Fund Overview Fund Overview Share Class I N I Z NAV | as of 12/06/2023 $10.54 +$0.01 (+0.09%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 03/04/2013 to 11/30/2023 = $18,224.97 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 800.548.4539. 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 The Fund seeks long-term capital appreciation Why Consider May be appropriate for investors looking to gain exposure to a focused portfolio of non-U.S. companies Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting a Fund portfolio of high quality, low volatility companies within the non-U.S. markets Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Wenjun (William) Yang, CFA VICE PRESIDENT, PORTFOLIO MANAGER See Our Approach Read Bio Jeffrey B. Hoskins, CFA DIRECTOR OF RESEARCH, ASSOCIATE PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road International Value Equity Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road International Value Equity Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating — 3 Years — 5 Years — 10 Years — Category Foreign Large Value Read Important Investment Disclosures Wenjun (William) Yang, CFA VICE PRESIDENT, PORTFOLIO MANAGER Mr. Yang serves as a portfolio manager for River Road’s International Value Equity and International Value Equity ADR Portfolios. Prior to joining River Road in 2016, he served as senior portfolio manager at Boston Private Wealth LLC. Additionally, he was manager of the investment banking division and equity research analyst in the securities research division at Shenyin & Wanguo Securities Co. Ltd. Mr. Yang holds a BS in engineering from Shanghai Jiao Tong University, an MS in economics from Shanghai Institute of Foreign Trade, and an MBA from Texas Christian University’s Neeley School of Business. He earned the Chartered Financial Analyst® designation in 2004 and is a member of the CFA Institute and CFA Society Louisville. Jeffrey B. Hoskins, CFA DIRECTOR OF RESEARCH, ASSOCIATE PORTFOLIO MANAGER Mr. Hoskins serves as Director of Research for River Road. In this role, he focuses on developing the analyst team and further enhancing the quality, consistency, standards, and overall effectiveness of the firm’s research efforts. Additionally, he is an associate portfolio manager for River Road’s International Value Equity and International Value Equity ADR Portfolios. In this capacity, he maintains select analyst responsibilities and serves as analyst support for other firm strategies. Mr. Hoskins previously was senior ESG specialist and continues to lead the firm’s ESG research and principles implementation efforts. Prior to joining River Road in 2013, he worked at BMO Capital Markets where his research covered the media, entertainment, and gaming industries. Mr. Hoskins has more than 20 years of investment research experience, which includes various positions at The Seidler Cos. Inc. and SunTrust Equitable Securities. Mr. Hoskins graduated from Vanderbilt University with a BA in United States History and an MBA with concentrations in finance and accounting. He earned the Chartered Financial Analyst® designation in 2000 and is a member of the CFA Institute. Additionally, he is a member of the CFA Society Louisville and a past member of 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 800.548.4539. 