FORWARD MANAGEMENT, LLC Information

101 CALIFORNIA STREET, 16TH FLOOR, SAN FRANCISCO, California, 94111, (415) 869-6300

Report Date: 12/31/2014

Position Statistics

Total Positions 468
New Positions 79
Increased Positions 185
Decreased Positions 170
Positions with Activity 355
Sold Out Positions 85
Total Mkt Value (in $ millions) 1,866

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 1.14%
Capital Goods 1.87%
Conglomerates 0.39%
Consumer Cyclical 0.24%
Consumer/Non-Cyclical 0.75%
Energy 1.1%
Financial 39.44%
Healthcare 5.18%
Services 44.44%
Technology 1.71%
Transportation 0.38%
Utilities 0.39%

468 Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
SPDR S&P 500 ETF TR TR UNIT 535,421 168,279 45.84 2,546,833
SPDR SERIES TRUST BRCLYS 1-3MT ETF 84,886 -29,643 (25.88) 1,856,242
STAG INDL INC COM 64,789 10,564 19.48 2,710,845
CHATHAM LODGING TR COM 49,045 New 1,700,000
FRANKLIN STREET PPTYS CORP COM 45,637 7,450 19.51 3,613,400
AMERICAN RLTY CAP PPTYS INC COM 40,400 40,400 New 4,000,000
SUMMIT HOTEL PPTYS COM 39,159 New 2,850,000
SABRA HEALTH CARE REIT INC COM 38,129 -3,595 (8.62) 1,183,760
CAMPUS CREST CMNTYS INC COM 32,099 -550 (1.69) 4,083,831
MACK CALI RLTY CORP COM 31,980 228 .72 1,684,957
FELCOR LODGING TR INC PFD CV A $1.95 28,603 New 1,094,238
HEALTHCARE RLTY TR COM 26,852 -3,508 (11.56) 972,900
EXCEL TR INC COM 25,507 2,827 12.47 1,861,817
EPR PPTYS CONV PFD 9% SR E 22,524 New 644,101
TRADE STR RESIDENTIAL INC COM NEW 21,527 -78 (0.36) 2,777,693
RETAIL OPPORTUNITY INVTS CORP COM 20,241 -53 (0.26) 1,170,000
LIBERTY PPTY TR SH BEN INT 19,076 New 523,200
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 17,224 -1,203 (6.53) 638,411
KITE RLTY GROUP TR COM NEW 16,956 -883 (4.95) 600,000
RAMCO-GERSHENSON PPTYS TR PERP PFD-D CV 16,641 New 245,700