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

Forward Management, LLC quarter change: USA ETF, Reduced

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).

DIA: Country of operation —; Class UT SER 1; Shares 2016-06-30 780,570; Shares 2016-09-30 1,107.
SPDR SERIES TRUST: Country of operation —; Class BRCLYS 1-3MT ETF; Shares 2016-06-30 2,780,278; Shares 2016-09-30 1,171,718.
IGIB: Country of operation —; Class INTERM CR BD ETF; Shares 2016-06-30 27,662; Shares 2016-09-30 12,469.
RWX: Country of operation —; Class DJ INTL RL ETF; Shares 2016-06-30 30,000; Shares 2016-09-30 5,750.

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
DIA SPDR DOW JONES INDL AVRG ETF	UT SER 1	780,570	1,107	-779,463	$101,606,000	$203,000	-$101,403,000
SPDR SERIES TRUST CUSIP 78464A680	BRCLYS 1-3MT ETF	2,780,278	1,171,718	-1,608,560	$127,059,000	$53,583,000	-$73,476,000
IGIB ISHARES TR	INTERM CR BD ETF	27,662	12,469	-15,193	$3,077,000	$1,389,000	-$1,688,000
RWX SPDR INDEX SHS FDS	DJ INTL RL ETF	30,000	5,750	-24,250	$1,244,000	$240,000	-$1,004,000
ISHARES TR CUSIP 464288422	INTL DEVPPTY ETF	29,300	6,650	-22,650	$1,077,000	$252,000	-$825,000
MBB ISHARES TR	MBS ETF	12,454	7,812	-4,642	$1,370,000	$860,000	-$510,000
IJR ISHARES TR	CORE S&P SCP ETF	1,080	442	-638	$126,000	$55,000	-$71,000

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