Fund Overview Fund Overview Share Class Z N I Z NAV | as of 03/31/2023 $10.41 +$0.10 (+0.97%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 05/30/2018 to 02/28/2023 = $11,295.83 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 2022 Year End Distributions 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 Anthony Rosenthal, CFA SENIOR FOUNDING PARTNER, MANAGING DIRECTOR, AND PORTFOLIO MANAGER | U.S. EQUITY INVESTMENT TEAM 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 02/28/2023 Overall Rating (of 133) 3 Years (of 133) 5 Years — 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. Anthony Rosenthal, CFA SENIOR FOUNDING PARTNER, MANAGING DIRECTOR, AND PORTFOLIO MANAGER | U.S. EQUITY INVESTMENT TEAM Tony Rosenthal is a Senior Founding Partner, Managing Director, and Portfolio Manager in TimesSquare’s growth equity group. Before joining TimesSquare in 2000, Tony held a similar position at Fiduciary Trust Company International. Prior experience includes three years at the Bank of New York as an equity portfolio manager and analyst and time at U.S. Trust Company of New York, where he conducted economic research. Tony has a BA in economics from Wesleyan University and an MBA from Columbia Business School. He is a member of the CFA Institute and the New York Society of Security Analysts. 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: 4.03% Net Expense Ratio: 1.00% Expense Cap Expiration Date: 05/01/2023 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, 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: 02/28/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -4.39 - - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 23.66 - - 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. 0.16 - - 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. 82.31 - - 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. 101.72 - - 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 - - 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. 94.34 - - 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. 5.70 - - View All Characteristics & Stats All Characteristics & Stats TimesSquare Global Small Cap Fund (TSYZX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Small Cap Index Fund Assets (Mil.$) $2 Number of Holdings 75 4,441 Weighted Avg. Market Cap (Mil.$) $4,685 $3,729 Median Market Cap (Mil.$) $3,760 $1,319 Weighted Avg. P/E (1-yr Forward EPS) 18.73 12.16 Weighted Avg. P/E (Trailing EPS) 22.41 11.94 PEG Ratio 1.28 0.98 Weighted Avg. P/B 3.06 1.58 EPS Growth (Trailing 3-yr %) 17.25% 16.14% EPS Growth (Trailing 5-yr %) 11.36% 11.02% Forward EPS Growth (1-yr %) 10.32% 3.11% Forward EPS Growth (Long Term %) 13.07% 10.21% Revenue Growth (Trailing 5-yr %) 9.57% 7.60% Return on Equity 17.01% 12.15% Weighted Avg. Dividend Yield 1.49% 2.13% Debt to Equity 68.96 83.60 Trailing 12-Months Portfolio Turnover 52.15% As of: 12/31/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -4.39 - - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 23.66 - - 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. 0.16 - - 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. 82.31 - - 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. 101.72 - - 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 - - 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. 94.34 - - 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. 