Forward Legato Fund

Institutional Class

Fund Management

Updated as of:
September 30, 2008

A Team Approach

The three portfolio managers of the Forward Legato Fund use complementary small cap investment styles – growth, value and core.

Netols Asset Management, Inc.

A specialist in small cap value stock portfolio management for institutional and individual investors, Netols Asset Management was founded in 2000 by Jeffrey W. Netols, who has more than 21 years experience managing small cap value assets.

Riverbridge Partners, LLC

A specialist in small cap growth stock portfolio management for institutional and individual investors, Riverbridge Partners was founded in 1987 by Mark A. Thompson, who has more than 21 years experience managing large cap and small cap assets.

Conestoga Capital Advisors, LLC

A specialist in small cap core stock portfolio management for institutional and individual investors, Conestoga Capital Advisors was founded in 2001 by William C. Martindale Jr. and Robert M. Mitchell.

		Class: Institutional Change to: Investor Change to: Class A

Overview

Category:	Small Capitalization
Ticker Symbol:	FFLFX
CUSIP:	349913491
Benchmark:	Russell 2000 Index
Inception:	May 1, 2008
Net Assets:	$2.9 Million
Load Fee:	No Load
Gross Expense Ratio:	1.61%
Net Expense Ratio:	1.29%¹

Minimum Investment

Initial:	$100,000

The Forward Legato Fund is not registered for sale in all states. Click here for blue sky information on the fund.

Statistics

Price/Book:*	2.25
Price/Earnings:*	17.69
EPS Growth Rate:*	17.6%
Long-Term Debt-to-Equity:*	59.2%
Weighted Average Market Capitalization:*	$1.12 Billion
Median Market Capitalization:*	$1.08 Billion
Number of Holdings:	159
Annualized Turnover:	34.46%

¹The Fund’s investment advisor has contractually agreed to waive a portion of its fees and reimburse other expenses until April 30, 2009, in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses) for Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.29%.

*Data refers to the Fund’s holdings and not to the Fund itself.

Price/Book Ratio and Price/Earnings represent equity securities within the Fund’s portfolio, and are not intended to demonstrate Fund growth income earned by the Fund, or distributions made by the Fund.

EPS Growth Rate represents the Fund's annual percentage growth rate of earnings per share over the trailing 3-year period.

Prospectus

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