Fund Overview Fund Overview Share Class I N I Z NAV | as of 12/06/2023 $10.19 +$0.01 (+0.10%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 05/30/2018 to 11/30/2023 = $10,969.16 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 primarily investing in small cap companies around the globe. Why Consider May be appropriate for investors looking to gain exposure to small cap companies around the globe TimesSquare leverages its wealth of experience investing in global small cap companies, relying on bottom-up research to identify growth businesses with exceptional management, distinct, sustainable competitive advantages and consistent growth Documents Fact Sheet Summary Prospectus Prospectus Holdings SAI 2023 Distributions Estimates View All Documents Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER See Our Approach Read Bio Grant R. Babyak SENIOR FOUNDING PARTNER, MANAGING DIRECTOR, AND PORTFOLIO MANAGER See Our Approach Read Bio Mark E. Grzymski PARNTER, PORTFOLIO MANAGER See Our Approach Read Bio Investment Style TimesSquare Global Small Cap Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective TimesSquare Global Small Cap Fund is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 134) 3 Years (of 134) 5 Years (of 115) 10 Years — Category Global Small/Mid Stock Read Important Investment Disclosures Magnus S. Larsson DIRECTOR AND PORTFOLIO MANAGER Magnus Larsson is a Director and Portfolio Manager on TimesSquare’s International Small Cap team. Prior to joining TimesSquare in 2012, Mr. Larsson was a Portfolio Manager at Nordea Investment Management where he focused on European small and mid cap equities. Prior to Nordea, he held a similar role at SEB Asset Management as a Portfolio Manager focusing on European small and mid caps. Mr. Larsson's prior experience also includes a Financial Analyst role specializing in small and mid cap equity research with Borsinsikt and a position as an Institutional Equity Sales Director at Beeson Gregory. He holds a BS in economics and business administration from the University of Orebro, Sweden, as well as a BA in social science. Grant R. Babyak SENIOR FOUNDING PARTNER, MANAGING DIRECTOR, AND PORTFOLIO MANAGER Grant Babyak is a Senior Founding Partner, Managing Director, and Portfolio Manager in TimesSquare’s growth equity group. Prior to joining TimesSquare in 2000, Mr. Babyak managed small cap and mid cap portfolios at Fiduciary Trust Company International. He previously worked for six years at Avatar Associates as an institutional portfolio manager and for two years at U.S. Trust Company of New York as an analyst covering the consumer and basic industrial sectors. He has a BA in political science from Yale University and an MBA in finance from the Leonard N. Stern School of Business at New York University. Mark E. Grzymski PARNTER, PORTFOLIO MANAGER Mark is a Partner and Portfolio Manager/Analyst on TimesSquare’s U.S. equity team. He is responsible for research coverage of the industrial, machinery, transportation, aerospace, defense, and materials and processing industries. Prior to joining TimesSquare in 2008, Mark was a Director at RBC Capital Markets covering industrial manufacturing and services companies. His previous research analyst experiences were as a Vice President at Needham & Company and as an associate analyst at Prospector Partners LLC. Mark has a BSBA in management from Bucknell University and an MBA from the Graduate School of Business at Fordham University. 