Forward International Equity Fund

Institutional Class

Fund Management

Updated as of:
September 30, 2008

A Team Approach

The Forward International Equity Fund is managed by a team of three senior investment managers based in London, headed by Richard Heelis. The team makes use of a diverse set of internal and external research resources.

Sub-Advisor: Pictet Asset Management, Ltd.

	Pictet Asset Management, Ltd., is the institutional investment management division of Geneva-based Pictet & Cie, a Swiss private bank that was founded in 1805. As of December 31, 2007, Pictet & Cie had approximately $236 billion in client assets.
	The investment management team is based in London.

Key Personnel

Richard Heelis, Team Head and Senior Investment Manager

Heelis is Head of Regional Equities for Pictet Asset Management. Heelis graduated with an MA (with honors) in economics from the University of Edinburgh. He is also an Associate member of the U.K. Society of Investment Professionals (UKSIP).

Fabio Paolini, CFA*, Senior Investment Manager

Paolini is a Senior Investment Manager with experience in Global and European equities mandates. He received a degree in economics from the University of Siena (Italy) and has obtained a CFPI/AZEK.

Swee Kheng Lee, Senior Investment Manager

Lee is a Senior Investment Manager responsible for idea generation in the Asia (ex-Japan) and Latin American regions. She obtained her BA in Philosophy, Politics and Economics (PPE) and a PhD in economics from Oxford University, and is an associate member of the U.K. Society of Investment Professionals (UKSIP).

* Fabio Paolini has earned the right to use the Chartered Financial Analyst designation. CFA Institute marks are trademarks owned by the CFA Institute.

		Class: Institutional Change to: Investor

Overview

Category:	International Growth
Ticker Symbol:	FFIEX
CUSIP:	349913681
Benchmark:	MSCI All Country World Index ex-USA
Inception:	May 1, 2007
Net Assets:	$21.1 Million
Load Fee:	No Load
Gross Expense Ratio:	1.29%
Net Expense Ratio:	0.99%¹

Minimum Investment

Initial:	$100,000

Statistics

Price/Book:*	2.78
Forward P/E:*	9.83
EPS Growth Rate:*	17.53%
Long-Term Debt-to-Equity:*	32.47%
Weighted Avg. Market Capitalization:*	$33.8 Billion
Avg. Capitalization:*	$27.4 Billion
Number of Holdings:	104
Annualized Turnover:	77.38%

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 Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 0.99%.

*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 current year consensus estimates weighted by distribution of the portfolio.

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