When you click the above link, you will leave www.forwardfunds.com and be redirected to http://thomsonreuters.com/.

The Forward Frontier Strategy Fund seeks capital growth. There is no guarantee the Fund will achieve its objective.

Fund performance as of 3/31/10 (link to www.forwardfunds.com/FFOnline/QuarterlyPerformance.html?class=1)

Fund performance as of month end (link to: www.forwardfunds.com/FFOnline/Performance.html?class=1)

Fund holdings as of month end (link to : www.forwardfunds.com/FFOnline/FundHoldings.html?baseFundID=2018)

Investing in foreign securities, especially emerging markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.

The Frontier Strategy Fund is a non-diversified fund. An investor will indirectly bear the expenses of the funds’ underlying investments. The underlying investments of the Frontier Markets Fund (such as Exchange Traded Funds (ETFs), futures and options on securities, securities indexes and shares of ETFs) involve heightened risks related to liquidity, increased volatility and unfavorable fluctuations in currency values. The underlying international and real estate investments will also be subject to economic or political instability in the U.S. and other countries, credit risk and interest rate fluctuations. Investors will indirectly bear the expenses of the Fund’s underlying investments. The Fund’s use of short selling and derivatives involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Fund.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Frontier Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the frontier markets. One cannot invest directly in an index.

Nathan Rowader is a registered representative of ALPS Distributors Inc.

FWD0002577 123110