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: 1.86% Net Expense Ratio: 0.78% 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 Dec 15, 2022 $0.347000 $0.347000 — — Dec 15, 2021 $0.072900 $0.016200 $0.005400 $0.051300 Aug 18, 2021 $4.511800 — $2.354600 $2.157200 Dec 16, 2019 $1.081400 — $0.855700 $0.225700 Dec 27, 2018 $0.712800 — $0.135600 $0.577200 Dec 30, 2015 $0.380900 — $0.268500 $0.112400 Dec 30, 2014 $0.297900 — $0.278900 $0.019000 Dec 30, 2013 $0.290800 — $0.289100 $0.001700 From: To: Risk & Return Stats As of: 11/30/2023 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. 4.88 3.82 2.76 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. 14.68 13.27 10.84 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. 0.41 0.46 0.36 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. 92.40 64.54 37.77 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. 80.73 75.92 71.88 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. 0.81 0.64 0.58 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. 83.94 76.25 65.30 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. 6.65 9.10 9.00 View All Characteristics & Stats All Characteristics & Stats River Road International Value Equity Fund (ALSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI EAFE Index Fund Assets (Mil.$) $10 Number of Holdings 40 795 Weighted Avg. Market Cap (Mil.$) $75,358 $83,687 Median Market Cap (Mil.$) $49,882 $12,224 Weighted Avg. P/E (1-yr Forward EPS) 11.97 13.03 Weighted Avg. P/E (Trailing EPS) 11.76 12.97 PEG Ratio 1.31 1.25 Weighted Avg. P/B 1.77 1.70 EPS Growth (Trailing 3-yr %) 16.40% 15.14% EPS Growth (Trailing 5-yr %) 7.16% 7.01% Forward EPS Growth (1-yr %) 6.07% 4.53% Forward EPS Growth (Long Term %) 7.73% 7.89% Revenue Growth (Trailing 5-yr %) 4.05% 4.13% Return on Equity 16.78% 15.24% Weighted Avg. Dividend Yield 3.41% 3.20% Debt to Equity 93.27 85.61 Trailing 12-Months Portfolio Turnover 62.43% As of: 09/30/2023 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. 4.88 3.82 2.76 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. 14.68 13.27 10.84 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. 0.41 0.46 0.36 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. 92.40 64.54 37.77 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. 80.73 75.92 71.88 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. 0.81 0.64 0.58 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. 83.94 76.25 65.30 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. 6.65 9.10 9.00 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. 0.65 0.22 0.14 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. 7.46 9.47 6.78 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. -19.42 -19.42 -19.42 As of: 11/30/2023 Market Cap Fund MSCI EAFE Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% 0.00% Market Cap ($mm) 2,500 - 5,000 0.00% 1.33% Market Cap ($mm) 5,000 - 10,000 6.89% 10.36% Market Cap ($mm) 10,000 - 25,000 17.39% 19.58% Market Cap ($mm) 25,000 - 50,000 21.17% 20.27% Market Cap ($mm) 50,000 - 100,000 26.84% 22.60% Market Cap ($mm) 100,000 - 200,000 17.84% 11.13% Market Cap ($mm) 200,000 - 9.88% 14.73% Market Cap – NA 0.00% 0.00% As of: 09/30/2023 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 22.03% 22.38% P/E 10-15 28.80% 21.46% P/E 15-20 34.16% 14.29% P/E 20-25 10.93% 9.57% P/E 25-Above 4.09% 30.05% P/E – NA 0.00% 2.24% As of: 09/30/2023 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 19.15% 20.43% EPS Growth (Trailing 3-yr %) 0 - 5 6.21% 7.83% EPS Growth (Trailing 3-yr %) 5 - 10 12.13% 10.99% EPS Growth (Trailing 3-yr %) 10 - 15 23.42% 11.48% EPS Growth (Trailing 3-yr %) 15 - 20 3.02% 9.30% EPS Growth (Trailing 3-yr %) Above 20 36.06% 36.83% EPS Growth (Trailing 3-yr %) - NA 0.00% 3.13% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 