The Forward Funds shown below are expected to pay long-term and short-term capital gain distributions in November 2006. The preliminary capital gain information presented below is as of September 30, 2006. Actual distribution amounts will be based on gains and losses realized through October 31, 2006 and each fund's capital gain distribution amount per share will be the same across all share classes.
During each calendar year, mutual funds realize gains and losses from selling securities in their portfolios. Tax laws require mutual funds to distribute the net gains from these sales to shareholders by year end. Distribution information can change prior to the fund's actual record date in November depending on current market conditions and number of fund shares outstanding. The numbers below do not include ordinary income distributions the funds may be making. Net short-term capital gains, when distributed, are generally taxable as ordinary income and are reported as Ordinary Dividends on Form 1099-DIV.
Capital Gain Distribution Data as of September 30, 2006
|
Per Share
Available Distribution |
|
Percentage of NAV |
|
Short-Term Capital Gain |
Long-Term Capital Gain |
|
Short-Term Capital Gain |
Long-Term Capital Gain |
| Forward Emerald Opportunities Fund |
0.0000 |
0.0000 |
|
0.00% |
0.00% |
| Forward Emerald Growth Fund |
0.0328 |
1.2815 |
|
0.23% |
8.83% |
| Forward Emerald Banking and Finance |
0.0000 |
1.2044 |
|
0.00% |
4.17% |
| Forward Hoover Small Cap Equity Fund |
0.1125 |
0.7964 |
|
0.56% |
3.99% |
| Forward Hoover Mini-Cap Fund |
0.6054 |
0.3442 |
|
3.24% |
1.84% |
| Forward International Equity Fund |
1.0357 |
0.5505 |
|
5.90% |
3.13% |
| Forward Progressive Real Estate Fund1 |
0.0515 |
0.8160 |
|
0.26% |
4.11% |
| Forward Global Emerging Markets Fund |
0.4580 |
1.3651 |
|
2.20% |
6.57% |
| Forward International Small Companies Fund |
0.3331 |
0.2894 |
|
1.94% |
1.68% |
| Sierra Club Equity Income Fund |
0.0169 |
0.3534 |
|
0.14% |
3.01% |
| Sierra Club Stock Fund |
0.0779 |
0.9212 |
|
0.63% |
7.49% |
| Forward Legato Fund |
0.1260 |
0.1110 |
|
1.03% |
0.91% |
2006 FORWARD FUNDS DISTRIBUTION SCHEDULE
Annual Payment of Capital Gains Distributions, if available:
| Declaration Date |
Stock of Record |
Ex-Date, Reinvest Date and Payable Date |
| 11/28/2006 |
11/29/2006 |
11/30/2006 |
Annual Payment of Dividend Distributions2, if available:
| Declaration Date |
Stock of Record |
Ex-Date, Reinvest Date and Payable Date |
| 12/27/2006 |
12/28/2006 |
12/29/2006 |
If you have any questions, please contact us at (888) 312-4100.
1Before October 30, 2006, the fund was named the Forward Uniplan Real Estate Investment Fund.
2The Forward Progressive Real Estate Fund declares dividends monthly and the Sierra Club Equity Income Fund declares dividends quarterly, if available.
You should consider the investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling (888) 312-4100 or by downloading one from www.forwardfunds.com. It should be read carefully before investing.
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.
Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Foreign securities will involve additional risks including social and political instability, liquidity, greater volatility and less regulation. Real estate funds may be subject to a higher degree of market risk due to concentration in a specific industry or in geographic regions. Investments in real estate and REITS have various risks including vacancies and devaluation based upon adverse economic or regulatory changes. 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.
Forward Funds are distributed by ALPS Distributors, Inc.
©2006 Forward Funds, Inc. All rights reserved.
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