5.70 - - 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. -0.92 - - 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. 3.82 - - 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 - - As of: 02/28/2023 Market Cap Fund MSCI World Small Cap Index Market Cap ($mm) 0 - 1,000 4.89% 11.88% Market Cap ($mm) 1,000 - 1,500 4.34% 9.57% Market Cap ($mm) 1,500 - 2,500 7.13% 18.55% Market Cap ($mm) 2,500 - 5,000 49.69% 34.40% Market Cap ($mm) 5,000 - 10,000 28.55% 23.63% Market Cap ($mm) 10,000 - 25,000 5.41% 1.94% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund MSCI World Small Cap Index P/E 0-10 3.84% 24.22% P/E 10-15 15.60% 16.09% P/E 15-20 9.90% 12.33% P/E 20-25 16.38% 8.82% P/E 25-Above 48.81% 24.96% P/E – NA 5.47% 13.58% As of: 12/31/2022 Growth Characteristics Fund MSCI World Small Cap Index EPS Growth (Trailing 3-yr %) - Negative 14.12% 19.97% EPS Growth (Trailing 3-yr %) 0 - 5 9.50% 6.04% EPS Growth (Trailing 3-yr %) 5 - 10 9.92% 6.73% EPS Growth (Trailing 3-yr %) 10 - 15 16.03% 6.85% EPS Growth (Trailing 3-yr %) 15 - 20 7.62% 6.69% EPS Growth (Trailing 3-yr %) Above 20 26.88% 32.03% EPS Growth (Trailing 3-yr %) - NA 15.92% 21.68% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Kobe Bussan Co Ltd 2.88% Esab Corp 2.76% Steadfast Group Ltd 2.70% Nexans SA 2.66% Zenkoku Hosho Co Ltd 2.47% CyberArk Software Ltd 2.28% Nice Ltd ADR 2.26% RenaissanceRe Holdings Ltd 2.16% PJT Partners Inc, Class A 2.16% WNS Holdings Ltd ADR 2.11% % in Top 10 Holdings 24.45% View Holding Details Holding Details TimesSquare Global Small Cap Fund (TSYZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Kobe Bussan Co Ltd 2.88% Esab Corp 2.76% Steadfast Group Ltd 2.70% Nexans SA 2.66% Zenkoku Hosho Co Ltd 2.47% CyberArk Software Ltd 2.28% Nice Ltd ADR 2.26% RenaissanceRe Holdings Ltd 2.16% PJT Partners Inc, Class A 2.16% WNS Holdings Ltd ADR 2.11% % in Top 10 Holdings 24.45% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund ESAB Esab Corp Industrials S US USD 900 58.65 $52,785 2.85% CHE Chemed Corp Health Care S US USD 100 521.58 $52,158 2.82% SAABB Saab AB Industrials S SE SEK 900 57.71 $51,939 2.80% SDF Steadfast Group Ltd Financials S AU AUD 12,400 3.91 $48,538 2.62% NEX Nexans SA Industrials S FR EUR 500 96.41 $48,206 2.60% CYBR CyberArk Software Ltd Information Technology S IL USD 300 144.77 $43,431 2.34% RNR RenaissanceRe Holdings Ltd Financials S BM USD 200 214.90 $42,980 2.32% 7164 Zenkoku Hosho Co Ltd Financials S JP JPY 1,100 38.10 $41,908 2.26% NICE Nice Ltd ADR Information Technology S IL USD 200 207.41 $41,482 2.24% PJT PJT Partners Inc, Class A Financials S US USD 500 78.88 $39,440 2.13% WNS WNS Holdings Ltd ADR Information Technology S IN USD 450 86.92 $39,114 2.11% HGV Hilton Grand Vacations Inc Consumer Discretionary S US USD 800 47.74 $38,192 2.06% 3774 Internet Initiative Japan Inc Communication Services S JP JPY 1,800 20.03 $36,056 1.95% PFGC Performance Food Group Co Consumer Staples S US USD 600 56.59 $33,954 1.83% CWST Casella Waste Systems Inc, Class A Industrials S US USD 425 77.82 $33,074 1.79% PLNT Planet Fitness Inc, Class A Consumer Discretionary S US USD 400 81.05 $32,420 1.75% AFN Ag Growth International Inc Industrials S CA CAD 800 40.31 $32,246 1.74% VIS Viscofan SA Consumer Staples S ES EUR 500 64.01 $32,007 1.73% EXPO Exponent Inc Industrials S US USD 300 102.90 $30,870 1.67% 3038 Kobe Bussan Co Ltd Consumer Staples S JP JPY 1,100 27.34 $30,070 1.62% FBK FinecoBank Banca Fineco SpA Financials S IT EUR 1,700 17.28 $29,377 