Forward Moves Management of Its Long/Short Credit Strategy to Pimco

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San Francisco, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Forward (Forward Management, LLC) today announced that it is expanding its sub-advisory relationship with Pacific Investment Management Company LLC (PIMCO) to manage Forward Credit Analysis Long/Short Fund (FLSIX). As of November 13, 2013, PIMCO will become the fund's new sub-advisor. PIMCO is already a sub-advisor to Forward Investment Grade Fixed-Income Fund (AIFIX).

"The move will refocus the fund's management, and we have also moved to significantly lower its management fee," said Alan Reid, CEO of Forward.

Veteran fixed-income manager Joseph Deane, Executive Vice President and head of municipal bond portfolio management for PIMCO, and David Hammer, Senior Vice President and municipal bond portfolio manager, will manage the fund.

"We are committed to a diversified, long/short approach to the credit markets. With the changing conditions and rising uncertainty for the bond markets, however, we felt it was prudent to adjust the strategic thinking, the opportunity set and the risk management tools applied to our fund," said Reid.

Added Reid, "We are excited about expanding our relationship with PIMCO. Its depth in fixed-income investing is of the higest caliber, and Joe Deane and David Hammer are consummate industry pros. With their portfolio management expertise, we believe our shareholders will have an excellent team working for them."

Deane has 43 years of investment experience. Before joining PIMCO in 2011, he was co-head of the tax-exempt department at Western Asset. From 1993-2005, he was a Managing Director and head of tax-exempt investments at Smith Barney/Citigroup Asset Management. Earlier in his career, he held senior portfolio management positions with Shearson and E.F. Hutton. Morningstar named him Fixed-Income Manager of the Year in 1996. David Hammer joined PIMCO last year, and was previously Executive Director at Morgan Stanley, where he served as head of the high yield and distressed municipal bond trading group. He was previously a Vice President and investment-grade bond trader in Morgan Stanley's municipal bond department.

Forward began focusing on the development of alternative strategies in 2006, and presently offers 11 alternative strategies packaged as mutual funds. These include eight long/short funds in the areas of real estate, commodities, managed futures and disruptive technologies, as well as multisector bond and tactical strategies. More recently the firm has been active in developing income-focused strategies that seek to address the challenges of a low-income environment by investing in nontraditional sources. It has introduced three income-oriented funds within the last year, including Forward Income Builder Fund, Forward Select Income Opportunity Fund and Forward Dynamic Income Fund.

About Forward
The world has changed, leading investors to seek new strategies that better fit an evolving global climate. Forward's investment solutions are built around the outcomes we believe investors need to be pursuing - non-correlated return, investment income, global exposure and diversification. With a propensity for unbounded thinking, we focus especially on developing innovative alternative strategies that may help investors build all-weather portfolios. An independent, privately held firm founded in 1998, Forward is the advisor to the Forward Funds. As of September 30, 2013, we manage more than $5.5 billion in a diverse product set offered to individual investors, financial advisors and institutions. More information on Forward can be found at www.forwardinvesting.com.

About PIMCO

PIMCO is a leading global investment management firm, with offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

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) 999-6809 or by downloading one from www.forwardinvesting.com. It should be read carefully before investing.

Forward Credit Analysis Long/Short Fund seeks to maximize total return (capital appreciation and income).Forward Dynamic Income Fund seeks total return, with dividend and interest income being an important component of that return, while exhibiting less downside volatility than the S&P 500 Index.
Forward Income Builder Fund seeks high current income and some stability of principal.
Forward Investment Grade Fixed-Income Fund seeks generation of current income.
Forward Select Income Opportunity Fund seeks total return through current income and long-term capital appreciation.

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.

Each allocation fund is a fund of funds, which invest in a mix of underlying Forward Funds. Shareholders of an allocation fund indirectly bear the expenses of the underlying funds. An allocation fund's allocations may be changed at any time. Asset allocation does not assure profit or protect against risk. (Income Builder)

Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund. (Credit Analysis Long/Short, Dynamic Income, Income Builder, Select Income Opportunity)

Concentration in a particular industry will involve a greater degree of risk than a more diversified portfolio. (Income Builder)

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. (Credit Analysis Long/Short, Dynamic Income, Income Builder, Investment Grade Fixed-Income, Select Income Opportunity)

Investing in exchange-traded funds (ETFs) will subject a fund to substantially the same risks as those associated with the direct ownership of the securities or other property held by the ETFs. (Dynamic Income, Income Builder)

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. (Credit Analysis Long/Short, Dynamic Income, Income Builder, Select Income Opportunity)

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. (Credit Analysis Long/Short, Income Builder)

Mortgage and asset-backed securities are debt instruments that are secured by interests in pools of mortgage loans or other financial instruments. Mortgage-backed securities are subject to, among other things, prepayment and extension risks. (Income Builder, Investment Grade Fixed-Income)

Investing in a non-diversified fu nd involves the risk of greater price fluctuation than a more diversified portfolio. (Credit Analysis Long/Short, Dynamic Income, Income Builder, Select Income Opportunity)

Investing in the real estate industry or in real estate-related securities involves the risks associated with direct ownership of real estatewhich include, among other things, changes in economic conditions (e.g., interest rates), the macro real estate development market, government intervention (e.g., property taxes) or environmental disasters. These risks may also affect the value of equities that service the real estate sector. (Dynamic Income, Income Builder, Select Income Opportunity)

Short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund. (Credit Analysis Long/Short, Dynamic Income)

Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies. (Dynamic Income, Select Income Opportunity)

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. (Credit Analysis Long/Short)

There is no guarantee the companies in our portfolio will continue to pay dividends. (Dynamic Income, Income Builder)

Forward Dynamic Income Fund was launched on July 31, 2013, and has a limited operating history.

Forward Select Income Opportunity Fund was launched on July 31, 2013, and has a limited operating history.

Alan Reid is a registered representative of Forward Securities, LLC.

Forward Funds are distributed by Forward Securities, LLC.
Not FDIC Insured | No Bank Guarantee | May Lose Value
©2013 Forward Management, LLC. All rights reserved.

CONTACT: Victoria Odinotska Kanter & Company (703) 534-3735

Source: Forward Investing