Diversified — Separate Account

Documents

International Small Cap Fact Sheet 1Q26

International Small Cap Commentary 1Q26

TimesSquare Capital Management, LLC (“TimesSquare”) is an investment adviser registered with the U.S. Securities and Exchange Commission and is majority owned by Affiliated Managers Group, Inc. (NYSE: AMG).

The performance information represented herein is intended for use only by institutional and high-net-worth investors and is not for distribution to a wider audience.

Variations in performance can be attributed to a number of factors, including, but not limited to, cash flows, timing of purchases and sales of portfolio securities, and investment restrictions imposed by account holders. There can be no assurance that the future performance of an individual account will be the same as the performance of any other account, including those represented in the historical record we present.

Performance is measured against the MSCI EAFE Small Cap (Net) Index. MSCI EAFE Small Cap (Net) Index is a trade or service mark of MSCI Inc. The MSCI EAFE Small Cap (Net) Index is an unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada. Its returns include net reinvested dividends but, unlike the Composite returns shown, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index. All indexes, including the MSCI EAFE Small Cap (Net) Index, are based on gross-of-fee returns, including net reinvested dividends.

The performance figures shown are calculated in U.S. dollars on a size-weighted basis and reflect the reinvestment of dividends and other earnings, and the deduction of brokerage commissions and other transaction costs.  Performance is provided on a gross basis (before the deduction of management fees) as well as net of  the highest fee level from the standard fee schedule listed for this strategy during the period presented.  Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size.  TimesSquare’s fee schedule is available upon request and may also be found in Part 2A of our Form ADV.

The opinions and information expressed and provided are for general information only and are not intended to provide specific advice or recommendations but rather, a basis from which strategies can be built, taking into account the specific objectives of each portfolio, in terms of return, time horizon, and risk constraints, as well as diverging investment perspectives and assumptions.  All material has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed.

Specific investments described herein do not represent all investment decisions made by the strategy. Please do not assume that investment decisions identified and/or discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

Past performance does not guarantee future results. There is risk that invested capital may be lost.

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