# EDGAR Filing Document

**Accession Number:** 0001609211
**File Stem:** 0001193125-26-082466
**Filing Date:** 2026-2
**Character Count:** 80405
**Document Hash:** c32b62d4e7f800c33d9a0c39c8988680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082466.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082466

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Pantheon Fund, LLC
- **CENTRAL INDEX KEY:** 0001609211

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22973
- **FILM NUMBER:** 26699330

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 800-835-3879

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG Pantheon Private Equity Fund, LLC
- **DATE OF NAME CHANGE:** 20140527

## Nport-Ex

AMG Pantheon Fund, LLC

Schedule of Investments

December 31, 2025(unaudited)

**AMG Pantheon Fund, LLC <sup>(a)</sup>** 

---

| | |
|:---|:---|
|  | **Value** |
|  **Investment in Master Fund - 98.4%** |  |
|  Investment in AMG Pantheon Master Fund, LLC\* | $6166330668 |
|  Other Assets, less Liabilities - 1.6% | 97590826 |
|  **Net Assets - 100.0%** | $**6263921494** |

---

(a) Invests substantially all of its assets in AMG Pantheon Master Fund, LLC (the "Master Fund"), an
affiliate of the Fund.

\* Investment at cost is $5,024,560,545. 

**Below is the Portfolio of the Master Fund:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments** |  |  |  |  |  |
|  ACP Accelerant Co-Invest, LLC (Financials)<sup>(a),(b)</sup> | 01/31/2022 | <sup>(c)</sup> | $21758659 | $29424907 | 0.5% |
|  AI ALTIUS & Cy S.C.Sp (Information Technology) (Luxembourg)<sup>(a),(b)</sup> | 02/04/2025 | <sup>(c)</sup> | 26169082 | 26088000 | 0.4% |
|  AP VIII Prime Security Services Holdings, L.P. (Consumer Discretionary) | 04/26/2016 | <sup>(c)</sup> | 378363 | 345581 | 0.0% |
|  APH CUBS Co-invest LP (Financials)<sup>(b)</sup> | 11/16/2018 | <sup>(c)</sup> | 2663394 | 6503355 | 0.1% |
|  Apheon Special Opportunities Fund S.C.A. SICAV-RAIF (Healthcare) (Luxembourg)<sup>(a),(b)</sup> | 09/15/2025 | <sup>(c)</sup> | 29347968 | 29041937 | 0.4% |
|  APIA BIM FPCI (Information Technology) (France)<sup>(b)</sup> | 02/25/2020 | <sup>(c)</sup> | 3335836 | 10476553 | 0.2% |
|  APIA DINO FPCI (Information Technology) (Netherlands)<sup>(a),(b)</sup> | 03/11/2022 | <sup>(c)</sup> | 10829540 | 15044797 | 0.2% |
|  APIA OPUS FPCI (Information Technology) (France)<sup>(b)</sup> | 12/22/2020 | <sup>(c)</sup> | 4246276 | 5946696 | 0.1% |
|  Apollo DSB Co-Invest, L.P. (Healthcare)<sup>(b)</sup> | 11/14/2018 | <sup>(c)</sup> | 2163712 | 10768401 | 0.2% |
|  Armis Investors Holdings, L.P. (Information Technology)<sup>(b)</sup> | 02/03/2020 | <sup>(c)</sup> | 4245077 | 8421710 | 0.1% |
|  ASTRO Co-Invest, L.P. (Information Technology)<sup>(a),(b)</sup> | 06/26/2025 | <sup>(c)</sup> | 27149205 | 30379446 | 0.5% |
|  Base10 Advancement Initiative IH I, L.P. (Healthcare)<sup>(a),(b),(d)</sup> | 05/13/2022 | <sup>(c)</sup> | 5159391 | 3409543 | 0.1% |
|  BC Partners Aqua Co-Investment LP (Industrials) (Germany)<sup>(a),(b)</sup> | 01/11/2022 | <sup>(c)</sup> | 15060296 | 9379777 | 0.1% |
|  BC Partners Clay Co-Investment LP (Materials) (Germany)<sup>(a),(b)</sup> | 03/30/2022 | <sup>(c)</sup> | 16398495 | 35282027 | 0.5% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments (continued)** |  |  |  |  |  |
|  Calera XXVIII, LLC (Industrials)<sup>(a),(b)</sup> | 12/29/2025 | <sup>(c)</sup> | $25270000 | $25270000 | 0.4% |
|  CB Ignite Holdings, LLC (Consumer Discretionary)<sup>(b),(d)</sup> | 08/12/2016 | <sup>(c)</sup> | 1295640 | 2117366 | 0.0% |
|  CD&R Raven Co-Investor, L.P. (Healthcare)<sup>(a),(b)</sup> | 11/15/2024 | <sup>(c)</sup> | 13854609 | 15738891 | 0.2% |
|  Cogenuity Co-Invest I LP (Consumer Discretionary)<sup>(a),(b)</sup> | 06/21/2024 | <sup>(c)</sup> | 13179754 | 13074508 | 0.2% |
|  Coronet Cyber Security Ltd. (Information Technology) (Israel)<sup>(b),(d)</sup> | 02/03/2023 | <sup>(c)</sup> | 4108705 | 4377439 | 0.1% |
|  Cronus Aggregator Limited (Financials) (United Kingdom)<sup>(a),(b)</sup> | 10/14/2025 | <sup>(c)</sup> | 48638432 | 49970499 | 0.8% |
|  Dawn Opportunity LP. (Industrials) (Canada)<sup>(a),(b)</sup> | 12/29/2025 | <sup>(c)</sup> | 14126484 | 14008257 | 0.2% |
|  DETZ Co-Investment Aggregator, L.P. (Financials) | 12/08/2021 | <sup>(c)</sup> | 83712 | 37510781 | 0.6% |
|  Diamond LS I LP (Financials)<sup>(b)</sup> | 12/28/2016 | <sup>(c)</sup> | 379427 | 1681644 | 0.0% |
|  Digital Bridge Small Cell Holdings, LLC (Communication Services)<sup>(b),(d)</sup> | 11/06/2015 | 31 | 220427 | 119874 | 0.0% |
|  Eagle Investment Trust (Industrials) (Australia)<sup>(b)</sup> | 08/12/2021 | <sup>(c)</sup> | 7206199 | 23229402 | 0.4% |
|  ECI 11 FP Limited (Information Technology) (United Kingdom)<sup>(b)</sup> | 06/07/2021 | <sup>(c)</sup> | 7458486 | 9034593 | 0.1% |
|  Epsilon Topco Limited (Information Technology)<sup>(b),(d)</sup> | 10/03/2018 | <sup>(c)</sup> | 1783591 | 2409479 | 0.0% |
|  Fintech Collective PA1 LLC (Information Technology)<sup>(a),(b)</sup> | 12/23/2022 | <sup>(c)</sup> | 5120000 | 8251651 | 0.1% |
|  Five Arrows Galliera Co-Invest Fund SCSp (Consumer Discretionary) (France)<sup>(a),(b)</sup> | 08/04/2022 | <sup>(c)</sup> | 18102001 | 22295732 | 0.3% |
|  Five Arrows North Star FAPI IV Co-Invest SCSp SICAV-RAIF (Consumer Discretionary)<sup>(a),(b)</sup> | 05/03/2023 | <sup>(c)</sup> | 30035711 | 41582081 | 0.6% |
|  Five Arrows Royal FAPI IV Co-Invest SCSp (Information Technology)<sup>(a),(b)</sup> | 07/01/2024 | <sup>(c)</sup> | 18479848 | 18327616 | 0.3% |
|  Five Arrows Spark 2023 FAPI III Co-Invest SCSp (Healthcare) (United Kingdom)<sup>(a),(b)</sup> | 07/19/2023 | <sup>(c)</sup> | 18993122 | 19420575 | 0.3% |
|  FPCI Apia Trilogy (Communication Services) (Belgium)<sup>(a),(b)</sup> | 09/16/2021 | <sup>(c)</sup> | 11466453 | 18746009 | 0.3% |
|  Freman 2 MM Co-Investment 1 Albatros SCSP (Healthcare) (Luxembourg)<sup>(a),(b)</sup> | 02/26/2025 | <sup>(c)</sup> | 26355251 | 31144521 | 0.5% |
|  Frozen Bakery Holdco, LLC (Consumer Staples)<sup>(a),(b),(d)</sup> | 03/27/2024 | <sup>(c)</sup> | 30350882 | 50932000 | 0.8% |
|  GGV (ET) LLC (Information Technology)<sup>(a),(b),(d)</sup> | 08/08/2022 | <sup>(c)</sup> | 5072978 | 3250108 | 0.1% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments (continued)** |  |  |  |  |  |
|  Golden Aggregator, L.P. (Information Technology)<sup>(b)</sup> | 06/28/2021 | <sup>(c)</sup> | $15000000 | $12190668 | 0.2% |
|  Greenbriar CoInvestment WSA, L.P. (Industrials)<sup>(a),(b)</sup> | 05/16/2025 | <sup>(c)</sup> | 23286468 | 23417708 | 0.4% |
|  H&F FLASHDANCE PARTNERS II, L.P. (Financials)<sup>(b)</sup> | 07/16/2018 | <sup>(c)</sup> | 636693 | 1129410 | 0.0% |
|  H.I.G. CHA, L.P. (Industrials)<sup>(a),(b)</sup> | 05/23/2024 | <sup>(c)</sup> | 29042333 | 40022617 | 0.6% |
|  H.I.G. Pixelle Specialty Solutions Co- Investment, L.P. (Materials)<sup>(a),(b)</sup> | 07/15/2022 | <sup>(c)</sup> | 8118276 | 3139969 | 0.1% |
|  H.I.G. TMC Co-Investors, L.P. (Industrials)<sup>(a),(b)</sup> | 02/21/2023 | <sup>(c)</sup> | 8544732 | 22283802 | 0.3% |
|  Hadron Holdings (Financials)<sup>(a),(b)</sup> | 10/16/2023 | <sup>(c)</sup> | 13340221 | 24445663 | 0.4% |
|  Heartland Dental Holding Corporation (Healthcare)<sup>(a),(b),(d)</sup> | 06/21/2024 | <sup>(c)</sup> | 51496562 | 62232991 | 1.0% |
|  Help HP SCF Investor, LP (Information Technology)<sup>(b)</sup> | 05/12/2021 | <sup>(c)</sup> | 7801392 | 10220654 | 0.2% |
|  Hg Athena Co-Invest L.P. (Information Technology) (United Kingdom) | 03/18/2020 | <sup>(c)</sup> | 449246 | 9436763 | 0.1% |
|  Hg Riley Co-Invest L.P. (Information Technology)<sup>(a),(b)</sup> | 09/30/2021 | <sup>(c)</sup> | 7857364 | 2070867 | 0.0% |
|  Hg Secular Co-Invest L.P. (Information Technology)<sup>(b)</sup> | 09/16/2020 | <sup>(c)</sup> | 3034877 | 3956647 | 0.1% |
|  Hg Vibranium Co-Invest L.P. (Information Technology) (Sweden)<sup>(a),(b)</sup> | 06/29/2022 | <sup>(c)</sup> | 42712197 | 68323362 | 1.0% |
|  Hg Vivaldi 2 Co-Invest L.P. (Information Technology) (Norway)<sup>(b)</sup> | 06/10/2019 | <sup>(c)</sup> | 1934725 | 8836745 | 0.1% |
|  High Street HoldCo, LLC (Industrials)<sup>(a),(b),(d)</sup> | 06/27/2024 | <sup>(c)</sup> | 40052500 | 46744458 | 0.7% |
|  Hockey Parent Holdings, L.P. (Financials)<sup>(b),(d)</sup> | 09/14/2023 | <sup>(c)</sup> | 35020279 | 47170281 | 0.7% |
|  Hygee International SARL (Materials) (France)<sup>(b),(d)</sup> | 12/17/2020 | <sup>(c)</sup> | 4760163 | 8582952 | 0.1% |