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: 4.92% Net Expense Ratio: 1.00% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.019900 $0.019900 — — Dec 15, 2021 $0.886700 $0.029500 — $0.857200 Dec 16, 2019 $0.131900 $0.131900 — — From: To: Risk & Return Stats As of: 11/30/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -3.25 -0.76 - 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. 18.68 21.64 - 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. -0.18 0.13 - 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. 79.83 86.90 - 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. 98.56 97.90 - 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. 0.96 0.96 - 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. 91.36 93.78 - 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. 5.53 5.48 - View All Characteristics & Stats All Characteristics & Stats TimesSquare Global Small Cap Fund (TSYIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Small Cap Index Fund Assets (Mil.$) $2 Number of Holdings 87 4,290 Weighted Avg. Market Cap (Mil.$) $4,778 $3,845 Median Market Cap (Mil.$) $4,079 $1,306 Weighted Avg. P/E (1-yr Forward EPS) 18.58 13.30 Weighted Avg. P/E (Trailing EPS) 22.44 13.67 PEG Ratio 0.95 1.03 Weighted Avg. P/B 2.85 1.57 EPS Growth (Trailing 3-yr %) 10.94% 16.30% EPS Growth (Trailing 5-yr %) 10.57% 10.63% Forward EPS Growth (1-yr %) 5.14% -3.10% Forward EPS Growth (Long Term %) 14.68% 10.68% Revenue Growth (Trailing 5-yr %) 9.74% 7.92% Return on Equity 15.08% 11.65% Weighted Avg. Dividend Yield 1.33% 2.23% Debt to Equity 73.20 83.59 Trailing 12-Months Portfolio Turnover 56.73% As of: 09/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -3.25 -0.76 - 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. 18.68 21.64 - 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. -0.18 0.13 - 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. 79.83 86.90 - 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. 98.56 97.90 - 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. 0.96 0.96 - 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. 91.36 93.78 - 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. 5.53 5.48 - 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. -0.63 -0.20 - 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. -3.55 2.84 - 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. -34.30 -34.30 - As of: 11/30/2023 Market Cap Fund MSCI World Small Cap Index Market Cap ($mm) 0 - 1,000 5.59% 11.58% Market Cap ($mm) 1,000 - 1,500 6.96% 9.29% Market Cap ($mm) 1,500 - 2,500 8.90% 17.69% Market Cap ($mm) 2,500 - 5,000 38.55% 34.88% Market Cap ($mm) 5,000 - 10,000 35.25% 24.73% Market Cap ($mm) 10,000 - 25,000 4.75% 1.73% Market Cap ($mm) 25,000 - 50,000 0.00% 0.02% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.09% As of: 09/30/2023 Valuation Characteristics Fund MSCI World Small Cap Index P/E 0-10 4.69% 19.39% P/E 10-15 9.50% 16.43% P/E 15-20 11.36% 12.68% P/E 20-25 18.86% 10.34% P/E 25-Above 48.98% 26.47% P/E – NA 6.62% 14.70% As of: 09/30/2023 Growth Characteristics Fund MSCI World Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 26.01% 22.13% EPS Growth (Trailing 3-yr %) 0 - 5 6.50% 5.59% EPS Growth (Trailing 3-yr %) 5 - 10 7.17% 6.04% EPS Growth (Trailing 3-yr %) 10 - 15 12.47% 5.59% EPS Growth (Trailing 3-yr %) 15 - 20 7.50% 4.84% EPS Growth (Trailing 3-yr %) Above 20 26.61% 35.76% EPS Growth (Trailing 3-yr %) - NA 13.74% 20.05% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Casella Waste Systems Inc, Class A 2.85% Steadfast Group Ltd 2.34% CyberArk Software Ltd 2.29% Synaptics Inc 2.23% Performance Food Group Co 2.20% EMCOR Group Inc 1.96% Visteon Corp 1.93% WNS Holdings Ltd ADR 1.92% RenaissanceRe Holdings Ltd 1.85% Hexcel Corp 1.82% % in Top 10 Holdings 21.39% View Holding Details Holding Details TimesSquare Global Small Cap