A strategic, multisector approach to fixed-income investing

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1 Alternative Solutions Forward Credit Analysis Long/Short Fund A strategic, multisector approach to fixed-income investing

2 Is it time to adapt your fixed-income approach? Today s fixed-income investors face a host of challenges. It s not just that decent yields and income are harder to find. Investors also worry about the prospect of higher interest rates, continued uncertainty over tax policy and rising bond correlations with other asset classes concerns that many traditional bond strategies fail to address. Key facts Category: Alternative Solutions Objective: High total return (capital appreciation and income) Ticker/Inception: Investor FLSRX 05/01/2008 Institutional FLSIX 05/01/2008 Class A FLSLX 12/29/2006 Class C FLSFX 06/03/2009 Advisor FLSMX 02/01/2010 Benchmarks: Barclays U.S. Municipal Bond Index; Barclays U.S. Corporate High-Yield Bond Index Definition of Terms Barclays U.S. Corporate High-Yield Bond Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody s, Fitch and S&P is Ba1/BB+/BB+ or below. Barclays U.S. Municipal Bond Index covers the USD-denominated, long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Convexity measures the curvature in the relationship between bond prices and bond yields and demonstrates how a bond s duration changes as interest rates change. Correlation is a statistical measure of how two securities move in relation to each other. Credit quality informs investors of a bond or bond portfolio s credit worthiness, or risk of default. Duration is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates and is expressed as a number of years. Valuation is the process of determining the value of an asset or company based on earnings and the market value of assets. Volatility is a statistical measure of the dispersion of returns for a given security or market index. Yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. One cannot invest directly in an index.

3 A full range of investment tools The flexibility of a long/short approach How can investors adapt to a challenging bond climate? We believe they need the flexibility to seek value across a broad mix of fixed-income opportunities not just traditional, long-only bond investments. Designed to be nimble and adaptable, Forward Credit Analysis Long/Short Fund employs a hedged, actively managed strategy to invest in the U.S. fixed-income marketplace, with a special focus on municipal bonds. The investment team selectively invests in the market areas and securities it deems most attractive in light of shifting market conditions and the fund s multiple goals: maximizing total return, generating tax-efficient income and managing downside risk. Seeking to deliver positive returns in most market climates, the fund incorporates a robust set of risk management disciplines with an unconstrained absolute return orientation. Asset-Backed Securities $1.3 Trillion While taking advantage of varied fixed-income opportunities, the fund particularly targets municipal bonds a $3.7 trillion * market that was long considered stable and homogeneous, but is now rife with inefficiencies that seasoned managers seek to exploit. Traditionally, muni bonds were often managed with a simplistic philosophy of buy insured bonds and hold to maturity. Now they constitute a true credit market requiring thorough security and portfolio analysis. Some muni bonds also provide tax-exempt income. Corporate Debt $7.8 Trillion Forward Credit Analysis Long/Short Fund Investment Universe * Money Markets $2.9 Trillion Mortgage-Related Securities $8.7 Trillion Municipal Bonds $3.7 Trillion Treasury and Agency Securities $14.5 Trillion A strategic anchor The investment team grounds its decisions in a clear, long-term macro market view an essential safeguard against the bouts of euphoria or fear that too often lead investors off track. * Source: PIMCO, as of 12/31/14

