Fund Overview Fund Overview Share Class I N I Z NAV | as of 09/21/2023 $9.28 -$0.08 (-0.85%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 446 Small Value funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/28/2007 to 08/31/2023 = $31,482.39 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 Seeks to provide long-term capital appreciation by investing in a portfolio of small and midcapitalization equity securities. Why Consider May be appropriate for investors looking to gain exposure to U.S. small and mid cap, value-oriented, stocks Enlightened risk management—portfolio managers will not average down on losing positions Employs a proprietary, fundamentals-driven Absolute Value® investment philosophy, targeting well-managed, financially strong companies that generate predictable and sustainable cash flows and trade at attractive discounts 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 J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER See Our Approach Read Bio Investment Style River Road Small-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 Small-Mid Cap Value Fund is categorized as Small-Value. It invests in small-cap companies with low risk. Morningstar Ratings Risk-adjusted returns as of 08/31/2023 Overall Rating (of 446) 3 Years (of 446) 5 Years (of 420) 10 Years (of 326) Category Small 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. J. Justin Akin VICE PRESIDENT, SENIOR PORTFOLIO MANAGER Mr. Akin serves as a portfolio manager for River Road’s Small Cap Value and Small-Mid Cap Value Portfolios. Mr. Akin holds equity in the firm. Prior to joining River Road in 2005, Mr. Akin worked with the firm’s founders at Commonwealth SMC as equity research analyst for the Small Cap Value and Dividend All-Cap Value Portfolios. Mr. Akin earned a BS in economics from Centre College. Mr. Akin 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: 1.03% Net Expense Ratio: 1.03% Expense Cap Expiration Date: N/A 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 $0.413800 $0.004000 — $0.409800 Dec 15, 2021 $0.568300 — — $0.568300 Dec 16, 2020 $0.000200 $0.000200 — — Dec 16, 2019 $0.164300 $0.020000 $0.066400 $0.077900 Dec 27, 2018 $0.542500 — $0.177400 $0.365100 Dec 27, 2017 $1.164800 $0.034000 $0.212700 $0.918100 Dec 27, 2016 $0.619600 $0.028100 $0.009900 $0.581600 Dec 30, 2015 $1.135400 $0.023400 — $1.112000 Dec 30, 2014 $1.428300 — $0.452200 $0.976100 Dec 30, 2013 $1.531900 $0.037000 $0.206800 $1.288100 Dec 28, 2012 $0.657500 $0.146900 $0.031100 $0.479500 Dec 29, 2011 $2.059200 — $0.084000 $1.975200 Dec 29, 2010 $0.136900 $0.053700 — $0.083200 Dec 29, 2009 $0.016800 $0.016800 — — Dec 29, 2008 $0.015200 $0.015200 — — Dec 14, 2007 $0.012300 $0.012300 — — 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. 1.11 2.46 1.99 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. 19.39 22.00 17.44 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. 0.61 0.24 0.48 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. 79.97 83.89 76.88 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. 86.67 92.13 93.58 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. 0.88 0.89 0.89 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. 93.65 95.10 92.08 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. 5.56 5.49 5.32 View All Characteristics & Stats All Characteristics & Stats River Road Small-Mid Cap Value Fund (ARIMX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Value Index Fund Assets (Mil.$) $270 Number of Holdings 65 1,894 Weighted Avg. Market Cap (Mil.$) $5,103 $6,623 Median Market Cap (Mil.