DBS Group Holdings Ltd 3.65% Deutsche Telekom AG 3.62% AXA SA 3.55% Sony Group Corp 3.52% Deutsche Boerse AG 3.48% Ashtead Group Plc 3.41% Shell PLC 3.40% Allianz SE 3.25% Deutsche Post AG 3.18% Thales SA 3.10% % in Top 10 Holdings 34.16% View Holding Details Holding Details River Road International Value Equity Fund (ALSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 DBS Group Holdings Ltd 3.65% Deutsche Telekom AG 3.62% AXA SA 3.55% Sony Group Corp 3.52% Deutsche Boerse AG 3.48% Ashtead Group Plc 3.41% Shell PLC 3.40% Allianz SE 3.25% Deutsche Post AG 3.18% Thales SA 3.10% % in Top 10 Holdings 34.16% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund DTE Deutsche Telekom AG Communication Services S DE EUR 17,434 21.70 $378,382 3.81% BA/ BAE Systems PLC Industrials S GB GBP 27,853 13.45 $374,522 3.77% 6758 Sony Group Corp Consumer Discretionary S JP JPY 4,352 83.14 $361,820 3.64% DBS DBS Group Holdings Ltd Financials S SG SGD 15,030 24.02 $361,071 3.63% CS AXA SA Financials S FR EUR 12,080 29.63 $357,936 3.60% SHEL Shell PLC Energy S NL GBP 10,843 32.23 $349,436 3.51% DB1 Deutsche Boerse AG Financials S DE EUR 2,035 164.60 $334,954 3.37% HO Thales SA Industrials S FR EUR 2,230 147.58 $329,098 3.31% AHT Ashtead Group Plc Industrials S GB GBP 5,682 57.35 $325,877 3.28% ALV Allianz SE Financials S DE EUR 1,379 234.24 $323,020 3.25% DHL Deutsche Post AG Industrials S DE EUR 7,914 39.04 $308,990 3.11% DG Vinci SA Industrials S FR EUR 2,645 110.57 $292,469 2.94% GSK Gsk Plc Health Care S GB GBP 15,860 17.83 $282,733 2.84% SHBA Svenska Handelsbanken AB Financials S SE SEK 33,118 8.53 $282,354 2.84% VIV Telefonica Brasil SA ADR Communication Services S BR USD 31,620 8.91 $281,734 2.83% ITX Industria de Diseno Textil SA Consumer Discretionary S ES EUR 8,122 34.52 $280,355 2.82% 4502 Takeda Pharmaceutical Co Ltd Health Care S JP JPY 9,416 27.14 $255,595 2.57% EDP EDP - Energias de Portugal SA Utilities S PT EUR 60,718 4.20 $255,167 2.57% ULVR Unilever PLC [ULVR] Consumer Staples S GB GBP 5,360 47.36 $253,853 2.55% 6702 Fujitsu Ltd Information Technology S JP JPY 1,652 129.55 $214,013 2.15% ROG Roche Holding AG Health Care S CH CHF 825 257.71 $212,610 2.14% TTE TotalEnergies SE Energy S FR EUR 3,178 66.86 $212,473 2.14% ML Cie Generale des Etablissements Michelin SCA Consumer Discretionary S FR EUR 6,969 29.71 $207,038 2.08% ENX Euronext NV 144A Financials S NL EUR 2,907 69.74 $202,730 2.04% 7203 Toyota Motor Corp Consumer Discretionary S JP JPY 11,494 17.49 $201,073 2.02% 4063 Shin-Etsu Chemical Co Ltd Materials S JP JPY 6,640 29.90 $198,558 2.00% FMX Fomento Economico Mexicano SAB de CV ADR Consumer Staples S MX USD 1,697 113.41 $192,457 1.94% SAN Sanofi SA Health Care S FR EUR 2,112 90.81 $191,783 1.93% ABI Anheuser-Busch InBev SA Consumer Staples S BE EUR 3,226 56.90 $183,553 1.85% SKM SK Telecom Co Ltd ADR Communication Services S KR USD 8,432 20.26 $170,832 1.72% NOVN Novartis AG Health Care S CH CHF 1,763 93.62 $165,051 1.66% 8766 Tokio Marine Holdings Inc Financials S JP JPY 7,138 22.37 $159,693 1.61% EN Bouygues SA Industrials S FR EUR 4,499 35.18 $158,270 1.59% SU Suncor Energy Inc [CAD] Energy S CA CAD 4,603 32.39 $149,068 1.50% PRU Prudential PLC Financials S GB GBP 13,854 10.46 $144,863 1.46% TLK Telkom Indonesia Persero Tbk PT ADR Communication Services S ID USD 6,554 22.00 $144,188 1.45% 6981 Murata Manufacturing Co Ltd Information Technology S JP JPY 8,163 17.13 $139,827 1.41% OTEX Open Text Corp Information Technology S CA CAD 3,374 33.39 $112,649 1.13% 1299 AIA Group Ltd Financials S HK HKD 