4 Portfolio construction Blending rigorous top-down and bottom-up decision-making Top-down Macroeconomic View Market outlook Cyclical trends Top-down strategies: Interest rate exposure, Yield curve positioning, Sector rotation, Yield volatility Targeted portfolio characteristics Objectives Tax-efficient income Stable portfolio valuation Strong performance Portfolio construction Relative-value sector analysis Security analysis: Risk sensitivity, Risk-adjusted yields, Portfolio characteristics, Relative value Risk management Bottom-up Security Selection The investment process blends top-down secular research with thorough, independent security analysis. Led by Joe Deane, a nationally known municipal bond expert, the investment team draws on PIMCO s extensive macroeconomic and fixed-income research resources to arrive at a clear, long-term market view the foundation for its portfolio construction. The team seeks to add value by applying multiple investment strategies, making sure that no single strategy drives return patterns. Bottom-up security selection emphasizes relative-value analysis of sectors and securities, aiming to identify issues that offer the most attractive after-tax yields, the best credit quality and the best fit with targeted portfolio characteristics for the price. Proprietary metrics are used to balance portfolio risks. Stringent risk management disciplines The investment team continually monitors portfolio risk exposures using PIMCO s proprietary models to stress test portfolios and quantify an array of security- and portfolio-level risks, including interest rate, interest rate volatility, yield curve, sector, credit and liquidity risks. A staff of seasoned credit analysts internally rates every credit held in the portfolio, never relying on credit agency ratings alone. The portfolio manager continually adjusts the portfolio to limit and balance risks while adhering to diversification and exposure guidelines. A variety of derivatives and swaps, as well as short selling, may be employed as risk hedges.

5 Investment process overview Macro/micro analysis across bond market sectors Market outlook PIMCO investment professionals: Develop a three to five year market outlook based on discussion of economic and political conditions at PIMCO s annual three-day Global Secular Forum, which includes outside experts Forecast six to 12 month cyclical trends based on quarterly economic forums and input from regional portfolio committees and sector specialists Portfolio positioning PIMCO s Investment Committee: Determines model portfolio strategies, applying a mix of strategies to add portfolio value based on market and sector views Sets targets for portfolio characteristics, including duration, yield curve exposure, convexity, sector concentration and credit quality Portfolio construction A specialized team The fund is sub-advised by PIMCO, widely known as one of the nation s leading bond market authorities. PIMCO has been managing municipal assets since 1997 and is among the largest investors in the space today. Head of the investment team is Joe Deane, a municipal bond portfolio manager with more than four decades of experience. Morningstar named him Fixed-Income Manager of the Year in 1996 and a finalist for the title in 1995 and The portfolio management team utilizes PIMCO s in-depth top-down strategies and bottom-up research for portfolio construction. Through all steps of its investment process, the team takes advantage of PIMCO s rigorous methodologies and vast research resources. Fund portfolio management team: Conducts fundamental and relative value analysis of securities Internally rates securities for credit quality and capital appreciation potential Constructs portfolios within parameters of PIMCO s model strategies and portfolio characteristics, tapping sector specialists for strategic and security-level input and assistance with execution Employs proprietary models to balance risks and stress test portfolios

6 Using this fund in your portfolio Adding total return and diversification potential Alternative Solutions Strategic Income Global Exposure Advanced Diversification A core bond investment With its broadly diversified bond exposure and long and short positioning, the fund may serve as a core bond holding for investors who seek long-term, risk-managed total return rather than maximum current income. Enhancement to a traditional bond portfolio The fund s long/short strategy offers the potential to boost an investor s overall bond returns while seeking to lower volatility. It can also bring diversification potential to existing bond holdings. Tax-sensitive bond exposure The fund particularly targets municipal bonds, some of which provide tax-exempt income an advantage for many investors, and a potential source of added portfolio value if marginal tax rates are increased for high-earning households.* Hedge against rising interest rates With the ability to short bonds and employ a variety of hedging techniques, the portfolio manager has the tools to help manage risk in a rising interest rate environment. * Contact your tax professional with questions. To learn more about how this fund might best fit in your portfolio, call a Forward representative at (888) or visit our website at 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) or by downloading one from It should be read carefully before investing. RISKS 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. Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund. Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations. Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested. Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation. Investing in lower-rated ( high yield ) debt securities involves special risks in addition to those associated with investments in higher-rated debt securities, including a high degree of credit risk. Investing in a non-diversified fund involves the risk of greater price fluctuation than a more diversified portfolio. Short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund. Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as mutual funds which focus on alternative strategies are not suitable for all investors. Diversification does not assure profit or protect against risk. Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts. Forward Funds are distributed by Forward Securities, LLC. Not FDIC Insured No Bank Guarantee May Lose Value 2015 Forward Management, LLC. All rights reserved. FSD

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