Expense Ratios

Investor Class


	Share Class	Ticker	Inc. Date	Gross Expenses	Net Expenses

Forward Asia Ex-Japan Equities	Investor	FFAEX	12/31/07	3.01	1.70¹

Forward Eastern Europe Equities	Investor	FEEEX	12/31/07	3.15	1.85¹

Forward Emerging Markets	Investor	PGERX	04/09/03	2.19	1.74¹

Forward International Equity	Investor	FFINX	10/01/98	1.59	1.34¹

Forward International Fixed Income	Investor	FFXRX	10/05/07	1.90	1.24¹

Forward International Small Companies	Investor	PISRX	03/05/02	1.62	1.62

Forward Long/Short Credit Analysis	Investor	FLSRX	05/01/08	8.76	1.84¹

Forward Mini-Cap	Investor	FFHMX	01/01/03	1.74	1.60¹

Forward Progressive Real Estate	Investor	FFREX	05/10/99	1.50	1.50

Sierra Club Stock	Investor	SCFSX	10/01/98	1.54	1.54

Forward Small Cap Equity	Investor	FFSCX	10/01/98	1.71	1.71

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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, dividends and extraordinary expenses) for the Investor Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) to the amount listed.