Fund (TSYIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Casella Waste Systems Inc, Class A 2.85% Steadfast Group Ltd 2.34% CyberArk Software Ltd 2.29% Synaptics Inc 2.23% Performance Food Group Co 2.20% EMCOR Group Inc 1.96% Visteon Corp 1.93% WNS Holdings Ltd ADR 1.92% RenaissanceRe Holdings Ltd 1.85% Hexcel Corp 1.82% % in Top 10 Holdings 21.39% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CWST Casella Waste Systems Inc, Class A Industrials S US USD 500 75.45 $37,725 2.51% SDF Steadfast Group Ltd Financials S AU AUD 10,425 3.44 $35,849 2.38% SYNA Synaptics Inc Information Technology S US USD 425 83.66 $35,556 2.36% PFGC Performance Food Group Co Consumer Staples S US USD 600 57.76 $34,656 2.30% RNR RenaissanceRe Holdings Ltd Financials S BM USD 150 219.59 $32,939 2.19% CYBR CyberArk Software Ltd Information Technology S IL USD 200 163.64 $32,728 2.17% EME EMCOR Group Inc Industrials S US USD 150 206.65 $30,998 2.06% HXL Hexcel Corp Industrials S US USD 500 61.92 $30,960 2.06% CHE Chemed Corp Health Care S US USD 55 562.65 $30,946 2.06% ESAB Esab Corp Industrials S US USD 450 63.30 $28,485 1.89% WBS Webster Financial Corp Financials S US USD 750 37.97 $28,478 1.89% NICE Nice Ltd ADR Information Technology S IL USD 175 154.35 $27,011 1.79% VC Visteon Corp Consumer Discretionary S US USD 225 115.13 $25,904 1.72% 5838 Rakuten Bank Ltd Financials S JP JPY 1,500 17.08 $25,616 1.70% 4373 Simplex Holdings Inc Information Technology S JP JPY 1,500 16.80 $25,194 1.67% IAS Integral Ad Science Holding Corp Communication Services S US USD 2,025 11.48 $23,247 1.54% IPH IPH Ltd Industrials S AU AUD 5,225 4.35 $22,706 1.51% ASND Ascendis Pharma A/S ADR Health Care S DK USD 250 89.31 $22,328 1.48% EHC Encompass Health Corp Health Care S US USD 350 62.56 $21,896 1.45% SAABB Saab AB Industrials S SE SEK 400 51.37 $20,549 1.36% CIE CIE Automotive SA Consumer Discretionary S ES EUR 800 25.50 $20,398 1.35% EXPO Exponent Inc Industrials S US USD 275 73.29 $20,155 1.34% WK Workiva Inc, Class A Information Technology S US USD 225 87.09 $19,595 1.30% PJT PJT Partners Inc, Class A Financials S US USD 250 78.36 $19,590 1.30% AFN Ag Growth International Inc Industrials S CA CAD 550 35.10 $19,303 1.28% 2651 Lawson Inc Consumer Staples S JP JPY 400 48.17 $19,270 1.28% BC Brunswick Corp Consumer Discretionary S US USD 275 69.47 $19,104 1.27% VIS Viscofan SA Consumer Staples S ES EUR 325 57.81 $18,787 1.25% ONTO Onto Innovation Inc Information Technology S US USD 165 112.37 $18,541 1.23% 9090 AZ-COM MARUWA Holdings Inc Industrials S JP JPY 1,325 13.72 $18,184 1.21% 4527 Rohto Pharmaceutical Co Ltd Consumer Staples S JP JPY 775 23.33 $18,082 1.20% SOP Sopra Steria Group SACA Information Technology S FR EUR 100 179.54 $17,954 1.19% TOP Topdanmark A/S Financials S DK DKK 400 44.82 $17,930 1.19% RRX Regal Rexnord Corp Industrials S US USD 150 118.41 $17,762 1.18% JKHY Jack Henry & Associates Inc Financials S US USD 125 140.99 $17,624 1.17% OLED Universal Display Corp Information Technology S US USD 125 139.18 $17,398 1.16% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 725 23.90 $17,331 1.15% WEIR Weir Group PLC Industrials S GB GBP 825 20.77 $17,136 1.14% 3088 MatsukiyoCocokara & Co Consumer Staples S JP JPY 975 17.54 $17,103 1.14% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 225 70.54 $15,872 1.05% MRTN Marten Transport Ltd Industrials S US USD 900 17.58 $15,822 1.05% AVNT Avient Corp Materials S US USD 500 31.62 $15,810 1.05% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 975 16.16 $15,755 1.05% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 3,700 4.24 $15,699 1.04% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 