Forward International Equity Fund

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The returns assume reinvestment of dividends and distributions, if any. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance data current to the most recent month end may be obtained at www.forwardfunds.com. The MSCI All Country World Index ex-USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. Before May 1, 2007, the Fund’s primary benchmark was the MSCI All Country World Index ex-USA (not adjusted to reflect the reinvestment of dividends). On May 1, 2007, the Fund changed its primary benchmark to the MSCI All Country World Index ex-USA (adjusted to reflect the reinvestment of dividends). This index is expected to be a better benchmark of the Fund’s performance. Investors cannot invest directly in the index. The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

Prior to September 1, 2005, the Fund was named the Forward Hansberger International Growth Fund and was sub-advised by a different investment advisor.