0000889188-11-000011 Sample Contracts

FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • August 29th, 2011 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of February 14, 2011, is by and among SW Asset Management, LLC (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward International Fixed Income Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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