|  ICG Minimax 2024 Co-Investment I SCSp (Industrials) (Germany)<sup>(a),(b)</sup> | 03/10/2025 | <sup>(c)</sup> | 40852708 | 65659433 | 1.0% |
|  IK PF II Luxco 6 S.a r.l. (Industrials) (United Kingdom)<sup>(a),(b),(d)</sup> | 04/12/2024 | <sup>(c)</sup> | 29666084 | 36994657 | 0.6% |
|  Incline A Aviation Co-Investment Fund (Financials) | 05/15/2020 | <sup>(c)</sup> | 23252 | 1532 | 0.0% |
|  Incline B Aviation Aladdin Co-Investment Limited Partnership (Industrials)<sup>(b),(d)</sup> | 06/26/2018 | <sup>(c)</sup> | 2330603 | 3143028 | 0.1% |
|  Insight Hideaway Aggregator, L.P. (Information Technology)<sup>(a),(b)</sup> | 03/15/2024 | <sup>(c)</sup> | 38280027 | 54363284 | 0.8% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments (continued)** |  |  |  |  |  |
|  Insight RF Holdings, LLC (Information Technology)<sup>(b)</sup> | 07/03/2019 | <sup>(c)</sup> | $0 | $76852 | 0.0% |
|  ISC CG Parent, LP (Information Technology)<sup>(b),(e)</sup> | 08/28/2025 | <sup>(c)</sup> | 32500000 | 32500000 | 0.5% |
|  ISH Co-Invest Aggregator, L.P. (Information Technology)<sup>(b)</sup> | 05/06/2021 | <sup>(c)</sup> | 5588918 | 5527400 | 0.1% |
|  IVP XI Celestial Co-Invest LP (Industrials)<sup>(b)</sup> | 06/04/2021 | <sup>(c)</sup> | 8432483 | 11152452 | 0.2% |
|  IVP XII DK (BLOCKED) Co-Invest, L.P. (Communication<br>Services)<sup>(a),(b),(d)</sup> | 10/01/2021 | <sup>(c)</sup> | 14975392 | 19559502 | 0.3% |
|  JP Co-Invest, LLC (Consumer Staples)<sup>(b)</sup> | 11/13/2018 | <sup>(c)</sup> | 2231184 | 15644 | 0.0% |
|  KKR Cavalry Co-Invest L.P. (Information Technology)<sup>(a),(b)</sup> | 03/22/2022 | <sup>(c)</sup> | 8632039 | 15936220 | 0.2% |
|  KKR Compass Co-Invest L.P. (Healthcare)<sup>(b)</sup> | 04/25/2024 | <sup>(c)</sup> | 52444516 | 73362341 | 1.1% |
|  KKR Gameday Co-Invest L.P. (Consumer Discretionary)<sup>(a),(b)</sup> | 08/19/2024 | <sup>(c)</sup> | 31048684 | 41985710 | 0.6% |
|  KKR Ninja Co-Invest L.P (Information Technology)<sup>(a),(b)</sup> | 11/01/2022 | <sup>(c)</sup> | 19329413 | 20870646 | 0.3% |
|  Kwol Co-invest, LP (Healthcare)<sup>(a),(b)</sup> | 12/12/2023 | <sup>(c)</sup> | 29932910 | 49183937 | 0.8% |
|  LEP Prelude Co-Invest, L.P. (Healthcare)<sup>(b)</sup> | 07/05/2017 | <sup>(c)</sup> | 1309118 | 3350409 | 0.1% |
|  Logan Co-Invest, L.P. (Information Technology)<sup>(b)</sup> | 08/27/2020 | <sup>(c)</sup> | 3937553 | 1561614 | 0.0% |
|  Menrva Lead Co-Investment II, L.P. (Consumer Discretionary) (People's Republic of China)<sup>(a),(b)</sup> | 07/14/2025 | <sup>(c)</sup> | 50054584 | 52196688 | 0.8% |
|  Ocean Alliance III, L.P. (Communication Services) (People's Republic of China)<sup>(b)</sup> | 09/04/2020 | <sup>(c)</sup> | 3520819 | 3417450 | 0.1% |
|  Olive Investments Limited (Industrials)<sup>(a),(b)</sup> | 09/01/2021 | <sup>(c)</sup> | 11222629 | 14608146 | 0.2% |
|  Onex ISO Co-Invest LP (Financials)<sup>(a),(b)</sup> | 10/29/2021 | <sup>(c)</sup> | 19692078 | 31964718 | 0.5% |
|  Project Alpine Co-Invest Fund, L.P. (Information Technology)<sup>(a),(b)</sup> | 06/13/2022 | <sup>(c)</sup> | 38904259 | 45740471 | 0.7% |
|  Project Hotel California Co-Invest Fund, L.P. (Information<br>Technology)<sup>(a),(b)</sup> | 07/29/2022 | <sup>(c)</sup> | 37824614 | 56260196 | 0.9% |
|  Project Second Co-Invest Fund, L.P. (Information Technology)<sup>(a),(b)</sup> | 05/05/2025 | <sup>(c)</sup> | 53971616 | 54267889 | 0.8% |
|  Providence IX Maverick Co-Investment L.P. (Information<br>Technology)<sup>(a),(b)</sup> | 05/30/2025 | <sup>(c)</sup> | 26907402 | 27997397 | 0.4% |
|  PSC Leto LP Kirkland (Information Technology) (Netherlands)<sup>(a),(b)</sup> | 11/01/2024 | <sup>(c)</sup> | 16658895 | 19399122 | 0.3% |
|  PSG Government Brands II Co-Invest L.P. (Information<br>Technology)<sup>(a),(b)</sup> | 07/30/2021 | <sup>(c)</sup> | 12263181 | 13658282 | 0.2% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments (continued)** |  |  |  |  |  |
|  PSG LM Co-Investors L.P. (Information Technology)<sup>(b)</sup> | 05/24/2016 | <sup>(c)</sup> | $147783 | $573755 | 0.0% |
|  PX3 Partners Clean LP (Industrials) (Ireland)<sup>(a),(b)</sup> | 06/09/2025 | <sup>(c)</sup> | 30174789 | 35841684 | 0.6% |
|  PX3 Partners Cyber LP (information Technology)<sup>(a),(b)</sup> | 12/22/2025 | <sup>(c)</sup> | 44949277 | 45086117 | 0.7% |
|  Quantum Parallel Partners VI-C(A), LP (Energy)<sup>(b)</sup> | 10/16/2015 | <sup>(c)</sup> | 14036 | 89099 | 0.0% |
|  Quantum QEP VII Co-Investment Fund, L.P. (Industrials)<sup>(b)</sup> | 08/30/2018 | <sup>(c)</sup> | 1529175 | 1562209 | 0.0% |
|  R Chapel Avenue Holdings Co-Invest B, LP (Financials)<sup>(a)</sup> | 07/08/2024 | <sup>(c)</sup> | 16389293 | 26897751 | 0.4% |
|  RCP Artemis Co-Invest LP (Financials)<sup>(b)</sup> | 08/01/2019 | <sup>(c)</sup> | 3896150 | 21838228 | 0.3% |
|  RL Co-investor Aggregator II L.P. (Communication Services)<sup>(a),(b)</sup> | 03/04/2022 | <sup>(c)</sup> | 26203614 | 20655574 | 0.3% |
|  Roark Capital Partners II Sidecar LP (Consumer Discretionary)<sup>(b)</sup> | 11/26/2018 | <sup>(c)</sup> | 4709055 | 8859765 | 0.1% |
|  SDA Investors Group, LLC - Class A (Healthcare)<sup>(b),(d)</sup> | 08/03/2017 | <sup>(c)</sup> | 3775914 | 530050 | 0.0% |
|  SDA Investors Group, LLC - Series A Pref (Healthcare)<sup>(b),(d)</sup> | 03/26/2019 | <sup>(c)</sup> | 1094360 | 2551953 | 0.0% |
|  SDA Investors Group, LLC - Series AA Pref (Healthcare)<sup>(b),(d)</sup> | 09/18/2023 | <sup>(c)</sup> | 239147 | 328827 | 0.0% |
|  Shamrock ND Holdco, L.P. (Communication Services)<sup>(a),(b)</sup> | 09/10/2024 | <sup>(c)</sup> | 41250737 | 58067550 | 0.9% |
|  Shamrock PN Holdco, L.P. (Industrials)<sup>(a),(b)</sup> | 07/30/2025 | <sup>(c)</sup> | 33749483 | 33753122 | 0.5% |
|  Sherman Opportunity-A LP (Financials)<sup>(a),(b)</sup> | 10/28/2022 | <sup>(c)</sup> | 26633606 | 57901817 | 0.9% |
|  SignalFire Opportunities Fund, L.P. - Series 11 (Financials)<sup>(a),(b)</sup> | 12/10/2021 | <sup>(c)</sup> | 5109869 | 4981679 | 0.1% |
|  SignalFire Opportunities Fund, L.P. - Series 14 (Healthcare)<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 4977228 | 3680991 | 0.1% |
|  SKCP V Sirona Co-Invest, L.P. (Healthcare) (France)<sup>(a),(b)</sup> | 12/16/2021 | <sup>(c)</sup> | 15563176 | 8218022 | 0.1% |
|  STAIRWAY HOLDINGS CO-INVEST, LP (Financials)<sup>(a),(b)</sup> | 09/29/2022 | <sup>(c)</sup> | 25145550 | 37422018 | 0.6% |
|  SYFS Co-INVEST, LLC (Healthcare)<sup>(b)</sup> | 09/01/2017 | <sup>(c)</sup> | 2972962 | 68040 | 0.0% |
|  TCP DJR Co-Invest Feeder, L.P. (Energy)<sup>(b)</sup> | 11/20/2018 | <sup>(c)</sup> | 3535270 | 2099221 | 0.0% |
|  TI VI Project Horizon Co-Invest L.P. (Consumer Staples) (Switzerland)<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 22366950 | 30179539 | 0.5% |
|  TI VI RAVEN INVESTMENT AGGREGATOR, L.P. (Healthcare)<sup>(a),(b)</sup> | 04/11/2025 | <sup>(c)</sup> | 34813052 | 40517193 | 0.6% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Co-Investments (continued)** |  |  |  |  |  |
|  TKC Co-Investment, LLC (Consumer Discretionary)<sup>(b)</sup> | 10/12/2016 | <sup>(c)</sup> | $1551 | $1353300 | 0.0% |
|  TPG Clarinet Co-Invest, LP (Consumer Discretionary) (Australia)<sup>(b)</sup> | 02/26/2019 | <sup>(c)</sup> | 0 | 7921122 | 0.1% |
|  TPG Growth V Amplifier CI, L.P. (Healthcare)<sup>(a),(b)</sup> | 02/10/2022 | <sup>(c)</sup> | 7940027 | 33986995 | 0.5% |
|  TPG Growth V Deacon, L.P. (Information Technology)<sup>(a),(b)</sup> | 11/20/2023 | <sup>(c)</sup> | 22211221 | 26188433 | 0.4% |
|  TPG Growth V Melody CI, Limited Partnership (Communication Services) (Italy)<sup>(a),(b)</sup> | 07/18/2022 | <sup>(c)</sup> | 10554497 | 43937495 | 0.7% |
|  TPG VII Renown Co-Invest I, L.P. (Consumer Staples)<sup>(b)</sup> | 05/09/2018 | <sup>(c)</sup> | 1436623 | 4946 | 0.0% |
|  Trident VII Co-Invest - A LP (Information Technology)<sup>(b)</sup> | 06/28/2018 | <sup>(c)</sup> | 2312991 | 6465980 | 0.1% |
|  TVG-I-E-AEG Holdings (Consumer Discretionary) | 01/27/2017 | <sup>(c)</sup> | 435345 | 1451322 | 0.0% |
|  Verdane P Co-Invest AB (Information Technology) (Norway)<sup>(a),(b)</sup> | 03/30/2022 | <sup>(c)</sup> | 7119016 | 3303319 | 0.1% |
|  Vistria AP Investment LLC (Consumer Discretionary)<sup>(b),(d)</sup> | 12/12/2019 | <sup>(c)</sup> | 1881126 | 6633941 | 0.1% |
|  WP-LH Co-Invest, L.P. (Materials)<sup>(b)</sup> | 06/25/2015 | <sup>(c)</sup> | 197042 | 342682 | 0.0% |
|  **Total Co-Investments** |  |  | **1759439910** | **2355260072** | **36.0%** |
|  **Primary Private Investment Funds** |  |  |  |  |  |
