances that the Fund will participate in all investment opportunities consistent with the Fund's investment objective and strategy that comes to the Adviser's attention.

The Adviser may receive more compensation with respect to certain similarly managed accounts or funds than that received with respect to the Fund or may receive compensation based in part on the performance of those similar accounts or funds. This may create a potential conflict of interest for the Adviser or the respective portfolio managers by providing an incentive to favor these similar accounts or funds when, for example, placing securities transactions. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon the Adviser and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as an affiliate may have an incentive to allocate securities that are expected to increase in value to favored accounts or funds.

By acquiring Shares, each Shareholder will be deemed to have acknowledged the existence of the above actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under provisions of applicable Federal securities law which cannot be waived or modified.

**OUTSTANDING SECURITIES** 

[To be updated by amendment]

**Outstanding Securities as of [ ]** 

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| | | | |
|:---|:---|:---|:---|
| **(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 Shares | Unlimited | [] | [] |
|  Class I Shares | Unlimited | [] | [] |
|  Class M Shares | Unlimited | [] | [] |

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**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 Shareholders will not have the right to redeem their Shares on a daily basis. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares.

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

For each repurchase offer, the Board will set an amount between 5% and 25% of the Fund's Shares based on relevant factors, including the liquidity of the Fund's positions and the Shareholders' desire for liquidity. A Shareholder whose Shares (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 Shareholder's purchase of the Shares.

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Shareholders tendering Shares 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 Shares is determined. Shareholders who tender may not have all of the tendered Shares repurchased by the Fund. If over-subscriptions occur, the Fund may elect to repurchase less than the full amount that a Shareholder requests to be repurchased. In such an event, the Fund may repurchase only a pro rata portion of the amount tendered by each Shareholder.

In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional Shares 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 Shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in an Estate Offer. If the Fund repurchases any Shares pursuant to an Estate Offer, this will not affect the number of Shares that it repurchases from other Shareholders in the quarterly repurchase offers.

The Fund may cause a mandatory repurchase of all or some of the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, at NAV in accordance with the Declaration of Trust and Section 23 of the Investment Company Act and Rule 23c-2 thereunder. Such circumstances may include if, among other reasons, the Board determines that continued ownership of such Shares by the Shareholder may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Shareholders to an undue risk of adverse tax or other fiscal consequences, or would otherwise not be in the best interests of the Fund.

A Shareholder who tenders for repurchase only a portion of his or her Shares in the Fund will be required to maintain a minimum account balance of $2,500. If a Shareholder tenders a portion of his or her Shares and the repurchase of that portion would cause the Shareholder's account balance to fall below this required minimum of $2,500, the Fund reserves the right to repurchase all of such Shareholder's outstanding Shares. 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 at per-class NAV per Share no less than 5% of the outstanding Shares 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 Shares 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 Shareholders' desire for liquidity. The offer to purchase Shares 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 Investment Company Act). Shareholders will be notified in writing of each quarterly repurchase offer, how they may request that the Fund repurchase their Shares, and the date the repurchase offer ends (the "Repurchase Request Deadline") (i.e., the date by which Shareholders can tender their Shares 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. Shares will be repurchased at the per-class NAV per Share 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").

Shares tendered for repurchase by shareholders 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 Shareholders (the "Shareholder 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 Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase. The Shareholder Notification also will include detailed instructions on how to tender Shares 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 Shareholder Notification also will set forth the NAV per Share that has been computed no more than seven (7) days before the date of such notification, and how Shareholders may ascertain the NAV per Share

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after the notification date. Payment pursuant to the repurchase will be made by checks to the Shareholder's address of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven (7) days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act, regulations thereunder and other pertinent laws.

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

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 Shareholders of the Fund.

The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the Shareholder Notification is sent to Shareholders 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 Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, at NAV in accordance with the Declaration of Trust and Section 23 of the Investment Company Act and Rule 23c-2 thereunder.

**DERIVATIVE ACTIONS/EXCLUSIVE FORUM** 

No person, other than a Trustee, who is not a Shareholder of the Fund or of a particular Class is entitled to bring any derivative action, suit or other proceeding on behalf of or with respect to the Fund or such Class. Further, each complaining Shareholder must have been a Shareholder of the Fund or the affected Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a person who was a Shareholder at that time and each complaining Shareholder must be a Shareholder of the Fund or the affected Class, as applicable, as of the time the written demand is made upon the Trustees. No Shareholder may maintain a derivative action with respect to the Fund or any Class of the Fund unless holders of at least ten percent (10%) of the outstanding Shares of the Fund, or 10% of the outstanding Shares of the Class to which such action relates, join in the bringing of such action.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Fund or any Class of the Fund only if the following conditions are met: (a) the Shareholder or Shareholders must make a pre-suit written demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and (b) unless a demand is not required, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees will be entitled to retain counsel or other advisers in considering the merits of

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the request and will require an undertaking by the Shareholders making such request to reimburse the Fund for the expense of any such advisers in the event that the Trustees determine not to bring such action. If the demand for derivative action has been considered by the Board, and a majority of those Trustees who are not deemed to be Interested Persons of the Fund, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Fund or the affected Class, as applicable, the complaining Shareholders will be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board of Trustees determine that such a suit should be maintained, then the appropriate officers of the Fund will commence initiation of that suit, which will proceed directly rather than derivatively. The Board, or the appropriate officers of the Fund, will inform the complaining Shareholders of any decision reached in writing within ten business days of such decision having been reached.

A written demand upon the Trustees, as described above, must include at least the following: (a) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made; (b) a statement to the effect that the complaining Shareholder(s) believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Fund or the affected Class, as applicable, and an explanation of why the complaining Shareholders believe that to be the case; (c) a certification that each complaining Shareholder was a Shareholder of the Fund or the affected Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a person who was a Shareholder at that time and each complaining Shareholder was a Shareholder of the Fund or the affected Class, as applicable, as of the time the written demand upon the Trustees, as well as information reasonably designed to allow the Trustees to verify that certification; and (d) a certification that each complaining Shareholder will be a Shareholder of the Fund or the affected Class, as applicable, as of the commencement of the derivative action. The Declaration of Trust provides that the foregoing provisions will not apply to claims brought under the federal securities laws.

The Fund's Declaration of Trust provides that each Trustee, officer and Shareholder irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Fund, the Declaration of Trust or the By-Laws, or asserting a claim governed by the internal affairs (or similar) doctrine will be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, then any other court in the State of Delaware with subject matter jurisdiction, and irrevocably waives any right to trial by jury. The exclusive forum provision may require shareholders to bring an action in an inconvenient or less favorable forum. The exclusive forum and jury waiver provisions do not apply to claims arising under the Federal securities laws.

**TRANSFER OF SHARES** 

No person shall become a substituted Shareholder of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Shares held by Shareholders may be transferred only: (i) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Shareholder; or (ii) with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, under circumstances in which the Board has determined that such a transfer would be in the best interest of Shareholders).

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of a Share must also be accompanied by a properly completed investor application, as applicable, in respect of the proposed transferee. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request. The Board generally will not consent to a transfer of Shares by a Shareholder (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Shares, the balance of the account of each of the transferee and transferor is less than $2,500. Each transferring Shareholder and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

Any transferee acquiring Shares by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder, will be entitled to the distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Declaration of Trust and to tender the Shares for repurchase by the Fund, but will not be entitled to the other rights of a Shareholder unless and until the transferee becomes a substituted Shareholder as specified in the Declaration of Trust. If a Shareholder transfers Shares with the approval of the Board, the Fund shall as promptly as practicable take all necessary actions so that each transferee or successor to whom the Shares are transferred is admitted to the Fund as a Shareholder.

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By subscribing for Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Trustees, each other Shareholder, and any affiliated person of the Fund, the Trustees, the Adviser and each other Shareholder, against all losses, claims, damages, liabilities, costs, and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs, and expenses or 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 that Shareholder in violation of the Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

**ANTI-MONEY LAUNDERING** 

If the Fund, the Adviser or any governmental agency believes that the Fund has sold Shares to, or is otherwise holding assets of, any person or entity that is acting, directly or indirectly, in violation of U.S., international or other anti-money laundering laws, rules, regulations, treaties or other restrictions, or on behalf of any suspected terrorist or terrorist organization, suspected drug trafficker, or senior foreign political figure(s) suspected of engaging in corruption, the Fund, the Adviser or such governmental agency may freeze the assets of such person or entity invested in the Fund or suspend the repurchase of Shares. The Fund may also be required to, or deem it necessary or advisable to, remit or transfer those assets to a governmental agency, in some cases without prior notice to the investor.

**CALCULATION OF NET ASSET VALUE** 

**GENERAL** 

The Fund calculates its NAV 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 Shares, 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").

The Board, including a majority of Independent Trustees, has approved valuation procedures for the Fund (the "Valuation Procedures"). The Valuation Procedures provide that the Fund will value its investments at fair value unless market quotations are "readily available" as defined in the Investment Company Act.

Investments in securities that are listed on the NYSE are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the Business Day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day or, if no asked price is available, at the bid price. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the Business Day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities. If, after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain foreign securities may be valued pursuant to procedures established by the Board.

The Board has selected the Adviser to serve as the Fund's "Valuation Designee" for purposes of Rule 2a-5 under the Investment Company Act ("Rule 2a-5"). As a general matter, to value the Fund's investments, the Valuation Designee will use current market values when readily available, and otherwise value the Fund's investments with fair value methodologies that the Adviser believes to be consistent with those used by the Fund for valuing its investments. These fair value calculations will involve significant professional judgment by the Valuation Designee in the application of both observable and unobservable attributes, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of an investment. Likewise, there can be no assurance that the Fund will be able to purchase or sell an investment at the fair value price used to calculate the Fund's NAV. Rather, in determining the

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fair value of an investment for which there are no readily available market quotations, the Valuation Designee may consider several factors, including: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective investment; (2) comparison to the values and current pricing of investments that have comparable characteristics; (3) knowledge of historical market information with respect to the investment; (4) other factors relevant to the investment which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The Valuation Designee may also consider periodic financial statements (audited and unaudited) or other information provided by the investment's borrower. The Valuation Designee will attempt to obtain current valuation information from the borrower to value all fair valued investments, but it is anticipated that such information could be available on no more than a quarterly basis. This is especially true as it relates to direct loans. Furthermore, the Board may not have the ability to assess the accuracy of the valuation information from the borrowers.

The Valuation Designee will monitor the valuations of Fund investments, provide quarterly reporting to the Board on material changes in the valuation process pursuant to Rule 2a-5, and review any material concerns with the Board. Any such decision regarding valuation would be made in good faith, and subject to the review, reporting, and supervision of the Board.

Additionally, the values of the Fund's direct loan investments are adjusted daily based on the estimated total return that the asset will generate during the current quarter. The Valuation Designee monitors these estimates regularly and updates them as necessary if macro or individual changes warrant any adjustments. At the end of the quarter, each direct loan's value is adjusted based on the actual income and appreciation or depreciation realized by such loan when its quarterly valuations and income are reported. This information is updated as soon as the information becomes available.

**PRIVATE FUNDS** 

The Board has adopted procedures pursuant to which the Fund will value its investments in the Private Funds at fair value. In valuing the Fund's investments in Private Funds, the Adviser, under the oversight of the Board, considers all relevant information to determine the price that the Fund might reasonably expect to receive from the current sale (or redemption in the case of a Private Fund whose interests carry redemption rights) of the interest in the Private Fund in an arms' length transaction. Prior to investing in any Private Fund, the Adviser will conduct a systematic and rigorous bottom-up due diligence review of the valuation methodologies utilized by the Private Fund, which generally shall be based upon readily observable market values when available, and otherwise utilize principles of fair value that are reasonably consistent with those used by the Fund for valuing its own investments. Subsequent to investment in a Private Fund, the Adviser will monitor the valuation methodologies used by each Private Fund for appropriateness and perform back-testing analysis on a periodic basis in light of the Fund's obligation to fair value its assets under the Investment Company Act and pursuant to U.S. generally accepted accounting practices (as applicable) for investment companies and will assess the overall reasonableness of the information provided by such Private Fund.

In general, the Fund bases its NAV on valuations of its interests in Private Funds provided by the managers of the Private Funds and/or their agents if such values are received in a timely fashion and are believed to be the most reliable and relevant indication of the value of interests in such Private Fund. These valuations involve significant judgment by the managers of the Private Funds and may differ from their actual realizable value. Under certain circumstances, the Adviser's Valuation Committee may modify the managers' valuations based on updated information received since the last valuation date of the Private Fund. The Adviser's Valuation Committee may also modify valuations if the valuations are deemed to not fully reflect the fair value of the investment. Valuations will be provided to the Fund based on interim unaudited financial records of the Private Funds, and, therefore, will be estimates and may fluctuate as a result. For information about the value of the Fund's investment in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements which, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's Shares. The Board, the Adviser and its Valuation Committee may have limited ability to assess the accuracy of these valuations.

For Co-Investments and Direct Investments, Pantheon engages a qualified and independent third-party valuation expert, who provides valuations for the investments based on a thorough assessment of the underlying borrower. The Valuations Team with the assistance of the Investment Team will review and where necessary either provide more up-to-date known and knowable information, or challenge the unobservable inputs, selected methodologies or other assumptions to the valuation.

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Typically, the Fund expects to receive unaudited values from Private Funds on a quarterly basis and audited values on an annual basis. In general, it is anticipated that such valuation information from these Private Funds will generally be available 60 days or more after each quarter-end and/or 120 or more days after each year-end. Therefore, the most recently provided valuation information from these Private Funds for purposes of calculating the Fund's NAV will typically be adjusted by the Adviser pursuant to the Fund's Valuation Procedures to estimate the fair value of the interests in such Private Funds, as described below.

Between the periodic valuation periods of the Private Funds, the NAVs of such Private Funds are adjusted daily based on the total return that each Private Fund is estimated by the Adviser to generate during the period. The Adviser's Daily Valuation Committee monitors these estimates daily and updates them as necessary if macro or individual fund changes warrant any adjustments. Following procedures adopted by the Board, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the Private Fund's NAV as reported by the manager of the Private Fund at the time of the Fund's valuation, or whether to adjust such value to reflect a premium or discount to the Private Fund's NAV. In accordance with U.S. generally accepted accounting principles and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Private Fund. In other cases, as when a Private Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Private Fund interests, the Fund may determine that it is appropriate to apply a discount to the Private Fund's NAV. Any such decision will be made in good faith by the Adviser as the Fund's Valuation Designee. Information that may be considered includes: (i) information provided to the Fund or to the Adviser by a Private Fund, or the failure to provide such information as agreed to in such Private Fund's offering materials or other agreements with the Fund; (ii) relevant news and other public sources; (iii) known secondary market transactions in the Private Fund's interests (to the extent deemed a credible indication of value); (iv) changes in relevant indices; and (v) significant market events that may not otherwise be captured by changes in valuation of relevant indices.

Where the investment being valued was made recently or where there was a recent investment in the investee company, the price of that Investment i.e. cost, may provide an indication of fair value, if resulting from an orderly transaction. Cost will be used only when cost is determined to best approximate the fair value of the particular security under consideration. For example, cost may not be appropriate when the Fund is aware of sales of similar securities to third parties at materially different prices or in other circumstances where cost may not approximate fair value (which could include situations where there are no sales to third parties). In such a situation, the Fund's investment will be revalued in a manner that the Adviser, in accordance with the Fund's Valuation Procedures, determines in good faith best reflects approximate market value.

The valuations reported by the managers of the Private Funds, upon which the Fund calculates its NAV may be subject to later adjustment or revision, based on information reasonably available at that time. For example, any "estimated" values from Private Funds may be revised and fiscal year-end NAV calculations of the Private Funds may be audited by their independent auditors and may be revised as a result of such audits. Other adjustments may occur from time to time. Information that becomes known to the Fund or its agents after the Fund's NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the Fund's NAV determined earlier. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund's NAV if the judgments of the Adviser's Valuation Committee regarding appropriate valuations should prove incorrect.

**SUSPENSION OF CALCULATION OF NET ASSET VALUE** 

As noted above, the Fund's NAV is calculated as of the close of business on each Business Day. However, there may be circumstances where it may not be practicable to determine an NAV, including, but not limited to, during any period when the principal stock exchanges for securities in which the Fund has invested its assets are closed other than for weekends and customary holidays (or when trading on such exchanges is restricted or suspended), or an emergency exists as determined by the SEC, making securities sales or determinations of NAV not practicable, or the SEC permits a delay for the protection of shareholders. In such circumstances, the Board (after consultation with the Adviser) may

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suspend the calculation of NAV. The Fund will not accept subscriptions for Shares if the calculation of NAV is suspended, and the suspension may require the termination of a pending repurchase offer by the Fund (or the postponement of the Valuation Date for a repurchase offer). Notwithstanding a suspension of the calculation of NAV, the Fund will be required to determine the value of its assets and report NAV in its semi-annual and annual reports to Shareholders and in its reports on Form N-PORT filed with the SEC after the end of the first and third quarters of the Fund's fiscal year. The Administrator will resume calculation of the Fund's NAV after the Board (in consultation with the Adviser) determines that conditions no longer require suspension of the calculation of NAV.

**TAXES** 

The following is a summary of certain material federal income tax consequences of acquiring, holding and disposing of Shares. Because the federal income tax consequences of investing in the Fund may vary from Shareholder to Shareholder depending on each Shareholder's unique federal income tax circumstances, this summary does not attempt to discuss all potential of the federal income tax consequences of such an investment. Among other things, except in certain limited cases, this summary does not purport to deal with persons in special situations (such as financial institutions, insurance companies, entities exempt from federal income tax, RICs, dealers in commodities and securities, pass through entities, and, except to the extent discussed below, non-U.S. persons). Further, to the limited extent this summary discusses possible foreign, state and local income tax consequences, it does so in a very general manner. Finally, this summary does not purport to discuss federal tax consequences (such as estate and gift tax consequences) other than those arising under the federal income tax laws. ***You are therefore urged to consult your tax advisers to determine the federal, state, local and foreign tax consequences of acquiring, holding and disposing of Shares.***

The following summary is based upon the Code as well as administrative regulations and rulings and judicial decisions thereunder, in effect as of the date hereof, all of which are subject to change at any time (possibly on a retroactive basis). Accordingly, no assurance can be given that the tax consequences to the Fund or its shareholders will continue to be as described herein.

The Fund has not sought or obtained a ruling from the IRS (or any other federal, state, local or foreign governmental agency) or an opinion of legal counsel as to any specific federal, state, local or foreign tax matter that may affect the Fund or its shareholders. Accordingly, although this summary is considered to be a correct interpretation of applicable law, no assurance can be given that a court or taxing authority will agree with such interpretation or with the tax positions taken by the Fund.

Except where specifically noted, this summary relates solely to U.S. Shareholders. A U.S. Shareholder for purposes of this discussion is a person who is a citizen or a resident alien of the U.S., a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S. or any political subdivision thereof, an estate whose income is subject to U.S. federal income tax regardless of its source or a trust if: (i) a U.S. court can exercise primary supervision over the trust's administration and one or more "United States persons" (as defined in the Code) are authorized to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

**Distributions to Shareholders.** The Fund intends to declare as dividends each year all or substantially all of its taxable income and intends to pay such distributions to Shareholders quarterly. The Fund intends to distribute net realized capital gain (if any) annually. In general, such distributions will be taxable to you for federal income tax purposes unless you are a tax-exempt entity or hold Shares through a qualified retirement plan, individual retirement account or other tax-advantaged account. Distributions are taxable whether they are received in cash or reinvested in additional Shares.

Each Shareholder whose Shares are registered in the Shareholder's own name will automatically have all income dividends and capital gains distributions reinvested in additional Shares priced at the then-current NAV unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. A taxable Shareholder receiving Shares instead of cash distributions will generally owe taxes as a result of the distribution and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes. Fund distributions attributable to net investment income and short-term capital gains will generally be taxable to you as ordinary income.

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Fund distributions, if any, that are attributable to "qualified dividend income" or "net long-term capital gains" earned by the Fund would be taxable to non-corporate Shareholders at the reduced rates applicable to net long-term capital gains. The Fund does not anticipate, however, that a significant portion of its distributions is likely to be attributable to "qualified dividend income" or "net long-term capital gains."

Shareholders are generally taxed on any dividends from the Fund in the year they are actually received, except that dividends declared in October, November or December of a year, and paid in January of the following year, will generally be treated for federal income tax purposes as having been paid to Shareholders on December 31st of the year in which the dividend was declared.

Shareholders should contact the Fund's Administrator at (800) 548-4539 or AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, CT 06901 (or their financial intermediary if Shares were acquired through such financial intermediary) to elect to receive income dividends and/or capital gain distributions in cash.

**Certain Foreign Taxes.** The Fund may be subject to taxes, including foreign withholding or transfer taxes, attributable to investments of the Fund. If at the close of the Fund's taxable year more than 50% of the value of its assets were to consist of foreign stock or securities, the Fund would be eligible to elect, for federal income tax purposes, to treat certain foreign taxes paid by it, including generally any withholding and other foreign income taxes, as paid by Shareholders. If the Fund so elects, the pro rata amount of such foreign taxes paid by the Fund would be included in Shareholders' income and each such Shareholder would be entitled either (1) to credit that proportional amount of taxes against its U.S. Federal income tax liability as a foreign tax credit or (2) to take that amount as an itemized deduction. The Fund does not expect to be able to make such an election.

**Repurchases.** A repurchase of Shares pursuant to a repurchase offer will be treated as a taxable sale or exchange of the Shares for U.S. federal income tax purposes if either (a) the tendering Shareholder tenders all of the Shares held (or considered to be held) by such Shareholder or meets certain numerical safe harbors with respect to percentage voting interest and reduction in ownership of the Fund following the completion of the repurchase offer or (b) the tender otherwise results in a "meaningful reduction" of a Shareholder's ownership percentage interest in the Fund, which determination depends on a Shareholder's particular facts and circumstances.

If the transaction is treated as a sale or exchange, a Shareholder will recognize taxable gain or loss on a repurchase of Shares in an amount equal to the difference between the Shareholder's tax basis in the Shares and the amount the Shareholder receives for them. Generally, this gain or loss will be capital gain or loss if the Shares tendered are held by the Shareholder as a capital asset, and will be treated as long-term or short-term depending on whether the holding period exceeds 12 months. A loss recognized by a Shareholder upon the repurchase of Shares held for six months or less will be recharacterized as a long-term capital loss rather than a short-term capital loss to the extent of any distributions or deemed distributions of long-term capital gain dividends received by the Shareholder on the Shares during that holding period.

Additionally, any loss realized on a disposition of Shares may be disallowed under "wash sale" rules to the extent the Shares disposed of are replaced with other Shares or substantially identical stock or securities within a period of 61 days beginning 30 days before and ending 30 days after the Shares are disposed of, such as pursuant to a dividend reinvestment in Shares, or in the event the Shareholder enters into a contract or option to repurchase Shares within such period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

If the repurchase of Shares pursuant to the repurchase offer is not treated as a sale or exchange for U.S. federal income tax purposes, the amount received upon such repurchase will be treated for U.S. federal income tax purposes as a distribution from the Fund that will be taxable as a dividend to the extent of the Fund's current or accumulated earnings and profits for the year in which the repurchase occurs. Any remaining balance will be treated as a return of capital to the extent of the Shareholder's tax basis in its Shares and thereafter as capital gain. In the event that a tendering Shareholder is deemed to receive a dividend as a result of tendering its Shares, it is possible that Shareholders whose percentage ownership of the Fund increases as result of the tender will be deemed to receive a constructive distribution from the Fund. Such constructive distribution will be treated as a dividend to the extent of the Fund's current or accumulated earnings and profits.

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The Fund is required to determine and report to tendering Shareholders and the IRS the cost basis of Shares repurchased pursuant to a repurchase offer. The Fund will use the average cost method unless it is instructed to select a different method for purposes of determining Share cost basis, or a Shareholder chooses to specifically identify Shares at the time of each repurchase. If a Shareholder's account is held by a broker or other adviser, the broker or adviser may select a different default method. In these cases, Shareholders should contact the broker or adviser to obtain information with respect to the available methods and elections for such accounts. Shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on federal and state income tax returns.

**Net Investment Income Tax**. A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a Shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds certain threshold amounts. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain Shareholders that are estates and trusts. For these purposes, interest, dividends, and certain capital gains (among other categories of income) are generally taken into account in computing a Shareholder's net investment income.

**U.S. Tax Treatment of Non-U.S. Shareholders.** A "Non-U.S. Shareholder" for purposes of this discussion generally is a beneficial owner of Shares that is not a U.S. Shareholder. This includes nonresident alien individuals, foreign trusts or estates and foreign corporations. Whether an investment in Shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in Shares may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest. Non-U.S. Shareholders should consult their tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in Shares, including applicable tax reporting requirements.

Except as described below, distributions of "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. This will be the case even if a Non-U.S. Shareholder is a participant in a dividend reinvestment program (and will reduce the amounts of a distribution that can be reinvested pursuant to a dividend reinvestment program). If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to the U.S. Shareholder, and the Fund will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements. The Fund will withhold on distributions of investment company taxable income to Non-U.S. Shareholders unless certain exemptions apply and are appropriately documented to the Fund. Special certification requirements apply to a Non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their tax advisers.

Properly reported dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its long-term capital loss for such taxable year). In order to qualify for this exemption from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its Non-U.S. Shareholder status (including, in general, furnishing an IRS Form W-8BEN (for individuals), IRS Form W-8BEN-E (for entities) or other applicable form, or an acceptable substitute or successor form). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

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Actual or deemed distributions of the Fund's net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale or redemption of Shares, will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States) or, in the case of an individual, the Non-U.S. Shareholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met.

If the Fund distributes its net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the non-U.S. Shareholder's allocable share of the corporate-level tax the Fund pays on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. Shareholder, distributions (both cash and in Shares), and gains realized upon the sale or redemption of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder who is a non-resident alien individual may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. Shareholder provides the Fund or the Administrator with an IRS Form W-8BEN or an acceptable substitute form or otherwise meets documentary evidence requirements for establishing its Non-U.S. Shareholder status or otherwise establishes an exemption from backup withholding.

Pursuant to U.S. withholding provisions commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), payments of most types of income from sources within the United States (as determined under applicable U.S. federal income tax principles), such as interest and dividends, in each case, to a foreign financial institution, investment funds and other non-U.S. persons generally will be subject to a 30% U.S. federal withholding tax, unless certain information reporting and other applicable requirements are satisfied. Any Non-U.S. Shareholder that either does not provide the relevant information or is otherwise not compliant with FATCA may be subject to this withholding tax on certain distributions from the Fund. Any taxes required to be withheld under these rules must be withheld even if the relevant income is otherwise exempt (in whole or in part) from withholding of U.S. federal income tax, including under an income tax treaty between the United States and the Non-U.S. Shareholder's beneficial owner's country of tax residence. Each Non-U.S. Shareholder should consult its tax advisers regarding the possible implications of this withholding tax (and the reporting obligations that will apply to such Non-U.S. Shareholder, which may include providing certain information in respect of such Non-U.S. Shareholder's beneficial owners).

**State and Local Taxes.** In addition to the U.S. federal income tax consequences summarized above, you may be subject to state and local taxes on distributions and repurchases. Prospective Shareholders are urged to consult with their tax advisers with respect to the application of state and local taxes to an investment in the Fund.

**Information Reporting and Backup Withholding**. Under applicable "backup withholding" requirements, the Fund may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon sale payable to Shareholders who have failed to provide a correct tax identification number in the manner required, or who are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, or who have failed to certify to the Fund that they are not subject to backup withholding when required to do so or that they are "exempt recipients." The amount of any backup withholding from a payment to a Shareholder will be allowed as a credit against the Shareholder's U.S. federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is timely furnished to the IRS.

**OTHER TAX MATTERS** 

The preceding is a summary of some of the tax rules and considerations affecting Shareholders and the Fund's operations and does not purport to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. A Shareholder may be subject to other taxes, including but not limited to, state and local taxes, estate and inheritance taxes, and intangible taxes that may be imposed by various jurisdictions. The Fund also may be subject to state, local, and foreign taxes that could reduce cash distributions to Shareholders. It is the responsibility of each Shareholder to file all appropriate tax returns that may be required. Each prospective Shareholder is urged to consult with his or her tax adviser with respect to any investment in the Fund.

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**ERISA AND CODE CONSIDERATIONS** 

Persons who are fiduciaries with respect to an employee benefit plan or other arrangements subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") (an "ERISA Plan"), certain IRAs, or certain Keogh 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, the avoidance of prohibited transactions, and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, U.S. Department of Labor regulations provide that a fiduciary of the ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, whether the investment is designed reasonably to further the ERISA Plan's purposes, the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current total return of the portfolio relative to the anticipated cash flow needs of the ERISA Plan and the proposed investment, the income taxes (if any) attributable to the investment, and the projected return of the investment relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, an ERISA Plan fiduciary should determine whether such an investment is consistent with ERISA's fiduciary responsibilities and the foregoing considerations. If a fiduciary with respect to any such ERISA Plan breaches such responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary may be held personally liable for losses incurred by the ERISA Plan as a result of such breach. Non-ERISA-covered IRAs and Keogh plans and other arrangements not subject to ERISA, but subject to the prohibited transaction rules of Section 4975 of the Code ("Code Plans"; together with ERISA Plans, "Plans"), should determine whether an investment in the Fund will violate those rules.

Because the Fund will be registered as an investment company under the Investment Company Act, the underlying assets of the Fund will not be considered "plan assets" of the Plans investing in the Fund for purposes of ERISA's fiduciary responsibility rules and ERISA and the Code's prohibited transaction rules. Thus, the Adviser will not be a fiduciary within the meaning of ERISA and the Code with respect to the assets of any Plan that becomes a Shareholder of the Fund, solely as a result of the Plan's investment in the Fund.

Certain prospective ERISA Plan investors may currently maintain relationships with the Adviser or with other entities that are affiliated with the Adviser. Each of such persons may be deemed to be a party in interest to, a disqualified person of, and/or a fiduciary of any ERISA Plan to which it provides investment management, investment advisory, or other services. ERISA and the Code prohibit ERISA Plan assets from being used for the benefit of a party in interest or disqualified person and also prohibit a fiduciary from using its position to cause the ERISA 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. ERISA Plan investors should consult with legal counsel to determine if participation in the Fund is a transaction that is prohibited by ERISA or the Code. ERISA Plan fiduciaries will be required to represent that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that they are duly authorized to make such investment decisions, 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.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained herein is, of necessity, general and may be affected by the future publication or the future applicability of final regulations and rulings. Potential investors should consult with their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Shares.

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**DESCRIPTION OF SHARES** 

The Fund is authorized to offer an unlimited amount of Shares. This Prospectus describes three separate classes of Shares designated as Class S Shares, Class I Shares and Class M Shares. From time to time, and pursuant to the Fund's Exemptive Relief, the Board may create and offer additional classes of Shares, or may vary the characteristics of Class S Shares, Class I Shares, or Class M Shares 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 Shares; (5) differences in any dividends and NAVs 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 Investment Company Act. The Fund's repurchase offers will be made to all of its classes of Shares at the same time, in the same proportional amounts and on the same terms, except for differences in NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses.

**PURCHASING SHARES** 

The minimum initial investment in Class S Shares by any investor is $10,000,000. The minimum initial investment in Class I Shares by any investor is $2,500. The minimum initial investment in Class M Shares by any investor is $2,500. The minimum additional investment in the Fund by any Shareholder is $500. However, each of the Adviser or the Administrator reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund, in the sole discretion of the Adviser or the Administrator, 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.

The purchase price for each Class of Shares will be based on the NAV per Share of that class as of the date such Shares are purchased.

Shares will generally be offered for purchase on each Business Day, except that Shares 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 Shares at any time.

Except as otherwise permitted by the Board, initial and subsequent purchases of Shares 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 Shares in the Fund at any time. In the event that cleared funds and/or a properly completed investor application, as applicable, are not received from a prospective investor prior to the cut-off times pertaining to a particular offering, the Fund may hold the relevant funds and investor application for processing in the next offering.

In general, an investment will be accepted if a completed investor application, as applicable, and 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 Shares in the Fund at any time.

The Fund has authorized one or more brokers to receive on its behalf purchase orders. Such brokers are authorized to designate other intermediaries to receive purchase 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 orders will be priced at the Fund's NAV next computed after they are received by an authorized broker or the broker's authorized designee.

**Exchange of Shares Between Classes** 

A Shareholder is permitted to exchange shares between Classes of the Fund, provided that the Shareholder's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the shares of the applicable Class are eligible for sale in the Shareholder's state of residence and that the shares are otherwise available for offer and sale. When an individual Shareholder cannot meet the initial investment requirements of the applicable Class, exchanges of shares from one Class to the applicable Class will be permitted if such Shareholder'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 Shareholder's investment meet the initial investment requirements for the

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applicable Class. Shareholders will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Shareholders 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 a Shareholder receiving new shares 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 shares will not reduce a Shareholder's interest in the Fund. Shareholders 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.

**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 800-548-4539 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.

**TERM, DISSOLUTION AND LIQUIDATION** 

The Fund may be dissolved upon approval of a majority of the Trustees. Upon the liquidation of the Fund, its assets will be distributed first to satisfy (whether by payment or the making of a reasonable provision for payment) the debts, liabilities and obligations of the Fund, including actual or anticipated liquidation expenses, other than debts, liabilities or obligations to Shareholders, and then to the Shareholders proportionately in accordance with the amount of Shares that they own. Assets may be distributed in-kind on a proportionate basis if the Board or liquidator determines that the distribution of assets in-kind would be in the interests of the Shareholders in facilitating an orderly liquidation.

**REPORTS TO SHAREHOLDERS** 

The Fund will furnish to Shareholders after the end of each calendar year any tax information required by law. The Fund anticipates sending Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act.

**FISCAL YEAR** 

The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on September 30.

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**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL** 

[ ], [ ], serves as the independent registered public accounting firm for the Fund.

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, CA 94111, serves as counsel to the Fund.

Sullivan & Worcester LLP, 1666 K St NW #700, Washington, DC 20006, serves as counsel to the Independent Trustees.

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**INQUIRIES** 

Inquiries concerning the Fund and Shares (including procedures for purchasing Shares) should be directed to the Fund's Administrator, AMG Funds LLC, at 1 (800) 548-4539 or 680 Washington Boulevard, Suite 500, Stamford, CT 06901.

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**AMG PANTHEON CREDIT SOLUTIONS FUND** 

c/o AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

1 (800) 548-4539

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| | |
|:---|:---|
| **Adviser**<br> Pantheon Ventures (US) LP<br> 555 California Street, Suite 3450<br> San Francisco, CA 94104 | **Administrator**<br> AMG Funds LLC<br> 680 Washington Boulevard, Suite 500<br> Stamford, CT 06901 |
| **Custodian Bank**<br> The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286 | **Distributor**<br> AMG Distributors, Inc.<br> 680 Washington Boulevard, Suite 500<br> Stamford, CT 06901 |
| **Independent Registered Public Accounting Firm**<br> [ ]<br> [ ] | **Transfer Agent**<br> BNY Mellon Investment Servicing (US) Inc.<br> P.O. Box 534426<br> Pittsburgh, Pennsylvania 15253-4417 |
| **Legal Counsel**<br> Ropes & Gray LLP<br> One Maritime Plaza, Suite 1800<br> 300 Clay Street<br> San Francisco, CA 94111 | **Legal Counsel**<br> Ropes & Gray LLP<br> One Maritime Plaza, Suite 1800<br> 300 Clay Street<br> San Francisco, CA 94111 |

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**STATEMENT OF ADDITIONAL INFORMATION** 

**AMG Pantheon Credit Solutions Fund** 

**Class S Shares: PCSZX** 

**Class I Shares: PCSJX** 

**Class M Shares: PCSBX** 

[July 31, 2026]

c/o AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

(800) 548-4539

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus (the "Prospectus") of the AMG Pantheon Credit Solutions Fund dated [July 31, 2026], as it may be further revised or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. A copy of the Prospectus (as well as the Fund's Annual Report and Semi-Annual report) may be obtained without charge by contacting the Fund at the telephone number or address set forth above. You may also obtain the Prospectus, Annual Report and Semi-Annual Report by visiting the Fund's website at wealth.amg.com.

This SAI is not an offer to sell shares of beneficial interest ("Shares") of the Fund and is not soliciting an offer to buy Shares in any state where the offer or sale is not permitted.

Capitalized terms not otherwise defined herein have the same meaning set forth in the Prospectus.

Shares are distributed by AMG Distributors, Inc. to institutions and financial intermediaries who may distribute Shares to clients and customers (including affiliates and correspondents) of the Fund's investment adviser, and to clients and customers of other organizations. The Fund's Prospectus, which is dated [July 31, 2026], provides basic information investors should know before investing. This SAI is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus.

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****TABLE OF CONTENTS** OF THE** 

**STATEMENT OF ADDITIONAL INFORMATION** 

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| | |
|:---|:---|
|  [GENERAL INFORMATION](#sai121788_1) | 1 |
|  [INVESTMENT POLICIES AND PRACTICES](#sai121788_2) | 1 |
|  [FUNDAMENTAL POLICIES](#sai121788_3) | 1 |
|  [MANAGEMENT OF THE FUND](#sai121788_4) | 3 |
|  [CODE OF ETHICS](#sai121788_5) | 11 |
|  [PORTFOLIO MANAGEMENT](#sai121788_6) | 11 |
|  [BROKERAGE](#sai121788_7) | 17 |
|  [TAX MATTERS](#sai121788_8) | 18 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#sai121788_9) | 28 |
|  [ADMINISTRATOR](#sai121788_10) | 28 |
|  [CUSTODIAN](#sai121788_11) | 29 |
|  [DISTRIBUTOR](#sai121788_12) | 29 |
|  [TRANSFER AGENT](#sai121788_13) | 31 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#sai121788_14) | 32 |
|  [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#sai121788_15) | 32 |
|  [FINANCIAL STATEMENTS](#sai121788_16) | 33 |
|  [APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES](#sai121788_17) | A-1 |

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ii

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**GENERAL INFORMATION** 

AMG Pantheon Credit Solutions Fund (the "Fund") is a Delaware statutory trust organized on September 29, 2023, and is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Fund operates as an interval fund.

