Objective

The fund seeks capital growth.

Strategy

The fund invests in securities that approximate the MSCI Frontier Markets Index which consists of 24 countries in five regions – Eastern Europe, Americas, Middle East, Asia and Africa.

  • Offers exposure to frontier markets which historically have had low correlations to traditional global stocks and bonds.
  • Portfolio attempts to approximate the returns of the smaller, less liquid and less developed, untapped equity markets.
  • Invests in a variety of instruments including structured notes, exchange traded funds, exchange traded notes, and in some cases foreign equity securities that are intended to provide investors with exposure to frontier markets equities, but at a potentially lower cost, with better liquidity and transparency than direct investments.

* The fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2015, in amounts necessary to limit the fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Advisor Class shares to an annual rate (as a percentage of the fund’s average daily net assets) of 1.29%, 0.99% and 0.99%, respectively. This expense limitation arrangement may not be terminated by the fund’s investment advisor prior to such date under any circumstances.

RISKS

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.

Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.

Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.

Investing in a non-diversified fund involves the risk of greater price fluctuation than a more diversified portfolio.

Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

MSCI Frontier Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier markets.

MSCI EAFE (Europe, Australasia, and Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of 22 developed markets, excluding the U.S. and Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy.

One cannot invest directly in an index.

Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.

Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.

Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.

Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.

Nathan Rowader and David Janec are registered representatives of ALPS Distributors, Inc.

Paul Broughton and Jim O’Donnell have earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute.

David Janec has earned the right to use the Financial Risk Manager designation. The FRM designation is owned by GARP.

ADVISOR:Forward Management, LLC
Category:Global Exposure
Benchmark:MSCI Frontier Markets Index
Fund Details
TICKER FRNMX
Cusip 34987A574
Inception Date 12/31/2008
Share Class Institutional
Dividend Frequency Annual
Minimum investment $100,000
Benchmark MSCI Frontier Markets Index
Morningstar Category Diversified Emerging Mkts
© 2014 Morningstar, Inc. All rights reserved.
Expense Ratio as of 05/01/2014
Gross Net
1.26%* 1.01%*