Global Small-Cap Equity Fund

Objective

To grow your capital at a pace that significantly exceeds inflation and provide you with exposure to a collection of small companies around the globe.

Is This Fund For You?

You have a reasonable investment time horizon (over 5 years) and a moderate to high tolerance for risk. Consider this fund if you are seeking exposure to a portfolio of small companies with big potential. This fund will move in a cycle of its own and will likely reach higher highs and lower lows than our other funds.

Geographic Profile

Global: the portfolio manager invests in equities around the globe. Concentration is focused in the developed world but the fund will also hold stocks in emerging markets. The fund's geographic allocation may vary considerably based on where the best opportunities lie.

Estimated long-term equity mix:

Strategy

The fund concentrates its assets in 40-50 stocks. The manager focuses on identifying quality growth businesses, defined as those that have: (1) strong management with clear goals and a track record of success; (2) a distinct competitive edge achieved through high barriers to entry, proprietary products or services, distribution or manufacturing advantages, valuable patents, or brand name recognition; and (3) a record of consistent revenue and earnings growth.

Unitholder Responsibilities

• Ensure that this fund fits into your investment plan - i.e., understand the meaning of small-cap risk.
• Be prepared for potentially higher volatility due to the relatively illiquid nature of the small-cap market and the concentration of the fund's assets.
• Learn about TimesSquare and their investment philosophy.
• Think long term. It can take considerable time for the true value of smaller companies to be recognized.

Portfolio Manager

TimesSquare Capital Management

• New York-based investment boutique founded in 2000.
• Small and mid-cap equity specialists.
• Experienced team of U.S. and international equity professionals.
• Significant employee ownership.