Fund Overview Fund Overview Share Class I N I NAV | as of 12/05/2023 $16.38 -$0.07 (-0.43%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 08/14/1992 to 11/30/2023 = $117,359.60 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 U.S. large-cap companies Enlightened risk management—portfolio managers will not average down on losing positions Employs a fundamentals-driven Absolute Value® investment philosophy, targeting a concentrated, large-cap Fund portfolio of securities representing River Road’s “best ideas” within the market capitalization range Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER See Our Approach Read Bio Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road Large Cap Value Select Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective River Road Large Cap Value Select 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 Large Blend Read Important Investment Disclosures Matt W. Moran, CFA VICE PRESIDENT, PORTFOLIO MANAGER Mr. Moran serves as a portfolio manager of River Road’s Mid Cap Value and Large Cap Value Select Portfolios. Mr. Moran holds equity in the firm. Prior to joining River Road in 2007, Mr. Moran held various investment positions at Goldman Sachs, Citigroup, and Morningstar. Mr. Moran graduated summa cum laude from Bradley University with a BS in finance and earned an MBA from The University of Chicago Booth School of Business. He holds the Chartered Financial Analyst® designation and is a member of the CFA Institute and CFA Society Louisville. Daniel R. Johnson, CFA, CPA VICE PRESIDENT, PORTFOLIO MANAGER Mr. Johnson serves as a portfolio manager for River Road’s Mid Cap Value and Large Cap Value Select Portfolios. He previously served as senior equity analyst for River Road. Mr. Johnson holds equity in the firm and serves as a non-voting member of the Executive Committee, River Road’s governing body. Prior to joining River Road in 2006, Mr. Johnson was a public accountant with PricewaterhouseCoopers. Mr. Johnson graduated from the University of Kentucky with a BS in accounting and a Master’s of Accountancy. He became a Certified Public Accountant in 2005. Mr. Johnson earned the Chartered Financial Analyst® designation in 2010 and is a member of the CFA Institute and CFA Society Louisville. 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: 0.76% Net Expense Ratio: 0.64% 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 $0.302400 $0.302400 — — Dec 15, 2021 $0.063900 $0.063900 — — Mar 25, 2021 $2.569100 $2.569100 — — Dec 16, 2019 $0.693400 — $0.308400 $0.385000 Sep 26, 2019 $0.012900 $0.012900 — — Jun 26, 2019 $0.017400 $0.017400 — — Mar 27, 2019 $0.028800 $0.028800 — — Dec 27, 2018 $0.505700 — $0.091000 $0.414700 Dec 27, 2017 $4.155500 — $2.993000 $1.162500 Sep 26, 2017 $0.029600 $0.029600 — — Jun 27, 2017 $0.029600 $0.029600 — — Mar 28, 2017 $0.097700 $0.097700 — — Dec 27, 2016 $0.820400 $0.068600 $0.141100 $0.610700 Sep 27, 2016 $0.045000 $0.045000 — — Jun 27, 2016 $0.046700 $0.046700 — — Mar 28, 2016 $0.045600 $0.045600 — — Dec 28, 2015 $1.632500 $0.048500 — $1.584000 Sep 25, 2015 $0.038400 $0.038400 — — Jun 25, 2015 $0.044000 $0.044000 — — Mar 26, 2015 $0.086100 $0.086100 — — Dec 26, 2014 $0.052500 $0.052500 — — Sep 25, 2014 $0.045000 $0.045000 — — Jun 25, 2014 $0.045000 $0.045000 — — Mar 26, 2014 $0.040000 $0.040000 — — Dec 26, 2013 $0.056200 $0.056200 — — Sep 25, 2013 $0.043000 $0.043000 — — Jun 25, 2013 $0.060000 $0.060000 — — Mar 25, 2013 $0.050000 $0.050000 — — Dec 26, 