AMG Pantheon Master Fund, LLC - Portfolio Holdings as of January 31, 2021

Name Asset Class Country Currency Market Value AIX Pride Syndication L.P. US USD $11,538,463 Mercury Co-Investment Fund 2, LP Private Equity US USD $10,448,766 Vistria AP Investment LLC Private Equity US USD $8,796,000 Insight RF Holdings, LLC Private Equity US USD $7,433,445 Apollo DSB Co-Invest, L.P Private Equity US USD $7,107,318 Idinvest Growth Secondary SLP Private Equity US USD $6,791,329 TKC Investment Holdings, LLC Private Equity US USD $6,393,641 PSG LM Co-Investors L.P. Private Equity US USD $6,333,898 Insight Venture Partners IX, L.P. Private Equity US USD $6,197,524 Aztiq Fund I Private Equity US USD $6,142,940 3i Venice SCSp Private Equity US USD $6,001,847 Roark Capital Partners II Sidecar LP Private Equity US USD $5,957,161 RCP Artemis Co-Invest LP Private Equity US USD $5,234,495 PAI Strategic Partnerships SCSp Private Equity US USD $5,077,901 TPG Growth Gator GenPar II, L.P. Private Equity US USD $5,051,632 Hg Vivaldi 2 Co-Invest L.P. Private Equity US USD $4,973,486 TPG Clarinet Co-Invest, LP Private Equity US USD $4,826,192 SDA Investors Group, LLC Private Equity US USD $4,765,493 Hygee International S.a.r.l. Private Equity US USD $4,616,620 Hg Athena Co-Invest L.P. Private Equity US USD $4,571,025 TVG-I-E-AEG Holdings Private Equity US USD $4,231,349 Ocean Alliance III, L.P. Private Equity US USD $4,091,416 Logan Co-Invest, L.P. Private Equity US USD $4,060,000 APH CUBS Co-invest LP Private Equity US USD $3,965,043 Oaktree Ports American Fund LP Private Equity US USD $3,931,408 CBPE Capital Fund IX B, L.P. Private Equity US USD $3,843,921 APIA Graitec FPCI Private Equity US USD $3,720,499 Medicxi Secondary I, L.P. Private Equity US USD $3,677,237 CapVest Strategic Opportunities 2 SCSp Private Equity US USD $3,624,827 T-VII Mitchell/Genex Co-Invest, L.P. Private Equity US USD $3,614,201 APIA ODIGO FPCI Private Equity US USD $3,490,781 Antin Infrastructure Partners III-B SCSp Private Equity US USD $3,452,406 Avenue Pantheon Broadway Fund, L.P. Private Equity US USD $3,268,628 Armis Investors Holdings, L.P. Private Equity US USD $3,191,432 Oak HC/FT TB SPV B, LLC Private Equity US USD $3,133,201 Allegro Private Equity Fund II, L.P. Private Equity US USD $3,128,987 Hg Secular Co-Invest L.P. Private Equity US USD $3,090,912 TCP DJR Co-Invest, L.P Private Equity US USD $3,042,270 Hg Spider Co-Invest L.P. Private Equity US USD $2,876,078 Alpine Investors TEAM CV Feeder, LLC Private Equity US USD $2,852,432 HT GLOBAL CO-INVESTMENT, L.P.2 Private Equity US USD $2,807,060 WP Triton Investment, L.P. Private Equity US USD $2,721,262 P-O Senior Loan Opportunity Fund L.P. Private Equity US USD $2,471,302 Diamond LS I LP Private Equity US USD $2,451,799 Crescent Credit Opportunities Fund AIF, SCSp Private Equity US USD $2,387,049 BroadRiver III, L.P. Private Equity US USD $2,320,333 JP Co-Invest, LLC Private Equity US USD $2,246,396 Abry Advanced Securities Fund IV, L.P. Private Equity US USD $2,223,006 ESCP PPG Holdings, LLC Private Equity US USD $2,184,240 LEP Prelude Co-Invest, L.P. Private Equity US USD $2,145,628 AP VIII Prime Security Services Holdings, L.P. Private Equity US USD $2,090,535 Incline A Aviation Co-Investment Fund Private Equity US USD $1,997,221 SYFS Co-INVEST, LLC Private Equity US USD $1,879,417 Archer Capital GF Trust 2B Private Equity US USD $1,854,228 Incline B Aviation Aladdin Co-Investment Private Equity US USD $1,778,004 H&F Flashdance Partners I, L.P. Private Equity US USD $1,459,764 CB Ignite Holdings, LLC Private Equity US USD $1,275,639 Epsilon Topco Limited Private Equity US USD $1,249,426 Ares Corporate Opportunities Fund IV, L.P. Private Equity US USD $1,243,555 Incline Aviation I Private Equity US USD $1,159,266 Apax France VIII-A FCPR Private Equity US USD $1,128,166 GSO Capital Opportunities Fund III, L.P. Private Equity US USD $1,110,703 PSG Toro Co-Investor L.P. Private Equity US USD $1,022,154 AMG Pantheon Master Fund, LLC - Portfolio Holdings as of January 31, 2021 Name Asset Class Country Currency Market Value TPG VII Renown Co-Invest I, L.P. Private Equity US USD $1,017,830 T-VI Co-Invest-A Private Equity US USD $971,695 Archer Capital Trust 5B Private Equity US USD $935,524 Digital Bridge U.S. Tower Holdings, LLC Private Equity US USD $812,610 Digital Bridge Small Cell Holdings, LLC Private Equity US USD $789,966 Quantum QEP VII Co-Investment Fund, L.P. Private Equity US USD $779,388 Hellman & Friedman Capital Partners VII, L.P. Private Equity US USD $471,469 EQT Deck Co-Investment Limited Partnership Private Equity US USD $456,519 Samson Shield 1, L.P. Private Equity US USD $445,476 Quantum Parallel Partners VI-C(A), LP Private Equity US USD $269,390 WP-LH Co-Invest, L.P. Private Equity US USD $261,862 Partners VI, L.P. Private Equity US USD $195,517 1901 Partners LP Private Equity US USD $174,497 Francisco Partners III, L.P. Private Equity US USD $149,952 TPG Partners VI, L.P. Private Equity US USD $149,517 H&F Arrow 1, L.P. Private Equity US USD $136,842 Samson Hockey 1, L.P. Private Equity US USD $131,878 Banc Fund IX L.P. Private Equity US USD $126,438 Calera Capital Partners V L.P. Private Equity US USD $70,229 Banc Fund VIII L.P. Private Equity US USD $40,803 Calera Capital Partners IV L.P. Private Equity US USD $4,142 TPG Partners V, L.P. Private Equity US USD $2,140 Cash and Cash Equivalents Currency US USD $70,413,066 Other Assets and Liabilities Other US USD ($604,389) $319,954,715 Disclosure: Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings listed are as of the date of publication and are subject to change. Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835,3879 or visit www.amgfunds.com.

Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC