Forward Eastern Europe Equities Fund

Share Class A

Portfolio

Updated as of:
June 30, 2008

A proprietary database is used to screen for countries that meet the following standards:

	Suitable safe custody of assets and freedom of capital movement
	A higher-than-average number of undervalued stocks when comparing the companies against their benchmark values
	A favorable domestic liquidity environment
	A reasonably liquid and diverse stock market
	A good or improving fiscal balance
	An undervalued or fairly valued exchange rate, combined with sustainable trade and current account balances

Companies must exhibit one or more of the following:

	Current or potential high and stable cash generation
	Strong, liquid balance sheets
	Asset valuations that are significantly below replacement cost¹, or below the average for its sector on a global basis
	A high free cash flow relative to the stock price
	In the case of banks, a low stock price relative to the asset base, combined with a high return on equity

The Fund may invest in securities of any market capitalizations

Normally invests in at least eight, but may invest in as few as six, Eastern European countries

1Replacement cost is the cost that will have to be paid to replace an existing asset with a similar asset.

Porfolio Holdings

Forward Funds provides investors access to each Fund’s full portfolio holdings (as of month-end) on the 21st day of the following month or if the 21st is not a business day, on the next following business day.

		Class: A shares Change to: Investor Class: Institutional Class: C Shares

PDF Fund Fact Sheet

Overview

Category:	Foreign Growth
Ticker Symbol:	FEEAX
CUSIP:	349913632
Benchmark:	MSCI Emerging Markets Europe 10/40 Index
Inception:	December 31, 2007
Load Fee:	5.75%
Dealer Concession:	5.00%¹
Trail:	0.25%²
Gross Expense Ratio:	3.20%
Net Expense Ratio:	1.85%*

Minimum Investment

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

*The Fund’s investment advisor has contractually agreed to waive a portion of its fees and reimburse expenses until January 31, 2009, in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, and extraordinary expenses) for Class A shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.85%.

¹Maximum concession allowed. See prospectus for more details.

²Additional 0.10% allowable under the Shareholder Services Plan.

The MSCI Emerging Markets Europe 10/40 Index is a free float-adjusted market capitalization index designed to measure equity performance in the emerging markets of Europe and adjusted for the limitations imposed by the UCITS III (Undertakings for Collective Investment in Transferable Securities) directive on funds incorporated in member states of the European Union. The UCITS III directive constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund's total assets. Investors cannot invest directly in the index.

Prospectus

Performance

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