0001193125-06-260304 Sample Contracts

Exhibit (d)(15) Investment Sub-Advisory Agreement among the Registrant, the Advisor and Cedar Ridge Partners, LLC FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • December 27th, 2006 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of December 7, 2006, is by and among Cedar Ridge Partners, LLC, a Delaware limited liability company, (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward Long/Short Credit Analysis Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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Exhibit (d)(3) Amended and Restated Investment Management Agreement FORWARD FUNDS AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • December 27th, 2006 • Forward Funds • California

AGREEMENT, effective as of September 7, 2006, between Forward Management, LLC (“Forward Management” or the “Investment Advisor”) and Forward Funds (the “Trust”) on behalf of the series of the Trust listed on Exhibit A (the “Funds”).

Exhibit (a) Amended and Restated Agreement and Declaration of Trust of the Registrant AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of FORWARD FUNDS, a Delaware Statutory Trust Effective June 9, 2005 As amended on December 7, 2006
Agreement • December 27th, 2006 • Forward Funds • Delaware

This Amended and Restated Agreement and Declaration of Trust of the Forward Funds (the “Trust”), dated as of June 9, 2005, is made among the individuals listed on the signatory page attached hereto (hereinafter referred to as Trustees) and each person who becomes a Shareholder in accordance with the terms hereinafter set forth.

Exhibit (h)(5)(v) Expense Limitation Agreement for Forward Long/Short Credit Analysis Fund (Class C Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LONG/SHORT CREDIT ANALYSIS FUND (CLASS C SHARES)
Agreement • December 27th, 2006 • Forward Funds

THIS AGREEMENT, dated as of December 7, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward Long/Short Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (d)(8) Amended and Restated Investment Sub-Advisory Agreement FORWARD FUNDS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • December 27th, 2006 • Forward Funds • California

AGREEMENT, effective commencing on July 1, 2005, and amended and restated on January 3, 2006, between Hoover Investment Management Co., LLC (the “Sub-Advisor”), Forward Management, LLC (the “Investment Advisor”) and Forward Funds (the “Trust”), on behalf of the Forward Hoover Mini-Cap Fund (the “Fund”), a series of the Trust.

Exhibit (h)(5)(u) Expense Limitation Agreement for Forward Long/Short Credit Analysis Fund (Class A Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LONG/SHORT CREDIT ANALYSIS FUND (CLASS A SHARES)
Agreement • December 27th, 2006 • Forward Funds

THIS AGREEMENT, dated as of December 7, 2006, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class A shares of its series, Forward Long/Short Credit Analysis Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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