Forward Management, LLC Last Quarter Change: Foreign ADRs, Reduced

Forward Management, LLC quarter change: Foreign ADRs, Reduced

In depositary receipts for foreign shares (depositary receipts and foreign shares traded over the counter), from the quarter ended 2016-06-30 to 2016-09-30, Forward Management, LLC opened 0 positions, added to 2, reduced 2, sold out of 2 and left 0 unchanged. The largest increase in value was GLAXOSMITHKLINE PLC (+$951,000); the largest decrease was BT GROUP PLC (-$229,000).

BT GROUP PLC: Country of operation —; Class ADR; Shares 2016-06-30 58,811; Shares 2016-09-30 55,384.
MARINE HARVEST ASA: Country of operation —; Class SPONSORED ADR; Shares 2016-06-30 281,388; Shares 2016-09-30 271,613.

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	Country of operation	Class	Shares 2016-06-30	Shares 2016-09-30	Share change	Value 2016-06-30	Value 2016-09-30	Value change
BT GROUP PLC CUSIP 05577E101		ADR	58,811	55,384	-3,427	$1,638,000	$1,409,000	-$229,000
MARINE HARVEST ASA CUSIP 56824R205		SPONSORED ADR	281,388	271,613	-9,775	$4,756,000	$4,868,000	+$112,000

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