1,700 9.02 $15,334 1.02% FROG JFrog Ltd Information Technology S IL USD 675 22.49 $15,181 1.01% TTEK Tetra Tech Inc Industrials S US USD 100 150.91 $15,091 1.00% TMCI Treace Medical Concepts Inc Health Care S US USD 1,475 10.03 $14,794 0.98% 8174 Nippon Gas Co Ltd Utilities S JP JPY 975 15.03 $14,654 0.97% DPLM Diploma PLC Industrials S GB GBP 400 34.67 $13,868 0.92% WSC WillScot Mobile Mini Holdings Corp, Class A Industrials S US USD 350 39.41 $13,794 0.92% AZEK AZEK Co Inc, Class A Industrials S US USD 525 26.20 $13,755 0.91% 7716 Nakanishi Inc Health Care S JP JPY 625 21.96 $13,727 0.91% SAFT Safety Insurance Group Inc Financials S US USD 175 75.17 $13,155 0.87% TE Technip Energies NV Energy S FR EUR 600 21.91 $13,146 0.87% TOTS3 Totvs SA Information Technology S BR BRL 2,583 5.02 $12,972 0.86% SAVE Nordnet AB publ Financials S SE SEK 900 14.16 $12,743 0.85% UTG UNITE Group PLC Real Estate S GB GBP 1,200 10.58 $12,699 0.84% ROR Rotork PLC Industrials S GB GBP 3,525 3.58 $12,605 0.84% 9336 Daiei Kankyo Co Ltd Industrials S JP JPY 900 13.81 $12,425 0.83% DRVN Driven Brands Holdings Inc Industrials S US USD 1,075 11.38 $12,234 0.81% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 100 120.23 $12,023 0.80% KWS Keywords Studios PLC Information Technology S IE GBP 725 15.88 $11,512 0.76% 2175 SMS Co Ltd Industrials S JP JPY 725 15.87 $11,504 0.76% NSA National Storage Affiliates Trust Real Estate S US USD 375 28.52 $10,695 0.71% NEX Nexans SA Industrials S FR EUR 150 70.84 $10,626 0.71% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 900 11.80 $10,617 0.71% HUH1V Huhtamaki Oyj Materials S FI EUR 300 34.38 $10,313 0.69% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 1,300 7.56 $9,834 0.65% TGS TGS ASA Energy S NO NOK 700 13.68 $9,573 0.64% ARCAD Arcadis NV Industrials S NL EUR 225 42.26 $9,510 0.63% WNS WNS Holdings Ltd ADR Industrials S IN USD 175 54.32 $9,506 0.63% 8111 Goldwin Inc Consumer Discretionary S JP JPY 150 63.16 $9,474 0.63% MODG Topgolf Callaway Brands Corp Consumer Discretionary S US USD 775 12.22 $9,471 0.63% PSI Pason Systems Inc Energy S CA CAD 950 9.58 $9,104 0.60% 5842 Integral Corp Financials S JP JPY 800 11.23 $8,983 0.60% 9468 Kadokawa Corp Communication Services S JP JPY 450 19.26 $8,668 0.58% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 350 24.75 $8,662 0.58% 2345 Accton Technology Corp Information Technology S TW TWD 550 15.49 $8,522 0.57% AMP Amplifon SpA Health Care S IT EUR 300 28.26 $8,479 0.56% IP Interpump Group SpA Industrials S IT EUR 200 41.81 $8,363 0.56% KGX KION Group AG Industrials S DE EUR 266 30.68 $8,161 0.54% FNOX Fortnox AB Information Technology S SE SEK 2,000 3.96 $7,928 0.53% TATE Tate & Lyle PLC Consumer Staples S GB GBP 1,000 7.66 $7,663 0.51% 7476 As One Corp Health Care S JP JPY 200 31.87 $6,374 0.42% 8454 momo.com Inc Consumer Discretionary S TW TWD 338 16.49 $5,572 0.37% Cash & Equivalents Cash C US USD - - $38,163 2.53% Fund Holdings Sort order Avg. Weight Total Return Reata Pharmaceuticals, Inc. Class A 1 1.08% 69.05% MACOM Technology Solutions Holdings Inc 2 1.28% 24.49% EMCOR Group Inc 3 2.01% 13.93% Rohto Pharmaceutical Co Ltd 4 1.14% 21.49% PJT Partners Inc, Class A 5 1.12% 14.33% Accton Technology Corp 6 0.51% 38.50% Webster Financial Corp 7 1.80% 7.43% Esab Corp 8 2.11% 5.59% Synaptics Inc 9 1.87% 4.76% Verallia SA 144A 10 0.52% 17.44% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Casella Waste Systems Inc, Class A 20 2.92% -15.64% Integral Ad Science Holding Corp 19 1.12% -33.87% Nice Ltd ADR 18 1.77% -17.68% Planet Fitness, Inc. Class A 17 0.96% -28.08% Topgolf Callaway Brands Corp 16 0.90% -30.28% St James's Place PLC 15 