Fund Overview Fund Overview Share Class N N I Z NAV | as of 06/28/2022 $16.69 -$0.29 (-1.71%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 09/19/1994 to 05/31/2022 = $182,037.81 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 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 2021 Year End Distributions View All Documents R. Andrew Beck CHIEF EXECUTIVE OFFICER AND PRESIDENT See Our Approach Read Bio Matt W. Moran, CFA VICE PRESIDENT AND PORTFOLIO MANAGER See Our Approach Read Bio Daniel R. Johnson, CFA, CPA VICE PRESIDENT AND 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 05/31/2022 Overall Rating (of 393) 3 Years (of 393) 5 Years (of 363) 10 Years (of 267) Category Mid-Cap Value Read Important Investment Disclosures R. Andrew Beck CHIEF EXECUTIVE OFFICER AND PRESIDENT Andrew Beck serves as President & Chief Executive Officer for River Road. Additionally, he is Portfolio Manager for River Road’s Small Cap Value and Small‐Mid Cap Value Portfolios and Lead Portfolio Manager of the firm’s Focused Absolute Value™ Portfolio. Prior to co-founding River Road in 2005, Mr. Beck 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 AND PORTFOLIO MANAGER Matt Moran serves as Lead Portfolio Manager for River Road’s Long‐Short Equity Portfolio. Mr. Moran has 11 years of investment industry experience. Prior to joining River Road, he held various investment positions at Goldman Sachs, Citigroup, and Morningstar. Mr. Moran graduated summa cum laude with a BS in finance from Bradley University and earned his MBA from The University of Chicago Booth School of Business. He earned his Chartered Financial Analyst designation (CFA) in 2002 and is a member of the CFA Institute and CFA Society of Louisville. Daniel R. Johnson, CFA, CPA VICE PRESIDENT AND PORTFOLIO MANAGER Daniel Johnson serves as Portfolio Manager for River Road’s Long‐Short Equity Portfolio. Before joining the Long‐Short team, Mr. Johnson served as Senior Equity Analyst for the Small Cap Value, Small‐Mid Cap Value, and Dividend All‐Cap Value Portfolios. Prior to joining River Road, Mr. Johnson served as a public accountant with PricewaterhouseCoopers. He received his BS in accounting and Masters of Accountancy from the University of Kentucky. He became a Certified Public Accountant in 2005 and earned the Chartered Financial Analyst designation (CFA) in 2010. Mr. Johnson is a member of the CFA Institute and CFA Society of 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 800.835.3879. 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: 1.13% Net Expense Ratio: 1.10% 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 $0.635000 $0.037000 $0.598000 — Mar 24, 2021 $20.119300 — $2.038900 $18.080400 Dec 16, 2020 $1.910800 $0.024900 — $1.885900 Dec 16, 2019 $2.503600 $0.325500 — $2.178100 Dec 27, 2018 $2.807100 $0.150100 — $2.657000 Dec 27, 2017 $2.811500 — — $2.811500 Dec 27, 2016 $1.839800 $0.132400 — $1.707400 Dec 30, 2015 $2.162700 $0.114900 — $2.047800 Dec 30, 2014 $7.621400 $0.044700 $1.243700 $6.333000 Dec 30, 2013 $4.265200 — — $4.265200 Dec 28, 2012 $1.047000 $0.304800 $0.017200 $0.725000 Dec 29, 2011 $0.260500 $0.053400 — $0.207100 Dec 29, 2010 $0.155800 $0.080300 — $0.075500 Dec 29, 2009 $0.050500 $0.050500 — — Dec 29, 2008 $0.432900 $0.139000 — $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 Dec 19, 2003 $0.072900 — — $0.072900 Dec 21, 2001 $0.245900 — — $0.245900 Dec 15, 2000 $3.305000 — $0.495100 $2.809900 Dec 10, 1999 $0.153800 — $0.011900 $0.141900 Dec 11, 1998 $0.004900 $0.004900 — — Sep 11, 1998 $0.004800 $0.004800 — — Jun 12, 1998 $0.025800 $0.025800 — — Mar 13, 1998 $0.016400 $0.016400 — — Dec 12, 1997 $2.875400 $0.042400 $1.155000 $1.678000 Sep 12, 1997 $0.046100 $0.046100 — — Jun 13, 1997 $0.023600 $0.023600 — — Mar 14, 1997 $0.008400 $0.008400 — — Dec 13, 1996 $1.201200 $0.013600 $0.395200 $0.792400 Sep 13, 1996 $0.015100 $0.015100 — — Jun 14, 1996 $0.009400 $0.009400 — — Dec 15, 1995 $0.708100 $0.008100 $0.700000 — Sep 15, 1995 $0.017000 $0.017000 — — Jun 16, 1995 $0.016000 $0.016000 — — Mar 10, 1995 $0.022000 $0.022000 — — Dec 16, 1994 $0.050000 $0.050000 — — 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. -1.83 -3.78 -2.26 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. 21.80 20.72 17.93 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. 92.36 91.59 110.80 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. 102.22 107.14 107.75 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 1.04 1.09 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. 91.73 90.50 86.08 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.30 6.42 6.82 View All Characteristics & Stats All Characteristics & Stats River Road Mid Cap Value Fund (CHTTX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell Midcap® Value Index Fund Assets (Mil.$) $369 Number of Holdings 42 698 Weighted Avg. Market Cap (Mil.$) $17,057 $22,766 Median Market Cap (Mil.$) $12,873 $10,449 Weighted Avg. P/E (1-yr Forward EPS) 15.03 15.35 Weighted Avg. P/E (Trailing EPS) 15.50 17.05 PEG Ratio 0.84 1.09 Weighted Avg. P/B 2.28 2.36 EPS Growth (Trailing 3-yr %) 24.46% 9.87% EPS Growth (Trailing 5-yr %) 19.54% 11.35% Forward EPS Growth (1-yr %) 17.46% 7.09% Forward EPS Growth (Long Term %) 15.75% 10.25% Revenue Growth (Trailing 5-yr %) 6.91% 6.14% Return on Equity 18.58% 15.30% Weighted Avg. Dividend Yield 1.00% 1.66% Debt to Equity 97.53 94.94 Trailing 12-Months Portfolio Turnover 72.16% 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. -1.83 -3.78 -2.26 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. 21.80 20.72 17.93 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. 92.36 91.59 110.80 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. 102.22 107.14 107.75 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 1.04 1.09 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. 91.73 90.50 86.08 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.30 6.42 6.82 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. -0.41 -0.63 -0.26 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. -31.25 -37.99 -37.99 As of: 05/31/2022 Market Cap Fund Russell Midcap® Value Index Market Cap ($mm) 0 - 1,000 0.00% 0.03% Market Cap ($mm) 1,000 - 1,500 0.00% 0.03% Market Cap ($mm) 1,500 - 2,500 3.77% 0.21% Market Cap ($mm) 2,500 - 5,000 15.69% 2.99% Market Cap ($mm) 5,000 - 10,000 16.98% 17.53% Market Cap ($mm) 10,000 - 25,000 38.15% 40.81% Market Cap ($mm) 25,000 - 50,000 25.42% 35.61% Market Cap ($mm) 50,000 - 100,000 0.00% 2.78% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 03/31/2022 Valuation Characteristics Fund Russell Midcap® Value Index P/E 0-10 22.80% 14.37% P/E 10-15 12.97% 13.49% P/E 15-20 7.27% 11.37% P/E 20-25 13.89% 14.61% P/E 25-Above 39.24% 40.40% P/E – NA 3.84% 5.76% As of: 03/31/2022 Growth Characteristics Fund Russell Midcap® Value Index EPS Growth (Trailing 3-yr %) - Negative 19.86% 26.01% EPS Growth (Trailing 3-yr %) 0 - 5 7.41% 8.64% EPS Growth (Trailing 3-yr %) 5 - 10 6.31% 11.87% EPS Growth (Trailing 3-yr %) 10 - 15 1.81% 8.89% EPS Growth (Trailing 3-yr %) 15 - 20 7.97% 6.46% EPS Growth (Trailing 3-yr %) Above 