$) $3,560 $1,248 Weighted Avg. P/E (1-yr Forward EPS) 11.90 12.81 Weighted Avg. P/E (Trailing EPS) 12.77 12.44 PEG Ratio 1.37 1.17 Weighted Avg. P/B 1.55 1.63 EPS Growth (Trailing 3-yr %) 15.40% 15.87% EPS Growth (Trailing 5-yr %) 16.89% 11.73% Forward EPS Growth (1-yr %) -5.66% -8.26% Forward EPS Growth (Long Term %) 8.24% 8.87% Revenue Growth (Trailing 5-yr %) 8.03% 7.51% Return on Equity 15.82% 13.28% Weighted Avg. Dividend Yield 1.18% 2.07% Debt to Equity 108.06 99.55 Trailing 12-Months Portfolio Turnover 34.97% 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. 1.11 2.46 1.99 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. 19.39 22.00 17.44 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. 0.61 0.24 0.48 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. 79.97 83.89 76.88 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. 86.67 92.13 93.58 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. 0.88 0.89 0.89 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. 93.65 95.10 92.08 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. 5.56 5.49 5.32 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. -0.07 0.40 0.24 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. 13.54 5.98 9.30 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. -16.48 -34.05 -34.05 As of: 08/31/2023 Market Cap Fund Russell 2500™ Value Index Market Cap ($mm) 0 - 1,000 5.97% 7.52% Market Cap ($mm) 1,000 - 1,500 7.99% 4.36% Market Cap ($mm) 1,500 - 2,500 16.61% 8.36% Market Cap ($mm) 2,500 - 5,000 30.77% 21.56% Market Cap ($mm) 5,000 - 10,000 30.62% 37.48% Market Cap ($mm) 10,000 - 25,000 8.03% 20.50% Market Cap ($mm) 25,000 - 50,000 0.00% 0.21% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 2500™ Value Index P/E 0-10 20.82% 22.89% P/E 10-15 26.20% 15.20% P/E 15-20 13.35% 12.36% P/E 20-25 5.93% 9.44% P/E 25-Above 24.20% 25.95% P/E – NA 9.48% 14.15% As of: 06/30/2023 Growth Characteristics Fund Russell 2500™ Value Index EPS Growth (Trailing 3-yr %) - Negative 33.10% 19.15% EPS Growth (Trailing 3-yr %) 0 - 5 4.68% 5.28% EPS Growth (Trailing 3-yr %) 5 - 10 0.70% 6.74% EPS Growth (Trailing 3-yr %) 10 - 15 3.44% 8.42% EPS Growth (Trailing 3-yr %) 15 - 20 5.09% 7.65% EPS Growth (Trailing 3-yr %) Above 20 38.89% 33.82% EPS Growth (Trailing 3-yr %) - NA 14.09% 18.93% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 LKQ Corp 4.29% White Mountains Insurance Group Ltd 3.74% Atkore Inc 3.62% BJ's Wholesale Club Holdings Inc 3.21% WEX Inc 2.96% Air Transport Services Group Inc 2.94% TD SYNNEX Corp 2.86% UniFirst Corp 2.79% Vistra Corp 2.57% Murphy USA Inc 2.42% % in Top 10 Holdings 31.41% View Holding Details Holding Details River Road Small-Mid Cap Value Fund (ARIMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 LKQ Corp 4.29% White Mountains Insurance Group Ltd 3.74% Atkore Inc 3.62% BJ's Wholesale Club Holdings Inc 3.21% WEX Inc 2.96% Air Transport Services Group Inc 2.94% TD SYNNEX Corp 2.86% UniFirst Corp 2.79% Vistra Corp 2.57% Murphy USA Inc 2.42% % in Top 10 Holdings 31.41% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WTM White Mountains Insurance Group Ltd Financials S US USD 7,184 1,588.69 $11,413,149 4.09% LKQ LKQ Corp Consumer Discretionary S US USD 198,889 52.53 $10,447,639 3.74% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 153,297 67.39 $10,330,685 3.70% ATKR Atkore Inc Industrials S US USD 62,704 153.97 $9,654,535 3.46% ATSG Air Transport Services Group Inc Industrials S US USD 428,067 21.56 $9,229,125 3.31% WEX WEX Inc Financials S US USD 43,823 196.18 $8,597,196 3.08% UNF UniFirst Corp Industrials S US USD 47,989 176.13 $8,452,303 3.03% SNX TD SYNNEX Corp Information Technology S US USD 81,238 101.75 $8,265,967 2.96% VST Vistra Corp Utilities S US USD 257,703 31.42 $8,097,028 2.90% PLUS ePlus Inc Information Technology S US USD 107,945 66.38 $7,165,389 2.57% MUSA Murphy USA Inc Consumer Discretionary S US USD 20,999 317.64 $6,670,122 2.39% PR Permian Resources Corp, Class A Energy S US USD 425,688 14.18 $6,036,256 2.16% CNNE Cannae