Fund Overview Fund Overview Share Class N N I Z NAV | as of 03/31/2023 $13.83 +$0.22 (+1.62%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 523 Mid-Cap Growth funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/04/2005 to 02/28/2023 = $55,388.25 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 primarily in mid cap companies. Why Consider May be appropriate for investors looking to gain exposure to mid cap companies TimesSquare leverages its wealth of experience investing in growing companies climbing the capitalization ladder, relying on bottom-up research to identify growth businesses with exceptional management, distinct, sustainable competitive advantages and consistent growth Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI 2022 Year End Distributions View All Documents 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 Sonu Chawla DIRECTOR, PORTFOLIO MANAGER/ANALYST, AND PARTNER See Our Approach Read Bio Investment Style TimesSquare Mid Cap Growth Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective TimesSquare Mid Cap Growth 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 523) 3 Years (of 523) 5 Years (of 492) 10 Years (of 382) Category Mid-Cap Growth Read Important Investment Disclosures 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. Sonu Chawla DIRECTOR, PORTFOLIO MANAGER/ANALYST, AND PARTNER Ms. Chawla has served as co-manager of the Fund since May 2022. She is a Director, Portfolio Manager/Analyst, and Partner in TimesSquare’s growth equity group and has 22 years of experience. She is responsible for research coverage of the Software, Technology Services, and Internet & Communications sectors within the technology, media, and telecommunications (“TMT”) industry. Ms. Chawla joined TimesSquare in August 2018 from Pine River Capital Management, a multi-strategy hedge fund where she was a Senior Analyst covering TMT sectors across Software, Internet, Services, Hardware, and Telecom. Her previous research analyst experiences were as a Senior TMT Analyst at Surveyor Capital platform of Citadel and an Analyst at Fred Alger Management. Ms. Chawla has an MS in mathematics and computer science from Indian Institute of Technology, Delhi, and an MBA from Kellogg School of Management at Northwestern University. She is a member of the CFA Institute and the CFA Society New York. Ms. Chawla is conversational in Hindi. 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: 1.18% Net Expense Ratio: 1.18% 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 $0.509600 — — $0.509600 Dec 15, 2021 $5.429700 — $0.522100 $4.907600 Dec 16, 2020 $3.775200 — $0.137400 $3.637800 Dec 16, 2019 $2.855600 — $0.058700 $2.796900 Dec 27, 2018 $2.535500 — $0.290200 $2.245300 Dec 27, 2017 $2.724000 — $0.270500 $2.453500 Dec 27, 2016 $1.008800 — — $1.008800 Dec 28, 2015 $1.316000 — — $1.316000 Dec 26, 2014 $0.932700 — $0.062800 $0.869900 Dec 26, 2013 $2.037000 — $0.099000 $1.938000 Dec 26, 2012 $0.768200 — — $0.768200 Dec 27, 2011 $0.434000 — — $0.434000 Dec 26, 2008 $0.087460 — $0.044330 $0.043130 Dec 26, 2007 $0.810500 $0.017000 $0.430500 $0.363000 Dec 26, 2006 $0.193200 $0.000500 $0.135300 $0.057400 Dec 27, 2005 $0.057000 $0.018000 $0.039000 — 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. 1.92 2.15 0.77 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. 22.01 19.59 15.73 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. 0.41 0.45 0.65 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. 89.28 86.70 78.58 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. 91.91 92.24 95.40 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 0.88 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. 96.71 96.77 96.04 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.96 4.38 3.64 View All Characteristics & Stats All Characteristics & Stats TimesSquare Mid Cap Growth Fund (TMDPX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell Midcap® Growth Index Fund Assets (Mil.$) $1,138 Number of Holdings 73 401 Weighted Avg. Market Cap (Mil.$) $24,047 $23,986 Median Market Cap (Mil.