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          <isin value="US13049YBM21"/>
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        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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          <maturityDt>2046-06-01</maturityDt>
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          <isin value="US64577XAC02"/>
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          <maturityDt>2040-06-15</maturityDt>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048VBY39"/>
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          <maturityDt>2043-12-31</maturityDt>
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        <name>TEXAS ST</name>
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        <name>CENTRL TX REGL MOBILITY AUTH R</name>
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          <isin value="US155498ER55"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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        <name>GRAND PARKWAY TRANSPRTN CORP T</name>
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        <valUSD>4486909.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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          <maturityDt>2042-06-15</maturityDt>
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        <name>MIAMI BEACH FL HLTH FACS AUTH</name>
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        <name>CONNECTICUT ST SPL TAX OBLIG R</name>
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        <name>ORANGE CNTY FL HLTH FACS AUTHR</name>
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          <isin value="US88283KAZ12"/>
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          <isin value="US13049YBK64"/>
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        <curCd>USD</curCd>
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          <maturityDt>2037-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW ORLEANS LA AVIATION BRD</name>
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        <title>New Orleans Aviation Board</title>
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          <isin value="US64763HHK41"/>
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        <curCd>USD</curCd>
        <valUSD>6673134.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>COLORADO ST HLTH FACS AUTH HOS</name>
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        <title>Colorado Health Facilities Authority</title>
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          <isin value="US19648FPQ18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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        <title>Texas Private Activity Bond Surface Transportation Corp</title>
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          <isin value="US882667AJ79"/>
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        <balance>3930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4414647.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-31</maturityDt>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <title>Massachusetts Development Finance Agency</title>
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          <isin value="US57584XA270"/>
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        <curCd>USD</curCd>
        <valUSD>5630250.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW JERSEY ST ECON DEV AUTH RE</name>
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        <title>New Jersey Economic Development Authority</title>
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          <isin value="US64577XAF33"/>
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          <maturityDt>2040-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>ALACHUA CNTY FL HLTH FACS AUTH</name>
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        <title>Alachua County Health Facilities Authority</title>
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          <isin value="US010685KF10"/>
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        <curCd>USD</curCd>
        <valUSD>7022478.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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        <name>WEST VIRGINIA ST HOSP FIN AUTH</name>
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          <maturityDt>2043-01-01</maturityDt>
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        <name>LOUISIANA ST PUBLIC FACS AUTHR</name>
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        <title>Louisiana Public Facilities Authority</title>
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          <isin value="US5463983E65"/>
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        <name>CENTRL TX REGL MOBILITY AUTH R</name>
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          <isin value="US155498ES39"/>
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        <name>CONNECTICUT ST</name>
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        <name>OKLAHOMA ST DEV FIN AUTH HLTHS</name>
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        <title>Oklahoma Development Finance Authority</title>
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          <maturityDt>2048-08-15</maturityDt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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          <isin value="US882667AN81"/>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP R</name>
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        <name>MICHIGAN ST HOSP FIN AUTH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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        <name>INDIANA ST HLTH &amp; EDUCTNL FAC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
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        <name>COLORADO ST HLTH FACS AUTH HOS</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
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        <title>Michigan Finance Authority</title>
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          <isin value="US59447TXG39"/>
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        <balance>3100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <valUSD>7583908.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK NY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>TOBACCO SETTLEMENT FING CORP N</name>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
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        <name>TOBACCO SETTLEMENT FING CORP R</name>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <name>CENTRL PLAINS ENERGY PROJ NE G</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
        <title>Central Plains Energy Project</title>
        <cusip>154871CP0</cusip>
        <identifiers>
          <isin value="US154871CP00"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7522570.00000000</valUSD>
        <pctVal>2.698739576385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORMAN OK REGL HOSP AUTH HOSP</name>
        <lei>N/A</lei>
        <title>Norman Regional Hospital Authority</title>
        <cusip>656178EJ5</cusip>
        <identifiers>
          <isin value="US656178EJ59"/>
        </identifiers>
        <balance>4335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5125487.25000000</valUSD>
        <pctVal>1.838780535087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP N</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp</title>
        <cusip>888808HR6</cusip>
        <identifiers>
          <isin value="US888808HR61"/>
        </identifiers>
        <balance>3285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3812078.25000000</valUSD>
        <pctVal>1.367591985392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-24</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds</ncom:nameOfApplicant>
      <ncom:signature>Thomas G. Disbrow</ncom:signature>
      <ncom:signerName>Thomas G. Disbrow</ncom:signerName>
      <ncom:title>Vice President, Mutual Fund Treasurer &amp; CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
