Sierra Club Stock Fund

Investor Class

Portfolio

Updated as of:
June 30, 2008

The Sierra Club Stock Fund’s portfolio is invested primarily in stocks from U.S.-based companies that pass each of the environmental guidelines established by the Sierra Club. The Fund may invest up to 20% of its assets in foreign securities.

The portfolio typically consists of 80 to 100 equities of predominantly mid- to large-cap companies. Relative to its S&P 500 Index benchmark, the portfolio has a distinct underweighting in “mega-cap” companies, primarily due to the high degree of negative environmental factors found with very large corporations.

Similarly, the portfolio currently has no exposure to the Energy, Materials and Utilities sectors of the economy, due to the environmentally deleterious nature of these industries. The portfolio has traditionally been overweighted in the Financials, Health Care and Information Technology sectors.

Portfolio Allocation
Equities	98.06%
Cash	0.93%

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

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: Class A

PDF Fund Fact Sheet

Overview

Category:	Large Growth
Ticker Symbol:	SCFSX
CUSIP:	349913855
Benchmark:	S&P 500 Index
Inception:	October 1, 1998
Net Assets:	$27.5 Million
Load Fee:	No Load
Gross Expense Ratio:	1.54%
Net Expense Ratio:	1.54%

Minimum Investment

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

Statistics

Price/Book:*	3.00
Price/Earnings:*	28.8
EPS Growth Rate:*	21.7%
Long-Term Debt-to-Equity:*	17.56%
Weighted Avg. Market Capitalization:*	$27.3 Billion
Average Capitalization:*	$27.1 Billion
Beta:	1.12
R-Squared:	0.90
Number of Holdings:	100
Annualized Turnover:	50.95%

*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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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.