Fund Notice Effective August 16, 2021, the Fund changed its name from AMG River Road Long-Short Fund to AMG River Road International Value Equity Fund, and the Fund changed its principal investment strategies, resulting in changes to its principal risks, as well as to its primary and secondary benchmarks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus. Fund Overview Fund Overview Share Class I N I Z NAV | as of 06/28/2022 $9.10 -$0.01 (-0.11%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 179 Long-Short Equity funds as of 05/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/04/2013 to 05/31/2022 = $16,056.44 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 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 2021 Year End Distributions View All Documents Wenjun (William) Yang, CFA VICE PRESIDENT See Our Approach Read Bio Jeffrey B. Hoskins, CFA 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 05/31/2022 Overall Rating (of 179) 3 Years (of 179) 5 Years (of 156) 10 Years — Category Long-Short Equity Read Important Investment Disclosures Wenjun (William) Yang, CFA VICE PRESIDENT Mr. Yang is a Vice President at River Road and serves as a portfolio manager for River Road’s International portfolios. Prior to joining River Road in 2016, he served as Senior Portfolio Manager at Boston Private Wealth LLC. Additionally, he served as 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 B.S. in Engineering from Shanghai Jiao Tong University, an M.S. in Economics from Shanghai Institute of Foreign Trade, and an M.B.A. 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 ASSOCIATE PORTFOLIO MANAGER Mr. Hoskins serves as an associate portfolio manager for River Road’s International portfolios. In this capacity, he continues to maintain select analyst responsibilities and serves as analyst support for other firm strategies . Additionally, he serves as Senior ESG Specialist, leading River Road’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’ experience includes various positions at The Seidler Cos. Inc. and SunTrust Equitable Securities. Mr. Hoskins graduated from Vanderbilt University with a B.A. in United States History and an M.B.A. 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 800.835.3879. 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: 1.36% Net Expense Ratio: 0.78% Expense Cap Expiration Date: 03/01/2023 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, 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: 05/31/2022 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. 3.58 3.44 - 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. 10.99 10.18 - 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. - - - 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. 59.18 57.02 - 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. 62.45 64.56 - 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. 0.51 0.54 - 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. 62.13 63.78 - 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. 10.85 9.31 - 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.$) $8 Number of Holdings 45 825 Weighted Avg. Market Cap (Mil.$) $83,364 $84,061 Median Market Cap (Mil.$) $61,343 $13,349 Weighted Avg. P/E (1-yr Forward EPS) 13.10 13.77 Weighted Avg. P/E (Trailing EPS) 14.27 13.76 PEG Ratio 0.97 1.06 Weighted Avg. P/B 1.89 1.76 EPS Growth (Trailing 3-yr %) 10.42% 7.46% EPS Growth (Trailing 5-yr %) 9.97% 8.39% Forward EPS Growth (1-yr %) 7.46% 10.95% Forward EPS Growth (Long Term %) 11.05% 10.92% Revenue Growth (Trailing 5-yr %) 3.57% 4.04% Return on Equity 16.91% 16.05% Weighted Avg. Dividend Yield 2.72% 2.79% Debt to Equity 94.40 90.35 Trailing 12-Months Portfolio Turnover 117.24% As of: 03/31/2022 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. 3.58 3.44 - 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. 10.99 10.18 - 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. - - - 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. 59.18 57.02 - 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. 62.45 64.56 - 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. 