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Forward Funds will pay, if available, short-term and long-term capital gains and dividend distributions in December 2008 on the following dates:
| Annual Payment of Capital Gains Distributions: |
| Declaration Date: |
December 5, 2008 |
| Record Date: |
December 8, 2008 |
| Ex-Date, Reinvest Date and Payable Date: |
December 29, 2008 |
The preliminary capital gains information presented below is current data as of September 30, 2008. Actual distribution amounts will be based on gains and losses realized through October 31, 2008. 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.
| Capital Gains Distribution Data as of September 30, 2008 |
|
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 Asia Ex-Japan Equities Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Banking and Finance Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Eastern Europe Equities Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Emerging Markets Fund |
0.1438 |
0.2280 |
0.83% |
1.31% |
| Forward Growth Fund |
0.0000 |
0.0383 |
0.00% |
0.35% |
| Forward International Equity Fund |
0.2064 |
0.0726 |
1.60% |
0.56% |
| Forward International Fixed Income Fund |
0.0051 |
0.0000 |
0.05% |
0.00% |
| Forward International Small Companies Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Large Cap Equity Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Legato Fund |
0.0165 |
0.6342 |
0.15% |
5.91% |
| Forward Long/Short Credit Analysis Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Mini-Cap Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Forward Progressive Real Estate Fund |
0.0000 |
0.1042 |
0.00% |
0.76% |
| Forward Small Cap Equity Fund |
0.0000 |
0.0000 |
0.00% |
0.00% |
| Sierra Club Stock Fund |
0.0368 |
0.0866 |
0.41% |
0.97% |
Please note: The data above does not include ordinary income distributions. Forward Funds will pay, if available, ordinary dividend distributions in December 2008 on the following dates:
| Annual Payment of Dividend Distributions: |
| Declaration Date: |
December 26, 2008 |
| Record Date |
December 29, 2008 |
| Ex-Date, Reinvest Date and Payable Date: |
December 30, 2008 |
If you have any questions, please contact us at (888) 312-4100.
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.
Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. Investing in foreign securities, especially emerging markets, 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.
©2008 Forward Funds. All rights reserved.
FWD001760 123109
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