All investments carry a certain degree of risk and an investment in any growth portfolio should be made with an understanding of the risks involved with owning common stocks or other equity securities. These risks include but are not limited to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. In addition, certain growth style portfolios may be concentrated in a specific sector thereby subjecting the portfolio to additional risks. Growth style investing may fall out of favor and underperform other styles of investing over any period of time. The Santa Barbara strategies may hold American Depositary Receipts (ADRs). ADRs are the receipts for the shares of a foreign-based company traded on U.S. exchanges. ADRs do not eliminate the currency and economic risks for the underlying shares in another country. In addition, the Santa Barbara strategies may hold Exchange-traded funds (ETFs). For investments in exchange traded funds, fees are charged at the fund level in addition to fees charged to the overall portfolio. Certain strategies invest in securities held in the country of the security's primary trading market, generally outside of the U.S. A strategy's investments in non-U.S. securities presents additional risks not typically associated with domestic investments such as adverse political, currency, economic, social or regulatory developments in a country.