0.51 0.54 - 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. 62.13 63.78 - 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. 10.85 9.31 - 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. 0.06 0.18 - 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. - - - 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. -10.29 -10.29 - As of: 05/31/2022 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 ($mm) 2,500 - 5,000 1.53% 1.20% Market Cap ($mm) 5,000 - 10,000 6.57% 8.01% Market Cap ($mm) 10,000 - 25,000 12.04% 21.09% Market Cap ($mm) 25,000 - 50,000 24.77% 20.34% Market Cap ($mm) 50,000 - 100,000 24.86% 23.16% Market Cap ($mm) 100,000 - 200,000 19.79% 13.49% Market Cap ($mm) 200,000 - 10.43% 12.71% Market Cap – NA 0.00% 0.00% As of: 03/31/2022 Valuation Characteristics Fund MSCI EAFE Index P/E 0-10 18.09% 18.82% P/E 10-15 23.34% 19.39% P/E 15-20 26.49% 18.64% P/E 20-25 22.88% 9.37% P/E 25-Above 9.20% 31.19% P/E – NA 0.00% 2.59% As of: 03/31/2022 Growth Characteristics Fund MSCI EAFE Index EPS Growth (Trailing 3-yr %) - Negative 22.96% 30.55% EPS Growth (Trailing 3-yr %) 0 - 5 14.07% 11.31% EPS Growth (Trailing 3-yr %) 5 - 10 17.78% 13.19% EPS Growth (Trailing 3-yr %) 10 - 15 12.25% 10.74% EPS Growth (Trailing 3-yr %) 15 - 20 7.79% 8.59% EPS Growth (Trailing 3-yr %) Above 20 25.14% 21.02% EPS Growth (Trailing 3-yr %) - NA 0.00% 4.61% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 Sony Group Corp 4.06% Nintendo Co Ltd 3.86% Check Point Software Technologies Ltd 3.50% Deutsche Telekom AG 3.30% BAE Systems PLC 3.10% Deutsche Boerse AG 3.06% SK Telecom Co Ltd ADR 3.06% Shell PLC 3.04% DBS Group Holdings Ltd 2.97% Allianz SE 2.83% % in Top 10 Holdings 32.78% View Holding Details Holding Details River Road International Value Equity Fund (ALSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 Sony Group Corp 4.06% Nintendo Co Ltd 3.86% Check Point Software Technologies Ltd 3.50% Deutsche Telekom AG 3.30% BAE Systems PLC 3.10% Deutsche Boerse AG 3.06% SK Telecom Co Ltd ADR 3.06% Shell PLC 3.04% DBS Group Holdings Ltd 2.97% Allianz SE 2.83% % in Top 10 Holdings 32.78% As of: 03/31/2022 Download All Holdings (PDF) As of: 05/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 6758 Sony Group Corp Consumer Discretionary S JP JPY 3,136.00 93.79 $294,123.68 3.71% DTE Deutsche Telekom AG Communication Services S DE EUR 14,040.00 20.58 $288,881.53 3.64% 7974 Nintendo Co Ltd Communication Services S JP JPY 606.00 446.49 $270,572.07 3.41% SHEL Shell PLC Energy S NL GBP 8,793.00 29.58 $260,061.48 3.28% CHKP Check Point Software Technologies Ltd Information Technology S IL USD 2,047.00 125.08 $256,038.76 3.23% BA/ BAE Systems PLC Industrials S GB GBP 26,145.00 9.54 $249,375.04 3.14% UBSG UBS Group AG Financials S CH CHF 13,108.00 18.86 $247,199.70 3.11% SKM SK Telecom Co Ltd ADR Communication Services S KR USD 9,497.00 25.57 $242,838.29 3.06% TTE TotalEnergies SE Energy S FR EUR 4,100.00 59.18 $242,650.75 3.06% ROG Roche Holding AG Health Care S CH CHF 711.00 340.79 $242,302.50 3.05% DG Vinci SA Industrials S FR EUR 2,353.00 96.50 $227,064.81 2.86% DB1 Deutsche Boerse AG Financials S DE EUR 1,349.00 168.06 $226,717.21 2.86% 8766 Tokio Marine Holdings Inc Financials S JP JPY 3,774.00 58.18 $219,583.47 2.77% 1 CK Hutchison Holdings Ltd Industrials S HK HKD 30,883.00 7.08 $218,763.55 2.76% CS AXA SA Financials S FR EUR 8,440.00 25.30 $213,547.80 2.69% SMIN Smiths Group PLC Industrials S GB GBP 10,814.00 19.60 $211,960.08 2.67% NOVN Novartis AG Health Care S CH CHF 2,275.00 90.84 $206,660.57 2.60% DBS DBS Group Holdings Ltd Financials S SG SGD 8,989.00 22.55 $202,658.20 2.55% ALV Allianz SE Financials S DE EUR 939.00 209.91 $197,109.12 2.48% SAP SAP SE Information Technology S DE EUR 1,919.00 100.25 $192,374.01 2.42% EDP EDP - Energias de Portugal SA Utilities S PT EUR 37,812.00 5.01 $189,459.64 2.39% HO Thales SA Industrials S FR EUR 1,545.00 122.11 $188,666.84 2.38% MUV2 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Financials S DE EUR 729.00 245.36 $178,870.72 2.25% ITUB Itau Unibanco Holding SA ADR Financials S BR USD 32,610.00 5.48 $178,702.80 2.25% 4063 Shin-Etsu Chemical Co Ltd