SAN FRANCISCO, March 15, 2005 - Forward Management, LLC (Forward)
announced it plans to adopt the Emerald Growth, Banking and Finance, and Technology Funds,
according to its agreement with Emerald Advisers, Inc. (Emerald) to purchase Emerald’s fund
management and administration business, and subject to shareholder approval. The funds’
investment philosophies will remain the same and the investment management team at Emerald will
continue to manage the funds, as a sub-advisor to Forward. The funds will carry new names — the
Forward Emerald Growth Fund, the Forward Emerald Banking and Finance Fund, and the Forward Emerald
Technology Fund.
The adoption builds upon each company’s established capabilities and strengths. Forward
specializes in offering niche-oriented mutual funds managed by experienced institutional
money managers, and the firm has strong expertise in distribution, marketing and fund administration.
Emerald’s solid investment management capabilities are based on its in-house fundamental research
and a team of seasoned investment professionals.
The Emerald investment team conducts intense bottom-up, fundamental research, designed
to identify companies with leadership positions and competitive advantages in niche markets.
The Emerald Growth Fund (HSPGX) invests in small and mid-cap companies. The Emerald Banking
and Finance Fund (HSSAX) invests a minimum 80% of its assets in the stocks of companies
primarily engaged in the banking or financial services industries, and includes bank,
savings and loan, insurance, investment management and other financial services stocks.
The Emerald Technology Fund (HSYTX) invests primarily in companies in the technology sector that
produce and develop products and services that provide or benefit from technological advances
and improvements.
About Forward Management, LLC
Forward Management, LLC, ("Forward") based in San Francisco, provides investment management
services and products for institutional money managers, financial advisors and individual investors.
Forward specializes in identifying sub-advisors who have long track records of managing assets in
specific investment disciplines and asset classes. It has partnered with a range of sub-advisors to
create two different mutual fund families, the Forward Funds, a family of six no-load Funds and the
three Sierra Club Mutual Funds. Although the funds are no-load, other annual fees and expenses do
apply as described in the prospectus. For more information about Forward Funds, including investment
objectives, risks, charges, management fees and expenses, visit www.forwardfunds.com
or call (800) 999-6809. For more information about the Sierra Club Mutual Funds, visit www.sierraclubfunds.com or call (866) 897-5982.
Please read the prospectus carefully before investing. Forward Management also provides sales and marketing
services for Forward Uniplan Advisors, Inc.
About Emerald Asset Management, Inc.
Emerald Asset Management, Inc. is a diversified investment management firm headquartered in Lancaster, PA.
The Company was founded in 1991 and is majority owned by its six managing directors and three additional employees.
Emerald offers investment advisory and equity research analysis services through its staff of three portfolio managers
and eleven research analysts. For more information on the Emerald Funds, including investment objectives, risks,
charges, management fees and expenses, visit www.forwardfunds.com
or call (800) 999-6809. Please read the prospectus carefully before investing.
Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.
Financial and Technology funds may be subject to a higher degree of market risk because of concentration in a
specific industry, sector or geographic sector. Risks also include declines in the value of general and economic
conditions.
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