Forward Managed Futures Strategy Fund

Fund Holdings

Asset Allocation

% Long % Net
Cash 4.36 4.36
Stocks 0.0 0.0
Bonds 62.95 62.95
Other 26.49 26.49
Foreign Bonds 6.16 6.16
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 0.05 0.05

Updated 01.31.2014

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 01.31.2014

% Net Assets
Vanguard Short-Term Govt Bd Idx ETF 36.77
Forward Managed Futures (Cayman) Fund, Ltd. 24.82
Vanguard Short-Term Corp Bd Idx ETF 18.56
Vanguard Mortgage-Backed Sec Idx ETF 18.18
Cs Multi Asset Swap 1.66

Bond Ratings (%)

Updated 01.31.2014

Sector FUTCX
AAA 73.82
AA 3.28
A 13.54
BBB 9.37
BB 0.0
B 0.0
Below B 0.0
Other 0.0