1.59% EHC Encompass Health Corp Health Care S US USD 500 56.52 $28,260 1.53% MODG Topgolf Callaway Brands Corp Consumer Discretionary S US USD 1,200 23.18 $27,816 1.50% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 400 68.54 $27,416 1.48% TATE Tate & Lyle PLC Consumer Staples S GB GBP 2,800 9.65 $27,014 1.46% VALMT Valmet OYJ Industrials S FI EUR 800 33.00 $26,399 1.43% BC Brunswick Corp Consumer Discretionary S US USD 300 87.42 $26,226 1.42% EYE National Vision Holdings Inc Consumer Discretionary S US USD 700 37.36 $26,152 1.41% HXL Hexcel Corp Industrials S US USD 350 72.95 $25,533 1.38% 4373 Simplex Holdings Inc Information Technology S JP JPY 1,500 16.76 $25,143 1.36% EME EMCOR Group Inc Industrials S US USD 150 167.22 $25,083 1.35% IPH IPH Ltd Industrials S AU AUD 4,600 5.43 $24,972 1.35% JKHY Jack Henry & Associates Inc Information Technology S US USD 150 164.24 $24,636 1.33% 9468 Kadokawa Corp Communication Services S JP JPY 1,200 19.92 $23,900 1.29% RRX Regal Rexnord Corp Industrials S US USD 150 157.64 $23,646 1.28% CIE CIE Automotive SA Consumer Discretionary S ES EUR 800 29.29 $23,430 1.26% 3088 MatsukiyoCocokara & Co Consumer Staples S JP JPY 500 46.47 $23,236 1.25% SAVE Nordnet AB publ Financials S SE SEK 1,300 17.62 $22,905 1.24% ROR Rotork PLC Industrials S GB GBP 5,800 3.89 $22,590 1.22% KWS Keywords Studios PLC Information Technology S IE GBP 600 34.89 $20,936 1.13% GTT Gaztransport Et Technigaz SA Energy S FR EUR 200 104.43 $20,887 1.13% FOCS Focus Financial Partners Inc, Class A Financials S US USD 400 51.86 $20,744 1.12% WSC WillScot Mobile Mini Holdings Corp, Class A Industrials S US USD 400 51.40 $20,560 1.11% VRLA Verallia SA 144A Materials S FR EUR 500 40.31 $20,154 1.09% STJ St James's Place PLC Financials S GB GBP 1,300 15.39 $20,013 1.08% TGS TGS ASA Energy S NO NOK 1,100 18.00 $19,801 1.07% AZEK AZEK Co Inc, Class A Industrials S US USD 800 24.09 $19,272 1.04% WEIR Weir Group PLC Industrials S GB GBP 800 22.75 $18,200 0.98% SPT Spirent Communications PLC Information Technology S GB GBP 7,000 2.56 $17,934 0.97% SFZN Siegfried Holding Ag Health Care S CH CHF 25 699.54 $17,488 0.94% PAX Patria Investments Ltd, Class A Financials S KY USD 1,100 15.86 $17,446 0.94% DHG Dalata Hotel Group PLC Consumer Discretionary S IE EUR 3,700 4.54 $16,804 0.91% DPLM Diploma PLC Industrials S GB GBP 500 33.41 $16,706 0.90% VC Visteon Corp Consumer Discretionary S US USD 100 167.04 $16,704 0.90% ASND Ascendis Pharma A/S ADR Health Care S DK USD 150 111.09 $16,664 0.90% ARCAD Arcadis NV Industrials S NL EUR 400 41.35 $16,541 0.89% TOP Topdanmark A/S Financials S DK DKK 300 53.49 $16,047 0.87% AUTO Auto Trader Group PLC 144A Communication Services S GB GBP 2,100 7.15 $15,019 0.81% 7716 Nakanishi Inc Health Care S JP JPY 700 20.70 $14,491 0.78% KGX KION Group AG Industrials S DE EUR 366 39.17 $14,335 0.77% HUH1V Huhtamaki Oyj Materials S FI EUR 400 35.30 $14,121 0.76% ARCO Arcos Dorados Holdings Inc, Class A Consumer Discretionary S UY USD 1,700 8.26 $14,042 0.76% TOY Spin Master Corp 144A Consumer Discretionary S CA CAD 500 27.10 $13,551 0.73% TOTS3 Totvs SA Information Technology S BR BRL 2,583 5.24 $13,533 0.73% ALKB ALK-Abello A/S, Class B Health Care S DK DKK 900 14.90 $13,410 0.72% 8174 Nippon Gas Co Ltd Utilities S JP JPY 900 13.97 $12,573 0.68% 2175 SMS Co Ltd Industrials S JP JPY 500 23.95 $11,973 0.65% FNOX Fortnox AB Information Technology S SE SEK 2,000 5.93 $11,868 0.64% 5857 