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Friday, November 16, 2007

Forward Management Scraps Redemption Fees

News summary by MFWire's editors

Officials at Forward Management said they have scrapped redemption fees for all share classes for the entire line of Forward Funds. "The redemption fees were initially put in place to deter market timing, and now we feel the fees are no longer necessary," said J. Alan Reid, Jr., president of the San Francisco-based asset manager. Forward Funds will continue to monitor fund activity on a daily basis for any kind of suspicious activity.


Forward Management, LLC, investment advisor to the Forward Funds, today announced that they have eliminated redemption fees for all share classes for all of the Forward Funds.

“The redemption fees were initially put in place to deter market timing, and we now feel the fees are no longer necessary,” said J. Alan Reid, Jr., president of Forward Management. “Eliminating the fees is in keeping with our strategy of providing our shareholders value.”

Redemption fees were one of a number of tools which were originally put in place to discourage short-term or excessive trading. After ongoing review of redemption fee policies, Forward determined they were difficult to administer equitably.

Forward Funds will continue to monitor fund activity on a daily basis for any sort of suspicious activity, and in cases where there appears to be inappropriate activity, shareholders may be requested to stop such trading activities or further trades may be refused.

Forward Funds also fair values each security in certain circumstances, such as when market prices are not readily available. For non-U.S. securities, fair valuation is intended to deter market timers who may take advantage of time zone differences between the close of the foreign markets on which a Fund's portfolio securities trade and the U.S. markets that determine the time as of which the Fund's NAV is calculated. Fair valuing securities also is intended to protect Funds that invest in small cap securities, high yield bonds or other types of investments that are not frequently traded and thus potentially more susceptible to market timing. 

Edited by: Armie Margaret Lee


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