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            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
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            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
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            <principalName>HSBC SECURITIES (USA), INC.</principalName>
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            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <hasLineOfCredit>N</hasLineOfCredit>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AMG Managers Special Equity Fund</mgmtInvFundName>
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          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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          <investmentAdviser>
            <investmentAdviserName>AMG Funds LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Lord, Abbett &amp; Co. LLC</subAdviserName>
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          <subAdviser>
            <subAdviserName>Federated MDTA LLC</subAdviserName>
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          <subAdviser>
            <subAdviserName>Ranger Investment Management L.P.</subAdviserName>
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          <subAdviser>
            <subAdviserName>Smith Asset Management Group, L.P.</subAdviserName>
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            <transferAgentName>BNY Mellon Investment Servicing (U.S.) Inc.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
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          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Markit North America, Inc.</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Loan Pricing Corporation (LPC)</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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            <shareholderServiceAgentName>BNY Mellon Investment Servicing (U.S.) Inc.</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>AMG Funds LLC</adminName>
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            <idNumberDesc>SEC file number</idNumberDesc>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cowen and Company, LLC</brokerName>
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            <grossCommission>19212.910000000000</grossCommission>
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            <brokerName>LIQUIDNET, INC.</brokerName>
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            <brokerName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</brokerName>
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            <brokerName>OPPENHEIMER &amp; CO., INC.</brokerName>
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            <brokerName>JEFFERIES LLC</brokerName>
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            <brokerName>CITIGROUP GLOBAL MARKETS INC.</brokerName>
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            <brokerName>ITG, INC.</brokerName>
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          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
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            <grossCommission>5345.740000000000</grossCommission>
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            <principalName>LORD ABBETT</principalName>
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            <principalName>JP Morgan Securities LLC</principalName>
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            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>AMG Managers Loomis Sayles Bond Fund</mgmtInvFundName>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
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        <collateralManagers>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>469751.680000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>AMG Funds LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-56365</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000153456</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Loomis, Sayles and Company L.P.</subAdviserName>
            <subAdviserFileNo>801-170</subAdviserFileNo>
            <subAdviserCrdNo>000105377</subAdviserCrdNo>
            <subAdviserLei>JIZPN2RX3UMNOYIDI313</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-MA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (U.S.) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-RI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Markit North America, Inc.</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Loan Pricing Corporation (LPC)</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>BNY Mellon Investment Servicing (U.S.) Inc.</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-RI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>AMG Funds LLC</adminName>
            <adminLei>801-56365</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
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            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4748.790000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
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            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>717.560000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5466.350000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
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            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO.</principalName>
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          <principalTransaction>
            <principalName>JP Morgan Securities LLC</principalName>
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          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</principalName>
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          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
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          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
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            <principalName>HSBC SECURITIES (USA), INC.</principalName>
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          <principalTransaction>
            <principalName>WELLS FARGO SECURITIES LLC</principalName>
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          <principalTransaction>
            <principalName>BMO CAPITAL MARKETS CORP.</principalName>
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          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1791329954.050000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1932728261.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <interfundLendingDetails isInterfundLending="Y">
          <interfundLending interfundLendingLoanAverage="5128940.400000000000" interfundLendingDaysOutstanding="5"/>
        </interfundLendingDetails>
        <interfundBorrowingDetails isInterfundBorrowing="Y">
          <interfundBorrowing interfundBorrowingLoanAverage="4562162.500000000000" interfundBorrowingDaysOutstanding="2"/>
        </interfundBorrowingDetails>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="AMG Funds III" signedDate="2019-03-14" signature="THOMAS G. DISBROW" title="Treasurer"/>
  </formData>
</edgarSubmission>