**INVESTMENT POLICIES AND PRACTICES** 

The investment objective of the Fund, as well as the principal investment strategies of the Fund and the principal risks associated with such investment strategies, are set forth in the Prospectus. Certain additional information regarding the investment program of the Fund is set forth below.

**FUNDAMENTAL POLICIES** 

The Fund's fundamental policies, which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. No other policy is a fundamental policy of the Fund, except as expressly stated. As defined by the Investment Company Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the Shareholders of the Fund, duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

**FUNDAMENTAL POLICIES:** The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) May issue senior securities to the extent permitted by the Investment Company 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 Investment Company 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 Investment Company 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 Investment Company 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 Investment Company 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) May purchase and sell real estate to the extent permitted by the Investment Company 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 Investment Company 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) May engage in short sales, purchases on margin and the writing of put and call options to the extent permitted
by the Investment Company 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.

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. For purposes of determining compliance with investment restriction (7) above related to concentration of investments, Underlying Funds are not considered part of any industry or group of industries.

**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 Investment Company Act ("Rule 23c-3")) of the Shares outstanding at per-class net asset value
("NAV") per Share (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. 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 Shareholders of the repurchase offer; 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 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 Shares.

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

**<u>Borrowing</u>.** The Investment Company 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.

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**<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 Investment Company 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 Investment Company 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.

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

**MANAGEMENT OF THE FUND** 

**TRUSTEES AND OFFICERS OF THE FUND** 

The members of the Board (the "Trustees") and Officers of the Fund, their business addresses, principal occupations for the past five years, and ages are listed below. The Board provides broad supervision over the affairs of the Fund, subject to the laws of the State of Delaware and the Fund's Declaration of Trust. 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 Trustee and each Officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

There is no stated term of office for Trustees. Each Trustee 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 Shareholders called for the purpose of electing Trustees 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 Trustees 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.

The Trustees are not required to contribute to the capital of the Fund or to hold Shares. A majority of Trustees of the Board are not "interested persons" (as defined in the Investment Company Act) of the Fund (collectively, the "Independent Trustees"). Any Trustee who is not an Independent Trustee is an interested trustee ("Interested Trustee").

*INDEPENDENT TRUSTEES* 

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of**<br> **Birth\*** | **Position(s)**<br> **Held with**<br> **the Fund**<br> **and Length**<br> **of Time**<br> **Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Funds in**<br> **Fund**<br> **Complex**<br> **Overseen by<br>Trustee\*\*** | **Other**<br> **Directorships Held**<br> **by Trustee** | **Experience, Qualifications,<br>Attributes, Skills for Board<br>Membership** |
| Jill R. Cuniff<br> YOB: 1964 | Trustee since 2025 | 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) | 41 | 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 | Trustee since 2024 | 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) | 41 |  | 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. |
| Peter W. MacEwen<br> YOB: 1964 | Trustee since 2025 | 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) | 41 | 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 | Trustee since 2024 | Professor of Law (Emeritus), University of California at Berkeley School of Law (1990-Present) | 41 | 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); 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. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Victoria L. Sassine<br> YOB: 1965 | Trustee since 2024 | 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) | 41.0 | 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 Trustee 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 Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

*INTERESTED TRUSTEE* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of**<br> **Birth\*** | **Position(s)**<br> **Held with**<br> **the Fund**<br> **and Length**<br> **of Time**<br> **Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Funds in**<br> **Fund**<br> **Complex<br>Overseen by**<br> **Trustee\*\*** | **Other**<br> **Directorships Held**<br> **by Trustee** | **Experience, Qualifications,<br>Attributes, Skills for Board<br>Membership** |
| Garret W. Weston\*\*\*<br> YOB: 1981 | Trustee since 2023 | 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) | 41 |  | 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. |

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\* The address for each Trustee 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 Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

\*\*\* Mr. Weston is being treated by the Fund as an "interested person" of the Fund within the meaning of the Investment Company Act by virtue of his position with, and interest in securities of, Affiliated Managers Group, Inc., which indirectly owns a majority of the interests of the Adviser. 

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*INFORMATION ABOUT EACH TRUSTEE'S EXPERIENCE, QUALIFICATIONS, ATTRIBUTES OR SKILLS* 

Trustees 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 Trustees are shown in the tables above. The summaries relating to the experience, qualifications, attributes and skills of the Trustees are required by the registration form adopted by the SEC, do not constitute holding out the Board or any Trustee 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 Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that Trustees 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 Trustee'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 Trustees 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 Trustees 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, Address, and Year of**<br> **Birth\*** | **Position(s) Held with the Fund**<br> **and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Keitha L. Kinne<br> YOB: 1958 | President, Chief Executive Officer, Principal Executive Officer, and Chief Operating Officer since 2024 | President, Chief Executive Officer and Principal Executive Officer, AMG Fund Complex\*\* (2018-Present); Chief Operating Officer, AMG Fund Complex (2007-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); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (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 2024 | Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Fund Complex (2017-Present); Managing Director, Platform and Operations, AMG Funds LLC (2025-Present); Chief Financial Officer, AMG Funds, AMG Funds I, AMG Funds III, |

---

------

---

| | | |
|:---|:---|:---|
|  |  | AMG Funds IV, and AMG ETF Trust (2017-Present); Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-2025); 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) |
| Jeff Miller<br> YOB: 1971 | Executive Vice President since 2025 | Executive Vice President, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Credit Solutions Fund, and AMG Pantheon Infrastructure Fund, LLC (2025-Present); Chief Investment Officer and Global Head of Private Equity, Pantheon Ventures (US) LP (2024-Present); Head of Private Equity (2022-2024); Global Head of Co-Investments, Pantheon Ventures (US) LP (2020-2022); Partner, Pantheon Ventures (US) LP (2014-Present); Principal Member, Pantheon Ventures (US) LP (2012-2014); Principal, Pantheon Ventures (US) LP (2008 – 2012); Principal, Allied Capital (2004—2008), Vice President, Lehman Brothers Investment Banking Division (2000-2004) |
| Mark J. Duggan<br> YOB: 1965 | Secretary and Chief Legal Officer since 2024 | Secretary and Chief Legal Officer, AMG Fund Complex (2015-Present); Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Attorney, K&L Gates, LLP (2009-2015) |
| Patrick J. Spellman<br> YOB: 1974 | Chief Compliance Officer, Sarbanes-Oxley Code of Ethics Compliance Officer, and Anti-Money Laundering Compliance Officer since 2024 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Fund Complex (2019-Present); Anti-Money Laundering Compliance Officer, AMG Fund Complex (2022-Present); Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (2014-2019); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011) |
| John A. Starace<br> YOB: 1970 | Deputy Treasurer since 2024 | Deputy Treasurer, AMG Fund Complex (2017-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); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP |

---

\* The address for each executive officer 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 Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

------

*TRUSTEE SHARE OWNERSHIP* 

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Fund<br>Beneficially Owned as of December 31, 2025** | **Aggregate Dollar Range of Equity Securities in<br>All Registered Investment Companies Overseen<br>by Trustee in the Family of Investment<br>Companies Beneficially Owned as of<br>December 31, 2025\*** |
|  ***Independent Trustees:*** |  |  |
|  Jill R. Cuniff | Over $100,000 | Over $100,000 |
|  Kurt Keilhacker | Over $100,000 | Over $100,000 |
|  Peter W. MacEwen |  | Over $100,000 |
|  Eric Rakowski | Over $100,000 | Over $100,000 |
|  Victoria Sassine |  | Over $100,000 |
|  ***Interested Trustee:*** |  |  |
|  Garret Weston | $50001-$100000 | Over $100,000 |

---

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

**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 Trustees, five of whom are Independent Trustees. An Independent Trustee 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 Trustees, to which the Board has delegated certain authority and oversight responsibilities.

The Board's role in management 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 Trustees, the Independent Trustees' 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 Trustees and the Independent Trustees' independent legal counsel, the Independent Trustees consider a variety of matters that are required by law to be considered by the Independent Trustees, 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 Trustees 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. An employee of the Adviser serves as one of the Fund's officers. The Board provides oversight of the services provided by the Adviser 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.

------

*AUDIT COMMITTEE* 

The Board has an Audit Committee consisting of all of the Independent Trustees. Victoria Sassine serves as the chairman of the Audit Committee. Under the terms of its charter, the Audit Committee (i) acts for the Trustees in overseeing the Fund's financial reporting and auditing processes; (ii) receives and reviews communications from the independent registered public accounting firm relating to its review of the Fund's financial statements; (iii) 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; (iv) 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; (v) 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; (vi) 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 (vii) 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. The Audit Committee of the Fund met twice during the most recent fiscal year.

*GOVERNANCE COMMITTEE* 

The Board has a Governance Committee consisting of all of the Independent Trustees. 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 Trustees; (ii) the designation and responsibilities of the chairperson of the Board (who shall be an Independent Trustee) 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 Trustees; 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 Trustee; (ii) conduct self-evaluations of the performance of the Trustee 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 Trustees 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 Shareholders. Shareholders who would like to recommend 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. The Governance Committee of the Fund met twice during the most recent fiscal year.

**TRUSTEE COMPENSATION** 

For their services as Trustees of the Fund and other funds within the AMG Fund Complex (defined below) for the fiscal year ended March 31, 2026, the Trustees were compensated as follows:

[To be updated by amendment]

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation from<br>the Fund** | **Total Compensation from the<br>Fund Complex Paid to<br>Trustees\*** |
|  ***Independent Trustees:*** |  |  |
|  Jill R. Cuniff | $[ ]<sup>1</sup> | $[ ] |
|  Kurt Keilhacker | $[ ] | $[ ] |
|  Peter W. MacEwen | $[ ]<sup>1</sup> | $[ ] |
|  Eric Rakowski | $[ ] | $[ ] |
|  Victoria Sassine | $[ ] | $[ ] |
|  ***Interested Trustee:*** |  |  |
|  Garret Weston |  |  |

---

------

\* The AMG Fund Complex consists of the Fund, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust. As of March 31, 2026, each Trustee served as a trustee or director to 39 funds in the AMG Fund Complex. 

<sup>1</sup> Appointed to the Board of Trustees of the Fund on June 12, 2025.

**CODE OF ETHICS** 

The Fund and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 of the Investment Company Act, which is designed to prevent affiliated persons of the Fund and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund. The codes of ethics permit persons subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to a number of restrictions and controls. Compliance with the codes of ethics is carefully monitored and enforced.

The codes of ethics are included as exhibits to the Fund's registration statement filed with the SEC and are available on the EDGAR database on the SEC's Internet site at sec.gov, and may also be obtained after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**PORTFOLIO MANAGEMENT** 

**THE ADVISER** 

------

Pantheon Ventures (US) LP (the "Adviser") serves as the investment adviser to the Fund. The Adviser is located at 555 California Street, Suite 3450, San Francisco, CA 94104. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. The Adviser is an affiliate of Pantheon Ventures (UK) LLP ("Pantheon UK"), Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Infra Advisors LLC, Pantheon Capital (Asia) Limited, Pantheon Ventures (Ireland) DAC, and Pantheon Ventures (Singapore) Pte. Ltd. (together with the Adviser, each of their respective subsidiaries, subsidiary undertakings, successors and assigns, collectively "Pantheon").

Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Adviser is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Adviser provides such services to the Fund pursuant to the Investment Management Agreement.

The Investment Management Agreement between the Adviser and the Fund provides for an initial two-year term and continues in effect from year to year thereafter provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval.

**<u>The Investment Management Fee</u>.** Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.15% on an annualized basis of the Fund's average daily Managed Assets, subject to certain adjustments. The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. 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. The Investment Management Fee will be accrued daily and will be due and payable monthly in arrears. The Adviser also charges each Subsidiary a management fee, of which the Fund indirectly bears a pro rata share. The Investment Management Fee paid to the Adviser by the Fund and the Subsidiaries for the fiscal period beginning May 1, 2024 (the date the Fund commenced investment operations) and ending March 31, 2025 and the fiscal year ended March 31, 2026 under the Investment Management Agreement was as follows:

[To be updated by amendment]

---

| | |
|:---|:---|
|  Fiscal period ended March 31, 2025 | $2387379 |
|  Fiscal year ended March 31, 2026 | $[] |

---

**<u>Incentive Fee</u>.** In addition to the Investment Management Fee, the Adviser will be entitled to an income incentive fee ("Incentive Fee"), if earned. The Incentive Fee is payable quarterly in arrears based upon "pre-incentive fee net investment income" attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.15% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income (inclusive of accrued interest and other non-cash interest features, including OID), dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Management Fee but will exclude the Incentive Fee.

------

The "catch-up" provision is intended to provide the Adviser with an Incentive Fee of 10% on pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 1.667% of the class's average daily net asset value (calculated in accordance with GAAP) in any fiscal quarter.

The calculation of the Incentive Fee for each calendar quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Incentive Fee is payable to the Adviser if the Fund's pre-incentive fee net investment income attributable to the Class, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle
rate of 1.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All pre-incentive fee net investment income attributable to the Class (if
any), expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, that exceeds the hurdle rate but is less than or equal to 1.667% (the "catch-up") is
payable to the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any fiscal quarter in which pre-incentive fee net investment income
attributable to the Class, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, exceeds the catch-up, 10% is payable to the Adviser.

The Incentive Fee paid to the Adviser by the Fund for the fiscal period beginning May 1, 2024 (the date the Fund commenced investment operations) and ending March 31, 2025 and the fiscal year ended March 31, 2026 under the Investment Management Agreement was as follows:

[To be updated by amendment]

---

| | |
|:---|:---|
|  Fiscal period ended March 31, 2025 | $0 |
|  Fiscal year ended March 31, 2026 | $[] |

---

------

**<u>Expense Limitation and Reimbursement Agreement</u>.** The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund and each of the Fund's two Subsidiaries, whereby the Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund and each Subsidiary (a "Waiver"), if required to ensure the Total Annual Expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.75% of the Fund's average daily net assets attributable to the Fund and each Subsidiary (the "Expense Limit"). "Excluded Expenses" is defined to include (a) the management fee and Incentive Fee paid by the Fund and each Subsidiary; (b) fees, expenses, allocations, carried interests, etc. of Private Funds, special purpose vehicles and co-investments in portfolio companies in which the Fund or a Subsidiary may invest; (c) acquired fund fees and expenses of the Fund and any Subsidiary; (d) transaction costs, including legal costs and brokerage commissions, of the Fund and any Subsidiary; (e) interest payments incurred by the Fund or a Subsidiary; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund or a Subsidiary; (g) the Distribution and/or Service Fees (as applicable) paid by the Fund; (h) the shareholder servicing fees (as applicable) paid by the Fund; (i) taxes of the Fund or a Subsidiary; (j) extraordinary expenses of the Fund or a Subsidiary (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; (k) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to a Subsidiary; and (l) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary. 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 offering costs and fees and expenses of Fund Trustees. Because the Excluded Expenses noted above are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) may exceed 0.75% for a Class of Shares. For a period not to exceed 36 months from the date the Fund or a Subsidiary, as applicable, 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 and such Subsidiary in any year, together with all other expenses of the Fund and such Subsidiary, in the aggregate, would not cause the Fund's total annual operating expenses and such Subsidiary's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Limit that is in effect at the time of such additional payment by the Fund and such Subsidiary. The Expense Limitation and Reimbursement Agreement will continue for at least one year from the effective date of the Fund's registration statement and will continue thereafter until such time that the Adviser ceases to be the investment manager of the Fund or upon mutual agreement between the Adviser and the Fund's Board.

The net amount of fees waived and/or expense reimbursed to (or recouped from) the Fund pursuant to the Expense Limitation and Reimbursement Agreement for the fiscal period beginning May 1, 2024 (the date the Fund commenced investment operations) and ending March 31, 2025 and the fiscal year ended March 31, 2026 are as follows:

[To be updated by amendment]

---

| | |
|:---|:---|
|  | **Amount waived (recouped)** |
|  Fiscal period ended March 31, 2025 | $0 |
|  Fiscal year ended March 31, 2026 | $[] |

---

**INVESTMENT COMMITTEE** 

While the Adviser's investment committee reviews and approves all investments made by the Fund, the below Portfolio Managers are jointly and primarily responsible for the day-to-day management of the Fund's portfolio and share equal responsibility and authority for managing the Fund's portfolio.

------

**THE PORTFOLIO MANAGERS** 

The portfolio managers manage, or are affiliated with, other accounts in addition to the Fund, including other pooled investment vehicles. Because the portfolio managers and other members of Pantheon manage assets for other investment companies, pooled investment vehicles, and/or other accounts (collectively "Client Accounts"), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. In those instances, the portfolio managers may have an incentive to not favor the over the Client Accounts. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

The following tables list the number and types of accounts, other than the Fund, managed by the Fund's portfolio managers and estimated assets under management in those accounts, as of [ ].

[To be updated by amendment]

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed** | **Registered investment**<br>**companies managed** | **Other pooled investment**<br>**vehicles managed (world-**<br>**wide)** | **Other pooled investment**<br>**vehicles managed (world-**<br>**wide)** | **Other accounts**<br>**(world-wide)** | **Other accounts**<br>**(world-wide)** |
|  | *Number of*<br>*accounts* | *Total*<br>*assets* | *Number*<br>*of*<br>*accounts* | *Total<br>assets* | *Number of*<br>*accounts* | *Total<br>assets* |
|  Rick Jain | [] | $[] | [] | $[] | [] | $[] |
|  Jeffrey Miller | [] | $[] | [] | $[] | [] | $[] |
|  Toni Vainio | [] | $[] | [] | $[] | [] | $[] |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a**<br>**performance-based**<br>**fee** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a**<br>**performance-based**<br>**fee** | **Other pooled investment**<br>**vehicles managed<br>(world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** | **Other pooled investment**<br>**vehicles managed<br>(world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** |
|  | *Number of*<br>*accounts* | *Total*<br>*assets* | *Number*<br>*of*<br>*accounts* | *Total<br>assets* | *Number*<br>*of*<br>*accounts* | *Total<br>assets* |
|  Rick Jain | [] | $[] | 83 | $[] | [] | $[] |
|  Jeffrey Miller | [] | $[] | 83 | $[] | [] | $[] |
|  Toni Vainio | [] | $[] | 44 | $[] | [] | $[] |

---

As of March 31, 2026, the portfolio managers' ownership of the Fund was as follows:

------

Mr. Jain: $500,001 - $1,000,000

Mr. Miller: $100,001 - $500,000

Mr. Vainio: None

**<u>Conflicts of Interest</u>.** 

The Adviser and Portfolio Managers may manage multiple funds and/or other accounts, and as a result may be presented with one or more of the following actual or potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The management of multiple funds and/or other accounts may result in the Adviser or a Portfolio Manager devoting
unequal time and attention to the management of each fund and/or other account. The Adviser seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment
discipline. Other accounts managed by a Portfolio Manager may not be managed using the same investment models that are used in connection with the management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Adviser or a Portfolio Manager identifies a limited investment opportunity which may be suitable for more
than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Adviser has
adopted procedures for allocating portfolio transactions across multiple accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser has adopted certain compliance procedures which are designed to address these types of conflicts.
However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**<u>Compensation of the Portfolio Managers</u>.** 

Subject to available Pantheon (as defined above) profits, the compensation of each portfolio manager is typically comprised of a fixed annual distribution, a distribution determined by reference to the revenues of Pantheon, and potentially an annual supplemental distribution from surplus profits of Pantheon awarded at the discretion of Pantheon UK (as defined above). Such amounts are payable by Pantheon and not by the Fund. In addition, each portfolio manager may be eligible to receive a share of any performance fees or carried interest earned by Pantheon in any given year.

------

**BROKERAGE** 

In following the Fund's investment strategy, the Adviser expects few of the Fund's transactions to involve brokerage. To the extent the Fund's transactions involve brokerage, the Fund does not expect to use one particular broker or dealer. It is the Fund's policy to obtain the best results in connection with effecting its portfolio transactions, taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and the firm's risk in positioning a block of securities. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order for two or more accounts it manages, including the Fund, that are engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of the Adviser that the advantages of combined orders outweigh the possible disadvantages of separate transactions. The Adviser believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for brokerage or research services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

While it is the Fund's general policy to seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, weight is also given to the ability of a broker-dealer to furnish brokerage and research services as defined in Section 28(e) of the Securities Exchange Act of 1934, as amended, to the Fund or to the Adviser, even if the specific services are not directly useful to the Fund and may be useful to the Adviser in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to the Adviser. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by the Adviser to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer. The standard of reasonableness is to be measured in light of the Adviser's overall responsibilities to the Fund.

For fiscal period beginning May 1, 2024 (the date the Fund commenced investment operations) and ending March 31, 2025 and the fiscal year ended March 31, 2026, the Fund paid $0 and $[ ], respectively, in brokerage commissions.

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**TAX MATTERS** 

The following is intended to be a general summary of certain U.S. federal income tax consequences of investing, holding and disposing of Shares of the Fund. It is not intended to be a complete discussion of all such federal income tax consequences, nor does it purport to deal with all categories of investors. **INVESTORS ARE THEREFORE ADVISED TO CONSULT WITH THEIR TAX ADVISORS BEFORE MAKING AN INVESTMENT IN THE FUND**.

Set forth below is a discussion of certain U.S. federal income tax issues concerning the Fund and the purchase, ownership and disposition of Shares. This discussion does not purport to be complete or to deal with all aspects of federal income taxation that may be relevant to Shareholders in light of their particular circumstances. Unless otherwise noted, this discussion assumes you are a U.S. Shareholder and that you hold your Shares as a capital asset. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, which change may be retroactive. Prospective investors should consult their own tax advisers with regard to the federal tax consequences of the purchase, ownership, or disposition of Shares, as well as the tax consequences arising under the laws of any state, foreign country, or other taxing jurisdiction.

The Fund has elected to be treated as, and intends to qualify annually as, a regulated investment company (a "RIC") under the Code. To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, (a) derive in each taxable year at least 90% of its gross income from 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 derived with respect to its business of investing in such stock, securities or currencies and net income derived from interests in qualified publicly traded partnerships; (b) diversify its holdings so that, at the end of each quarter of its taxable year, (i) at least 50% of the market value of the Fund's 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 the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, in the securities (other than securities of other RICs) of two or more issuers which the Fund controls and are engaged in the same, similar or related trades or businesses, or in the securities of one or more qualified publicly traded partnerships; and (c) distribute for each taxable year an amount at least equal to the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss, determined without regard to the deduction for dividends paid) and 90% of its net tax exempt interest income. To the extent that the Fund invests in Underlying Funds that are partnerships for federal income tax purposes (other than qualified publicly traded partnerships), the Fund will generally need to take into account its proportionate share of the income and assets of those Underlying Funds for purposes of these three tests.

The Fund might not distribute all of its net investment income, and the Fund is not required to distribute any portion of its net capital gain. If the Fund qualifies for treatment as a RIC but does not distribute all of its net capital gain and net investment income, it will be subject to tax at regular corporate rates on the amount retained. If the Fund retains any net capital gain, it may designate the retained amount of capital gain as undistributed capital gain in a notice to its Shareholders who, if subject to federal income tax on long-term capital gains, (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be deemed to have paid their proportionate share of the tax paid by the Fund on such undistributed amount and will be entitled to credit that amount of tax against their federal income tax liabilities, if any; and (iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of Shares owned by a Shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the Shareholder's gross income and the tax deemed paid by the Shareholder.

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As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes to Shareholders. The Fund intends to distribute to its Shareholders, at least annually, substantially all of its net investment income and net capital gain. Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. To prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to Shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by Shareholders on December 31 of the calendar year in which it was declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be "spilled back" and treated for certain purposes as paid by the Fund during such taxable year. In such case, Shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a RIC's undistributed income and gain subject to the 4% excise tax described above, such "spilled back" dividends are treated as paid by the RIC when they are actually paid.

The Fund intends and expects to comply with the qualifying income, diversification, and distribution requirements applicable to RICs, as described above, each year or quarter, as applicable, and has processes in place to maintain its compliance, but there can be no assurance that it will always comply. If the Fund fails to satisfy the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for certain relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. In order to be eligible for the relief provisions with respect to a failure to meet the diversification requirements, the Fund may be required to dispose of certain assets. If these relief provisions are not available to the Fund, or if the Fund chooses not to utilize such relief provisions, and as a result it fails to qualify for treatment as a RIC for a taxable year, the Fund will be taxable at regular corporate tax rates (and, to the extent applicable, at corporate alternative minimum tax rates). In such an event, all distributions (including capital gain distributions) will be taxable as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, subject to the dividends-received deduction for corporate Shareholders and to the tax rates applicable to qualified dividend income distributed to non-corporate Shareholders. In such an event, distributions in excess of the Fund's current and accumulated earnings and profits will be treated first as a return of capital to the extent of the holder's adjusted tax basis in the Shares (reducing that basis accordingly), and any remaining distributions will be treated as a capital gain. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. In addition, if the Fund were to fail to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built-in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to Shareholders.

**Taxation of Fund Investments** 

The Fund may invest in Underlying Funds and Co-Investments that are classified as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. Accordingly, the Fund may be

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required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from an Underlying Fund or Co-Investment. In such case, the Fund might have to borrow money or dispose of investments, including interests in Underlying Funds, including when it is disadvantageous to do so, 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 or excise tax.

In addition, the character of a partner's distributive share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Underlying Funds and Co-Investments classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount and sources of such an Underlying Fund's or Co-Investment's income until such income has been earned by the Underlying Fund or Co-Investment or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Underlying Funds or Co-Investments that are classified as partnerships for federal income tax purposes. It is possible that the Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Fund's direct and indirect investments in order to ensure that the Fund meets the asset diversification test. 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 test 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 Underlying Fund or Co-Investment that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Underlying Funds or Co-Investments that would otherwise be consistent with its investment strategy or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Shareholders.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include the direct investments, activities, income, gain, and loss of both the Fund and those indirectly attributable to the Fund as result of the Fund's investment in any Underlying Fund (or other entity, including a Co-Investment or the Lead Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

*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.

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.

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*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.

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.

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*Book-Tax Differences* 

Certain of the Fund's investments, including 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.

*Investment in the Corporate Subsidiary* 

The Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary will be organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Fund. The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly.

*Certain Investments in REITs* 

Any investment by the Fund in equity securities of real estate investment trusts ("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 Shareholders 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.

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.

*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 ("CRTs") (See, "Tax-Exempt Shareholders" below).

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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.

*Original Issue Discount Securities* 

Investments by the Fund in zero coupon or other discount securities will result in original issue discount, which results in income to the Fund equal to a portion of the excess of the face value of the securities over their issue price each year that the securities are held, even though the Fund may receive no cash interest payments or may receive cash interest payments that are less than the income recognized for tax purposes. This income is included in determining the amount of income, which the Fund must distribute to avoid the payment of federal income tax and the 4% excise tax. Because such income may not be matched by a corresponding cash payment to the Fund, the Fund may be required to borrow money or dispose of securities to be able to make distributions to its Shareholders.

*Market Discount Securities* 

The Fund may acquire debt instruments in the secondary market for less than their face amount. The amount of such discount generally will be treated as "market discount" for U.S. federal income tax purposes. Accrued market discount is reported as income when, and to the extent that, any payment of principal of the debt instrument is made, unless the Fund elects to include accrued market discount in income as it accrues. Principal payments on certain debt instruments may be made monthly, and consequently accrued market discount may have to be included in income each month as if the debt instrument were assured of ultimately being collected in full. If the Fund collects less on the debt instrument than the Fund's purchase price plus the market discount the Fund had previously reported as income, the Fund may not be able to benefit from any offsetting loss deductions.

*Investments in Non-U.S. Securities* 

The Fund may invest in non-U.S. securities, which investments could subject the Fund to complex provisions of the Code applicable to equity interests in passive foreign investment companies (each, a "PFIC"). If the Fund invests in PFICs, the Fund could be subject to U.S. federal income tax and nondeductible interest charges in connection with the investments, and would not be able to pass through to its Shareholders any credit or deduction for such a tax. One or more elections (including a mark-to-market election) may be available to the Fund to ameliorate these adverse tax consequences, but such elections may require information that is unavailable to the Fund or could require the Fund to recognize taxable income or gain (subject to the distribution requirements applicable to RICs, as described above) without the concurrent receipt of cash. In order to satisfy the distribution requirements and avoid a tax at the Fund level, the Fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the Fund. Gains from the sale of stock of PFICs may also be treated as ordinary income. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its returns from these investments. Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund may unexpectedly incur taxes as described above. Any such tax will reduce the value of a Shareholder's investment in the Fund.

*Foreign Taxation* 

Income, proceeds and gains received by the Fund on foreign securities may give rise to withholding and other taxes imposed by foreign countries. This will decrease the Fund's yield on securities subject to such taxes. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. Shareholders of the Fund generally will not be entitled to a credit or deduction with respect to any such taxes paid by the Fund. Shareholders 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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*Foreign Currency Transactions* 

Gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

**DISTRIBUTIONS** 

Dividends paid out of the Fund's net investment income generally will be taxable to a Shareholder as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional Shares. Shareholders receiving distributions in the form of additional Shares, rather than cash, generally will have a cost basis in each such Share equal to the greater of the NAV or fair market value of a Share on the reinvestment date. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will first be treated by a Shareholder as a return of capital, which is applied against and reduces the Shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the Shareholder's basis in his or her Shares, the excess will be treated by the Shareholder as gain from a sale or exchange of Shares.

Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a Shareholder has owned his or her Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned for more than one year, and short-term capital gain or loss on investments it has owned for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain, and taxed to individuals at reduced rates relative to ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryforwards. The IRS and the Department of the Treasury have issued 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 shareholders as ordinary income. 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 long-term capital gain, provided holding period and other requirements are met at both the shareholder and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income.

Shareholders will be notified annually on Form 1099 of the U.S. federal tax status of distributions, and Shareholders receiving distributions in the form of additional Shares will receive a report as to the NAV of those Shares.

A dividend or distribution received after the purchase of Shares reduces the NAV of the Shares by the amount of the dividend or distribution. If the NAV of Shares were reduced below the Shareholder's cost by dividends and distributions representing gains realized on sales of securities, such dividends and distributions, although also in effect returns of capital, would be taxable to the Shareholder in the same manner as other dividends or distributions.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to offset capital gains in future years. The Fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to Shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. Under certain circumstances, the

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Fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

**SALE, EXCHANGE OR REPURCHASE OF FUND SHARES** 

Sales, exchanges and repurchases of Fund Shares generally are taxable events for Shareholders that are subject to tax. Shareholders should consult their own tax advisers with reference to their individual circumstances to determine whether any particular transaction in Shares is properly treated as a sale for tax purposes, as the following discussion assumes, and to ascertain the tax treatment of any gains or losses recognized in such transactions. In general, if Shares are sold, the Shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the Shareholder's adjusted tax basis in the Shares. Such gain or loss generally will be treated as long-term capital gain or loss if the Shares were held for more than one year and otherwise generally will be treated as short-term capital gain or loss. Any loss recognized by a Shareholder upon the sale, repurchase or other disposition of Shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the Shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the Shareholder as undistributed capital gains).

Losses on sales or other dispositions of Shares may be disallowed under "wash sale" rules in the event of other investments in the Fund (including investments made pursuant to reinvestment of dividends and/or capital gain distributions) within a period of 61 days beginning 30 days before and ending 30 days after the sale or other disposition of Shares or in the event the Shareholder enters into a contract or option to repurchase Shares within such period. In such a case, the disallowed portion of any loss generally would be included in the adjusted tax basis of the Shares acquired in the other investments.

From time to time, the Fund intends to make a tender offer for its Shares (as described in the Prospectus). Shareholders who tender all of the Shares they hold or are deemed to hold in response to a repurchase offer generally will be treated as having sold their Shares and generally will recognize a capital gain or loss, as described in the preceding paragraphs. However, if a Shareholder tenders fewer than all of the Shares it holds or is deemed to hold, such Shareholder may be treated as having received a distribution under Section 301 of the Code ("Section 301 distribution") unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Shareholder 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 the Shareholder's tax basis in its Fund Shares (but not below zero), and thereafter as capital gain. Where a Shareholder whose Shares are repurchased is treated as receiving a dividend, there is a risk that other Shareholders of the Fund whose percentage interests in the Fund increase as a result of such repurchase will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Shares of the Fund.

The Fund's use of cash to repurchase Shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC and its ability to avoid Fund-level income and excise taxes. The Fund could also recognize gains in connection with its liquidation of portfolio securities to fund Share repurchases. Any such gain would be taken into account in determining whether the distribution requirements are satisfied, and the Fund may be required to make additional distributions to its Shareholders, including distributions of short-term capital gains taxable to individual shareholders as ordinary income.

**BACKUP WITHHOLDING** 

The Fund is required to withhold (as "backup withholding") a portion of dividends and certain other payments paid to certain holders of Shares who do not to provide the Fund with their correct taxpayer identification number (or, in the case of individuals, their social security numbers) or to make required certifications, or who are otherwise subject to backup withholding. Corporate Shareholders and certain other Shareholders specified in the Code generally are exempt from such backup withholding. This withholding is not an additional tax. Any amounts withheld from payments made to a Shareholder may be refunded or credited against the Shareholder's U.S. federal income tax liability, provided the required information and forms are timely furnished to the IRS.

**FOREIGN SHAREHOLDERS** 

A "Non-U.S. Shareholder" for purposes of this discussion generally is a beneficial owner of Shares that is not a U.S. Shareholder or an entity treated as a partnership for U.S. federal income tax purposes. This includes nonresident alien individuals, foreign trusts or estates and foreign corporations. Whether an investment in Shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in Shares may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest.

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Non-U.S. Shareholders should consult their tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in Shares, including applicable tax reporting requirements.

Except as described below, distributions of "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. This will be the case even if a Non-U.S. Shareholder is a participant in a dividend reinvestment program (and will reduce the amounts of a distribution that can be reinvested pursuant to a dividend reinvestment program). If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to the U.S. Shareholder, and the Fund will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements. The Fund will withhold on distributions of investment company taxable income to Non-U.S. Shareholders unless certain exemptions apply and are appropriately documented to the Fund. Special certification requirements apply to a Non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their tax advisers.

Properly reported dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its long-term capital loss for such taxable year). In order to qualify for this exemption from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its Non-U.S. Shareholder status (including, in general, furnishing an IRS Form W-8BEN (for individuals), IRS Form W-8BEN-E (for entities) or other applicable form, or an acceptable substitute or successor form). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Actual or deemed distributions of the Fund's net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale or redemption of Shares, will not be subject to U.S. federal income tax unless (i) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States), (ii) in the case of an individual, the Non-U.S. Shareholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of U.S. real property interests ("USRPIs") apply to the Non-U.S. Shareholder's sale of Shares (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% Non-U.S. Shareholder or any Non-U.S. Shareholder if Shares of the Fund are not considered regularly traded on an established securities market, in which case such Non-U.S. Shareholder 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 Non-U.S. Shareholder (including, in certain cases, distributions made by the Fund in redemption of its Shares) 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 Non-U.S. Shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the Non-U.S. Shareholder 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 Non-U.S. Shareholder, 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 Non-U.S. Shareholder's current and past ownership of the Fund. The Fund generally does not expect that it will be a QIE.

Non-U.S. Shareholders of the Fund 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 Shares.

If the Fund distributes its net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the non-U.S. Shareholder's allocable share of the corporate-level tax the Fund pays on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. Shareholder, distributions (both cash and in Shares), and gains realized upon the sale or redemption of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder who is a non-resident alien individual may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. Shareholder provides the Fund or the Administrator with an IRS Form W-8BEN or an acceptable substitute form or otherwise meets documentary evidence requirements for establishing its Non-U.S. Shareholder status or otherwise establishes an exemption from backup withholding.

In addition, Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its Shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. Unless certain Non-U.S. Shareholders that hold Shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Shareholder on ordinary dividends it pays. The IRS and the Department of 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 Non-U.S. Shareholders described above (e.g., short-term capital gain dividends and interest-related dividends). A Non-U.S. Shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the Shareholder and the applicable foreign government comply with the terms of such agreement.

**OTHER TAX CONSIDERATIONS** 

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a Shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds certain threshold amounts. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain Shareholders that are estates and trusts. For these purposes, interest, dividends, and certain capital gains (among other categories of income) are generally taken into account in computing a Shareholder's net investment income.

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Fund Shareholders may be subject to state, local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

If a Shareholder recognizes a loss on a disposition of Shares of at least $2 million in any single taxable year or $4 million in any combination of taxable years for a Shareholder that is an individual or a trust, or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate Shareholder, the Shareholder must file with the IRS a disclosure statement on Form 8886. Direct Shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. In addition, significant penalties may be imposed for the failure to comply with the reporting requirements. 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. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**STATE AND LOCAL TAXES** 

Although the Fund expects to qualify as a RIC and to be relieved of all or substantially all federal income taxes, depending upon the extent of its activities in states and localities in which its offices are maintained, in which its agents or independent contractors are located or in which it is otherwise deemed to be conducting business, the Fund may be subject to the tax laws of such states or localities.

