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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
SIGNATURE MICHAEL DISIPIO
TITLE AST TREASURER
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 5
[NAME] THE GLOBAL ASSET ALLOCATION FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] DEC-31-1999
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[PAID-IN-CAPITAL-COMMON] 102714736
[SHARES-COMMON-STOCK] 10259722
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[EQUALIZATION] 0
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[EXPENSE-RATIO] .50
</TABLE>
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 4
[NAME] THE GLOBAL BOND FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] DEC-31-1999
[INVESTMENTS-AT-COST] 46675795
[INVESTMENTS-AT-VALUE] 46710483
[RECEIVABLES] 1722572
[ASSETS-OTHER] 961359
[OTHER-ITEMS-ASSETS] 0
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[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 176577
[TOTAL-LIABILITIES] 19635523
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 30889685
[SHARES-COMMON-STOCK] 3108386
[SHARES-COMMON-PRIOR] 2981028
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (39269)
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[NET-INVESTMENT-INCOME] 1183896
[REALIZED-GAINS-CURRENT] (699916)
[APPREC-INCREASE-CURRENT] (259527)
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[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (1418909)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] (18541)
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[ACCUMULATED-GAINS-PRIOR] (150755)
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[PER-SHARE-NII] .40
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[PER-SHARE-DISTRIBUTIONS] (.00)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.57
[EXPENSE-RATIO] 1.40
</TABLE>
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 2
[NAME] THE INTERNATIONAL EQUITY FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] DEC-31-1999
[INVESTMENTS-AT-COST] 25307197
[INVESTMENTS-AT-VALUE] 25837440
[RECEIVABLES] 81047
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[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 25948987
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[OTHER-ITEMS-LIABILITIES] 62055
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[PAID-IN-CAPITAL-COMMON] 25723472
[SHARES-COMMON-STOCK] 1857854
[SHARES-COMMON-PRIOR] 2052445
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (363392)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 526852
[NET-ASSETS] 25886932
[DIVIDEND-INCOME] 759463
[INTEREST-INCOME] 8400
[OTHER-INCOME] 0
[EXPENSES-NET] 377967
[NET-INVESTMENT-INCOME] 389896
[REALIZED-GAINS-CURRENT] 222308
[APPREC-INCREASE-CURRENT] 4976435
[NET-CHANGE-FROM-OPS] 5588639
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (362858)
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[NUMBER-OF-SHARES-SOLD] 43956
[NUMBER-OF-SHARES-REDEEMED] 270667
[SHARES-REINVESTED] 32120
[NET-CHANGE-IN-ASSETS] 2717314
[ACCUMULATED-NII-PRIOR] 2176
[ACCUMULATED-GAINS-PRIOR] (619069)
[OVERDISTRIB-NII-PRIOR] 0
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[GROSS-ADVISORY-FEES] 224592
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[PER-SHARE-NAV-BEGIN] 11.29
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[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.93
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</TABLE>
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 6
[NAME] THE REAL ESTATE INVESTMENT FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 7-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] MAY-10-1999
[PERIOD-END] DEC-31-1999
[INVESTMENTS-AT-COST] 4712208
[INVESTMENTS-AT-VALUE] 4087356
[RECEIVABLES] 45102
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[OTHER-ITEMS-LIABILITIES] 30473
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[PAID-IN-CAPITAL-COMMON] 5177610
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[ACCUMULATED-NII-CURRENT] 14623
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[ACCUMULATED-NET-GAINS] 158
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[ACCUM-APPREC-OR-DEPREC] (624852)
[NET-ASSETS] 4567539
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[NET-INVESTMENT-INCOME] 169720
[REALIZED-GAINS-CURRENT] (624852)
[APPREC-INCREASE-CURRENT] (624852)
[NET-CHANGE-FROM-OPS] (455132)
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[SHARES-REINVESTED] 17075
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[PER-SHARE-NAV-END] 8.79
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</TABLE>
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 1
[NAME] THE SMALL CAPITALIZATION EQUITY FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
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[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
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[INVESTMENTS-AT-VALUE] 45937521
[RECEIVABLES] 41250
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[ACCUMULATED-NET-GAINS] (3890456)
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[EXPENSES-NET] 662942
[NET-INVESTMENT-INCOME] (246682)
[REALIZED-GAINS-CURRENT] 3268065
[APPREC-INCREASE-CURRENT] 6452529
[NET-CHANGE-FROM-OPS] 2937782
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2269)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2274534
[NUMBER-OF-SHARES-REDEEMED] 1235401
[SHARES-REINVESTED] 2188
[NET-CHANGE-IN-ASSETS] 14910449
[ACCUMULATED-NII-PRIOR] 2175
[ACCUMULATED-GAINS-PRIOR] (622391)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 480061
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 912222
[AVERAGE-NET-ASSETS] 45722224
[PER-SHARE-NAV-BEGIN] 11.40
[PER-SHARE-NII] (.07)
[PER-SHARE-GAIN-APPREC] .86
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.19
[EXPENSE-RATIO] 1.45
</TABLE>
[ARTICLE] 6
[CIK] 0001047140
[NAME] FORWARD FUNDS, INC.
