Forward Mini-Cap Fund

Investor Class

Fund Management

Updated as of:
June 30, 2008

Portfolio Manager
Irene G. Hoover, CFA*

Hoover founded Hoover Investment Management in 1997 and has over 30 years of investment management experience.

Hoover Investment Management

Hoover Investment Management is the Fund’s sub-advisor and is a San Francisco-based firm focused on small capitalization stocks founded in 1997 by portfolio manager Irene G. Hoover.

	The Hoover team managed more than $1.6 billion for institutional investors including Forward Small Cap Equity Fund, foundations, endowments, universities and religious organizations as of March 31, 2008
	Ms. Hoover is responsible for all final investment decisions
	The analysts are generalists, but the key team members have particular areas of expertise – Hoover in energy, financial services, consumer and special situations; Schneider in healthcare, medical technology and special situations; Ledoux in technology, REITs and special situations; Colbert in industrials, producer durables, media, utilities, aerospace and special situations; Steinbrecher in financials and special situations; Cullen in market trend analysis and trading

Key Personnel

Stephen Cullen

	Principal, Director of Market Analysis & Equity Trading 32 years of experience in the investment business
	BS in economics from University of San Francisco

David Schneider

	Associate Portfolio Manager & Senior Analyst 23 years of experience in the investment business
	BA from University of California at Santa Cruz and MBA from Yale School of Management

Christian G. Ledoux, CFA*

	Senior Research Analyst 12 years of experience in the investment business
	BA from University of California at Santa Barbara

Kathleen Bailey

	Senior Research Analyst 8 years of experience in the investment business
	Level III CFA Candidate

Steve Colbert, CFA*

	Senior Research Analyst 38 years of experience in the investment business
	MS degree from the University of Illinois

Andrew G. Hoover

Associate Research Analyst
4 years of experience in the investment business.

		Class: Investor Change to: Institutional

PDF Fund Fact Sheet

Overview

Category:	Small Cap Blend
Ticker Symbol:	FFHMX
CUSIP:	349913871
Benchmark:	Russell 2000 Index
Inception:	January 1, 2003
Net Assets:	$6.6 Million
Load Fee:	No Load
Gross Expense Ratio:	1.74%
Net Expense Ratio:	1.60%¹

Minimum Investment

Initial:	$4,000
Initial–eDelivery:	$2,000
Initial–Automatic Investment Plan:	$500

Statistics

Price/Book:*	2.31
Forward P/E:*	20.97
EPS Growth Rate:*	27.71%
Long-Term Debt-to-Equity:*	14.63%
Weighted Avg. Market Capitalization:*	$745.6 Million
Average Capitalization:*	$738.0 Million
Beta:	0.97
R-Squared:	0.86
Number of Holdings:	85
Annualized Turnover:	354.21%

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 Investor Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.60%.

*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.

EPS Growth Rate represents the Fund’s annual percentage growth rate of earnings per share over the trailing 3-year period.

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.

	*Irene G. Hoover, Christian Ledoux and Steve Colbert have all earned the right to use the Chartered Financial Analyst designation.

Prospectus

Performance

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