Forward Growth Fund

Class A

Performance

Updated as of:
September 30, 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 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.

Calendar Year Performance (at NAV)

Prior to May 1, 2008, the Fund was named Forward Emerald Growth Fund.

Prior to July 1, 2001, the Fund was named the HomeState Pennsylvania Growth Fund and focused on a specific geographic region within the U.S. Performance figures shown for periods before that time do not reflect the Fund’s current strategy. The performance results shown include unusually high results achieved in 1999 due to the performance of equity stocks, IPO profits and particular industries in which the Fund invested. Such performance results may not be repeated in the future.

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

PDF Fund Fact Sheet

Overview

Category:	Small Growth
Ticker Symbol:	HSPGX
CUSIP:	29089R103
Benchmark:	Russell 2000 Growth Index
Inception:	October 1, 1992
Net Assets:	$70.8 Million
Load Fee:	5.75%
Dealer Concession:	5.00%¹
Trail:	0.25%²
Gross Expense Ratio:	1.35%
Net Expense Ratio:	1.29%³

Minimum Investment

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

Statistics

Price/Book:*	2.53
Forward P/E:*	18.61
Weighted Avg. Market Capitalization:*	$1.2 Billion
Avg. Capitalization:*	$1.1 Billion
Beta:	0.89
R-Squared:	0.95
Number of Holdings:	147
Annualized Turnover:	113.52%

¹Maximum concession allowed - see prospectus for more details.

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

³The 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, dividends, acquired fund fess and expenses, and extraordinary expenses) for Class A shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.29%.

*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.

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.

	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.

Prospectus

Performance

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