Fund Overview Fund Overview Share Class I N I Z NAV | as of 03/31/2023 $18.65 +$0.27 (+1.47%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 07/06/2004 to 02/28/2023 = $49,326.53 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 800.548.4539. 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 to provide long-term capital appreciation. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to further diversify a portfolio with exposure to mid cap companies River Road seeks to identify and invest in a portfolio of high-quality, low volatility companies River Road employs a balanced approach to diversification and a structured sell discipline that seeks to reduce portfolio volatility and the risk of permanent loss of capital Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER See Our Approach Read Bio 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 Mid 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 Mid Cap Value Fund is categorized as Mid-Blend. It invests in medium-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 386) 3 Years (of 386) 5 Years (of 366) 10 Years (of 267) Category Mid-Cap Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER, SENIOR PORTFOLIO MANAGER Mr. Beck serves as CEO for River Road. Additionally, he is a portfolio manager for River Road’s Small Cap Value, Small-Mid Cap Value, and Mid Cap Value Portfolios and a supervising portfolio manager for the firm’s Focused Absolute Value® Portfolios. Mr. Beck is the largest individual shareholder in the firm and serves as chair of the Executive Committee, River Road’s governing body. Prior to co-founding River Road in 2005, he served as senior research analyst and, later, senior vice president and portfolio manager for SMC Capital Inc. (Commonwealth SMC). Mr. Beck earned a BS in finance from the University of Louisville and an MBA from the F.W. Olin School at Babson College. 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: 0.82% Net Expense Ratio: 0.81% 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 $1.602100 $0.217500 $0.975000 $0.409600 Dec 15, 2021 $0.692200 $0.094200 $0.598000 — Mar 24, 2021 $20.119300 — $2.038900 $18.080400 Dec 16, 2020 $1.988000 $0.102100 — $1.885900 Dec 16, 2019 $2.588500 $0.410400 — $2.178100 Dec 27, 2018 $2.929400 $0.272400 — $2.657000 Dec 27, 2017 $2.844500 $0.033000 — $2.811500 Dec 27, 2016 $1.992400 $0.242700 — $1.749700 Dec 30, 2015 $2.278200 $0.230400 — $2.047800 Dec 30, 2014 $7.641500 $0.064800 $1.243700 $6.333000 Dec 30, 2013 $4.326600 $0.061400 — $4.265200 Dec 28, 2012 $1.130200 $0.388000 $0.017200 $0.725000 Dec 29, 2011 $0.342000 $0.134900 — $0.207100 Dec 29, 2010 $0.168600 $0.093100 — $0.075500 Dec 29, 2009 $0.092800 $0.092800 — — Dec 29, 2008 $0.492800 $0.198900 — $0.293900 Dec 14, 2007 $2.186900 — $0.281900 $1.905000 Dec 15, 2006 $1.831077 — — $1.831077 Dec 16, 2005 $0.912600 — $0.113300 $0.799300 Dec 17, 2004 $0.744600 — — $0.744600 From: To: Risk & Return Stats As of: 02/28/2023 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. 4.03 -1.71 -1.03 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. 23.69 22.87 19.24 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. 0.64 0.18 0.42 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. 100.21 96.64 117.80 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. 91.01 102.37 104.41 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. 0.97 1.03 1.08 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. 96.17 93.11 88.23 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. 4.71 6.04 6.72 View All Characteristics & Stats All Characteristics & Stats River Road Mid Cap Value Fund (ABMIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell Midcap® Value Index Fund Assets (Mil.$) $308 Number of Holdings 49 699 Weighted Avg. Market Cap (Mil.$) $15,301 $19,985 Median Market Cap (Mil.$) $9,625 $8,894 Weighted Avg. P/E (1-yr Forward EPS) 12.94 13.56 Weighted Avg. P/E (Trailing EPS) 14.12 14.33 PEG Ratio 1.05 1.29 Weighted Avg. P/B 2.38 2.08 EPS Growth (Trailing 3-yr %) 20.47% 14.81% EPS Growth (Trailing 5-yr %) 17.37% 11.36% Forward EPS Growth (1-yr %) 4.65% 0.82% Forward EPS Growth (Long Term %) 10.29% 7.78% Revenue Growth (Trailing 5-yr %) 9.66% 6.54% Return on Equity 21.07% 15.14% Weighted Avg. Dividend Yield 1.16% 2.12% Debt to Equity 116.71 97.21 Trailing 12-Months Portfolio Turnover 82.43% As of: 12/31/2022 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. 