The foregoing discussion is a summary only and is not intended as a substitute for careful tax planning. Purchasers of Shares should consult their own tax advisers as to the tax consequences of investing in such Shares, including under state, local, foreign and other tax laws.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL** 

[ ], [ ], serves as the independent registered public accounting firm for the Fund.

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, CA 94111, serves as counsel to the Fund.

Sullivan & Worcester LLP, 1666 K St NW #700, Washington, DC 20006, serves as counsel to the Independent Trustees.

**ADMINISTRATOR** 

The Fund has contracted with AMG Funds LLC (the "Administrator"), whose principal business address is 680 Washington Boulevard, Suite 500, Stamford, CT 06901, to provide it with certain administrative and accounting services.

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**CUSTODIAN** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. subcustodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. 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 the Custodian or U.S. or non-U.S. subcustodians in a securities depository, clearing agency or omnibus customer account of such custodian.

**DISTRIBUTOR** 

AMG Distributors, Inc. (the "Distributor") acts as the distributor of the Fund's Shares 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 Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Pursuant to the Distribution Agreement, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Shares. The Distributor and its officers have no role in determining the investment policies of the Fund.

The Fund offers three separate classes of shares: Class I, Class M, and Class S. 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 Shares. If, however, Class M Shares 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 Share. Such fees are not Upfront Sales Loads paid to the Fund or the Distributor. Financial intermediaries will not charge such fees on Class I Shares or Class S Shares. The Fund is offering on a continuous basis an unlimited number of Shares.

***Distribution and Service Plan***. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure. Pursuant to such order, the Fund has adopted a Distribution and Service Plan (the "Plan") with respect to Class M Shares in compliance with Rule 12b-1 under the Investment Company Act.

Pursuant to the Plan, the Fund may compensate the Distributor, brokers, dealers or other financial intermediaries (in each case, not limited to expenses incurred) for engaging, directly or indirectly, in any activity primarily intended to result in the sale of Class M Shares, for the reimbursement of related expenses, and for the maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments of

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0.75% on an annualized basis of the average daily net assets of the Fund attributable to Class M Shares. Prior to July 1, 2025, the Plan also authorized payments of 0.25% on an annualized basis of the average daily net assets of the Fund attributable to Class I Shares. Prior to April 1, 2026, the Plan authorized payments of 0.85% on an annualized basis of the average daily net assets of the Fund attributable to Class M Shares.

The Plan is designed to promote sales of shares and reduce the amount of redemptions that might otherwise occur if the Plan were not in effect, as well as to compensate brokers and intermediaries for their servicing and maintenance of shareholder accounts. Increasing the Fund's net assets through sales of shares, or attempting to limit declines in net assets by reducing redemptions, may help reduce the Fund's expense ratio by spreading the Fund's fixed costs over a larger base, which may also help reduce the potential adverse effect of selling the Fund's portfolio securities to meet redemptions.

In accordance with the terms of the Plan, the Distributor provides to the Fund, for review by the Trustees, a quarterly written report of the amounts expended under the Plan and the purpose for which such expenditures were made. In the Trustees' quarterly review of the Plan, they will review the level of compensation the Plan provides in considering the continued appropriateness of the Plan.

Under its terms, the Plan remains in effect from year to year provided such continuance is approved annually by vote of the Trustees in the manner described therein. The Plan may not be amended to increase materially the distribution and/or service fee without approval of the shareholders of the affected share class, and material amendments to the Plan must also be approved by the Trustees in a manner described therein. The Plan may be terminated at any time, without payment of any penalty, by vote of the majority of the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act) of the Trust and have no direct or indirect financial interest in the operations of the Plan or any related agreements, or by "the vote of a majority of the outstanding voting securities" (as that term is defined in the Investment Company Act) of the Fund or applicable share class.

For the fiscal year ended March 31, 2026, Class I and Class M Shares of the Fund paid $[ ] and $[ ], respectively, under the Plan. From May 1, 2024 through [ ] in the case of Class I Shares and May 1, 2024 through [ ] in the case of Class M Shares, the Distributor voluntarily waived the 12b-1 fees attributable to each respective class while the only investors in such class were entities affiliated with the Administrator. Had the waivers not been in effect, Class I and Class M Shares of the Fund would have paid $[ ] and $[ ], respectively, under the Plan for the fiscal year ended March 31, 2026. The Plan was terminated with respect to Class I Shares effective July 1, 2025.

The table below reflects the amounts the Fund's Class I and Class M shares paid for the principal types of activities under its Plan during the fiscal year ended March 31, 2026:

[To be updated by amendment]

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I\*** | **Class I\*** |  | **Class M** | **Class M** |  |
|  Advertising | $| [ | ] | $| [ | ] |
|  Printing and mailing of prospectuses to other than current shareholders | $| [ | ] | $| [ | ] |
|  Compensation to underwriters | $| [ | ] | $| [ | ] |
|  Compensation to broker-dealers | $| [ | ] | $| [ | ] |
|  Compensation to sales personnel | $| [ | ] | $| [ | ] |
|  Interest, carrying, or other financing charges | $| [ | ] | $| [ | ] |
|  Other | $| [ | ] | $| [ | ] |

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\* The Plan was terminated with respect to Class I Shares effective July 1, 2025.

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**TRANSFER AGENT** 

BNY Mellon Investment Servicing (US) Inc., P.O. Box 534426, Pittsburgh, Pennsylvania 15253-4417, serves as Transfer Agent to the Fund. The Transfer Agent performs certain transfer agency, recordkeeping, fund accounting, and investor services for the Fund.

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**PROXY VOTING POLICIES AND PROCEDURES** 

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will each vote such proxies in accordance with its proxy policies and procedures. Copies of the Adviser's proxy policies and procedures are included as Appendix A to this SAI.

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling the Fund at 1 (800) 548-4539 or (ii) by visiting the SEC's website at sec.gov.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS** 

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company.

As of [ ], 2026, the following persons and/or entities owned beneficially or of record 5% or more of the outstanding Class S, Class I, and Class M shares of the Fund.

[To be updated by amendment]

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| | |
|:---|:---|
| **Name and Address** | **Percentage Ownership** |
|  Class S |  |
|  [ ] | []% |
|  Class I |  |
|  [ ] | []% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M |  |
|  [ ] | []% |

---

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\* Denotes persons or entities that owned 25% or more of the outstanding shares of beneficial interest of the Fund as of [ ], 2026, and therefore may be presumed to "control" the Fund under the 1940 Act. Except for these persons or entities, the Fund did not know of any person or entity who, as of [ ], 2026, "controlled" (within the meaning of the 1940 Act) the Fund. A person or entity that "controls" the Fund could have effective voting control over the Fund. It may not be possible for matters subject to a vote of a majority of the outstanding voting securities of the Fund to be approved without the affirmative vote of such "controlling" shareholders, and it may be possible for such matters to be approved by such shareholders without the affirmative vote of any other shareholders. 

[To the knowledge of the Fund, as of [ ], 2026, the Trustees of the Fund and the officers of the Fund, as a group, owned less than 1% of the outstanding shares of each class of the Fund.]

**FINANCIAL STATEMENTS** 

The audited financial statements and related report of [ ], the Fund's independent registered public accounting firm, are contained in the Fund's annual report to Shareholders and are hereby incorporated by reference thereto. No other portions of the Fund's annual report will be incorporated by reference. A copy of the Fund's annual report may be obtained without charge by contacting BNY Mellon Investment Servicing (US) Inc. at (800) 548-4539 or on the SEC's website at www.sec.gov.

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**APPENDIX A** 

**Proxy Voting Policy** 

Last Reviewed April 2025

**Overview and Policies** 

Pantheon Group<sup>1</sup> ("Pantheon") has adopted and implemented written policies and procedures reasonably designed to ensure that Pantheon applies a sufficient duty of care and acts in the best interest of its clients when exercising voting authority on behalf of its clients.<sup>2</sup> The following policies and procedures address instances where Pantheon is asked to (1) vote with respect to a directly held underlying portfolio company security or exchange-traded funds ("ETFs") held by certain Pantheon-managed SEC registered investment companies; (2) vote, approve or consent to an action with respect to an underlying fund investment (e.g., amending a Limited Partnership Agreement) on behalf of its clients; or (3) vote with respect to ETFs held by Pantheon managed collective investment trusts. To the extent that Pantheon holds other types of investments in the future, these policies and procedures will be amended accordingly. For purposes of these policies and procedures, "clients" refer to Pantheon's funds-of-funds and separate account clients.

The best interest of each client shall be the primary consideration when voting on behalf of clients. Each issue shall receive individual consideration based on all relevant facts and circumstances. <u>Exhibits A and B</u> attached hereto contain Pantheon's Proxy Voting Guidelines for directly held portfolio company securities, ETFs held by certain Pantheon-managed SEC registered investment companies and underlying fund investments. ETF proposals for Pantheon managed collective investment trusts and other proposals not specifically addressed by Pantheon's guidelines are evaluated on a case-by-case basis, taking into account State Street Global Advisors' Proxy Voting and Engagement Guidelines ("SSgA Guidelines") or such other providers' proxy voting policies and keeping in mind that the objective is to vote in the best interest of each client.

With respect to ERISA accounts, it is Pantheon's policy to fully comply with all ERISA provisions regarding proxy voting for ERISA accounts and to the extent possible, amend its policies and procedures from time to time to reflect the Department of Labor's views of the proxy voting duties and obligations imposed by ERISA with respect to ERISA accounts. Pantheon shall act prudently, solely in the interests of plan participants and beneficiaries and for the exclusive purpose of providing benefits to them. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore exercised in accordance with the fiduciary duties under ERISA.

**Procedures** 

Should Pantheon need to exercise proxy voting power with respect to a portfolio company investment or an underlying fund investment, the following steps are taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The relationship/portfolio manager ("PM") for the investment reviews the issue(s), consulting with
other investment professionals as necessary.

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Capital (Asia) Limited, Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Singapore) Pte. Ltd., Pantheon Ventures (Ireland) DAC and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. 

<sup>2</sup> SEC Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The PM must exercise reasonable diligence to determine whether any conflicts of interest exist between Pantheon
(and its affiliates) on the one hand, and its clients, on the other hand, with respect to the issue(s). If the PM has knowledge of an actual or potential conflict of interest with respect to an issue being considered by the PM, which arises through
a personal or professional (other than through employment by Pantheon)

relationship, the PM will refer the issue to a Partner for action.<sup>3</sup> The PM has a duty to disclose any such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If a material or non-material conflict is identified, the issue must be
brought to the attention of Pantheon's Chief Compliance Officer for the appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The best interest of the client shall be the primary consideration in the PM's decision-making process.
The PM will consult the guidelines set forth in <u>Exhibits A and B and the SSgA Guidelines</u> or such other providers' proxy voting policies. Pantheon should generally vote in accordance with these guidelines, however, deviation is
permissible if warranted by specific facts and circumstances of the situation, and approved by a Pantheon Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pantheon's voting recommendation is documented by the PM and approved in writing by a Partner or a
designee and documentation is retained in the CAM system.

Upon request by a client, Pantheon shall provide the client a copy of its guidelines and/or information on its voting record with respect to the client's account.

**Responsible Parties** 

Pantheon's Partners are responsible for supervising investment professionals' overall compliance with these policies and procedures. Each PM is responsible for implementation in accordance with these policies and procedures. Pantheon's Investment teams are responsible for executing on approved voting recommendations and for recordkeeping. Breaches of these policies and procedures shall be reported to Pantheon's Compliance team, which is responsible for escalating the issue to Pantheon's Partnership Board, as appropriate.

Pantheon's Partners (or other designated senior member of the U.S. investment team) shall review these policies and procedures at least annually and work together with Pantheon's Compliance team to update them as needed.

<sup>3</sup> For example, a conflict may exist if the PM has a spouse or close family member or friend who is a director or executive officer of a company whose securities are the subject of the proxy solicitation.

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**Recordkeeping** 

Pantheon maintains the following proxy records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of these policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement the firm receives regarding client's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of each vote cast by the firm on behalf of a client;

of a client or that memorialized the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each written client request for information on how Pantheon voted proxies on behalf of the client,
and a copy of any written response by Pantheon to any (written or oral) client request for information on how the firm voted proxies on behalf of the requesting client.

The proxy voting records described in the section must be maintained and preserved in an easily accessible place for a period of not less than five years and kept on site for a period of not less than two years (and will be preserved for a minimum of 7 years under internal Pantheon Policy).

------

**EXHIBIT A** 

**PROXY VOTING GUIDELINES** 

**FOR DIRECTLY HELD PORTFOLIO COMPANY SECURITIES AND ETFS HELD BY PANTHEON MANAGED SEC REGISTERED INVESTMENT COMPANIES** 

**I.** **Boards of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Voting On Director Nominees in Uncontested and Contested Elections** 

Votes on director nominees are made on a **case-by-case** basis, examining a number of factors including but not limited to: long-term financial performance record relative to a market index; composition of board and key board committees; nominee's attendance at meetings during the past two years; nominee's investment in the company; whether the Chairman is also serving as CEO; qualifications of nominee; number of other board seats held by nominee and other significant duties that will impact the nominee's time commitment to the board; and in the case of contested elections, evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Chairman and CEO are the Same Person** 

Pantheon votes on a **case-by-case** basis on proposals that would require the positions of chairman and CEO to be held by different persons. In general, proposals are supported that seek different persons to serve as the Chairman and CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Majority of Independent Directors** 

Proposals that request that the board be comprised of a majority of independent directors are evaluated on a **case-by-case** basis. In general, proposals are supported that seek to require that a majority of directors be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Stock Ownership Requirements** 

Pantheon votes **against** proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Term of Office** 

Pantheon votes **against** proposals to limit the tenure of directors. Pantheon believes that a director's qualification, not length of service, should be the only factor considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Director and Officer Indemnification and Liability Protection** 

Proposals concerning director and officer indemnification and liability protection are evaluated on a **case-by-case** basis.

Generally, Pantheon will vote **for** indemnification provisions that are in accordance with state law. Pantheon will vote **for** proposals adopting indemnification for directors with respect to acts conducted in the normal course of business. Pantheon will vote **for** proposals that expand coverage for directors and officers in the event their legal defense is unsuccessful but where the director was found to have acted in good faith and in the best interests of the company. Pantheon will vote **against** indemnification for gross negligence.

**II.** **Executive and Director Compensation** 

In general, executive and director compensation plans are voted on a **case-by-case** basis, with the view that viable compensation programs reward the creation of stockholder wealth by having a high payout sensitivity to increases in shareholder value. Compensation plans should include clear performance goals related to the company's short term and especially long-term performance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proposals to Limit Executive and Director Pay** 

All proposals that seek to limit executive and director pay are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Golden and Tin Parachutes** 

All proposals to ratify or cancel golden or tin parachutes are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Stock Ownership Plans ("ESOPs")** 

Pantheon votes **for** proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **401(k) Employee Benefit Plans** 

Proposals to implement a 401(k) savings plan for employees are reviewed on a **case-by-case** basis.

**III.** **Proxy Contest Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Board Structure: Staggered vs. Annual Elections** 

Pantheon votes **against** proposals to classify the board. Pantheon votes **for** proposals to repeal classified boards and to elect all directors annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Shareholder Ability to Remove Directors** 

Pantheon votes **against** proposals that provide that directors may be removed only for cause. Pantheon will vote **for** proposals to restore shareholder ability to remove directors with or without cause. Pantheon will vote **against** proposals that provide that only continuing directors may elect replacements to fill board vacancies. Pantheon will vote **for** proposals that permit shareholders to elect directors to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cumulative Voting** 

Pantheon votes **for** proposals to permit cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Shareholder Ability to Call Special Meetings** 

Pantheon votes **against** proposals to restrict or prohibit shareholder ability to call special meetings. Pantheon votes **for** proposals that remove restrictions on the right of shareholders to act independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Shareholder Ability to Act by Written Consent** 

Pantheon votes **for** proposals to allow shareholders to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Shareholder Ability to Alter the Size of the Board** 

Pantheon votes **against** proposals that give management the ability to alter the size of the board without shareholder approval. Proposals to change the number of directors are considered on a **case-by-case** basis.

**IV.** **Tender Offer Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Poison Pills** 

Pantheon votes **for** proposals that ask a company to submit its poison pill for shareholder ratification. Pantheon votes **against** proposals to ratify a poison pill.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fair Price Provisions** 

A Fair Price Provision in the company's charter or by-laws is designed to ensure that each shareholder's securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the Board. Pantheon will consider fair price provisions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Greenmail** 

Greenmail, commonly referred to as "legal corporate blackmail", are payments made to a potential hostile acquirer who has accumulated a significant percentage of a company's stock. Pantheon will vote **for** proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments. Pantheon reviews on a **case-by-case** basis anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Unequal Voting Rights** 

Proposals seeking shareholder approval for the issuance of stock with unequal voting rights generally are used as an anti-takeover devices. Unequal voting rights plans are designed to reduce the voting power of existing shareholders and concentrate a significant amount of voting power in the hands of management. Pantheon votes **against** proposals granting unequal voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Supermajority Amendments** 

In most instances, Pantheon will vote **against** these proposals for supermajority vote requirements and will vote **for** shareholder proposals that seek to reinstate the simple majority vote requirement.

**V.** **Miscellaneous Governance Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Equal Access** 

Pantheon votes **for** proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Bundled Proposals** 

Pantheon does not generally support proposals that "link" or "bundle" two elements or issues together in one and prefer to see each submitted separately, but reviews such items on a **case-by-case** basis.

**VI.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Common Stock Authorization** 

Pantheon reviews on a **case-by-case** basis proposals to increase the number of shares of common stock authorized for issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Stock Distributions: Splits and Dividends** 

Pantheon reviews proposals to increase common share authorization for a stock split on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reverse Stock Splits** 

Pantheon reviews proposals to implement a reverse stock split on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blank Check Preferred Authorization** 

Pantheon votes **for** proposals to create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense or carry superior voting rights. Pantheon reviews on a **case-by-case** basis proposals that would authorize the creation of new classes of preferred stock with unspecified voting, conversion, dividend and distribution, and other rights. Pantheon reviews on a **case-by-case** basis proposals to increase the number of authorized blank check preferred shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Share Repurchase Programs** 

Pantheon votes **for** proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

**VII.** **State of Incorporation** 

Proposals to change a company's state of incorporation are examined on a **case-by-case** basis.

**VIII.** **Ratifying Auditors** 

Pantheon generally votes **for** proposals to ratify auditors, unless: an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position.

**IX.** **Social Responsibility, Environmental and Political Issues** 

**PANTHEON ASSESSES PROPOSALS INVOLVING SOCIAL RESPONSIBILITY, ENVIRONMENTAL AND POLITICAL ISSUES ON A CASE-BY-CASE BASIS. WITH RESPECT TO ERISA ACCOUNTS, THE CONSIDERATION MUST BE BASED ON FACTORS IN LINE WITH DOL GUIDANCE AND/OR PARTICULAR STATE PENSION PLAN REGULATION, AS APPLICABLE, THAT ARE REASONABLY DETERMINED TO BE IN THE BEST INTEREST OF THE CLIENTS.** 

------

**EXHIBIT B** 

*PROXY VOTING GUIDELINES* 

*FOR UNDERLYING FUND INVESTMENTS* 

**I.** **Boards of Directors** 

See Proxy Voting Guidelines for Directly Held Portfolio Company Securities.

**II.** **Company Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Partner/Manager Replacement** 

Pantheon generally votes **for** proposals to replace management in for cause situations. Other situations are considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Partner/Manager Resource Allocation** 

Pantheon votes **against** proposals that divert or create competition for the resources of the General Partner or the Manager of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Transfer of General Partner's/Manager's Interest** 

Pantheon considers management proposals on a **case-by-case** basis that request approval to sell, assign, or transfer the interest of the General Partner or key management team to a third party.

**III.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Capitalization Process** 

For closed-end funds, Pantheon will consider extensions to the period for raising capital if the General Partner can demonstrate that a larger fund benefits investors or is counteracted by an increased transaction pipeline and an adequate resource commitment to managing the additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Debt** 

Changes to pre-specified limits and guidelines on fund borrowing, including lines of credit, will be considered on a **case-by-case** basis.

**IV.** **Fund Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Period** 

Pantheon generally votes **for** proposals to terminate the investment period if key management personnel change without adequate replacement or if the fund's strategy is no longer viable. Other situations are considered on a **case-by-case** basis.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Term** 

Extensions or premature termination of a closed-end fund will be considered on a **case-by-case** basis considering the impact on value of shareholders/partners investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Diversification/Investment Limitations** 

Changes to diversification/investment limits will be considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Affiliate Transactions** 

Pantheon considers affiliate transactions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Distributions In Kind** 

Pantheon will consider proposals to make Distributions in Kind on a **case-by-case** basis, although Pantheon would generally support distributions of freely tradable publicly traded securities.

**V.** **Fund Restructurings** 

Pantheon considers on a **case-by-case** basis those transactions whereby a fund (using all or a portion of its assets) seeks to become publicly owned or seeks to merge with another private entity. With the assistance of consultants and advisors, Pantheon will evaluate whether the transaction is in the long-term best economic interest of the investors or whether it is designed to further the interests of current management at a cost to investors.

In addition to economic analyses, Pantheon will consider whether: (a) other potential bidders have had an opportunity to investigate the company and make competing bids; (b) management has used a "lockup" device that prevented third party bidders from competing fairly; or (c) management with a controlling interest is willing to match or exceed competing offers. Pantheon will also consider whether a "fairness opinion" has been issued and, if so, on what terms the provider of the opinion was retained. Finally, Pantheon will weigh governance issues to ensure that shareholder rights are not destroyed.

If the evaluation indicates that management is not pursuing fully the shareholders' interests, Pantheon will not support the proposal. If the evaluation indicates that management has pursued the interests of shareholders in seeking to maximize the value, Pantheon will support the proposal.

------

**PART C:** 

**OTHER INFORMATION** 

**AMG Pantheon Credit Solutions Fund (the "<u>Registrant</u>")** 

**Item 25. Financial Statements and Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements:

Included in Part A: Financial Highlights for the fiscal year ended [March 31, 2026] and the fiscal period ended March 31, 2025.

Included in Part B: Audited financial statements and related report of [ ], the Fund's independent registered public accounting firm, incorporated by reference to the Fund's annual report to shareholders for the fiscal year ended [March 31, 2026], filed [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits

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| | |
|:---|:---|
| (a)(1) | [Amended and Restated Agreement and Declaration of Trust is incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 27, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524078911/d785861dex99a1.htm). |
| (a)(2) | [Certificate of Trust incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on October 5, 2023](http://www.sec.gov/Archives/edgar/data/1995940/000119312523251437/d494126dex99a2.htm). |
| (b) | [By-Laws are incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99b.htm). |
| (c) | Not applicable. |
| (d) | Refer to Exhibit (a)(1), (b). |
| (e) | Not applicable. |
| (f) | Not applicable. |
| (g)(1) | [Form of Investment Management Agreement is incorporated by reference to Exhibit (g)(1) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99g1.htm). |
| (g)(2) | [Form of Fee Waiver Agreement is incorporated by reference to Exhibit (g)(2) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99g2.htm). |
| (h)(1) | [Form of Distribution Agreement is incorporated by reference to Exhibit (h)(1) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99h1.htm). |
| (h)(2) | [Amendment to Distribution Agreement dated April 1, 2026 is filed herewith.](d121788dex99h2.htm) |

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| | |
|:---|:---|
| (h)(3) | [Form of Sub-Distribution Agreement is incorporated by reference to Exhibit (h)(2) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99h2.htm). |
| (h)(4) | [Amended and Restated Distribution and Service Plan is filed herewith.](d121788dex99h4.htm) |
| (i) | Not applicable. |
| (j)(1) | [Custody Agreement is incorporated by reference to Exhibit (j)(1) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99j1.htm). |
| (j)(2) | [Amendment to Custody Agreement dated April 9, 2019 is incorporated by reference to Exhibit (j)(2) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99j2.htm). |
| (j)(3) | [Amendment to Custody Agreement dated June 23, 2021 is incorporated by reference to Exhibit (j)(3) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99j3.htm). |
| (j)(4) | [Amendment to Custody Agreement dated February 12, 2024 is incorporated by reference to Exhibit (j)(4) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99j4.htm). |
| (j)(5) | [Amendment to Custody Agreement dated July 23, 2024 is incorporated by reference to Exhibit (j)(5) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99j5.htm). |
| (j)(6) | [Amendment to Custody Agreement dated April 10, 2025 is incorporated by reference to Exhibit (j)(6) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99j6.htm). |
| (j)(7) | [Form of Amendment to Custody Agreement is incorporated by reference to Exhibit (j)(7) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99j7.htm). |
| (k)(1) | [Form of Administration Agreement is incorporated by reference to Exhibit (k)(1) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k1.htm). |
| (k)(2)(i) | [Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(i) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2i.htm). |
| (k)(2)(ii) | [Amendment No. 1 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(ii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2ii.htm). |
| (k)(2)(iii) | [Amendment No. 2 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(iii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2iii.htm). |

---

------

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| | |
|:---|:---|
| (k)(2)(iv) | [Amendment No. 3 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(iv) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2iv.htm). |
| (k)(2)(v) | [Amendment No. 4 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(vi) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2v.htm). |
| (k)(2)(vi) | [Amendment No. 5 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(v) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k2vi.htm). |
| (k)(2)(vii) | [Amendment No. 6 to Transfer Agency and Shareholder Services Agreement is incorporated by reference to Exhibit (k)(2)(vii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k2vii.htm). |
| (k)(3)(i) | [Fund Administration and Accounting Agreement is incorporated by reference to Exhibit (k)(3)(i) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k3i.htm). |
| (k)(3)(ii) | [Amendment to Fund Administration and Accounting Agreement dated April 9, 2019 is incorporated by reference to Exhibit (k)(3)(ii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k3ii.htm). |
| (k)(3)(iii) | [Amendment to Fund Administration and Accounting Agreement dated April 16, 2021 is incorporated by reference to Exhibit (k)(3)(iii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k3iii.htm). |
| (k)(3)(iv) | [Amendment to Fund Administration and Accounting Agreement dated June 23, 2021 is incorporated by reference to Exhibit (k)(3)(iv) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k3iv.htm). |
| (k)(3)(v) | [Amendment to Fund Administration and Accounting Agreement dated February 12, 2024 is incorporated by reference to Exhibit (k)(3)(v) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 7, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524062205/d806599dex99k3v.htm). |
| (k)(3)(vi) | [Amendment to Fund Administration and Accounting Agreement dated July 23, 2024 is incorporated by reference to Exhibit (k)(3)(vi) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k3vi.htm). |
| (k)(3)(vii) | [Amendment to Fund Administration and Accounting Agreement dated April 10, 2025 is incorporated by reference to Exhibit (k)(3)(vii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k3vii.htm). |
| (k)(3)(viii) | [Form of Amendment to Fund Administration and Accounting Agreement is incorporated by reference to Exhibit (k)(3)(viii) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k3viii.htm). |
| (k)(4) | [Amended and Restated Multiple Class Expense Allocation Plan is filed herewith.](d121788dex99k4.htm) |
| (k)(5) | [Second Amended and Restated Expense Limitation and Reimbursement Agreement is filed herewith.](d121788dex99k5.htm) |

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------

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| | |
|:---|:---|
| (k)(6) | [Fund of Funds Investment Agreement between the Registrant and Stone Point Credit Corporation is incorporated by reference to Exhibit (k)(6) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k6.htm). |
| (k)(9) | [Fund of Funds Investment Agreement between the Registrant and Silver Point Specialty Lending Fund is incorporated by reference to Exhibit (k)(7) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on June 13, 2025](http://www.sec.gov/Archives/edgar/data/1995940/000119312525140771/d941047dex99k7.htm). |
| (l) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP is incorporated by reference to Exhibit (l) to the Registrant's Registration Statement on Form N-2 (Reg. No. 811-23904) as previously filed on March 27, 2024](http://www.sec.gov/Archives/edgar/data/1995940/000119312524078911/d785861dex99l.htm). |
| (m) | Not applicable. |
| (n) | Consent of Independent Registered Public Accounting Firm will be filed by amendment. |
| (o) | Not applicable. |
| (p) | Not applicable. |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of Registrant is filed herewith.](d121788dex99r1.htm) |
| (r)(2) | [Code of Ethics of Pantheon Ventures (US) LP is filed herewith.](d121788dex99r2.htm) |
| (r)(3) | [Code of Ethics of AMG Distributors, Inc. is filed herewith.](d121788dex99r3.htm) |
| (s) | [Power of Attorney is filed herewith.](d121788dex99s.htm) |

---

**Item 26. Marketing Arrangements** 

Not applicable.

**Item 27. Other Expenses of Issuance and Distribution** 

Not applicable.

**Item 28. Persons Controlled by or Under Common Control With Registrant** 

Each of AMG Pantheon Credit Solutions Subsidiary Fund, LLC (the "Corporate Subsidiary") and AMG Pantheon Credit Solutions Lead Fund, LLC (the "Lead Fund"), each a Delaware limited liability company, is a wholly-owned subsidiary of the Registrant and is consolidated for financial reporting purposes. In addition, the Registrant, the Corporate Subsidiary, and the Lead Fund may be deemed to be controlled by Pantheon Ventures (US) LP, the adviser of the Registrant, the Corporate Subsidiary, and the Lead Fund (the "Adviser"). Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the Securities and Exchange Commission (the "SEC") (File No. 801-71327), and is incorporated herein by reference.

------

**Item 29. Number of Holders of Securities** 

---

| | |
|:---|:---|
| Title of Class | Number of Shareholders<sup>\*</sup> |
| Class S | [ ] |
| Class I | [ ] |
| Class M | [ ] |

---

\* As of [ ].

**Item 30. Indemnification** 

Sections 8.1-8.5 of Article VIII of the Registrant's Amended and Restated Agreement and Declaration of Trust states:

---

| | |
|:---|:---|
| Section 8.1 | <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder. |
| Section 8.2 | <u>Indemnification</u>. The Trust shall indemnify each of its Trustees, officers, and persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise, and may indemnify any trustee, director or officer of a predecessor organization (each a "Covered Person"), against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants' and counsel fees) reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative, regulatory, or legislative body, in which he may be involved or with which he may be threatened, while as a Covered Person or thereafter, by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his duties involved in the conduct of such Covered Person's office (such willful misfeasance, bad faith, gross negligence or reckless disregard being referred to herein as "Disabling Conduct"). Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (a) an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification. |

---

------

---

| | |
|:---|:---|
| Section 8.3 | <u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct. |
| Section 8.4 | <u>Indemnification Not Exclusive</u>. The right of indemnification provided by this Article VIII shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, "Covered Person" shall include such person's heirs, executors and administrators, and a "disinterested, non-party Trustee" is a Trustee who is neither an Interested Person of the Trust nor a party to the proceeding in question. |
| Section 8.5 | <u>Shareholders</u>. Each Shareholder of the Trust and each Class shall not be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Class. The Trustees shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay pursuant to terms hereof or by way of subscription for any Shares or otherwise.<br>In case any Shareholder or former Shareholder of any Class shall be held to be personally liable solely by reason of his being or having been a Shareholder of such Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Class to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Class, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Class and satisfy any judgment thereon from the assets of the Class. The indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Classes whose Shares were held by said Shareholder at the time the act or event occurred that gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section shall not impair any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust or any Class thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein. |

---

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "1933 Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability 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."

------

**Item 31. Business and Other Connections of Investment Adviser** 

The Adviser 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. 801-71327), and is incorporated herein by reference.

**Item 32. Location of Accounts and Records** 

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained at the offices of (1) the Registrant's Administrator, (2) the Adviser, and/or (3) the Registrant's Custodian. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, CT 06901

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pantheon Ventures (US) LP

11 Times Square, 35<sup>th</sup> Floor

New York, NY 10036

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

**Item 33. Management Services** 

Not applicable.

**Item 34. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this Registration Statement:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events arising 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; and

&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 Securities 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities 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;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&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;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities 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;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, any Statement of Additional Information.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, 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 1st day of June, 2026.

---

| | |
|:---|:---|
| AMG Pantheon Credit Solutions Fund | AMG Pantheon Credit Solutions Fund |
| 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.

---

| | | |
|:---|:---|:---|
| /s/ Keitha L. Kinne | Principal Executive Officer | June 1, 2026 |
| Keitha L. Kinne |  |  |
| /s/ Thomas Disbrow | Principal Financial and Accounting Officer | June 1, 2026 |
| Thomas Disbrow |  |  |
| \* Jill R. Cuniff | Trustee | June 1, 2026 |
| Jill R. Cuniff |  |  |
| \*Kurt A. Keilhacker | Trustee | June 1, 2026 |
| Kurt A. Keilhacker |  |  |
| \*Peter W. MacEwen | Trustee | June 1, 2026 |
| Peter W. MacEwen |  |  |
| \*Eric Rakowski | Trustee | June 1, 2026 |
| Eric Rakowski |  |  |
| \*Victoria L. Sassine | Trustee | June 1, 2026 |
| Victoria L. Sassine |  |  |
| \*Garret W. Weston | Trustee | June 1, 2026 |
| Garret W. Weston |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Thomas Disbrow |
|  | Principal Financial and Accounting Officer |
|  | Attorney-In-Fact (Pursuant to [the Power of Attorney filed herewith](d121788dex99s.htm)) |

---

------

**Exhibit Index** 

---

| | |
|:---|:---|
| (h)(2) | [Amendment to Distribution Agreement dated April 1, 2026](d121788dex99h2.htm) |
| (h)(4) | [Amended and Restated Distribution and Service Plan](d121788dex99h4.htm) |
| (k)(4) | [Amended and Restated Multiple Class Expense Allocation Plan](d121788dex99k4.htm) |
| (k)(5) | [Second Amended and Restated Expense Limitation and Reimbursement Agreement](d121788dex99k5.htm) |
| (r)(1) | [Code of Ethics of Registrant](d121788dex99r1.htm) |
| (r)(2) | [Code of Ethics of Pantheon Ventures (US) LP](d121788dex99r2.htm) |
| (r)(3) | [Code of Ethics of AMG Distributors, Inc.](d121788dex99r3.htm) |
| (s) | [Power of Attorney](d121788dex99s.htm) |

---

## Ex-99.(H)(2)

AMENDMENT TO DISTRIBUTION AGREEMENT

THIS AMENDMENT is entered into as of April 1, 2026 by and among AMG Distributors, Inc. ("AMGD"), a Delaware corporation, Pantheon Ventures (US) LP ("Affiliate"), a Delaware limited partnership that is an affiliate of AMGD, and AMG Pantheon Credit Solutions Fund, a Delaware statutory trust (the "Fund") (the "Amendment").

WHEREAS, AMGD, Affiliate and the Fund entered into a Distribution Agreement effective as of April 1, 2024 (the "Agreement"); and

WHEREAS, AMGD, Affiliate and the Fund desire to amend the agreement.

NOW, THEREFORE, in consideration of the mutual promises and intending to be legally bound, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 2(a)(ii) of the Agreement is hereby amended and restated in its entirety as follows:

"(ii) In addition to the foregoing, 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 Shares."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Terms defined in the Agreement and not otherwise defined herein shall retain their meanings as defined in the
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All other terms and conditions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date listed above.

---

| | | | |
|:---|:---|:---|:---|
| AMG DISTRIBUTORS, INC. | AMG DISTRIBUTORS, INC. | PANTHEON VENTURES (US) LP | PANTHEON VENTURES (US) LP |
| By: | /s/ Keitha L. Kinne | By: | /s/ Kara Zanger |
| Name: | Keitha L. Kinne | Name: | Kara Zanger |
| Title: | President | Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| AMG PANTHEON CREDIT SOLUTIONS FUND | AMG PANTHEON CREDIT SOLUTIONS FUND |
| By: | /s/ Keitha L. Kinne |
| Name: | Keitha L. Kinne |
| Title: | President and Chief Executive Officer |

---

## Ex-99.(H)(4)

**AMG PANTHEON CREDIT SOLUTIONS FUND** 

**AMENDED AND RESTATED DISTRIBUTION AND SERVICE PLAN** 

**CLASS M SHARES** 

This Amended and Restated 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 Pantheon Credit Solutions Fund, a Delaware statutory trust (the "Fund"), with respect to its class of shares of beneficial interest designated as Class M shares ("Class M" or the "Class," and all such shares, the "Shares") 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 Shares and/or the servicing or maintenance of accounts for the beneficial owners of the Shares (each, an "Agreement"); and

WHEREAS, the Board of Trustees of the Fund, and the Trustees 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 Trustees"), 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 shareholders 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;

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 Trustees, the Fund may engage, directly or indirectly, in financing any activities primarily intended to result in the sale of Shares 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 direct out-of-pocket expenditures by the Distributor and/or Intermediaries in connection with the

<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 Shares 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. 

------

distribution of Shares; and (c) making payments to compensate the Distributor and/or Intermediaries for servicing and/or maintaining accounts for the beneficial owners of the Shares (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 Shares 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 Shares (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 Trustees of the Fund and (ii) the Qualified Trustees, cast in person at a meeting called for the purpose of voting on such approval, 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 Shares of the Fund; except to the extent it is adopted with respect to the Class of Shares before any public offering of such Class of Shares or the sale of such Class of Shares 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 Trustees of the Fund and (ii) the Qualified Trustees, cast in person at a meeting called for the purpose of voting on this Plan, subject to any investor approval requirements existing under applicable law.