2012 $0.090000 $0.090000 — — Sep 25, 2012 $0.065100 $0.065100 — — Jun 26, 2012 $0.060100 $0.060100 — — Mar 27, 2012 $0.070100 $0.070100 — — Dec 27, 2011 $0.167000 $0.167000 — — Dec 28, 2010 $0.116000 $0.116000 — — Dec 28, 2009 $0.136600 $0.136600 — — Dec 26, 2008 $0.147600 $0.147600 — — Dec 26, 2007 $1.767500 $0.153500 $0.480300 $1.133700 Dec 26, 2006 $1.672800 $0.157200 $0.676500 $0.839100 Dec 27, 2005 $0.696000 $0.184000 — $0.512000 Jan 13, 2005 $0.002500 $0.002500 — — Dec 17, 2004 $0.147900 $0.147900 — — Dec 19, 2003 $0.078630 $0.078630 — — Dec 20, 2002 $0.083000 $0.083000 — — Dec 20, 2001 $0.070120 $0.070120 — — Dec 15, 2000 $0.771260 $0.020800 $0.047060 $0.703400 Oct 25, 2000 $0.326000 $0.082000 $0.244000 — Dec 15, 1999 $0.861400 $0.025500 $0.075000 $0.760900 Oct 26, 1999 $1.000000 $0.100000 $0.900000 — Dec 15, 1998 $2.204100 $0.057700 $0.019900 $2.126500 Oct 27, 1998 $0.150000 $0.150000 — — Dec 15, 1997 $0.327500 $0.022990 $0.016710 $0.287800 Oct 31, 1997 $0.660000 $0.140000 $0.520000 — Dec 13, 1996 $3.031686 $0.077877 $0.413309 $2.540500 Sep 30, 1996 $0.060000 $0.060000 — — Dec 29, 1995 $0.725785 $0.020400 $0.235485 $0.469900 Oct 31, 1995 $0.050000 $0.050000 — — Dec 30, 1994 $0.224500 $0.120000 — $0.104500 Oct 31, 1994 $0.850000 $0.050000 — $0.800000 Jul 29, 1994 $0.030000 $0.030000 — — Apr 29, 1994 $0.020000 $0.020000 — — Dec 30, 1993 $0.080000 $0.080000 — — Oct 29, 1993 $0.030000 $0.030000 — — Jul 30, 1993 $0.030000 $0.030000 — — Apr 30, 1993 $0.020000 $0.020000 — — Dec 31, 1992 $0.035000 $0.035000 — — Oct 30, 1992 $0.038300 $0.038300 — — 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. 2.81 0.08 2.33 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. 16.25 15.32 12.39 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. 0.53 0.21 0.53 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. 102.37 57.14 55.70 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. 93.50 84.78 84.91 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. 0.95 0.66 0.67 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. 90.68 68.32 68.20 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. 5.04 10.85 8.61 View All Characteristics & Stats All Characteristics & Stats River Road Large Cap Value Select Fund (MEQFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 1000® Value Index Fund Assets (Mil.$) $33 Number of Holdings 23 845 Weighted Avg. Market Cap (Mil.$) $175,189 $137,715 Median Market Cap (Mil.$) $44,111 $11,829 Weighted Avg. P/E (1-yr Forward EPS) 14.76 14.48 Weighted Avg. P/E (Trailing EPS) 15.42 15.59 PEG Ratio 1.35 1.47 Weighted Avg. P/B 2.48 2.14 EPS Growth (Trailing 3-yr %) 18.17% 14.47% EPS Growth (Trailing 5-yr %) 9.52% 12.47% Forward EPS Growth (1-yr %) 0.38% -2.09% Forward EPS Growth (Long Term %) 9.77% 7.71% Revenue Growth (Trailing 5-yr %) 10.40% 7.29% Return on Equity 18.39% 16.87% Weighted Avg. Dividend Yield 1.43% 2.44% Debt to Equity 96.00 95.18 SEC 30-Day Yield (%) 0.76% SEC 30-Day Yield (%) w/o fee 0.52% Trailing 12-Months Portfolio Turnover 80.95% 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. 2.81 0.08 2.33 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. 16.25 15.32 12.39 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. 0.53 0.21 0.53 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. 102.37 57.14 55.70 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. 93.50 84.78 84.91 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. 0.95 0.66 0.67 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. 