4.03 -1.71 -1.03 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. 23.69 22.87 19.24 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. 0.64 0.18 0.42 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. 100.21 96.64 117.80 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. 91.01 102.37 104.41 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. 0.97 1.03 1.08 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. 96.17 93.11 88.23 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. 4.71 6.04 6.72 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. 0.86 -0.30 -0.10 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. 15.70 3.98 7.53 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. -20.38 -33.54 -37.64 As of: 02/28/2023 Market Cap Fund Russell Midcap® Value Index Market Cap ($mm) 0 - 1,000 0.47% 0.03% Market Cap ($mm) 1,000 - 1,500 0.00% 0.06% Market Cap ($mm) 1,500 - 2,500 5.31% 0.52% Market Cap ($mm) 2,500 - 5,000 16.32% 5.55% Market Cap ($mm) 5,000 - 10,000 22.97% 20.41% Market Cap ($mm) 10,000 - 25,000 28.45% 41.71% Market Cap ($mm) 25,000 - 50,000 26.47% 31.21% Market Cap ($mm) 50,000 - 100,000 0.00% 0.51% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund Russell Midcap® Value Index P/E 0-10 13.15% 17.30% P/E 10-15 30.19% 17.41% P/E 15-20 18.06% 13.34% P/E 20-25 2.54% 11.96% P/E 25-Above 27.23% 33.95% P/E – NA 8.83% 6.04% As of: 12/31/2022 Growth Characteristics Fund Russell Midcap® Value Index EPS Growth (Trailing 3-yr %) - Negative 19.26% 20.38% EPS Growth (Trailing 3-yr %) 0 - 5 5.37% 7.40% EPS Growth (Trailing 3-yr %) 5 - 10 2.42% 9.73% EPS Growth (Trailing 3-yr %) 10 - 15 6.99% 11.07% EPS Growth (Trailing 3-yr %) 15 - 20 1.43% 4.84% EPS Growth (Trailing 3-yr %) Above 20 54.47% 34.79% EPS Growth (Trailing 3-yr %) - NA 10.08% 11.80% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Carlisle Cos Inc 3.94% LKQ Corp 3.93% Ferguson PLC 3.77% Fairfax Financial Holdings Ltd 3.68% Kroger Co 3.38% KKR & Co Inc, Class A 3.30% Ares Management Corp, Class A 2.86% Lithia Motors Inc, Class A 2.66% UniFirst Corp 2.57% API Group Corp 144A 2.56% % in Top 10 Holdings 32.65% View Holding Details Holding Details River Road Mid Cap Value Fund (ABMIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Carlisle Cos Inc 3.94% LKQ Corp 3.93% Ferguson PLC 3.77% Fairfax Financial Holdings Ltd 3.68% Kroger Co 3.38% KKR & Co Inc, Class A 3.30% Ares Management Corp, Class A 2.86% Lithia Motors Inc, Class A 2.66% UniFirst Corp 2.57% API Group Corp 144A 2.56% % in Top 10 Holdings 32.65% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CSL Carlisle Cos Inc Industrials S US USD 64,487 258.22 $16,651,833 5.08% FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 19,049 699.08 $13,316,775 4.07% LKQ LKQ Corp Consumer Discretionary S US USD 226,688 57.29 $12,986,956 3.97% KKR KKR & Co Inc, Class A Financials S US USD 219,068 56.35 $12,344,482 3.77% ARES Ares Management Corp, Class A Financials S US USD 128,584 80.63 $10,367,728 3.17% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 40,004 255.18 $10,208,221 3.12% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 141,261 71.80 $10,142,540 3.10% KR Kroger Co Consumer Staples S US USD 233,355 43.14 $10,066,935 3.07% APG API Group Corp 144A Industrials S US USD 418,135 23.49 $9,821,991 3.00% FERG Ferguson PLC Industrials S GB USD 64,802 144.10 $9,337,968 2.85% WEX WEX Inc Information Technology S US USD 45,625 192.81 $8,796,956 2.69% SSNC SS&C Technologies Holdings Inc Information Technology S US USD 147,633 58.70 $8,666,057 2.65% AWI Armstrong World Industries Inc Industrials S US USD 104,772 78.85 $8,261,272 2.52% UNF UniFirst Corp Industrials S US USD 40,956 196.13 $8,032,700 2.45% CNC Centene Corp Health Care S US USD 115,972 68.40 $7,932,485 2.42% TRU TransUnion Industrials S US USD 121,067 65.43 $7,921,414 2.42% MGM MGM Resorts International Consumer Discretionary S US USD 180,017 43.01 $7,742,531 2.36% APO Apollo Global Management Inc Financials S US USD 108,582 70.90 $7,698,464 2.35% CNM Core & Main Inc, Class A Industrials S US USD 305,139 23.31 $7,112,790 2.17% MSGS Madison Square Garden Sports Co, Class A Communication Services S US USD 37,146 191.14 $7,100,086 2.17% ATKR Atkore Inc Industrials S US USD 46,583 146.02 $6,802,050 2.08% BAM Brookfield Asset Management Ltd Financials S CA USD 194,859 33.62 $6,551,160 2.00% VAL Valaris Ltd Energy S US USD 96,004 67.25 $6,456,269 1.97% WTW Willis Towers Watson PLC Financials S GB