Monthly Performance (%) as of 09/30/2014
  Cumulative Return Average Annual Return
  1 MTH 3 MTH YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPTION
(07/31/13)
GROSS/NET
EXPENSE
NAV -4.06 -4.06 7.11 12.76 10.76 1.94/1.64
MCSI World Index -2.67 -2.05 4.33 12.80 13.57  
BofA Merrill Lynch Preferred Index -0.99 0.31 12.39 12.47 7.98  

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, expenses of the Subsidiary and extraordinary expenses) for Investor Class, Institutional Class, Class A and Class C shares to an annual rate (as a percentage of the fund’s average daily net assets) of 1.58%, 1.23%, 1.73% and 2.18%, respectively. This expense limitation arrangement may not be terminated by the fund’s investment advisor prior to such date under any circumstances.

Quarterly Performance (%) as of 09/30/2014
  Cumulative Return Average Annual Return
  1 MTH 3 MTH YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPTION
(07/31/13)
GROSS/NET
EXPENSE
NAV -4.06 -4.06 7.11 12.76 10.76 1.94/1.64
MCSI World Index -2.67 -2.05 4.33 12.80 13.57  
BofA Merrill Lynch Preferred Index -0.99 0.31 12.39 12.47 7.98  

Returns for periods greater than one year are annualized.

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, expenses of the Subsidiary and extraordinary expenses) for Investor Class, Institutional Class, Class A and Class C shares to an annual rate (as a percentage of the fund’s average daily net assets) of 1.58%, 1.23%, 1.73% and 2.18%, respectively. This expense limitation arrangement may not be terminated by the fund’s investment advisor prior to such date under any circumstances.

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.forwardinvesting.com. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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.

Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.

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.

Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations.

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.

Investing in the real estate industry or in real estate-related securities involves the risks associated with direct ownership of real estate which include, among other things, changes in economic conditions (e.g., interest rates), the macro real estate development market, government intervention (e.g., property taxes) or environmental disasters. These risks may also affect the value of equities that service the real estate sector.

Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies.

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

BofA Merrill Lynch Preferred Index is a capitalization-weighted index of preferred stock issues that is generally representative of the market for preferred securities.

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

Barclays U.S. Treasury Bond Index measures the public obligations of the U.S. Treasury with a remaining maturity of one year or more.

Citigroup U.S. Broad Investment-Grade Bond Index is an unmanaged index generally representative of the performance of investment-grade corporate and U.S. government bonds.

BofA Merrill Lynch U.S. High Yield Master II Index tracks the performance of below-investment grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market.

Preferred and hybrid securities are securities that have characteristics of both equity and debt securities.

30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.

One cannot invest directly in an index.

Forward Select Opportunity Fund was launched on July 31, 2013, and has a limited operating history.

Prior to December 23, 2013, Forward Select Opportunity Fund was named Forward Select Income Opportunity Fund.

Aaron Visse 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.

ADVISOR:Forward Management, LLC
Category:Strategic Income
Benchmark:MCSI World Index
BofA Merrill Lynch Preferred Index
Daily Price & Performance
as of 10/24/2014
NAV CHANGE ($) CHANGE (%) YTD (%)
27.09 0.09 0.33 5.78
Total Net Assets
as of 10/24/2014
All Classes $26.07M
Yield
as of 09/30/2014
DIVIDEND YIELD 2.46
30-DAY SEC YIELD (%) 3.57
30-DAY SEC YIELD (UNSUBSIDIZED) (%)
Past performance does not guarantee future results.
Distributions
as of 10/24/2014
TYPE Income Dividend
RECORD DATE 09/24/2014
DIST/SHARE 0.133159
RE-INVEST DATE 09/25/2014
RE-INVEST NAV $27.59
Distribution Schedule
Dividends Declared & Paid Quarterly
DECLARATION DATE 12/23/2014
RECORD DATE 12/24/2014
EX DATE, REINVEST DATE, PAYABLE DATE 12/26/2014