11,859 8.68 $102,981 1.04% 1 CK Hutchison Holdings Ltd Industrials S HK HKD 20,007 5.06 $101,281 1.02% Cash & Equivalents Cash C US USD - - $389,815 3.92% Fund Holdings Sort order Avg. Weight Total Return TotalEnergies SE 1 2.63% 16.09% Shell PLC 2 3.20% 7.94% Check Point Software Technologies Ltd. 3 2.35% 9.43% Toyota Motor Corp 4 1.88% 13.22% DBS Group Holdings Ltd 5 3.05% 7.37% SK Telecom Co Ltd ADR 6 1.61% 9.99% UBS Group AG 7 0.54% 15.86% Gsk Plc 8 2.70% 4.20% Bouygues SA 9 1.77% 4.55% BAE Systems PLC 10 2.75% 3.34% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Deutsche Post AG 20 3.58% -16.40% Prudential PLC 19 1.69% -22.60% EDP - Energias de Portugal SA 18 2.70% -14.66% Ashtead Group Plc 17 3.37% -10.76% Kering SA 16 1.89% -17.10% Sony Group Corp 15 3.66% -8.31% Roche Holding AG 14 2.39% -10.44% Shin-Etsu Chemical Co Ltd 13 2.03% -10.91% Deutsche Boerse AG 12 3.54% -6.05% AIA Group Ltd 11 1.07% -18.72% As of: 09/30/2023 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 Regional Allocation As of: 09/30/2023 View Allocation Details Allocation Details River Road International Value Equity Fund (ALSIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI EAFE Index Financials 22.28% 19.10% Industrials 20.28% 15.91% Consumer Discretionary 12.31% 12.04% Health Care 11.98% 13.38% Communication Services 8.09% 4.14% Consumer Staples 6.23% 9.78% Energy 5.47% 4.77% Information Technology 4.57% 7.73% Cash & Other 4.40% 0.00% Utilities 2.50% 3.35% Materials 1.91% 7.48% Real Estate 0.00% 2.32% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 95.60% Bonds 0.00% Cash and Other 4.40% As of: 09/30/2023 Country Fund MSCI EAFE Index France 19.85% 12.05% Japan 15.39% 22.92% Germany 13.52% 8.32% United Kingdom 13.12% 15.32% Netherlands 5.40% 4.28% Switzerland 4.01% 9.94% Singapore 3.65% 1.46% Spain 2.99% 2.64% Brazil 2.68% 0.00% Portugal 2.50% 0.22% Sweden 2.29% 3.14% Hong Kong 2.00% 2.30% Mexico 1.83% 0.00% South Korea 1.79% 0.00% Belgium 1.77% 0.99% % in Top 15 Countries 92.79% 83.58% As of: 09/30/2023 Region Fund MSCI EAFE Index Developed 89.30% 100.00% Europe & Middle East 65.45% 65.75% North America 2.81% 0.00% Pacific 21.04% 34.25% Emerging 6.30% 0.00% Asia 1.79% 0.00% Latin America 4.51% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 4.40% 0.00% As of: 09/30/2023 Industry Fund MSCI EAFE Index Pharmaceuticals 11.98% 9.64% Insurance 10.85% 5.16% Diversified Telecommunication Services 6.29% 1.78% Banks 5.95% 10.10% Aerospace & Defense 5.87% 1.75% Capital Markets 5.48% 2.78% Oil, Gas & Consumable Fuels 5.47% 4.72% Construction & Engineering 5.14% 0.84% Beverages 3.60% 1.92% Household Durables 3.52% 1.18% % in Top 10 Industries 64.15% 39.87% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach River Road International Value Equity Fund The Fund invests primarily in equity and equity equivalent securities of non-U.S. companies. Under normal circumstances, the Fund invests at least 40% (or if conditions are not favorable, in the view of River Road, at least 30%) of its net assets in investments economically tied to countries other than the U.S. The Fund’s Absolute Value® approach to investment utilizes systematic and dynamic proprietary research target companies exhibiting: Financial strength 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 Products From River Road Asset Management ARDEX River Road Dividend All Cap Value Fund 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. View Fund Details 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 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