Asahi Holdings Inc Materials S JP JPY 800 14.63 $11,704 0.63% GAW Games Workshop Group PLC Consumer Discretionary S GB GBP 100 111.01 $11,101 0.60% IP Interpump Group SpA Industrials S IT EUR 200 54.89 $10,979 0.59% PSI Pason Systems Inc Energy S CA CAD 1,000 10.66 $10,663 0.58% RS1 RS GROUP PLC Industrials S GB GBP 900 11.76 $10,582 0.57% ZWS Zurn Elkay Water Solutions Corp Industrials S US USD 400 23.00 $9,200 0.50% AMP Amplifon SpA Health Care S IT EUR 300 28.92 $8,675 0.47% 7476 As One Corp Health Care S JP JPY 200 41.68 $8,337 0.45% 2345 Accton Technology Corp Information Technology S TW TWD 900 9.16 $8,242 0.44% 8454 momo.com Inc Consumer Discretionary S TW TWD 308 25.70 $7,916 0.43% Cash & Equivalents Cash C US USD - - -$11,530 -0.62% Fund Holdings Sort order Avg. Weight Total Return Esab Corp 1 2.07% 33.39% RenaissanceRe Holdings Ltd 2 2.17% 31.49% Performance Food Group Co 3 1.91% 35.95% Steadfast Group Ltd 4 2.43% 24.61% Planet Fitness Inc, Class A 5 1.63% 36.66% Games Workshop Group PLC 6 0.97% 60.41% Kobe Bussan Co Ltd 7 2.43% 19.65% Encompass Health Corp 8 1.58% 32.47% EMCOR Group Inc 9 1.50% 28.36% FinecoBank Banca Fineco SpA 10 1.45% 32.77% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return CyberArk Software Ltd 20 2.50% -13.53% Zurn Elkay Water Solutions Corp 19 1.30% -13.49% Spin Master Corp 144A 18 0.79% -18.61% Silvergate Capital Corp. Class A 17 0.19% -19.48% Downer EDI Ltd 16 0.93% -14.89% ALK-Abello A/S, Class B 15 0.76% -13.39% MKS Instruments Inc 14 0.22% -18.68% Siegfried Holding Ag 13 0.96% -11.20% Accton Technology Corp 12 0.83% -11.11% Jack Henry & Associates Inc 11 1.61% -3.51% As of: 12/31/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 12/31/2022 View Allocation Details Allocation Details TimesSquare Global Small Cap Fund (TSYZX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Small Cap Index Industrials 27.60% 19.44% Financials 17.56% 14.30% Information Technology 15.39% 10.81% Consumer Discretionary 14.70% 12.50% Consumer Staples 9.51% 4.73% Health Care 6.84% 10.66% Materials 3.09% 7.63% Energy 2.82% 5.00% Communication Services 2.73% 2.84% Utilities 0.83% 3.17% Real Estate 0.00% 8.93% Cash & Other -1.06% 0.00% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 101.06% Bonds 0.00% Cash and Other -1.06% As of: 12/31/2022 Country Fund MSCI World Small Cap Index United States 34.57% 59.26% Japan 12.70% 11.64% United Kingdom 8.32% 5.52% France 4.91% 1.37% Australia 4.78% 3.73% Israel 4.54% 1.01% Sweden 3.72% 2.05% Denmark 3.42% 0.78% Spain 3.10% 0.71% Italy 2.71% 1.17% Finland 2.36% 0.59% Canada 2.17% 4.05% Bermuda 2.16% 0.00% India 2.11% 0.00% Ireland 1.91% 0.09% % in Top 15 Countries 93.48% 91.97% As of: 12/31/2022 Region Fund MSCI World Small Cap Index Developed 92.59% 100.00% Europe & Middle East 38.38% 19.28% North America 36.73% 63.31% Pacific 17.47% 17.41% Emerging 4.58% 0.00% Asia 3.78% 0.00% Latin America 0.79% 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 2.84% 0.00% As of: 12/31/2022 Industry Fund MSCI World Small Cap Index Machinery 7.64% 5.01% Insurance 6.72% 2.78% Capital Markets 6.71% 2.36% Food & Staples Retailing 6.41% 1.50% IT Services 5.93% 1.98% Software 5.87% 3.50% Hotels, Restaurants & Leisure 5.25% 2.83% Leisure Products 5.02% 0.75% Professional Services 4.74% 1.71% Health Care Providers & Services 4.29% 2.21% % in Top 10 Industries 58.58% 24.63% As of: 12/31/2022 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