Company Press Release

FORWARD MANAGEMENT ADDS TO SALES FORCE, MEETING GROWING DEMAND FOR ALTERNATIVES

San Francisco, October 18, 2010 -- Forward Management, LLC (Forward) has announced the hire of Victor Melinauskas as a Regional Sales Director for the Pacific Northwest Territory. He will focus on serving financial advisors, as well as executing Forward's business strategy, in the Northwest region. The appointment comes as Forward continues to expand its line-up of investment products, particularly in the alternative investment area. It has helped to double the firm's assets under management, bringing the amount to $6.0 billion as of September 30, 2010.

"Victor's depth of experience working with intermediaries made him an ideal candidate to add to our growing sales team," said Jeff Cusack, President of Forward Management. "We continue to hear calls from the advisor community for new solutions in managing their clients' portfolios. As a result, Forward now offers a growing and diverse selection of alternative strategies. Victor's track record in successfully conveying innovative strategies to this important audience speaks for itself," he added.

Forward's most recent strategy, the Forward Tactical Growth Fund was launched in September 2009, and since then it has gained more than $800 million in total assets. The Tactical Growth Fund provides investors with an access to a long/short tactical strategy that strives to participate in the upside of the market while potentially limiting the downside risk. Among Forward's other products experiencing strong investor demand are the $232 million Forward Long/Short Credit Analysis Fund and the line-up of Forward's real estate funds, with total assets of about $1.4 billion. These funds' features include the ability to employ hedge-like strategies, which strongly resonate with investors in the current economic environment.

Before joining Forward, Melinauskas was a Vice President and Wealth Management Consultant for the US intermediary business at American Century Investments where he managed the Northern California territory for their wealth management channel. Previously, he served as a Principal and Business Development Officer at Barclays Global Investors where he helped educate advisors on the strategic and tactical use of ETFs. He was previously a Senior Manager at Charles Schwab & Co. in San Francisco where he focused on strategic planning and corporate development. Melinauskas also held analyst positions at WestCap Investors, Mullin Consulting and Retirement Planning Group, LPL. He holds an MBA from The Anderson School of Business at UCLA and a BA in Business Economics from the University of California, Santa Barbara.

The Forward Funds family offers investors a wide selection of asset classes for building diverse portfolios seamlessly. Forward's complete fund line-up also includes asset allocation, alternative, international equity, real estate, emerging and frontier markets, domestic equity and fixed income strategies and a money market fund. The funds are managed by the company's internal asset management team and through sub-advisor agreements.

About Forward Management, LLC
Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds, a family of 32 mutual funds. The firm also markets a range of separately managed account strategies. Forward 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.

The underlying investments of the Forward Tactical Growth Fund (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 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.

Forward Long/Short Credit Analysis Fund will invest in lower-rated debt securities and may utilize derivatives for hedging purposes. 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 Fund may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since it is a "non-diversified" mutual fund. 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. The Fund's prospectus allows for investment in non-investment grade securities.

Forward International Real Estate Fund may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since it is a "non-diversified" mutual fund. Foreign securities, especially emerging markets, will involve additional risks including exchange rate fluctuations, social and political instability, liquidity, greater volatility and less regulation. 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.

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 Forward Select Income Fund and Forward Strategic Realty Fund will invest in lower-rated debt securities and may utilize derivatives for hedging purposes. 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 Fund may invest in a larger percentage of its assets in the securities of a smaller number of issuers, since it is a "non-diversified" mutual fund. 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.

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.

Forward Funds are distributed by ALPS Distributors, Inc. Separately Managed Accounts and related investment advisory services are provided by Forward Management, a federally regulated Investment Advisor. ALPS Distributors, Inc., is not affiliated with Forward Management or Kanter and Company.

Jeff Cusack and Victor Melinauskas are registered representatives of ALPS Distributors, Inc.