Press Release

The Forward Funds will pay, if available, short-term and long-term capital gains and dividend distributions in December 2007 on the following dates:

Annual Payment of Capital Gains Distributions

The preliminary capital gains information presented below is as of October 31, 2007 for three funds and as of September 30, 2007for the remaining funds. Actual distribution amounts for all funds will be based on gains and losses realized through October 31, 2007. Each fund’s capital gains 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 December depending on current market conditions and number of fund shares outstanding. Net short-term capital gains, when distributed, are generally taxable as ordinary income and are reported as Ordinary Dividends on Form 1099-DIV.

NEW: Capital Gains Distribution Data as of October 31, 2007

Please note: The data above does not include ordinary income distributions. The Forward Funds will pay, if available, ordinary dividend distributions in December 2007 on the following dates:

Annual Payment of Dividend Distributions

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Investing in foreign securities will involve certain additional risks, including exchange rate fluctuation, less liquidity, greater volatility and less regulation. Real estate funds will 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. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other high quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value. Funds that concentrate in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.

Forward Funds are distributed by ALPS Distributors, Inc.

FWD001148 123108