&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 Trustees, or by vote of a majority of the outstanding Shares of the Class. For purposes of this Plan, the term "vote of a majority of the outstanding Shares" of the Class shall mean the vote of the lesser of (A) 67 percent or more of the outstanding voting Shares of the Class present at such meeting, if the holders of more than 50 percent of the outstanding voting Shares of the Class are present and represented by proxy; or (B) more than 50 percent of the outstanding voting Shares 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 Shares 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 Trustees of the Fund and (ii) the Qualified Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INDEPENDENT TRUSTEES. While this Plan is in effect, the selection and nomination of Trustees who are not interested persons (as defined in the 1940 Act) of the Fund shall be committed to the discretion of the Trustees 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 Trustees of the Fund, and the Trustees shall review, at least quarterly, a written report of the amounts expended for the distribution of the Shares 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.

Amended and restated as of: April 1, 2026

## Ex-99.(K)(4)

**AMG PANTHEON CREDIT SOLUTIONS FUND** 

**AMENDED AND RESTATED** 

**MULTIPLE CLASS EXPENSE** 

**ALLOCATION PLAN PURSUANT TO RULE 18f-3** 

As of April 1, 2026

AMG Pantheon Credit Solutions Fund, a Delaware statutory trust (the "Fund"), engages in business as a closed-end management investment company. The Fund issues shares of beneficial interest (the "Shares"). The Fund has designated certain separate classes of Shares, as set forth below (each a "Class"). The Trustees of the Fund, including a majority of the Trustees who are not interested persons of the Fund (as defined in the Investment Company Act of 1940, as amended ("1940 Act") ("Independent Trustees")), 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 shareholders in which the interests of one Class differ from the interests of another Class; (iv) such differences relating to eligible shareholders 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 Shares 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 Shares 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 Shares 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 Shares 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 Trustees (the "Board") from time to time. Class I Shares shall be sold only to those investors meeting the eligibility requirements (if any) set forth in the Prospectus and SAI.

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<u>Class</u> <u>M</u>. Class M Shares 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 Shares shall be charged a distribution and shareholder service fee at an annual rate of 0.75% of the net assets attributable to Class M Shares under a Plan of Distribution adopted in conformity with Rule 12b-1 under the 1940 Act (the "Rule 12b-1 Plan"). Class M Shares 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 Shares 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>

Shares of a Class may be exchanged for Shares 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.

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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 Trustees of the Fund and the Independent Trustees. 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.

Section 7. <u>Amendments</u>.

Before any material amendment to this Plan affecting the Fund or any Class thereof, a majority of both the Trustees of the Fund and the Independent Trustees shall find that the amendment is in the best interests of each Class individually and the Fund as a whole.

## Ex-99.(K)(5)

July 1, 2025

**LETTER AGREEMENT** 

AMG Pantheon Credit Solutions Fund

AMG Pantheon Credit Solutions Lead Fund, LLC

AMG Pantheon Credit Solutions Subsidiary Fund, LLC

680 Washington Boulevard, Suite 500

Stamford, Connecticut 06901

Re: <u>Second Amended and Restated Expense Limitation and Reimbursement Agreement</u>

Ladies and Gentlemen:

This Letter Agreement documents (i) an undertaking by Pantheon Ventures (US) LP (the "Adviser") to limit the total operating expenses of AMG Pantheon Credit Solutions Fund (the "Fund"), AMG Pantheon Credit Solutions Lead Fund, LLC (the "Credit Solutions Lead Fund"), and AMG Pantheon Credit Solutions Subsidiary Fund, LLC (the "Credit Solutions Corporate Subsidiary," and together with the Credit Solutions Lead Fund, the "Fund Subsidiaries"); and (ii) our agreement regarding the extent to which the Adviser will, under certain circumstances, receive payment from the Fund, the Credit Solutions Lead Fund, and the Credit Solutions Corporate Subsidiary as recoupment of certain amounts paid, waived, or reimbursed by the Adviser to the Fund, the Credit Solutions Lead Fund, and the Credit Solutions Corporate Subsidiary in fulfillment of an undertaking by the Adviser to limit the expenses of the Fund, the Credit Solutions Lead Fund, and the Credit Solutions Corporate Subsidiary. This Letter Agreement shall 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.

Effective as of July 1, 2025, and continuing until such time as this Letter Agreement is terminated in accordance with the terms set forth in the last sentence of the first paragraph of this Letter Agreement, the Adviser will waive fees that it would otherwise have been paid and/or assume expenses of the Fund and each Fund Subsidiary (a "Waiver"), in order to ensure that the Fund's total annual operating expenses and each Fund Subsidiary's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 0.75% of the average daily net assets attributable to the Fund and each Fund Subsidiary (the "Expense Limit"). "Excluded Expenses" include (a) the management fee and incentive fee paid by the Fund and the Fund Subsidiaries; (b) fees, expenses, allocations, carried interests, etc. of private funds, special purpose vehicles and co-investments in portfolio companies in which the Fund, a Fund Subsidiary, or any other subsidiary of the Fund (the Fund Subsidiaries and any other subsidiary of the Fund are each referred to as a "Subsidiary") may invest; (c) acquired fund fees and expenses of the Fund and any Subsidiary; (d) transaction costs, including legal costs and brokerage commissions, of the Fund and any Subsidiary; (e) interest payments incurred by the Fund or a Subsidiary; (f) fees and expenses incurred in connection with any credit facilities obtained by the Fund or a Subsidiary; (g) the distribution and/or service fees (as applicable) paid by the Fund; (h) the shareholder servicing fees (as applicable) paid by the Fund; (i) taxes of the Fund or a Subsidiary; (j) extraordinary expenses of the Fund or a Subsidiary (as determined in

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the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (k) fees and expenses billed directly to any Subsidiary by any accounting firm for auditing, tax and other professional services provided to such Subsidiary; and (l) fees and expenses billed directly to any Subsidiary for custody and fund administration services provided to such Subsidiary. For a period not to exceed 36 months from the date the Fund or a Fund Subsidiary, as applicable, 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 and such Fund Subsidiary in any year, together with all other expenses of the Fund and such Fund Subsidiary, in the aggregate, would not would not cause the Fund's total annual operating expenses and such Fund Subsidiary's total annual operating expenses (exclusive of Excluded Expenses) in any such year to exceed either (i) the Expense Limit that was in effect at the time such amounts were paid, waived or reimbursed by the Adviser, or (ii) the Expense Limit that is in effect at the time of such additional payment by the Fund and such Fund Subsidiary.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| Pantheon Ventures (US) LP | Pantheon Ventures (US) LP |
| By: | /s/ Kara Zanger |
| Name: |  |
| Title: |  |
| Date: |  |
| <u>ACKNOWLEDGED AND ACCEPTED</u> | <u>ACKNOWLEDGED AND ACCEPTED</u> |
| AMG Pantheon Credit Solutions Fund | AMG Pantheon Credit Solutions Fund |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer |
| Date: | July 1, 2025 |

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| | |
|:---|:---|
| AMG Pantheon Credit Solutions Lead Fund, LLC | AMG Pantheon Credit Solutions Lead Fund, LLC |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer |
| Date: | July 1, 2025 |
| AMG Pantheon Credit Solutions Subsidiary Fund, LLC | AMG Pantheon Credit Solutions Subsidiary Fund, LLC |
| By: | /s/ Thomas Disbrow |
| Name: | Thomas Disbrow |
| Title: | Treasurer |
| Date: | July 1, 2025 |

---

## Ex-99.(R)(1)

**AMG PANTHEON FUND, LLC,** 

**AMG PANTHEON MASTER FUND, LLC,** 

**AMG PANTHEON SUBSIDIARY FUND, LLC, AMG PANTHEON LEAD FUND, LLC,** 

**AMG PANTHEON CREDIT SOLUTIONS FUND, AMG PANTHEON CREDIT** 

**SOLUTIONS SUBSIDIARY FUND, LLC, AMG PANTHEON CREDIT SOLUTIONS** 

**LEAD FUND, LLC, AMG PANTHEON INFRASTRUCTURE FUND, LLC, AMG** 

**PANTHEON INFRASTRUCTURE SUBSIDIARY FUND, LLC AND AMG PANTHEON** 

**INFRASTRUCTURE LEAD FUND, LLC** 

**Rule 17j-1** 

**Code of Ethics** 

AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Subsidiary Fund, LLC, AMG Pantheon Lead Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Credit Solutions Subsidiary Fund, LLC, AMG Pantheon Credit Solutions Lead Fund, LLC, AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC and AMG Pantheon Infrastructure Lead Fund, LLC (each, a "Fund" and collectively, the "Funds") have 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 "Pantheon" shall mean Pantheon Ventures (US) LP as investment adviser to AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Subsidiary Fund, LLC, AMG Pantheon Lead Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Credit Solutions Subsidiary Fund, LLC, and AMG Pantheon Credit Solutions Lead Fund, LLC and investment subadviser to AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC and AMG Pantheon Infrastructure Lead Fund, LLC and shall mean Pantheon Infra Advisors LLC as investment adviser to AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC, and AMG Pantheon Infrastructure Lead Fund, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Adviser's Code of Ethics" shall mean the code of ethics of Pantheon.

&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.

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&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 Funds, 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 a Fund or the Adviser, or which has an officer, director or general partner who is also an officer, director or general partner of a Fund or the Adviser.

&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/Trustee" shall be any director/trustee of the Funds who is not an Interested Person of the Funds.

&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 Pantheon acts as investment adviser or for which an investment adviser that controls, is controlled by, or is under common control with Pantheon 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "Special Access Person" shall mean an Access Person who is neither an Independent Director/Trustee 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 a Fund, provided, however, that any Access Person of a 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 Funds for which they are an Access Person before their personal
interests;

&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 any 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 a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to
make the statements made to a 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 a
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engage in any manipulative practice with respect to a Fund.

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**III.** **CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT DIRECTORS/TRUSTEES** 

&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/Trustee of a 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/Trustee has, or by reason of such transaction acquires, any direct or indirect
beneficial ownership, if such Independent Director/Trustee knew, or in the ordinary course of fulfilling their official duties as a director/trustee of the Fund, should have known that during the 15-day period
immediately before or after the Independent Director/Trustee'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;

<u>provided</u>, <u>however</u>, that such Independent Director/Trustee 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/Trustee 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/Trustee 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);

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&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/Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review</u>. The Funds' 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/Trustee whose transaction is in question.

&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 applicable Fund's Board of Directors/Trustees (other than the Director/Trustee whose actions are at issue) for such further action and sanctions as the Board of Directors/Trustees 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 a 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;

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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 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 a 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;

&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 a 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);

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&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.

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.

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&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.

&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 applicable Fund's Board of Directors/Trustees (other than any Director/Trustee whose actions are at issue) for such further action and sanctions as the Board of Directors/Trustees 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/TRUSTEES** 

&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/Trustees, including a majority of the Independent Directors/Trustees, of the Funds must approve a material change to this Code, and the Board of Directors/Trustees, including a majority of the Independent Directors/Trustees, of the applicable Fund(s) 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/Trustees, including a majority of the Independent Directors/Trustees, of the applicable Fund(s). 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/Trustees of the applicable Fund(s) 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.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

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&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/Trustees of the Funds with respect to this Code, and shall request from the Adviser and the Distributor a written report regarding their respective Codes addressed to the applicable Board of Directors/Trustees of the Fund(s). 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
Board(s) of Directors/Trustees, 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 a 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Funds 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 Funds have 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.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

## Ex-99.(R)(2)

**<u>Pantheon Global Code of Ethics</u>**

Last Reviewed February 2026

**1.** **About the Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview** 

This Global Code of Ethics (the "**Code**") describes important policies concerning the personal conduct responsibilities of Pantheon Associates (as defined in the "Certification" section below) of the Pantheon Group<sup>1</sup> ("**Pantheon**") that are intended to address certain ethical, legal, and regulatory requirements. Associates are required to read and become knowledgeable about the Code and to adhere to both the principles and specifics of these policies, as well as all applicable laws, regulations, and rules. Failure to do so may have adverse consequences as discussed below under "Consequences for Violating the Code."

The continued success of Pantheon depends upon its relationships with its clients, investors, and portfolio fund managers and its excellent reputation as an organization with integrity and ethical conduct in all of its dealings. Pantheon is committed to maintaining its tradition of ethical conduct and, to this end, requires high ethical behavior as well as strict adherence to applicable legal and regulatory requirements from its Associates.

In addition to the Code, Pantheon Associates must also abide by the Compliance Manual for the jurisdiction related to such Associate. Associates also may be required to comply with other policies and procedures generally or more specifically relating to their particular role or responsibilities.

Some US-based Pantheon Associates are also Registered Representatives ("RRs") of Pantheon Securities, LLC ("**PSL**"). Accordingly, these Associates are also subject to the PSL Written Supervisory Procedures and Compliance Manual ("**WSPs**"), as well as applicable federal and state securities laws and regulations and Financial Industry Regulatory Authority ("**FINRA**") rules.

Where this Code requires Associates (and thus RRs of PSL) to contact, report to, receive approval from, or otherwise engage with Pantheon's Senior Management, Legal and Compliance Team, Risk Team, Information Security Officer/IT, or any other applicable Pantheon officer, group or committee, in connection with their business or non-business-related activities, the RRs must also, to the extent applicable to the securities business of PSL, contact, report to, receive approval from, or otherwise engage with PSL's Chief Executive Officer, Chief Compliance Officers, or other respective Supervising Principals,

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Ireland) DAC, Pantheon Ventures (Asia) Limited, Pantheon Ventures (Singapore) Pte Ltd., Pantheon Korea Inc., and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. Its principal operating entities are based in the US (San Francisco and New York), the UK (London), Ireland (Dublin), Japan (Tokyo), Singapore, and South Korea (Seoul). Pantheon Ventures Inc., Pantheon Ventures (US) LP, Pantheon Ventures (UK) LLP, and Pantheon Infra Advisors LLC are, inter alia, registered as investment advisors with the Securities and Exchange Commission ("SEC"). Pantheon Ventures (UK) LLP also is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. Pantheon Ventures (Ireland) DAC is regulated by the Central Bank of Ireland (CBI). Pantheon Ventures (Asia) Limited, registered as a Type II Financial Instruments Business and Investment Advisory and Agency Business Operator under the registration entry "Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 3138" under the Financial Instruments and Exchange Act of Japan (the "FIEA") and a regular member of the Type II Financial Instruments Firms Association of Japan and Japan Investment Advisers Association, to "Professional Investors" (tokuteitoshika) as defined in Article 2, paragraph 31 of the FIEA. Pantheon Ventures (Singapore) Pte Ltd. holds a capital markets services license ("CMSL") which is issued by the Monetary Authority of Singapore ("MAS") to conduct fund management activities. Pantheon Ventures (Guernsey) Ltd and a number of other Pantheon entities incorporated in Guernsey are regulated by the Guernsey Financial Services Commission (GFSC). Pantheon Securities, LLC is an SEC-registered US limited purpose broker dealer and member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The registrations and memberships described above in no way imply that the SEC, FCA, CBI, KLFB, MAS, GFSC, FINRA or SIPC have endorsed any of the referenced entities, their products or services, or this code. 

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as applicable. This obligation may be satisfied to the extent PSL or an appropriate PSL principal (i) is involved with and participates in the applicable Pantheon group or committee, (ii) serves in the role of the applicable Pantheon position to which Associates must report pursuant to this Code, or (iii) otherwise has access to such information and/or the information systems that record and maintain records of such contact, reports, approvals, or engagements.

This Code is implemented and supervised by the Compliance Team. Any questions regarding this Code and any uncertainties or problems relating to compliance must be directed to the Compliance Team whose responsibility it is to ensure that this Code (and the policies referenced herein) are kept up to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Certification** 

This Code (and the policies referenced herein) must be followed by all "access persons", namely those persons who have access to information regarding investment decisions, transactions and portfolio holdings. Unless the Compliance Team otherwise agrees, "access persons" would include all officers, partners and employees of Pantheon, as well as any interns, consultants or self-employed contractors (together "**Associates**"). The Compliance Team may designate additional persons as "access persons" (Associates) or exclude persons as "non-access persons", should it be deemed appropriate, in relation to all or part of this Code.

All Pantheon Associates are required to certify, via the Pantheon internal reporting system, no later than 10 days after their start date and annually thereafter that they (1) received a copy of the Code and (2) agree to comply with its terms.

The individuals described above are also required annually to certify information concerning their personal security accounts, personal securities transactions and other information as described in this Code of Ethics. All certifications and reporting required under the Code shall be made via the Pantheon internal reporting system.

**2.** **Conflicts of Interest** 

Pantheon has an affirmative duty of care, loyalty, honesty, good faith, and fair dealing to act in the best interests of our clients/investors. Compliance with this duty requires that we avoid conflicts of interest to the best of our ability. Should any conflict or potential conflict arise with respect to any client/investor, all material facts and details must be promptly disclosed to your manager and the Compliance Team. Under no circumstances should your interests or the interests of Pantheon be placed above the interests of our clients/investors.

It is important to note that potential conflicts of interest often arise in the ordinary course of business. Pantheon's policies are focused on the identification and management of these potential conflicts in order to minimize the risk of prejudicing our clients and investors.

Conflicts that are not appropriately managed may harm clients/investors. Even the appearance of a potential conflict that has not been appropriately managed may damage Pantheon's reputation.

Although it may not be possible to foresee every potential conflict of interest that may arise, you should be sensitive to actual or potential conflicts and bring them to the attention of your supervisor and seek the advice of the Compliance Team when confronted with any conflict of interest issues.

For further information, please refer to Pantheon's Conflicts of Interest Policy which is available on the <u>Legal & Compliance sub-site of the Pantheon intranet</u>.

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**3.** **Confidentiality** 

Confidentiality is another fundamental duty we owe to our clients / investors, as well as to our fellow Associates. You must protect and maintain the confidentiality of sensitive, proprietary, non-public and/or personal information which may come into your possession regarding Pantheon, its Associates, clients/investors, fund managers, co-investors, service providers, vendors and any other persons or entities with whom we transact. You must not disclose such information to any persons or entities outside of Pantheon without prior authorization from Pantheon or unless mandated by law or regulation.

If you become aware that the security of any confidential, sensitive, proprietary, non-public or personal information may have been compromised, lost or stolen, you must promptly report the matter to the Compliance Team and Information Security Officer.

Please refer to **<u>Annex A</u>** for additional details on Pantheon's Confidentiality and Privacy Policy. Pantheon also maintains standalone Information Security, Cybersecurity, Data Protection, Portfolio Holdings and Privacy Policies, all available on the Pantheon intranet. The Confidentiality and Privacy Policy is also complemented by the Insider Trading and Market Conduct/Abuse Policy, which can be found in **<u>Annex B</u>** and the Information Barrier Policy, which can be found in **<u>Annex G</u>**.

**4.** **Communications with Media** 

Pantheon also aims to maintain its continued good reputation and ensure positive relations with the media. Pantheon has appointed a Head of Client Communications who has primary responsibility for all communications with the media, and, in conjunction with Compliance, for setting Pantheon's Communications with Media Policy, which is available on the Pantheon intranet. In accordance with Pantheon's Media Policy, all communications are restricted to those individuals authorized to speak with the Media.

**5.** **Insider Trading & Market Conduct/Abuse** 

From time-to-time, Associates may come into possession of material, non-public information ("**MNPI**") about publicly traded securities and certain financial instruments admitted to trading, or for which a request has been made, on a regulated market or a Multilateral Trading Facility 2 ; or to financial instruments traded on an Organised Trading Facility or to any financial instrument not so covered but whose price or value depends upon, or has an effect on, the price or value of such instruments – including, but not limited to, credit default swaps and contracts for difference. For purposes of this Code, information is considered "non-public" until it has been disseminated broadly to investors in the marketplace. You may obtain non-public information as a result of your conversations with clients, fund managers and other counterparties who are, or are affiliated with, public companies. Generally, information would be considered "material" if such information would, if made generally available, be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his or her investment decision in relation to such security.

Pantheon has adopted an Insider Trading and Market Conduct/Abuse Policy, set out at **<u>Annex B.</u>** The purpose of this policy is to provide Associates with the necessary information and guidance to ensure that they do not engage in any activities that could constitute insider trading or other forms of market abuse. All Associates must notify Compliance immediately should they be in receipt of inside information and

2 An MTF is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract.

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become an insider. This policy outlines what constitutes insider trading/market abuse, the associated penalties and how any suspected instances of insider trading/market abuse should be disclosed to Compliance for investigation. It remains the responsibility of Senior Management to ensure that individual Associates are aware of their responsibilities relating to market abuse. This is of particular relevance to Associates given Pantheon Ventures (UK) LLP's status as investment manager of Pantheon International, PLC and Pantheon Infrastructure plc, companies quoted on the London Stock Exchange, and Pantheon Ventures (US) LP's status as investment adviser and sub-adviser to funds offering periodic redemptions/limited liquidity.

**6.** **Personal Trading** 

In order to ensure that you trade in your personal investment accounts lawfully and in a manner that avoids actual or potential conflicts between your interests and the interests of Pantheon and our clients (as noted above), you must report certain securities transactions and holdings to the Compliance Team through the Pantheon internal reporting system.

The information below summarizes some of the more significant requirements that apply to the personal trading activity of you, your family members and other financial dependents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must disclose certain investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not purchase (or short sell) covered securities, with certain exemptions, as set forth in  **<u>Annex C</u>** ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must submit initial, periodic and annual holdings reports within the period set forth in  **<u>Annex</u> <u>C</u>** , via electronic data feeds with your broker to Pantheon's internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must obtain prior approval for certain securities transactions, subject to specific confirmations, terms,
& conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not trade securities that are included on Pantheon's Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must obtain prior approval before entering into any private securities transaction, such as a limited
partnership or private placement.

Please see **<u>Annex C</u>** for additional details on Pantheon's Personal Trading Policy.

**7.** **Outside Business Activities** 

In order to avoid possible conflicts of interest, Pantheon Associates may not engage in certain Outside Business Activities ("**OBAs**") without the prior approval of their manager, the Compliance Team, and, if applicable, Senior Management, the Partnership Board or the Board of Directors in respect of Pantheon Ventures (Ireland) DAC. For RRs of PSL, their Supervisory Principal, if different from their manager, must also approve. This includes, but is not limited to, employment with, or acceptance of compensation for services (including commission, profit participation, etc.) from any person other than Pantheon, and serving in certain investment advisory or fiduciary capacities and positions with charitable, civic, religious, educational or fraternal organizations.

OBAs must be disclosed via the Pantheon internal reporting system.

Please see **<u>Annex D</u>** for additional details on Pantheon's Outside Business Activities Policy.

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**8.** **Training and Education** 

The Compliance Team will provide you with training and education regarding the Code of Ethics on a periodic basis. Associates should make every effort to attend any training sessions and/or read any applicable training materials provided by the Compliance Team, and when required promptly confirm completion via the required method (email, sign in sheet, Pantheon internal reporting system, etc.). Please refer to your jurisdiction's applicable Compliance Manual for further details on Training and Education.

**9.** **Recordkeeping** 

Pantheon and its Associates are required to prepare and maintain certain books and records related to Pantheon's business. Please see **<u>Annex E</u>** for additional details and a list of the books and records to be maintained by Pantheon.

**10.** **Reporting of Breaches and Violations** 

Pantheon's policy on Reporting of Breaches and Violations covers breaches of law, regulation, and Pantheon regulatory policy (including this Code and the related policies and guidelines referenced in it).

All potential breaches and violations must be reported promptly upon their discovery to the Compliance Team. Breaches and violations may be reported to directly to the applicable jurisdictional Chief Compliance Officer ("**CCO**") or their designee or via the Pantheon internal reporting system. The Compliance Team maintains a Compliance Breach and Violation Log in which all reported incidents, if deemed to be a breach or violation by the applicable CCO or their designee, are recorded. Compliance may also become aware of compliance-related breaches or violations through other means and will review and log them accordingly. Where necessary, it is the responsibility of the Compliance Team to report details of the breach or violation to the Human Resources Team, senior management and, if required, to the appropriate regulator.

Please see **<u>Annex</u><u> </u><u>F</u>** for further details on the Reporting of Breaches and Violations Policy.

**11.** **Information Barrier** 

With respect to Affiliated Managers Group ("**AMG**"), there exists an information barrier with Pantheon for Pantheon's offices, information, and systems.

AMG officers and employees may enter Pantheon's offices only if accompanied at all times by a Pantheon officer or employee and such Pantheon officer or employee shall be required to ensure that the AMG officer or employee does not inadvertently access Pantheon's IT system or any hard copy files during that time.

To facilitate this arrangement, under no circumstances should any Pantheon officers or employees discuss with, or otherwise disclose to, any AMG officers or employees any material non-public (insider) or price-sensitive information in relation to Pantheon International, PLC, Pantheon Infrastructure Plc or any other entity named on Pantheon's restricted list.

Please see **<u>Annex</u><u> </u><u>G</u>** for additional details on Pantheon's Information Barrier Policy.

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**12.** **Gifts and Entertainment** 

It is Pantheon's policy to earn business based on the quality of our products and services and to select and manage our fund managers and other service providers on the same basis. Accordingly, you should not provide or solicit gifts, entertainment or other items of value for the purpose of unduly influencing the recipient's judgment or in return for any business, service or confidential information.

Please see **<u>Annex H</u>** for more details on Pantheon's Gifts and Entertainment Policy, including reporting requirements for specific clients.

**13.** **Anti-Bribery & Anti-Corruption ("ABC")** 

Pantheon is committed to adhering to the highest standards of conduct, compliance with the law and regulatory requirements, and best practices. To that end, Pantheon has adopted its Anti-Bribery & Anti-Corruption Policy to ensure compliance with ABC laws and to demonstrate its commitment to preventing bribery and establishing a zero-tolerance approach to bribery in all parts of the organization's operations. Bribery and corruption are expressly prohibited.

Please see **<u>Annex</u> <u>I</u>** for additional details on Pantheon's Anti-Bribery & Anti-Corruption Policy.

**14.** **Fraud Prevention** 

Pantheon is required to establish and maintain systems and controls to protect against fraud or attempted fraud or irregularities in the firm's accounting or other records. Pantheon also needs to ensure that its procedures reflect the six principles (controls) outlined in the UK's Economic Crime and Corporate Transparency Act ("**ECCTA**") to help mitigate the risk of succumbing to the offence of Failing to Prevent Fraud. Associates have individual responsibility to behave ethically and with honesty and integrity and to report any fraud or attempted fraud. If an Associate suspects that activities constituting fraud are being undertaken, these suspicions must be immediately reported directly to the Compliance Team for investigation. All such reports will be treated in the strictest confidence.

The attempt to defraud is treated as seriously as accomplished fraud. Any Associate suspected of carrying out or attempting to carry out fraud will be subject to internal Pantheon disciplinary procedures as well as possible criminal prosecution. If convicted, an Associate is liable to imprisonment, a fine, or both. In addition, regulators may take action against the Associate, including potentially barring the Associate from working in the financial services sector again as matters of fraud call to question an Associate's fitness, propriety, and probity.

Please see **<u>Annex J</u>** for Pantheon's Fraud Prevention Policy.

**15.** **Political Contributions** 

Pantheon respects the rights of Pantheon Associates and their connected person(s) to lawfully participate in the political process and make personal contributions to candidates of their choice for federal, state or local office. When a Pantheon Associate chooses to participate in the political process, they must do so at all times as an individual, not as a representative of Pantheon. As a matter of Pantheon policy, no Pantheon Associate may make, or cause Pantheon to make, a contribution to an elected official or candidate for elective office of a local, state, or political subdivision thereof (a "**Government Entity**") for the purpose of obtaining or retaining business for Pantheon.

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Under US federal, state, and local laws, referred to as "pay-to-play" laws, political contributions by Pantheon Associates could impact Pantheon's ability to continue to do business or obtain new business with certain Government Entities. Pay-to-play laws are generally intended to prevent government officials from selecting investment advisers on the basis of their political contributions. Failure to comply with these laws may prohibit Pantheon from receiving compensation for managing money for Government Entity clients for up to two years following a disqualifying contribution. To address the requirements of the Rule, all Pantheon Associates are considered "Covered Associates" under the Rule.

If you have any questions about a political contribution that you would like to make, or a political activity you are considering, please contact the Legal and Compliance Team. Please see **<u>Annex K</u>** for additional details on Pantheon's Political Contribution Policy.

**16.** **Whistleblowing** 

Pantheon's whistleblowing procedures are designed to encourage individuals to disclose dangerous, potentially unethical, or illegal activities through appropriate channels and without fear of reprisal or retaliation. This will give Pantheon the opportunity to investigate any concerns before they become more serious problems that might damage Pantheon's reputation through negative publicity, regulatory investigation, and fines.

Pantheon Associates can anonymously report items under the whistleblowing procedures via the Pantheon internal reporting system, which is also linked on the Pantheon intranet.

Associates are encouraged to report any concerns that they may have about Pantheon's business and/or supply chains being used for modern slavery through the existing whistleblowing procedures. Pantheon's Modern Slavery and Human Trafficking Statement can be found in the <u>Legal Disclosure section of the Pantheon website</u>.

Please see **<u>Annex</u><u> </u><u>L</u>** for additional details on Pantheon's Whistleblowing Policy.

**17.** **Administration of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Exceptions to the Code** 

Exceptions to the Code may be granted only in extremely limited circumstances. You must submit a written request for an exception to your applicable Head of Compliance/Chief Compliance Officer describing the nature of the exception and the reason it is being sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Restriction on Use of the Code** 

The Code of Ethics is intended for the use of Associates in connection with their job-related duties. However, copies (or excerpts) of the Code may be requested by clients/investors or prospects or other outside persons or entities on occasion. You may provide copies of the Code (excluding the Annexes) in read-only format to external persons provided that you notify the Compliance Team in advance thereof. Additionally, separate permission is specifically required if you intend to include the detailed policy Annexes along with the Code.

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**C.** **Amendments to the Code** 

Compliance may provide you with amendments to the Code from time-to-time, in addition to the Annual Certification. You are responsible for reading and certifying (on the Pantheon internal reporting system) that you will comply with the terms of these amendments.

**18.** **Consequences for Violations** 

Violations of the requirements set forth in the Code, jurisdictional Compliance Manuals, WSPs or other policies and procedures, may result in the imposition of sanctions on the Associate(s) as deemed appropriate under the circumstances. These sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced Supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure to the Regulator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines as permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, violations and breaches of the Code and other related Pantheon policies may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which therefore may impact an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any violation to civil, criminal, or regulatory authorities as appropriate or required by law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

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**<u>Pantheon Confidentiality and Privacy Policy</u>**

Last Reviewed May 2025

**Applicability** 

This policy applies to all Pantheon Associates.

**Confidentiality** 

Confidentiality is a fundamental duty we owe to our clients and managers of portfolio investments, as well as to Pantheon and our fellow Associates. Pantheon requires that all Associates protect and maintain the confidentiality of sensitive, proprietary, non-public and / or personal information which may come into their possession regarding Pantheon, its Associates, clients, fund managers, co-investors, service providers, vendors, and any other persons or entities with whom we transact. This includes internal Pantheon corporate and other proprietary information as well as other commercially sensitive information received in the ordinary course of business. These requirements are obligatory and arise largely from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound business practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duty as agent for the client or investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific confidentiality undertakings given to portfolio fund managers or vendors in connection with investment
activity, e.g. obligations appearing in non-disclosure agreements ()"**NDAs**") or portfolio fund limited partnership agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific confidentiality agreements with clients, investors and other third parties into which Pantheon may enter
into from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific agreements executed between Associates and Pantheon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal and regulatory requirements, including Market Abuse / Insider Trading regulations and Privacy / Data
Protection regulations.

Confidential Information includes, but is not limited to, information about Pantheon's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business strategies and development plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product design and / or distribution plans, and the identity and nature of arrangements with potential business
partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidential client / investor information such as tax identification numbers, bank and securities account
numbers, holdings, strategies, fee rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information relating to Pantheon funds or separate account programs, including portfolio investments of such
Pantheon funds or separate account programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance data and track records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial data relating to Pantheon including both results and projections; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal posture, strategies or proceedings.

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Confidential Information also includes but is not limited to personal data of Associates and that of investors, clients, and suppliers. This includes information relating to a living individual who can be identified from that data (or from that data and other information in our possession), for example, a name, address or date of birth or personally identifiable financial information such as an individual investor's or client's account balance, and the mere fact that the individual is or has been an investor or client of Pantheon.

Unless the information communicated to Pantheon Associates is clearly in the public domain, all Confidential Information at Pantheon shall be treated as such. Any unauthorized access to such information could result in fraud or other abuses of such information.

The following restrictions apply to Associates regarding Confidential Information, except as permitted by this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates may not discuss Confidential Information with persons outside Pantheon (including, but not limited to,
the public, clients, suppliers, friends and family – including spouse, significant others, children and parents). This Policy must be strictly adhered to and Associates must disregard that they believe that spouses, partners, family members,
etc. are a "trusted contact". Confidential Information may not be shared with anyone outside of Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should not read or work on Confidential Information in public places (including on the train / tube,
business centers in hotels, etc.) unless codes are in place to disguise identities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should not hold discussions which may touch on Confidential Information in public (including taxis).
Associates must be careful of eavesdroppers when discussing confidential issues in an open or non-secure environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code names should be used for any projects involving public companies (including e-mails); restrictions should be placed on file and folder access, and discussions about projects should so far as is practicable, not take place outside closed door meeting rooms or the offices of Associates
working on the deal in question. Attendance at such meetings should be limited to the deal team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general rule, the dissemination of such information internally within Pantheon should be restricted only to
those who have a "need to know" in order to facilitate a particular task or strategic project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon-related documents may not be sent to personal email accounts or text messaging/instant messaging
platforms as this conduct could subject Pantheon to regulatory recordkeeping requirements and access to such an account or computer may be required by a Regulator. <u>Written communications regarding Pantheon's business must be conducted on</u> <u>Pantheon's systems and networks.</u> All written communications sent and received on Pantheon's systems and networks will be retained by Pantheon as per applicable recordkeeping rules and may be reviewed by the Compliance team
and/or other approved Pantheon personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Pantheon Associates are prohibited from using their personal emails / text messages or other</u> <u>unofficial communication channels such as WhatsApp messaging or other instant messaging</u> <u>platforms for business purposes/communications without exception</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Associate with access to personal information about other members of staff, or other individuals must at all
times keep such information confidential, using it only for authorized purposes as required by the duties of such Associate. Associates must comply with applicable laws, rules and regulations concerning privacy / data protection by taking adequate
precautions to protect any personal data relating to living individuals, whether suppliers, other members of staff or investors or clients, against accidental or unauthorized disclosure, loss or modification and by not using any personal data unless
such use is lawful.

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Associates who may have questions as to what constitutes Confidential Information, or to whom such information may be disclosed inside or outside Pantheon, should contact Pantheon's Legal and Compliance Team.

Disclosure of Confidential Information by an Associate is permitted, if it is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the ordinary course of the functions and duties of such Associate and such disclosure is consistent with any
specific policies and procedures adopted with respect to such information and / or function, including the Information Security Policy, and any other guidance published by the Legal and Compliance Team and or the Risk Team from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to satisfy a judicial, governmental, legal or regulatory requirement (for example in the context of regulatory
filings or of announcements required to be made to the market by Pantheon International PLC or Pantheon Infrastructure plc as discussed further in the Insider Trading & Market Conduct/Abuse Policy), after consulting with the Legal and
Compliance Team; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise with the explicit permission of the Legal and Compliance Team or the Risk Committee, as applicable.

**Privacy and Personal Data** 

Pantheon may have additional obligations with respect to non-public personal information or personal data of Associates, investors, and clients, including obligations to implement safeguards for the protection of nonpublic personal information of clients and investors provided to Pantheon and to implement reasonable measures to protect against the unauthorized access to or use of such information in connection with its disposal. The Pantheon Client Privacy Notice ("**Privacy Notice**") (available on the Pantheon intranet and website and incorporated herein) describes the personal information that we may collect from persons seeking to invest in Pantheon funds and the ways in which such information may be used. When sending application forms or subscription forms to a prospective individual investor considering a subscription for an investment in a fund managed by Pantheon, Associates must include a copy of this Privacy Notice.

For further information, please see the EU Data Protection Policy for Pantheon Ventures (UK) LLP and Pantheon Ventures (Ireland) DAC, the Pantheon US Compliance Manual of Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, and Pantheon Ventures Inc., the Pantheon Data Protection Policy (Americas), and the Pantheon Securities, LLC Compliance Manual and Written Supervisory Procedures ("WSPs"), all of which can be found on the Pantheon intranet.

**Retention and Disposal of Documentation** 

Pantheon Associates are encouraged to adopt a clean desk policy. This is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the threat of a security breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure compliance with privacy / data protection requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the chance of identity theft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrate that Pantheon is taking corporate responsibility for information in its care.

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Associates should make sure that when they leave their desk unattended, Confidential Information is not left on the desk so that it is visible, and computers are either turned off or locked. Any Confidential Information held in physical form should always be stored in a secure, lockable location.

When Confidential Information held in physical form needs to be disposed of, Associates should use the confidential waste bins located around the office(s) (taking into account the record retention requirements associated with the documents). If you receive any internal/external request(s) to return, delete, or destroy any documents/data/information, you must not respond to such a request as you are required to promptly report the request to the Chief Compliance Officer and the Head of HR to ensure appropriate action is taken, if required by applicable privacy law(s)/requirement(s).

For further information, please see the Pantheon Books and Records / Record Retention Policy available on the Pantheon intranet.

