Fund Overview Fund Overview Share Class I N I Z NAV | as of 09/21/2023 $19.77 -$0.36 (-1.79%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 379 Mid-Cap Value funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 07/06/2004 to 08/31/2023 = $52,119.09 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 08/31/2023 Overall Rating (of 379) 3 Years (of 379) 5 Years (of 363) 10 Years (of 270) 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: 08/31/2023 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. 4.02 0.57 -1.15 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.06 23.44 19.31 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. 0.74 0.21 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. 103.99 108.90 113.45 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. 89.70 101.48 103.82 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. 1.01 1.03 1.07 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. 94.87 93.86 88.89 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. 4.55 5.85 6.54 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.$) $326 Number of Holdings 49 699 Weighted Avg. Market Cap (Mil.$) $17,251 $21,234 Median Market Cap (Mil.$) $12,560 $9,930 Weighted Avg. P/E (1-yr Forward EPS) 13.07 15.10 Weighted Avg. P/E (Trailing EPS) 16.28 15.64 PEG Ratio 0.84 1.30 Weighted Avg. P/B 2.42 2.13 EPS Growth (Trailing 3-yr %) 18.89% 11.38% EPS Growth (Trailing 5-yr %) 13.85% 10.10% Forward EPS Growth (1-yr %) -2.90% -0.87% Forward EPS Growth (Long Term %) 9.62% 8.26% Revenue Growth (Trailing 5-yr %) 9.31% 7.20% Return on Equity 21.33% 14.58% Weighted Avg. Dividend Yield 1.03% 2.01% Debt to Equity 105.68 96.30 Trailing 12-Months Portfolio Turnover 77.08% As of: 06/30/2023 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. 4.02 0.57 -1.15 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.06 23.44 19.31 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. 0.74 0.21 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. 103.99 108.90 113.45 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. 89.70 101.48 103.82 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. 1.01 1.03 1.07 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. 94.87 93.86 88.89 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. 4.55 5.85 6.54 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.98 0.10 -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. 14.76 4.85 6.48 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. -19.38 -33.33 -37.64 As of: 08/31/2023 Market Cap Fund Russell Midcap® Value Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.02% Market Cap ($mm) 1,500 - 2,500 4.33% 0.25% Market Cap ($mm) 2,500 - 5,000 9.26% 5.46% Market Cap ($mm) 5,000 - 10,000 23.64% 18.47% Market Cap ($mm) 10,000 - 25,000 36.31% 39.70% Market Cap ($mm) 25,000 - 50,000 26.46% 34.26% Market Cap ($mm) 50,000 - 100,000 0.00% 1.83% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell Midcap® Value Index P/E 0-10 16.03% 14.92% P/E 10-15 17.26% 14.35% P/E 15-20 22.71% 14.32% P/E 20-25 15.91% 11.13% P/E 25-Above 23.44% 36.79% P/E – NA 4.66% 8.49% As of: 06/30/2023 Growth Characteristics Fund Russell Midcap® Value Index EPS Growth (Trailing 3-yr %) - Negative 19.57% 23.21% EPS Growth (Trailing 3-yr %) 0 - 5 2.37% 5.95% EPS Growth (Trailing 3-yr %) 5 - 10 3.06% 8.04% EPS Growth (Trailing 3-yr %) 10 - 15 8.89% 12.57% EPS Growth (Trailing 3-yr %) 15 - 20 8.47% 8.87% EPS Growth (Trailing 3-yr %) Above 20 49.42% 30.71% EPS Growth (Trailing 3-yr %) - NA 8.22% 10.65% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Carlisle Cos Inc 4.94% Fairfax Financial Holdings Ltd 4.24% LKQ Corp 3.92% Dollar Tree Inc 3.82% BJ's Wholesale Club Holdings Inc 3.33% Kroger Co 3.26% CACI International Inc, Class A 2.80% SS&C Technologies Holdings Inc 2.66% Delta Air Lines Inc 2.60% API Group Corp 144A 2.59% % in Top 10 Holdings 34.15% View Holding Details Holding Details River Road Mid Cap Value Fund (ABMIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Carlisle Cos Inc 4.94% Fairfax Financial Holdings Ltd 4.24% LKQ Corp 3.92% Dollar Tree Inc 3.82% BJ's Wholesale Club Holdings Inc 3.33% Kroger Co 3.26% CACI International Inc, Class A 2.80% SS&C Technologies Holdings Inc 2.66% Delta Air Lines Inc 2.60% API Group Corp 144A 2.59% % in Top 10 Holdings 34.15% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund LKQ LKQ Corp Consumer Discretionary S US USD 252,059 52.53 $13,240,659 3.94% CSL Carlisle Cos Inc Industrials S US USD 47,982 263.02 $12,620,226 3.75% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 186,391 67.39 $12,560,889 3.74% FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 13,805 824.48 $11,381,946 3.39% KR Kroger Co Consumer Staples S US USD 226,068 46.39 $10,487,295 3.12% LBRDK Liberty Broadband Corp, Class C Communication Services S US USD 105,191 93.56 $9,841,670 2.93% GPN Global Payments Inc Financials S US USD 77,509 126.69 $9,819,615 2.92% WEX WEX Inc Financials S US USD 44,291 196.18 $8,689,008 2.58% IDA IDACORP Inc Utilities S US USD 87,393 95.84 $8,375,745 2.49% FERG Ferguson PLC Industrials S GB USD 51,673 161.56 $8,348,290 2.48% SSNC SS&C Technologies Holdings Inc Industrials S US USD 143,023 57.42 $8,212,381 2.44% AWI Armstrong World Industries Inc Industrials S US USD 101,500 76.59 $7,773,885 2.31% MGM MGM Resorts International Consumer Discretionary S US USD 174,395 43.98 $7,669,892 2.28% DAL Delta Air Lines Inc Industrials S US USD 178,086 42.88 $7,636,328 2.27% CNM Core & Main Inc, Class A Industrials S US USD 225,145 32.84 $7,393,762 2.20% LH Laboratory Corp of America Holdings Health Care S US USD 35,064 208.10 $7,296,818 2.17% ACI Albertsons Cos Inc, Class A Consumer Staples S US USD 316,495 22.40 $7,089,488 2.11% WTW Willis Towers Watson PLC Financials S GB USD 34,141 206.76 $7,058,993 2.10% VAL Valaris Ltd Energy S US USD 93,195 75.32 $7,019,447 2.09% ARES Ares Management Corp, Class A Financials S US USD 67,359 103.44 $6,967,615 2.07% CNC Centene Corp Health Care S US USD 112,573 61.65 $6,940,125 2.06% APG API Group Corp 144A Industrials S US USD 243,600 28.15 $6,857,340 2.04% MSGS Madison Square Garden Sports Co, Class A Communication Services S US USD 35,986 178.00 $6,405,508 1.91% APO Apollo Global Management Inc Financials S US USD 72,895 87.34 $6,366,649 1.89% GEHC GE HealthCare Technologies Inc Health Care S US USD 85,814 70.45 $6,045,596 1.80% JOE St Joe Co Real Estate S US USD 97,809 61.74 $6,038,728 1.80% NVR NVR Inc Consumer Discretionary S US USD 923 6,377.33 $5,886,276 1.75% KKR KKR & Co Inc, Class A Financials S US USD 91,350 62.81 $5,737,694 1.71% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 18,455 308.02 $5,684,509 1.69% DLTR Dollar Tree Inc Consumer Staples S US USD 46,136 122.36 $5,645,201 1.68% FNF Fidelity National Financial Inc Financials S US USD 135,641 41.40 $5,615,537 1.67% BAM Brookfield Asset Management Ltd Financials S CA USD 