Forward Funds appreciates the privacy concerns and expectations of our customers. We are committed to maintaining a high level of privacy and confidentiality when it comes to your personal information and we use that information only where permitted by law. We recognize that, as our customer, you not only entrust us with your money but with your personal information. Your trust is important to us and you can be sure we will continue our tradition of protecting your personal information.We provide this privacy notice to you so that you may understand our policy with regard to the collection and disclosure of nonpublic personal information (”Information”) pertaining to you.

We collect the following categories of information about you:

	Information we receive from you on applications or other forms; and
	Information about your transactions with us, our affiliates, or others.

We do not disclose any Information about you or any current or former customer to anyone, except as permitted by law. We may disclose Information about you and any former customer to our affiliates and to nonaffiliated third parties, as permitted by law. We do not disclose personal information that we collect about you to non-affiliated companies except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, or in other limited circumstances permit-ted by law. For example, some instances where we may disclose Information about you to third parties include: for servicing and processing transactions, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information about you with there companies, we require them to limit their use of the personal information to the particular purpose for which it was shared and we do not allow them to share your personal information with others except to fulfill that limited purpose. In addition, these companies are required to adhere to our privacy standards with respect to any personal information that we provide them.

Protecting the security and confidentiality of your information:

We restrict access to Information about you to those employees who need to know that Information to provide products or services to you. We maintain physical, electronic, and procedural safeguards to ensure the confidentiality of your Information.Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, we consider you to be a customer of Forward Funds. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should consult that financial institution’s privacy policies. If you own shares or receive investment services through a relationship with a third-party broker, bank, investment adviser or other financial service provider, that third-party’s privacy policies will apply to you and ours will not.

FedFund – Cash Reserve Shares

BlackRock recognizes the importance of protecting your personal and financial information when you visit our Website. The personal information (e.g., name and address) we require when you request information is used only to service your account and provide you with information on BlackRock products and services. We never sell your personal information to third parties. Selected information is shared only as part of normal business operations and for legal purposes as required by applicable regulatory agencies.

E-mail

BlackRock does not sell its customers’ E-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. BlackRock will not send you E-mail without first receiving your permission, unless it relates to servicing your account. It is our policy to include instructions for unsubscribing from these permission-based programs.

Personal Data

BlackRock does not automatically collect personal information from visitors to its Website. BlackRock does use cookies, which are small pieces of information that a Website stores on a visitor’s web browser to remind the Website about the visitor the next time they visit the Website. BlackRock does not store confidential or sensitive information in cookies. BlackRock does not retain any personally identifiable information provided by visitors to this Website. BlackRock disclaims responsibility for the privacy policies and customer information practices of third-party internet Web sites hyperlinked to our Website.

Security

BlackRock protects your personal information when you transact business on our Website by requiring the use of a browser software program that supports industry standard SSL encryption with 128-bit key lengths. The “128-bit” designation refers to the length of the key used to encrypt the data being transmitted, with a longer key representing a higher level of security.

Changes to this Privacy Policy

BlackRock reserves the right to change, modify, add, or remove portions of this Privacy Policy at any time. We suggest that you review this policy periodically for changes. You can access it from the link on our homepage, or at the bottom of our other Website pages. It is understood that by accessing our Website after we have posted changes to this policy, you are agreeing to accept the changes.

If you have any questions about our Privacy Policy, please contact us.

BlackRock is a trademark of BlackRock, Inc., the BlackRock logo is a service mark of The PNC Financial Services Group, Inc. BlackRock is an equal opportunity employer committed to diversity in the workplace.