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Forward Funds

Net Asset Values

Share Classes A and C Shares
     
   
actively managed niche asset classes domestic and foreign
 
 
Shareholder Shareholder A and C Shares
 
   
 
Net Asset Values as of 08/18/2008   NAV CHANGE
             
  Forward Banking and Finance Fund          
  Class A HSSAX 17.77   -0.30  
  Class C HSSCX 16.78   -0.28  
             
  Forward Emerging Markets Fund - Class A FEMAX 20.97   -0.47  
             
  Forward Growth Fund          
  Class A HSPGX 11.86   -0.18  
  Class C HSPCX 11.16   -0.17  
             
  Forward International Fixed Income Fund          
  Class A FFXAX 10.03   0.04  
  Class C FFXCX 10.05   0.05  
             
  Forward International Small Companies Fund - Class A FFIAX 14.44   -0.04  
             
  Forward Large Cap Equity Fund - Class A FFLAX 10.35   -0.13  
             
  Forward Legato Fund - Class A FFLMX 11.70   -0.09  
             
  Forward Long/Short Credit Analysis Fund - Class A FLSDX 7.27   0.00  
             
  Forward Opportunities Fund          
  Class A HSYTX 8.20   -0.01  
  Class C HSYCX 7.89   0.00  
             
  Forward Small Cap Equity Fund - Class A FFHAX 18.53   -0.29  
             
  Sierra Club Stock Fund - Class A FSUSX 9.84   -0.25  
             
   
 
     
 
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Forward Funds are distributed by ALPS Distributors, Inc.
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