|  Abry Advanced Securities Fund IV, L.P. | 02/19/2019 | <sup>(c)</sup> | 3099486 | 2842208 | 0.0% |
|  Accel Leaders Fund IV, L.P.<sup>(a),(b)</sup> | 06/05/2023 | <sup>(c)</sup> | 13650000 | 16498333 | 0.3% |
|  Accel London VIII, L.P<sup>(a),(b)</sup> | 08/21/2024 | <sup>(c)</sup> | 3450500 | 3216159 | 0.1% |
|  American Industrial Partners Fund VIII<sup>(a)</sup> | 04/30/2024 | <sup>(c)</sup> | 14386855 | 16538707 | 0.3% |
|  Banneker Partners III, L.P.<sup>(a),(b)</sup> | 12/19/2025 | <sup>(c)</sup> | 3203670 | 2757653 | 0.0% |
|  Base10 Advancement Initiative II, L.P.<sup>(a),(b)</sup> | 01/06/2023 | <sup>(c)</sup> | 9748516 | 9569501 | 0.2% |
|  Battery Ventures Select Fund II, L.P.<sup>(a),(b)</sup> | 03/09/2022 | <sup>(c)</sup> | 3848860 | 4571339 | 0.1% |
|  Battery Ventures XIV, L.P.<sup>(a),(b)</sup> | 07/20/2022 | <sup>(c)</sup> | 8781172 | 9167524 | 0.1% |
|  BC European Capital XI (United Kingdom)<sup>(a),(b)</sup> | 02/25/2022 | <sup>(c)</sup> | 18786280 | 22445747 | 0.3% |
|  BroadRiver III, L.P.<sup>(b)</sup> | 03/27/2018 | <sup>(c)</sup> | 2569044 | 2398840 | 0.0% |
|  Canaan XIII<sup>(a),(b)</sup> | 08/28/2024 | <sup>(c)</sup> | 3400000 | 3216230 | 0.1% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Primary Private Investment Funds (continued)** |  |  |  |  |  |
|  Craft Ventures Growth II, L.P.<sup>(a),(b)</sup> | 05/31/2023 | <sup>(c)</sup> | $6532026 | $8423194 | 0.1% |
|  Entrepreneurial Equity Partners Fund II, L.P.<sup>(a)</sup> | 06/26/2024 | <sup>(c)</sup> | 12491698 | 21541763 | 0.3% |
|  Five Arrows Growth Partners II SCSp (Luxembourg)<sup>(a),(b)</sup> | 09/22/2025 | <sup>(c)</sup> | 5526004 | 4608304 | 0.1% |
|  Five Arrows Principal Investments IV SCSp SICAV-RAIF (United Kingdom)<sup>(a),(b)</sup> | 06/17/2022 | <sup>(c)</sup> | 19823788 | 18944769 | 0.3% |
|  Forbion Capital Fund VI (Netherlands)<sup>(a),(b)</sup> | 03/01/2023 | <sup>(c)</sup> | 4370999 | 6003005 | 0.1% |
|  Fremman 2 MM SCSP (Healthcare) (Luxembourg)<sup>(a),(b)</sup> | 08/01/2025 | <sup>(c)</sup> | 14156349 | 13191527 | 0.2% |
|  GSO Capital Opportunities Fund III, L.P. | 09/22/2016 | <sup>(c)</sup> | 486933 | 231302 | 0.0% |
|  H&F Arrow 2, L.P.<sup>(b)</sup> | 08/28/2020 | <sup>(c)</sup> | 138913 | 352918 | 0.0% |
|  H.I.G. Advantage Buyout Fund II L.P.<sup>(a)</sup> | 05/06/2024 | <sup>(c)</sup> | 5934907 | 6868209 | 0.1% |
|  Hg Saturn 4 A L.P. (United Kingdom)<sup>(a),(b)</sup> | 12/18/2025 | <sup>(c)</sup> | 90825 | 272361 | 0.0% |
|  HGGC Fund IV-A, L.P.<sup>(a),(b)</sup> | 12/03/2021 | <sup>(c)</sup> | 17726528 | 22772988 | 0.4% |
|  HIG Middle Market LBO Fund IV, L.P.<sup>(a)</sup> | 05/11/2023 | <sup>(c)</sup> | 7495763 | 6328156 | 0.1% |
|  HX ONE L.P.<sup>(a),(b)</sup> | 06/20/2025 | <sup>(c)</sup> | 12929294 | 12493213 | 0.2% |
|  IK Partnership III Fund No.1 SCSp (United Kingdom)<sup>(a),(b)</sup> | 11/19/2025 | <sup>(c)</sup> | 5785445 | 5821480 | 0.1% |
|  IK X Fund No.1 SCSp (Luxembourg)<sup>(a),(b)</sup> | 02/13/2025 | <sup>(c)</sup> | 6350228 | 6055594 | 0.1% |
|  Incline Aviation Fund II<sup>(d)</sup> | 05/07/2021 | <sup>(c)</sup> | 7616204 | 9414320 | 0.2% |
|  Incline Aviation I<sup>(d)</sup> | 03/09/2017 | <sup>(c)</sup> | 795220 | 791150 | 0.0% |
|  Knox Lane Capital Fund II, L.P.<sup>(a),(b)</sup> | 01/08/2024 | <sup>(c)</sup> | 9867469 | 9728513 | 0.2% |
|  Leeds Equity Partners VIII-A, L.P.<sup>(a),(b)</sup> | 12/19/2025 | <sup>(c)</sup> | 8891217 | 6114613 | 0.1% |
|  Main Post Growth Capital III (Parallel), L.P.<sup>(a),(b)</sup> | 10/25/2023 | <sup>(c)</sup> | 6578316 | 5868407 | 0.1% |
|  NEA 18 Venture Growth Equity, L.P.<sup>(a),(b)</sup> | 02/08/2023 | <sup>(c)</sup> | 10709945 | 13278062 | 0.2% |
|  New Enterprise Associates 18, L.P.<sup>(a),(b)</sup> | 02/08/2023 | <sup>(c)</sup> | 4607779 | 9024244 | 0.1% |
|  Nexus Special Situations IV, L.P.<sup>(a),(b)</sup> | 04/30/2024 | <sup>(c)</sup> | 5665648 | 5923820 | 0.1% |
|  Norvestor IX SCSp (Norway)<sup>(a)</sup> | 04/20/2023 | <sup>(c)</sup> | 8571907 | 12704826 | 0.2% |
|  PSC V (A), LP (United Kingdom)<sup>(a),(b)</sup> | 02/19/2025 | <sup>(c)</sup> | 12834667 | 14740844 | 0.2% |
|  PSG Encore-A L.P.<sup>(a)</sup> | 03/23/2022 | <sup>(c)</sup> | 21357086 | 21798219 | 0.3% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Primary Private Investment Funds (continued)** |  |  |  |  |  |
|  PX3 Partners Fund I LP (United Kingdom)<sup>(a)</sup> | 06/10/2025 | <sup>(c)</sup> | $11204858 | $12570810 | 0.2% |
|  RedBird Capital Partners Fund IV, L.P.<sup>(a)</sup> | 01/29/2024 | <sup>(c)</sup> | 26224449 | 28612986 | 0.4% |
|  Redpoint Ventures IX, L.P.<sup>(a),(b)</sup> | 10/03/2022 | <sup>(c)</sup> | 4859716 | 6384884 | 0.1% |
|  SignalFire Breakout Fund III, L.P.<sup>(a),(b)</sup> | 01/31/2022 | <sup>(c)</sup> | 8648661 | 11004163 | 0.2% |
|  SignalFire Fund IV, L.P.<sup>(a),(b)</sup> | 01/31/2022 | <sup>(c)</sup> | 4469073 | 4623164 | 0.1% |
|  SignalFire VSS I, L.P.<sup>(a),(b)</sup> | 01/31/2022 | <sup>(c)</sup> | 4875000 | 6726086 | 0.1% |
|  SK Capital Partners VI<sup>(a)</sup> | 09/22/2023 | <sup>(c)</sup> | 4618796 | 7071499 | 0.1% |
|  Towerbrook Investors VI (OS), L.P.<sup>(a)</sup> | 07/24/2024 | <sup>(c)</sup> | 13247971 | 15127618 | 0.2% |
|  TPG Growth V, L.P.<sup>(a),(b)</sup> | 09/17/2021 | <sup>(c)</sup> | 20292150 | 28299286 | 0.4% |
|  TPG Growth VI, L.P.<sup>(a)</sup> | 08/07/2025 | <sup>(c)</sup> | 18878816 | 19302407 | 0.3% |
|  Triton Fund 6 SCSP (Luxembourg)<sup>(a),(b)</sup> | 12/18/2025 | <sup>(c)</sup> | 806905 | 726428 | 0.0% |
|  Valeas Capital Partners Fund II-A LP<sup>(a),(b)</sup> | 12/08/2025 | <sup>(c)</sup> | 2783849 | 2489862 | 0.0% |
|  Valeas Capital Partners I-A LP<sup>(a),(b)</sup> | 02/27/2023 | <sup>(c)</sup> | 11819183 | 22463223 | 0.3% |
|  **Total Primary Private Investment Funds** |  |  | **434988968** | **501920458** | **7.7%** |
|  **Secondary Private Investment Funds** |  |  |  |  |  |
|  3i Venice SCSp (United Kingdom) | 01/15/2020 | <sup>(c)</sup> | 4441466 | 23995695 | 0.4% |
|  7RIDGE Investments 7 Limited Partnership (United Kingdom)<sup>(a),(b)</sup> | 11/03/2025 | <sup>(c)</sup> | 48494681 | 48804575 | 0.7% |
|  A&M Capital Europe, SCSp (Spain)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 10185449 | 15095467 | 0.2% |
|  A9 EUR (Feeder) L.P. (France)<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 4531037 | 3811662 | 0.1% |
|  Abry Advanced Securities Fund III, L.P.<sup>(b)</sup> | 03/31/2021 | <sup>(c)</sup> | 1344489 | 11303 | 0.0% |
|  ABRY Heritage Partners, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 154345 | 235978 | 0.0% |
|  ABRY Partners IX, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 1452455 | 2095017 | 0.0% |
|  ABRY Partners VII, L.P.<sup>(b),(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 295649 | 147771 | 0.0% |
|  ABRY Partners VIII, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 543825 | 215757 | 0.0% |
|  ABRY Senior Equity IV, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 183482 | 124019 | 0.0% |
|  ABRY Senior Equity V, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 852344 | 1419348 | 0.0% |
|  ACON Equity Partners 3.5, L.P.<sup>(b),(e)</sup> | 01/12/2022 | <sup>(c)</sup> | 1406134 | 1623275 | 0.0% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  ACON Equity Partners IV, L.P.<sup>(b),(e)</sup> | 01/04/2022 | <sup>(c)</sup> | $3858611 | $3982900 | 0.1% |
|  ACP Investment Fund II, L.P.<sup>(e)</sup> | 06/30/2023 | <sup>(c)</sup> | 11307974 | 5225207 | 0.1% |
|  Advent International GPE IX-C Limited Partnership<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 14330514 | 16475883 | 0.3% |
|  Advent International GPE VIII-B-3 Limited Partnership<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 6342511 | 5771729 | 0.1% |
|  Alpine Investors Apex CV-A, LP<sup>(a),(b)</sup> | 10/20/2023 | <sup>(c)</sup> | 54463071 | 86879806 | 1.3% |
|  Alpine Investors TEAM CV Feeder, LLC<sup>(b)</sup> | 12/17/2020 | <sup>(c)</sup> | 3845214 | 10211431 | 0.2% |
|  Altamont Capital Partners III, L.P.<sup>(e)</sup> | 06/30/2023 | <sup>(c)</sup> | 64787449 | 62854738 | 1.0% |
|  Altor Fund II (No. 2) Limited Partnership (Denmark)<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 430823 | 179646 | 0.0% |
|  Altor Fund III (No. 2) Limited Partnership (Sweden)<sup>(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 917544 | 336551 | 0.0% |
|  Altor Fund III (No. 2) Limited Partnership (Sweden)<sup>(a)</sup> | 03/31/2024 | <sup>(c)</sup> | 1159905 | 851047 | 0.0% |