90.68 68.32 68.20 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. 5.04 10.85 8.61 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. 0.49 -0.23 -0.03 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. 9.17 4.83 9.86 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. -18.21 -18.21 -18.21 As of: 11/30/2023 Market Cap Fund Russell 1000® Value Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.03% Market Cap ($mm) 1,500 - 2,500 0.00% 0.14% Market Cap ($mm) 2,500 - 5,000 7.74% 2.35% Market Cap ($mm) 5,000 - 10,000 7.98% 6.58% Market Cap ($mm) 10,000 - 25,000 21.80% 15.42% Market Cap ($mm) 25,000 - 50,000 16.79% 16.65% Market Cap ($mm) 50,000 - 100,000 18.91% 16.64% Market Cap ($mm) 100,000 - 200,000 5.39% 22.44% Market Cap ($mm) 200,000 - 21.38% 19.75% Market Cap – NA 0.00% 0.00% As of: 09/30/2023 Valuation Characteristics Fund Russell 1000® Value Index P/E 0-10 17.45% 20.35% P/E 10-15 12.72% 15.23% P/E 15-20 22.33% 15.70% P/E 20-25 14.09% 10.97% P/E 25-Above 33.41% 33.93% P/E – NA 0.00% 3.81% As of: 09/30/2023 Growth Characteristics Fund Russell 1000® Value Index EPS Growth (Trailing 3-yr %) - Negative 16.84% 23.37% EPS Growth (Trailing 3-yr %) 0 - 5 4.35% 6.41% EPS Growth (Trailing 3-yr %) 5 - 10 10.54% 9.99% EPS Growth (Trailing 3-yr %) 10 - 15 7.62% 8.68% EPS Growth (Trailing 3-yr %) 15 - 20 10.04% 7.44% EPS Growth (Trailing 3-yr %) Above 20 47.99% 39.81% EPS Growth (Trailing 3-yr %) - NA 2.62% 4.29% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Berkshire Hathaway Inc, Class B 8.12% Fairfax Financial Holdings Ltd 5.63% Keurig Dr Pepper Inc 5.55% Nestle SA ADR 5.40% T-Mobile US Inc 5.20% BJ's Wholesale Club Holdings Inc 5.17% LKQ Corp 5.06% UnitedHealth Group Inc 4.97% Fiserv Inc 4.87% Kroger Co 4.57% % in Top 10 Holdings 54.54% View Holding Details Holding Details River Road Large Cap Value Select Fund (MEQFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Berkshire Hathaway Inc, Class B 8.12% Fairfax Financial Holdings Ltd 5.63% Keurig Dr Pepper Inc 5.55% Nestle SA ADR 5.40% T-Mobile US Inc 5.20% BJ's Wholesale Club Holdings Inc 5.17% LKQ Corp 5.06% UnitedHealth Group Inc 4.97% Fiserv Inc 4.87% Kroger Co 4.57% % in Top 10 Holdings 54.54% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund BRK/B Berkshire Hathaway Inc, Class B Financials S US USD 7,517 341.33 $2,565,778 7.97% FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 2,238 831.91 $1,861,822 5.78% NSRGY Nestle SA ADR Consumer Staples S CH USD 16,902 107.76 $1,821,360 5.66% TMUS T-Mobile US Inc Communication Services S US USD 12,040 143.86 $1,732,074 5.38% KDP Keurig Dr Pepper Inc Consumer Staples S US USD 57,034 30.33 $1,729,841 5.37% UNH UnitedHealth Group Inc Health Care S US USD 3,196 535.56 $1,711,650 5.31% CSL Carlisle Cos Inc Industrials S US USD 6,360 254.09 $1,616,012 5.02% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 23,660 68.12 $1,611,719 5.00% FI Fiserv Inc Financials S US USD 13,975 113.75 $1,589,656 4.94% LKQ LKQ Corp Consumer Discretionary S US USD 35,542 43.92 $1,561,005 4.85% KR Kroger Co Consumer Staples S US USD 33,105 45.37 $1,501,974 4.66% WTW Willis Towers Watson PLC Financials S GB USD 6,292 235.89 $1,484,220 4.61% IDA IDACORP Inc Utilities S US USD 14,614 94.71 $1,384,092 4.30% AWI Armstrong World Industries Inc Industrials S US USD 14,735 75.89 $1,118,239 3.47% PGR Progressive Corp Financials S US USD 6,989 158.09 $1,104,891 3.43% SU Suncor Energy Inc Energy S CA USD 32,669 32.40 $1,058,476 3.29% KKR