Company Press Release

FORWARD SELECT INCOME FUND CLOSING TO NEW INVESTORS

San Francisco, March 29, 2012 Forward, advisor to Forward Funds, announced today that it will close the Forward Select Income Fund to most new investors beginning March 30, 2012.  The closing will not affect existing shareholders, who may continue to purchase shares. For information on the categories of investors who may continue to invest in the fund, please click here (http://www.forwardinvesting.com/FFOnline/FundPage.html?baseID=76)

The decision to close the fund was made to limit flows of new assets into the fund. The Select Income Fund invests in preferred securities of real estate investment trusts with a focus on generating income.  The closing of the fund will help maintain the quality of its investments and seeks to look after the best interests of the fund’s current shareholders.

Forward’s real estate investment team manages five mutual funds with $1.7 billion in total assets as of December 31, 2011.  The funds that remain open are Forward Real Estate Fund, Real Estate Long/Short Fund, International Real Estate Fund and Global Infrastructure Fund.

With more than 20 years of shared history, Forward’s real estate team has honed its valuation and analytical disciplines based on lessons learned through four major real estate industry cycles. The team conducts rigorous on-the-ground global fundamental research with an emphasis on deep knowledge of properties and management teams.  It is also distinguished by hands-on research by portfolio managers, access to an expansive industry network and proprietary modeling. Forward’s Real Estate funds are team-managed with each fund having a lead portfolio manager.

About Forward We believe investors today are seeking new tools and strategies to help them achieve their goals and manage risk.  Forward is an asset management firm that is helping to meet and anticipate those needs with an extensive set of diverse, ever-evolving solutions. Providing broad access to innovative strategies once available only to the largest and most sophisticated investors in a private format, we are helping to lead the industry in a new direction. Forward manages $5.1 billion in mutual funds, separate account strategies and limited partnerships as of December 31, 2011.

You should consider the investment objectives, risks, charges and expenses of the 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.forwardinvesting.com and it should be read carefully before investing.

Forward Select Income Fund seeks high current income and potential for modest long-term growth of capital.

Forward Global Infrastructure Fund seeks total return through capital appreciation and current income.

Forward International Real Estate Fund seeks total return from both capital appreciation and current income.

Forward Real Estate Fund seeks income with capital appreciation as a secondary goal.

Forward Real Estate Long/Short Fund seeks total return through a combination of high current income relative to equity investment alternatives, plus long-term growth of capital.

RISKS: There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.

A fund that concentrates its investments in opportunities in the real estate industry or otherwise invests in real estate-related securities is subject to the risks associated with direct ownership of real estate. Real estate values can fluctuate as a result of general and local economic conditions, over-building and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhood values, increases in interest rates, and defaults by borrowers or tenants. The value of equities that service the real estate business sector may also be affected by such risks.

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.

A fund that concentrates in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. A “non-diversified” fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a “diversified” fund. The net asset value per share of a non-diversified fund can be expected to fluctuate more than that of a comparable diversified fund.