Sierra Club Stock Fund

Class A

Performance

Updated as of:
May 1, 2008

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. 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 Fund’s benchmark index is the S&P 500 Index (adjusted to reflect the reinvestment of dividends). The S&P 500 Index is an index that consists of 500 stocks chosen for market size, liquidity and industry group representation. It is an unmanaged, market-value weighted index and one of the most widely used benchmarks of U.S. stock performance. Investors cannot invest directly in an index.

Prior to January 1, 2003, the Fund was managed by a different sub-advisor and was not subject to the Sierra Club's environmental and social guidelines.

Growth of $10,000

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund's benchmark index. The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

		Class: A Change to: Investor

PDF Fund Fact Sheet

Overview

Category:	Large Growth
Ticker Symbol:	FSUSX
CUSIP:	349913756
Benchmark:	S&P 500 Index
Inception:	May 2, 2005
Net Assets:	$8.2 Million
Load Fee:	5.75%
Dealer Concession:	5.00%¹
Trail:	0.25%²
Gross Expense Ratio:	1.49%
Net Expense Ratio:	1.49%

Minimum Investment

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

Statistics

Price/Book:*	3.12
Price/Earnings:*	19.34
EPS Growth Rate:*	15.16%
Long-Term Debt-to-Equity:*	28.00%
Weighted Avg. Market Capitalization:*	$29.0 Billion
Average Capitalization:*	$24.0 Billion
Number of Holdings:	100
Annualized Turnover:	53.98%

¹Maximum concession allowed. See prospectus for more details.

²Additional maximum 0.20% may be allowable under the Shareholder Services Plan.

*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.

¹Excludes sales charge

²Reflects effects of the Fund's maximum sales charge of 4.75%

³The Fund has changed its primary benchmark to the S&P 500® Index (adjusted to reflect the reinvestment of dividends). It is expected to be a better banchmark of the Fund's performance.

⁴The Fund's previous benchmark was the S&P 500 Index not adjusted for the reinvestment of dividends.

Prospectus

Performance

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The Sierra Club Mutual funds are professionally managed under the supervision of Forward Management, their independent Investment Advisor. the Funds may choose not to purchase or retain investments that may be profitable if the companies being considered are in conflict with the established environmental and social guidelines of the Sierra Club

Sierra Club® is a registered trademark of the Sierra Club.