|  Altor Fund IV (No. 1) AB (Sweden)<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 3114298 | 2391306 | 0.0% |
|  Altor Fund IV (No. 2) AB (Sweden)<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 5109165 | 5543870 | 0.1% |
|  Altor Fund IV (No.1) AB (Sweden)<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 15549753 | 15305556 | 0.2% |
|  Altor Fund V (No. 1) AB (Sweden)<sup>(a)</sup> | 04/08/2022 | <sup>(c)</sup> | 6839036 | 7706386 | 0.1% |
|  Altor Fund V (No. 2) AB (Sweden)<sup>(a)</sup> | 03/31/2024 | <sup>(c)</sup> | 15400395 | 18382201 | 0.3% |
|  Altor Fund V (No.2) AB (Sweden)<sup>(a)</sup> | 06/30/2025 | <sup>(c)</sup> | 31400461 | 35828530 | 0.5% |
|  Antin Infrastructure Partners III-B SCSp (Spain)<sup>(b)</sup> | 11/04/2020 | <sup>(c)</sup> | 3182475 | 4186105 | 0.1% |
|  Apax France VIII-A FCPR (France)<sup>(b)</sup> | 01/22/2019 | <sup>(c)</sup> | 624025 | 20371 | 0.0% |
|  Apollo Overseas Partners IX, L.P.<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 7211399 | 8390329 | 0.1% |
|  Archer Capital GF Trust 2B (Australia)<sup>(b)</sup> | 03/04/2020 | <sup>(c)</sup> | 735823 | 342548 | 0.0% |
|  Archer Capital Trust 5B (Australia)<sup>(b)</sup> | 03/04/2020 | <sup>(c)</sup> | 714307 | 83722 | 0.0% |
|  Ares Corporate Opportunities Fund IV, L.P. | 04/13/2017 | <sup>(c)</sup> | 1178671 | 270139 | 0.0% |
|  Astorg CF II (GP) (Netherlands)<sup>(a),(b)</sup> | 09/24/2024 | <sup>(c)</sup> | 18059100 | 26284560 | 0.4% |
|  August Equity Partners IV Executives Partnership LP (United<br>Kingdom)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 6459753 | 3247034 | 0.1% |
|  Aztiq Fund I SCSp<sup>(b)</sup> | 05/13/2019 | <sup>(c)</sup> | 3293496 | 5033352 | 0.1% |
|  Bain Capital Fund XII, L.P.<sup>(a),(b)</sup> | 06/30/2024 | <sup>(c)</sup> | 10871633 | 10500457 | 0.2% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  Balderton Capital V, L.P. (United Kingdom)<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | $9892067 | $8436043 | 0.1% |
|  Banc Fund IX L.P.<sup>(b)</sup> | 01/19/2016 | <sup>(c)</sup> | 593 | 9758 | 0.0% |
|  Base10 Partners I, L.P.<sup>(a),(b)</sup> | 08/03/2022 | <sup>(c)</sup> | 4844530 | 5026144 | 0.1% |
|  BC European Capital X-3 LP (United Kingdom)<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 5689388 | 5632942 | 0.1% |
|  BE VI 'D' LP (United Kingdom)<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 10101948 | 10442310 | 0.2% |
|  Berkshire Fund IX Coinvestment Fund L.P.<sup>(b),(e)</sup> | 04/08/2022 | <sup>(c)</sup> | 3024340 | 3725922 | 0.1% |
|  Berkshire Fund IX, L.P.<sup>(e)</sup> | 09/03/2021 | <sup>(c)</sup> | 6165375 | 7230300 | 0.1% |
|  Berkshire Fund VI, Limited Partnership<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 789053 | 195153 | 0.0% |
|  Berkshire Fund VII, L.P.<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 172259 | 63127 | 0.0% |
|  Berkshire Fund VIII L.P.<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 1648343 | 400383 | 0.0% |
|  Berkshire Fund X-A, L.P.<sup>(a)</sup> | 11/16/2021 | <sup>(c)</sup> | 2361619 | 2648618 | 0.0% |
|  Blackstone Capital Partners VI L.P.<sup>(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 231539 | 125138 | 0.0% |
|  Blackstone Capital Partners VIII L.P.<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 19738851 | 27739823 | 0.4% |
|  Blackstone Energy Partners II L.P.<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 5369187 | 5892743 | 0.1% |
|  Boom Co-Invest B, L.P.<sup>(a),(b)</sup> | 01/02/2024 | <sup>(c)</sup> | 3154691 | 5073627 | 0.1% |
|  BPE 3 Unternehmensbeteiligungen GmbH & Co. KG (Germany)<sup>(a),(b)</sup> | 11/22/2024 | <sup>(c)</sup> | 1983010 | 1509755 | 0.0% |
|  Brentwood Associates Opportunities Fund II-A, L.P.<sup>(a),(b)</sup> | 07/18/2025 | <sup>(c)</sup> | 41382292 | 54935650 | 0.8% |
|  Brentwood Associates Private Equity V, L.P.<sup>(b),(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 13870460 | 16709198 | 0.3% |
|  Bridgepoint Europe IV 'A' LP (United Kingdom)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 30319 | 73340 | 0.0% |
|  Bridgepoint Europe V A1 LP<sup>(a),(b)</sup> | 09/30/2025 | <sup>(c)</sup> | 2699583 | 3682045 | 0.1% |
|  Calera Capital Partners V L.P. | 04/25/2016 | <sup>(c)</sup> | 55929 | 60475 | 0.0% |
|  CapVest Strategic Opportunities 2 SCSp (United Kingdom)<sup>(b)</sup> | 12/01/2020 | <sup>(c)</sup> | 3678722 | 9957477 | 0.2% |
|  Carlyle Global Infrastructure Opportunity Fund, L.P.<sup>(e)</sup> | 04/21/2022 | <sup>(c)</sup> | 10881176 | 16745047 | 0.3% |
|  Carlyle Renewable and Sustainable Energy Fund II, S.C.Sp.<sup>(a),(b)</sup> | 11/29/2022 | <sup>(c)</sup> | 935090 | 1291137 | 0.0% |
|  CB Offshore Equity Fund IX, Limited Partnership<sup>(a)</sup> | 12/31/2024 | <sup>(c)</sup> | 10554354 | 10008457 | 0.2% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  CB Offshore Equity Fund X, Limited Partnership<sup>(a)</sup> | 12/31/2024 | <sup>(c)</sup> | $7084137 | $7006322 | 0.1% |
|  CB Offshore Equity Overage Fund X, Limited Partnership<sup>(a)</sup> | 12/31/2024 | <sup>(c)</sup> | 6500784 | 5705396 | 0.1% |
|  CBPE Capital Fund IX B, L.P. (United Kingdom) | 12/31/2020 | <sup>(c)</sup> | 2525274 | 3099854 | 0.0% |
|  CD&R Value Building Partners I, L.P.<sup>(a)</sup> | 12/17/2021 | <sup>(c)</sup> | 33794662 | 47468420 | 0.7% |
|  Centerbridge Falcon Acquisition Fund, L.P. (Canada)<sup>(a),(b)</sup> | 08/21/2025 | <sup>(c)</sup> | 24159554 | 23267564 | 0.4% |
|  CenterGate Capital Partners I, L.P.<sup>(a)</sup> | 10/02/2024 | <sup>(c)</sup> | 939576 | 1091389 | 0.0% |
|  Charlesbank Equity Fund IX Overage Program<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 485243 | 747012 | 0.0% |
|  Charlesbank Equity Fund IX, Limited Partnership<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 2218206 | 2508608 | 0.0% |
|  Charlesbank Equity Fund VII, Limited Partnership<sup>(b),(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 9345 | 521 | 0.0% |
|  Charlesbank Equity Fund VIII, Limited Partnership<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 1134895 | 1097012 | 0.0% |
|  CIVC SIB CF, L.P. (Canada)<sup>(a),(b)</sup> | 05/03/2023 | <sup>(c)</sup> | 28878913 | 41523545 | 0.6% |
|  Clearlake Capital Partners VII (Offshore), LP<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 4421650 | 5178959 | 0.1% |
|  Clearview Capital Fund III, L.P.<sup>(a)</sup> | 05/31/2023 | <sup>(c)</sup> | 1237671 | 1793660 | 0.0% |
|  Clearview Capital Fund IV, L.P.<sup>(a)</sup> | 05/31/2023 | <sup>(c)</sup> | 7209012 | 7183651 | 0.1% |
|  Clearview Capital Fund V, L.P.<sup>(a)</sup> | 05/19/2023 | <sup>(c)</sup> | 855666 | 745969 | 0.0% |
|  Clearview Capital Mezzanine Fund I, L.P.<sup>(a)</sup> | 05/16/2023 | <sup>(c)</sup> | 461415 | 472587 | 0.0% |
|  DevCo Partners I Ky (Finland)<sup>(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 25630682 | 29401602 | 0.5% |
|  Diablo Investment Fund, L.P.<sup>(e)</sup> | 08/09/2024 | <sup>(c)</sup> | 578659 | 723911 | 0.0% |
|  Digital Colony Partners, L.P. (Luxembourg)<sup>(a),(b)</sup> | 01/31/2024 | <sup>(c)</sup> | 60562085 | 69087904 | 1.1% |
|  DPE Continuation Fund I geschlossene Spezial-Investment GmbH & Co. KG (Germany)<sup>(a),(b)</sup> | 10/12/2022 | <sup>(c)</sup> | 38391975 | 55946068 | 0.9% |
|  DW Healthcare Partners III, L.P.<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 76925 | 120561 | 0.0% |
|  DW Healthcare Partners IV, L.P.<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 1240819 | 1474153 | 0.0% |
|  DW Healthcare Partners MLG CV, L.P.<sup>(a),(b)</sup> | 11/25/2024 | <sup>(c)</sup> | 792484 | 1162130 | 0.0% |
|  DW Healthcare Partners Small Cap, L.P.<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 399026 | 1039283 | 0.0% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  DW Healthcare Partners V, L.P.<sup>(a)</sup> | 10/01/2024 | <sup>(c)</sup> | $3578079 | $6357896 | 0.1% |
|  ECP Calpine Continuation Fund, LP<sup>(a),(b)</sup> | 07/05/2022 | <sup>(c)</sup> | 27715985 | 75882245 | 1.2% |
|  EQT IX (No.2) EUR SCSP (Sweden)<sup>(a)</sup> | 12/29/2023 | <sup>(c)</sup> | 27452309 | 33100862 | 0.5% |
|  EQT VII (No.1) LP (Denmark)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 8712543 | 6583875 | 0.1% |
|  EQT VIII (No.1) SCSP<sup>(a)</sup> | 12/29/2023 | <sup>(c)</sup> | 14489760 | 15026232 | 0.2% |
|  Equistone Partners Europe Fund VI "A" SCSp (France)<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 3642079 | 3844471 | 0.1% |
