Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Investing in foreign securities, especially emerging markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation. Funds that concentrate in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other high-quality bonds. High-yield/high-risk bonds will experience sudden and sharp price swings, which will affect net asset value. Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. Real Estate Investment Trust (REIT) funds will be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic sector. Risks also include declines in the value of real estate, general and economic conditions. The Global Infrastructure Fund concentrates its investments in infrastructure-related entities and therefore has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. The International Real Estate, Long/Short Credit Analysis, Select Income and Strategic Realty Funds will invest in lower-rated debt securities and may utilize derivatives for hedging purposes. The Funds use of short selling involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Funds. The Funds may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since they are “non-diversified” mutual funds. The Frontier Markets, Global Infrastructure, International Real Estate, Long/Short Credit Analysis, Select Income, Strategic Alternatives and Strategic Realty Funds are non-diversified funds. An investor will indirectly bear the expenses of the funds’ underlying investments. The underlying investments of the Frontier Markets, Strategic Alternatives and Tactical Growth Funds (such as Exchange Traded Funds (ETFs), futures and options on securities, securities indexes and shares of ETFs) involve heightened risks related to liquidity, increased volatility and unfavorable fluctuations in currency values. The underlying international and real estate investments will also be subject to economic or political instability in the U.S. and other countries, credit risk and interest rate fluctuations. Investors will indirectly bear the expenses of the Funds underlying investments. The Funds use of short selling and derivatives involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Fund.
An investment in the U.S. Government Money Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.
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.
The Forward Tactical Growth Fund was launched on September 14, 2009, and has a limited operating history.
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