0001193125-07-214217 Sample Contracts

Exhibit (d)(16) Sub-Advisory Agreement among the Registrant, the Advisor and Pictet Asset Management SA FORWARD FUNDS INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • October 5th, 2007 • Forward Funds • California

This INVESTMENT SUB-ADVISORY AGREEMENT (“Agreement”) effective as of October 5, 2007, is by and among Pictet Asset Management SA, (the “Sub-Advisor”), Forward Funds (the “Trust”), on behalf of the Forward International Fixed Income Fund, a series of the Trust (the “Fund”), and Forward Management, LLC (the “Advisor”).

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Exhibit (h)(5)(t) Expense Limitation Agreement for the Forward International Fixed Income Fund (Institutional Class Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (INSTITUTIONAL CLASS SHARES)
Expense Limitation Agreement • October 5th, 2007 • Forward Funds

THIS AGREEMENT, dated as of October 5, 2007, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(u) Expense Limitation Agreement for the Forward International Fixed Income Fund (Class A Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (CLASS A SHARES)
Expense Limitation Agreement • October 5th, 2007 • Forward Funds

THIS AGREEMENT, dated as of October 5, 2007, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(v) Expense Limitation Agreement for the Forward International Fixed Income Fund (Class C Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (CLASS C SHARES)
Expense Limitation Agreement • October 5th, 2007 • Forward Funds

THIS AGREEMENT, dated as of October 5, 2007, is made and entered into by and between Forward Funds, a Delaware statutory trust (the “Trust”), on behalf of the Class C shares of its series, Forward International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

Exhibit (h)(5)(s) Expense Limitation Agreement for the Forward International Fixed Income Fund (Investor Class Shares) EXPENSE LIMITATION AGREEMENT FOR FORWARD INTERNATIONAL FIXED INCOME FUND (INVESTOR CLASS SHARES)
Expense Limitation Agreement • October 5th, 2007 • Forward Funds

THIS AGREEMENT, dated as of October 5, 2007, 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 International Fixed Income Fund (the “Fund”), and Forward Management, LLC (the “Investment Advisor”).

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