KKR & Co Inc, Class A Financials S US USD 18,664 55.40 $1,033,986 3.21% EOG EOG Resources Inc Energy S US USD 7,891 126.25 $996,239 3.09% FERG Ferguson PLC Industrials S GB USD 5,150 150.20 $773,530 2.40% VAL Valaris Ltd Energy S US USD 11,006 66.04 $726,836 2.26% GOOG Alphabet Inc, Class C Communication Services S US USD 5,238 125.30 $656,321 2.04% DAL Delta Air Lines Inc Industrials S US USD 20,411 31.25 $637,844 1.98% DLTR Dollar Tree Inc Consumer Staples S US USD 5,509 111.09 $611,995 1.90% CRH CRH Plc Materials S IE USD 8,902 53.57 $476,880 1.48% Cash & Equivalents Cash C US USD - - $838,176 2.60% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Suncor Energy Inc 1 3.44% 18.59% BJ's Wholesale Club Holdings Inc 2 4.53% 13.27% Fairfax Financial Holdings Ltd 3 6.16% 9.35% Charter Communications Inc, Class A 4 3.33% 15.67% EOG Resources Inc 5 3.34% 11.30% Progressive Corp 6 2.32% 14.23% KKR & Co Inc, Class A 7 3.44% 10.21% US Bancorp 8 1.69% 8.11% UnitedHealth Group Inc 9 4.78% 5.19% Berkshire Hathaway Inc, Class B 10 8.17% 2.73% 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. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return LKQ Corp 20 4.99% -14.72% Dollar Tree Inc 19 3.20% -25.82% Fiserv Inc 18 5.33% -10.46% Willis Towers Watson PLC 17 4.10% -11.01% Nestle SA ADR 16 4.71% -5.97% Kroger Co 15 4.74% -4.39% IDACORP Inc 14 1.20% -1.38% Armstrong World Industries Inc 13 3.22% -1.76% CVS Health Corporation 12 1.58% -2.81% Visa Inc, Class A 11 2.88% -0.24% 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 Sector Allocation (Equity) As of: 09/30/2023 View Allocation Details Allocation Details River Road Large Cap Value Select Fund (MEQFX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 1000® Value Index Financials 29.22% 20.60% Consumer Staples 22.49% 8.34% Communication Services 11.07% 5.01% Industrials 10.37% 13.17% Energy 9.08% 9.15% Consumer Discretionary 5.06% 4.97% Health Care 4.97% 15.34% Utilities 4.19% 4.86% Cash & Other 3.54% 0.00% Information Technology 0.00% 9.11% Materials 0.00% 4.79% Real Estate 0.00% 4.67% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 96.46% Bonds 0.00% Cash and Other 3.54% As of: 09/30/2023 Industry Fund Russell 1000® Value Index Financial Services 12.99% 4.36% Insurance 12.69% 3.98% Consumer Staples Distribution & Retail 11.54% 1.80% Building Products 7.76% 1.09% Oil, Gas & Consumable Fuels 6.55% 8.27% Beverages 5.55% 1.41% Food Products 5.40% 1.84% Wireless Telecommunication Services 5.20% 0.40% Distributors 5.06% 0.18% Health Care Providers & Services 4.97% 3.09% % in Top 10 Industries 77.71% 26.42% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach River Road Large Cap Value Select Fund The Fund invests in a focused portfolio of primarily large-cap equity securities that River Road believes are undervalued. River Road’s investment philosophy is based upon its proprietary Absolute Value® approach, which seeks to generate attractive, sustainable, low volatility returns over the long term, with an emphasis on minimizing downside portfolio risk. River Road builds the Fund’s portfolio from the bottom up, making security-specific research central to their process. River Road Large Cap Value Select Fund Introduction An introduction to River Road Asset Management and the AMG River Road Large Cap Value Select Fund View Webcast 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 ARLSX River Road International Value Equity 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