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Forward Funds

2007 Qualified Dividend Information for the Forward Funds
 
actively managed niche asset classes domestic and foreign

Forward Funds

 % Qualified
Dividend Income
Forward International Equity Fund - Investor Class 26.7200%
Forward International Equity Fund - Institutional Class 26.7200%
Forward Long/Short Credit Analysis Fund - Class A 2.2003%
Forward Large Cap Equity Fund - Institutional 100.0000%
Forward Large Cap Equity Fund - Class A 100.0000%
Sierra Club Stock Fund - Class A 100.0000%
Forward International Small Companies Fund - Class A 21.0000%
Forward International Small Companies Fund - Institutional Class 21.0000%
Forward International Small Companies Fund - Investor Class 21.0000%
Forward Global Emerging Markets Fund - Investor Class 12.5700%
Forward Global Emerging Markets Fund - Institutional Class 12.5700%
Forward Progressive Real Estate Fund 10.1101%
Sierra Club Stock Fund - Investor Class 100.0000%
Sierra Club Equity Income Fund 24.6099%
   
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The Hoover Small Cap Equity Fund's and Hoover Mini-Cap Fund's benchmark is the Russell 2000 Index. It is an index that measures the performance of the 2000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market.

The Forward Hansberger International Growth Fund's benchmark is the Morgan Stanley All Country World ex US Index. It is an unmanaged market capitalization-weighted index that includes reinvestment of capital gains and dividends, if any. It is commonly used to represent the performance of developed stock markets throughout the world, excluding the United States.

The Forward Global Emerging Markets Fund's benchmark is the MSCI Emerging Markets Free Index. It includes securities of approximately 680 companies domiciled in 26 markets.

The Forward Progressive Real Estate Fund's benchmark is the NAREIT Equity REIT Index (adjusted to reflect reinvestment of dividends). It is an index representative of tax-qualified REITs listed on the New York Stock Exchange, American Stock Exchange and the NASDAQ National Market System.

Investors cannot invest directly in an index.
Forward Funds are distributed by ALPS Distributors, Inc.
© 2008 Forward Management, LLC. All rights reserved.