$) $16,351 $10,564 Weighted Avg. P/E (1-yr Forward EPS) 21.37 20.71 Weighted Avg. P/E (Trailing EPS) 25.24 22.95 PEG Ratio 1.47 1.31 Weighted Avg. P/B 4.51 5.67 EPS Growth (Trailing 3-yr %) 22.09% 22.93% EPS Growth (Trailing 5-yr %) 24.05% 22.09% Forward EPS Growth (1-yr %) 10.17% 15.12% Forward EPS Growth (Long Term %) 13.73% 15.92% Revenue Growth (Trailing 5-yr %) 13.93% 14.60% Return on Equity 16.48% 23.85% Weighted Avg. Dividend Yield 0.65% 0.78% Debt to Equity 107.35 136.26 Trailing 12-Months Portfolio Turnover 44.69% 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. 1.92 2.15 0.77 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. 22.01 19.59 15.73 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. 0.41 0.45 0.65 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. 89.28 86.70 78.58 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. 91.91 92.24 95.40 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 0.88 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. 96.71 96.77 96.04 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 4.96 4.38 3.64 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. 0.25 0.32 -0.09 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. 10.26 10.01 11.54 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. -25.98 -25.98 -25.98 As of: 02/28/2023 Market Cap Fund Russell Midcap® Growth Index Market Cap ($mm) 0 - 1,000 0.00% 0.08% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 1.51% 0.17% Market Cap ($mm) 2,500 - 5,000 1.17% 4.07% Market Cap ($mm) 5,000 - 10,000 22.56% 12.87% Market Cap ($mm) 10,000 - 25,000 28.83% 39.84% Market Cap ($mm) 25,000 - 50,000 41.57% 42.31% Market Cap ($mm) 50,000 - 100,000 4.37% 0.65% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund Russell Midcap® Growth Index P/E 0-10 5.85% 6.38% P/E 10-15 0.89% 5.04% P/E 15-20 5.32% 8.16% P/E 20-25 13.44% 11.70% P/E 25-Above 58.89% 55.77% P/E – NA 15.62% 12.94% As of: 12/31/2022 Growth Characteristics Fund Russell Midcap® Growth Index EPS Growth (Trailing 3-yr %) - Negative 7.98% 7.45% EPS Growth (Trailing 3-yr %) 0 - 5 2.06% 3.12% EPS Growth (Trailing 3-yr %) 5 - 10 8.01% 7.01% EPS Growth (Trailing 3-yr %) 10 - 15 12.28% 13.03% EPS Growth (Trailing 3-yr %) 15 - 20 8.53% 10.28% EPS Growth (Trailing 3-yr %) Above 20 42.27% 39.84% EPS Growth (Trailing 3-yr %) - NA 18.87% 19.28% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Gartner Inc 3.35% O'Reilly Automotive Inc 3.04% Waste Connections Inc 3.02% Cintas Corp 2.62% AmerisourceBergen Corp, Class A 2.47% RenaissanceRe Holdings Ltd 2.28% Synopsys Inc 2.24% Palo Alto Networks Inc 2.20% SBA Communications Corp, Class A 2.06% Amphenol Corp, Class A 1.90% % in Top 10 Holdings 25.18% View Holding Details Holding Details TimesSquare Mid Cap Growth Fund (TMDPX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Gartner Inc 3.35% O'Reilly Automotive Inc 3.04% Waste Connections Inc 3.02% Cintas Corp 2.62% AmerisourceBergen Corp, Class A 2.47% RenaissanceRe Holdings Ltd 2.28% Synopsys Inc 2.24% Palo Alto Networks Inc 2.20% SBA Communications Corp, Class A 2.06% Amphenol Corp, Class A 1.90% % in Top 10 Holdings 25.18% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund WCN Waste Connections Inc Industrials S US USD 256,300 133.92 $34,323,696 2.93% ORLY O'Reilly Automotive Inc Consumer Discretionary S US USD 40,700 830.10 $33,785,070 2.88% IT Gartner Inc Information Technology S US USD 97,900 327.81 $32,092,599 2.74% PANW Palo Alto Networks Inc Information Technology S US USD 160,400 188.37 $30,214,548 2.58% RNR RenaissanceRe Holdings Ltd Financials S BM USD 137,100 214.90 $29,462,790 2.51% SNPS Synopsys Inc Information Technology S US USD 78,000 363.76 $28,373,280 2.42% CTAS Cintas Corp Industrials S US USD 64,000 438.47 $28,062,080 2.39% ABC AmerisourceBergen Corp, Class A Health Care S US USD 148,100 155.56 $23,038,436 1.96% MCHP Microchip Technology Inc Information Technology S US USD 272,100 81.03 $22,048,263 1.88% BC Brunswick Corp Consumer Discretionary S US USD 246,300 87.42 $21,531,546 1.84% LNG Cheniere Energy Inc Energy S US USD 132,000 157.34 $20,768,880 1.77% IBKR Interactive Brokers Group Inc, Class A Financials S US USD 231,700 86.11 $19,951,687 1.70% APH Amphenol