The Forward Funds have announced short- and long-term capital gain distributions. Shareholders of record as of November 29, 2006 are eligible to receive capital gain distributions, and each fund's capital gain distribution amount per share is the same across all share classes.
| RECORD DATE |
November 29, 2006 |
| EX-DATE |
November 30, 2006 |
| PAYABLE DATE |
November 30, 2006 |
| |
|
Per Share
Available Distribution |
|
Percentage of NAV |
Forward Funds |
Short-Term Capital Gain |
Long-Term Capital Gain |
|
Short-Term Capital Gain |
Long-Term Capital Gain |
| Forward Emerald Banking and Finance Fund |
0.000000 |
1.535435 |
|
0.00% |
5.32% |
| Forward Emerald Growth Fund |
0.000000 |
1.391295 |
|
0.00% |
9.43% |
| Forward Emerald Opportunities Fund |
0.000000 |
0.000000 |
|
0.00% |
0.00% |
| Forward Global Emerging Markets Fund |
0.044715 |
1.291979 |
|
0.20% |
5.91% |
| Forward Hoover Mini-Cap Fund |
0.423053 |
0.324744 |
|
2.18% |
1.67% |
| Forward Hoover Small Cap Equity Fund |
0.112365 |
0.639285 |
|
0.54% |
3.09% |
| Forward International Equity Fund |
1.041743 |
0.696352 |
|
5.66% |
3.78% |
| Forward International Small Companies Fund |
0.283589 |
0.256116 |
|
1.56% |
1.41% |
| Forward Large Cap Equity Fund |
0.000000 |
0.000000 |
|
0.00% |
0.00% |
| Forward Legato Fund |
0.077537 |
0.127351 |
|
0.62% |
1.01% |
| Forward Progressive Real Estate Fund1 |
0.053067 |
0.912170 |
|
0.25% |
4.34% |
| Sierra Club Equity Income Fund |
0.016873 |
0.318985 |
|
0.14% |
2.68% |
| Sierra Club Stock Fund |
0.173051 |
0.985367 |
|
1.40% |
7.96% |
Only capital gain distributions will be paid on November 30, 2006. The distribution amounts will be subtracted from each specific fund’s closing price per share on Thursday, November 30, 2006. Ordinary income distributions, if available, will be paid on December 29, 2006 to shareholders of record as of December 28, 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.
You should consider the investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information about the funds 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. All rights reserved.
FWD000642 123107
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