**Compromised Confidential Information** 

Confidential Information may be lost, stolen, breached or otherwise compromised. All possible instances of compromised Confidential Information must be promptly reported to the Chief Compliance Officer and Chief Information Security Officer who will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine if local laws or regulatory requirements may have been breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider and, if thought fit, or required by law, coordinate any reporting and / or notification requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider, and if thought fit, implement any security enhancements; and address any related issues.

Other business groups may be involved as necessary to address issues with clients, vendors, etc.

Confidential Information may become compromised when laptop computers, mobile phones, flash drives, other electronic devices, briefcases, or suitcases, etc. are lost, stolen or otherwise compromised, including by means unauthorized access to Pantheon's information technology systems. In the event an Associate is aware that Confidential Information stored electronically may be compromised, the Legal / Compliance Team and the Chief Information Security Officer / IT must be notified immediately. IT may be contacted by email at <u>servicedesk@pantheon.com</u> and the Chief Information Security Officer may be contacted by email at <u>cybersec@pantheon.com</u>.

In the event of an apparent leak of Confidential Information from within Pantheon, a leak review may be carried out by the Legal and Compliance Team. The factors that may trigger such a leak review could include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information appearing in the media which is likely to be known to only Pantheon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery of a leak via the compliance monitoring program or via periodic email surveillance conducted by the
Pantheon Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspicious personal account dealing patterns emerge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant change in the share price for any projects involving public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Staff issues, such as where staff may have recently left or joined the organization or the deal team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whistleblowing or a tip-off from a member of staff; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A specific request from the Regulators or other law enforcement authorities.

The scope of such a leak review would depend on the circumstances and severity of the event. Such a review may include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The identification of all Pantheon Associates who could have had access to the sensitive information, whether
electronically or physically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of whether the Pantheon policies and procedures were adequate and correctly followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of records including staff email records, relevant electronic files and folders with the support of
Pantheon IT with access and downloading of such files; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interviews with relevant Associates.

Issues identified in such reviews will be notified to the Senior Management of Pantheon, who may take further steps, including the actions outlined in Pantheon's Global Code of Ethics on consequences of violating the Global Code of Ethics. With regard to a leak/ potential policy violation occurring, the Pantheon Compliance team will conduct enhanced /heightened surveillance of the Pantheon Associate(s) involved in a leak/violation of policy. The outcomes of such reviews/leaks/violations may also form the basis to update Pantheon policies and procedures if gaps or deficiencies are identified.

**Insider Trading and Market Abuse / Conduct, Information Security, Cybersecurity, Data Protection, Information Barrier, and Portfolio Holdings.** 

This policy is intended to compliment other Pantheon global and local policies, including but not limited to, policies concerning Insider Trading and Market Conduct/Abuse, Information Security, Cybersecurity, Data Protection, the Information Barrier Policy, and the Portfolio Holdings Policy, which contain standards for maintaining administrative, technical, and physical safeguards to ensure the security and confidentiality of Confidential Information, including non-public personal financial information, to protect against any anticipated threats or hazards to the security of such information and protect against unauthorized access to or use of such information. These are all available on the Pantheon intranet and collectively address applicable legal and regulatory requirements concerning confidentiality and privacy.

**Risk Assessment and Annual Review** 

The Pantheon Chief Information Security Officer or designee is responsible for assessing existing risks to non-public personal financial information, developing ways to manage and control such risks, monitoring third-party vendor arrangements to ensure information security, testing and revising these policies/processes in light of relevant changes in technology and threats to individual investor information. Based upon the information gathered by performing the risk assessments, and as changes in laws or regulations require, the Chief Information Security officer or designee will consult with the Chief Compliance Officer and will assess the need for, and arrange for, training of Pantheon Associates, periodic certifications of Pantheon Associate's understanding of/compliance with this policy, and will provide policy and procedure updates as may be necessary to ensure that the Program is properly implemented.

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The Pantheon Chief Information Security Officer or designee will review this policy periodically in order to determine whether its collection, use, and protection of nonpublic personal financial information are in compliance with this policy.

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**<u>Insider Trading & Market Conduct/Abuse Policy</u>**

Last Updated: July 2025

**A.** **Overview** 

From time-to-time, Associates may come into possession of material, non-public information ("**MNPI**") about publicly traded securities and certain financial instruments admitted to trading, or for which a request has been made, on a stock market (e.g., NYSE, NASDAQ, LSE, LuxSE, etc.) regulated market (LIFFE, LME, Euronext, etc.) or other self-regulated trading venues<sup>1</sup> ; or to any financial instrument not so covered but whose price or value depends upon, or has an effect on, the price or value of such instruments – including, but not limited to, credit default swaps and contracts for difference. For the purposes of this Code, information is considered "non-public" until it has been disseminated broadly to investors in the marketplace. You may obtain non-public information as a result of your work at Pantheon via your conversations with clients, fund managers, and/or other counterparties who are, or are affiliated with, public companies or are in possession of information regarding a public company by the nature of their work. Generally, information would be considered "material" if such information would, if made generally available, be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his / her / its investment decision in relation to such security. Material non-public information may also be referred to interchangeably with insider information, and Associates must adhere to the requirements within this policy when managing such information.

The purpose of this policy is to provide Associates with the necessary information and guidance to ensure that they do not engage in any activities that could constitute insider trading or other forms of market abuse, including the creation or passing on of rumours. This section outlines what constitutes insider trading/market abuse, the associated penalties, and how any suspected instances of insider trading/market abuse should be disclosed to the Compliance Team for investigation and potential remediation / reporting to relevant regulator(s).

It remains the responsibility of senior management to ensure that individual Associates are aware of their responsibilities relating to market abuse. This is of particular relevance to Pantheon Associates given Pantheon Ventures (UK) LLP's status as investment manager of Pantheon International PLC ("PIP") and Pantheon Infrastructure PLC ("PINT"), both investment companies quoted on the London Stock Exchange, and Pantheon Ventures (Ireland) DAC's status as Alternative Investment Fund Manager ("AIFM") of Pantheon Private Markets SICAV SA – Pantheon Global Private Equity Fund ("PGPE") and Pantheon Private Markets SICAV SA – Pantheon Global Credit Secondaries Fund ("PGCS")) which may operate one or more listed share class[es] on the Luxembourg Stock Exchange, as well as Pantheon Ventures (US) LP's status as investment adviser and sub-adviser to funds offering periodic redemptions / limited liquidity (e.g. AMG Pantheon Fund LLC ("P-PEXX"), AMG Pantheon Credit Solutions Fund ("P-SECC"), AMG Pantheon Infrastructure Fund, LLC ("P-BUILD")).

**B.** **Insider Dealing** 

Insider dealing involves dealing (or an attempt at dealing), by an insider, in a financial instrument<sup>2</sup>, on the basis of non-publicly available inside information in relation to that instrument. The United States,

<sup>1</sup> Including a Multilateral Trading Facility (MTF) and an Organised Trading Facility (OTF). An MTF is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract. An OTF is a multilateral system, which is not a regulated market or MTF, and in in which multiple third party buying and selling interests in bonds, structured finance product, emissions allowances or derivatives are able to interact in the system in a way which results in a contract. 

<sup>2</sup> Financial instruments include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transferable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money-market instruments;

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United Kingdom, Ireland / European Union, Japan, and Singapore securities laws and regulations make it illegal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To trade on MNPI about public companies or other qualifying or financial instruments, or to provide such
information to others who may trade in reliance on such information (i.e., insider trading);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To take advantage of clients or Pantheon by purchasing or selling ahead of client or Pantheon's orders to
take advantage of the possible impact on the market of those orders (i.e., front running or pre-positioning); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of a takeover, or potential offer, to enter into a transaction on the basis of inside information
concerning the proposed bid.

**You are prohibited from trading, either personally or on behalf of others on the basis of, or while in possession of MNPI, or communicating MNPI to others in violation of the law and this policy.** The consequences of engaging in insider trading or front running are severe and include sanctions or dismissal by Pantheon, as well as civil and/or criminal penalties (please see Section J below for further details). If you are not sure whether a securities transaction would violate the law or the Pantheon policy because of non-public information in your possession, you should assume that the trade is not permitted until you obtain proper advice to the contrary from the Compliance Team.

**C.** **Other Forms of Market Abuse** 

In addition, some jurisdictions impose civil and / or criminal sanctions on other forms of behaviour which, while not necessarily amounting to "insider dealing", are nevertheless considered

3. Units in collective investment undertakings;

4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities,
currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. (in relation to derivative contracts relating to a currency) has the meaning in article 10 of the *<u>MiFID</u> <u> </u> <u>Org</u> <u> </u> <u>Regulation</u>*) (in summary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. (i) an instrument which is not a contract within the meaning of paragraph 2 of that article; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. (ii) a means of payment as described in paragraph 1(b) of that article;

5. Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be
settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;

6. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically
settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled;

7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be
physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments and not being spot contracts;

8. Derivative instruments for the transfer of credit risk;

9. Financial contracts for differences;

10. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic
variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any
other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they
are traded on a regulated market, OTF, or an MTF;

11. Emission allowances

A specified investment is one that has been specified as such in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The different types of specified investments include: deposits; electronic money; contracts of insurance; shares; instruments creating or acknowledging indebtedness; alternative finance investment bonds; government and public securities; instruments giving entitlements to investments (such as shares, debentures and gilts); certificates representing certain securities (such as shares, debentures and gilts); certificates representing certain securities such as shares, debentures and gilts; units in a collective investment scheme; rights under a pension scheme; greenhouse gas emissions allowances; options; futures; contracts for differences; Lloyd's syndicate capacity and membership; funeral plan contracts; rights under regulated mortgage contracts; rights under regulated home reversion; rights under regulated home purchase plans; rights under regulated sale and rent back agreements; specified benchmarks; credit agreements; consumer hire agreements; and rights to, or interests in, investments.

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reprehensible conduct and are accordingly prohibited by all Pantheon Associates. These include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawful disclosure – an insider discloses inside information to another person other than in the
proper course of the exercise of his or her employment, profession or duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulating transactions – trading, or placing orders to trade, that gives a false or misleading
impression of the supply of, or demand for, one or more investments, raising the price of the investment to an abnormal or artificial level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulating devices – behaviour which consists of effecting transactions or orders to trade which
employ fictitious devices or any other form of deception or contrivance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dissemination – behaviour which consists of the dissemination of information that conveys a false or
misleading impression about an investment or the issuer of an investment where the person doing this knows the information to be false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading behaviour and distortion – which gives a false or misleading impression of either the
supply of, or demand for an investment; or behaviour that otherwise distorts the market in an investment.

Some of the conduct described above could also constitute the creation or passing on of a rumour, which is addressed further below.

**D.** **Market Rumours** 

Market rumour cases generally involve two aspects of market abuse – disseminating false or misleading information and creating a misleading impression or market distortion. For the purpose of this policy, a rumour is defined as a false or misleading statement or a statement without a reasonable basis (for example, because the information is from an unverified source such as an internet bulletin board). A statement will not be considered a "rumour" if it is clearly an expression of an individual's or firm's opinion or view, but such a statement remains subject to other rules concerning market abuse.

Pantheon Associates shall not originate, create, circulate or pass on in any manner a rumour concerning any security that he / she / they know[s] or has reasonable grounds for believing is false or misleading and that is likely to influence the market price of such security.

Pantheon Associates shall not trade on any rumour without first considering the source of the rumour and whether it could constitute market abuse to trade on the rumour. In addition, Associates should also confirm whether the information is in the public domain and therefore available for general view, and thus that trading would not constitute an offence under applicable insider dealing laws.

**E.** **Restricted List and Insider List** 

In order to mitigate against the risk of an inadvertent breach of the above requirements, Pantheon maintains a "Restricted List" of companies on which Pantheon may hold MNPI and an "Insider List" of Associates who have access to MNPI.

<u>Restricted List</u> 

In the course of your work at Pantheon, you are responsible for notifying the Compliance Team of any company that should be placed on Pantheon's Restricted List immediately, and in any event within one business day of becoming aware that the company must be added to the Restricted List due to the receipt or expected receipt of MNPI or similar information. Information to be provided includes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the issuer(s) including the ticker, the exchange the company is traded on, the appropriate ISIN /
CUSIP / SEDOL codes, and the related Pantheon project name (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date and time the information was obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The names of all Associates who have knowledge of the information.

In addition to the initial reporting of a company to be placed on the Restricted List to the Compliance Team, you shall also be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining confidentiality of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying the Compliance Team if you are in receipt of MNPI ("an Insider") (please refer to the
procedure in the 'Insider List' section below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying the Compliance Team of any instances in which confidential information may have been inadvertently
passed to someone within Pantheon or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contacting the Compliance Team to delete a company or issuer from the Restricted List.

In addition to their access to deal-level inside information, certain Pantheon Associates are considered restricted persons relating to PIP, PINT, and/or listed share class(es) of PGPE and PGCS ("Restricted Persons") by nature of their knowledge regarding any investor plans to top-up subscriptions or request redemptions of shares.

<u>Insider List</u> 

In the course of your work at Pantheon, you are responsible for notifying the Compliance Team immediately if you become an Insider.

If you become an Insider, you must fully complete the 'Insider List / Restricted List' certification as soon as possible and no later than 3 business days of becoming aware that you must be added to the Insider List.

Additionally, you are responsible for and must inform the Compliance Team:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the company being added to the Restricted List (please follow procedure in 'Restricted List'
section above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If there is a change of reason for you being on the Insider List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of any individual who is not already on the Insider List is given access to inside information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When you cease to have access to inside information.

In order to maintain proper oversight of, and adherence to, the Restricted List and Insider List, the Compliance Team provides monthly reminders to the Investment Teams regarding their ongoing obligations noted above with regard to the Restricted and Insider Lists. Each Investment Team Head is required to conduct a quarterly review of the Insider List and of the Restricted List for persons and securities added under his / her / their respective product line and must confirm the accuracy of both lists.

In addition to deal-specific Insider Lists and a list of Permanent Insiders (made of individuals who, at all times, have access to inside information at Pantheon (e.g., members of the Valuations / Valuation Analytics Teams, members of the Risk Committee, members of the Compliance Team)), Pantheon also maintains a list of Restricted Persons related to each of PIP and PINT as well as a list of Restricted Persons related to listed share class(es) of PGPE and PGCS.

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**F.** **Implications for Personal Trading** 

In order to mitigate against the risk of an inadvertent breach of the above requirements, Pantheon has adopted a Personal Trading Policy (please see Annex C for further details of Pantheon's Personal Trading Policy). As part of the process for seeking approval for personal trades, Associates are required to confirm that they hold no MNPI concerning the relevant security. No permission will be granted for trades in securities on the Restricted List, or those that could give rise to a conflict of interest, regardless of if the individual holds MNPI or not.

**G.** **Listing Rules – PIP and PINT** 

This section is relevant in relation to PIP and PINT and any additional listed entities for whom Pantheon Ventures (UK) LLP acts as investment manager and to whom the UK Listing Authority's Listing Rules apply. The purpose of the Listing Principles is to ensure that listed companies pay due regard to the fundamental role they play in maintaining market confidence and ensuring fair and orderly markets. Pantheon Associates are required to abide by the provisions of the Takeover Code and the UK Listing Rules wherever relevant. Legal advisors will be consulted whenever Pantheon participates in public to private transactions and flotations to ensure that obligations are met<sup>3</sup>.

Given that PIP and PINT are publicly listed vehicles and Pantheon's role as manager, Associates must take particular care when conducting personal transactions in PIP and PINT. Associates must consult with the Pantheon PIP/PINT teams before disclosing any material externally or giving presentations about PIP/PINT or their performance, respectively. All personal transactions are prohibited when PIP and PINT are in a "Closed Period." Details of Open and Closed Periods (i.e., public announcements about PIP/PINT performance and PIP/PINT results) are maintained on the Pantheon intranet by the PIP/PINT team and announced periodically by the Head of Compliance (UK & APAC). If in doubt about when personal trades in PIP/PINT are permitted, you must consult the Compliance Team before placing a trade.

**H.** **Additional Rules – PGPE and PGCS Listed Share Classes** 

This section is relevant in relation to PGPE, PGCS, and any additional evergreen entities regulated by the Luxembourg Commission de Surveillance du Secteur Financier ("CSSF") for which Pantheon lists one or more share class(es) on the Luxembourg Stock Exchange.

Persons discharging managerial responsibilities ("PDMR"), as well as persons closely associated with them ("PCA"), must notify the relevant fund and the CSSF about transactions relating to the listed share class(es) that they conducted on their own account once the cumulative cost of such transactions has reached EUR 5,000 in any calendar year, making such notification no later than three

(3) business days after the date of the relevant transaction(s).<sup>4</sup> PDMR typically would include members of each fund's board of directors and their respective PCA (which includes spouse, children, and relatives), and non-board members (and their respective PCA) who have regular access to inside information and take managerial decisions affecting such listed share class (e.g., investor relations personal knowledgeable of impending transactions).

Pantheon generally expects no such reporting to be necessary given that investors must apply to invest in these listed share class(es), which were created for the use of a single investor. However, the Compliance Team (a) will maintain a list of such Restricted Persons on an ongoing basis and will retain

<sup>3</sup> Failure to comply would be treated as a breach of FCA Principle 5 (Market Conduct) and FCA individual Conduct Rules 5 (You must observe proper standards of market conduct).

<sup>4</sup> Such obligations resulting from the Market Abuse Regulation (EU) 596/2014 ("MAR")

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it for at least five (5) years after it is drawn up or updated, (b) will work with relevant operations teams to ensure that there are procedures in place to block inappropriate subscriptions, and (c) will notify the CSSF promptly should any such subscription ever become successful, regardless of the fact that the relevant Board of Directors would use the power conferred upon it by the prospectus to compulsorily redeem the ineligible investor(s).

If PGPE, PGCS, or any similar Pantheon entity ever decides to list another share class on another stock exchange, such issuer will also ensure in Luxembourg the provision of equivalent information to that made available to the market of any other stock exchange(s) situated or operating outside the Member States of the European Union, to the extent that this information may be important for evaluating the securities in question, in order to ensure that there is no asymmetry of information.

**I.** **Escalation to Pantheon Compliance and Notifications to Regulators** 

If an Associate (a) has a 'reasonable suspicion' that an order / transaction in any financial instrument, whether placed or executed on or outside a trading venue, could constitute (either actual or attempted) insider dealing or market manipulation; or (b) learns of a rumour that he / she / they knows or has reasonable grounds for believing was originated or circulated for the purpose of improperly influencing the market price of a security, he / she / they must notify the Compliance Team immediately. The relevant Head of Compliance may be required to report such instances to applicable regulatory authorities.

Pantheon is also required to report to relevant regulator(s) any information on events affecting shares admitted to trading that it deems necessary to facilitate the due and proper operation of the market. Such information above includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments affecting the respective rights of the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any business combination or split (for example, of PGPE);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change of transfer or paying agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement of any distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment and detachment of dividends or interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coupons being declared without value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the redemption of shares in particular before the due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change of name of the fund in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any payment default and in a more general manner, any decision relating to any bankruptcy, insolvency, or
cessation of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event or information which, on the date of its publication by the relevant fund or on its behalf, is
likely to influence the price of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any suspension from trading at the request of the relevant fund on any other trading venue of its issued shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any and all other information that it deems useful for the protection of investors.

**J.** **Market Soundings** 

A market sounding is defined as a communication of information (made by an issuer, a secondary offeror, a third-party agent for an issuer or secondary offeror, a takeover bidder, etc.), prior to the announcement of a transaction, in order to gauge the interest of potential investors in a possible transaction and the conditions relating to it such as its potential size or pricing, to one or more potential investors. A market sounding may take place orally in connection with a meeting, via an audio or video call, in writing or by means of electronic communications.

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The requirements of the applicable regulation governing market soundings apply to acts only if those acts concern financial instruments admitted to / traded on any UK or EU regulated trading venue, multilateral trading facility or organized trading facility for which a request for admission to trading on any such market or facility has been made. In practice, this means that Pantheon should not ordinarily conduct any market soundings (i.e., communicate any market soundings to third parties) except in relation to Pantheon's publicly listed vehicles, Pantheon International PLC or Pantheon Infrastructure PLC. However, it is also possible that Pantheon may be invited to receive market soundings from a third party in relation to publicly traded financial instruments within the portfolios of Pantheon managed clients. In relation to receiving a market sounding, regardless of whether you, as a representative of Pantheon, accepted the information or decline to receive the information, it is your responsibility to declare this as part of the Market Abuse Regime in the EEA.

The EU and UK market abuse rules are prescriptive and require firms to establish, implement, and maintain internal procedures with respect to market soundings made or received. Pantheon has established the Pantheon Market Soundings Policy and Procedures (available on the Legal & Compliance subsite of the Pantheon intranet) to ensure that all of the obligations which apply regarding the making and / or receipt of market soundings are adhered to.

**Associates must <u>never</u> make a market sounding without pre-clearance from Pantheon Compliance.** 

**Associates must <u>never</u> act as the recipient of a market sounding without pre-clearance from the Head of the appliable Investment Team and from Pantheon Compliance.** 

**K.** **Expert Networks** 

In the conduct of Pantheon's business, Investment team associates may from time to time procure research services provided by independent consulting firms, expert networks, channel checkers or other firms or individuals providing similar services. We refer to these research providers as "Expert Firms" and the individuals providing these research services as "Experts". They are permitted to use Expert Firms in connection with their investment research and due diligence activities, subject to the following conditions.

When using Expert Firms, staff members have a responsibility to avoid receiving MNPI from an Expert and must use the Introductory Script below at the onset of all calls. If they do inadvertently receive MNPI, the MNPI should be treated in accordance with the Policy details outlined above and the Compliance Team should be contacted immediately.

Only Expert Firms approved by the Compliance Team and the Risk Team, in accordance with the Vendor Management procedures for onboarding Services providers (see the Vendor Management Policy for further information) may be consulted. The current list of approved Expert Firms are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GLG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidepoint

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coleman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AlphaSights

Each Expert Firm must provide a log of Expert calls and meetings to the Compliance Team on a periodic basis. The Compliance Team also reserves the right to attend any calls or meetings to monitor the adherence to these conditions.

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Expert Network Introductory Script

The following statements must be made at the outset of any consultation with an Expert.

"Before we start, as part of our standard compliance disclosure, I want to confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *You will not provide to me, and you understand that I do not want to receive, any confidential information about any publicly traded company.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *You are not prohibited by your employer from participating in this call.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *You will not disclose any information that will result in breach of any duty of confidentiality to a third party."* 

As noted above, if you think that an Expert has disclosed to you confidential or material non-public information, consult immediately with your jurisdictional Head of Compliance / CCO.

**L.** **Consequences for Violations** 

Failure to abide by this Policy can result in disciplinary action/sanctions. Such sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced Supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension/revocation of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution, including donating profits to charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines, as permitted by law and/or civil and criminal penalties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, any breach or violation of the Policy may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which therefore may impact an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any violation of this Policy to civil, criminal, or regulatory authorities as appropriate or required by law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

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**<u>Pantheon Personal Trading Policy</u>**

Last Reviewed October 2025

**1.** **Overview** 

The Personal Trading Policy ("Policy") is designed to ensure that Associates'<sup>1</sup> transactions in their personal investment accounts are in compliance with applicable securities laws and regulations and are conducted in a manner that avoids actual, potential, and/or perceived conflicts between their own interests and the interests of Pantheon and/or its clients.

Accordingly, <u>Associates are prohibited from making purchases (or short sales) in Covered Securities</u>, with certain exceptions described below. Furthermore, Associates must report certain accounts, holdings and transactions through the Pantheon internal reporting system as described in further detail below.

**2.** **Reporting Your Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What and When Accounts Must Be Reported** 

No later than 10 calendar days after commencing employment with Pantheon or otherwise becoming subject to the Global Code of Ethics, you must report all of your Reportable Accounts via the Pantheon internal reporting system. There are no exceptions to this requirement.

"**Reportable Accounts**" include any securities investment account:

1) over which you direct, or have the ability to direct, the account's investments; and / or

2) in which you, or any of the following individuals (collectively, "**Covered Persons**"), has a Beneficial Ownership interest: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse, domestic partner or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other financial dependent living in your household; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other individual where you have discretion over their investment accounts.

You must also <u>report any new Reportable Account promptly</u> and <u>prior to placing a trade</u> in that account.

Reportable Accounts include brokerage accounts, retirement accounts that permit brokerage holdings or trading, share spread betting accounts, Contract for Difference ("**CFD**") accounts, stocks and shares Individual Saving Accounts ("**ISAs**") or Systematic Investment Plan ("**SIP**") accounts, employee stock compensation plans, self-invested personal pension plans (SIPPs), and transfer agent accounts (other than mutual fund transfer agent accounts). Reportable Accounts also include Managed Accounts (defined below), those accounts from which a Covered Person benefits indirectly, such as a family trust or family partnership, and accounts in which a Covered Person has a joint ownership interest, such as a joint brokerage account.

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| | |
|:---|:---|
| 1 | Under Pantheon's Global Code of Ethics, Associates collectively covers all "access persons", namely those persons who have access to information regarding investment decisions, transactions, and portfolio holdings. Unless the Compliance Team otherwise agrees, "access persons" also includes all officers, partners and employees of Pantheon, as well as any interns, consultants or self-employed contractors.  |

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The information required to be reported regarding a Reportable Account includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Covered Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account owner (self, spouse, dependent child, etc.)

The following are exempt and not considered Reportable Accounts and therefore do not need to be reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 plans or similar college savings plans, or cash and savings ISAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SIP and Child Trust accounts if the account only has the capability to hold open end mutual funds or other funds
where you do not have the ability to control, influence, select or direct its underlying investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open end mutual funds purchased directly from the fund manager and held in accounts which do not have the ability
to hold any other type of securities\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the US, Associates' Fidelity 401(k) plans do not need to be reported as they have the ability to hold
only open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similar 401(k) plans from prior employers also do not need to be reported. However, those that can hold other
investments beyond open-end mutual funds should be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that is limited solely to transactions in unit investment trusts ()"**UITs** "),
redeemable securities of registered investment companies, and variable contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that is limited solely to transactions in "non-securities" as defined by the SEC (i.e., certain types of crypto currencies).

\*See the "Reporting Your Holdings and Transactions" section for reporting requirements for AMG-affiliated mutual funds.

Please contact the Compliance Team if you hold any securities in physical certificate form or if you are not sure if a particular account is required to be reported.

**<u>Pantheon Securities, LLC ("Pantheon Securities") Registered Representatives ("RRs")</u>**

In addition to those requirements set forth above, an RR of Pantheon Securities who initiates or maintains a personal securities account with a third-party broker-dealer must give written notice to that broker-dealer that he/she is registered with Pantheon Securities prior to opening the account, or, prior to placing an initial order for the purchase or sale of securities through the other broker-dealer. Typically, this notice is provided to the broker-dealer as part of the account application. If the account was established with the other broker-dealer prior to the association of the RR with Pantheon Securities, then the RR shall notify both Pantheon Securities (via the US Compliance team) and the other broker-dealer in writing promptly after becoming associated with Pantheon Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Electronic Data Feeds** 

Subject to any applicable temporary grace period(s) as communicated in writing by Pantheon Compliance, **Associates are required to hold all Reportable Accounts (other than Managed Accounts, see section 3(C) below for more detail) via a firm/broker that provides electronic data feed capabilities** that are compatible with the Pantheon internal reporting system.

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Pantheon currently receives direct electronic data feeds from the following broker-dealers\*:

• AJ Bell Youinvest • Merrill Lynch –  MyMerrill

• Charles Schwab – Investments Investments

• Chase – Investments • National Financial Services

• Citi Private Wealth • Pershing

• E\*TRADE • Robinhood

• Edward Jones • Rockefeller & Co. – Investments

• DE GIRO (GLOBLA) • Royal Bank of Canada (RBC)

• Fidelity Investments Wealth Management

• Fidelity International (UK) • SEI Investments

• First Republic • SEI Private Wealth Management

• Hargreaves Lansdown • Stifel Nicholas

• Interactive Brokers • TD Ameritrade

• JP Morgan Private Client • UBS

• Morgan Stanley – ClientServ • US Trust

• Wells Fargo Advisors

Additional "aggregate" electronic feeds are available via the Pantheon internal reporting system where the Associate connects the account(s) him/herself through the system. Please contact the Compliance team to inquire if your broker has an available aggregate electronic feed and for assistance in making the account connection.

**\*The providers of live electronic feeds are continually updated, and this Policy will be updated from time to time to reflect such changes.** 

**3.** **Reporting Your Holdings and Transactions** 

Associates are required to declare initial holdings upon joining Pantheon and thereafter provide annual holding statements (as discussed in more detail in section 3(A) below). Associates are also required to upload confirmations of individual, pre-cleared trades shortly after each such trade together with periodic brokerage account statements (as discussed in more detail in section (B) below).

In both cases, Associates may satisfy these requirements by ensuring that the Compliance Team receives holding statements, trade confirmations, and brokerage statements for their Reportable Accounts directly from their broker via an electronic data feed or link as discussed above. However, it is the responsibility of Associates to ensure their electronic feed is properly connected to Pantheon's internal reporting system and for any securities that are not covered by any such electronic data feed (for example because of any applicable grace period for implementation of the electronic data feed or because there are securities not held within a reportable account such as private securities or stocks held directly), Associates must continue to comply with the following requirements. There are limited exceptions as discussed in section (C) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial and Annual Holdings Reports** 

Except as provided below, you must submit via the Pantheon internal reporting system no later than 10 calendar days after commencing employment with Pantheon, or otherwise becoming subject to the Code of Ethics, an initial holdings report which includes all of the holdings in your Reportable Accounts (via electronic data feed, as covered above) and any other securities that would require pre-clearance prior to trading under Section 4 below, including those not covered by an electronic data feed (e.g., private securities, stocks held directly). Additionally, you must report via the Pantheon internal reporting system your holdings in AMG-Affiliated Mutual Funds. (A list of AMG-Affiliated Mutual Funds is posted in ACA and may be distributed to you periodically). You may not make any personal trades until an initial holdings report has been submitted. You must also submit / certify to an annual holdings report via the Pantheon internal reporting system.

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Initial and annual holdings reports must include, at a minimum, the following information as applicable, current as of date not more than 45 calendar days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and type of security, the ticker symbol or CUSIP number, number of shares or units, and principal amount
of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Covered Person maintains the Reportable Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Statements** 

Globally, Associates are required to upload monthly or quarterly account statements inclusive of the account's activity (as applicable) to the Pantheon internal reporting system within 30 calendar days following the end of each quarter. For those on a temporary grace period until an electronic feed is connected, statements must be uploaded under the "Accounts" section on the "Personal Trading" tab of the Pantheon internal reporting system. You will not be permitted to actively trade while you are in a grace period until the connection of an electronic feed is complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to Holdings and Transaction Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Managed Accounts** 

You are not required to submit initial or annual holdings reports, or trade confirmations with respect to securities held in a Managed Account if you have certified to the Compliance Team via the Pantheon internal reporting system that your account is a Managed Account. A "Managed Account" is one from which you could benefit, but over which you have no investment discretion or influence over the investments in the account, such as a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to execution.

Periodically, the investment manager of a Managed Account may be asked to affirm that you have not exercised influence or investment discretion over the Managed Account. In order for an account to continue to be treated as a Managed Account, the investment manager must provide the requested affirmation, as requested.

You must immediately advise the Compliance Team if you terminate the Managed Account agreement. Upon termination of the Managed Account agreement, you must also immediately begin reporting transactions and holdings in such accounts, as outlined in Sections 3A and 3B above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Automatic Investment Plans** 

An "Automatic Investment Plan" means a program in which regular periodic purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation.

Automatic Investment Plans are permitted in Exempt Securities, but are prohibited in Covered Securities, unless otherwise agreed with Compliance.

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**4.** **Trading in Covered Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Prohibition on Establishing New Positions in Covered Securities <u> </u>** 

**<u>Associates are prohibited from making purchases (or short sales) in Covered Securities.</u>** 

Purchases via managed accounts, dividend reinvestments, and spousal employee stock purchase plans (with prior Compliance consent) and other exempt securities identified below, as well as shares in receipt from vesting prior employer stock awards (with prior Compliance consent), are exempt from this prohibition.

**Anything not listed as an Exempt Security is considered a Covered Security and is subject to this prohibition.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance of Transactions of Existing Positions in Covered Securities** 

Associates must obtain prior approval/pre-clearance via the Pantheon internal reporting system for sales (or buys to close short sales) in all covered securities. The exceptions to this requirement are trading in Exempt Securities or as otherwise set forth below under Exceptions to Pre-Clearance Requirement (section C).

In most cases, trading requests will be processed on an automated basis through Pantheon's internal compliance system. However, transactions in certain securities will be subject to additional manual review by Compliance and / or the relevant business teams ***before*** responding to such request.

Pre-cleared trades are valid in the Pantheon internal reporting system for a period of three business days unless any delay in trading would breach a closed period. In the case of a previously approved trade possibly breaching a closed period, you may request an exception to the closed period restriction in order to complete the trade. You may not proceed with the trade during the closed period without approval from the Compliance Team.

If a pre-cleared trade is not executed within three business days of approval, you must resubmit the pre-clearance request in the Pantheon internal reporting system at the end of that three-business day period and receive new approval prior to executing the trade unless the trade relates to a rights issue / corporate action. This control continues until the transaction is executed.

Also, if the terms of the order are changed, or if the order is withdrawn or cancelled and subsequently re-entered at a later time, you must submit another pre-clearance request in the Pantheon internal reporting system for the new order.

When requesting pre-clearance of a trade, you must make the following certifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You do not have material, non-public information (MNPI) regarding the
security, defined as information, if it was made generally available, that would be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his or her investment
decision in relation to such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the trade does not conflict with any current investment activity of any Pantheon
client or fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the company is not a manager of private funds, such as PE Funds, Infra Funds, or
Credit Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the company is not presently a direct or indirect portfolio company of Pantheon
managed funds or clients. If you are aware that it is a portfolio company of Pantheon, you will be required to hold until the Pantheon funds or clients divest their positions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware that the security is on the Pantheon Restricted List.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to Pre-Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Managed Accounts** 

Although you are required to report Managed Accounts as described above, you are not required to obtain pre-clearance of transactions in Managed Accounts, provided that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide certification when reporting the Managed Account through the Pantheon internal reporting system that
transactions in the account are, in fact, effected by your investment adviser (and not you, the Pantheon Associate) with the investment adviser having full discretionary investment authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that you participate in any individual decision regarding purchases or sales in the account, such
transactions must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be required to attest annually to the account's continued managed status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon reserves the right to contact your investment manager to verify the managed status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Exempt Securities** 

You are not prohibited from purchasing, nor are you required to obtain pre-clearance for transactions in "Exempt Securities". Except as noted below Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open or closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AMG-Affiliated Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (including options on ETFs; excludes single-stock ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other funds (including investment trusts) where you do not have the ability to control, influence, select or
direct its underlying investments; securities issued by a government, state or municipality (including treasury bonds and municipals bonds); bank certificates of deposit; money market funds; commercial papers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable annuities and variable insurance contracts.

**Please note** that cryptocurrencies/virtual currencies that are defined as securities by the SEC are **<u>NOT</u>** exempt securities and are "Covered Securities" under this policy. Cryptocurrencies/virtual currencies that are defined as non-securities by the SEC are exempt as noted in section 2. If you have any question as to whether a particular cryptocurrency is a security or non-security please contact the Compliance Team.

If an Associate wishes to partake in cryptocurrency farming, it is the Associate's responsibility to confirm that the cryptocurrency pair are both considered non-securities by the SEC and not in considered a security as per FSMA.

**Exempt Securities do not include funds, collective investment schemes or investment trusts whose primary strategy is investing in private equity, infrastructure, private securities, real estate or other alternative assets. Sales of legacy positions in these securities must also be precleared.** 

**Exempt Securities also do not include the AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund (P-SECC), AMG Pantheon Infrastructure Fund (P-BUILD), Pantheon Global Private Equity Fund (PGPE), Pantheon Global Credit Secondaries Fund (PGPE), Pantheon International PLC (PIN) or Pantheon Infrastructure plc (PINT). Purchases (and sales) are permitted but must be precleared.** 

Any Associate who wishes to execute a trade in PIN or PINT must obtain the appropriate pre-approval via email and attach it to their trade request within the internal reporting system:

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**i.**  **<u>PIN</u>** 

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| | |
|:---|:---|
| **Requestee:** | **Confirmation required from:** |
| All Associates (other than those<br> captured below) | Head of the PIN Team<br> Head of Investor Relations & Communications for PIN |
| PIN Team Members | Head of the PIN Team and the Chief Risk Officer |
| Head of PIN Team | A senior member of the PIN Team (i.e., not the person placing the trade), the Chief Executive Officer and the Chief Risk Officer |
| Partnership Board Members | Head of the PIN Team and the Chief Risk Officer |
| VALCOMM (main + PIN sub-committee)<br> Members | Head of the PIN Team and the Chief Risk Officer |
| Chief Risk Officer | Head of the PIN Team and either the COO or Head of<br> Operations |

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**ii.**  **<u>PINT</u>** 

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| | |
|:---|:---|
| **Requestee:** | **Confirmation required from:** |
| All Associates (other than those<br> captured below) | Head of the PINT Team |
| Infrastructure Investment Team<br> Members | Head of the PINT Team and the Chief Risk Officer |
| Head of the PINT Team | A senior member of the Infrastructure Investment Team (i.e., not the person placing the trade), the<br> Chief Executive Officer and the Chief Risk Officer |
| Partnership Board Members | Head of the PINT Team and the Chief Risk Officer |
| VALCOMM (main PINT sub-committee)<br> Members | Head of the PINT Team and the Chief Risk Officer |
| Chief Risk Officer | Head of the PINT Team and either the COO or Head of<br> Operations |

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As noted above, anything not listed as an exempt security is considered a Covered Security.

