Forward International Equity Fund

Investor Class

Investment Strategy

Updated as of:
June 30, 2008

Investment Process

Bottom-up stock selection validated by research and strategic process

	use a "bottom-up" approach to try to identify international large-cap companies with strong future prospects
	long-established strategic process, based on Pictet's proprietary database, drawing on 1,500 economic and market data series
	well-resourced teams of sector and regional experts leverage Pictet's depth and expertise in International Emerging Markets and Small Cap investing
	quantitative screens are used to identify international large-cap companies with low valuations against peers and the consensus

Select a portfolio of 80 to 90 EAFE and emerging market stocks

	individual company strengths and weaknesses are identified and further assessment is undertaken to assure that companies have solid business strategies and opportunities
	in-depth company analysis by analysts and fund managers, including direct contact with management
	focus on sustainable economic liquidity as the most favorable factor in pricing financial assets

		Class: Investor Change to: Institutional

PDF Fund Fact Sheet

Overview

Category:	International Growth
Ticker Symbol:	FFINX
CUSIP:	349913301
Benchmark:	MSCI All Country World Index ex-USA
Inception:	October 1, 1998
Net Assets:	$44.9 Million
Load Fee:	No Load
Gross Expense Ratio:	1.59%
Net Expense Ratio:	1.34%¹

Minimum Investment

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

Statistics

Price/Book:*	2.55
Forward P/E:*	10.56
EPS Growth Rate:*	11.63%
Long-Term Debt-to-Equity:*	0.30%
Weighted Avg. Market Capitalization:*	$36.2 Billion
Avg. Capitalization:*	$27.5 Billion
Beta:	1.22
R-Squared:	0.94
Number of Holdings:	108
Annualized Turnover:	67.49%

¹The Fund’s investment advisor has contractually agreed to waive a portion of its fees and reimburse other expenses until April 30, 2009, in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends and extraordinary expenses) for Investor Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.34%.

*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 current year consensus estimates weighted by distribution of the portfolio.

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

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