Form N-CSRS AMG Pantheon Master Fund For: Sep 30

SEMI-ANNUAL REPORT

www.amgfunds.com

FUND PERFORMANCE

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Schedule of Investments

Consolidated Statement of Assets and Liabilities

Balance sheet, net asset value (NAV) per Unit computation and cumulative undistributed amounts

Consolidated Statement of Operations

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

Consolidated Statements of Changes in Net Assets

Detail of changes in assets for the past two fiscal periods

Consolidated Statement of Cash Flows

Detail of cash movements during the fiscal period

Financial Highlights

Historical net asset values per Unit, distributions, total returns, income and expense ratios, turnover ratios and net assets

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Accounting and distribution policies, details of agreements and transactions with Master Fund management and affiliates, and descriptions of certain investment risks

ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AGREEMENT

OTHER TAX INFORMATION

AMG Pantheon Master Fund, LLC

Fund Performance (unaudited)

AMG Pantheon Master Fund, LLC

MSCI World Index^2,3

Date reflects inception date of the Master Fund, not the Index.

Not annualized

Total return equals income yield plus unit price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Master Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by unitholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Master Fund are net of expenses. All returns are in U.S. dollars ($).

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Please go to msci.com for most current list of countries represented by the index. Unlike the Master Fund, the MSCI World Index is unmanaged, is not available for investment and does not incur expenses.

All MSCI data is provided “as is”. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.

  Co-Investments - 46.5%

  ACP Accelerant Co-Invest, LLC (Financials) (United Kingdom)^(a),(b),*

  AIX Pride Syndication L.P. (Information Technology)^(a),*

  AP VIII Prime Security Services Holdings, L.P. (Industrials)^*

  APH CUBS Co-invest LP (Financials)^(a),*

  APIA BIM FPCI (Information Technology) (France)^(a),*

  APIA DINO FPCI (Information Technology) (Netherland)^(a),(b),*

  APIA OPUS FPCI (Information Technology) (France)^(a),*

  APIA TRILOGY FPCI (Information Technology) (Belgium)^(a),(b),*

  Apollo DSB Co-Invest, L.P (Healthcare)^(a),*

  Aquarian Insurance Holdings (Financials)^{(a),(b),(d),*}

  Armis Investors Holdings, L.P. (Information Technology)^(a),*

  Base10 Advancement Initiative IH I, L.P. (Healthcare)^(a),(b),*

  BC Partners Aqua Co-Investment LP (Industrials) (Germany)^(a),(b),*

  BC Partners Clay Co-Investment LP (Materials) (Germany)^(a),(b),*

  CB Ignite Holdings, LLC (Consumer Discretionary)^(d),*

  DETZ Co-Investment Aggregator, L.P. (Financials)^(a),*

  Diamond LS I LP (Financials)^(a),*

  Digital Bridge Small Cell Holdings, LLC (Information Technology)^(a),(d),*

  Eagle Investment Trust (Industrials) (Australia)^(a),*

  ECI 11 FP Limited (Information Technology) (United Kingdom)^(a),*

  Co-Investments - 46.5% (continued)

  Epsilon Topco Limited (Information Technology)^(a),(d),*

  EQT Deck Co-Investment Limited Partnership (Industrials)^(a),*

  ESCP PPG Holdings, LLC (Industrials)^(a),(d),*

  Five Arrows Galliera Co-Invest Fund SCSp (Consumer Discretionary)
(France)^{(a),(b),(d),*}

  GGV (ET) LLC (Information Technology)^{(a),(b),(d),*}

  Golden Aggregator, L.P. (Information Technology)^(a),(d),*

  H&F Flashdance Partners I, L.P. (Financials)^(a),*

  H.I.G. Pixelle Specialty Solutions Co-Investment, L.P. (Materials)^{(a),(b),(d),*}

  Help HP SCF Investor, LP (Information Technology)^(a),(d),*

  Hg Athena Co-Invest L.P. (Information Technology) (United Kingdom)^(a),*

  Hg Riley Co-Invest L.P. (Information Technology)^(a),(b),*

  Hg Secular Co-Invest L.P. (Information Technology)^(a),*

  Hg Spider Co-Invest L.P. (Information Technology) (United Kingdom)^(a),*

  Hg Vibranium Co-Invest L.P. (Information Technology) (Sweden)^(a),(b),*

  Hg Vivaldi 2 Co-Invest L.P. (Information Technology) (Norway)^(a),*

  Hygee International SARL (Materials) (France)^(a),(d),*

  Incline A Aviation Co-Investment Fund (Industrials)^(d),*

  Incline B Aviation Aladdin Co-Investment Limited Partnership (Industrials)^(a),(d),*