|  Equistone Partners Europe Fund VI "B" SCSp (Luxembourg)<sup>(a)</sup> | 12/31/2024 | <sup>(c)</sup> | 12121724 | 18432537 | 0.3% |
|  Ergon svt Long Term Value Fund SCSp (Germany)<sup>(b)</sup> | 02/24/2021 | <sup>(c)</sup> | 4790709 | 7046315 | 0.1% |
|  Flexpoint Fund IV-B, L.P.<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 11784281 | 14334047 | 0.2% |
|  Flexpoint Overage Fund IV-B, L.P.<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 3673390 | 3642191 | 0.1% |
|  Francisco Partners Agility A, L.P.<sup>(a)</sup> | 06/30/2025 | <sup>(c)</sup> | 7817759 | 6688262 | 0.1% |
|  Francisco Partners III, L.P.<sup>(b)</sup> | 01/05/2015 | <sup>(c)</sup> | 87113 | 52070 | 0.0% |
|  Francisco Partners IV-A, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 6959482 | 6136819 | 0.1% |
|  Francisco Partners V-A, L.P.<sup>(a)</sup> | 06/30/2025 | <sup>(c)</sup> | 13269803 | 14397866 | 0.2% |
|  Francisco Partners VI-B, L.P.<sup>(a),(b)</sup> | 01/02/2024 | <sup>(c)</sup> | 6951625 | 10042387 | 0.2% |
|  FSN Capital VI L.P. (Denmark)<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 12910033 | 14586037 | 0.2% |
|  Fund IX Offshore Overage Program II<sup>(a)</sup> | 12/31/2024 | <sup>(c)</sup> | 6760305 | 6355923 | 0.1% |
|  General Catalyst Group VI, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 19715300 | 28434516 | 0.4% |
|  General Catalyst Group VIII Supplemental, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 1919554 | 2188024 | 0.0% |
|  General Catalyst Group VIII, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 18058527 | 21665332 | 0.3% |
|  Genstar Capital Partners X L.P.<sup>(a)</sup> | 12/29/2023 | <sup>(c)</sup> | 3748226 | 4275621 | 0.1% |
|  GENUI II GmbH & Co. geschl. InvKG (Germany)<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 6096785 | 4773864 | 0.1% |
|  GHO Capital Vanquish LP (United Kingdom)<sup>(a),(b)</sup> | 05/22/2023 | <sup>(c)</sup> | 40249356 | 34384877 | 0.5% |
|  GIP Aquarius Fund, SCSp (Brazil)<sup>(a),(b)</sup> | 10/19/2021 | <sup>(c)</sup> | 11349381 | 15433956 | 0.2% |
|  GLOBAL INFRASTRUCTURE PARTNERS II-C, L.P. (United<br>Kingdom)<sup>(a)</sup> | 12/30/2022 | <sup>(c)</sup> | 4469307 | 1866314 | 0.0% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  GLOBAL INFRASTRUCTURE PARTNERS III-C, L.P.<sup>(a)</sup> | 12/30/2022 | <sup>(c)</sup> | $1210193 | $1291929 | 0.0% |
|  Graham Partners OptConnect Continuation Fund Parallel, L.P<sup>(a),(b)</sup> | 12/20/2022 | <sup>(c)</sup> | 31618200 | 45153469 | 0.7% |
|  Great Hill Equity Partners V, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 4762357 | 4924145 | 0.1% |
|  Great Hill Equity Partners VI, L.P.<sup>(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 13812526 | 13058328 | 0.2% |
|  Great Hill Equity Partners VII, L.P.<sup>(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 13254964 | 12998943 | 0.2% |
|  Greenbriar Equity Fund III, L.P.<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 1292460 | 634336 | 0.0% |
|  Gryphon Partners VI-A, L.P.<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 10380454 | 12850942 | 0.2% |
|  GSP 2.0, L.P.<sup>(e)</sup> | 09/30/2024 | <sup>(c)</sup> | 2475946 | 3715020 | 0.1% |
|  GSP 3.0 Fund, L.P.<sup>(b),(e)</sup> | 09/30/2024 | <sup>(c)</sup> | 4162909 | 4832769 | 0.1% |
|  Hellman & Friedman Capital Partners VII, L.P. | 10/01/2019 | <sup>(c)</sup> | 794730 | 41697 | 0.0% |
|  Hellman & Friedman Capital Partners X (Parallel), L.P.<sup>(a)</sup> | 09/27/2024 | <sup>(c)</sup> | 37529903 | 38788786 | 0.6% |
|  Hg Saturn 2 B LP (United Kingdom)<sup>(a),(b)</sup> | 01/02/2024 | <sup>(c)</sup> | 5105644 | 7132272 | 0.1% |
|  Hosen FCV I, L.P. (Australia)<sup>(a),(b)</sup> | 04/13/2022 | <sup>(c)</sup> | 23039243 | 37053764 | 0.6% |
|  Housatonic Equity Investors V, L.P.<sup>(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 1247320 | 1750584 | 0.0% |
|  Housatonic Equity Investors VI, L.P.<sup>(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 7696802 | 10354851 | 0.2% |
|  Icon Partners IV, L.P.<sup>(b)</sup> | 05/24/2021 | <sup>(c)</sup> | 16369528 | 19471235 | 0.3% |
|  Idinvest Growth Secondary SLP (France)<sup>(b)</sup> | 05/21/2020 | <sup>(c)</sup> | 1736921 | 3399371 | 0.1% |
|  IK SC Strategic Opportunities I SCSp (Netherlands)<sup>(a),(b)</sup> | 04/18/2024 | <sup>(c)</sup> | 17299440 | 23408656 | 0.4% |
|  IK Small Cap II Fund No. 2 SCSp (Luxembourg)<sup>(a),(b)</sup> | 09/30/2025 | <sup>(c)</sup> | 1401757 | 1393889 | 0.0% |
|  IK VIII No. 3 LP (United Kingdom)<sup>(a),(b)</sup> | 09/30/2025 | <sup>(c)</sup> | 3749759 | 3802040 | 0.1% |
|  Industrial Opportunity Partners II, L.P.<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 92684 | 260045 | 0.0% |
|  Industrial Opportunity Partners III, L.P.<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 6790949 | 8287743 | 0.1% |
|  Industrial Opportunity Partners IV, L.P.<sup>(a),(b)</sup> | 05/06/2022 | <sup>(c)</sup> | 2217903 | 2409466 | 0.0% |
|  Insight Partners Fund XI Follow-On Fund, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 1656941 | 2282612 | 0.0% |
|  Insight Partners XII Buyout Annex Fund, L.P.<sup>(b),(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 3019458 | 3597881 | 0.1% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  Insight Partners XII, L.P.<sup>(b),(e)</sup> | 06/30/2025 | <sup>(c)</sup> | $14341000 | $18111973 | 0.3% |
|  Insight Venture Partners Coinvestment Fund II, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 3131547 | 3788864 | 0.1% |
|  Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.<sup>(e)</sup> | 03/31/2023 | <sup>(c)</sup> | 19947827 | 11612327 | 0.2% |
|  Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.<sup>(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 3225499 | 2221436 | 0.0% |
|  Insight Venture Partners IX, L.P. | 01/02/2020 | <sup>(c)</sup> | 3875368 | 4151999 | 0.1% |
|  Insight Venture Partners IX, L.P.<sup>(e)</sup> | 03/31/2023 | <sup>(c)</sup> | 20367588 | 21993298 | 0.3% |
|  Insight Venture Partners IX, L.P.<sup>(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 12816490 | 12621941 | 0.2% |
|  Insight Venture Partners VII, L.P.<sup>(a),(b)</sup> | 06/30/2025 | <sup>(c)</sup> | 1185268 | 1375918 | 0.0% |
|  Insight Venture Partners VIII, L.P.<sup>(b),(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 5015121 | 6238585 | 0.1% |
|  Insight Venture Partners X, L.P.<sup>(b),(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 17735184 | 20487225 | 0.3% |
|  Insight Venture Partners X, L.P.<sup>(a)</sup> | 03/31/2023 | <sup>(c)</sup> | 23957699 | 35997449 | 0.6% |
|  Insight Venture Partners XI, L.P.<sup>(e)</sup> | 06/30/2025 | <sup>(c)</sup> | 31520485 | 36351376 | 0.6% |
|  Insight Venture Partners XI, L.P.<sup>(e)</sup> | 03/31/2023 | <sup>(c)</sup> | 18188769 | 29559144 | 0.5% |
|  Insight Ventures Partners (Cayman) X, L.P.<sup>(a),(b)</sup> | 01/04/2022 | <sup>(c)</sup> | 14288828 | 11423320 | 0.2% |
|  JLL PARTNERS FUND VII SECONDARY (A-SQ), L.P.<sup>(a),(b)</sup> | 04/30/2025 | <sup>(c)</sup> | 10112764 | 9838725 | 0.2% |
|  JLL Partners Fund VII, L.P.<sup>(a)</sup> | 10/01/2024 | <sup>(c)</sup> | 22372710 | 8045676 | 0.1% |
|  JLL Partners Fund VIII Secondary (SV), L.P.<sup>(a),(b)</sup> | 02/26/2025 | <sup>(c)</sup> | 45066240 | 53493600 | 0.8% |
|  John Hancock Infra Fund I, L.P.<sup>(a)</sup> | 01/31/2024 | <sup>(c)</sup> | 25753087 | 35196958 | 0.5% |
|  K4 Private Investors, L.P.<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 5576521 | 7342788 | 0.1% |
|  Kedaara Capital Fund II LLP (India)<sup>(a),(b)</sup> | 09/19/2025 | <sup>(c)</sup> | 22056883 | 22835372 | 0.4% |
|  KKR Americas Fund XII L.P.<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 10990637 | 12859340 | 0.2% |
|  KKR Mezzanine Partners I L.P.<sup>(a),(b)</sup> | 04/07/2022 | <sup>(c)</sup> | 100499 | 83661 | 0.0% |
|  L Catterton Asia 3 LP (People's Republic of China)<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 8359282 | 7540624 | 0.1% |
|  LEP Opportunities I, L.P. | 06/30/2021 | <sup>(c)</sup> | 13126062 | 15312247 | 0.2% |
|  Linden Opportunities Fund, L.P.<sup>(a),(b)</sup> | 09/01/2022 | <sup>(c)</sup> | 25523366 | 30623603 | 0.5% |
|  Lindsay Goldberg - Attain, L.P.<sup>(a),(b)</sup> | 12/02/2024 | <sup>(c)</sup> | 35559100 | 45657164 | 0.7% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  LORIENT PEREGRINE INVESTMENT, LP<sup>(a),(b)</sup> | 11/25/2022 | <sup>(c)</sup> | $20151943 | $19977820 | 0.3% |
