Fund Notice One of AMG’s guiding principles is to structure mutual funds that will help investors reach their investment goals. As part of this mission, we aim to keep the cost of investing in our funds as low as possible. We are pleased to announce that, effective July 1, 2022, the Fund’s Board of Trustees has agreed to lower the management fee on the AMG River Road Dividend All Cap Value Fund from 0.60% to 0.50%; which will result in the net expense ratios for the Funds’ Z share to move from 0.78% to 0.68%. For full information on the Fund’s annual operating expenses please see the Shareholder Letter available in the Fund Documents section of the site. Fund Overview Fund Overview Share Class Z N I Z NAV | as of 12/05/2022 $11.03 -$0.22 (-1.96%) Morningstar | Style Box V B G L M S Morningstar Analyst Rating as of 11/12/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 09/29/2017 to 11/30/2022 = $14,349.53 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective Seeks to provide high current income and, secondarily, long-term capital appreciation by investing primarily in a diversified, all cap portfolio of income producing equity securities. Why Consider May be appropriate for investors looking to gain exposure to diversified U.S. companies of all sizes Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting companies above $300 million with high and growing dividends selling at a discount to absolute value Documents Fact Sheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions Shareholder Letter - Fee Reduction June 23, 2022 View All Documents Henry W. Sanders III, CFA EXECUTIVE VICE PRESIDENT See Our Approach Read Bio Thomas S. Forsha, CFA CO-CHIEF INVESTMENT OFFICER See Our Approach Read Bio Andrew R. McIntosh, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road Dividend All Cap Value Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road Dividend All Cap Value Fund is categorized as Large-Value. It invests in large-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2022 Overall Rating (of 1139) 3 Years (of 1139) 5 Years (of 1082) 10 Years — Category Large Value Read Important Investment Disclosures Henry W. Sanders III, CFA EXECUTIVE VICE PRESIDENT Henry Sanders serves as Lead Portfolio Manager for River Road’s Dividend All-Cap Value Portfolios. Prior to co-founding River Road in 2005, Mr. Sanders served as Senior Vice President and Portfolio Manager for Commonwealth Trust Co. (Commonwealth SMC). Additionally, he served as President of Bridges Capital Management and Vice President of PRIMCO Capital Management. Mr. Sanders has also served as an adjunct professor of Finance and Economics at Bellarmine University. He holds a BA in business administration from Bellarmine University and an MBA from Boston College. He earned the Chartered Financial Analyst designation in 1992, is a member of the CFA Institute, and is a member and past president of the CFA Society Louisville. Thomas S. Forsha, CFA CO-CHIEF INVESTMENT OFFICER Thomas Forsha serves as Co-Chief Investment Officer for River Road. Additionally, he is Portfolio Manager for River Road’s Dividend All-Cap Value Portfolios and the firm’s Focused Absolute Value® Portfolio. Prior to joining River Road in 2005, Mr. Forsha served as Equity Analyst and Portfolio Manager for ABN AMRO Asset Management USA, where he was responsible for management of the North American equity allocation of the firm’s Global High Income Equity Fund. Mr. Forsha holds a BS in Finance from The Ohio State University’s Fisher College of Business and an MBA from The University of Chicago Booth School of Business. He earned the Chartered Financial Analyst designation in 2002 and is a member of the CFA Institute and CFA Society Louisville. Andrew R. McIntosh, CFA PORTFOLIO MANAGER Mr. McIntosh serves as Portfolio Manager for River Road’s Dividend All Cap Value Portfolios. In this capacity, he continues to maintain select analyst responsibilities. Prior to joining River Road in 2011, Mr. McIntosh served as Structured Finance Analyst on a portfolio of subprime and second lien securities at AEGON USA Investment Management LLC. Mr. McIntosh graduated from the University of Iowa with a BBA. in Finance. He earned the Chartered Financial Analyst® designation in 2006 and is a member of the CFA Institute. Additionally, he is a past president of the CFA Society Louisville and serves on its board of directors. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.70% Net Expense Ratio: 0.68% Expense Cap Expiration Date: 03/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Sep 28, 2022 $0.055300 $0.055300 — — Jun 28, 2022 $0.049200 $0.049200 — — Mar 29, 2022 $0.059200 $0.059200 — — Dec 15, 2021 $2.340000 $0.144900 $0.029900 $2.165200 Sep 28, 2021 $0.077500 $0.077500 — — Jun 28, 2021 $0.029700 $0.029700 — — Mar 29, 2021 $0.062600 $0.062600 — — Dec 16, 2020 $0.068600 $0.068600 — — Sep 28, 2020 $0.077000 $0.077000 — — Jun 26, 2020 $0.046400 $0.046400 — — Mar 27, 2020 $0.083700 $0.083700 — — Dec 16, 2019 $0.907300 $0.171600 — $0.735700 Sep 26, 2019 $0.040000 $0.040000 — — Jun 26, 2019 $0.075000 $0.075000 — — Mar 27, 2019 $0.060000 $0.060000 — — Dec 27, 2018 $0.883400 $0.158500 — $0.724900 Sep 26, 2018 $0.064500 $0.064500 — — Jun 27, 2018 $0.015000 $0.015000 — — May 29, 2018 $0.015000 $0.015000 — — Apr 26, 2018 $0.004000 $0.004000 — — Mar 27, 2018 $0.009000 $0.009000 — — Feb 26, 2018 $0.010000 $0.010000 — — Dec 27, 2017 $0.755300 $0.179400 $0.043000 $0.532900 Nov 27, 2017 $0.017500 $0.017500 — — Oct 26, 2017 $0.015000 $0.015000 — — From: To: Risk & Return Stats As of: 11/30/2022 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.54 -0.41 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.31 17.93 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.33 0.31 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 86.67 86.16 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 94.85 96.29 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.93 0.94 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 96.37 96.54 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.13 3.54 - View All Characteristics & Stats All Characteristics & Stats River Road Dividend All Cap Value Fund (ARZDX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 3000® Value Index Fund Assets (Mil.$) $302 Number of Holdings 53 2,248 Weighted Avg. Market Cap (Mil.$) $75,442 $126,980 Median Market Cap (Mil.$) $37,996 $1,888 Weighted Avg. P/E (1-yr Forward EPS) 12.08 12.22 Weighted Avg. P/E (Trailing EPS) 13.94 13.62 PEG Ratio 1.19 1.17 Weighted Avg. P/B 2.46 1.91 EPS Growth (Trailing 3-yr %) 11.41% 12.08% EPS Growth (Trailing 5-yr %) 6.95% 12.21% Forward EPS Growth (1-yr %) 5.67% 1.21% Forward EPS Growth (Long Term %) 7.05% 9.10% Revenue Growth (Trailing 5-yr %) 6.82% 7.07% Return on Equity 20.03% 16.95% Weighted Avg. Dividend Yield 3.63% 2.44% Debt to Equity 106.60 86.11 SEC 30-Day Yield (%) 2.96% SEC 30-Day Yield (%) w/o fee 2.93% Trailing 12-Months Portfolio Turnover 24.83% As of: 09/30/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.54 -0.41 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.31 17.93 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.33 0.31 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 86.67 86.16 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 94.85 96.29 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.93 0.94 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 96.37 96.54 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.13 3.54 - Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.27 -0.26 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 7.09 5.96 - Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -29.93 -29.93 - As of: 11/30/2022 Market Cap Fund Russell 3000® Value Index Market Cap ($mm) 0 - 1,000 0.00% 1.46% Market Cap ($mm) 1,000 - 1,500 0.00% 0.98% Market Cap ($mm) 1,500 - 2,500 1.38% 1.66% Market Cap ($mm) 2,500 - 5,000 6.55% 4.52% Market Cap ($mm) 5,000 - 10,000 8.58% 6.83% Market Cap ($mm) 10,000 - 25,000 16.10% 14.02% Market Cap ($mm) 25,000 - 50,000 15.14% 16.21% Market Cap ($mm) 50,000 - 100,000 19.07% 13.86% Market Cap ($mm) 100,000 - 200,000 25.48% 20.56% Market Cap ($mm) 200,000 - 7.71% 19.90% Market Cap – NA 0.00% 0.00% As of: 09/30/2022 Valuation Characteristics Fund Russell 3000® Value Index P/E 0-10 21.73% 25.73% P/E 10-15 20.19% 14.60% P/E 15-20 25.02% 12.81% P/E 20-25 14.48% 15.14% P/E 25-Above 16.18% 27.33% P/E – NA 2.40% 4.40% As of: 09/30/2022 Growth Characteristics Fund Russell 3000® Value Index EPS Growth (Trailing 3-yr %) - Negative 31.38% 23.77% EPS Growth (Trailing 3-yr %) 0 - 5 15.49% 8.74% EPS Growth (Trailing 3-yr %) 5 - 10 5.38% 15.18% EPS Growth (Trailing 