Forward Growth Fund

Institutional Class

Performance

Updated as of:
December 31, 2009

Fund Performance

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. Performance data current to the most recent month end may be obtained at www.forwardfunds.com. 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. The Russell 2000 Index is an index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market. The Fund’s benchmark, the Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

Funds that concentrate in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

		Class: Institutional Change to: Class A Change to: Class C

Overview

Category:	Small Growth
Ticker Symbol:	FGROX
CUSIP:	349913483
Benchmark:	Russell 2000 Growth Index
Inception:	October 21, 2008
Net Assets:	$47.1 Million
Load Fee:	No Load
Gross Expense Ratio:	1.05%
Net Expense Ratio:	0.99¹%

Minimum Investment

Initial:	$100,000

Statistics

Weighted Price/Book:*	2.68
Long-Term Debt to Equity:*	27.78%
Forward P/E:*	27.50
Weighted Avg. Market Capitalization:*	$1.3 Billion
Avg. Capitalization:*	$1.2 Billion
Number of Holdings:	122
Annualized Turnover:	112.99%

¹The Fund’s investment advisor has contractually agreed to waive a portion of its fees and reimburse other expenses until April 30, 2010, in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes and dividend, acquired fund fees and expenses, 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.

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