|  Madison Dearborn Capital Partners VII-C, L.P.<sup>(a)</sup> | 01/01/2025 | <sup>(c)</sup> | 5905072 | 5871695 | 0.1% |
|  Marwyn Value Investors II L.P. (Spain)<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 725063 | 1852239 | 0.0% |
|  MC Private Equity Partners I-A LP<sup>(e)</sup> | 03/31/2021 | <sup>(c)</sup> | 3569239 | 2383098 | 0.0% |
|  Medicxi Secondary I, L.P. (United Kingdom)<sup>(b)</sup> | 09/21/2020 | <sup>(c)</sup> | 4328622 | 10979096 | 0.2% |
|  MIC Capital Partners III Parallel (Cayman) LP | 04/14/2021 | <sup>(c)</sup> | 4025672 | 4275711 | 0.1% |
|  MVI II Co-Invest LP (Spain)<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 288602 | 619602 | 0.0% |
|  Nordic Capital CF1 Alpha, L.P. (Norway)<sup>(b)</sup> | 03/11/2022 | <sup>(c)</sup> | 21645643 | 24359429 | 0.4% |
|  North Haven Capital Partners CV-A LP<sup>(a),(b)</sup> | 11/15/2021 | <sup>(c)</sup> | 10700185 | 20225350 | 0.3% |
|  North Haven Capital Partners W50 CV LP<sup>(a),(b)</sup> | 03/21/2024 | <sup>(c)</sup> | 61740000 | 72424304 | 1.1% |
|  Oakley Capital Guinness B1 SCSp (Germany)<sup>(a),(b)</sup> | 06/09/2023 | <sup>(c)</sup> | 39862904 | 65062592 | 1.0% |
|  Oaktree Special Situations Fund, L.P.<sup>(b),(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 979687 | 973561 | 0.0% |
|  One Equity Partners VI, L.P.<sup>(a),(b)</sup> | 04/08/2022 | <sup>(c)</sup> | 901844 | 1305095 | 0.0% |
|  PAI Europe VII-1 S.L.P. & PAI Europe VII-1 SCSp (France)<sup>(a),(b)</sup> | 09/30/2025 | <sup>(c)</sup> | 8845627 | 8929018 | 0.1% |
|  PAI Strategic Partnerships SCSp (United Kingdom) | 12/10/2019 | <sup>(c)</sup> | 696423 | 807378 | 0.0% |
|  Pegasus Partners V, L.P.<sup>(a),(b)</sup> | 10/01/2024 | <sup>(c)</sup> | 2831004 | 3401173 | 0.1% |
|  Pegasus WSJLL Fund, L.P.<sup>(a),(b)</sup> | 12/14/2021 | <sup>(c)</sup> | 19416553 | 22404682 | 0.3% |
|  Pennantpark Senior Credit Fund Cayman Levered Feeder, LP | 06/29/2021 | <sup>(c)</sup> | 9653067 | 8964847 | 0.1% |
|  Platinum Equity Imola Co-Investors Holdings, L.P.<sup>(a)</sup> | 03/31/2024 | <sup>(c)</sup> | 2807276 | 2797818 | 0.0% |
|  Portobello Capital Fondo IV, FCR (Spain)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 4422758 | 7958476 | 0.1% |
|  Portobello Fondo III, FCR (Spain)<sup>(a),(b)</sup> | 12/29/2023 | <sup>(c)</sup> | 4139581 | 4953535 | 0.1% |
|  Providence Equity Partners (Docente) S.C.SP. (Luxembourg)<sup>(a),(b)</sup> | 06/25/2025 | <sup>(c)</sup> | 33221622 | 35022755 | 0.5% |
|  Providence Equity Partners VI, L.P.<sup>(b)</sup> | 12/31/2014 | <sup>(c)</sup> | 94585 | 1013 | 0.0% |
|  PSC III G, L.P. (United Kingdom)<sup>(a)</sup> | 04/04/2022 | <sup>(c)</sup> | 5028199 | 4993242 | 0.1% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  QHP Sapphire SPV, L.P.<sup>(a),(b)</sup> | 12/08/2025 | <sup>(c)</sup> | $70460871 | $87038790 | 1.3% |
|  RL Co-investor Aggregator L.P.<sup>(a),(b)</sup> | 05/16/2022 | <sup>(c)</sup> | 12466581 | 9791740 | 0.2% |
|  Roark Capital Partners CF LP<sup>(a)</sup> | 08/26/2022 | <sup>(c)</sup> | 18972793 | 30929187 | 0.5% |
|  Roark Capital Partners III LP<sup>(a)</sup> | 04/26/2024 | <sup>(c)</sup> | 11315652 | 12434222 | 0.2% |
|  Roark Capital Partners IV LP<sup>(e)</sup> | 04/26/2024 | <sup>(c)</sup> | 15959009 | 20410844 | 0.3% |
|  RREF I SPV, L.P.<sup>(a)</sup> | 05/13/2022 | <sup>(c)</sup> | 2388123 | 5817732 | 0.1% |
|  Samson Brunello 2, L.P. | 02/19/2021 | <sup>(c)</sup> | 96157 | 262528 | 0.0% |
|  Samson Hockey 2, L.P.<sup>(b)</sup> | 12/23/2020 | <sup>(c)</sup> | 100541 | 227804 | 0.0% |
|  Samson Shield 2, L.P. | 12/23/2020 | <sup>(c)</sup> | 446045 | 482127 | 0.0% |
|  SGP II CF Feeder, L.P.<sup>(a),(b)</sup> | 08/12/2022 | <sup>(c)</sup> | 22227356 | 33651066 | 0.5% |
|  Silver Lake Partners V, L.P.<sup>(a)</sup> | 01/04/2022 | <sup>(c)</sup> | 15049460 | 10929613 | 0.2% |
|  Silver Lake Partners V, L.P.<sup>(a)</sup> | 09/30/2024 | <sup>(c)</sup> | 7906414 | 9006027 | 0.1% |
|  Silver Oak Services Fund IV, L.P.<sup>(e)</sup> | 04/07/2022 | <sup>(c)</sup> | 5988990 | 6873490 | 0.1% |
|  Siris Partners II, L.P.<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 434638 | 2757 | 0.0% |
|  Siris Partners III, L.P.<sup>(a),(b)</sup> | 04/07/2022 | <sup>(c)</sup> | 5927214 | 2033036 | 0.0% |
|  Siris Partners III, L.P.<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 2187694 | 762380 | 0.0% |
|  Siris Partners IV, L.P.<sup>(a),(b)</sup> | 04/01/2022 | <sup>(c)</sup> | 3238710 | 2973108 | 0.0% |
|  Soho Square Partnership Capital Feeder Fund I S.C.Sp. (United Kingdom)<sup>(a),(b)</sup> | 09/01/2021 | <sup>(c)</sup> | 4677059 | 9537744 | 0.1% |
|  Solace Capital Special Situations Fund, L.P.<sup>(a),(b)</sup> | 08/06/2021 | <sup>(c)</sup> | 8829195 | 14078915 | 0.2% |
|  Summit Partners Growth Equity Fund IX-A, L.P.<sup>(e)</sup> | 10/01/2024 | <sup>(c)</sup> | 11145274 | 12178520 | 0.2% |
|  Tailwind Capital Partners III (Cayman), L.P.<sup>(a)</sup> | 06/30/2025 | <sup>(c)</sup> | 12419716 | 14370906 | 0.2% |
|  Tene GPL Qnergy Limited Partnership (Israel)<sup>(b)</sup> | 12/09/2025 | <sup>(c)</sup> | 2190240 | 1740630 | 0.0% |
|  The Baring Asia Private Equity Fund V, |  |  |  |  |  |
|  LP (Canada)<sup>(a),(b)</sup> | 12/31/2024 | <sup>(c)</sup> | 1111998 | 701255 | 0.0% |
|  The Huron Fund V, LP<sup>(a),(b)</sup> | 03/31/2024 | <sup>(c)</sup> | 6656358 | 6089248 | 0.1% |
|  The Veritas Capital Fund VIII, L.P.<sup>(a),(b)</sup> | 12/31/2024 | <sup>(c)</sup> | 24340702 | 26800546 | 0.4% |
|  Thomas H. Lee Equity Fund VIII, L.P.<sup>(e)</sup> | 04/01/2022 | <sup>(c)</sup> | 110648 | 97632 | 0.0% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  TiaraMed LP (Romania) | 10/15/2021 | <sup>(c)</sup> | $0 | $135162 | 0.0% |
|  TowerBrook Investors IV (892), L.P.<sup>(a)</sup> | 01/02/2024 | <sup>(c)</sup> | 7399598 | 286715 | 0.0% |
|  TowerBrook Investors V (892), L.P.<sup>(a)</sup> | 12/29/2023 | <sup>(c)</sup> | 10876967 | 14557546 | 0.2% |
|  TPG Asia V, L.P.<sup>(a),(b)</sup> | 01/12/2022 | <sup>(c)</sup> | 360939 | 218320 | 0.0% |
|  TPG Asia VI, L.P.<sup>(a)</sup> | 01/12/2022 | <sup>(c)</sup> | 4140261 | 2248512 | 0.0% |
|  TPG Growth Gator GenPar II, L.P.<sup>(b)</sup> | 12/23/2019 | <sup>(c)</sup> | 2267559 | 3214279 | 0.1% |
|  TPG Partners VI, L.P. | 10/31/2015 | <sup>(c)</sup> | 347230 | 7009 | 0.0% |
|  TPG Partners VI, L.P.<sup>(e)</sup> | 01/12/2022 | <sup>(c)</sup> | 25574 | 56135 | 0.0% |
|  TPG Partners VII, L.P.<sup>(b),(e)</sup> | 01/12/2022 | <sup>(c)</sup> | 2761945 | 855204 | 0.0% |
|  TPG Partners VIII, L.P<sup>(e)</sup> | 01/12/2022 | <sup>(c)</sup> | 5150158 | 5606032 | 0.1% |
|  Trilantic Capital Partners VI Parallel (North America) L.P.<sup>(a)</sup> | 03/31/2024 | <sup>(c)</sup> | 6731447 | 6995886 | 0.1% |
|  Triton Fund 6 SCSP (Luxembourg)<sup>(a),(b)</sup> | 08/29/2025 | <sup>(c)</sup> | 872335 | 1383840 | 0.0% |
|  Triton Fund IV, L.P. (Germany)<sup>(a)</sup> | 03/28/2024 | <sup>(c)</sup> | 9191540 | 21309151 | 0.3% |
|  Triton Fund V, L.P. (Germany)<sup>(a),(b)</sup> | 03/28/2024 | <sup>(c)</sup> | 38786326 | 49801228 | 0.8% |
|  VEPF IV Co-Invest 1A, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 16834791 | 31402602 | 0.5% |
|  VEPF IV Co-Invest 2-A, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 5571554 | 6070341 | 0.1% |
|  VEPF V Co-Invest 1-B, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 3431758 | 106459 | 0.0% |
|  VEPF V Co-Invest 2-B, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 1569252 | 2312828 | 0.0% |
|  Vista Equity Endeavor Fund III, L.P.<sup>(a),(b)</sup> | 08/30/2025 | <sup>(c)</sup> | 3782 | 18283 | 0.0% |
|  Vista Equity Partners Fund III (Parallel), L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 218662 | 20364 | 0.0% |
|  Vista Equity Partners Fund IV (Parallel), L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 19081320 | 26128817 | 0.4% |
|  Vista Equity Partners Fund VI-A, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 7300823 | 6512099 | 0.1% |
|  Vista Equity Partners Fund VI-A, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 1517474 | 2196454 | 0.0% |
|  Vista Equity Partners Fund VII<sup>(a),(b)</sup> | 12/31/2024 | <sup>(c)</sup> | 28174174 | 27875772 | 0.4% |
|  Vista Foundation Fund II-A, L.P.<sup>(a),(b)</sup> | 09/30/2024 | <sup>(c)</sup> | 1106478 | 1383327 | 0.0% |
|  Vista Foundation Fund V-A, L.P.<sup>(a)</sup> | 08/27/2025 | <sup>(c)</sup> | 2305663 | 2538573 | 0.0% |
|  Warburg Pincus Private Equity XII, L.P.<sup>(a)</sup> | 09/30/2021 | <sup>(c)</sup> | 4345613 | 3036117 | 0.0% |