20 42.27% 27.28% EPS Growth (Trailing 3-yr %) - NA 14.37% 10.85% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 News Corp, Class A 4.32% Liberty Media Corp-Liberty SiriusXM, Class C 4.08% KKR & Co Inc, Class A 4.02% LKQ Corp 3.80% BJ's Wholesale Club Holdings Inc 3.77% Willis Towers Watson PLC 3.67% SS&C Technologies Holdings Inc 3.48% Advance Auto Parts Inc 3.28% NCR Corp 3.23% Ares Management Corp, Class A 3.06% % in Top 10 Holdings 36.71% View Holding Details Holding Details River Road Mid Cap Value Fund (CHTTX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 News Corp, Class A 4.32% Liberty Media Corp-Liberty SiriusXM, Class C 4.08% KKR & Co Inc, Class A 4.02% LKQ Corp 3.80% BJ's Wholesale Club Holdings Inc 3.77% Willis Towers Watson PLC 3.67% SS&C Technologies Holdings Inc 3.48% Advance Auto Parts Inc 3.28% NCR Corp 3.23% Ares Management Corp, Class A 3.06% % in Top 10 Holdings 36.71% As of: 03/31/2022 Download All Holdings (PDF) As of: 05/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund LKQ LKQ Corp Consumer Discretionary S US USD 293,333.00 51.39 $15,074,382.87 4.49% KKR KKR & Co Inc, Class A Financials S US USD 240,900.00 54.81 $13,203,729.00 3.93% LSXMK Liberty Media Corp-Liberty SiriusXM, Class C Communication Services S US USD 312,167.00 41.10 $12,830,063.70 3.82% ARES Ares Management Corp, Class A Financials S US USD 173,902.00 71.17 $12,376,605.34 3.68% SEIC SEI Investments Co Financials S US USD 210,551.00 58.43 $12,302,494.93 3.66% NVR NVR Inc Consumer Discretionary S US USD 2,717.00 4,450.62 $12,092,334.54 3.60% WTW Willis Towers Watson PLC Financials S GB USD 54,472.00 211.07 $11,497,405.04 3.42% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 195,857.00 57.87 $11,334,244.59 3.37% LBRDK Liberty Broadband Corp, Class C Communication Services S US USD 89,041.00 125.17 $11,145,261.97 3.32% CACI CACI International Inc, Class A Industrials S US USD 37,600.00 280.37 $10,541,912.00 3.14% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 55,520.00 189.86 $10,541,027.20 3.14% SSNC SS&C Technologies Holdings Inc Information Technology S US USD 162,382.00 63.99 $10,390,824.18 3.09% TPL Texas Pacific Land Corp Energy S US USD 6,285.00 1,565.99 $9,842,247.15 2.93% AWI Armstrong World Industries Inc Industrials S US USD 115,230.00 83.50 $9,621,705.00 2.86% AEL American Equity Investment Life Holding Co Financials S US USD 216,841.00 40.26 $8,730,018.66 2.60% NCR NCR Corp Information Technology S US USD 225,599.00 34.69 $7,826,029.31 2.33% AXTA Axalta Coating Systems Ltd Materials S US USD 278,646.00 27.16 $7,568,025.36 2.25% PINC Premier Inc, Class A Health Care S US USD 201,128.00 37.41 $7,524,198.48 2.24% UNF UniFirst Corp Industrials S US USD 45,044.00 163.44 $7,361,991.36 2.19% ACI Albertsons Cos Inc, Class A Consumer Staples S US USD 237,792.00 30.55 $7,264,545.60 2.16% BBWI Bath & Body Works Inc Consumer Discretionary S US USD 169,638.00 41.02 $6,958,550.76 2.07% APO Apollo Global Management Inc Financials S US USD 119,403.00 57.64 $6,882,388.92 2.05% CHK Chesapeake Energy Corp Energy S US USD 70,185.00 97.38 $6,834,615.30 2.03% ATSG Air Transport Services Group Inc Industrials S US USD 223,126.00 30.22 $6,742,867.72 2.01% NWSA News Corp, Class A Communication Services S US USD 372,865.00 17.40 $6,487,851.00 1.93% APG API Group Corp 144A Industrials S US USD 365,592.00 17.45 $6,379,580.40 1.90% ATO Atmos Energy Corp Utilities S US USD 52,375.00 116.31 $6,091,736.25 1.81% CNC Centene Corp Health Care S US USD 73,328.00 81.44 $5,971,832.32 1.78% FRFHF Fairfax Financial Holdings