**Options Transactions in Exempt Securities**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expiration of a put or call must be 60 or more calendar days from date the position was opened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not close an option position unless it has been held for 60 or more calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the exercise of an option (other than at expiration), you may not open a new position with the same
underlying security for 60 calendar days after the exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may roll an option position at or within 5 calendar days of expiration (e.g., buy or sell an option on the
same underlying security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use an option to create a transaction that would otherwise violate the terms of this Policy.

Also, any sale of securities acquired upon exercising a long call option or the expiration of a long in-the-money option will be in violation of these provisions, unless it is pre-cleared or otherwise subject to an exception to the pre-clearance requirement.

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**5.** **Other Prohibited or Restricted Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Purchasing Initial Public Offerings ("**IPOs**") are prohibited, in line with the prohibition noted above for Covered Securities. If a private security owned by a Pantheon Associate participates in an IPO, and the Associate would like to sell that security in the public markets, that sale would be subject to the same preclearance requirements noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Sales for AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund (P-SECC), AMG Pantheon Infrastructure Fund (P-BUILD), Pantheon Global Private Equity Fund (PGPE), Pantheon Global Credit Secondaries Fund (PGPE), Pantheon International PLC (PIN) or Pantheon Infrastructure plc (PINT)** 

If you make a purchase in PIN, PINT, Pantheon Global Private Equity Fund, Pantheon Global Credit Secondaries Fund, the AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund or the AMG Pantheon Fund, **<u>you are required to hold it for a minimum of one year</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Private Securities Transactions** 

You are prohibited from acquiring or selling any security issued in a private security transaction, such as a limited offering or private placement, without prior approval from the Compliance Team. This can include private equity, hedge fund or other types of alternative / private market investments in which an Associate may invest via a subscription document, this could also include crowdfunding or an equity fund raising of a business including startups and product funding. If you have any questions as to whether something constitutes a private investment, please contact the Compliance team for clarification.

Pre-clearance requests for private securities transactions require the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company to which the Associate is seeking to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type of company, including strategy, information & background

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supporting documentation, for example, offer memorandum, subscription agreement, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount of investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation that you are not being offered the opportunity due to your employment at or association with
Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation that the opportunity is of no interest to Pantheon clients as of the time of the trade and not
reasonably expected to be of any interest to Pantheon clients in the next 5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessment whether the opportunity involves an actual or potential service provider to Pantheon / Pantheon Funds.
In scenarios where an employee requests to make an investment in a potential service provider, full disclosure of the investment is required and that interested parties must immediately recuse themselves from the decision making/due diligence
process if Pantheon were to consider conducting business with that service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation (via email) from a disinterested, senior investment professional that the potential private
investment does not conflict with Pantheon investment activities, including: (i) confirmation that the Associate is not being offered the opportunity due to employment at or association with Pantheon; and (ii) confirmation that the opportunity
is of no interest to Pantheon clients as of the time of the trade and is not reasonably expected to be of any interest to Pantheon clients in the near/distant future (next 5 years); and (iii) an assessment as to whether the opportunity involves an
actual or potential service provider to Pantheon / Pantheon Funds.

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The Compliance Team may contact your supervisor, other members of Investment Teams or the International Investment Committee to discuss the proposed transaction prior to approving it. Approval may be granted after a review of the facts and circumstances, including, but not limited to the information provided above.

The approval will then be logged in the Pantheon internal reporting system. If approved, after the transaction is complete you are required to upload the final subscription agreement, or other equivalent documents, in the Pantheon internal reporting system, along with adding the private security directly to your holdings record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Derivatives** 

You may trade in certain financial derivatives, such as options and futures, financial spread betting or contracts for difference which are based on generally recognized indexes, currencies or commodities. More complex derivatives may be restricted by the Compliance Team. You should contact the Compliance Team prior to purchasing financial derivatives, other than futures and options on recognized indexes, and should be prepared to discuss the characteristics of the derivative product and the underlying securities or financial products on which the derivative is based in order to provide assurance that the financial derivatives will not provide an opportunity for unlawful trading.

**6.** **Corporate Actions** 

Corporate actions are subject to the restrictions in this policy and extend to making any formal or informal offer to buy or sell, taking up rights on a rights issue, exercising conversion or subscription rights and exercising an option. The restrictions also extend to buying or selling an investment under any offer, including a takeover or tender offer, which is made to the public or all (or substantially all) the holders of the investment concerned.

Pre-clearance must be obtained for corporate actions whereby consent/discretion is normally required from the account holder. This includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking up/selling of rights issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercising of subscription rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercising of conversion rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceptance of a tender/takeover offer

Corporate Actions whereby consent/discretion is *not* normally required are exempt for the pre-clearance requirement, however post-trade notification must be made via account statements/trade confirmations in line with section 3.B. of this policy. This includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions/disposals as a result of a merger or spin-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic reinvestment of dividends (N.B. initial pre-approval should be
obtained)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock splits

**7.** **Other Exceptions** 

Under very limited circumstances, an exception to the provisions of this Policy not otherwise described above may be granted by the Head of Compliance/Chief Compliance Officer or designee in your region on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with Pantheon fund or client interests. Requests for such exceptions must be made in writing to the Head of Compliance/Chief Compliance Officer and describe the nature of the exception and the reason it is being requested.

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**8.** **Training** 

Pantheon Compliance will conduct training regarding this Policy as part of the new hire/on-boarding process. Pantheon Compliance may also periodically require Associates to undergo training regarding this Policy and may make authorization to make any future trades conditional on successful completion of such training.

**9.** **Policy Violations** 

Failure to abide by this Policy can result in disciplinary action/sanctions. Such sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension/revocation of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution/including donating profits to charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines as permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, violations of the Policy or regulatory breaches may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which may therefore impact other factors such as an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any breach to civil, criminal, or regulatory authorities as appropriate or required by regulation or law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

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**<u>Pantheon Outside Business Activities Policy</u>**

Last Reviewed June 2025

Each Pantheon Associate is required to be engaged in the practices and concerns of Pantheon and to devote substantially all of their normal working time thereto and, to the best of their ability, engage themselves in such activities in a manner which will further the business and interests of Pantheon.

In order to avoid possible conflicts of interest, you must not engage in <u>any</u> of the following (a) – (c), together "**Outside Business Activities**" or "**OBAs**", unless you have obtained prior approval from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) your Supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compliance; and, if applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for Operating Partners and Principal Members (i.e., holders of equity in the business), the Partnership Board<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take on/conduct any outside affiliation/activities for which you receive compensation (whether by fixed or
variable remuneration, commissions, or profit sharing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) serve in an investment advisory capacity or any other fiduciary capacity, whether or not you receive
compensation, for any organization (examples include, but are not limited to, serving on a Board or as treasurer, or assisting in the management of an endowment or building fund or investment committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise be directly or indirectly materially engaged, concerned or interested in any business activity, trade
or occupation other than your responsibilities for the Pantheon Group.

Examples of OBAs include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting directorships, governorships or trusteeships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an employee, independent contractor, sole proprietor, officer, director or partner of any other person
or business organization (this includes Advisory Board seats);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full or part-time employment by another organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving compensation, or having the reasonable expectation of compensation, from another organization or
individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in personal or family business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as a fiduciary for an organization or an individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving in an advisory capacity for any organization, including charitable, civic, religious, educational, or
fraternal organizations (note: as above, prior approval is required to serve in an investment advisory capacity or other fiduciary capacity for any charitable, civic, religious, educational or fraternal organization, whether or not such role is
compensated).

Volunteering without compensation and in a non-advisory/non-fiduciary capacity in a charitable, civic, religious, educational, or fraternal organization does not need to be reported or disclosed, provided that such activities must not – individually or in the aggregate with other OBAs – interfere with the performance of such individual's duties and responsibilities to/for Pantheon. They must not conflict with (or create the appearance of a conflict with) the business of Pantheon and must be otherwise in conformance with Pantheon's policies and procedures. Examples of such activities include coaching a children's football/basketball team, leading the choir in a church, or assisting in a homeless shelter.

<sup>1</sup> Pantheon does not expect to decline permission for any Operating Partner or Principal Member's request to be involved in business endeavours ***on a non-professional basis*** if: (i) such activities cannot reasonably be expected to be inconsistent or in conflict with such Operating Partner or Principal Member Owner's duties and responsibilities to the Pantheon Group; (ii) such activities do not (individually or in the aggregate) interfere with the performance of such individual's duties and responsibilities to / for the Pantheon Group, and (iii) provided that such individual has provided to the Partnership Board appropriate information with respect thereto so that the Partnership Board can ensure that such activities are not inconsistent with or conflict with (or create the appearance of a conflict with) the business of the Pantheon Group and are otherwise in conformance with the policies and procedures of the Pantheon Group. 

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With regard to any OBAs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Such activities must not (individually or in the aggregate) interfere with the performance of such
individual's duties and responsibilities to/for Pantheon and must be in conformity with the other policies and procedures of Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must avoid any outside affiliation, including outside employment or professional or personal service, that
competes with Pantheon's business or conflicts (even if it only creates the appearance of a conflict) with the interests of Pantheon or its clients/investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal fiduciary appointments such as administrator, executor or trustee must be reported and approved. This
includes fiduciary appointments for family members or other close personal relationships (which may include commercial ventures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assuming an advisory role in conjunction with an investment in a private placement or other investment requires
prior approval. Additionally, the investment must be pre-cleared / reported & approved as set out in the Personal Trading Policy (**Annex C** of the Global Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use Pantheon resources, including computers, software, proprietary information, letterhead
stationery, and other property in connection with any outside employment or other outside affiliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political activities are subject to Pantheon's Political Contribution Policy. Please refer to that Policy
( **<u>Annex K</u>** of the Global Code of Ethics) for information regarding political activities and support of political candidates, political parties, and related organizations.

In addition to this policy, under the Pantheon LLP Deed, an Operating Partner or Principal Member must report any non-Pantheon business activity, trade or occupation to Compliance and obtain the requisite Committee approval *prior to* engaging in such activity.

In order for an OBA to be approved, you must obtain your supervisor's approval, disclose the proposed OBA to Compliance via the Pantheon internal reporting system, and, for Operating Partners and Principal Members (i.e., holders of equity in the business), disclose the proposed OBA to the Partnership Board and obtain its approval. The disclosure(s) must include details of the nature of the OBA and a discussion of any possible conflicts of interest or appearance of conflicts of interest with Pantheon or its clients/investors and how any potential or actual conflicts will be addressed. For all instances involving Operating Partners and Principal Members, the request for approval will go to the Compliance Team and the Partnership Board for approval.

It is your responsibility to ensure that your OBAs are reported in the Pantheon internal reporting system and the information on the Pantheon internal reporting system is promptly updated to reflect when you are no longer engaged in a previously reported OBA.

**Pantheon Securities, LLC ("Pantheon Securities") Registered Representatives ("RRs")** 

Pantheon associates who are RRs of Pantheon Securities must report and seek approval for all proposed OBAs from Compliance and their Series 24 Supervisory Principal (which may not be the same person as their non-broker-dealer supervisor), in addition to those individuals noted above for all employees.

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Pantheon Securities also must evaluate the proposed activity to determine whether the activity is properly characterized as an outside business activity or whether it should be treated as involving private securities transactions subject to FINRA requirements. Pantheon Securities will keep a record of its compliance with these obligations with respect to each written notice received and will preserve this record for the period of time and accessibility specified in the SEC recordkeeping rules, which is satisfied by the disclosure of the OBA in the Pantheon internal reporting system. Depending on its nature, the OBA, if approved, may also be subject to disclosure on the RR's FINRA U-4 registration. OBAs that are exclusively charitable, civic, religious, fraternal, and/or recognized tax exempt <u>AND</u> do not include any investment-related activities do not require U-4 disclosure.

The following information is required for all OBAs that require disclosure on the RR's U-4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your position, title, or relationship with the other business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the start date of the relationship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate number of hours per month you devote to the other business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of hours you devote to the other business during securities trading hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a brief description of your duties relating to the other business

RRs of Pantheon Securities should refer to the Written Supervisory Procedures for more specific requirements.

Please contact the Compliance Team with any questions.

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**<u>Pantheon Books and Records/Record Retention Policy</u>**

Last Reviewed June 2025

Pantheon shall maintain all records required to be maintained by it by applicable law, in the manner and for the period specified by such law, including without limitation satisfying the most stringent jurisdictions mentioned above. Copies of the record keeping regulations are available upon request from the Legal and Compliance Team.

<u>Record Retention</u> 

Pantheon shall preserve all records relating to its business, including, but may not be limited to, employee, corporate, financial, client, investment and compliance information in accordance with this Policy. Each category of data referenced in the Books & Records Chart below shall be preserved for a period of time that is at least equal to the applicable period of time as is set forth opposite such category of data. All other information shall be preserved for at least seven years after the closing of the account/end of the relationship.

Periodic examinations of all files, records and reports to assure that records are maintained as described in this Policy will be conducted by Compliance via the Pantheon Global Monitoring and Testing Program.

A record is defined as any document used by Pantheon in the course of carrying out investment business and any document used to demonstrate the necessary management and control of Pantheon activities in accordance with regulatory requirements. Regulatory rules state that a firm must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the regulatory body or any other relevant competent authority to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients. Pantheon must therefore ensure that the following requirements are met to ensure compliance with regulatory rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records must be held either in hard copy (on-site or offsite storage)
or in electronic format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records relating to the conduct of Pantheon's business must be held in an easily accessible place (and
specifically for the first two years on-site) from which the records can be retrieved within at most 48 hours of submitting a retrieval request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records must be capable of being reproduced in the English language on paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All applicable departments/teams must maintain a list of all the types of record they retain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details of any records sent for archiving must be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Without the consent of the Regulatory body in writing, no record or file shall be amended or destroyed should it
be relevant to any matter which is the subject of a regulatory inspection, investigation or any other regulatory proceedings.

Please see the chart on the following page as a further guide to assist with understanding your obligations under this policy.

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**Books & Records Chart** 

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| | |
|:---|:---|
| **Category of Data** | **Retention Period** |
| **Regulatory Compliance Records**<br> Compliance Manuals, Policies and Procedures, complaints handling,<br> annual review documentation, and Code of Ethics | Maintain the current manual, policy, or code in effect within the past 7 years |
| **Violations of the Code of Ethics**<br> A record of any violation of the Code of Ethics, and of any action taken as<br> a result of the violation. | 7 years after end of fiscal year in which violation occurs |
| **Access Person Reports**<br> A copy of each report made by an Access Person, including employee acknowledgements, disclosures, breaches, and approvals. | 7 years after end of fiscal year in which report made |
| **Record of People Required to Make Access Person Reports and Those**<br> **Responsible for Reviewing the Reports**<br> A record of all persons, currently or within the past seven years, who are<br> or were required to make Access Person reports, or who are or were<br> responsible for reviewing these reports. | 7 years |
| **Report on the Code of Ethics**<br> Reports presented to the senior management that describe issues arising<br> under the code of ethics and certify that procedures have been adopted<br> to prevent access persons from violating the code. | 7 years after end of fiscal year in which report made |
| **Pre-Approval of Investments in IPOs and Limited Offerings by Access**<br> **Persons**<br> A record of any decision and the reasons supporting the decision, to<br> approve the acquisition by investment personnel of securities in an IPO or<br> limited offering. | 7 years after end of fiscal year in which approval granted |
| **Records relating to Investors / Clients, including anti-money laundering**<br> **("AML") documentation (This should include copies of evidence or**<br> **information used to verify identity (these should be retained in the**<br> **customers' files attached to the verification of identity forms) but**<br> **excluding personal data of investors / clients)** | 7 Years from the end of the relationship or if later the date on which the last transaction was completed or the last entry to the record was made |
| **Investor / Client tax documents (but excluding personal data of**<br> **investors / clients)** | 7 Years from the end of the relationship |
| **Personal data of Investors / Clients, e.g. relating to AML documentation**<br> **or tax documents** | 7 years from the date on which the relevant business relationship, for which purpose such personal data was<br> provided, has ended (or if later the date on which the last transaction was completed or the last entry to the record was made). |

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---

| | |
|:---|:---|
| **Category of Data** | **Retention Period** |
| **Investment Records**<br> Investment Recommendations and Investment Committee approvals (e.g.<br> (i) how investment advisers are selected; and (ii) how the determination<br> of asset allocations are made); investment-related correspondence sent<br> or received; Internal working papers, financial modelling, and due<br> diligence for investments. | 7 years after end of fiscal year in which of the record is made |
| **Recording of Electronic Communications**<br> Recordings of all electronic communications, as well as telephone<br> conversations that result in or may result in the execution of Treasury<br> transactions. | 7 years |
| **Senior Manager and certified persons documentation including fitness &**<br> **propriety assessments and statements of responsibility**<br> **Documentation in support of fitness & propriety assessments (that**<br> **could include regulatory references from former employers, which could**<br> **include information of the certified person's 6 previous years of**<br> **employment records) job descriptions, background checks, statements**<br> **of responsibility and the filing of such documentation with the regulator.** | 7 years |
| **Pay to Play Records**<br> A record of (i) the names, titles and business and residential address of all<br> Pantheon Associates, (ii) all Government entities to which Pantheon<br> provides / has provided investment advisory services or which were<br> investors, (iii) all direct / indirect contributions made by Pantheon /<br> Pantheon Associates to a Government official or a political party, and (iv)<br> the name and business address of each person or entity to which<br> Pantheon provides / agrees to provide payment to solicit a Government<br> entity for investment advisory services on its behalf. | 7 years |

---

<u>Required Retention of Pantheon Electronic Business Communications:</u> 

Pantheon-related documents may not be sent to personal email accounts or text messaging/instant messaging platforms as this conduct could subject Pantheon to regulatory recordkeeping requirements and access to such an account or computer may be required by a Regulator. **<u>Written communications</u> <u>regarding Pantheon's business must be conducted on Pantheon's systems and networks.</u>** All written communications sent and received on Pantheon's systems and networks will be retained by Pantheon as per applicable recordkeeping rules.

**<u>Pantheon Associates are strictly prohibited from using their personal unapproved devices and personal emails, text messages or any other unauthorized communication channels including personal WhatsApp messaging or other instant messaging platforms for any business-related communication without exception. All communications must be conducted through approved channels that are subject to monitoring and archiving.</u>**

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<u>Deletion of Personal Data of Clients / Investors</u> 

With respect to personal data of clients and investors (including in the case of AML due diligence if the applicable law, regulation and circumstances allow for deletion), following the expiry of the retention period set forth above, Pantheon will delete (or otherwise erase, de-identify or pseudonymise or equivalent) any such personal data except as required or permitted by applicable law or regulation, for example where, (i) the data subject has consented or (ii) Pantheon reasonably believe that the records containing the personal data need to be retained for the purpose of legal, regulatory or court proceedings (for example in the context of money laundering, where a report of suspicious activity has been submitted to the law enforcement agencies, or where it is known that a client or transaction is under investigation, the relevant records should not be destroyed without the agreement of the authorities even though the seven-year limit may have been reached).

<u>Personal Data of Pantheon Associates</u> 

Policies relating to the collecting, storing, processing and deletion of personal data of Associates shall be maintained separately by the Human Resources department.

<u>Recording of Telephone and Electronic Communications</u> 

With respect to telephone and electronic communications, Pantheon will take all reasonable steps to record relevant telephone conversations and electronic communications relating to the conclusion of transactions in investments that are financial instruments. Records shall include the recording of telephone conversations or electronic communications relating to, at least, transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission and execution of client orders. Such telephone conversations and electronic communications shall also include those that are intended to result in transactions, even if those conversations or communications do not result in the conclusion of such transactions or in the provision of client order services.

Orders placed by clients through other channels must be made in a durable medium such as mails, faxes, emails or documentation of client orders made at meetings. In particular, the content of relevant face-to-face conversations with a client may be recorded by using written minutes or notes. Such orders shall be considered equivalent to orders received by telephone.

Records of all inbound and outbound telephone communications, emails and face-to-face conversations/meetings relating to the conclusion of transactions in investments that are financial instruments are recorded. As such, the Treasury Team must utilise a Pantheon 8x8-enabled mobile device, desktop phone or software program to make telephone calls relating to all transactions.

Pantheon shall take all reasonable steps to prevent any member of the Treasury Team from making, sending or receiving relevant telephone conversations and electronic communications on privately-owned equipment which it is unable to record or copy.

Periodic reviews of electronic communications, including telephone conversations, related to transactions in investments that are financial instruments, will be conducted by Compliance via the Pantheon Global Monitoring and Testing Program.

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*Exceptional Circumstances* 

Where exceptional circumstances arise and Pantheon is unable to record inbound and/or outbound telephone communications relating to the conclusion of transactions on 8x8-enabled devices, Pantheon endeavours to obtain and retain relevant records and evidence of such communications and to make available the records to competent authorities upon request.

<u>Additional Requirements for Pantheon Securities</u> 

Pantheon Securities LLC- specific books and records obligations and related recordkeeping practices are described in its Written Supervisory Procedures and Compliance Manual ("WSPs") located on the Legal and Compliance section of the Pantheon intranet.

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**<u>Pantheon Reporting of Breaches and Violations Policy</u>**

Last Reviewed July 2025

**1.** **Applicability** 

This policy applies to all Pantheon Associates.

**2.** **Overview** 

Pantheon is committed to conducting its business with honesty and integrity and we expect all Associates to maintain high standards. Any wrongdoing should be reported as soon as possible.

As there are potential overlaps covering reporting of violations (of Pantheon internal policy) and the reporting of regulatory breaches, Pantheon has adopted a comprehensive policy that covers both of these aspects.

**3.** **Reporting of Breaches and Violations** 

Any act or omission that results in a potential or actual breach of law, rule, or regulation and any violations of Pantheon's internal Compliance or related policies must be reported promptly upon their discovery to the Compliance Team.

Violations and breaches, may be reported to Compliance in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directly to the applicable jurisdictional Chief Compliance Officer ()"**CCO** "), their designee, or
another member of the Compliance team via email, Teams message, phone or in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Via the Pantheon internal reporting system.

Compliance may also discover violations or breaches via other means, including, but not limited to, testing carried out as part of the Compliance Monitoring Program, review of alerts generated on the Pantheon internal reporting system, or electronic message review.

Additionally, all instances of lost, stolen, breached or compromised Confidential Information (including personal data) should be reported in accordance with the procedures outlined in the Pantheon Confidentiality and Privacy Policy (available on the Legal and Compliance section of the intranet).

The Compliance Team maintains a Compliance Breaches and Violations Register in which all reported incidents, if deemed to be an actual violation (or minor violation), or breach, will be recorded. Where necessary, it is the responsibility of the Compliance Team to notify and/or escalate details of violations and breaches to HR, senior management and/or to the appropriate regulator, if required.

If the CCO determines that an impacted client requires notification as a result of a violation or breach, the Risk Committee and senior management will be notified. The CCO will then instruct relevant Associates to contact the client/investor and provide the necessary details.

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If a violation or breach financially disadvantages a fund or investor, the CCO will inform senior management and the Risk Committee and will liaise with the team that reported the violation or breach to ensure that any necessary reimbursements are made promptly. If a violation or breach financially advantages a fund or investor, the CCO will consult with senior management in order to determine an appropriate resolution.

Following resolution of a violation or breach, the CCO will provide sign off, signifying that the violation or breach has been resolved and, with the support of their designee, ensure that all details are included on the Pantheon Compliance Violations and Breaches Register, as appropriate.

**Senior Managers & Certification Regime ("SM&CR")** 

In accordance with the SM&CR, Pantheon is required to report on an annual basis whether it has taken disciplinary action against individuals who are not Senior Managers for breaches of the Conduct Rules and, if so, provide details of the breach. If a reported incident is deemed to be a breach of the FCA Conduct Rules, it is the responsibility of the Compliance Team to ensure the correct escalation process is followed, as per the process document located on the Pantheon intranet site within the section titled "About Us, Conduct and Culture".

With regards to Conduct Rule breaches made by Senior Managers, Pantheon is required to notify the FCA within 7 business days of concluding disciplinary action.

**Pantheon Securities, LLC ("Pantheon Securities") Registered Representative's ("RRs") obligations with regard to reporting violations:** 

The CCO must determine whether substantiated breaches or violations must be reported to FINRA pursuant under FINRA rules or to other regulatory organizations pursuant to applicable rules and regulations. The CCO is responsible for Compliance preparing and filing any required reports.

The Chief Executive Officer ("**CEO**") of Pantheon Securities will be informed of all reported violations on a regular basis, and all substantiated violations will be reported to the CEO as promptly as practicable. After receiving a report of a violation, the CEO, or Supervisory Principal of Pantheon Securities designated by the CEO of the Firm or CCO, shall investigate the facts and circumstances of the reported violation pursuant to the Pantheon Securities Compliance Manual and Written Supervisory Procedures ("**WSPs**") located on the Legal and Compliance section of the Pantheon Intranet. All Pantheon Securities RRs should refer to the WSPs for specific reporting obligations.

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**<u>Pantheon Information Barrier Policy</u>**

*With Respect to Affiliated Managers Group, Inc. ("AMG")* 

Last Reviewed January 2026

**1.**  **<u>Physical access to Pantheon's offices</u>** 

Subject to the terms of paragraphs 4 and 5 below, under no circumstances are any officers or employees of Affiliated Managers Group, Inc. ("**AMG**") to have independent access to any Pantheon office space. For these reasons, all security passes issued to AMG officers and employees will not open any Pantheon office doors.

AMG officers and employees may enter Pantheon's offices only if accompanied at all times by a Pantheon officer or employee, and such Pantheon officer or employee shall be required to ensure that the AMG officer or employee does not purposefully or inadvertently access Pantheon's IT system or any hard copy files during that time. In the event of a regulatory inquiry or examination, the Pantheon Legal and Compliance Team may coordinate with Pantheon's IT team and AMG's broker/dealer (AMG Distributors, Inc.) Compliance Team to coordinate potential, temporary access to the system or files under the supervision of Pantheon's Head of Compliance.

**2.**  **<u>Access to Pantheon's IT system</u>** 

Subject to the terms of paragraphs 4 and 5 below, under no circumstances are any AMG officers or employees to have access to Pantheon's IT system/network, including the Pantheon intranet or any Pantheon databases or directories.

**3.**  **<u>Non-disclosure of Pantheon information</u>** 

To facilitate the Information Barrier (the "**Barrier**") arrangement and subject to the terms of paragraphs 4 and 5 below, Pantheon officers or employees will not, unless for operational purposes, discuss with or otherwise disclose to any AMG officers or employees any non-public or price sensitive information in relation to Pantheon International, PLC ("**PIN**"), Pantheon Infrastructure Plc ("**PINT**") or any other listed entity named on Pantheon's restricted list ("**Restricted List**"), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Re-structuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon compiled data

Notwithstanding the information above, in accordance with the Written Supervisory Procedures and Compliance Manual ("**WSPs**") of Pantheon Securities, LLC ("**Pantheon Securities**"), Pantheon Securities' Registered Representatives ("**RRs**") from time to time will share information relating to its activities, including without limitations information about certain third-party managers being considered for distribution of the underlying fund interest. Pantheon also shall cooperate and provide the requisite information in connection with its obligations as the investment adviser to any AMG Pantheon funds regulated by the Investment Company Act of 1940 (the "40 Act").

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**4.**  **<u>Bringing AMG employees over to Pantheon side of the Information Barrier</u>** 

Pantheon Securities, a limited purpose broker-dealer, has a selling agreement with AMG's broker-dealer, AMG Distributors, Inc., for the AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund ("P-SECC"), and Pantheon Infrastructure Fund ("P-BUILD") (the "40 Act Funds"), for which Pantheon Ventures (US) LP is the investment adviser or sub-adviser. In certain situations, in connection with activities of Pantheon Securities' RRs associated with the 40 Act Funds, and only with the prior consent of the Pantheon Legal and Compliance Team, certain AMG officers or employees may be "brought over" to the Pantheon side of the Information Barrier, either indefinitely or for a fixed period of time. In such case, for the duration of their time on the Pantheon side of the Barrier, the AMG officer or employee may be permitted physical access to Pantheon's offices and/or may be given access to Pantheon's IT system. Such AMG officer or employee will become an "access person" and will be required to sign an acknowledgement letter, by which they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acknowledge the terms of this Information Barrier Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agree to comply with the non-disclosure obligations set out at
paragraph 3 above regarding discussions with or disclosures to any AMG officers or employees not on the Pantheon side of the Information Barrier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if required, agree to comply with Pantheon's personal dealing and insider dealing rules as set out in
Pantheon's Compliance Manuals and Global Code of Ethics.

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| | |
|:---|:---|
| **5** | **<u>Designation of AMG Associates as "non-access persons"</u>**  |

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In certain situations, and only with the prior consent of a Pantheon Head of Compliance, certain AMG officers and employees may be designated as "non-access persons" who shall be excluded from completing the requirements to becoming an "access person" in paragraph 4 above prior to being brought over to Pantheon's side of the Information Barrier, either indefinitely or for a fixed period of time.

As of this policy's latest update, Pantheon's Head(s) of Compliance have consented to the following individuals designated as "non-access persons":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jay Horgen: Pantheon PB member (non-voting) (AMG CEO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cheerag Patel: Pantheon PB Observer (AMG Managing Director, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ben Langille (AMG Managing Director, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roers Janku (AMG Vice President, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scott Friedman (AMG Vice President, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Velvet Regan (AMG Vice President, Legal and Compliance)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riley Gilberg (AMG Senior Associate, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Tupper (AMG Senior Associate, Affiliate Partnerships)

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| | |
|:---|:---|
| **6** | **<u>Other Information Barriers</u>**  |

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Please refer to the following policies regarding information barriers outside of Pantheon's relationship with AMG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Conflicts of Interest Policy in relation to investment activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Insider Trading and Market Conduct and Abuse Policy in relation to material, non-public information ("MNPI"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Confidentiality and Privacy Policy in relation to the protection of sensitive, proprietary, non-public and / or personal information.

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**<u>Pantheon Gifts and Entertainment Policy</u>**

Last Reviewed June 2025

Pantheon must conduct its business with integrity, pay due regard to the interests of its clients, and treat them fairly. The purpose of this policy is to ensure that Pantheon does not conduct business under arrangements that might give rise to a conflict with its duty to clients whilst collecting the information necessary to complete required regulatory reports and reporting for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Policy** 

It is Pantheon's policy to earn and conduct business based on the quality of its products and services and to select and manage its service providers on the same basis. Pantheon does not provide, solicit or accept gifts, entertainment or other items of value for the purpose of unduly influencing the recipient's judgment.

Pantheon's Compliance Team is available to assist Associates with any questions concerning this Gifts and Entertainment Policy (the "Policy"). Exceptions to this Policy will only be permitted with the written approval of Pantheon's Compliance Team.

The monetary threshold limits in this Policy are expressed in USD. For purposes of reporting or seeking approval of any gifts or entertainment given or received, the value of such any gifts or entertainment shall be declared in USD, if necessary, by converting from the applicable local currency into USD based on the prevailing exchange rates at the applicable time.

From time to time, details of gifts and entertainment activity may be shared with appropriate supervisors and senior management to assess the activity and relationships with business contacts. Pantheon "business contacts" are considered persons associated with any client / investor, potential client / investor, vendor, broker, fund manager or other third party that has or has the potential to have a business relationship with Pantheon.

**General Requirements.** 

All gifts and entertainment (including hospitality at business events) given or received must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet Pantheon's core ethical standards – namely that a gift(s) and / or entertainment must be for a
legitimate business purpose and be reasonable, proportionate, and not excessive or lavish in scale or frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be unlikely to influence the firm's or the relevant Associate's behavior in any way that is
detrimental to any client and not be solicited, i.e., gifts and / or entertainment must not be requested in exchange for directing business to Pantheon, maintaining an existing business relationship with Pantheon, or gaining a business advantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be declared / reported and / or pre-approved via the Pantheon internal
reporting system in each case, if and to the extent required under this Policy (see Section 3 and Annex 1 for further information), and comply with all other requirements of this Policy, including in relation to gifts and entertainment for
Sensitive Counterparts as discussed and explained below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all other applicable Pantheon Compliance Policies, including the Anti-Bribery and Corruption Policy.
In particular, no gifts or entertainment may be given or received in return for any business, service, or confidential information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not conflict with the recipient's own policies, to the reasonable knowledge of Pantheon Associates, in
relation to gifts or entertainment given/provided. Many Pantheon clients and prospects – notably, local authorities, government plans (including Korean Public Plans) and those subject to Taft Hartley or ERISA – have their own strict
policies on the giving and receiving of gifts, entertainment, and other contributions. Depending on the nature of the gift and / or entertainment, Associates are advised to consider whether to discuss these policies with the client or prospect and
the Compliance Team before arranging entertainment or providing gifts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with any applicable rules relating to "inducements", if and to the extent applicable. This
Policy has been designed to enable Pantheon and Pantheon Associates to comply with any applicable rules relating to "inducements".<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Standard Counterparts and Sensitive Counterparts** 

"*Standard Counterparts*" and "*Sensitive Counterparts*" are persons / institutions distinguished by particular criteria that are outlined in the following grid / chart and who are subject to specific thresholds of approval in consideration of the perceived risk of being improperly influenced by their position.

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| |
|:---|
| **Standard Counterpart** |
| Anyone Pantheon deals with in the course of business who is not a Sensitive Counterpart.<br>This includes prospective or current clients / investors, business partners, consultants, brokers, vendors and service providers, their employees, officers, and representatives.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Taft-Hartley Clients<sup>2</sup> and their officers and employees;<br>• Unions and their officers and employees;<br>• South Korean Public Organisations and Korean Public Officials<sup>3</sup>; or<br>• ERISA Plans<br>Sensitive Counterparts are subject to particular (and more stringent) laws or rules governing the offering or acceptance of gifts and entertainment and / or expose Pantheon to particular risks in relation to the offering or acceptance of gifts and entertainment. |

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Pantheon may from time to time prescribe stricter requirements for Sensitive Counterparts than for Standard Counterparts. For further information, please see Section 12. In the absence of any such stricter requirement applicable to a Sensitive Counterpart, the threshold limits for Standard Counterparts will apply.

<sup>1</sup> These inducement rules apply to investment services provided by Pantheon Ventures (UK) LLP and / or Pantheon Ventures (Ireland) DAC (which potentially also include activities performed by US / Singapore Associates for Pantheon Ventures (UK) LLP and / or Pantheon Ventures (Ireland) DAC with respect to funds managed by Pantheon Ventures (UK) LLP or Pantheon Ventures (Ireland) DAC). These inducement rules limit (a) the provision of non-monetary benefits ***by Pantheon*** to persons ***other than the relevant fund or client*** and (b) the provision of non-monetary benefits ***to Pantheon*** from persons ***other than the relevant fund or client***. Where such non-monetary benefits are connected to investment services provided by Pantheon Ventures (UK) LLP or Pantheon Ventures (Ireland) DAC and are provided to persons or received from persons ***other*** than the relevant fund or client, they must meet certain additional criteria as described below: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are necessary for or enable the service to the fund or client; <u>or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are (i) designed to enhance the quality of the service to the fund / client, and (ii) are
disclosed to the fund / client prior to the provision of the relevant service, and (iii) if they are received by or in connection with investment activities for separate account clients with whom Pantheon Ventures (UK) LLP and / or Pantheon
Ventures (Ireland) DAC have an investment management or advisory agreement ()"**EU IMA Clients** "), be of reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event.

<sup>2</sup> Please consult US Compliance in reference to determining if an individual qualifies as a Taft Hartley client.

<sup>3</sup> Defined broadly to include not only officials working in public sector for national, local or quasi-governmental institutions but also private sector employees of private schools and media companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Declaration/Reporting / Pre-Approval Requirements** 

*Threshold Limits.* 

Depending on particular threshold limits that are explained below (and outlined in Annex 1),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain categories of gifts and entertainment / hospitality are prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others do not require pre-approval or reporting via the Pantheon internal
reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require no pre-approval but must be reported via the Pantheon
internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require pre-approval from an Associate's Designated Line
Manager<sup>4</sup> only (but not Pantheon Compliance) and must be reported via the Pantheon internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require pre-approval from an Associate's Designated Line
Manager <u>and</u> Pantheon Compliance and must be reported via the Pantheon internal reporting system.

The "Gifts and Entertainment Matrix" in Annex 1 sets out the applicable threshold limits for approval and recording in relation to each of the above categories, whether given to or received from Standard Counterparts. Please refer to this Matrix and the additional guidance provided below, including in relation to gifts, entertainment, business events, accommodation / travel, spouses / partners / family members, personal gifts, etc.<sup>5</sup>

The threshold limits are to be applied separately to gifts and entertainment, respectively. For clarity, where an individual gives or receives two or more gifts that are connected to each other, the value of such gifts should be aggregated together for purposes of assessment against the *single* gift threshold limit to determine whether pre-approval or reporting is required. Similarly, where two or more items are connected to each other (for example an invitation to a hosted sporting event coupled with hospitality (e.g., food and beverages) at the same event), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether pre-approval or reporting is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

*Approvals.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approvals should be sought in advance of the relevant gift, hospitality or event. On rare occasions, it may be
possible to obtain retroactive approvals (see Section 11 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Designated Line Manager approvals may be given on an ad hoc basis for a specific event or on a generic basis
covering multiple events within prescribed limits stipulated by Designated Line Managers. In either case, Pantheon Compliance expects to conduct monitoring and testing to confirm that Associates are complying with this Gifts and Entertainment Policy
and typically requires documentary evidence of approvals of Designated Line Managers (generic, specific or otherwise). **Moreover, Designated Line Managers can and may impose stricter requirements than those imposed by this Gifts and Entertainment Policy, which simply sets out the minimum compliance standards to which all Associates must adhere and against which monitoring and testing may be performed.** 

<sup>4</sup> Designated Line Manager means the Partner that is the direct or indirect Line Manager of such Associate or other individual (such as Team Head) that is approved for this purpose by Compliance.

