Distributions Schedule

 

2010 SCHEDULE OF DIVIDENDS*

FORWARD BANKING AND FINANCE FUND 1

FORWARD GROWTH FUND1

FORWARD INTERNATIONAL DIVIDEND FUND1

FORWARD INTERNATIONAL SMALL COMPANIES FUND1

FORWARD SMALL CAP EQUITY FUND1

FORWARD LEGATO FUND2

FORWARD LARGE CAP EQUITY FUND2

FORWARD TACTICAL GROWTH FUND1
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
Annual Payment of Dividend Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/28/2010 12/29/2010 12/30/2010
   

FORWARD EMERGING MARKETS FUND1
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
Annual Payment of Dividend Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/23/2010 12/27/2010 12/28/2010
   

FORWARD REAL ESTATE FUND1
Declaration Date: Three Business Days prior to Last Business Day of Month
Record Date: Two Business Days prior to Last Business Day of Month
Ex- & Reinvest Dates: One Business Day prior to Last Business Day of Month
Payable Date: One Business Day prior to Last Business Day of Month
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
1/26/2010 1/27/2010 1/28/2010
2/23/2010 2/24/2010 2/25/2010
3/26/2010 3/29/2010 3/30/2010
4/27/2010 4/28/2010 4/29/2010
5/25/2010 5/26/2010 5/27/2010
6/25/2010 6/28/2010 6/29/2010
7/27/2010 7/28/2010 7/29/2010
8/26/2010 8/27/2010 8/30/2010
9/27/2010 9/28/2010 9/29/2010
10/26/2010 10/27/2010 10/28/2010
11/24/2010 11/26/2010 11/29/2010
12/28/2010 12/29/2010 12/30/2010
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
   

FORWARD INTERNATIONAL FIXED INCOME FUND2
Declaration Date: Five Business Days prior to Last Business Day of Quarter
Record Date: Four Business Days prior to Last Business Day of Quarter
Ex- & Reinvest Dates: Three Business Day prior to Last Business Day of Quarter
Payable Date: Three Business Day prior to Last Business Day of Quarter
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
3/24/2010 3/25/2010 3/26/2010
6/23/2010 6/24/2010 6/25/2010
9/23/2010 9/24/2010 9/27/2010
12/23/2010 12/27/2010 12/28/2010
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
   

FORWARD LONG/SHORT CREDIT ANALYSIS FUND1
FORWARD STRATEGIC REALTY FUND1
FORWARD SELECT INCOME FUND1
Declaration Date: Three Business Days prior to Last Business Day of Quarter
Record Date: Two Business Days prior to Last Business Day of Quarter
Ex- & Reinvest Dates: One Business Day prior to Last Business Day of Quarter
Payable Date: One Business Day prior to Last Business Day of Quarter
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
3/26/2010 3/29/2010 3/30/2010
6/25/2010 6/28/2010 6/29/2010
9/27/2010 9/28/2010 9/29/2010
12/28/2010 12/29/2010 12/30/2010
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
   

FORWARD INTERNATIONAL REAL ESTATE FUND1
FORWARD GLOBAL INFRASTRUCTURE FUND1
Declaration Date: Three Business Days prior to Last Business Day of Period
Record Date: Two Business Days prior to Last Business Day of Period
Ex- & Reinvest Dates: One Business Day prior to Last Business Day of Period
Payable Date: One Business Day prior to Last Business Day of Period
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
6/25/2010 6/28/2010 6/29/2010
12/28/2010 12/29/2010 12/30/2010
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/07/2010 12/08/2010 12/09/2010
     
     
     