3-yr %) 10 - 15 0.95% 6.41% EPS Growth (Trailing 3-yr %) 15 - 20 10.18% 10.10% EPS Growth (Trailing 3-yr %) Above 20 30.06% 29.19% EPS Growth (Trailing 3-yr %) - NA 6.57% 6.61% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 AES Corp 4.05% Progressive Corp 3.46% United Parcel Service Inc, Class B 3.36% Oracle Corp 3.29% Bristol-Myers Squibb Co 3.17% Kinder Morgan Inc, Class P 3.09% Corning Inc 2.88% Verizon Communications Inc 2.85% Williams Cos Inc 2.76% US Bancorp 2.67% % in Top 10 Holdings 31.58% View Holding Details Holding Details River Road Dividend All Cap Value Fund (ARZDX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 AES Corp 4.05% Progressive Corp 3.46% United Parcel Service Inc, Class B 3.36% Oracle Corp 3.29% Bristol-Myers Squibb Co 3.17% Kinder Morgan Inc, Class P 3.09% Corning Inc 2.88% Verizon Communications Inc 2.85% Williams Cos Inc 2.76% US Bancorp 2.67% % in Top 10 Holdings 31.58% As of: 09/30/2022 Download All Holdings (PDF) As of: 10/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund AES AES Corp Utilities S US USD 566,394 26.16 $14,816,867 4.49% PGR Progressive Corp Financials S US USD 94,230 128.40 $12,099,132 3.66% UPS United Parcel Service Inc, Class B Industrials S US USD 65,700 167.77 $11,022,489 3.34% BMY Bristol-Myers Squibb Co Health Care S US USD 140,998 77.47 $10,923,115 3.31% KMI Kinder Morgan Inc, Class P Energy S US USD 586,339 18.12 $10,624,463 3.22% GLW Corning Inc Information Technology S US USD 313,354 32.17 $10,080,598 3.05% WMB Williams Cos Inc Energy S US USD 305,141 32.73 $9,987,265 3.02% ORCL Oracle Corp Information Technology S US USD 110,843 78.07 $8,653,513 2.62% TGT Target Corp Consumer Discretionary S US USD 52,513 164.25 $8,625,260 2.61% PFE Pfizer Inc Health Care S US USD 178,915 46.55 $8,328,493 2.52% TFC Truist Financial Corp Financials S US USD 183,927 44.79 $8,238,090 2.49% ABBV AbbVie Inc Health Care S US USD 56,101 146.40 $8,213,186 2.49% IWD iShares Russell 1000 Value ETF Other Equities S US USD 54,805 149.74 $8,206,501 2.48% VST Vistra Corp Utilities S US USD 350,363 22.97 $8,047,838 2.44% KMB Kimberly-Clark Corp Consumer Staples S US USD 60,153 124.46 $7,486,642 2.27% EPD Enterprise Products Partners LP Energy S US USD 292,662 25.25 $7,389,716 2.24% AMGN Amgen Inc Health Care S US USD 26,504 270.35 $7,165,356 2.17% CMCSA Comcast Corp, Class A Communication Services S US USD 225,241 31.74 $7,149,149 2.16% VZ Verizon Communications Inc Communication Services S US USD 187,708 37.37 $7,014,648 2.12% USB US Bancorp Financials S US USD 164,995 42.45 $7,004,038 2.12% PINC Premier Inc, Class A Health Care S US USD 198,326 34.88 $6,917,611 2.09% UL Unilever PLC ADR Consumer Staples S GB USD 148,558 45.51 $6,760,875 2.05% SYY Sysco Corp Consumer Staples S US USD 75,086 86.56 $6,499,444 1.97% AMT American Tower Corp, Class A Real Estate S US USD 29,970 207.19 $6,209,484 1.88% WSO Watsco Inc Industrials S US USD 22,312 270.96 $6,045,660 1.83% PEP PepsiCo Inc Consumer Staples S US USD 33,010 181.58 $5,993,956 1.81% LMT Lockheed Martin Corp Industrials S US USD 12,052 486.68 $5,865,467 1.78% IDA IDACORP Inc Utilities S US USD 55,408 104.70 $5,801,218 1.76% MTB M&T Bank Corp Financials S US USD 34,235 168.37 $5,764,147 1.74% CB Chubb Ltd Financials S CH USD 26,203 214.89 $5,630,763 1.70% AXS Axis Capital Holdings Ltd Financials S BM USD 97,110 54.67 $5,309,004 1.61% BKH Black Hills Corp Utilities S US USD 76,525 65.37 $5,002,439 1.51% IPG Interpublic Group of Cos Inc Communication Services S US USD 163,770 29.79 $4,878,708 1.48% CCOI Cogent Communications Holdings Inc Communication Services S US USD 92,714 52.51 $4,868,412 1.47% TXN Texas Instruments Inc Information Technology S US USD 30,146 160.63 $4,842,352 1.47% CSCO Cisco Systems Inc Information Technology S US USD 98,903 45.43 $4,493,163 1.36% PNC PNC Financial Services Group Inc Financials S US USD 27,517 161.83 $4,453,076 1.35% STOR STORE Capital Corp, Class A Real Estate S US USD 133,437 31.80 $4,243,297 1.28% QCOM QUALCOMM Inc Information Technology S US USD 35,052 117.66 $4,124,218 1.25% FNF Fidelity National Financial Inc Financials S US USD 104,363 39.38 $4,109,815 1.24% SJM JM Smucker Co Consumer Staples S US USD 26,344 150.66 $3,968,987 1.20% KR Kroger Co Consumer Staples S US USD 77,960 47.29 $3,686,728 1.12% MRK Merck & Co Inc Health Care S US USD 33,917 