<sup>5</sup> See section 12 in relation to Sensitive Counterparts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is assumed that, for these purposes, subject to any contrary indications from Designated Line Managers,
investment professionals have standing approvals from their Designated Line Managers to attend annual general meetings (AGMs) and advisory committee meetings of portfolio fund managers for which they have responsibility and to receive hospitality,
including food and drink in connection therewith, provided always that such hospitality is reasonable, proportionate, and not excessive or lavish in scale or frequency. Nevertheless, hospitality received at such events must be declared / recorded
subject to, and in accordance with, this Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should note that, even if a gift or entertainment does not require pre-approval or receives Designated Line Manager approval, this does not mean that the gift is *per se* permissible. It is incumbent on the Associate giving or receiving any gift to check that the gift is
compliant with this Policy (see General Requirements above). In particular, Associates must check that the proposed gift would not cause any aggregate limits per business contact to be breached and / or for any additional requirements applicable to
Sensitive Counterparts (see Section 12).

*Reporting.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where two or more events are connected to each other (for example, an invitation to a hosted sporting event
coupled with hospitality at the same event or where dinner and travel/accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such must be aggregated together for purposes of assessment against
the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that
each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As indicated above, certain gifts or entertainment that do not require pre-approval must be reported or declared via the Pantheon internal reporting system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The reporting of such gifts or entertainment in the Pantheon internal system must occur within sixty (60) calendar days of the gift and/or event(s).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Gifts</u>** 

*General*. A gift is anything of value that is offered/given or accepted to which the recipient is not entitled (other than hospitality / entertainment). Gifts can be non-monetary in value and include benefits or advantages. Gifts (other than cash or its equivalent) are permitted subject to and in accordance with this Policy, including the requirements to report and / or seek pre-approval for any such gifts. In particular, please note the additional requirements in relation to Sensitive Counterparts in Section 12. These rules apply to gifts given, even if you pay for the gift with your own money and do not receive reimbursement for the gift from Pantheon.

*Gifts Given.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash gifts. Gifts of cash or equivalent are prohibited. There is no de-minimis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash gifts. You may not provide to any one person gifts valuing more
than US$100. This limit operates as both a single gift limit and an aggregate annual limit applying to all gifts within such year to such person.

*Gifts Received.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash gifts. Gifts of cash or equivalent are prohibited. You must tactfully refuse or return any such gifts. There
is no de-minimis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash gifts. You may not accept gifts from any one person / firm
valuing more than US$100. This limit operates as both a single gift limit and an aggregate annual limit applying to all gifts within such year from such person / firm. You must tactfully refuse or return any gift(s) in excess of this limit.
Alternatively, if the return or refusal of such gift could cause potential embarrassment to the giver or prejudice to a business relationship, you may accept such gift provided that you turn it into Pantheon Compliance promptly for appropriate
disposition (for example, in a charity draw/internal raffle).

*Reporting.* Associates must not assume that gifts that are permissible do not require reporting. Gifts given or received may require reporting or recording via the on-line Compliance system in accordance with the requirements of this Policy. For further information, please see the "Gifts and Entertainment Matrix" in Annex 1.

*Value of a Gift*. Gifts should be valued objectively, either at cost or at market value (whichever is the higher) for purposes of this Policy.

*Delivery.* To the extent possible, gifts should be given in person to or received at a business address.

*Gifts during Business Events*. Gifts given to or accepted from Standard or Sensitive Counterparts during entertainment or business events (e.g., an AGM) retain their status as gifts and are subject to the requirements for gifts in this section.

*Gifts connected to Investment Services*. Please see below under "Gifts and Hospitality Connected to Investment Services".

*Tickets*. Tickets to sporting events or shows, rounds of golf, etc., are considered gifts unless both you and the business contact accepting or providing the tickets, golf, etc., attend the event. Where both you and the business contact accepting or providing the tickets attend the event, they shall be considered entertainment / hospitality.

*Cash Gifts*. Gifts of cash or its equivalent (including gift certificates or gift cards) are prohibited.

*Traditional / Seasonal Gifts*. Gifts given to mark traditional or seasonal occasions are permitted but are subject to the same requirements, including reporting and / or approval requirements as regular gifts.

*Gifts to family, etc*. Gifts may not be given to or by an Associate's spouse, partner, family or friends in order to circumvent this Policy.

*Promotional Items.* These refer to items such as umbrellas, tote bags, charging cords, memory sticks, shirts or pens which have a per item value (valued objectively, at either cost or market value (whichever is the higher)) of less than US$25 and incorporate the logo of Pantheon or of the donor. Although the providing or receipt of these items must be recorded via the Pantheon internal reporting system**,** Associates are not required to obtain pre-approval to offer / accept such Promotional Gifts, provided that such gifts are otherwise consistent with this Policy, including in relation to Sensitive Counterparts. Items that display the logo by means of a sticker or similar non-permanent packaging will not be considered Promotional Gifts. However, any promotional items with a per item value of US$50 or more are not considered Promotional Gifts and **must** be declared and, if required, approved in the same way as ordinary gifts.

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*Tombstones*. These are also known as deal toys, deal cubes, lucites or similar decorative items which are given primarily to commemorate specific deals or occasions. Tombstones are not considered gifts, provided, however, that if such items have specific utility or use in addition to their commemorative purpose, they will not be considered Tombstones and will be treated as gifts even if they are engraved with logos or deal details. For an item to be considered a Tombstone, it must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be consistent with local business practices and standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clearly display Pantheon's name and / or logo or that of the counterparty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a predominantly commemorative purpose and not more than a minor utility or use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a per person value of less than US$50.

If the tombstone does not meet these criteria, it will be considered a gift.

**ASSOCIATES MAY NOT SOLICIT GIFTS FROM ANYONE IN RETURN FOR ANY BUSINESS, SERVICE, OR CONFIDENTIAL INFORMATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Entertainment** 

*General*. Entertainment means all forms of corporate hospitality offered to or received from investors, clients or third parties. It includes social events, sporting, cultural or recreational activities, ticketed events, drinks, breakfasts, lunches and dinners. Business events such as conferences or seminars are not per se considered to be entertainment and are outside the scope of this Gifts and Entertainment Policy. However, gifts, meals or other hospitality (including travel or accommodation) provided at a business event would fall within the scope of this Gifts and Entertainment Policy.

*Proportionality*. Entertainment must not be lavish or excessive so as to appear to unduly influence the judgment of the recipient or otherwise appear improper. There is no specific monetary amount that represents "lavish or excessive entertainment" – this is a judgment call that you must make on a case-by-case basis in advance of the entertainment. Expense reimbursement requests that are considered "lavish or excessive" after the fact may be rejected and/or subject to review and potential sanctions. In determining whether any entertainment is reasonable and not lavish or excessive, you should consider whether the primary purpose of the entertainment is to spend quality time with the business contact and how will it appear to others outside of the business relationship. If you have any question as to whether a specific event could be considered lavish or excessive, please contact the Compliance team in advance. Entertainment is subject to review by Pantheon Compliance (via the Compliance Monitoring Program). If any entertainment is considered to be lavish or excessive, potential sanctions/disciplinary action may result.

You should tactfully refuse the provision of lavish, excessive or frequent acts of entertainment or other hospitality that may create an impression of impropriety or a conflict of interest. Likewise, you are prohibited from hosting lavish, excessive or frequent acts of entertainment or other hospitality that may create an impression of impropriety or a conflict of interest.

*Reporting*. Except as set forth below and in line with the limits / thresholds outlined in Annex 1, Associates must report in the Pantheon internal reporting system entertainment / hospitality received from or provided to any third party if Pantheon has or may potentially be seeking to develop a business relationship with such third party or such third party has, or may be seeking to develop, a business relationship with Pantheon, including entertainment events hosted by third parties, e.g. annual investor meetings of portfolio fund managers and hospitality offered by other third party vendors and suppliers. Reasonable estimates may be used when you are the recipient of the entertainment and do not know the exact costs. The Compliance Team periodically reviews the expenses of all entertainment, including reasonable business meals to ensure they are not lavish or excessive in

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nature, as noted above. There are very limited exceptions as described below for business meals below certain thresholds. Where two or more items of hospitality are connected to each other (for example, an invitation to a sporting event coupled with hospitality at the same event or where dinner and travel or accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

*Hospitality (including drinks, breakfasts, lunches, and dinners)*. By way of exception, hospitality that is less than US$50 does not require reporting. However, all hospitality equal to or greater than US$50 per head, including a meal or entertainment provided at a portfolio fund annual general meeting will be subject to the threshold limits and reporting requirements outlined in Annex 1.

*Tickets*. If you are hosting the entertainment, but are not present for it, the value of the entertainment is considered a gift, subject to the requirements outlined above. Likewise, if a business contact hosting the entertainment is not present and you attend the event, the entertainment is considered a gift to you.

*Gifts during Entertainment / Business Events*. Gifts offered to or accepted from Standard or Sensitive Counterparts during Entertainment or Business Events retain their status as Gifts and are subject to the requirements for Gifts in this section.

*Gifts and Hospitality connected to investment services.* Hospitality connected to investment services is subject to additional limitations, because of their potential to trigger rules relating to inducements. Accordingly, Pantheon has developed the following guidance to make sure that the inducement rules are complied with, if and to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality in connection with investment services.* Except as described below and subject to any
applicable de minimis limits, **Associates may not accept other gifts or entertainment in connection with Pantheon's investment services, unless paid for personally or by Pantheon (with Designated Line Manager approval) *.*** For
these purposes, gifts and entertainment should be regarded as connected/related to a service if it is, or could be seen as being, provided in the context of any potential or ongoing investment or transaction or otherwise connected to activities
undertaken by Pantheon in the course of providing investment advisory or management services. A gift and entertainment is more likely to be connected/related to a service if it is provided to or accepted from a business contact of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third-party managed fund or the sponsor or manager of any such fund (including a portfolio fund of any Pantheon
client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a buyer or seller or issuer involved in a potential or ongoing secondary acquisition / sale / direct investment;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a placement agent or intermediary acting for any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality relating to business / relationship maintenance / development.* However, gifts or hospitality
relating to business / relationship maintenance / development, such as business meals with portfolio fund managers or intermediaries and / or ex-post-closing dinners and other similar events may potentially be
distinguishable from gifts or hospitality connected to Pantheon's investment services, if the primary purpose is the development or maintenance of a business relationship. If properly distinguishable, such items can be considered to be *unconnected* to Pantheon's investment services and are permissible, subject to and in accordance with the standard, pre-approval and / or reporting requirements of this Gifts and Entertainment
Policy. Hospitality received from service providers (as distinguished from investment counterparties) is less likely to be "connected to" Pantheon's investment services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality at Portfolio Investment Monitoring Meetings (e.g., Annual General Meetings / Advisory Committee Meetings).* Attendance at portfolio investment monitoring meetings is considered to be an integral part of the job of investment professionals. Hospitality, such as food and drinks, provided at such meetings is permissible (and the standing
approval of Designated Line Manager is assumed in the absence of contrary indications), subject always to the reporting requirement of this Gifts and Entertainment Policy. This is required to address any applicable reporting requirements. To the
extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item. However, attendance at supplemental, voluntary
events linked to such meeting, such as an afternoon of golf, would not qualify for this exception, and the Associate, personally, or Pantheon must pay for such event (unless, of course, it can be properly disassociated from the investment monitoring
meeting such that it may potentially qualify for Hospitality relating to business / relationship maintenance / development (see above)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is often a question of fact and circumstance whether the gift or hospitality is (a) for the primary
purpose of business / relationship maintenance / development and not related to investment services at all, in which case the standard rules relating to Gifts and Entertainment shall apply or (b) related to investment monitoring activity (in which
case hospitality such as food and drink may be permissible but other supplementary, voluntary events in excess of certain limits prohibited) or (c) related to other investment services (including new investment activity) in which case all
hospitality (subject to de minimis limits) is prohibited. An important consideration shall be the primary purpose of the event at which such hospitality was provided. However, the onus shall be on the Pantheon Associate to demonstrate that the
hospitality in question was not connected to investment activity. If in any doubt, seek confirmation from your Designated Line Manager that the event in question is not connected to investment activity, or consult Compliance.

*Pantheon events*. For events hosted or sponsored by Pantheon Group and attended by more than one Associate, it is expected that the Associate responsible for arranging the event will make a single entry in the Pantheon internal reporting system covering all Associates. Where the event includes a number of benefits (such as entertainment, gifts and / or a meal) each benefit must be considered separately and subject to the thresholds in Annex 1. Note, however, that business events, the expenses of which are properly allocable to Pantheon Funds / Clients, are outside the scope of this Policy which applies to gifts, entertainment and hospitality paid for by Pantheon Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Business Events** 

Purely business events, such as a conference or seminar or annual general meeting of a portfolio fund do not require pre-approval or reporting via the on-line compliance system. However, all gifts, hospitality, entertainment and any travel expenses provided in connection with a business event (such as dinner or a cultural activity) must be reported and / or pre- approved subject to and in accordance with this Gifts and Entertainment Policy. In particular, they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If accepted, involve at least one representative from the host organization (otherwise the Entertainment will be
a Gift);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have received the required level of approval for either Standard or Sensitive Counterparts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be clearly and completely recorded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Accommodation, Travel and Per Diems** 

In connection with Entertainment received, Associates may, in some instances, be permitted to provide or accept accommodation and / or travel, subject to and in accordance with this Policy. Please refer to the limits and thresholds outlined in Annex 1. Where two or more items of hospitality are connected to each other (for example where dinner and travel or accommodation are provided), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

In connection with Entertainment offered by Pantheon Group, clients / third parties should cover the costs of their own accommodation. Note, however, that business events, such as meetings of the Advisory Committee of the Pantheon Funds, the expenses of which are properly allocable to such Pantheon Fund, are outside the scope of this Policy which applies to gifts, entertainment and hospitality paid for by Pantheon Group.

Employees are prohibited from providing Per Diems (fixed monetary daily sums to cover items such as meals and travel) to Counterparts. Any expenses covered by Pantheon must be paid directly to the service provide, not the Counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Spouses, Partners, and Family Members** 

Generally, it will only be appropriate (a) for spouses, partners or family members of Pantheon Associates to accept gifts or hospitality offered by counterparts of Pantheon or (b) for Pantheon Group to offer gifts or hospitality to spouses, partners or family members of counterparts of Pantheon, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The occasion is one at which it would be customary for them to attend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invitations have also been extended to the spouses, partners, family members of the other attendees.

For purposes of any reporting or pre-approval requirements outlined in Annex 1, the value of such gifts or hospitality provided to the spouse, partner or family members of any Pantheon Associate shall be aggregated with the value of such gifts or hospitality provided to such Associate and the value of such gifts or hospitality provided to the spouse, partner or family members of any counterpart of Pantheon shall be aggregated with the value of such gifts or hospitality provided to such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Personal Gifts and Entertainment (including Weddings and Similar Events)** 

Personal Gifts and Entertainment (including Weddings and Similar Events) are those given/provided or accepted in a personal capacity – i.e., not when acting for or on behalf of Pantheon (such as a wedding or other social event, including an anniversary; birthday or birth of a child; and reflecting a personal relationship). The requirements in Section 3 and Annex 1 are waived when offering or accepting Personal Gifts or Entertainment if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a personal relationship with the individual at the Counterpart (for example where you have a personal
relationship with the individual prior to meeting through Pantheon related activities/interactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift or Entertainment is not organized, paid for or reimbursed by Pantheon or the Counterpart organization;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift or Entertainment is timed appropriately and in particular there are no upcoming pitches or outstanding
decisions concerning (i) new business / transactions; or (ii) the possible termination of business; in relation to that Counterpart which are connected to your role at Pantheon.

If no personal relationship exists, the invitation must be treated as Entertainment, and you must comply with the pre-approval requirements outlined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Charitable Gifts and Entertainment** 

<u>Charitable Donations</u> 

If you offer a Counterpart a Gift but they ask Pantheon to make a charitable donation instead, the donation must be treated as a Gift. You must comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pre-approval process for Gifts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure that the charity is an approved charity (as defined by the relevant jurisdiction). <u>Charitable Entertainment</u> 

Entertainment where the purpose is to raise money for charities (dinners, auctions, and sporting events) is included in the definition of entertainment and requires pre-approval regardless of its charitable nature in line with the limits and thresholds outlined in Annex 1.

When providing or accepting invitations to Charitable Entertainment, you must always comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pre-approval process for Entertainment: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that the charity is an approved charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Determining the cost of Gifts, Entertainment and Business Events** 

Gifts must be valued at either cost value or market value – whichever is higher.

Entertainment should be valued at either cost value or the face amount of the ticket / event, whichever is higher.

Employees must make reasonable efforts to determine the value of Gifts or Entertainment, including searching online for market value prices. Where the exact cost / value of the gift or entertainment or hospitality is not readily ascertainable (for example because it would be embarrassing to ask the host for the exact value), it is permissible to use good faith estimates*.* In this regard, it may be appropriate to consult hotel websites, retailer websites, price comparison websites, travel websites, etc. to arrive at a good faith estimate. However, second-hand auction websites (such as eBay or craigslist) would not be considered appropriate and may not be utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Declining Gifts, Entertainment or Business Events that are inappropriate or prohibited** 

Anything of the following nature is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Illegal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intended to be improperly used

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash or cash equivalent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derived from an endangered species

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowingly counterfeit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dangerous or could lead to health and safety risks

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indecent, sexually oriented; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potentially embarrassing to Pantheon or carrying potential reputational risk

If you are offered a Gift, Entertainment or invitation to a Business Event that is inappropriate or prohibited, you must politely decline it and can explain that the requirements of this Policy prevent you from accepting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Retrospective Approval** 

Retrospective approval is only available as an exception to the requirement to obtain pre-approval. Retrospective approval should be sought from Designated Line Managers and / or Compliance, as the case may be, on the same basis as ex-ante approvals. Both the Associate's Designated Line Manager and Compliance retain the discretion to refuse to provide retrospective approval, for example if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They do not deem the Gift or Entertainment or to be appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They do not consider the retrospective request to be justified.

Requests of retrospective approval will only be considered in the limited circumstance, for example where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You unexpectedly want or need to offer or accept a Gift or Entertainment and there is insufficient time to obtain pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The actual attendees differ from those originally approved in number or nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift, entertainment or business Event differs in any other material way from what was pre-approved

<u>Retrospective Process</u> 

The Associate must comply with the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit a new request within 15 calendar days of the Gift being accepted or the Entertainment or Business Event
concluding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that you include the actual date on which the Gift, Entertainment or business Event was offered or
accepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explain why you are seeking Retrospective Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Additional Requirements for Sensitive Counterparts** 

Additional Requirements apply in relation to certain persons, collectively known as "Sensitive Counterparts"

<u>Korean Public Officials<sup>6</sup></u> 

All gifts, meals and entertainment provided to public officials in South Korea's public sector are subject to stricter limits than those previously mentioned in this policy.

Pantheon prohibits Associates from giving Korean public officials or their spouses gifts with values of up to **KRW50,000** (approximately US$37) in a single occasion, or exceeding an aggregate **KRW3,000,000** (approximately US$2,214) in a one-year period.

Pantheon Associates are also not permitted to provide Korean public officials with food and/or drink in excess of **KRW30,000** (approximately US$22).

<sup>6</sup> Exchange rates as of 12 June 2025.

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In addition, Pantheon prohibits Associates from giving **anything of value in connection with a public official's duties** regardless of the amount. As mentioned above, giving or receiving cash or cash equivalents is also prohibited

In connection with such meetings, Associates also cannot accept any gifts, airfare and entertainment paid by a Portfolio Fund Manager offered solely to them and not to the other attendees of the relevant meeting other than a reasonable business meal.

<u>For certain Taft Hartley Clients.</u> 

All gifts provided to Taft Hartley clients and Union Officials associated with Taft Hartley clients *are subject to reporting on* the Pantheon internal reporting system ***as noted above*.** Generally, if the aggregated cost of gifts, meals and entertainment, exceeds US$250 in a fiscal year, the total amount must be reported on Department of Labor Form LM-10.

The costs associated with "widely attended gatherings" paid for by Pantheon are subject to reporting unless certain conditions are met. You must contact the Compliance Team if you anticipate a Taft Hartley client such an event or a similar widely attended gathering to determine if the event is structured in a manner that will or will not require reporting. If the cost of the event will need to be reported, the Compliance Team will advise of the information that is necessary to collect so that Pantheon can comply with the reporting requirements.

Please consult with the Legal and Compliance Team regarding any questions, including determining if an individual is a Taft Hartley client or for information about de minimis reporting exemptions for widely attended gatherings.

The Legal and Compliance Team will review the information reported and determine if it is necessary to file Form LM-10 for a Taft Hartley client.

<u>ERISA Plans.</u> 

ERISA prohibits a plan fiduciary from receiving consideration for his or her personal account from any party dealing with the plan in connection with a transaction involving assets of the plan. However, the Department of Labor's Enforcement Manual treats a gift, gratuity, meal, entertainment or other consideration with an aggregate value of less than US$250 per annum as insubstantial and not as an apparent violation of ERISA's prohibited transaction rules. This is particularly relevant to Pantheon as a provider of gifts or entertainment to clients that are ERISA fiduciaries as Pantheon would not want gifts or entertainment offered by Pantheon to cause a problem for such clients.

The rule is also relevant to Pantheon as a recipient of gifts or entertainment (for example at portfolio fund AGMs) on behalf of clients / Pantheon funds that are "plan assets", although in practice attendance at portfolio fund meetings are on behalf of all funds and other clients of the Pantheon Group invested in such portfolio fund(s) and the quantum of any such gifts or entertainment would be allocated among all such funds / clients. The declaration of any such gifts and entertainment at portfolio fund meetings is required, subject to and in accordance with the remainder of this Policy, to facilitate monitoring and tracking against these ERISA limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Consequences of Violating this Policy** 

If you violate this Policy, you may incur a sanction and could face disciplinary action (which could include the need to disclose the conduct violation to certain regulator(s)). Exceptions to this policy will only be permitted with the written approval of Pantheon's Compliance Team.

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**The Gifts and Entertainment Matrix** 

**Standard Counterparts Only\*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **US$50 - US$100** | **US$>$100 -**<br> **max. US$250** | **<br>US$1,000** | **>US$1,000** |
| **CASH**<br> Given or accepted | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** | **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** | **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** | **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** | **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** | **NON-CASH GIFTS *(Per person) Limits operate* as both a single limit and an annual aggregate limit for all gifts to */ from such person*** |
| Gifts Given | Record (within 60 calendar days) | Seek approval from both Designated Line Manager (via email) and Compliance (via<br> ACA) and Record | Prohibited | Prohibited | Prohibited |
| Gifts Accepted (ex. Tombstones) | No action required | Record (within 60 calendar days) | Prohibited<sup>+</sup> | Prohibited<sup>+</sup> | Prohibited<sup>+</sup> |
| **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> |
| Hospitality Offered | No action required | Record (within 60 calendar days) | Record (within 60 calendar days) | Seek approval from Designated Line Manager<br> (Partner) and Record | Seek approval from Designated Line Manager (Partner) and<br> Compliance and Record |
| Hospitality Received | No action required | Record (within 60 calendar days) | Record (within 60 calendar days) | See above | See above |
| **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES<sup>++</sup>** |
| **General Rule** | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. |
| *Business Development, etc.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under* "***Non-Cash Gifts***" or "***General Entertainment***" *above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under* "***Non-Cash Gifts***" or "***General Entertainment***" *above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under* "***Non-Cash Gifts***" or "***General Entertainment***" *above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under* "***Non-Cash Gifts***" or "***General Entertainment***" *above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under* "***Non-Cash Gifts***" or "***General Entertainment***" *above.* |
| *Hospitality received at investment monitoring*<br> *meetings* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* |

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**Notes:** 

(1) Record means declaring/reporting the Gifts and Entertainment via the on-line Compliance System within sixty (60) calendar days of the gift or event.

(2) Designated Line Manager (LM) approvals to be obtained from the Partner that is direct / indirect line manager
of the relevant Associate or any other person (such as a Team Head) that is approved by Compliance for this purpose. A Partner can act as his / her own Designated Line Manager, meaning that he / she does not need the approval of another Partner,
although Compliance approval may still be required.

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| | |
|:---|:---|
| \*See | sections 2 & 12 of this Policy with regard to tighter limits for Sensitive Counterparts. In particular, in relation to Korean public officials / their spouses, Pantheon prohibits: (i) provision of food / drink > KRW30,000 c.US$22), (ii) offerings gifts > KRW50,000 (c. US$37) in a single occasion, or exceeding an aggregate KRW3,000,000 (approximately US$2,214) in a one-year period and (iii) giving anything of value in connection with a public official's duties regardless of the amount.7  |

---

+ See section 3A in relation to situations where refusal of the gift would embarrass the giver or prejudice a business relationship.

\*\* Where two or more items are connected to each other (for example where dinner and travel and / or accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item. 

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| | |
|:---|:---|
| ++. | Gifts and Entertainment should be regarded as connected/related to a service if it is, or could be seen as being, provided in the context of any potential or ongoing investment or transaction or otherwise connected to activities undertaken by Pantheon in the course of providing investment advisory or management services. GIFTS AND ENTERTAINMENT is more likely to be connected/related to a service if it is provided to or accepted from a business contact of:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third-party managed fund or the fund sponsor or fund manager of any such fund (including a portfolio fund of
any Pantheon client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a buyer or seller or issuer involved in a potential or ongoing secondary acquisition / sale / direct investment;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a placement agent or intermediary acting for any of the above.

Examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality offered to / received from a counterparty (seller / buyer / issuer) or placement agent / intermediary
representing such counterparty during the course of a transaction with such counterparty is likely to be regarded as connected to investment services. This includes hospitality provided by a manager of a portfolio fund (or its intermediary /
placement agent) during the fund-raising period, and before Pantheon has either consummated or rejected an investment in said fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality provided at a portfolio fund AGM is likely to be considered to be connected to investment
(monitoring) services. Exceptionally, however, hospitality provided at portfolio fund AGMs, such as food and drink, is permissible subject to certain threshold limits. However, attendance at supplementary, voluntary events at the same AGM or AC
Meeting (above certain de minimis thresholds), such as an afternoon of golf, is prohibited unless the Associate personally (or Pantheon with Line Manager approval) pays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Pantheon receives hospitality at an event relating to both the monitoring of existing investments and due
diligence of potential new investments, consideration should be given to the <u>primary purpose</u> behind the meeting.

<sup>7</sup> Exchange rates as of 12 June 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business lunches with portfolio fund managers and / or ex-post-closing dinners and other events may potentially be distinguishable as being simply for the purpose of developing or maintaining a business rather than being "connected to" Pantheon's investment services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality received from service providers (as distinguished from investment counterparties) is less likely to
be "connected to" Pantheon's investment services.

Whether hospitality is connected to investment activity or purely related to business / relationship maintenance / development is a question of fact and circumstance. An important criterion is the <u>primary purpose</u> behind the event at which such hospitality is provided. However, the onus shall be on the Pantheon Associate to demonstrate that the hospitality in question was related to business / relationship maintenance / development. If in any doubt, seek confirmation from your Line Manager that the event in question is not connected to investment activity or consult the Compliance Team.

INTERNAL ALL

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**<u>Pantheon Anti-Bribery & Anti-Corruption Policy</u>**

Last Reviewed July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction and Purpose** 

Bribery and corruption may occur internally or externally and may be perpetrated by employees, clients, suppliers, contractors, service providers, agents or anyone else doing business with Pantheon.

Pantheon is committed to adhering to the highest standards of business conduct, compliance with the law and regulatory requirements and best practice. To that end, Pantheon has adopted this Anti-Bribery and Anti-Corruption Policy ("**ABC Policy**") to ensure compliance with anti-bribery laws, demonstrate its commitment to preventing bribery, and establish a zero-tolerance approach to bribery in all parts of the organisation's operation. A breach of anti-bribery laws would cause embarrassment and reputational damage to Pantheon as well as possible financial losses and criminal charges for both the organisation and individuals involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Pantheon's Policy on Anti-Bribery & Anti-Corruption** 

Pantheon will not enter into any business relationship or engage in any activity if it knows or has reasonable grounds to suspect a business relationship or activity is, in any way, connected with or facilitates bribery or corruption.

Pantheon prohibits Associates from offering, giving, promising, requesting, or accepting any payment, gift, entertainment, inducement, or other contribution of anything of value, to or from any person, either directly or indirectly, for the purpose of obtaining or retaining business for, or from, Pantheon or gaining an advantage in the conduct of any business, except as permitted under this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **The Law on Bribery & Corruption** 

In recent years there has been increased scrutiny of and enforcement action against incidents of bribery and corruption globally. Global ABC laws have been strengthened so that payments to foreign officials do not need to be made "corruptly" to establish liability. An intent to influence an individual for the purpose of obtaining or retaining business is sufficient to establish liability under anti-bribery laws.

In recognition of the concerns about corruption and bribery, Pantheon has chosen to adopt a global policy that conforms to the highest global standards.

**US:** In the US, the Foreign Corrupt Practices Act of 1977 ("**FCPA**") makes it unlawful for a US person (including US companies and citizens) to make a payment or provide anything of value to a foreign (i.e., non-US) official for the purpose of obtaining or retaining business for or with, or directing business to, any person or to gain a business advantage. In 1998, the application of the FCPA was extended to non-US firms and persons when any act in furtherance of an FCPA violation occurs within the jurisdiction of the United States.

**UK:** English anti-bribery laws were historically a patchwork of conflicting statutes and common laws resulting in uncertain, and often ineffective, enforcement. In 2010, the UK enacted the Bribery Act (the "Bribery Act"). This repeals the old UK corruption laws and brings in one statute covering: (I) the payment and/or receipt of bribes which will induce (or reward) improper performance of a relevant function or activity, (ii) a new discrete offence of making or promising any payment, gift or other contribution of anything of value to a foreign (i.e. non-UK) official to influence that official in order to obtain or retain business as well as (iii) the new corporate offence for an organisation of failing to prevent bribery by someone acting on behalf of the organisation.

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**Ireland**: In Ireland, the Criminal Justice (Corruption Offences) Act 2018 ("the CJA") came into force in July 2018. The CJA consolidates Irish law on bribery and corruption and introduced tougher penalties and new offences such as corporate liability, meaning a company may now be guilty of an offence if anyone acting on its behalf is found guilty of corruption. The CJA prohibits six offences: (i) active and passive corruption, (ii) active and passive trading in influence, (iii) corruption in office/employment/position/business, (iv) giving of gifts to facilitate an offence, (v) creating or using a false document and (vi) intimidation.

**Hong Kong**: In Hong Kong, the "Prevention of Bribery Ordinance" (POBO) is the primary anti-corruption legislation. It establishes a series of offences for corrupt conduct as well as specific offences relating to bribery in connection with public procurement, tenders and illicit enrichment by public officials. Violations of the POBO may constitute violations of the codes of conduct issued by the Hong Kong Monetary Authority and the Securities and Futures Commission. Specific restrictions are in place regarding the provision of hospitality (eg gifts, travel expenses, meals and entertainment) and offering an advantage by way of an inducement or a reward.

**Japan:** The Japanese Criminal Code (Articles 197 and 198) outlines details of the giving, offering or promising to give a bribe to a public official. This extends to political contributions, limitations that are applicable to hospitality expenses (including gifts, travel, meals, entertainment). Meanwhile the Japanese Unfair Competition Prevention Act (Article 18) outlines the definition of corruption of foreign public officials. The recommended practice for firms to tackle inappropriate behaviour includes establishing a policy and monitoring.

In many respects, the UK Bribery Act goes considerably further than the FCPA. There are many similarities between the UK Bribery Act and the Irish CJA, however, there is one significant difference (detailed below\*\*) which makes the UK Bribery Act stricter than the Irish CJA. Accordingly, Pantheon applies the UK standards globally throughout Pantheon. Notable differences are:

\*\*The UK Bribery Act has a more pervasive territorial scope, as it does not contain the same requirements that the offence must also be an offence in the country in which it took place as the Irish CJA.

*Strict liability for failure to prevent bribery*. Firms are strictly liable if they fail to prevent an act of bribery by those working for or on its behalf. The offence can be committed without the firm knowing about, or conniving in, the payment of the bribe, whether the incident takes place inside or outside the UK/Ireland/Japan. It also applies to payments made by its representatives and agents, including placement agents (as discussed below). A defence is available for a firm that can demonstrate that it had taken 'adequate procedures' to prevent bribery. Guidance to achieve compliance is reflected in the UK's six principles summarised in Appendix 1 to this Policy. Pantheon is committed to following these principles.

*No public / private sector distinction*. The UK Bribery Act does not distinguish between public and private sector bribery.

*No "corrupt" element required for bribery*. Unlike the FCPA, the UK Bribery Act and the Irish CJA do not require that payments to foreign officials be made "corruptly" to establish liability. An intention to influence the individual for the purpose of obtaining retaining business is sufficient.

*No exception for facilitation payments*. As discussed below, the UK Bribery Act and the Irish CJA do not contain any exemption for facilitation payments.

In the UK, Ireland, Hong Kong, Japan and the US, an individual found guilty of an offence on conviction is liable to a term of imprisonment and/or a substantial fine. Companies are liable on indictment to an unlimited fine and possibly even to exclusion from bidding for public contracts within the EU. Similar or harsher penalties may exist in other jurisdictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Circumstances in which bribery may arise** 

For the awareness of Associates, attention will be drawn to some of the circumstances in which bribery/corruption could arise. This will be discussed with reference to what Associates can do to prevent bribery.

**Gifts, Entertainment and Hospitality** 

Some examples of scenarios which may constitute bribery*.*** Whether a scenario does in fact constitute bribery/corruption would depend on the facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of the Investor Relations Team taking a prospective investor on an all-expenses paid trip to induce an investment in a Pantheon Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Team receiving from a GP an all-expenses paid trip to induce
Pantheon Funds to make a commitment to XYZ Capital Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of the Pantheon operations team receiving numerous invitations or even a season ticket to watch live
football from an administrator who is pitching for an appointment as administrator to Pantheon Funds.

The receipt and provision of bona fide hospitality and promotional, or other business expenditure which seeks to improve the Pantheon image, to present our products and services more favourably, or to establish cordial relations with service providers and GPs, is recognised as an established and important part of doing business and is not prohibited by this Policy. It is, however, clear that hospitality and entertainment or other similar business expenditure can be employed as bribes. In order to discourage such activity, Pantheon operates a Political Contributions Policy ("Pay to Play"), an Inducements Policy (UK & Ireland) and a Gifts & Entertainment Policy. These impose monetary limitations and reporting obligations in respect of political contributions, gifts, entertainment and hospitality given and received. Associates are required to familiarise themselves with and comply with Pantheon's Pay to Play Policy, Inducements Policy (UK & Ireland) and Gifts & Entertainment Policy. Political donations, gifts, entertainment and hospitality provided in compliance with these policies would normally be expected to be consistent with this ABC Policy. However, it is important to understand that complying with Pantheon's Gifts & Entertainment Policy does not of itself provide a "safe harbour" for this ABC Policy. Any gift, entertainment or hospitality, made or received in accordance with Pantheon's Gifts & Entertainment Policy may nevertheless violate this Policy. It is therefore important to consider whether the activity is acceptable by reference to this Policy.

**How to evaluate what is 'acceptable':** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates are required to think what the intent of the gift, entertainment or hospitality is; is it just to
build a relationship or could it extend to something else?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the recipient of the gift, entertainment or hospitality in a position to influence a decision and, if so,
might he or she perform his function differently than he / she would do in the absence of the gift, entertainment or hospitality?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts, entertainment and hospitality should never be so lavish or so frequent as to raise questions of propriety
or create any sense of obligation on behalf of the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are the gifts, entertainment or hospitality timed so as to affect the outcome of a particular event or decision?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How might a newspaper report the gifts, entertainment or hospitality and what would the public perception be?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Circumstances which are never permissible include examples that involve a ' *quid pro quo'* (offered for something in return).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In most cases sponsorship - the contribution of funds to sporting, charitable or cultural events may be
acceptable, however sponsorship must be recorded, and care must be taken to ensure that it is not a subterfuge for bribery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates are required to consider local requirements. If providing gifts or entertainment to a public official,
they must consider whether this is permitted under local law as well as the rules of such public bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have regard to the location of the party in question by reference to the latest Transparency
International—Corruption Perceptions Index and escalate to Legal & Compliance where a party is based in a jurisdiction that has achieved a score of less than 70.

