Press Release

San Francisco, May 29, 2008 -- Forward Management, LLC announced the introduction of Institutional share classes for the Forward Long/Short Credit Analysis Fund, Forward Legato Fund and Forward Progressive Real Estate Fund. In addition, Forward has introduced Class A shares for the Forward Emerging Markets Fund.

“The institutional share classes will provide our larger shareholders with a more cost effective way of investing in the Forward Funds. The new share classes also deepen our offerings for the retirement plan and institutional market place,” said J. Alan Reid, Jr., President of Forward Management.

The new Institutional share classes have lower expenses and $100,000 investment minimums and Class A shares have a 5.75% front-end load.

Forward Long/Short Credit Analysis Fund uses a credit-based, relative value approach, attempting to maximize total returns while minimizing risk. The management team focuses on identifying opportunities created by market anomalies and inefficiencies across a wide variety of credit markets.

Forward Legato Fund invests in small-cap companies, employing a multi-manager approach and allocating portions to three different sub-advisors who utilize growth, value and core investment strategies.

Forward Progressive Real Estate Fund uses an active management strategy of fundamental financial analyses and qualitative criteria to uncover socially and environmentally progressive real estate management companies.

Forward Emerging Markets Fund, seeks long-term capital appreciation by investing at least 80% of its portfolio in securities of countries considered emerging markets. The highly specialized portfolio team focuses on undervalued companies with strong fundamentals.

About Forward Management, LLC
Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds, a family of sixteen mutual funds. The firm also markets a range of separately managed accounts including Small-Cap and Mid-Cap Intrinsic Value, REIT, Micro Cap and High Income Total Return. Forward Management is an affiliate of ReFlow Management Co., LLC, which developed ReFlow, an innovative liquidity tool for portfolio managers that provides enhanced performance and tax efficiency. ReFlow is used by the Forward Funds, as well as other leading mutual fund managers.

Forward Management offers institutional money managers, financial advisors and individual investors access to industry leading investment managers, investment products and services. The firm specializes in identifying sub-advisors who have long track records of managing assets in specific investment disciplines and asset classes. More information on Forward Management and the Forward Funds can be found at www.forwardmgmt.com.

You should consider the investment objectives, risks, charges and expenses of the Forward Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 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. Investing in foreign securities, especially emerging markets, will involve certain additional risks, including exchange rate fluctuations, 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.

Forward Funds are distributed by ALPS Distributors, Inc.
Alan Reid is a registered representative of ALPS Distributors, Inc.

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