Forward Mini-Cap Fund

Institutional Class

Performance

Updated as of:
June 30, 2008

Fund Performance

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The returns assume reinvestment of dividends and distributions, if any. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance data current to the most recent month end may be obtained at www.forwardfunds.com. The Fund’s benchmark, the Russell 2000 Index, is an index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index represents approximately 98% of the investable U.S. equity market. It is not possible to invest directly in an index.

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Prior to May 1, 2008, the Fund was named the Forward Hoover Mini-Cap Fund.

Growth of $10,000

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund's benchmark index. The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

		Class: Institutional Change to: Investor

PDF Fund Fact Sheet

Overview

Category:	Small Cap Blend
Ticker Symbol:	FFMIX
CUSIP:	349913848
Benchmark:	Russell 2000 Index
Inception:	August 15, 2003
Net Assets:	$71.4 Million
Load Fee:	No Load
Gross Expense Ratio:	1.36%
Net Expense Ratio:	1.25%¹

Minimum Investment

Initial:	$100,000

Statistics

Price/Book:*	2.31
Forward P/E:*	20.97
EPS Growth Rate:*	27.71%
Long-Term Debt-to-Equity:*	14.63%
Weighted Avg. Market Capitalization:*	$745.6 Million
Average Capitalization:*	$738.0 Million
Beta:	0.97
R-Squared:	0.86
Number of Holdings:	85
Annualized Turnover:	354.21%

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 Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.25%.

*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 the Fund’s annual percentage growth rate of earnings per share over the trailing 3-year period.

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

Performance

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