Forward Management, LLC Last Quarter Change: USA ETF, Added

Forward Management, LLC quarter change: USA ETF, Added

In exchange-traded fund shares (known by the fund name on the filing) (listed in the US), from the quarter ended 2016-06-30 to 2016-09-30, Forward Management, LLC opened 4 positions, added to 6, reduced 7, sold out of 1 and left 7 unchanged. The largest increase in value was SPY (+$171,484,000); the largest decrease was DIA (-$101,403,000).

SPY: Country of operation —; Class TR UNIT; Shares 2016-06-30 697,203; Shares 2016-09-30 1,288,172.
ISHARES: Country of operation —; Class MSCI FRNTR100ETF; Shares 2016-06-30 3,900; Shares 2016-09-30 14,050.
VNQ: Country of operation —; Class REIT ETF; Shares 2016-06-30 49,376; Shares 2016-09-30 52,358.
XLU: Country of operation —; Class SBI INT-UTILS; Shares 2016-06-30 84,416; Shares 2016-09-30 93,534.

Two Form 13F-HR filings compared (SEC CIK 1385864): 2016-06-30 (filed 2016-08-03) and 2016-09-30 (filed 2016-11-04). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move; share change is the position change.

Stock	Class	Shares 2016-06-30	Shares 2016-09-30	Share change	Value 2016-06-30	Value 2016-09-30	Value change
SPY SPDR S&P 500 ETF TR	TR UNIT	697,203	1,288,172	+590,969	$107,148,000	$278,632,000	+$171,484,000
ISHARES CUSIP 464286145	MSCI FRNTR100ETF	3,900	14,050	+10,150	$96,000	$361,000	+$265,000
VNQ VANGUARD INDEX FDS	REIT ETF	49,376	52,358	+2,982	$4,378,000	$4,542,000	+$164,000
XLU SELECT SECTOR SPDR TR	SBI INT-UTILS	84,416	93,534	+9,118	$4,429,000	$4,582,000	+$153,000
VOX VANGUARD WORLD FDS	TELCOMM ETF	44,853	48,087	+3,234	$4,414,000	$4,539,000	+$125,000
XLP SELECT SECTOR SPDR TR	SBI CONS STPLS	80,474	85,659	+5,185	$4,438,000	$4,558,000	+$120,000

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