Corp, Class A Information Technology S US USD 255,900 77.52 $19,837,368 1.69% CPRT Copart Inc Industrials S US USD 279,600 70.46 $19,700,616 1.68% POOL Pool Corp Consumer Discretionary S US USD 54,850 356.86 $19,573,771 1.67% CHE Chemed Corp Health Care S US USD 36,825 521.58 $19,207,184 1.64% APTV Aptiv PLC Consumer Discretionary S IE USD 162,200 116.28 $18,860,616 1.61% SBAC SBA Communications Corp, Class A Real Estate S US USD 72,100 259.35 $18,699,135 1.59% VRSK Verisk Analytics Inc, Class A Industrials S US USD 108,800 171.11 $18,616,768 1.59% AOS A O Smith Corp Industrials S US USD 268,100 65.63 $17,595,403 1.50% CSGP CoStar Group Inc Industrials S US USD 246,784 70.66 $17,437,757 1.49% CRWD Crowdstrike Holdings Inc, Class A Information Technology S US USD 140,700 120.69 $16,981,083 1.45% AME AMETEK Inc Industrials S US USD 118,900 141.56 $16,831,484 1.44% MPWR Monolithic Power Systems Inc Information Technology S US USD 34,700 484.29 $16,804,863 1.43% MLM Martin Marietta Materials Inc Materials S US USD 46,300 359.87 $16,661,981 1.42% NICE Nice Ltd ADR Information Technology S IL USD 79,600 207.41 $16,509,836 1.41% MRVL Marvell Technology Inc Information Technology S US USD 349,000 45.15 $15,757,350 1.34% TSCO Tractor Supply Co Consumer Discretionary S US USD 66,025 233.26 $15,400,992 1.31% KEYS Keysight Technologies Inc Information Technology S US USD 96,200 159.96 $15,388,152 1.31% VEEV Veeva Systems Inc, Class A Health Care S US USD 90,700 165.66 $15,025,362 1.28% BSY Bentley Systems Inc, Class B Information Technology S US USD 361,800 40.46 $14,638,428 1.25% ASND Ascendis Pharma A/S ADR Health Care S DK USD 130,000 111.09 $14,441,700 1.23% HUBS HubSpot Inc Information Technology S US USD 36,600 386.86 $14,159,076 1.21% TYL Tyler Technologies Inc Information Technology S US USD 43,300 321.25 $13,910,125 1.19% ROST Ross Stores Inc Consumer Discretionary S US USD 125,600 110.54 $13,883,824 1.18% EHC Encompass Health Corp Health Care S US USD 241,900 56.52 $13,672,188 1.17% PCTY Paylocity Holding Corp Information Technology S US USD 70,600 192.61 $13,598,266 1.16% NVST Envista Holdings Corp Health Care S US USD 348,400 38.66 $13,469,144 1.15% IDXX IDEXX Laboratories Inc Health Care S US USD 28,100 473.24 $13,298,044 1.13% AZPN Aspen Technology Inc Information Technology S US USD 60,500 212.01 $12,826,605 1.09% ICLR ICON PLC Health Care S IE USD 56,600 225.63 $12,770,658 1.09% NDSN Nordson Corp Industrials S US USD 57,900 219.64 $12,717,156 1.08% FMC FMC Corp Materials S US USD 96,700 129.15 $12,488,805 1.06% WEX WEX Inc Information Technology S US USD 64,300 192.81 $12,397,683 1.06% RPRX Royalty Pharma PLC, Class A Health Care S US USD 343,800 35.85 $12,325,230 1.05% EFX Equifax Inc Industrials S US USD 59,900 202.53 $12,131,547 1.03% PXD Pioneer Natural Resources Co Energy S US USD 60,500 200.41 $12,124,805 1.03% PINS Pinterest Inc, Class A Communication Services S US USD 475,800 25.11 $11,947,338 1.02% VAC Marriott Vacations Worldwide Corp Consumer Discretionary S US USD 77,900 152.99 $11,917,921 1.02% TPG TPG Inc, Class A Financials S US USD 360,100 33.02 $11,890,502 1.01% CSL Carlisle Cos Inc Industrials S US USD 45,200 258.22 $11,671,544 1.00% LEGN Legend Biotech Corp ADR Health Care S US USD 251,900 46.18 $11,632,742 0.99% ENTG Entegris Inc Information Technology S US USD 136,200 85.23 $11,608,326 0.99% CYBR CyberArk Software Ltd Information Technology S IL USD 80,100 144.77 $11,596,077 0.99% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 161,000 71.80 $11,559,800 0.99% FND Floor & Decor Holdings Inc, Class A Consumer Discretionary S US USD 125,500 91.81 $11,522,155 0.98% MKL Markel Corp Financials S US USD 8,440 1,329.86 $11,224,018 0.96% CASY Casey's General Stores Inc Consumer Staples S US USD 53,900 207.95 $11,208,505 0.96% ARGX Argenx SE ADR Health Care S NL USD 29,500 366.02 $10,797,590 0.92% BRO Brown & Brown Inc Financials S US USD 192,500 56.07 $10,793,475 0.92% NDAQ Nasdaq Inc Financials S US USD 181,400 56.06 $10,169,284 0.87% WSO Watsco Inc Industrials S US USD 32,500 304.71 $9,903,075 0.84% RGEN Repligen Corp Health Care S US USD 54,600 174.37 $9,520,602 