  Insight RF Holdings, LLC (Information Technology)^(a),*

  ISH Co-Invest Aggregator, L.P. (Information Technology)^(a),*

  Co-Investments - 46.5% (continued)

  IVP XI Celestial Co-Invest LP (Industrials)^(a),*

  IVP XII DK (BLOCKED) Co-Invest, L.P. (Communication Services)^{(a),(b),(d),*}

  JP Co-Invest, LLC (Consumer Staples)^(a),*

  KKR Cavalry Co-Invest L.P. (Information Technology)^(a),(b),*

  LEP Prelude Co-Invest, L.P. (Healthcare)^(a),*

  Logan Co-Invest, L.P. (Information Technology)^(a),*

  Ocean Alliance III, L.P. (Communication Services) (China)^(a),*

  Olive Investments Limited (Information Technology)^(a),(b),*

  Onex ISO Co-Invest LP (Financials)^(a),(b),*

  Project Alpine Co-Invest Fund, L.P. (Information Technology)^(a),*

  Project Hotel California Co-Invest Fund, L.P. (Information Technology)^(a),(b),(d)

  PSG Government Brands II Co-Invest L.P. (Information Technology)^(a),(b),*

  PSG LM Co-Investors L.P. (Information Technology)^(a),*

  Quantum Parallel Partners VI-C(A), LP (Energy)^(a),*

  Quantum QEP VII Co-Investment Fund, L.P. (Energy)^(a),*

  RCP Artemis Co-Invest LP (Financials)^(a),*

  RL Co-investor Aggregator II L.P. (Communication Services)^(a),(b),*

  Roark Capital Partners II Sidecar LP (Consumer Discretionary)^(a),*

  SDA Investors Group, LLC - Class A (Healthcare)^(a),(d),*

  SDA Investors Group, LLC - Series A Pref (Healthcare)^(a),(d),*

  SignalFire Opportunities Fund, L.P. (Healthcare)^(a),(b),*

  Co-Investments - 46.5% (continued)

  SignalFire Opportunities Fund, L.P. – Series 11 (Financials)^(a),(b),*

  SKCP V Sirona Co-Invest, L.P. (Healthcare) (France)^(a),(b),*

  SYFS Co-INVEST, LLC (Healthcare)^(a),*

  T-VI Co-Invest-A (Financials)^(a),*

  T-VII Mitchell/Genex Co-Invest, L.P. (Healthcare)^(a),*

  TCP DJR Co-Invest, L.P (Energy)^(a),*

  TKC Investment Holdings, LLC (Consumer Discretionary)^(a),*

  TPG Clarinet Co-Invest, LP (Consumer Discretionary) (Australia)^*

  TPG Growth V Amplifier CI, L.P. (Healthcare)^(b),*

  TPG Growth V Melody CI, Limited Partnership (Communication Services)
(Italy)^{(a),(b),(d),*}

  TPG VII Renown Co-Invest I, L.P. (Consumer Stationary)^(a),*

   TVG-I-E-AEG Holdings (Consumer Discretionary)^*

  Verdane Co-Invest Papirfly AB (Information Technology) (Norway)^(a),(b),*

  Vistria AP Investment LLC (Consumer Discretionary)^(a),(d),*

  WP Triton Investment, L.P. (Communication Services) (United Kingdom)^*

  WP-LH Co-Invest, L.P. (Consumer Discretionary)^(a),*

  Total Co-Investments

  Primary Private Investment Funds - 4.3%

  Abry Advanced Securities Fund IV, L.P.^(a),*

  Banc Fund IX L.P.^(a),*

  Battery Ventures Select Fund II, L.P.^(a),(b),*

  Battery Ventures XIV, L.P.^{(a),(b),(d),*}

  BC European Capital XI (United Kingdom)^(a),(b),*

  Primary Private Investment Funds - 4.3% (continued)