101.20 $3,432,400 1.04% WTW Willis Towers Watson PLC Financials S GB USD 15,658 218.21 $3,416,732 1.03% MU Micron Technology Inc Information Technology S US USD 62,478 54.10 $3,380,060 1.02% CSGS CSG Systems International Inc Information Technology S US USD 49,574 64.67 $3,205,951 0.97% GPC Genuine Parts Co Consumer Discretionary S US USD 15,629 177.86 $2,779,774 0.84% CNA CNA Financial Corp Financials S US USD 62,646 41.70 $2,612,338 0.79% MDC MDC Holdings Inc Consumer Discretionary S US USD 58,371 30.46 $1,777,981 0.54% MMP Magellan Midstream Partners LP Energy S US USD 28,578 53.95 $1,541,783 0.47% Cash & Equivalents Cash C US USD - - $11,637,433 3.52% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return STORE Capital Corp, Class A 1 1.24% 21.23% M&T Bank Corp 2 2.20% 11.13% AES Corp 3 3.83% 8.10% Genuine Parts Co 4 1.12% 12.72% NortonLifeLock Inc. 5 0.58% 7.59% Watsco Inc 6 1.55% 8.47% JM Smucker Co 7 1.03% 7.92% Starbucks Corp 8 0.56% 10.74% Target Corp 9 2.15% 5.51% Willis Towers Watson PLC 10 0.96% 2.11% As of: 09/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Verizon Communications Inc 20 3.05% -24.52% Comcast Corp, Class A 19 2.76% -24.90% Oracle Corp 18 3.19% -12.32% Pfizer Inc 17 2.48% -16.08% United Parcel Service Inc, Class B 16 3.58% -11.04% Kimberly-Clark Corp 15 2.25% -16.19% US Bancorp 14 2.77% -11.66% Fidelity National Information Services Inc 13 1.51% -17.25% Sysco Corp 12 1.96% -16.53% AbbVie Inc 11 2.30% -11.80% As of: 09/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 09/30/2022 View Allocation Details Allocation Details River Road Dividend All Cap Value Fund (ARZDX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 3000® Value Index Financials 18.33% 20.51% Information Technology 13.12% 8.58% Health Care 12.97% 16.99% Consumer Staples 10.20% 6.97% Utilities 9.75% 5.93% Energy 8.76% 7.69% Communication Services 7.62% 7.73% Consumer Discretionary 6.97% 6.20% Industrials 6.65% 10.17% Cash & Other 2.92% 0.00% Real Estate 2.70% 5.16% Materials 0.00% 4.08% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 97.08% Bonds 0.00% Cash and Other 2.92% As of: 09/30/2022 Industry Fund Russell 3000® Value Index Insurance 9.40% 3.50% Banks 8.93% 7.99% Oil, Gas & Consumable Fuels 8.76% 7.09% Pharmaceuticals 6.57% 6.11% Independent Power and Renewable Electricity Producers 6.38% 0.14% Biotechnology 4.27% 1.97% Diversified Telecommunication Services 3.93% 1.64% Media 3.70% 1.30% Air Freight & Logistics 3.36% 0.43% Semiconductors & Semiconductor Equipment 3.34% 2.23% % in Top 10 Industries 58.64% 32.4% As of: 09/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach River Road Dividend All Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in a diversified, all cap portfolio of dividend paying equities. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to target companies exhibiting: Financial strength and high, growing dividend yields at attractive prices Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models Keep Calm and Remain Diversified A Short- and Long-Term Review on the Power of Diversification Read More About About River Road Asset Management Background River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles. Learn More More Funds From River Road Asset Management ARRFX River Road Focused Absolute Value Fund Seeks to provide long-term capital appreciation by investing in a concentrated all cap portfolio of securities. View Fund Details ARLSX River Road International Value Equity Fund The Fund seeks long-term capital appreciation. View Fund Details FQUAX River Road Large Cap Value Select Fund The Fund seeks long-term capital appreciation. View Fund Details CHTTX River Road Mid Cap Value Fund The Fund seeks to provide long-term capital appreciation. View Fund Details ARSVX River Road Small Cap Value Fund Seeks to provide long-term capital appreciation by investing in a portfolio of primarily small but also can invest in mid capitalization equity securities. View Fund Details ARSMX River Road Small-Mid Cap Value Fund Seeks to provide long-term capital appreciation by investing in a portfolio of small and mid capitalization equity securities. View Fund Details Read Important Investment Disclosures Founded 2005 Headquarters Louisville, KY Affiliate Since 2014 Discover how the boutique advantage helps generate alpha. Learn More About AMG