Forward Mini-Cap Fund

Investor Class

Portfolio

Updated as of:
June 30, 2008

A portfolio usually consisting of 70 to 90 small company stocks

	at least 80% or more of the fund will be invested in small cap stocks - companies whose market capitalizations are no larger than $1 billion at the time of initial purchase
	stocks are not necessarily sold when they reach the $1 billion barrier, but they will be sold when they reach the portfolio manager's price target, when they are deemed overvalued or when there are better opportunities to pursue
	the fund may overweight or underweight sectors and industries relative to its benchmark index based on analysis of the sectors, industries and companies themselves
	the cash allocation will usually range from 0% to 10%, but could go as high as 15% in unusual market conditions

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.

These holdings may not reflect the current or future position of the portfolio.

Sector Allocation

These allocations may not reflect the current or future position of the portfolio.

		Class: Investor Change to: Institutional

PDF Fund Fact Sheet

Overview

Category:	Small Cap Blend
Ticker Symbol:	FFHMX
CUSIP:	349913871
Benchmark:	Russell 2000 Index
Inception:	January 1, 2003
Net Assets:	$6.6 Million
Load Fee:	No Load
Gross Expense Ratio:	1.74%
Net Expense Ratio:	1.60%¹

Minimum Investment

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

Statistics

Price/Book:*	2.31
Forward P/E:*	20.97
EPS Growth Rate:*	27.71%
Long-Term Debt-to-Equity:*	14.63%
Weighted Avg. Market Capitalization:*	$745.6 Million
Average Capitalization:*	$738.0 Million
Beta:	0.97
R-Squared:	0.86
Number of Holdings:	85
Annualized Turnover:	354.21%

¹The Fund’s investment advisor has contractually agreed to waive a portion of its fees and reimburse other expenses until April 30, 2009, in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends and extraordinary expenses) for Investor Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.60%.

*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.

Prospectus

Performance

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