  BroadRiver III, L.P.^(a),*

  Calera Capital Partners V L.P.^*

  Five Arrows Principal Investments IV SCSp (United Kingdom)^(a),(b),*

  GSO Capital Opportunities Fund III, L.P.^*

  HGGC Fund IV^(b),*

  Incline Aviation Fund II^(a),(d),*

  Incline Aviation I^(d),*

  PSG Encore-A L.P.^(a),(b),*

  SignalFire Breakout Fund III, L.P.^(a),(b),*

  SignalFire Fund IV, L.P.^(a),(b),*

  SignalFire XIR Fund, L.P.^(a),(b),*

  TPG Growth V, L.P.^(a),(b),*

  West Street Infrastructure Partners IV (GSIP)^(d),(e),*

  Total Primary Private Investment Funds

  Secondary Private Investment Funds - 45.0%

  1901 Partners LP^(a),*

  3i Venice SCSp (United Kingdom)^(a),*

  Abry Advanced Securities Fund III, L.P.^(a),*

  ABRY Heritage Partners, L.P.^(e),*

  ABRY Partners IX, L.P.^(e),*

  ABRY Partners VI, L.P.^(a),(e),*

  ABRY Partners VII, L.P.^(e),*

  ABRY Partners VIII, L.P.^(e),*

  ABRY Senior Equity III, L.P.^(a),(e),*

  ABRY Senior Equity IV, L.P.^(e),*

  ABRY Senior Equity V, L.P.^(e),*

  ACON Equity Partners 3.5, L.P.^(a),(e),*

  ACON Equity Partners IV, L.P.^(a),(e),*

  Secondary Private Investment Funds - 45.0% (continued)

  Allegro Private Equity Fund II, L.P. (Australia)^(a),*

  Alpine Investors TEAM CV Feeder, LLC^(a),*

  Altor Fund III Ltd. Partnership (Sweden)^(e),*

  Altor Fund IV AB (Sweden)^(b),*

  Altor Fund V AB (Sweden)^(b),*

  Antin Infrastructure Partners III-B SCSp (Spain)^(a),*

  Apax France VIII-A FCPR (France)^(a),*

  Archer Capital GF Trust 2B (Australia)^*

  Archer Capital Trust 5B (Australia)^(a),*

  Ares Corporate Opportunities Fund IV, L.P.^(a),*

  Avenue Pantheon Broadway Fund, L.P. (United Kingdom)^(a),*

  Aztiq Fund I^(a),*

  Base10 Partners I, L.P.^(a),(b),*

  Berkshire Fund IX Coinvestment Fund L.P.^(a),(e),*

  Berkshire Fund IX, L.P.^(e),*

  Berkshire Fund VI L.P.^(a),(b),*

  Berkshire Fund VII, L.P.^(a),(b),*

  Berkshire Fund VIII L.P.^(b),*

  Berkshire Fund X-A, L.P.^(a),(b),*

  Blackstone Capital Partners VI^(e),*

  CapVest Strategic Opportunities 2 SCSp (United Kingdom)^(a),*

  Carlyle Global Infrastructure Opportunity Fund, L.P.^(e),*

  CBPE Capital Fund IX B, L.P. (United Kingdom)^(a),*

  CD&R Value Building Partners I, L.P.^(b),*

  Clearview Capital Fund III, L.P.^(a),(e),*

  Clearview Capital Fund IV, L.P.^(e),*

  Secondary Private Investment Funds - 45.0% (continued)

  Clearview Capital Mezzanine Fund I, L.P.^(e),*

  Crescent Credit Opportunities Fund AIF, SCSp^*

  ECP Calpine Continuation Fund, LP^(b),*

  Ergon svt Long Term Value Fund SCSp (Germany)^(a),*

  ESO Fund VII SCSp SICAV-RAIF (United Kingdom)^(a),(b),*

  Francisco Partners III, L.P.^(a),*

  GIP Aquarius Fund, SCSp (Brazil)^(a),(b),*

  Greenbriar Equity Fund III, L.P.^(e),*

  H&F Arrow 2, L.P.^(a),*

  Hellman & Friedman Capital Partners VII, L.P.^(a),*

  Hosen FCV I, L.P. (Australia)^(a),(b),*

  Housatonic Equity Investors V, L.P.^(e),*

  Housatonic Equity Investors VI, L.P.^(e),*

  Icon Partners III, L.P.^(a),*

  Icon Partners IV, L.P.^(a),*

  Idinvest Growth Secondary SLP (France)^(a),*

  Industrial Opportunity Partners II^(a),(b),*

  Industrial Opportunity Partners III^(a),(b),*

  Industrial Opportunity Partners IV, L.P.^(a),(b),*

  Insight Venture Partners IX, L.P.^(a),*

  Insight Ventures Partners (Cayman) X, L.P.^(a),(b),*

  KKR Mezzanine Partners I L.P.^(b),*

  LEP Opportunities I, L.P.^(a),*

  Linden Opportunities Fund, L.P.^(a),(b),*

  Marwyn Value Investors II Co-Invest (Spain)^(a),(b),*

  Marwyn Value Investors II L.P. (Spain)^(a),(b),*

  MC Private Equity Partners I-A LP^(e),*

  Secondary Private Investment Funds - 45.0% (continued)

