0000889188-10-000024 Sample Contracts

FORWARD FUNDS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • August 31st, 2010 • Forward Funds • California

This AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of September 1, 2008 and amended and restated as of March 31, 2010, is by and among First Western Capital Management Inc. (formerly named First Western Investment Management Inc.) (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Accessor High Yield Bond Fund (subsequently renamed the Forward High Yield Bond Fund), a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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