Forward Growth Fund

Institutional Class

Investment Strategy

Updated as of:
September 30, 2008

Invests in companies of any size and favors smaller-sized companies with market capitalizations that are equal to or less than the largest company in the Russell 2000 Index

	seeks companies with perceived leadership positions and competitive advantages in niche markets
	portfolio is diversified across industry sectors
	focuses on companies that do not receive significant coverage from other institutional investors

Investment Process

Ten-step process

Emerald uses a ten-step research process that culminates with the production of an internal report on each company

Deep research and analytics

The process includes a brief company description, its competitive advantage, an assessment of management, specific growth drivers, risks, valuation metrics (and its comparables) and why Emerald should buy the stock

Team approach

Emerald portfolio managers and research analysts are in constant communication and also participate in twice-weekly structured research meetings

Risk assessment

Emerald seeks to control volatility by diversifying the fund's portfolio among subgroups within each industry sector. Emerald also seeks to minimize risk by unequally weighting the percentage ownership of portfolio companies through a comprehensive on-going risk assessment process

		Class: Institutional Change to: Class A Change to: Class C

Overview

Category:	Small Growth
Ticker Symbol:	FGROX
CUSIP:	349913483
Benchmark:	Russell 2000 Growth Index
Inception:	October 21, 2008
Net Assets:	$1.0 Million
Load Fee:	No Load
Gross Expense Ratio:	1.33%
Net Expense Ratio:	0.99¹%

Minimum Investment

Initial:	$100,000

Statistics

Price/Book:*	2.93
Forward P/E:*	17.30
Weighted Avg. Market Capitalization:*	$1.6 Billion
Avg. Capitalization:*	$1.4 Billion
Beta:	0.93
R-Squared:	0.91
Number of Holdings:	115
Annualized Turnover:	114.01%

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 0.99%.

*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.

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

R-Squared reflects the percentage of a Fund’s movements that are explained by movement in its benchmark index.

Prospectus

Performance

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