USD 24,777 234.36 $5,806,738 1.77% HHC Howard Hughes Corp Real Estate S US USD 62,863 83.12 $5,225,173 1.60% EXPE Expedia Group Inc Consumer Discretionary S US USD 47,624 108.97 $5,189,587 1.58% TPL Texas Pacific Land Corp Energy S US USD 2,852 1,780.19 $5,077,102 1.55% SNX TD SYNNEX Corp Information Technology S US USD 52,386 96.52 $5,056,297 1.54% ATR AptarGroup Inc Materials S US USD 42,883 116.72 $5,005,304 1.53% EXPD Expeditors International of Washington Inc Industrials S US USD 47,624 104.56 $4,979,565 1.52% NVR NVR Inc Consumer Discretionary S US USD 952 5,173.62 $4,925,286 1.50% RGLD Royal Gold Inc Materials S US USD 41,053 118.79 $4,876,686 1.49% OC Owens Corning Industrials S US USD 49,314 97.79 $4,822,416 1.47% CNNE Cannae Holdings Inc Financials S US USD 213,353 22.58 $4,817,511 1.47% BBWI Bath & Body Works Inc Consumer Discretionary S US USD 116,201 40.87 $4,749,135 1.45% DLTR Dollar Tree Inc Consumer Discretionary S US USD 32,412 145.28 $4,708,815 1.44% CABO Cable One Inc Communication Services S US USD 6,667 690.61 $4,604,297 1.41% JOE St Joe Co Real Estate S US USD 100,962 42.83 $4,324,202 1.32% ATSG Air Transport Services Group Inc Industrials S US USD 202,876 20.93 $4,246,195 1.30% CACI CACI International Inc, Class A Industrials S US USD 14,287 293.00 $4,186,091 1.28% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 25,717 144.96 $3,727,936 1.14% CHK Chesapeake Energy Corp Energy S US USD 44,807 80.81 $3,620,854 1.11% DVN Devon Energy Corp Energy S US USD 49,528 53.92 $2,670,550 0.82% WOOF Petco Health & Wellness Co Inc, Class A Consumer Discretionary S US USD 255,262 10.30 $2,629,199 0.80% WFRD Weatherford International PLC Energy S US USD 38,882 66.62 $2,590,319 0.79% HGTY Hagerty Inc Financials S US USD 169,540 8.98 $1,522,469 0.46% Cash & Equivalents Cash C US USD - - $13,842,820 4.23% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Atkore Inc 1 2.85% 45.77% Ferguson PLC 2 3.55% 26.25% Willis Towers Watson PLC 3 3.35% 22.02% Texas Pacific Land Corp 4 1.50% 32.02% Fairfax Financial Holdings Ltd 5 2.77% 30.00% API Group Corp 144A 6 2.23% 41.75% SEI Investments Co 7 3.19% 19.47% Apollo Global Management Inc 8 2.15% 37.80% Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B 9 1.71% 21.12% Genworth Financial Inc, Class A 10 1.15% 50.57% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Carlisle Cos Inc 20 3.78% -15.78% Armstrong World Industries Inc 19 2.66% -13.22% Lithia Motors Inc, Class A 18 2.17% -4.44% Petco Health & Wellness Co Inc, Class A 17 0.88% -15.05% TransUnion 16 0.36% -9.03% BJ's Wholesale Club Holdings Inc 15 1.85% -9.13% Expedia Group Inc 14 1.51% -6.50% Pool Corp 13 0.23% -5.55% American Equity Investment Life Holding Co 12 0.60% -2.44% Advance Auto Parts Inc 11 2.18% -5.27% As of: 12/31/2022 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 Sector Allocation (Equity) As of: 12/31/2022 View Allocation Details Allocation Details River Road Mid Cap Value Fund (ABMIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell Midcap® Value Index Industrials 26.36% 15.61% Consumer Discretionary 19.03% 9.89% Financials 18.85% 18.20% Information Technology 6.13% 8.83% Communication Services 5.93% 3.11% Consumer Staples 5.82% 4.08% Energy 5.02% 5.45% Health Care 4.19% 7.48% Materials 3.69% 7.61% Real Estate 2.83% 10.59% Cash & Other 2.15% 0.00% Utilities 0.00% 9.15% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 97.85% Bonds 0.00% Cash and Other 2.15% As of: 12/31/2022 Industry Fund Russell Midcap® Value Index Capital Markets 8.53% 4.65% Building Products 8.20% 1.72% Insurance 6.64% 6.90% Specialty Retail 6.27% 2.12% Food & Staples Retailing 5.82% 0.98% Distributors 4.68% 0.58% IT Services 4.52% 2.18% Trading Companies & Distributors 3.77% 0.59% Media 3.72% 1.56% Diversified Financial Services 3.68% 0.42% % in Top 10 Industries 55.83% 21.7% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach River Road Mid Cap Value Fund The Fund invests primarily in mid-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. The Subadviser builds the Fund’s portfolio from the bottom up, making security-specific research central to the Subadviser’s process. River Road Mid Cap Value Fund Introduction An introduction to River Road Asset Management and the AMG River Road Mid Cap Value 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 FQUAX River Road Large Cap Value Select Fund The Fund seeks 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