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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RELIANCE INDUSTRIES LTD-PNOTE</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>RELIANCE INDUSTRIES LTD-PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE002A01018"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000GMG2"/>
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          <other otherDesc="SEDOL" value="B03FYZ4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HINDUSTAN UNILEVER LTD - PNOTE</name>
        <lei>5493007IW5N37IKRPM32</lei>
        <title>HINDUSTAN UNILEVER LTD - PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE030A01027"/>
          <ticker value="HUVR"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KR7005930003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNGROW POWER SUPPLY CO LTD - PNOTE</name>
        <lei>30030052IWC7RGVFG505</lei>
        <title>SUNGROW POWER SUPPLY CO LTD - PNOTE</title>
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          <isin value="CNE1000018M7"/>
          <ticker value="300274"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INFO EDGE INDIA LTD - PNOTE</name>
        <lei>335800MXUVHTBF9DEC78</lei>
        <title>INFO EDGE INDIA LTD - PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE663F01024"/>
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          <other otherDesc="SEDOL" value="B1685L0"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NESTLE INDIA LTD - PNOTE</name>
        <lei>3358008SYYY9CPWH5D94</lei>
        <title>NESTLE INDIA LTD - PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE239A01016"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KYG017191142"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TATA CONSULTANCY SERVICES LTD - PNOTE</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>TATA CONSULTANCY SERVICES LTD - PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE467B01029"/>
          <ticker value="TCS"/>
          <other otherDesc="SEDOL" value="B01NPJ1"/>
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        <balance>120731.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5013584.41000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CTI</name>
        <lei>N/A</lei>
        <title>Centre Testing International Group Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CNE100000GV8"/>
          <ticker value="300012"/>
          <other otherDesc="SEDOL" value="BD5C7D3"/>
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        <balance>544800.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZOMATO LTD Pnote</name>
        <lei>335800T4VOF9ETHF8W59</lei>
        <title>ZOMATO LTD Pnote</title>
        <cusip>000000000</cusip>
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          <isin value="INE758T01015"/>
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          <other otherDesc="SEDOL" value="BL6P210"/>
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        <curCd>USD</curCd>
        <valUSD>1372210.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JD.com Inc</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com Inc</title>
        <cusip>000000000</cusip>
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          <isin value="KYG8208B1014"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MAX HEALTHCARE INSTITUTE LTD - PNOTE</name>
        <lei>3358005LALYV4GZOYF67</lei>
        <title>MAX HEALTHCARE INSTITUTE LTD - PNOTE</title>
        <cusip>000000000</cusip>
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          <isin value="INE027H01010"/>
          <ticker value="MAXHEALT"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Meituan</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>Meituan</title>
        <cusip>000000000</cusip>
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          <isin value="KYG596691041"/>
          <ticker value="3690"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Guangzhou Kingmed Diagnostics</name>
        <lei>N/A</lei>
        <title>Guangzhou Kingmed Diagnostics Group Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CNE100002VW1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>APOLLO HOSPITALS ENTERPRISE LTD - PNOTE</name>
        <lei>3358005YT7JQCWYLTG43</lei>
        <title>APOLLO HOSPITALS ENTERPRISE LTD - PNOTE</title>
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        <name>TITAN CO LTD - PNOTE</name>
        <lei>549300RO9VJWPK37FE54</lei>
        <title>TITAN CO LTD - PNOTE</title>
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        <name>ADEPTUS HEALTH INC.</name>
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        <title>ADEPTUS HEALTH INC.</title>
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        <name>Samsung SDI Co Ltd</name>
        <lei>9884002AESDO4YW87G32</lei>
        <title>Samsung SDI Co Ltd</title>
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        <name>LEAD INTELLIGENT</name>
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        <title>Wuxi Lead Intelligent Equipment Co Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Unimicron Technology Corp</name>
        <lei>N/A</lei>
        <title>Unimicron Technology Corp</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KOTAK MAHINDRA BANK LTD - PNOTE</name>
        <lei>335800E6GTTXKHXE2I75</lei>
        <title>KOTAK MAHINDRA BANK LTD - PNOTE</title>
        <cusip>000000000</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>First</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ASIAN PAINTS LTD - PNOTE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TSMC</name>
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        <name>Infosys Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HDFC Bank Ltd</name>
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        <name>Luzhou Laojiao Co Ltd</name>
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      <invstOrSec>
        <name>Cochlear Ltd</name>
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        <title>Cochlear Ltd</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Kweichow Moutai Co Ltd</name>
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        <name>MediaTek Inc</name>
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    <signature>
      <ncom:dateSigned>2022-08-18</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds III</ncom:nameOfApplicant>
      <ncom:signature>Thomas Disbrow</ncom:signature>
      <ncom:signerName>Thomas Disbrow</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
