0001193125-06-200351 Sample Contracts

Exhibit (d)(14) Form of Sub-Advisory Agreement among the Registrant, the Advisor and Affinity Investment Advisors LLC with respect to the Forward Large Cap Equity Fund FORWARD FUNDS FORM OF INVESTMENT SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • September 29th, 2006 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of September __, 2006, is by and among Affinity Investment Advisors, LLC, a California limited liability company, (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward Large Cap Equity Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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Exhibit (h)(5)(r) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Class A shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (CLASS A SHARES)
Limitation Agreement • September 29th, 2006 • Forward Funds

THIS AGREEMENT, dated as of September 26, 2006, is made and entered into by and between Forward Funds., a Delaware statutory trust (the “Trust”), on behalf of the Class A shares of its series, Forward Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(t) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Institutional Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (INSTITUTIONAL CLASS SHARES)
Expense Limitation Agreement • September 29th, 2006 • Forward Funds

THIS AGREEMENT, dated as of September 26, 2006, is made and entered into by and between Forward Funds., a Delaware statutory trust (the “Trust”), on behalf of the Institutional Class shares of its series, Forward Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(s) Expense Limitation Agreement for the Forward Large Cap Equity Fund (Investor Class shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD LARGE CAP EQUITY FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • September 29th, 2006 • Forward Funds

THIS AGREEMENT, dated as of September 26, 2006, is made and entered into by and between Forward Funds., a Delaware statutory trust (the “Trust”), on behalf of the Investor Class shares of its series, Forward Large Cap Equity Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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