FORWARD AGGRESSIVE GROWTH ALLOCATION FUND

FORWARD BALANCED ALLOCATION FUND

FORWARD FRONTIER MARKETS FUND

FORWARD GROWTH ALLOCATION FUND

FORWARD GROWTH & INCOME ALLOCATION FUND

FORWARD HIGH YIELD BOND FUND

FORWARD INCOME ALLOCATION FUND

FORWARD INCOME & GROWTH ALLOCATION FUND

FORWARD INTERNATIONAL EQUITY FUND

FORWARD INVESTMENT GRADE FIXED-INCOME FUND

FORWARD LARGE CAP GROWTH FUND

FORWARD LARGE CAP VALUE FUND

FORWARD MORTGAGE SECURITIES FUND

FORWARD SMALL TO MID CAP FUND

FORWARD STRATEGIC ALTERNATIVES FUND

FORWARD U.S. GOVERNMENT MONEY FUND
Annual Payment of Capital Gains Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/08/2010 12/08/2010 12/09/2010
   

FORWARD INTERNATIONAL EQUITY FUND
FORWARD FRONTIER MARKETS FUND
Annual Payment of Dividend Distributions, if available:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
12/27/2010 12/27/2010 12/28/2010
   

FORWARD LARGE CAP GROWTH FUND
FORWARD LARGE CAP VALUE FUND
FORWARD SMALL TO MID CAP FUND
FORWARD STRATEGIC ALTERNATIVES FUND
Declaration Date: Four Business Days prior to Last Business Day of Quarter
Record Date: Four Business Days prior to Last Business Day of Quarter
Ex- & Reinvest Dates: Three Business Days prior to Last Business Day of Quarter
Payable Date: Three Business Days prior to Last Business Day of Quarter
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
3/25/2010 3/25/2010 3/26/2010
6/24/2010 6/24/2010 6/25/2010
9/24/2010 9/24/2010 9/27/2010
12/27/2010 12/27/2010 12/28/2010

FORWARD HIGH YIELD BOND FUND
FORWARD INVESTMENT GRADE FIXED-INCOME FUND
FORWARD MORTGAGE SECURITIES FUND
Declaration Date: Four Business Days prior to Last Business Day of Month
Record Date: Four Business Days prior to Last Business Day of Month
Ex- & Reinvest Dates: Three Business Days prior to Last Business Day of Month
Payable Date: Three Business Days prior to Last Business Day of Month
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
1/25/2010 1/25/2010 1/26/2010
2/22/2010 2/22/2010 2/23/2010
3/25/2010 3/25/2010 3/26/2010
4/26/2010 4/26/2010 4/27/2010
5/24/2010 5/24/2010 5/25/2010
6/24/2010 6/24/2010 6/25/2010
7/26/2010 7/26/2010 7/27/2010
8/25/2010 8/25/2010 8/26/2010
9/24/2010 9/24/2010 9/27/2010
10/25/2010 10/25/2010 10/26/2010
11/23/2010 11/23/2010 11/24/2010
12/27/2010 12/27/2010 12/28/2010
   

FORWARD U.S. GOVERNMENT MONEY FUND
Declaration Date: Daily
Ex-Date, Reinvest Date and Payable Date: Last Business Day of the Month
 
Ex-Date, Reinvest Date and Payable Date**  
1/29/2010  
2/26/2010  
3/31/2010  
4/30/2010  
5/28/2010  
6/30/2010  
7/30/2010  
8/31/2010  
9/30/2010  
10/29/2010  
11/30/2010  
12/31/2010  

FORWARD INCOME ALLOCATION FUND
FORWARD INCOME & GROWTH ALLOCATION FUND
FORWARD BALANCED ALLOCATION FUND
Declaration Date: Three Business Days prior to Last Business Day of Month
Record Date: Three Business Days prior to Last Business Day of Month
Ex- & Reinvest Dates: Two Business Days prior to Last Business Day of Month
Payable Date: Two Business Days prior to Last Business Day of Month
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
1/26/2010 1/26/2010 1/27/2010
2/23/2010 2/23/2010 2/24/2010
3/26/2010 3/26/2010 3/29/2010
4/27/2010 4/27/2010 4/28/2010
5/25/2010 5/25/2010 5/26/2010
6/25/2010 6/25/2010 6/28/2010
7/27/2010 7/27/2010 7/28/2010
8/26/2010 8/26/2010 8/27/2010
9/27/2010 9/27/2010 9/28/2010
10/26/2010 10/26/2010 10/27/2010
11/24/2010 11/24/2010 11/26/2010
12/28/2010 12/28/2010 12/29/2010

