Exhibit (d)(1)(b) Addendum to Investment Management Agreement Dated June 9, 2015 Between Forward Funds and Forward Management, LLC

Exhibit (d)(1)(b)

Addendum to Investment Management Agreement

Dated June 9, 2015

Between

Forward Funds

and

Forward Management, LLC

THIS ADDENDUM is made as of May 1, 2016, by and between Forward Management, LLC (“Forward Management”), and Forward Funds (the “Trust”).

WHEREAS, Forward Management and the Trust have entered into an Investment Management Agreement (the “Agreement”) dated June 9, 2015; and

WHEREAS, the Board of Trustees (the “Board”) of the Trust approved on September 22, 2015 the merger of the Forward Balanced Allocation Fund into the Salient Adaptive Income Fund (formerly known as the Forward Income Builder Fund); and the merger of the Forward Multi-Strategy Fund and Forward Growth & Income Fund into the Salient Adaptive Balanced Fund (formerly known as the Forward Growth Allocation Fund), effective January 22, 2016; and

WHEREAS, the Board approved on January 26, 2016 name changes to all of the series of the Trust (the “Funds”), effective May 1, 2016; and

WHEREAS, the Board approved on January 26, 2016 a reduction in the advisory fee applicable to the Salient Commodity Long/Short Strategy Fund (formerly known as the Forward Commodity Long/Short Strategy Fund), effective May 1, 2016; and

WHEREAS, in light of the foregoing, the Trust and Forward Management wish to modify Exhibit A of the Agreement to reflect (i) the new names of the Funds, and (ii) the advisory fee applicable to the Salient Commodity Long/Short Strategy Fund;

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1. Exhibit A. Exhibit A is replaced in its entirety with the attached Schedule A.

2. Remainder of the Agreement. All services under the Agreement shall continue until such services are no longer rendered. All other provisions of the Agreement shall remain unchanged.

IN WITNESS WHEREOF, this Addendum has been executed by a duly authorized representative of each of the parties hereto as of the date of the Addendum first set forth above.

Forward Management, LLC						Forward Funds
By:		/s/ Xxxxxx X. Naka				By:		/s/ Xxxxxx X. Naka
Name:		Xxxxxx X. Naka				Name:		Xxxxxx X. Naka
Title:		Chief Operating Officer				Title:		Vice President

1

EXHIBIT A TO INVESTMENT MANAGEMENT AGREEMENT

Fund		Advisory Fee
Salient Adaptive Balanced Fund		0.10%
Salient Adaptive Income Fund		0.10%
Salient Adaptive US Equity Fund		0.50%
Salient Commodity Long/Short Strategy Fund		0.95%
Salient EM Corporate Debt Fund		0.70% up to and including $500 million 0.64% over $500 million up to and including $1 billion 0.58% over $1 billion up to and including $5 billion 0.52% over $5 billion
Salient EM Dividend Signal Fund		1.05%
Salient EM Infrastructure Fund		0.90%
Salient Frontier Strategy Fund		0.85%
Salient High Yield Fund		0.50%
Salient International Dividend Signal Fund		0.85% up to and including $250 million 0.75% over $250 million up to and including $1 billion 0.65% over $1 billion
Salient International Real Estate Fund		1.00%
Salient International Small Cap Fund		1.00% up to and including $500 million 0.975% over $500 million up to and including $1 billion 0.95% over $1 billion
Salient Investment Grade Fund		0.25%
Salient Real Estate Fund		0.85% up to and including $100 million 0.80% over $100 million up to and including $500 million 0.70% over $500 million
Salient Select Income Fund		1.00%
Salient Select Opportunity Fund		1.00%
Salient Tactical Growth Fund		1.15% up to and including $1 billion 1.05% over $1 billion
Salient Tactical Muni Strategy Fund		1.00%
Salient Tactical Real Estate Fund		1.00%
Salient US Dividend Signal Fund		0.80%

2