Holdings Inc Financials S US USD 307,490 19.63 $6,036,029 2.16% NCR NCR Corp Information Technology S US USD 188,262 30.76 $5,790,939 2.07% AWI Armstrong World Industries Inc Industrials S US USD 73,729 76.59 $5,646,904 2.02% FNF Fidelity National Financial Inc Financials S US USD 133,770 41.40 $5,538,078 1.98% VNT Vontier Corp Information Technology S US USD 172,158 31.41 $5,407,483 1.94% GNW Genworth Financial Inc, Class A Financials S US USD 918,368 5.79 $5,317,351 1.90% CXW CoreCivic Inc Industrials S US USD 492,853 10.76 $5,303,098 1.90% AXS Axis Capital Holdings Ltd Financials S BM USD 90,635 54.86 $4,972,236 1.78% ACIW ACI Worldwide Inc, Class A Information Technology S US USD 194,504 24.28 $4,722,557 1.69% SP SP Plus Corp Industrials S US USD 111,439 39.17 $4,365,066 1.56% NWE NorthWestern Corp Utilities S US USD 86,183 50.40 $4,343,623 1.56% SWX Southwest Gas Holdings Inc Utilities S US USD 67,969 61.93 $4,209,320 1.51% EVTC EVERTEC Inc Financials S PR USD 105,345 39.57 $4,168,502 1.49% MGRC McGrath RentCorp Industrials S US USD 37,065 101.10 $3,747,272 1.34% AGX Argan Inc Industrials S US USD 87,169 42.48 $3,702,939 1.33% ALIT Alight Inc, Class A Industrials S US USD 476,892 7.64 $3,643,455 1.31% DNB Dun & Bradstreet Holdings Inc Industrials S US USD 333,134 10.90 $3,631,161 1.30% TRIP TripAdvisor Inc Communication Services S US USD 236,509 15.11 $3,573,651 1.28% IMKTA Ingles Markets Inc, Class A Consumer Staples S US USD 45,619 78.13 $3,564,212 1.28% VVI Viad Corp Industrials S US USD 122,072 28.39 $3,465,624 1.24% SM SM Energy Co Energy S US USD 81,508 42.31 $3,448,603 1.24% RDN Radian Group Inc Financials S US USD 126,190 27.08 $3,417,225 1.22% YELP Yelp Inc, Class A Communication Services S US USD 79,194 42.85 $3,393,463 1.22% DINO HF Sinclair Corp Energy S US USD 60,237 55.09 $3,318,456 1.19% CABO Cable One Inc Communication Services S US USD 5,048 650.57 $3,284,077 1.18% MDU MDU Resources Group Inc Industrials S US USD 152,826 20.36 $3,111,537 1.11% PII Polaris Inc Consumer Discretionary S US USD 26,842 112.09 $3,008,720 1.08% CNA CNA Financial Corp Financials S US USD 73,537 39.33 $2,892,210 1.04% CLVT Clarivate PLC Industrials S GB USD 369,326 7.43 $2,744,092 0.98% AEL American Equity Investment Life Holding Co Financials S US USD 51,099 53.68 $2,742,994 0.98% TWNK Hostess Brands Inc, Class A Consumer Staples S US USD 95,566 28.48 $2,721,720 0.97% NMIH NMI Holdings Inc, Class A Financials S US USD 94,170 28.62 $2,695,145 0.97% PDCO Patterson Cos Inc Health Care S US USD 88,897 30.04 $2,670,466 0.96% EMBC Embecta Corp Health Care S US USD 135,535 18.33 $2,484,357 0.89% BLCO Bausch + Lomb Corp Health Care S CA USD 129,980 17.93 $2,330,541 0.83% TAP Molson Coors Beverage Co, Class B Consumer Staples S US USD 35,422 63.49 $2,248,943 0.81% RBA RB Global Inc Industrials S CA USD 32,469 61.72 $2,003,987 0.72% AAP Advance Auto Parts Inc Consumer Discretionary S US USD 27,902 68.82 $1,920,216 0.69% MSM MSC Industrial Direct Co Inc, Class A Industrials S US USD 18,399 102.06 $1,877,802 0.67% NMRK Newmark Group Inc, Class A Real Estate S US USD 257,278 7.09 $1,824,101 0.65% LESL Leslie's Inc Consumer Discretionary S US USD 288,000 6.26 $1,802,880 0.65% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 5,458 308.02 $1,681,173 0.60% FWRD Forward Air Corp Industrials S US USD 23,262 70.82 $1,647,415 0.59% DXC DXC Technology Co Information Technology S US USD 78,674 20.74 $1,631,699 0.58% WKC World Kinect Corp Energy S US USD 73,897 21.90 $1,618,344 0.58% TRS Trimas Corp Materials S US USD 58,413 26.20 $1,530,421 0.55% CHK Chesapeake Energy Corp Energy S US USD 15,932 88.21 $1,405,362 0.50% ITRN Ituran Location and Control Ltd Information Technology S IL USD 43,040 30.28 $1,303,251 0.47% OVV Ovintiv Inc Energy S US USD 27,318 46.96 $1,282,853 