Forward Funds Announce 2007 Capital Gain Distributions

SAN FRANCISCO--(Business Wire)--The Forward Funds have announced short- and long-term capital gain
distributions. Shareholders of record as of December 6, 2007 are
eligible to receive capital gain distributions, and each fund's
capital gain distribution amount per share is the same across all
share classes.

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Declaration Date: December 5, 2007
Record Date: December 6, 2007
Ex-Date, Reinvest Date and Payable Date: December 7, 2007
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Per Share
Ticker Available
Forward Funds Symbol Distribution Percentage of NAV
------------------------------------
Short- Long- Short- Long-
Term Term Term Term
Capital Capital Capital Capital
Gain Gain Gain Gain
Forward Emerald Banking HSSAX;
and Finance HSSCX 0.154383 3.145603 0.66% 13.44%
HSPGX;
Forward Emerald Growth HSPCX 0.000000 1.478661 0.00% 10.14%
Forward Emerald HSYTX;
Opportunities HSYCX 0.000000 0.000000 0.00% 0.00%
Forward Global Emerging PGERX;
Markets PTEMX 2.010256 1.540421 5.96% 4.56%
FFHMX;
Forward Hoover Mini-Cap FFMIX 1.296717 0.800674 6.67% 4.12%
FFSCX;
Forward Hoover Small Cap FFHIX;
Equity FFHAX 0.860171 1.434054 3.82% 6.37%
Forward International FFINX;
Equity FFIEX 0.628657 0.546485 2.95% 2.56%
FFXRX;
FFXIX;
Forward International FFXAX;
Fixed Income FFXCX 0.000000 0.000000 0.00% 0.00%
PISRX;
Forward International PTSCX;
Small Companies FFIAX 0.843640 0.751433 4.20% 3.74%
FFLAX;
Forward Large Cap Equity FFLSX 0.000000 0.000000 0.00% 0.00%
Forward Legato FFLMX 0.047374 1.254073 0.35% 9.36%
Forward Long/ Short
Credit Analysis FLSDX 0.000000 0.000000 0.00% 0.00%
Forward Progressive Real
Estate FFREX 0.096612 3.000334 0.52% 16.07%
SCFSX;
Sierra Club Stock FSUSX 0.101907 0.000000 0.85% 0.00%
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Only capital gain distributions will be paid on December 7, 2007
and the distribution amounts will be subtracted from each specific
fund's closing price per share on December 7, 2007. Ordinary income
distributions, if available, will be paid on December 28, 2007 to
shareholders of record as of December 27, 2007. If you have any
questions, please visit www.forwardfunds.com or call (800) 999-6809.

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 (800) 999-6809
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 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.

(C)2007 Forward Funds. All rights reserved.

FWD001184 123108

Peppercom
Ellen Snook, 415-438-9821
esnook@peppercom.com

Copyright Business Wire 2007