Materials S JP JPY 1,252.00 141.50 $177,151.81 2.23% 6981 Murata Manufacturing Co Ltd Information Technology S JP JPY 2,470.00 64.26 $158,723.33 2.00% ABI Anheuser-Busch InBev SA Consumer Staples S BE EUR 2,646.00 56.37 $149,156.70 1.88% NESN Nestle SA Consumer Staples S CH CHF 1,200.00 122.32 $146,780.68 1.85% 1299 AIA Group Ltd Financials S HK HKD 13,929.00 10.36 $144,307.01 1.82% ULVR Unilever PLC [ULVR] Consumer Staples S GB GBP 2,607.00 48.31 $125,948.03 1.59% SN/ Smith & Nephew PLC Health Care S GB GBP 7,555.00 16.31 $123,249.17 1.55% SAN Sanofi Health Care S FR EUR 1,130.00 107.01 $120,919.00 1.52% 4502 Takeda Pharmaceutical Co Ltd Health Care S JP JPY 4,035.00 28.74 $115,948.84 1.46% 7733 Olympus Corp Health Care S JP JPY 5,172.00 20.90 $108,090.83 1.36% 522 ASM Pacific Technology Ltd Information Technology S HK HKD 11,863.00 9.10 $108,009.21 1.36% FMX Fomento Economico Mexicano SAB de CV ADR Consumer Staples S MX USD 1,425.00 74.84 $106,647.00 1.34% CPG Compass Group PLC Consumer Discretionary S GB GBP 4,728.00 22.42 $105,984.48 1.34% GSK GSK PLC Health Care S GB GBP 4,774.00 21.80 $104,075.04 1.31% PRU Prudential PLC Financials S GB GBP 7,657.00 13.04 $99,846.22 1.26% ASSAB Assa Abloy AB Industrials S SE SEK 4,029.00 24.65 $99,319.23 1.25% VOW3 Volkswagen AG Consumer Discretionary S DE EUR 544.00 166.90 $90,792.13 1.14% 2318 Ping An Insurance Group Co of China Ltd, Class H Financials S CN HKD 11,431.00 6.40 $73,190.74 0.92% Cash & Equivalents Cash C US USD 0.00 0.00 $331,873.19 4.18% Fund Holdings Sort order Avg. Weight Total Return Thales SA 1 1.99% 49.05% BAE Systems PLC 2 2.77% 26.84% Check Point Software Technologies Ltd 3 3.30% 18.62% Itau Unibanco Holding SA ADR 4 1.23% 52.54% Shell PLC Class B 5 0.86% 15.58% Nintendo Co Ltd 6 3.43% 10.64% Shell PLC 7 1.96% 10.66% TIM SA ADR 8 1.11% 16.19% Deutsche Boerse AG 9 2.89% 8.42% DBS Group Holdings Ltd 10 2.89% 9.28% As of: 03/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Coca-Cola HBC AG 20 1.68% -39.17% SAP SE 19 2.91% -20.79% Sony Group Corp 18 3.62% -16.37% Murata Manufacturing Co Ltd 17 2.19% -15.34% Genpact Ltd 16 1.77% -17.78% Smiths Group PLC 15 2.75% -10.61% Volkswagen AG 14 0.99% -17.95% Unilever PLC [ULVR] 13 1.60% -14.03% Olympus Corp 12 1.31% -15.82% Shin-Etsu Chemical Co Ltd 11 2.48% -9.50% As of: 03/31/2022 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 Regional Allocation As of: 03/31/2022 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 23.94% 17.71% Communication Services 13.63% 4.85% Industrials 13.31% 15.40% Health Care 13.13% 13.05% Information Technology 11.34% 8.60% Consumer Discretionary 6.51% 11.54% Consumer Staples 6.21% 10.19% Energy 5.09% 4.14% Materials 2.40% 8.23% Utilities 2.35% 3.39% Cash & Other 2.11% 0.00% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% Real Estate 0.00% 2.89% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 97.89% Bonds 0.00% Cash and Other 2.11% As of: 03/31/2022 Country Fund MSCI EAFE Index Japan 16.91% 22.31% Germany 15.43% 8.24% United Kingdom 13.60% 15.26% France 10.81% 11.39% Switzerland 9.76% 10.41% Hong Kong 4.81% 2.88% Brazil 3.71% 0.00% Israel 3.50% 0.73% South Korea 3.06% 0.00% Netherlands 3.04% 4.37% Singapore 2.97% 1.47% Mexico 2.63% 0.00% Portugal 2.35% 0.21% United States 1.64% 0.00% Sweden 1.37% 3.55% % in Top 15 Countries 95.59% 80.82% As of: 03/31/2022 Region Fund MSCI EAFE Index Developed 87.49% 100.00% Europe & Middle East 61.15% 64.99% North America 1.64% 0.00% Pacific 24.70% 35.01% Emerging 10.41% 0.00% Asia 4.06% 0.00% Latin America 6.34% 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 2.11% 0.00% As of: 03/31/2022 Industry Fund MSCI EAFE Index Insurance 13.85% 5.08% Pharmaceuticals 10.41% 9.05% Wireless Telecommunication Services 6.47% 1.21% Software 6.14% 1.49% Capital Markets 5.65% 2.85% Aerospace & Defense 5.49% 1.21% Oil, Gas & Consumable Fuels 5.09% 4.10% Banks 4.44% 8.92% Household Durables 4.06% 1.35% Industrial Conglomerates 4.05% 1.50% % in Top 10 Industries 65.65% 36.76% As of: 03/31/2022 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 Funds 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