**Transaction fees** 

Bribery/Corruption may also arise were Pantheon to receive remuneration from a GP of a portfolio fund in return for Pantheon Funds, having made a commitment in such portfolio fund. To avoid any conflict of interests or the perception of conflicts of interest, Pantheon does not accept transaction fees from GPs nor does it allow for any soft dollar arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Use of Third-Party Representatives** 

Pantheon is liable if a person 'associated' with it bribes another person intending to obtain or retain business or a business advantage for Pantheon. A person 'associated' with Pantheon is defined at as a person who 'performs services' for or on behalf of Pantheon and can be an individual or an incorporated or unincorporated body. This covers third-party relationships such as placement agents, contractors and consultancy firms.

Senior management is responsible for the evaluation of each third-party relationship and determining whether a significant risk is posed. Criteria to be considered include: the location where the third party will operate, any history of bribery/corruption charges and the general compliance and legal history of the third-party service provider, and the existence of appropriate policies and procedures covering bribery, gifts and entertainment. Where risk regarding a third-party arrangement has been identified, senior management must exercise enhanced due diligence and determine whether it is necessary to take additional steps. If available, a request may be made for a copy of any internal audit or other monitoring report and results. Pantheon may also ask such third party for copy of its ABC policies and procedures and request periodic certification as to compliance with such policies and procedures. Should the third party not have an anti-bribery policy, or should Pantheon consider their policy to be insufficient, Pantheon may provide a copy of its own Pantheon Anti-Bribery and Anti-Corruption Policy and require such service provider to certify periodically that it has complied with the requirements set out in the Pantheon Anti-Bribery and Anti-Corruption Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Facilitation Payments** 

Facilitation payments in many countries take place as part of customary business practice. Facilitation payments involve the payment of money or gifts to junior government officials as an incentive to facilitate or speed up a process, e.g. obtaining licences or permits. Facilitation payments are permitted under the FCPA. However, under the UK Bribery Act and the Irish CJA such payments are <u>not</u> distinguished from bribes and are therefore illegal under UK and Irish law whether they happen in that country or in another jurisdiction. Consistent with the Bribery Act 2010, Pantheon explicitly prohibits facilitation payments. However, Pantheon can continue to pay for legally required administrative fees or legitimate fast-track services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **PEPs** 

Pantheon associates should be vigilant during their dealings with politically exposed persons ("PEPs"). A PEP is a person who has been entrusted with a prominent public function, is a senior politician, or is a close associate of such a person. By virtue of the public position and the influence that they hold, a PEP may present a higher risk for potential involvement in bribery. For more information about PEPs please refer to Pantheon's Anti-Money Laundering and Counter Terrorist Financing Policy and Pay to Play Policy. Pantheon associates, as with other aspects of financial crime are regarded as the first line of defence; as such they are expected to highlight any PEP association in relation to an investor or investment if known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Our steps to prevent Bribery & Corruption** 

Pantheon has developed an anti-bribery and anti-corruption risk assessment, the purpose of which is to further identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those areas of Pantheon's business and activities that are subject to an inherently higher risk of bribery
and corruption, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing controls and mitigating factors in place to manage and address such risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inherent and residual risk ratings of such areas of Pantheon's business and activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential enhancements to further reduce / mitigate any residual risks highlighted in its assessment.

Pantheon already operates a Gifts and Entertainment Policy, an Inducement Policy (UK & Ireland) and a Pay to Play Policy and has also implemented certain additional procedures to assist in the prevention of bribery. This policy and these procedures have been designed in a manner which is considered to be appropriate to the size and the organisation of Pantheon and are therefore considered to be adequate to prevent and eliminate bribery within the organisation. Nevertheless, the design of this policy and such arrangements will be kept under review and modified as appropriate from time to time in the context of the development of Pantheon's size, product range, business model and the jurisdictions in which it operates.

Pantheon is committed to the education of its Associates in bribery and corruption prevention. The Compliance Team provides training to Associates on a periodic basis.

Pantheon understands that the ABC risk it faces is continuous and seeks to review its risk assessment on a periodic basis and/or in connection with the Pantheon compliance monitoring and testing program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Oversight and management of incidents of bribery & corruption** 

Pantheon managers are responsible for monitoring staff activities and expenses to identify possible breaches of this Policy. Any possible or actual breach of this Policy should be reported to a member of the Legal and Compliance Team, unless it is not appropriate (for example where the alleged breach involves a member of the Legal and Compliance Team), in which case the breach should be reported to a member of the Partnership Board or to the Board of Directors where it relates to PV (Ireland). In addition to such reporting, representatives from the Legal and Compliance Team, with assistance from the Finance & Risk Teams shall be tasked with identifying possible instances of bribery during the course of their activities pursuant to the anti-bribery procedures developed by the Legal and Compliance team.

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The Compliance Team will also, if they consider it appropriate to do so in any particular instance, refer

to the Pantheon Partnership Board, or to the Board of Directors where it relates to PV (Ireland), any actual or potential instance of possible bribery. In such circumstances, the Partnership Board/Board of Directors has final responsibility to oversee the Pantheon's response and decide how or whether to refer the matter to law enforcement agencies. Anti-bribery will feature on the Legal and Compliance Team's quarterly reports to the Partnership Board/Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Disciplinary action** 

Pantheon Associates found in violation/breach of this policy or local laws on bribery will face disciplinary action which could include dismissal for gross misconduct. Associates should be aware that they could also be liable to criminal prosecution if provisions of bribery and corruption laws are breached.

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**Appendix 1** 

**Six Principles for Bribery Prevention** 

**1)** **Proportionality:** Pantheon's procedures to prevent bribery by persons associated with it are proportionate to the bribery risks it faces and to the nature, scale and complexity of the commercial organisation's activities. They are also clear, practical, accessible, effectively implemented and enforced. 

**2)** **Top-level commitment**: The top-level management of Pantheon is committed to preventing bribery by persons associated with it. They foster a culture within the organisation in which bribery is never acceptable 

**3)** **Risk Assessment**: Pantheon assesses the nature and extent of its exposure to potential external and internal risks of bribery on its behalf by persons associated with it. The assessment is periodic, informed and documented. 

**4)** **Due Diligence:** Pantheon applies due diligence procedures, taking a proportionate and risk based approach, in respect of persons who perform or will perform services for or on behalf of Pantheon, in order to mitigate identified bribery risks. 

**5)** **Communication (including training):** Pantheon seeks to ensure that its bribery prevention policies and procedures are embedded and understood throughout Pantheon through internal and external communication, including training, that is proportionate to the risks it faces. 

**6)** **Monitoring and review**: Pantheon monitors and reviews procedures designed to prevent bribery by persons associated with it and makes improvements where necessary. 

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**<u>Pantheon Fraud Prevention Policy</u>**

Last Reviewed May 2025

**1.** **Applicability** 

This policy applies to all Pantheon Associates.

**2.** **Objective** 

Pantheon is required to establish and maintain systems and controls to protect against fraud or attempted fraud or irregularities in the firm's accounting or other records. Associates have individual responsibility to behave ethically and with honesty and integrity and to report any fraud or attempted fraud.

**3.** **Senior Management Responsibility** 

It is the responsibility of Senior Management to ensure that individual Associates are aware of their obligations relating to their awareness of potential corrupt or fraudulent activity. Senior Management have overall responsibility for ensuring that Pantheon has established effective anti-bribery and anti-fraud systems and controls that reflect the corruption and fraud risks identified as facing the firm, and that are proportionate to the nature, scale and type of our business.

**4.** **Examples of Fraudulent Activity** 

Pantheon's Risk Team and the Finance and Corporate Funds Team have implemented fraud prevention and detection controls to ensure that all Associates meet the highest ethical standards by ensuring that they remain alert to acts of fraud or attempted fraud. The controls are intended to enable effective prevention of and allow early detection and reporting of any fraud or attempted fraud.

Examples of fraudulent activity include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• False accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conspiracy to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly making a false representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly failing to disclose to another person information which he is under a legal duty to disclose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly abusing (by action or omission) a position of trust in which one is expected to safeguard or not act
against the financial interests of another person, and or acting with the intent to make a gain for yourself, or another, or to cause loss/expose another to risk of loss; and

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In addition, the UK Bribery Act of 2010 introduced the strict liability offence of failure to prevent bribery, the UK Criminal Finance Act 2017 introduced the strict liability offence of failure to prevent facilitation of tax evasion and more recently the UK Economic Crime and Corporate Transparency Act 2023 introduced the new strict liability offence of failure to prevent fraud (covering a broader range of fraud types that the bribery or tax evasion offences). These "failure to prevent" offences for bribery, tax evasion and fraud share a common legal framework and purpose. These offences aim to hold organisations (such as Pantheon) criminally liable for failing to prevent specific crimes committed by "associated persons" (like employees, agents, or subsidiaries) when the crime benefits or is intended to benefit the organisation. As a strict liability offence, liability is not dependent on knowledge etc. of the criminal action. The main defence is demonstrating that the organisation had reasonable procedures in place to prevent the act of bribery, tax evasion or other fraud. Typically, these laws have extra-territorial application so long as there is a nexus to the UK. In the case of the UK Economic Crime and Corporate Transparency Act 2023, the failure to prevent fraud offence applies where part of the relevant fraudulent act takes place in the UK or targets UK victims, even if the corporate and employee are based outside the UK

Associates must be aware that some fraud offences may potentially overlap with market abuse offences or other financial crimes under anti-money laundering and anti-bribery and corruption laws and may attract additional sanctions under these regimes as well.

**5.** **Anti-Fraud Systems and Controls** 

The Risk Team, working in conjunction with the Finance and Corporate Funds Teams, have primary responsibility for ensuring that Pantheon has adequate checks and balances to mitigate against the likelihood of any of the above matters. These checks and balances are also reviewed annually as part of the audit cycle, as well as part of the Type II SSAE16, ISAE 3402 Internal Controls reports, conducted by an independent external audit firm, and lead and coordinated by the firm's Risk Team. The results of the audits are shared with the Partnership Board and our Clients/investors. The full details of Pantheon's systems, controls, checks and balances against fraud are maintained by the Risk, Finance and Corporate Funds Teams.

The UK Economic Crime and Corporate Transparency Act outlines "six principles" (controls) that firms should reflect in their procedures in order to mitigate the risk of fraud being committed on their behalf. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Top level commitment

Responsibility for the prevention and detection of fraud rests with those charged with governance – such as the Partnership Board, Partners and Senior Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Risk assessment

Performing an assessment of the nature / extent of risks pertaining to staff, agents and other associated persons who are at risk of committing fraud

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Proportionate risk-based prevention procedures

The need for procedures to be proportionate to the risks faced and the nature / scale / complexity of activities undertaken

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Due diligence

Maintain procedures for persons who perform services for or on behalf of the firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Communication (including training)

Fraud prevention policies should be communicated to, embedded within and understood throughout the firm

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Monitoring and review

Undertake regular review and introducing improvements where necessary

**6.** **Procedure for the Reporting of Suspected Cases of Fraud** 

Pantheon has an obligation to notify the firm's regulators immediately should Pantheon become aware or have a reason to believe that the following has occurred or may occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon becomes aware that an employee may have committed a fraud against one of its
customers/clients/investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon becomes aware that a person, whether or not employed by the firm, may have committed a fraud against the
firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon considers that any person, whether or not employed by the firm, is acting with intent to commit a fraud
against the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon identifies irregularities in the firm's accounting or other records, whether or not there is
evidence of fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon suspects that one of its employees may be guilty of serious misconduct concerning their honesty or
integrity and which is connected with Pantheon's regulated activities or ancillary activities. If an Associate suspect that activities constituting fraud are being undertaken, these suspicions must be reported directly to the Compliance Team
for immediate investigation. All such reports will be treated in the strictest confidence.

Upon receipt of this information, the Head of Compliance / Chief Compliance Officer will escalate any concerns as necessary, including with the HR and Risk Departments, and to the Partnership Board / Board of Directors. The Partnership Board / Board of Directors, in consultation with the Head of Compliance / Chief Compliance Officer and the Risk Committee, will determine what necessary external reporting should be made. The Head of Compliance / Chief Compliance Officer is responsible for making the necessary regulatory notifications should any of these events be identified.

The Compliance Team will maintain copies of all relevant documentation of the reported issue.

**7.** **Disciplinary Procedures/Penalties for Fraud/Attempted Fraud** 

The attempt to defraud is treated as seriously as accomplished fraud. Any Associate suspected of carrying out fraud or attempted fraud will be subject to internal Pantheon disciplinary procedures as set out in the Employee Manual, which forms part of your employment contract with Pantheon as well as possible criminal prosecution. Fraud is a criminal offence. Therefore, any Associate who is found guilty of fraud or attempted fraud may be subject to criminal prosecution, and if convicted, is liable to imprisonment or a fine, or both.

If the employee is a Senior Manager or a Certified Person in accordance with SM&CR, an Approved Person, a Licenced Representative, holds a Controlled Function or a Pre-Approval Controlled Function, the Associate's activities would also be notified to Pantheon's regulators. Regulators may take action against the Associate, including potentially barring the Associate from ever working in the financial services sector again as matters of fraud call to question an Associate's fitness and propriety.

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**<u>Pantheon Political Contribution Policy</u>**

Last Reviewed June 2025

**Overview and Objective** 

Pantheon respects the rights of Pantheon Associates to lawfully participate in the political process and make personal contributions to candidates or existing officials of their choice for U.S. federal, state, or local (or other political subdivision thereof) office. When a Pantheon Associate chooses to participate in the political process, they must do so at all times as an individual, not as a representative of Pantheon. As a matter of Pantheon policy, no Pantheon Associate may make, or cause Pantheon to make, a contribution to an elected official or candidate for elected office of a U.S. federal, state, or local body (or other political subdivision thereof) (hereafter a "**Government Entity**") for the purpose of obtaining or retaining business for Pantheon.

Under U.S. federal, state, and local laws, referred to as "pay to play" laws, political contributions by Pantheon Associates and their connected person(s)<sup>1</sup> could impact Pantheon's ability to continue to do business or obtain new business with certain Government Entities. Pay to play laws are generally intended to prevent government officials from selecting investment advisers on the basis of their political contributions. These laws include Investment Advisers Act Rule 206(4)-5 (the "**Rule**"). Failure to comply with the Rule may prohibit Pantheon from receiving compensation for managing money for Government Entity clients for up to two (2) years following a disqualifying contribution. To address the requirements of the Rule, all Pantheon Associates and their connected person(s) are considered "Covered Associates" under the Rule.

To ensure compliance with the requirements of the Rule, Pantheon has established this Policy. The Compliance Team and Human Resources are responsible for administering the Policy.

If Pantheon Associates and their connected person(s) have any questions about a political contribution that they would like to make, or a political activity they are considering, they should contact the Compliance Team.

**Registered Representatives of Pantheon Securities, LLC** 

FINRA Rule 2030 is modeled after the SEC Pay-to-Play Rule (formalized as Rule 206(4)-5). Rule 2030 prohibits a FINRA member firm from engaging in distribution or solicitation activities for compensation with a government fund on behalf of an investment adviser within two (2) years after the firm or one of its covered associates makes a political contribution to a government official with influence over the government fund or to a candidate for such an office. Like the SEC Rule, a firm's "covered associates" include its general partner, managing member or executives with similar functions; persons who are engaged in distribution or solicitation activities with government funds and their supervisors; and political action committees controlled by the firm or a covered associate.

Additionally, FINRA Rule 4580 imposes certain recordkeeping requirements pertaining to the activities regulated by FINRA Rule 2030 and requires covered members to maintain a list or other record of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names, titles, and business and residential addresses of all covered associates;

<sup>1</sup> A connected person is a person that is (i) a Pantheon Associate's Partner (defined as a spouse, civil partner, or any person with whom the Associate lives as a partner in an enduring family relationship), (ii) a child or stepchild of the Associate or of the Associate's Partner, or (iii) an individual having a financial dependence on the Associate or the Associate's Partner (which could include, but is not limited to, a mature student) or vulnerability resulting in any other dependency on the Associate or the Associate's Partner (which could include, but is not limited to, an elderly relative). 

INTERNAL ALL

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and business address of each investment adviser on behalf of which the covered member has engaged in
distribution or solicitation activities with a Government Entity within the past five (5) years (but not prior to the Rule's effective date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and business address of all Government Entities with which the covered member has engaged in
distribution or solicitation activities for compensation on behalf of an investment adviser, or which are or were investors in any covered investment pool on behalf of which the covered member has engaged in distribution or solicitation activities
with the Government Entity on behalf of the investment adviser to the covered investment pool, within the past five (5) years (but not prior to the Rule's effective date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all direct or indirect contributions made by the covered member or any of its covered associates to an official
of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC.

FINRA Rule 4580 requires that the direct and indirect contributions or payments made by the covered member or any of its covered associates be listed in chronological order and indicate (i) the name and title of each contributor, (ii) each recipient of the contribution or payment, (iii) the amount and date of each contribution or payment, and (iv) whether the contribution was the subject of the exception for returned contributions in Rule 2030.

**Permitted Contributions and Political Activities** 

Pantheon Associates and their connected person(s) must enter information into the Pantheon internal reporting system and receive approval before they may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution to an elected official or candidate for elected office of a Government Entity (including
Presidential elections) up to and including an aggregated US$150 per candidate, per election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution of up to US$150 to a political party, Political Action Committee ()"**PAC** ")
(note: contributions to a PAC may be above US$150 if permission is granted by the Head of Compliance prior to the contribution and documented in the Pantheon internal reporting system, along with completing the certification in Appendix A below) or
other organization (1) if the contribution is not directed to an individual elected official or candidate for elected office of a Government Entity and (2) following due diligence to confirm that the entity receiving the contribution will
not funnel funds to a specific elected official or candidate for elected office of a Government Entity. Requests to contribute to a political party, PAC, or other organization require due diligence and pre-approval by the Compliance Team, which may refer review of a proposed contribution to the Partnership Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of a campaign, volunteer their time on behalf of an elected official or candidate for elected office of a
Government Entity during non-business hours so long as Pantheon Associates and their connected person(s) do not use Pantheon's name (or imply any endorsement by Pantheon) or resources (such as corporate
facilities, systems, communications equipment and phone lines, office supplies, and mailing lists), and so long as Pantheon Associates and their connected person(s) do not coordinate or solicit any person or PAC to make any contribution (as
described further below).

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**Prohibited Contributions and Political Activities** 

No Pantheon Associate may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution to an elected official or candidate for elected office of a Government Entity (including
Presidential elections) in excess of the US$150 limit set forth above without the prior approval of the Compliance Team, as stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause Pantheon to make any contribution to an elected official or candidate for any elected office of a
Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause Pantheon to pay a third party (including affiliates) to solicit a Government Entity for business unless the
Compliance Team has provided approval in advance of the activity (for example, either an SEC-registered investment adviser or a FINRA-registered broker dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate or solicit any person, PAC or other organization to make any contribution to an elected official or
candidate for elected office of a Government Entity or contribution to a U.S. local or state political party (this includes but is not limited to requesting funds in speeches or written materials);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use Pantheon's name or resources (as described above) in connection with any service to a campaign or in
support of any elected official or candidate for elected office of a Government Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any lobbying efforts on behalf of Pantheon, since lobbying is a regulated activity that often requires
public filings and/or registration, without prior approval from the Compliance Team and the Pantheon Partnership Board.

**Political Activities & Indirect Contributions** 

<u>Overview</u> 

Pantheon Associates and their connected person(s) need to know that the Rule prohibits Pantheon and Pantheon Associates and their connected person(s) from doing anything indirectly which, if done directly, would result in a violation of the Rule and this Policy.

Certain activities supporting elected officials or candidates of a Government Entity, including fundraising, may be considered indirect contributions and are prohibited. Therefore, political activities are subject to pre-approval by the Compliance Team.

<u>Prohibited Activities</u> 

Following are examples of prohibited activities. Pantheon Associates and their connected person(s) may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speak at a fundraising event for an elected official or candidate for any elected office of a Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a venue or other support, such as refreshments, for an event that involves directly or indirectly
soliciting contributions for an elected official or candidate for any elected office of a Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase a ticket for a fundraising dinner for a fee in excess of the value of the dinner if the excess is
directed to an elected official or candidate for any elected office of a Government Entity.

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Additionally, Pantheon Associates and their connected person(s) should be aware of contributions that may be viewed as in their control and therefore may be a violation of this Policy and the Rule, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solicitation of any person, such as a spouse, family member or friend, to make a contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by spouses from a joint checking account, which may give the appearance of an indirect
contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made to an entity where a Pantheon Associate has the ability to direct the use of the funds or
knows that entity will use the funds to support an elected official or candidate for elected office of a Government Entity.

**Prospective Pantheon Associates** 

The Rule has a "look back" provision on contributions made by newly hired Pantheon Associates. To prevent past contributions by a newly hired Pantheon Associate from impacting Pantheon's ability to receive compensation from its clients, prospective new Pantheon Associates must provide information regarding past contributions and political activities made two (2) years prior to the prospective hire date.

Contribution history is collected from prospective Pantheon Associates prior to the first date of employment. The Compliance Team will review the contribution and political activity information to determine if it poses challenges to Pantheon's ability to conduct business.

**Procedures** 

<u>Pre-Clearance</u> 

Prior to making a contribution, information regarding the proposed contribution must be entered into the Pantheon internal reporting system by the Pantheon Associate and be approved by the Compliance Team. Requested exceptions to the policy require special review and approval of the Compliance Team and may be referred to the Partnership Board for further review, as appropriate.

Prior to engaging in a political activity, information regarding the proposed activity must be entered into the Pantheon internal reporting system by the Pantheon Associate, who must wait for approval from the Compliance Team before engaging in the activity. The proposed activity may be referred to the Partnership Board for review.

As necessary, the Compliance Team will research local and state pay to play laws and Pantheon will bear the costs of external support for such pay to play research in California, New York and Illinois. Pantheon Associates and their connected person(s)who wish to make contributions or engage in political activities in other states may be required to pay for external support to research local and/or state pay to play laws.

The Compliance Team reserves the right to prohibit any proposed contribution or political activity that is deemed to raise a risk of violating the Rule, state or local laws or this Policy, or any actual or apparent conflict of interest, or place Pantheon's business at risk, or for any other reason determined by the Compliance team.

<u>Periodic Reporting</u> 

On a periodic basis (typically via the Pantheon annual certification process), all Pantheon Associates and their connected person(s) must submit an acknowledgement confirming that they are in compliance with this Policy and acknowledging that the information regarding their contributions and political activities in the Pantheon internal reporting system is complete and accurate.

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<u>New Government Entity Clients</u> 

The Compliance Team shall review records of contributions in excess of US$150 made within two (2) years of the date of anticipated inception of an account with a Government Entity to determine whether any contributions have been made to an official of the Government Entity. Information regarding contributions greater than US$150, if any, will be shared with the Investor Relations Team to preclude efforts to contact Government Entity until two (2) years after the contribution.

<u>Confidentiality</u> 

Pantheon respects the rights of Pantheon Associates and their connected person(s) to lawfully contribute to the political process and will keep the information provided under this Policy confidential, subject to the rights of inspection of the Compliance Team and all regulatory and licensing bodies, or as any disclosure may become necessary or advisable in the operation of Pantheon, including disclosures at the request of representatives of clients and potential clients who are Government Entities, pension funds, or their fiduciaries, if requested to do so.

<u>Compliance with Other Laws</u> 

It should not be assumed that pre-clearance or approval under this Policy is confirmation that Pantheon Associates and their connected person(s) are complying with any applicable campaign finance, lobbying, or other applicable laws. Each Pantheon Associate is urged to consult such advisors or counsel as appropriate on such laws. With respect to clients and potential clients that are Government Entities, additional state and local rules may apply.

<u>Violations</u>

If any Pantheon Associate becomes aware of a potential violation or violation of this Policy, they must immediately notify the Compliance Team. The ability to cure a violation or potential violation is time-sensitive, and it is important that the Compliance Team is notified as soon as possible. In the event that a Pantheon Associate makes a contribution in violation of this Policy or the Rule, the Pantheon Associate agrees to take all reasonable efforts as requested by Pantheon to prevent the triggering of the Rule's two-year time-out period, including, but not limited to, actively seeking the return of the contribution.

<u>Recordkeeping</u>

Pantheon will maintain the following books and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The names, titles and business (if other than Pantheon's address) and residence addresses of all Pantheon
Associates and their connected person(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Government Entities to which Pantheon provides or has provided investment advisory services, or which are
or were investors in any fund or other pooled vehicle to which Pantheon provides or has provided investment advisory services, as applicable, in the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All direct or indirect contributions made by Pantheon or any Pantheon Associates and their connected person(s)
to an official of a Government Entity, or to a political party of a state or political subdivision thereof, or to a political action committee, if applicable. Records relating to such contributions must be listed in chronological order and indicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the name and title of each contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the name and title (including any city/county/state or other political subdivision) of each recipient of a
contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the amount and date of each contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. whether any such contribution was the subject of the exception for certain returned contributions pursuant to
Rule 206(4)-5(b)(2).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name and business address of each person or entity to which Pantheon provides or agrees to provide,
directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf, in accordance with Rule 206(4)-5(a)(2), if applicable.

<u>Oversight</u> 

The Compliance Team is responsible for the oversight of this Policy. Pantheon Associates and their connected person(s) are encouraged to contact the Compliance Team with any questions about this Policy. Compliance shall periodically complete public donor database spot checks with regard to review political contributions/potential political contributions made/reported by Pantheon Associates and their connected person(s).

**Questions Regarding Application of the Policy** 

Pantheon Associates should consult the Compliance Team if they have any questions about whether a contribution or activity would be prohibited or restricted by this Policy or the Rule.

For example, please seek guidance from the Compliance Team if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member expects to run for state or municipal office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member expects to serve in an official capacity in a campaign for state or municipal office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member are asked to make a non-political (e.g.,
charitable) contribution by an elected official of a Government Entity.

**Definitions** 

For purposes of this Policy:

"**Pantheon**" includes Pantheon Ventures Inc., Pantheon Ventures (US) LP, Pantheon Ventures (UK) LLP, Pantheon Ventures (Ireland) DAC, Pantheon Ventures (Asia) Limited, and Pantheon Ventures (Singapore) Pte. Ltd.

"**Contribution**" means any contribution, gift, subscription, loan, advance or deposit of money including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment of debt incurred in connection with an election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transition or inaugural expenses of a successful candidate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) anything else of value to the candidate or official, other than volunteered time outside of business hours.

For any non-Pantheon Officer, partner or employee who is determined to be covered by this Policy under the Rule, the Compliance Team is responsible for establishing appropriate pre-clearance and reporting procedures, unless the non-Pantheon Associate is subject to a Policy administered by her/his employer.

"**Family member**" means any person, related by blood, marriage, domestic partnership or civil union, who lives in the same household as the Pantheon Associate and includes: any spouse, domestic partner, child, stepchild, grandchild, parent, stepparent, grandparent, sibling, and any adoptive relationships living in the same household as the Pantheon Associate.

"**Government Entity**" means any U.S. city, state or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agency, authority, or instrumentality of the state or political subdivision;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority, or
instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in Section 414(j) of the Internal Revenue Code (the "Code"), or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any participant-directed investment program or plan sponsored or established by a state or political
subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "qualified tuition plan" authorized by Section 529 of the Code, a retirement plan authorized by Section 403(b) or 457 of the Code,
or any similar program or plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) officers, agents, or employees of the state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity.

"**Rule**" means U.S. Investment Advisers Act Rule 206(4)-5, which prohibits investment advisers and their Covered Associates from making political contributions greater than de minimis limits to an elected official or candidate for elected office of a Government Entity. Political contributions in violation of the Rule will trigger a two-year time-out during which advisers cannot provide advisory services for compensation to the Government Entity that received the contribution.

"**Solicit**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to investment advisory services, to communicate, directly or indirectly, for the purpose of
obtaining or retaining a client for, or referring a client to, an investment advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to a contribution, to communicate, directly or indirectly, for the purpose of obtaining or
arranging a contribution.

***Reference:*** Advisers Act – Rule 206(4)-5; Rule 204-2: FINRA Rules - 2030 and 4580: Applicable State Laws

***Effective Date***: March 14, 2011

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**Appendix A - Political Action Committee Donation Certification** 

Per Pantheon's Political Contribution policy (Annex K to the Code of Ethics), associates can make a contribution of up to US$150 to a political party, Political Action Committee ("**PAC**") (contributions to a PAC may be above US$150 if permission is granted by the Head of Compliance prior to the contribution and documented in the Pantheon internal reporting system) or other organization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the contribution is not directed to an elected official or candidate for elected office of a Government Entity
and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following due diligence to confirm the entity receiving the contribution will not funnel funds to an elected
official or candidate of a Government Entity.

In order to make a donation in excess of $150 to a PAC (subject to federal election law limits), the Pantheon Associate must certify to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon and/or its covered associates do not "control" the PAC (meaning the associate does not have
the ability to direct or cause the direction of the governance or the operations of that PAC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contributions do not violate the rule's prohibition on doing indirectly what you can't do
directly; meaning, this contribution is not part of a chain of contributions through PAC(s) made for the purpose of avoiding the pay to play rule

I, {name} hereby certify that I do not control {Name of PAC} and the {amount $$} contribution that I am making to {Name of PAC} is not part of a chain of contributions through this PAC made for the purpose of avoiding the pay to play rule.

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| | | |
|:---|:---|:---|
| (Print Name) | (Signature) | (Date) |

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**<u>Pantheon Whistleblowing Policy</u>**

Last update November 2025

***Applicability***

This policy applies to all Pantheon Group Associates<sup>1</sup>.

***Overview***

Whether in respect of a firm or an individual, whistleblowing is the making of a disclosure that, in the reasonable belief of the Associate making such disclosure (the "Reporting Person"), is in the public interest and asserts that one or more of the following has taken place in the past, is taking place in the present, or will likely take place in the future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crime(s), breaches of law, serious breaches of legal and regulatory obligations (such as securities violations,
fitness & propriety, violations of our obligations on bribery, corruption, sanctions, money laundering, fraud, tax evasion, facilitation of tax evasion and other criminal activities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a miscarriage of justice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a danger to health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to the environment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempts to cover up such malpractice of the above (such as concealing or destroying evidence of wrongdoing).

***How to make a whistleblowing disclosure***

Pantheon hopes that, in many cases, Associates will be able to raise any concerns with their direct manager. However, where Associates would prefer to raise concerns via other channels, they may contact senior management, HR or the applicable Chief Compliance Officer ("CCO") / Head of Compliance (each, a "Designated Person") who will maintain communication with the Reporting Person, follow-up on the report and provide feedback to the Reporting Person.

***Protection and support for whistleblowers***

Pantheon shall ensure that no discrimination, harassment, victimization, penalization or, in the case of Associates, any other unfair employment practice like retaliation, threat or intimidation of termination/suspension of service, disciplinary action, transfer, demotion, refusal of promotion or the like will be adopted against Associates making whistleblower disclosures.

Associates are expressly forbidden from taking any adverse personal actions against Reporting Persons. Associates found to have been involved in such conduct may be subject to disciplinary action.

A whistleblower may report any violations of this section to a Designated Person.

<sup>1</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of the policy for further details of applicability specific to Ireland.

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***Confidentiality***

Pantheon will treat all such disclosures in a sensitive manner and will endeavor to keep the identity of an individual making an allegation confidential. However, the investigation process may inevitably reveal the source of the information and the individual making the disclosure may need to provide a statement which cannot be kept confidential if legal or regulatory proceedings arise. Pantheon will make every effort to keep your identity secret and only reveal it where necessary to those involved in investigating your concern.

***Anonymous allegations***

Pantheon hopes that Associates will feel able to voice whistleblowing concerns openly under this Policy. This Policy does not require individuals to put their names to any disclosures they make. An Associate may choose to report a breach anonymously. Anonymous reporting can be done via the Whistleblowing Disclosure form located on the Pantheon internal reporting system through the link below. (Note: this link is also readily available via the Pantheon intranet.)

<u>Anonymous Whistleblowing</u> 

***Investigation and outcome***

The Designated Person will aim to acknowledge receipt of a whistleblowing disclosure within seven (7) days of receipt. The Designated Person will carry out an initial assessment to determine the scope of any investigation and will diligently follow up on all reports received. The Reporting Person may be required to attend additional meetings in order to provide further information. The Designated Person will aim to provide feedback to the Associate on actions taken or envisaged to be taken within three (3) months of the date of the whistleblowing disclosure and will aim to provide further feedback to the Associate at three-month intervals thereafter<sup>2</sup>. Whilst the Designated Person will aim to keep the whistleblowing Associate informed of the progress of the investigation, sometimes the need for confidentiality may prevent them from giving the Associate specific details of the investigation or any disciplinary action taken as a result. Associates should treat any information about the investigation as confidential.

***External Disclosures***

The aim of this Policy is to provide an internal mechanism for reporting, investigating and remedying any wrongdoing in the workplace. We believe that in light of our processes, Associates should not find it necessary to alert anyone externally. However, Associates have the right to report concerns to an external body, such as a regulator<sup>3</sup>. Pantheon Associates may seek advice internally before making whistleblowing disclosures to anyone externally.

<sup>2</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of the policy for further details of applicability specific to Ireland.

<sup>3</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of this policy for further details on the rights of the reporting person to report to an external body.

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***Pantheon Ventures (Ireland) DAC ("PV Ireland")***

In Ireland, this Policy also applies to members of the Board of PV Ireland, shareholders, and job applicants. Job applicants can make a disclosure via the Whistleblowing Disclosure link located on the Pantheon Careers page and via the Worker Privacy Notice on the public website.

In Ireland, Reporting Persons have the right to report to a regulator, known as a 'prescribed person'. A list of prescribed persons can be found at: <u>www.gov.ie/prescribed-persons</u>. Reporting Persons can also report to the Protected Disclosures Commissioner who will refer the report usually to a suitable regulator for acknowledgment, follow-up, and feedback. As part of the internal investigation and outcome process, the Designated Person will provide the Reporting Person with information on how to report externally to a prescribed person or to the Protected Disclosures Commissioner.

***Pre-Approval Controlled Function ("PCF") Disclosures***

Persons holding PCF roles in regulated firms who need to make a disclosure of an alleged offence, breach of financial services legislation or concealment or destruction of evidence of such in their firm are requested to make the disclosure by completing the disclosure form, available on the Central Bank of Ireland <u>website</u>.

## Ex-99.(R)(3)

![LOGO](g121788dsp251.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 | 15 |
| &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 | 18 |
| &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 |
|  **Ethics Training Requirements** | **22** |
|  **Exhibit A - Definitions** | **A-1** |

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For Internal Use Only - AMG Funds LLC 2

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| | |
|:---|:---|
|  **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.

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**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 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.* 

**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.

For Internal Use Only - AMG Funds LLC 18

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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

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**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

&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.

For Internal Use Only - AMG Funds LLC 20

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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.

&nbsp;&nbsp;&nbsp; ***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).***<br>**As of month, /year-end date:**<br>☐ **I owned Reportable Securities\*. Copies of all my statements are already submitted to Compliance.**<br>☐ **I owned Reportable Securities\*. I have attached the statement(s) for the period ending _______ [date].**<br>☐ **I did not own any Reportable Securities\*.** <br>

*\* See AMGF's Code of Ethics for the definition of 'security' and 'Reportable Security'.* 

&nbsp;&nbsp;&nbsp;**As of ________________________, the following reflects any brokers, dealers or banks at which I held <u>any securities</u> for my direct or indirect benefit.**

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| | |
|:---|:---|
| **Print Name** |  |
| **Signature** | **Date** |

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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:______________

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| | |
|:---|:---|
| **TRANSACTION DETAIL** |  |
| Security Name |  |
| CUSIP/Ticker |  |
| Number of Shares/Par Value |  |
| Broker, Dealer or Bank Name |  |
| Account Name |  |
| Account Number |  |
| Transaction Requested | ☐ Buy ☐ Sell |

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**REASON FOR REQUEST** 

**APPROVAL *(Granted only for date approved)*** 

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| |
|:---|
|  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** 

&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;**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.(S)

<u>POWER OF ATTORNEY</u> 

Effective as of January 28, 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 Pantheon Fund, LLC (the "Feeder Fund"), AMG Pantheon Master Fund, LLC (the "Master Fund"), AMG Pantheon Credit Solutions Fund (the "Credit Solutions Fund") and AMG Pantheon Infrastructure Fund, LLC (together with the Feeder Fund and the Master Fund, the "Funds" and each a "Fund"), any one or more Registration Statements of each 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.

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| | | |
|:---|:---|:---|
| **Name** | Capacity | Date |
|  /s/ Jill R. Cuniff | Director/Trustee | January 28, 2026 |
|  Jill R. Cuniff |  |  |
|  /s/ Kurt A. Keilhacker | Director/Trustee | January 28, 2026 |
|  Kurt A. Keilhacker |  |  |
|  /s/ Peter W. MacEwen | Director/Trustee | January 28, 2026 |
|  Peter W. MacEwen |  |  |
|  /s/ Eric Rakowski | Director/Trustee | January 28, 2026 |
|  Eric Rakowski |  |  |
|  /s/ Victoria L. Sassine | Director/Trustee | January 28, 2026 |
|  Victoria L. Sassine |  |  |
|  /s/ Garret W. Weston | Director/Trustee | January 28, 2026 |
|  Garret W. Weston |  |  |

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| | | |
|:---|:---|:---|
|  /s/ Keitha L. Kinne | President, Chief Executive Officer, | January 28, 2026 |
|  Keitha L. Kinne | Principal Executive Officer and |  |
| | Chief Operating Officer |  |
|  /s/ Thomas Disbrow | Treasurer, | January 28, 2026 |
|  Thomas Disbrow | Principal Financial Officer and |  |
| | Principal Accounting Officer |  |

---