All Investments are subject to market risk, including the loss of principal.

Select Growth: The strategy’s growth investing style may become out of favor, which may result in periods of underperformance. The strategy is concentrated in a limited number of holdings. As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies.

Global Growth: International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments. The strategy’s growth investing style may become out of favor, which may result in periods of underperformance. In addition, the strategy is concentrated in a limited number of holdings. As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies.

Emerging Markets Growth: International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments. Investments in emerging markets are subject to abrupt and severe price declines. The economic and political structures of developing nations, in most cases, do not compare favorably with the US or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Because of this concentration in rapidly developing economies in a limited geographic area, the strategy involves a high degree of risk. In addition, the strategy is concentrated in a limited number of holdings. As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies. The strategy’s growth investing style may become out of favor, which may result in periods of underperformance.

Global Leaders: International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments.  In addition, the strategy is concentrated in a limited number of holdings.  As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies. The strategy’s growth investing style may become out of favor, which may result in periods of underperformance.

International Growth: International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments.  In addition, the strategy is concentrated in a limited number of holdings.  As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies. The strategy’s growth investing style may become out of favor, which may result in periods of underperformance.

Focus 5: The strategy is highly concentrated in a limited number of holdings. As a result, poor performance by a single holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies. Due to its concentration in specific industries, the strategy’s return could be more volatile than that of a strategy with a broader mandate. The strategy is also subject to large investor risk, whereby a large investor may impact Sands Capital’s investment strategy by purchasing or selling interests in large amounts. The strategy’s growth investing style may become out of favor, which may result in periods of underperformance. International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments.

Technology Innovators: The strategy is concentrated in a limited number of holdings. As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies. Due to its concentration in specific industries, the strategy’s return could be more volatile than that of a strategy with a broader mandate. The strategy is also subject to large investor risk, whereby a large investor may impact Sands Capital’s investment strategy by purchasing or selling interests in large amounts. International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments. Additional risks that may impact the strategy include derivatives risk.

Global Sharia: International investments can be riskier than US investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments.  The strategy’s growth investing style may become out of favor, which may result in periods of underperformance. Due to its concentration in specific industries, the strategy’s return could be more volatile than that of a strategy with a broader mandate. In addition, the strategy is concentrated in a limited number of holdings.  As a result, poor performance by a single large holding of the strategy would adversely affect its performance more than if the strategy were invested in a larger number of companies.