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      <invstOrSec>
        <name>COGNIZANT TECHNOLOGY SOLUTIONS CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WEATHERFORD INTL LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aggreko PLC</name>
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        <name>COCA-COLA CO/THE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RBC DOMINION SECURITIES INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ralph Lauren Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Macy's Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brenntag AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beiersdorf AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CANTOR FITZGERALD SECURITIES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fox Corp</name>
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        <name>CORNING INC</name>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <title>Service Properties Trust</title>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <title>Service Properties Trust</title>
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        <name>SYSCO CORP</name>
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        <name>W &amp; T OFFSHORE INC</name>
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        <name>EXXON MOBIL CORP</name>
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        <title>EXXON MOBIL CORP</title>
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        <name>SIX FLAGS ENTERTAINMENT</name>
        <lei>549300JYTDUAA4JQ3717</lei>
        <title>Six Flags Entertainment Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>STATE OF WISCONSIN INVESTMENT BOARD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Weatherford International PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Valmont Industries Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>US BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>News Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROCTER &amp; GAMBLE CO/THE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ingredion Inc</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <name>JOHNSON &amp; JOHNSON</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bollore SA</name>
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        <name>PEPSICO INC</name>
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        <name>COMCAST CORP</name>
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        <name>INDUSTRIAL AND COMMERCIAL BANK OF CHINA FINANCIAL SERVICES LLC</name>
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        <name>CITADEL SECURITIES LLC</name>
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        <name>Continental AG</name>
        <lei>529900A7YD9C0LLXM621</lei>
        <title>Continental AG</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
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          <isin value="US02079K1079"/>
          <ticker value="GOOG"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183769300.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>First Hawaiian Inc</name>
        <lei>5493002DJSH46F5OLV06</lei>
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          <ticker value="FHB"/>
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        <curCd>USD</curCd>
        <valUSD>26377200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MACYS RETAIL HLDGS INC</name>
        <lei>549300JMONK27O4SQQ19</lei>
        <title>Macy's Retail Holdings Inc</title>
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          <isin value="US55616XAL10"/>
          <other otherDesc="Sedol" value="BMW3WX7"/>
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        <balance>3748000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2707180.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan US Government Money Market Fund</name>
        <lei>549300NQ5E5B7ZV4T516</lei>
        <title>JPMorgan US Government Money Market Fund</title>
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        <identifiers>
          <isin value="US4812C22704"/>
          <ticker value="MGMXX"/>
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        <balance>712021514.43000000</balance>
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        <curCd>USD</curCd>
        <valUSD>712021514.43000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANTHEM INC</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>ANTHEM INC</title>
        <cusip>036752103</cusip>
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          <isin value="US0367521038"/>
          <ticker value="ANTM"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78894000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Associated British Foods PLC</name>
        <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
        <title>Associated British Foods PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB0006731235"/>
          <ticker value="ABF"/>
          <other otherDesc="SEDOL" value="0673123"/>
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        <balance>4550000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80704000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC/THE</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP INC</title>
        <cusip>38141G104</cusip>
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          <isin value="US38141G1040"/>
          <ticker value="GS"/>
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        <balance>180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35571600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KT&amp;G Corp</name>
        <lei>988400ZJV6ISYBLQX875</lei>
        <title>KT&amp;G Corp</title>
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          <isin value="KR7033780008"/>
          <ticker value="033780"/>
          <other otherDesc="SEDOL" value="6175076"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1202.85000000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK MELLON CORP/THE</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NEW YORK MELLON CORP</title>
        <cusip>064058100</cusip>
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          <isin value="US0640581007"/>
          <ticker value="BK"/>
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        <balance>2300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88895000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
        <cusip>68389X105</cusip>
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          <isin value="US68389X1054"/>
          <ticker value="ORCL"/>
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        <balance>1100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60797000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CISCO SYSTEMS INC</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>CISCO SYSTEMS INC</title>
        <cusip>17275R102</cusip>
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          <isin value="US17275R1023"/>
          <ticker value="CSCO"/>
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        <balance>1400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65296000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CONOCOPHILLIPS</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>CONOCOPHILLIPS</title>
        <cusip>20825C104</cusip>
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          <isin value="US20825C1045"/>
          <ticker value="COP"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27313000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP</title>
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          <isin value="US8574771031"/>
          <ticker value="STT"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120745000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
        <cusip>09857L108</cusip>
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          <isin value="US09857L1089"/>
          <ticker value="BKNG"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rinnai Corp</name>
        <lei>N/A</lei>
        <title>Rinnai Corp</title>
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          <isin value="JP3977400005"/>
          <ticker value="5947"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stanley Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Stanley Electric Co Ltd</title>
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          <isin value="JP3399400005"/>
          <ticker value="6923"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dreyfus Government Cash Management</name>
        <lei>549300F7IDB6WRO7VJ11</lei>
        <title>Dreyfus Government Cash Management</title>
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          <isin value="US2620062081"/>
          <ticker value="DGCXX"/>
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        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
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          <isin value="US2546871060"/>
          <ticker value="DIS"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MICROSOFT CORP</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP</title>
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          <ticker value="MSFT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>FirstCash Inc</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FirstCash Inc</title>
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          <ticker value="FCFS"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd</title>
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          <isin value="KR7005931001"/>
          <ticker value="005935"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MSC Industrial Direct Co Inc</name>
        <lei>0XVKH0LN6YGOWO2EGO17</lei>
        <title>MSC Industrial Direct Co Inc</title>
        <cusip>553530106</cusip>
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          <isin value="US5535301064"/>
          <ticker value="MSM"/>
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        <curCd>USD</curCd>
        <valUSD>38589300.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Qurate Retail Inc</name>
        <lei>549300PSXEKU4PHLCR04</lei>
        <title>Qurate Retail Inc</title>
        <cusip>74915M100</cusip>
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          <isin value="US74915M1009"/>
          <ticker value="QRTEA"/>
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        <curCd>USD</curCd>
        <valUSD>18050000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENGAN INT'L</name>
        <lei>N/A</lei>
        <title>Hengan International Group Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG4402L1510"/>
          <ticker value="1044"/>
          <other otherDesc="SEDOL" value="6136233"/>
        </identifiers>
        <balance>6935400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75050000"/>
        <valUSD>54590016.59000000</valUSD>
        <pctVal>0.843608667281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-20</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds</ncom:nameOfApplicant>
      <ncom:signature>Thomas Disbrow</ncom:signature>
      <ncom:signerName>Thomas Disbrow</ncom:signerName>
      <ncom:title>Vice President, Mutual Fund Treasurer &amp; CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