Ltd Financials S CA USD 10,476.00 554.75 $5,811,527.48 1.73% DLTR Dollar Tree Inc Consumer Discretionary S US USD 35,616.00 160.33 $5,710,313.28 1.70% JOE St Joe Co Real Estate S US USD 111,039.00 50.49 $5,606,359.11 1.67% DHI DR Horton Inc Consumer Discretionary S US USD 70,180.00 75.15 $5,274,027.00 1.57% SNX TD SYNNEX Corp Information Technology S US USD 50,133.00 103.85 $5,206,312.05 1.55% DVN Devon Energy Corp Energy S US USD 69,125.00 74.90 $5,177,462.50 1.54% MSGS Madison Square Garden Sports Co, Class A Communication Services S US USD 31,426.00 163.86 $5,149,464.36 1.53% EXPE Expedia Group Inc Consumer Discretionary S US USD 39,652.00 129.33 $5,128,193.16 1.53% CNNE Cannae Holdings Inc Financials S US USD 234,649.00 20.27 $4,756,335.23 1.42% WMB Williams Cos Inc Energy S US USD 125,696.00 37.06 $4,658,293.76 1.39% LBTYK Liberty Global PLC, Class C Communication Services S GB USD 177,035.00 25.41 $4,498,459.35 1.34% MPC Marathon Petroleum Corp Energy S US USD 42,822.00 101.79 $4,358,851.38 1.30% HII Huntington Ingalls Industries Inc Industrials S US USD 19,903.00 210.46 $4,188,785.38 1.25% MCK McKesson Corp Health Care S US USD 9,391.00 328.69 $3,086,727.79 0.92% CSL Carlisle Cos Inc Industrials S US USD 11,525.00 254.43 $2,932,305.75 0.87% Cash & Equivalents Cash C US USD 0.00 0.00 $3,015,807.03 0.90% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Devon Energy Corp 1 1.88% 35.84% McKesson Corp 2 3.01% 23.30% Marathon Petroleum Corp 3 2.19% 34.31% Chesapeake Energy Corp 4 1.47% 36.80% Air Transport Services Group Inc 5 3.31% 13.85% Williams Cos Inc 6 1.77% 29.48% Royal Gold, Inc. 7 1.27% 28.59% CACI International Inc, Class A 8 2.39% 11.91% CDK Global Inc 9 1.64% 16.90% Albertsons Cos Inc, Class A 10 1.86% 10.62% 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. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return KKR & Co Inc, Class A 20 4.37% -21.38% LKQ Corp 19 3.60% -24.08% Bath & Body Works Inc 18 2.48% -31.32% NVR Inc 17 2.84% -24.40% Cannae Holdings Inc 16 1.91% -31.95% Axalta Coating Systems Ltd 15 2.25% -25.79% DR Horton Inc 14 1.76% -31.17% Liberty Broadband Corp, Class C 13 3.21% -16.00% API Group Corp 144A 12 2.32% -18.39% Liberty Media Corp-Liberty SiriusXM, Class C 11 4.31% -10.07% 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 Sector Allocation (Equity) As of: 03/31/2022 View Allocation Details Allocation Details River Road Mid Cap Value Fund (CHTTX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell Midcap® Value Index Financials 21.53% 16.43% Consumer Discretionary 15.08% 9.31% Communication Services 14.27% 3.54% Industrials 13.55% 14.06% Energy 8.99% 7.25% Information Technology 8.49% 9.44% Consumer Staples 6.02% 4.74% Health Care 5.36% 7.87% Materials 1.96% 8.10% Real Estate 1.88% 11.52% Utilities 1.79% 7.75% Cash & Other 1.10% 0.00% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 98.90% Bonds 0.00% Cash and Other 1.10% As of: 03/31/2022 Industry Fund Russell Midcap® Value Index Media 12.66% 2.24% Capital Markets 10.04% 3.81% Oil, Gas & Consumable Fuels 8.99% 6.33% Software 8.49% 1.74% Insurance 7.77% 5.93% Food & Staples Retailing 6.02% 0.91% Specialty Retail 5.60% 2.03% Health Care Providers & Services 5.36% 2.38% Household Durables 4.05% 1.38% Distributors 3.80% 0.41% % in Top 10 Industries 72.78% 27.16% As of: 03/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach River Road Small 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 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 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