TimesSquare Mid Cap Growth Fund

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		Month Ending 10/31/2008 (%)							Quarter Ending 9/30/2008 (%)
Fund/Class		1 Year	3 Year	5 Year	10 Year	Life of Fund	Expense Ratio		1 Year	3 Year	5 Year	10 Year	Life of Fund
							Gross	Net
TimesSquare Mid Cap Growth Fund
Institutional Class		-33.48	-1.72	—	—	-0.17	1.09	1.09	-17.58	3.75	—	—	5.28
Premier Class		-33.57	-1.82	—	—	-0.30	1.25	1.25	-17.71	3.64	—	—	5.13
Russell MidCap® Growth Index
		-42.65	-7.70	-0.18	2.19	—			-24.65	-0.75	6.53	5.51	—

Fund Inception Date	Institutional	Premier
	3/4/2005	3/4/2005
Calendar Year Returns	Institutional	Premier	Russell MidCap® Growth Index
2007	10.11%	9.87%	11.43%
2006	17.39%	17.44%	10.66%
2005	—	—	12.10%

Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and 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. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.

Performance for periods longer than a year are annualized.

The Fund or Strategy is subject to risks associated with investments in mid-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

Annual net expense ratios as of the current prospectus dated 05/01/2008 adjusted for the reduction in custodial fees, which took effect on 07/01/2007. The investment manager has contractually agreed, through at least May 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage, acquired fund expenses and extraordinary items) to the expense cap ratios listed of each class' average daily net assets.

Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. Please see Index Definitions for all our funds' benchmarks.

Russell Midcap© Growth Index is a trademark of Russell Investments. Russell is a trademark of Russell Investments.