Forward Management

Forward Management portfolio companies for quarter ending December 2011

Ticker Name Portfolio Weight Share Count Price Last Trade
Ashford Hospitality Tr Inc cv pfd ser e 0.01 637000 24.35 0.00
Altisource Portfolio Solns S reg shs 0.00 270 51.85 0.00
CB Chubb Corporation 0.00 45 66.67 88.02
* Barrick Gold 0.00 110 45.45 0.00
CMCSA Comcast Corporation 0.00 55525 23.70 41.95
BBL BHP Billiton 0.00 190 57.89 58.23
CHL China Mobile 0.00 1000 48.00 53.22
BLK BlackRock 0.00 4268 178.54 283.35
BR Broadridge Financial Solutions 0.00 9818 22.61 27.42
CME CME 0.00 4460 243.72 64.54
AXP American Express Company 0.00 11571 47.19 75.27
KO Coca-Cola Company 0.00 13029 69.92 42.24
ADM Archer Daniels Midland Company 0.00 26297 28.60 33.88
AGL AGL Resources 0.00 167 41.92 0.00
AES AES Corporation 0.00 100000 11.84 12.66
CVX Chevron Corporation 0.00 22423 106.36 125.45
CAH Cardinal Health 0.00 37261 40.61 47.17
MMM 3M Company 0.00 17325 81.79 109.88
T AT&T; 0.00 45125 30.25 36.62
AMT American Tower Corporation 0.00 18225 60.03 81.72
CRI Carter's 0.00 250 40.00 70.20
CERN Cerner Corporation 0.00 1000 61.00 96.09
COH Coach 0.00 150 60.00 57.76
ADP Automatic Data Processing 0.00 17095 53.99 69.85
BA Boeing Company 0.00 125 72.00 100.00
BCR C.R. Bard 0.00 100 90.00 105.14
AKAM Akamai Technologies 0.00 105 28.57 46.04
BMS Bemis Company 0.00 27553 30.12 40.14
Agrium 0.00 110 63.64 0.00
BDX Becton, Dickinson and 0.00 12372 74.68 100.83
APC Anadarko Petroleum Corporation 0.00 120 75.00 89.34
APOL Apollo 0.00 200 55.00 20.99
AZO AutoZone 0.00 50 320.00 415.81
AVB AvalonBay Communities 0.00 12800 130.62 138.58
CYN City National Corporation 0.00 4750 44.21 61.90
CF CF Industries Holdings 0.00 12000 145.00 186.73
AEL American Equity Investment Life Holding 0.00 18132 10.42 15.75
BMA Banco Macro SA 0.00 29494 19.50 14.96
CSH Cash America International 0.00 4585 46.67 46.65
CLF Cliffs Natural Resources 0.00 70 57.14 20.37
ACC American Campus Communities 0.00 11300 41.95 43.09
ALTR Altera Corporation 0.00 215 37.21 32.94
ATU Actuant Corporation 0.00 250 24.00 33.86
BFR BBVA Banco Frances S.A. 0.00 38451 4.86 4.07
CDE Coeur d'Alene Mines Corporation 0.00 385 23.38 13.49
CGNX Cognex Corporation 0.00 160 37.50 44.05
CRR CARBO Ceramics 0.00 55 127.27 69.86
CRUS Cirrus Logic 0.00 390 15.38 17.36
AKS AK Steel Holding Corporation 0.00 75 13.33 3.45
ARMH ARM Holdings 0.00 325 27.69 45.10
CBI Chicago Bridge & Iron Company N.V. 0.00 18500 37.78 62.78
CIEN Ciena Corporation 0.00 300 13.33 15.51
CWT California Water Service 0.00 300 16.67 20.18
ABCO Advisory Board Company 0.00 5172 74.05 50.38
AWR American States Water Company 0.00 150 33.33 54.33
BRE BRE Properties 0.00 4600 50.43 52.35
ALB Albemarle Corporation 0.00 5063 51.35 66.44
AXE Anixter International 0.00 3712 59.54 75.72
CVGI Commercial Vehicle 0.00 460 8.70 8.00
CAM Cameron International Corporation 0.00 160 50.00 62.65
ARE Alexandria Real Estate Equities 0.00 16550 69.00 73.70
ACTG Acacia Research Corporation 0.00 40 25.00 23.53
BGS B&G; Foods 0.00 195 25.64 29.85
China Yuchai Intl 0.00 24551 13.81 0.00
BXP Boston Properties 0.00 43045 99.59 112.44
BDN Brandywine Realty Trust 0.00 25800 9.50 14.92
ACM AECOM Technology Corporation 0.00 42500 20.56 30.47
CFX Colfax Corporation 0.00 145 27.59 49.16
CPT Camden Property Trust 0.00 24433 62.25 72.11
AKR Acadia Realty Trust 0.00 15400 20.19 27.29
BSFT BroadSoft 0.00 200 30.00 27.48
CTEL City Tele 0.00 81374 10.51 0.00
CLDT Chatham Lodging Trust 0.00 922507 10.78 19.20
Chesapeake Lodging Trust sh ben int 0.00 58700 15.45 0.00
AOD Alpine Total Dynamic Dividend Fund 0.00 480 4.17 4.23
AGD Alpine Global Dynamic Dividend Fund 0.00 450 4.44 4.97
Capstead Mtg Corp pfd b cv $1.26 0.00 19499 14.46 0.00
Citi 0.00 250 28.00 0.00
C&j Energy Services 0.00 400 20.00 0.00
Angie's List 0.00 85 11.76 0.00