[SERIES]
[NUMBER] 3
[NAME] THE U.S. EQUITY FUND
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] JAN-01-1999
[PERIOD-END] DEC-31-1999
[INVESTMENTS-AT-COST] 31691003
[INVESTMENTS-AT-VALUE] 40043355
[RECEIVABLES] 82509
[ASSETS-OTHER] 364033
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 40489897
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 58193
[TOTAL-LIABILITIES] 58193
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 32098417
[SHARES-COMMON-STOCK] 2812270
[SHARES-COMMON-PRIOR] 3012835
[ACCUMULATED-NII-CURRENT] 1072
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (19894)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 8352352
[NET-ASSETS] 40431704
[DIVIDEND-INCOME] 504844
[INTEREST-INCOME] 9842
[OTHER-INCOME] 0
[EXPENSES-NET] 521048
[NET-INVESTMENT-INCOME] (6362)
[REALIZED-GAINS-CURRENT] 1122327
[APPREC-INCREASE-CURRENT] 5647372
[NET-CHANGE-FROM-OPS] 6763337
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2521)
[DISTRIBUTIONS-OF-GAINS] (154073)
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2697
[NUMBER-OF-SHARES-REDEEMED] 217449
[SHARES-REINVESTED] 14187
[NET-CHANGE-IN-ASSETS] 4024938
[ACCUMULATED-NII-PRIOR] 2278
[ACCUMULATED-GAINS-PRIOR] (988587)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 232611
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 542663
[AVERAGE-NET-ASSETS] 37255449
[PER-SHARE-NAV-BEGIN] 12.08
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 2.36
[PER-SHARE-DIVIDEND] (0)
[PER-SHARE-DISTRIBUTIONS] (.06)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.38
[EXPENSE-RATIO] 1.40
</TABLE>
FORWARD FUNDS, INC.
ITEM 77C:
Submission of Matters to a Vote of Security Holders
Date of Meeting:
A Special Meeting of Shareholders held on May 3, 1999.
Matters Voted on and Number of Affirmative and Negative Votes cast with
Respect to each Matter:
Proposal No. 1 - Adoption of a 12b-1 Plan
Fund Votes For Votes Against
Global Asset Allocation Fund 10,082,853 0
Global Bond Fund 2,918,825 0
International Equity Fund 2,054,132 0
U.S. Equity Fund 2,971,809 0
Proposal No. 2 - Amend the Global Bond Fund's investment objective
Fund Votes For Votes Against
Global Bond Fund 2,918,825 0
Proposal No. 3 - Arrangement for the Funds' investment adviser to hire or
terminate sub-advisers to the Funds without shareholder approval
Fund Votes For Votes Against
Global Asset Allocation Fund 10,082,853 0
Global Bond Fund 2,918,825 0
International Equity Fund 2,054,132 0
U.S. Equity Fund 2,971,809 0
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors of Forward Funds, Inc.:
In planning and performing our audits of the financial statements
of Forward Funds, Inc. (comprising The Small Capitalization Fund,
The International Equity Fund, The U.S. Equity Fund, The Global
Bond Fund, The Real Estate Investment Fund, and The Global Asset
Allocation Fund) (the Funds) for the year ended December 31, 1999,
we considered their internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December
31, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of Forward Funds, Inc. and the Securities and
Exchange Commission.
ARTHUR ANDERSEN LLP
San Francisco, California
February 18, 2000