  Medicxi Secondary I, L.P. (United Kingdom)^(a),*

  MIC Capital Partners III Parallel (Cayman) LP^(a),*

  Nordic Capital CF1 Alpha, L.P. (Norway)^(a),*

  North Haven Capital Partners CV-A LP^(a),(b),*

  Oaktree Special Situations Fund, L.P.^(a),(e),*

  One Equity Partners VI, L.P.^(a),(b),*

  P-O Senior Loan Opportunity Fund L.P.^(a),*

  PAI Strategic Partnerships SCSp (United Kingdom)^(a),*

  Pegasus WSJLL Fund, L.P.^(a),(b),*

  Pennantpark Senior Credit Fund Cayman Levered Feeder, LP^*

  Providence Equity Partners VI, L.P.^*

  PSC III G, L.P. (United Kingdom)^(a),(b),*

  RL Co-investor Aggregator L.P.^(a),(b),*

  Roark Capital Partners CF LP^(a),(b),*

  RREF I SPV, L.P.^(a),(b),*

  Samson Brunello 2, L.P.^(a),*

  Samson Hockey 2, L.P.^(a),*

  Samson Shield 2, L.P.^(a),*

  SGP II CF Feeder, L.P.^(a),(b),*

  Silver Lake Partners V, L.P.^(b),*

  Silver Oak Services Fund IV, L.P.^(a),(e),*

  Siris Partners II, L.P.^(b),*

  Siris Partners III, L.P.^(b),*

  Siris Partners III, L.P.^(b),*

  Siris Partners IV, L.P.^(b),*

  Solace Capital Special Situations Fund, L.P.^(b),*

  Tene GPL Limited Partnership (Israel)^(a),*

  Secondary Private Investment Funds - 45.0% (continued)

  Thomas H. Lee Equity Fund VIII, L.P.^(a),(e),*

  TiaraMed LP (Romania)^(a),(b),*

  TPG Asia V, L.P.^(b),*

  TPG Asia VI, L.P.^(b),*

  TPG Growth Gator GenPar II, L.P.^(a),*

  TPG Partners V, L.P.^(a),*

  TPG Partners VI, L.P.^(e),*

  TPG Partners VI, L.P.^*

  TPG Partners VII, L.P.^(e),*

  TPG Partners VIII, L.P^(e),*

  Warburg Pincus Private Equity XII, L.P.^(e),*

  Warburg Pincus Private Equity XII, L.P.^(b),*

  Water Street Orion Fund, L.P.^(a),(b),*

  West Street Global Infrastructure Partners III, L.P.^(e),*

  Total Secondary Private Investment Funds

  Common Stock - 0.0%⁽¹⁾

  Advanced Drainage Systems Inc^(a)

  Total Common Stock

  Short-Term Investments - 4.9%

  Other Investment Companies - 4.9%

  Dreyfus Government Cash Management Fund, Institutional Class, 2.72% ⁽²⁾

  Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 2.99% ⁽²⁾

  JPMorgan U.S. Government Money Market Fund, IM Class, 2.71% ⁽²⁾

  Total Other Investment Companies

  Total Investments - 100.7% (cost $1,200,082,568)

  Other Assets, less Liabilities - (0.7%)

  Net Assets - 100.0%

Co-Investments

Primary Private Investment Funds

Secondary Private Investment Funds

Common Stock

Short-Term Investments

Total

Non-income producing.

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

Investment does not issue shares.

The investment’s value was determined using significant unobservable inputs.

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

Less than 0.05%.

Yield shown represents the September 30, 2022, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

Investment is issued in a private placement offering and is restricted to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Initial Acquisition Date as shown in the Consolidated Schedule of Investments.

Australia

Belgium

Brazil

China

France

Germany

Israel

Italy

Netherlands

Norway

Romania

Spain

Sweden

United Kingdom

United States

Investments

Co-Investments

Primary Private Investment Funds

Secondary Private Investment Funds

Common Stock

Short-Term Investments

Other Investment Companies

Total Investments

Balance as of March 31, 2022

Purchases

Sales & Distributions

Transfers into Level 3

Transfers out of Level 3

Net realized gain

Net change in unrealized appreciation/depreciation

Balance as of September 30, 2022

$

176,333,127   

$

4,739,580   

$

    –   

$

    181,072,707   

Net change in unrealized appreciation/depreciation on investments held at September 30, 2022

Impact to
Valuation
from an

    Increase in    

Input ^(a)

Co-Investments

of financing /
expected sale

Co-Investments

Company
Multiples:

Flow

Co-Investments

Co-Investments

Growth Rate

Primary Private Investment Funds

Primary Private Investment Funds

Total

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.

Assets:

Investments at value***

$1,370,506,257    

Cash

119,565    

Dividends receivable

4    

Prepaid expenses and other assets

835,510