1.00% -25.18% Hexcel Corp 14 1.75% -14.20% Internet Initiative Japan Inc 13 1.77% -12.77% WillScot Mobile Mini Holdings Corp, Class A 12 1.62% -12.97% Treace Medical Concepts Inc 11 0.40% -21.59% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 09/30/2023 View Allocation Details Allocation Details TimesSquare Global Small Cap Fund (TSYIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Small Cap Index Industrials 31.13% 19.88% Information Technology 17.34% 10.82% Financials 12.86% 14.38% Consumer Discretionary 9.82% 13.05% Consumer Staples 8.17% 5.01% Health Care 7.47% 9.93% Communication Services 3.52% 3.00% Cash & Other 3.22% 0.00% Energy 2.42% 5.75% Materials 1.60% 7.37% Real Estate 1.55% 8.18% Utilities 0.90% 2.62% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 96.78% Bonds 0.00% Cash and Other 3.22% As of: 09/30/2023 Country Fund MSCI World Small Cap Index United States 40.98% 59.65% Japan 13.74% 12.21% United Kingdom 7.26% 5.45% Israel 4.59% 1.10% Australia 3.52% 3.58% France 3.28% 1.44% Canada 2.71% 3.94% Sweden 2.67% 1.89% Spain 2.58% 0.72% Denmark 2.39% 0.74% India 1.92% 0.00% Bermuda 1.85% 0.00% Ireland 1.83% 0.11% Italy 1.80% 1.29% Finland 1.11% 0.43% % in Top 15 Countries 92.23% 92.55% As of: 09/30/2023 Region Fund MSCI World Small Cap Index Developed 90.30% 100.00% Europe & Middle East 29.35% 18.93% North America 43.69% 63.60% Pacific 17.26% 17.47% Emerging 3.63% 0.00% Asia 2.77% 0.00% Latin America 0.86% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 6.07% 0.00% As of: 09/30/2023 Industry Fund MSCI World Small Cap Index Software 7.22% 3.92% Machinery 6.70% 4.89% Professional Services 5.96% 2.08% Semiconductors & Semiconductor Equipment 5.78% 2.22% Commercial Services & Supplies 5.43% 1.80% Insurance 5.27% 2.87% Consumer Staples Distribution & Retail 4.65% 1.56% Health Care Providers & Services 4.25% 2.06% IT Services 3.82% 1.14% Construction & Engineering 3.71% 2.18% % in Top 10 Industries 52.79% 24.72% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach TimesSquare Global Small Cap Fund The Fund seeks to outperform the MSCI World Small Cap Index over a full market cycle. TimesSquare’s investment team uses a bottom up, fundamental research-intensive approach to identify small cap stocks around the globe with the greatest potential to achieve price appreciation over a 12- to 18-month horizon. Equity Style Analysis: Growth vs. Value Value has shifted to outperform growth; will the trend continue? Read Full Perspective About About TimesSquare Capital Management Background TimesSquare is a growth equity specialist. They are a trusted partner to institutional investors globally, providing mutual fund and separate account management. Reliance on in-depth, research-driven strategies has historically produced strong results across products and market cycles. Learn More More Products From TimesSquare Capital Management TQENX TimesSquare Emerging Markets Small Cap Fund The Fund seeks to outperform the MSCI Emerging Markets Small Cap Index over a full market cycle. View Fund Details TCMPX TimesSquare International Small Cap Fund The Fund seeks to outperform the MSCI EAFE Small Cap Index over a full market cycle. View Fund Details TMDPX TimesSquare Mid Cap Growth Fund Seeks to provide long-term capital appreciation by investing primarily in mid cap companies. View Fund Details TSCPX TimesSquare Small Cap Growth Fund Seeks to provide long-term capital appreciation by primarily investing in small cap companies. View Fund Details Read Important Investment Disclosures Founded 2000 Headquarters New York, NY Affiliate Since 2004 Discover how the boutique advantage helps generate alpha. Learn More About AMG