Press Release

Contact:
Victoria Odinotska
Kanter and Company
(703) 534-3735
April 12, 2010

FORWARD MANAGEMENT LAUNCHES NEW SHARE CLASSES FOR FORWARD TACTICAL GROWTH AND FORWARD BANKING AND FINANCE FUNDS

Also introduces new M share class for use with advisor platforms for seven funds

San Francisco, 12 April, 2010 – Forward Management, LLC announced the launch of new share classes for some of its funds. The Forward Tactical Growth Fund is now available in Class A shares (load) and the Forward Banking and Finance Fund in Investor Class shares (no load). In addition, Forward has introduced new Class M shares for seven of their funds, including the Forward Tactical Growth Fund, for use in fee-based advisor platforms and retirement accounts.

“The addition of new share classes to several of our funds reflects our goal of making Forward’s specialized strategies accessible and cost effective to a large variety of investors across a number of channels,” said J. Alan Reid, Jr., CEO of Forward Management. “The introduction of M shares is a response to the changing marketplace where fee-based advisor platforms are playing an increasingly prominent role,” he pointed out.

The Forward Tactical Growth Fund Class A shares (FTAGX) is available with a $4,000 minimum investment (or $2,000 with e-delivery). The launch of the additional share class reflects the steady demand for the fund, which was launched in December 2009 and has grown to $380 million in assets under management as of March 31, 2010. The fund, which has the flexibility to be long, short and neutral on the market, seeks above-average, risk adjusted returns in any market environment while exhibiting less downside volatility than the S&P 500 index.

The Forward Banking and Finance Fund will for the first time be available to retail investors in a no-load share class (FFBFX). The launch of the Investor Class shares reflects increased interest in the strategy, which invests in community banks, insurance companies and other financial institutions. The fund has a $4,000 minimum investment (or $2,000 with e-delivery).

The new Class M shares are available to fee-based advisory platforms and retirement plans for the following funds:
  • Forward Tactical Growth Fund (FTGMX)
  • Forward Emerging Markets Fund (FEMMX)
  • Forward Global Infrastructure Fund (FGIMX)
  • Forward Select Income Fund (FSIMX)
  • Forward International Small Companies Fund (FNSMX)
  • Forward Small Cap Equity Fund (FSCMX)
  • Forward Long/Short Credit Analysis Fund (FLSMX)
Class M shares offer institutional pricing with low account minimums. Financial intermediaries and group retirement plans may purchase M shares at net asset value through an omnibus account arrangement without any additional distribution fees. The M shares were designed for asset allocation, wrap fee and other similar fee-based advisory programs sponsored by financial intermediaries, such as brokerage firms, investment advisers, financial planners and third-party administrators.

About Forward Management, LLC
Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds and the Accessor Funds. The firm also markets a range of separately managed accounts. Forward Management offers institutional money managers, financial advisors and individual investors access to industry leading investment managers, investment products and services. The firm specializes in identifying managers who have long track records of managing assets in specific investment disciplines and asset classes. More information on Forward Management and the Forward Funds can be found at www.forwardmgmt.com.

You should consider the investment objectives, risks, charges and expenses of the Forward Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from www.forwardfunds.com. It should be read carefully before investing.

Investing in foreign securities, especially emerging markets, will involve additional risks, including social and political instability, 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. 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, and general economic conditions. 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.

The underlying investments of the Forward Tactical Growth Fund (such as Exchange Traded Funds (ETFs), and futures and options on securities, securities indexes and shares of ETFs) may involve heightened risks related to liquidity, increased volatility and unfavorable fluctuations in currency values. The underlying international and real estate investments may 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 Fund’s underlying investments. The Fund’s use of short selling and derivatives involves additional risks and transaction costs, and creates leverage, which can increase the volatility of the Fund.

The Long/Short Credit Analysis Fund and Select Income Fund 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 their assets in the securities of a smaller number of issuers, since they are “non-diversified” mutual funds. The Long/Short Credit Analysis Fund’s prospectus allows for investing in non-investment grade securities.

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

The S&P 500 Index is an unmanaged index of 500 widely held common stocks representing all major industries and is designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks. It is not possible to invest directly in an index.

Forward Funds are distributed by ALPS Distributors, Inc.
Alan Reid is a registered representative of ALPS Distributors, Inc.

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