---

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial<br>Acquisition<br>Date** | **Shares** | **Cost** | **Value** | **Percent of<br>Net<br>Assets<sup>(1)</sup>** |
|  **Secondary Private Investment Funds (continued)** |  |  |  |  |  |
|  Warburg Pincus Private Equity XII, L.P.<sup>(b),(e)</sup> | 01/12/2022 | <sup>(c)</sup> | $3460792 | $2582557 | 0.0% |
|  Warburg Pincus XII, L.P.<sup>(b),(e)</sup> | 12/30/2024 | <sup>(c)</sup> | 11046970 | 12814503 | 0.2% |
|  Water Street Orion Fund Parallel, L.P.<sup>(a),(b)</sup> | 10/13/2021 | <sup>(c)</sup> | 18139640 | 22847273 | 0.4% |
|  Webster IV, L.P.<sup>(a)</sup> | 06/30/2025 | <sup>(c)</sup> | 8016314 | 11124877 | 0.2% |
|  West Street Global Infrastructure Partners III, L.P.<sup>(b),(e)</sup> | 04/21/2022 | <sup>(c)</sup> | 9525972 | 9133840 | 0.1% |
|  West Street Infrastructure Partners IV (GSIP)<sup>(e)</sup> | 09/08/2022 | <sup>(c)</sup> | 1448446 | 1795463 | 0.0% |
|  Wynnchurch Capital Partners V, L.P.<sup>(a)</sup> | 12/29/2023 | <sup>(c)</sup> | 5851451 | 7729300 | 0.1% |
|  **Total Secondary Private Investment Funds** |  |  | **2449643785** | **2956588133** | **45.1%** |
|  **Common stock** |  |  |  |  |  |
|  Samsara Inc-CL A<sup>(a)</sup> |  | 32060 | 1405831 | 1136527 | 0.0% |
|  **Short-Term Investments** |  |  |  |  |  |
|  **Other Investment Companies** |  |  |  |  |  |
|  Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.71%<sup>(2)</sup> |  | 750284119 | 750284119 | 750284119 | 11.5% |
|  **Total Investments** |  |  | **5395762613** | **6565189309** | **100.3%** |
|  Other Assets, less Liabilities |  |  |  | (18200101) | (0.3%) |
|  **Net Assets** |  |  |  | $**6546989208** | **100.0%** |

---

(a) Investment is held by AMG Pantheon Lead Fund, LLC (the "Lead Fund"), a wholly-owned subsidiary of
AMG Pantheon Master Fund, LLC (the "Master Fund").

(b) Non-income producing.

(c) Investment does not issue shares.

(d) The investment's value was determined using significant unobservable inputs.

(e) Investment is held by AMG Pantheon Subsidiary Fund, LLC (the "Corporate Subsidiary"), a
wholly-owned subsidiary of the Master Fund.

(1) The percentages of net assets presented within the Consolidated Schedule of Investments are rounded to one
decimal. Therefore, investments shown as 0.0% are less than 0.05% of net assets.

(2) Yield shown represents the December 31, 2025, seven-day average
yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage.

------

AMG Pantheon Fund, LLC

Schedule of Investments (continued)

The country allocation in the Consolidated Schedule of Investments at December 31, 2025, was as follows:

---

| | |
|:---|:---|
| **Country** | **% of Total<br>Investments** |
|  Australia | 1.1 |
|  Belgium | 0.3 |
|  Brazil | 0.2 |
|  Canada | 1.2 |
|  Denmark | 0.3 |
|  Finland | 0.5 |
|  France | 1.2 |
|  Germany | 4.8 |
|  India | 0.3 |
|  Ireland | 0.5 |
|  Israel | 0.1 |
|  Italy | 0.7 |
|  Luxembourg | 3.6 |
|  Netherlands | 1.4 |
|  Norway | 0.8 |
|  People's Republic of China | 1 |
|  Romania | 0 |
|  Spain | 0.5 |
|  Sweden | 2.7 |
|  Switzerland | 0.5 |
|  United Kingdom | 5.9 |
|  United States of America | 72.4 |
|  | 100 |

---

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments

December 31, 2025 (unaudited)

AMG Pantheon Fund, LLC (the "Fund") records its investment in the Master Fund at value based on the net asset value per Unit of the Master Fund. Valuation policies for securities held by the Master Fund are discussed below.