FORWARD GROWTH & INCOME ALLOCATION FUND
FORWARD GROWTH ALLOCATION FUND
FORWARD AGGRESSIVE GROWTH ALLOCATION FUND
Declaration Date: Three Business Days prior to Last Business Day of Quarter
Record Date: Three Business Days prior to Last Business Day of Quarter
Ex- & Reinvest Dates: Two Business Days prior to Last Business Day of Quarter
Payable Date: Two Business Days prior to Last Business Day of Quarter
 
Payment of Dividend Distributions:
Declaration
Date		 Record Date Ex-Date, Reinvest Date and Payable Date**
3/26/2010 3/26/2010 3/29/2010
6/25/2010 6/25/2010 6/28/2010
9/27/2010 9/27/2010 9/28/2010
12/28/2010 12/28/2010 12/29/2010
     
 

(1)As of December 31, 2009, the Forward Growth Fund, Forward Banking and Finance Fund, Forward Small Cap Equity Fund, Forward International Small Companies Fund, Forward Emerging Markets Fund, Forward International Dividend Fund, Forward Global Infrastructure Fund, Forward International Real Estate Fund, Forward Long/Short Credit Analysis Fund, Forward Select Income Fund, Forward Strategic Realty Fund, Forward Tactical Growth Fund and Forward Real Estate Fund are not classified for tax purposes as a Personal Holding Company (PHC).

(2)As of December 31, 2009, the Forward Legato Fund, Forward Large Cap Equity Fund and Forward International Fixed Income Fund, are classified for tax purposes as a Personal Holding Company (PHC). In order to avoid the imposition of the Personal Holding Company tax, the Fund will distribute all of its net income and gains for the year ending December 31, 2010.

*Schedule subject to modification at the discretion of the Adviser, pursuant to authorization granted by the Board of Trustees. To the extent applicable and if available, the Funds will include in their December 2010 Capital Gains Distribution any undistributed net capital gains for the 12-month period ending October 31, 2010, as well as any net capital gain from any prior period. It is the Funds’ intention to distribute substantially all of its net investment income and net capital gains in order to avoid the imposition of Federal Tax and to ensure the Funds continue to qualify as a regulated investment company.

**Monies for distributions paid in cash will be remitted the business day following payment date.

An investment in the U.S. Government Money Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.

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 additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation. Funds that concentrate in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity. 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 will experience sudden and sharp price swings, which will affect net asset value. Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. Real Estate Investment Trust (REIT) funds will be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic sector. Risks also include declines in the value of real estate, general and economic conditions. The Global Infrastructure Fund concentrates its investments in infrastructure-related entities and therefore has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. The International Real Estate, Long/Short Credit Analysis, Select Income and Strategic Realty Funds will invest in lower-rated debt securities and may utilize derivatives for hedging purposes. The Funds use of short selling involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Funds. The Funds may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since they are “non-diversified” mutual funds. The Frontier Markets, Global Infrastructure, International Real Estate, Long/Short Credit Analysis, Select Income, Strategic Alternatives and Strategic Realty Funds are non-diversified funds. An investor will indirectly bear the expenses of the funds’ underlying investments. The underlying investments of the Frontier Markets, Strategic Alternatives and Tactical Growth Funds (such as Exchange Traded Funds (ETFs), futures and options on securities, securities indexes and shares of ETFs) involve heightened risks related to liquidity, increased volatility and unfavorable fluctuations in currency values. The underlying international and real estate investments will also be subject to economic or political instability in the U.S. and other countries, credit risk and interest rate fluctuations. Investors will indirectly bear the expenses of the Funds underlying investments. The Funds use of short selling and derivatives involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Fund.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate, and you may have a gain or loss when you redeem shares.

The Forward Tactical Growth Fund was launched on September 14, 2009, and has a limited operating history.