0.81% LULU Lululemon Athletica Inc Consumer Discretionary S CA USD 30,600 309.20 $9,461,520 0.81% SMAR Smartsheet Inc, Class A Information Technology S US USD 213,800 44.02 $9,411,476 0.80% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 160,300 56.84 $9,111,452 0.78% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 90,700 94.73 $8,592,011 0.73% MAN ManpowerGroup Inc Industrials S US USD 100,500 84.88 $8,530,440 0.73% ESTC Elastic NV Information Technology S US USD 135,100 59.02 $7,973,602 0.68% SBNY Signature Bank Financials S US USD 68,000 115.05 $7,823,400 0.67% AR Antero Resources Corp Energy S US USD 296,200 26.20 $7,760,440 0.66% IAC IAC Inc Communication Services S US USD 143,700 51.94 $7,463,778 0.64% IOT Samsara Inc, Class A Information Technology S US USD 426,400 16.66 $7,103,824 0.61% TTWO Take-Two Interactive Software Inc Communication Services S US USD 64,200 109.55 $7,033,110 0.60% FIVE Five Below Inc Consumer Discretionary S US USD 31,200 204.30 $6,374,160 0.54% ENPH Enphase Energy Inc Information Technology S US USD 19,600 210.53 $4,126,388 0.35% PEN Penumbra Inc Health Care S US USD 11,800 259.99 $3,067,882 0.26% Cash & Equivalents Cash C US USD - - $26,679,274 2.27% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return RenaissanceRe Holdings Ltd 1 2.18% 31.49% Gartner Inc 2 3.20% 21.49% AmerisourceBergen Corp, Class A 3 2.52% 22.72% O'Reilly Automotive Inc 4 2.86% 20.00% Ross Stores Inc 5 1.47% 37.99% Cintas Corp 6 2.78% 16.55% Encompass Health Corp 7 1.17% 32.47% AMETEK Inc 8 1.45% 23.33% IDEXX Laboratories Inc 9 1.36% 25.22% Aptiv PLC 10 1.57% 19.08% 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. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Crowdstrike Holdings Inc, Class A 20 1.66% -36.11% Catalent Inc 19 0.64% -34.80% Palo Alto Networks Inc 18 2.52% -14.81% Paylocity Holding Corp 17 1.46% -19.59% Signature Bank 16 1.11% -23.50% Elastic NV 15 0.78% -28.21% Entegris Inc 14 0.95% -20.93% Carlisle Cos Inc 13 1.04% -15.78% Cheniere Energy Inc 12 1.94% -9.47% Marvell Technology Inc 11 1.28% -13.60% 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 Sector Allocation (Equity) As of: 12/31/2022 View Allocation Details Allocation Details TimesSquare Mid Cap Growth Fund (TMDPX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell Midcap® Growth Index Information Technology 28.57% 27.49% Industrials 19.34% 15.97% Health Care 14.75% 17.49% Consumer Discretionary 14.38% 15.24% Financials 8.30% 5.86% Energy 3.91% 5.04% Materials 2.66% 3.82% Communication Services 2.08% 3.75% Consumer Staples 2.06% 3.03% Real Estate 2.06% 2.04% Cash & Other 1.89% 0.00% Utilities 0.00% 0.28% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 98.11% Bonds 0.00% Cash and Other 1.89% As of: 12/31/2022 Industry Fund Russell Midcap® Growth Index Software 15.45% 12.09% Commercial Services & Supplies 7.07% 2.50% Specialty Retail 6.88% 5.44% Professional Services 5.44% 2.43% Semiconductors & Semiconductor Equipment 5.38% 4.23% Health Care Providers & Services 5.29% 1.62% IT Services 4.30% 5.77% Oil, Gas & Consumable Fuels 3.91% 4.55% Insurance 3.83% 1.06% Capital Markets 3.66% 3.58% % in Top 10 Industries 61.21% 43.27% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach TimesSquare Mid Cap Growth Fund The Fund seeks to outperform the Russell Midcap® Growth Index in a risk-controlled manner. The TimesSquare portfolio management team uses a bottom-up, fundamental research-intensive approach to identify mid cap growth stocks that it believes have the greatest potential to achieve significant price appreciation over a 12- to 18-month horizon. The Fund typically invests in companies within the market cap range of the Russell Midcap® Index at time of purchase. Keep Calm and Remain Diversified A short- and long-term review on the power of diversification. Read More 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 TSYNX TimesSquare Global Small Cap Fund Seeks to provide long-term capital appreciation by primarily investing in small cap companies around the globe. 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 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