The following table summarizes the inputs used to value the Master Fund's investments by the fair value hierarchy levels as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments<br>Valued at**<br>**NAV** | **Total** |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co-Investments |  |  | $301088449 | $2054171623 | $2355260072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Private Investment Funds |  |  | 10205470 | 491714988 | 501920458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Private Investment Funds |  |  |  | 2956588133 | 2956588133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 1136527 |  |  |  | 1136527 |
|  Short-Term Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 750284119 |  |  |  | 750284119 |
|  Total Investments | $751420646 |  | $311293919 | $5502474744 | $6565189309 |

---

The reconciliation of Level 3 investments is presented when the Master Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Co-Investments** | **Primary Private<br>Investment<br>Funds** | **Secondary<br>Private<br>Investment<br>Funds** | **Total** |
|  Balance as of March 31, 2025 | $274401910 | $10307984 | $– $| 284709894 |
|  Purchases | 2718926 | 126044 | – | 2844970 |
|  Sales & Distributions | (422623) | (1387054) | – | (1809677) |
|  Transfers into Level 3 |  |  | – |  |
|  Transfers out of Level 3 |  |  | – |  |
|  Net realized gain | 106120 | 394784 | – | 500904 |
|  Net change in unrealized appreciation/depreciation | 24284116 | 763712 | – | 25047828 |
|  Balance as of December 31, 2025 | $301088449 | $10205470 | $– $| 311293919 |
|  Net change in unrealized appreciation/depreciation on investments held at December 31, 2025 | $24284116 | $763712 | $– $| 25047828 |

---

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2025. The table below is not intended to be all inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Master Fund's fair value measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | | |
|  | **Fair Value as of<br>December 31,<br>2025** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range** |<br>**Average** |<br>**Impact to<br>Valuation<br>from an<br>Increase<br>in Input <sup>(a)</sup>** |
|  Co-Investments | $10304578 | Recent Round of<br>Financing/Option<br>Pricing Model | Recent round of<br>financing/<br>expected sale | N/A | N/A | Increase |
|  |  |  | Term | 2.50-3.50 | 3.25 | Decrease |
|  |  |  | Volatility | 50.0%-60.0% | 55.89% | Decrease |
|  Co-Investments |  | Market<br>Comparables | Public Company<br>Multiples: |  |  |  |
|  | 6094615 |  | Revenue | 5.13x-12.5x | 11.04x | Increase |
|  | 259664581 |  | EBITDA | 8.5x-28.0x | 14.84x | Increase |
|  Co-Investments | 852386 | Guideline<br>Transaction<br>Multiples | Revenue | 10.14x-10.14x | 10.14x | Increase |
|  | 10044771 |  | EBITDA | 9.00x-11.83x | 10.87x | Increase |
|  Co-Investments | 14127518 | Discounted Cash<br>Flows | Discount Rate | 9.0%-16.75% | 14.68% | Decrease |
|  |  |  | Terminal Value | 15.50x-16.50x | 15.61x | Increase |
|  |  |  | Terminal Growth<br>Rate | 5.26%-6.44% | 5.39% | Increase |
|  Primary Private Investment Funds | 10205470 | Discounted Cash<br>Flows | Discount Rate | 9.0%-9.0% | 9.0% | Decrease |
|  Total | $311293919 |  |  |  |  |  |

---

<sup>(a)</sup> Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 

EBITDA Earnings before interest, taxes, depreciation and amortization

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

**FAIR VALUE MEASUREMENTS** 

Equity securities traded on a domestic or international securities exchange are valued at the last quoted sale price, or, lacking any sales, at the last quoted bid price. Equity securities traded on an international securities exchange and equity securities traded on NASDAQ or in a U.S. or non-U.S. over-the-counter market are valued at the market's official closing price, or, if there are no trades on the applicable date, at the last quoted bid price. In addition, if the applicable market does not offer an official closing price or if the official closing price is not representative of the overall market, equity securities traded on an international securities exchange and equity securities traded in a non-U.S. over-the-counter market are valued at the last quoted sales price. The Master Fund's listed equity investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third-party pricing services.

Short-term debt obligations (debt obligations with maturities of one year or less at the time of issuance) that have 60 days or less remaining until maturity will be valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value per share.

For direct investments and certain co-investments in portfolio companies, the Master Fund primarily uses the market or income approach to estimate the fair value of private investments. The market approach utilizes prices and other relevant information generated by market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors.

Private equity investments, including primary and secondary investments in private equity, infrastructure and other private asset funds ("Investment Funds") and certain co-investments are generally based on the valuations provided by the general partners or managers of underlying fund investments as of the date investments are valued. If a valuation provided by general partners or managers of the underlying fund investments is not available as of the date investments are valued, the Master Fund will value the Investment Fund or co-investment using the latest valuation provided by the general partners or managers of the underlying fund investments adjusted for transaction and market activity, if applicable. Additionally, the Master Fund may utilize independent valuation firms to provide third-party valuation consulting services. The valuations provided by the general partners or managers typically reflect the fair value of the Master Fund's capital account balance of each Investment Fund, including unrealized gains and losses, as reported in the financial reports or statements of the respective Investment Fund. The Valuation Committee of the Investment Manager reviews the capital account balances and may adjust the value of each Master Fund investment.

The values assigned to investments that are fair valued are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board is presented with monthly reports summarizing fair value activity and quarterly reports summarizing fair value activity, material fair value matters that occurred during the quarter and outstanding securities fair valued by the Master Fund. Additionally, the Board is presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Master Fund's investments.

Accounting principles generally accepted in the United States of America ("U.S. GAAP") defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Master Fund. Unobservable inputs reflect the Master Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., listed equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Master Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

**INVESTMENTS IN PRIVATE EQUITY AND INVESTMENT FUNDS** 

Private equity investments are typically made in non-public companies through privately negotiated transactions. Private equity investments may be structured using a range of financial instruments, including common and preferred equity, convertible securities, subordinated debt and warrants or other derivatives.

Investment Funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. In such Investment Funds, investors usually commit to provide up to a certain amount of capital when requested by the Investment Fund's manager or general partner. The general partner then makes private equity investments on behalf of the Investment Fund. The Investment Fund's investments are usually realized, or "exited", after a three- to seven-year holding period through a private sale, an initial public offering (IPO) or a recapitalization. Proceeds of such exits are then distributed to the Investment Fund's investors. The Investment Funds themselves typically have a term of ten to twelve years. The Investment Funds in which the Master Fund invests may charge a management fee of 1.00% - 2.00% and approximately 20% of net profits as a carried interest allocation, subject to a preferred return and a claw back. Detailed information about the Investment Funds' portfolios is not publicly available.

Some of the investments that the Investment Manager will consider with respect to the Master Fund include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary Private Investment Funds: Primary investments (primaries) are interests or investments in newly
established Investment Funds that are typically acquired by way of subscription during their fundraising period. Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund
investments in a number of individual operating companies during a defined investment period. The investments of the fund are usually unknown at the time of commitment, and investors typically have little or no ability to influence the investments
that are made during the fund's life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondary Private Investment Funds: Secondary investments (secondaries) are interests in existing private equity
funds that are typically acquired from existing investors in such Investment Funds in privately negotiated transactions, typically after the end of the private equity fund's fundraising period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Investments/Co-Investments: Direct investments involve acquiring
(directly or indirectly) an interest in securities issued by an operating company. Co-

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

investments represent opportunities to separately invest in specific portfolio companies that are otherwise represented in an Investment Fund. Such investments are typically made as co-investments alongside Investment Funds, and are usually structured such that the lead investor holds a controlling interest. Co-investments are typically offered to Investment Fund investors when the Investment Fund manager believes that there is an attractive investment for the Investment Fund but the total size of the potential holding exceeds the targeted size for the Investment Fund. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees and bear significantly reduced fees. <br>

A listing of the Co-Investments, Primary Private Investment Funds and Secondary Private Investment Funds held by the Master Fund and their attributes, as of December 31, 2025, is shown in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Category** |<br>**Fair Value** | **Unfunded**<br>**Commitments\*** | **Remaining**<br>**life\*\*** | **Redemption**<br>**frequency** | **Notice**<br>**(In days)** | **Redemption**<br>**Restrictions** |
|  Buyout <sup>(a)</sup> | $4735459718 | $1130338214 | 1-10 years | Not Redeemable | N/A | N/A |
|  Growth Equity <sup>(b)</sup> | 512120390 | 266639374 | 1-10 years | Not Redeemable | N/A | N/A |
|  Infrastructure <sup>(c)</sup> | 253859735 | 14763322 | 4-13 years | Not Redeemable | N/A | N/A |
|  Private Debt <sup>(d)</sup> | 100211713 | 7123288 | 1-9 years | Not Redeemable | N/A | N/A |
|  Real Assets <sup>(e)</sup> | 13350030 | 2210031 | 4-8 years | Not Redeemable | N/A | N/A |
|  Special Situations <sup>(f)</sup> | 46403966 | 42054570 | 1-7 years | Not Redeemable | N/A | N/A |
|  Venture <sup>(g)</sup> | 152363111 | 41839947 | 4-12 years | Not Redeemable | N/A | N/A |
|  Total | $5813768663 | $1504968746 |  |  |  |  |

---

<sub>(a)</sub> Funds that acquire controlling interests in companies with a view towards later selling those companies or taking them public.

<sup>(b)</sup> Funds that invest in later-stage, pre-IPO companies.

<sup>(c)</sup> Funds that generally invest in long-term assets that provide stable cash flows with growth initiatives.

<sup>(d)</sup> Funds that invest in senior secured lending, mezzanine financing, as well as more opportunistic debt strategies such as distressed for control.

<sup>(e)</sup> Private equity funds that invest in target investments in infrastructure, renewables & energy infrastructure, natural resources, and asset-backed strategies.

<sup>(f)</sup> Particular circumstances that influence investment based on the situation, rather than its underlying fundamentals.

<sup>(g)</sup> Investments in new and emerging companies are usually classified as venture capital.

------

AMG Pantheon Fund, LLC

Notes to Schedule of Investments (continued)

\* As of the period ended December 31, 2025, the unfunded commitment amounts include unfunded commitments for three Primary Investment Funds in the Buyout investment category of $190,000,000, two Primary Investment Funds in the Growth Equity investment category of $89,500,000, and one Secondary Investment Fund in the Buyout investment category of $1,232,700. The effective dates of the first capital calls are still to be determined. 

\*\* Co-Investments do not have contractual lives and generally terminate after the underlying investment is sold. Years shown above are reflective of the remaining lives of Primary Private Investment Funds and Secondary Private Investment Funds.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMG Pantheon Fund, LLC

- **b. Investment Company Act file number:** 811-22973

- **c. CIK number of Registrant:** 0001609211

- **d. LEI of Registrant:** 549300CO08FYMWMHNH57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 680 Washington Blvd.

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

  - **Telephone number:** 2032993500

**Item A.2. Information about the Series.**

- **a. Name of Series:** AMG Pantheon Fund, LLC

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6467935781.83

**Total Liabilities:** $204014287.74

**Net Assets:** $6263921494.09

**Cash Not Reported:** $39895904.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C001700103 | -0.82%               | 0.45%                | 1.19%                |
| Class ID C001700111 | -0.82%               | 0.36%                | 1.18%                |
| Class ID C001700129 | -0.84%               | 0.42%                | 1.18%                |
| Class ID C001700137 | -0.85%               | 0.37%                | 1.14%                |
| Class ID C001700202 | -0.86%               | 0.34%                | 1.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-47923539.38                              |
| Month 2  | $0.00                    | $26528380.21                               |
| Month 3  | $145007217.20            | $-67122612.49                              |

### Schedule of Portfolio Investments

| Name                          | Title                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AMG Pantheon Master Fund, LLC | AMG Pantheon Master Fund, LLC | CUSIP: 000000000<br>LEI: 5493005VLS1G1FKDZC59 | Long             |  | PF                | US        | 223742042 | NS      | $6166330668.15 | 98.44%            |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** AMG Pantheon Fund, LLC

**Signature:** Thomas G. Disbrow

**Name of Signer:** Thomas G. Disbrow

**Title:** Treasurer