0.46% CPSI Computer Programs and Systems Inc Health Care S US USD 75,525 16.27 $1,228,792 0.44% PINC Premier Inc, Class A Health Care S US USD 51,551 21.53 $1,109,893 0.40% LILAK Liberty Latin America Ltd, Class C Communication Services S US USD 109,927 8.96 $984,946 0.35% LILA Liberty Latin America Ltd, Class A Communication Services S US USD 109,157 8.94 $975,864 0.35% VRRM Verra Mobility Corp, Class A Industrials S US USD 42,786 17.79 $761,163 0.27% MD Pediatrix Medical Group Inc Health Care S US USD 47,302 14.13 $668,377 0.24% Cash & Equivalents Cash C US USD - - $9,910,840 3.55% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Lithia Motors Inc, Class A 1 1.78% 33.06% American Equity Investment Life Holding Co 2 1.38% 42.81% Molson Coors Beverage Co, Class B 3 1.31% 27.99% Murphy USA Inc 4 2.23% 20.67% Atkore Inc 5 3.13% 11.01% Vontier Corp 6 1.95% 17.88% ePlus Inc 7 2.02% 14.80% Viad Corp 8 0.96% 28.98% Yelp Inc, Class A 9 1.40% 18.60% Vistra Corp 10 2.42% 10.00% 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 Advance Auto Parts Inc 20 1.76% -41.70% Premier Inc, Class A 19 1.62% -14.05% BJ's Wholesale Club Holdings Inc 18 2.86% -17.17% UniFirst Corp 17 2.93% -11.94% Air Transport Services Group Inc 16 2.96% -9.41% ACI Worldwide Inc, Class A 15 1.77% -14.12% TripAdvisor Inc 14 1.33% -16.97% Leslie's Inc 13 1.12% -14.71% Computer Programs and Systems Inc 12 0.71% -18.25% World Fuel Services Corp 11 0.67% -18.40% 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 Small-Mid Cap Value Fund (ARIMX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Value Index Industrials 26.05% 19.94% Financials 20.09% 18.62% Information Technology 11.78% 8.52% Consumer Discretionary 11.68% 12.57% Utilities 5.64% 3.65% Consumer Staples 5.47% 3.07% Energy 5.12% 5.35% Communication Services 4.60% 3.03% Cash & Other 4.32% 0.00% Health Care 4.04% 8.36% Materials 0.62% 6.34% Real Estate 0.59% 10.55% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 95.68% Bonds 0.00% Cash and Other 4.32% As of: 06/30/2023 Industry Fund Russell 2500™ Value Index Insurance 11.05% 3.72% Financial Services 9.04% 1.99% Commercial Services & Supplies 8.03% 1.27% Electronic Equipment, Instruments & Components 7.19% 2.26% Specialty Retail 5.80% 2.90% Oil, Gas & Consumable Fuels 5.12% 4.28% Consumer Staples Distribution & Retail 4.61% 1.27% Distributors 4.29% 0.00% Air Freight & Logistics 3.85% 0.31% Electrical Equipment 3.62% 2.05% % in Top 10 Industries 62.6% 20.05% As of: 06/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach River Road Small-Mid Cap Value Fund Under normal conditions, the Fund invests at least 80% of its assets in small and mid-cap equities deemed out of favor and/or undervalued relative to a company’s prospects for growth or relative to their peers. Target companies will typically have market capitalizations below $1B at the time of purchase; however, firm size can exceed that range based on opportunity set. The Fund’s Absolute Value® approach utilizes systematic and dynamic proprietary research to analyze companies based on the following investment criteria: Financial strength trading at a discount to assessed valuation Shareholder-oriented management teams Undiscovered, under-followed, misunderstood companies with attractive business models Keep Calm and Remain Diversified A short- and long-term review on the power of diversification. Read More Equity Style Analysis: Growth vs. Value Value has shifted to outperform growth; will the trend continue? Read Full Perspective 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 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 Read Important Investment Disclosures Founded 2005 Headquarters Louisville, KY Affiliate Since 2014 Discover how the boutique advantage helps generate alpha. Learn More About AMG