160,555 34.55 $5,547,175 1.65% ATR AptarGroup Inc Materials S US USD 41,523 132.56 $5,504,289 1.64% DG Dollar General Corp Consumer Staples S US USD 39,677 138.50 $5,495,265 1.63% EXPD Expeditors International of Washington Inc Industrials S US USD 46,136 116.71 $5,384,533 1.60% TPL Texas Pacific Land Corp Energy S US USD 2,768 1,884.75 $5,216,988 1.55% ULTA Ulta Beauty Inc Consumer Discretionary S US USD 12,256 415.03 $5,086,608 1.51% EXPE Expedia Group Inc Consumer Discretionary S US USD 46,136 108.39 $5,000,681 1.49% RGLD Royal Gold Inc Materials S US USD 44,291 112.09 $4,964,578 1.48% BATRK Atlanta Braves Holdings Inc Communication Services S US USD 134,718 36.84 $4,963,011 1.48% CACI CACI International Inc, Class A Industrials S US USD 14,764 328.01 $4,842,740 1.44% HHH Howard Hughes Holdings Inc Real Estate S US USD 61,573 78.65 $4,842,716 1.44% UNF UniFirst Corp Industrials S US USD 26,759 176.13 $4,713,063 1.40% CLVT Clarivate PLC Industrials S GB USD 630,513 7.43 $4,684,712 1.39% BBWI Bath & Body Works Inc Consumer Discretionary S US USD 112,573 36.87 $4,150,567 1.23% ARCH Arch Resources Inc Materials S US USD 29,527 130.60 $3,856,226 1.15% CHK Chesapeake Energy Corp Energy S US USD 43,368 88.21 $3,825,491 1.14% WMB Williams Cos Inc Energy S US USD 105,191 34.53 $3,632,245 1.08% TDW Tidewater Inc Energy S US USD 52,794 65.03 $3,433,194 1.02% CNNE Cannae Holdings Inc Financials S US USD 161,435 19.63 $3,168,969 0.94% Cash & Equivalents Cash C US USD - - $1,156,304 0.34% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Delta Air Lines Inc 1 1.79% 40.78% Core & Main Inc, Class A 2 2.31% 35.67% Lithia Motors Inc, Class A 3 2.65% 33.06% Carlisle Cos Inc 4 4.51% 13.76% TransUnion 5 2.29% 26.18% API Group Corp 144A 6 2.91% 21.26% Fairfax Financial Holdings Ltd 7 4.23% 12.60% Ferguson PLC 8 2.64% 18.20% Ares Management Corp, Class A 9 2.61% 16.13% CACI International Inc, Class A 10 2.70% 15.04% As of: 06/30/2023 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 BJ's Wholesale Club Holdings Inc 20 3.34% -17.17% Advance Auto Parts Inc 19 0.72% -47.27% Texas Pacific Land Corp 18 1.31% -22.48% Kroger Co 17 3.51% -4.45% UniFirst Corp 16 1.47% -11.94% Air Transport Services Group Inc 15 1.10% -10.61% Cable One Inc 14 0.85% -11.29% Madison Square Garden Sports Co, Class A 13 2.21% -3.49% Global Payments Inc 12 0.89% -4.67% Royal Gold Inc 11 1.19% -11.34% As of: 06/30/2023 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: 06/30/2023 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 28.39% 18.87% Financials 20.19% 16.00% Consumer Discretionary 13.91% 9.43% Consumer Staples 13.47% 4.19% Energy 6.81% 5.00% Health Care 4.38% 7.57% Communication Services 4.13% 3.44% Real Estate 2.92% 10.44% Materials 2.42% 7.82% Cash & Other 1.93% 0.00% Information Technology 1.46% 9.73% Utilities 0.00% 7.53% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 98.07% Bonds 0.00% Cash and Other 1.93% As of: 06/30/2023 Industry Fund Russell Midcap® Value Index Consumer Staples Distribution & Retail 13.47% 1.69% Insurance 7.67% 5.85% Financial Services 7.36% 1.69% Building Products 7.22% 2.29% Professional Services 6.98% 1.82% Capital Markets 5.16% 4.27% Oil, Gas & Consumable Fuels 5.01% 4.02% Trading Companies & Distributors 4.66% 1.44% Health Care Providers & Services 4.38% 1.55% Specialty Retail 4.29% 1.34% % in Top 10 Industries 66.2% 25.96% As of: 06/30/2023 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