Forward Management

Forward Management portfolio companies for December 2011 quarter

Company (Ticker) 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
Chubb Corporation (CB) 0.00 45 66.67 98.78
* Barrick Gold 0.00 110 45.45 0.00
Comcast Corporation (CMCSA) 0.00 55525 23.70 58.60
BHP Billiton (BBL) 0.00 190 57.89 42.79
China Mobile (CHL) 0.00 1000 48.00 63.03
BlackRock (BLK) 0.00 4268 178.54 357.74
Broadridge Financial Solutions (BR) 0.00 9818 22.61 51.66
CME (CME) 0.00 4460 243.72 95.64
American Express Company (AXP) 0.00 11571 47.19 79.39
Coca-Cola Company (KO) 0.00 13029 69.92 40.22
Archer Daniels Midland Company (ADM) 0.00 26297 28.60 45.32
AGL Resources (AGL) 0.00 167 41.92 0.00
AES Corporation (AES) 0.00 100000 11.84 12.14
Chevron Corporation (CVX) 0.00 22423 106.36 102.86
Cardinal Health (CAH) 0.00 37261 40.61 87.33
3M Company (MMM) 0.00 17325 81.79 162.72
AT&T; (T) 0.00 45125 30.25 32.70
American Tower Corporation (AMT) 0.00 18225 60.03 94.60
Carter's (CRI) 0.00 250 40.00 88.77
Cerner Corporation (CERN) 0.00 1000 61.00 69.83
Coach (COH) 0.00 150 60.00 40.63
Automatic Data Processing (ADP) 0.00 17095 53.99 85.00
Boeing Company (BA) 0.00 125 72.00 152.38
C.R. Bard (BCR) 0.00 100 90.00 166.60
Akamai Technologies (AKAM) 0.00 105 28.57 69.99
Bemis Company (BMS) 0.00 27553 30.12 47.06
Agrium 0.00 110 63.64 0.00
Becton, Dickinson and (BDX) 0.00 12372 74.68 142.79
Anadarko Petroleum Corporation (APC) 0.00 120 75.00 79.89
Apollo (APOL) 0.00 200 55.00 26.16
AutoZone (AZO) 0.00 50 320.00 644.63
AvalonBay Communities (AVB) 0.00 12800 130.62 167.28
City National Corporation (CYN) 0.00 4750 44.21 88.49
CF Industries Holdings (CF) 0.00 12000 145.00 292.79
American Equity Investment Life Holding (AEL) 0.00 18132 10.42 28.29
Banco Macro SA (BMA) 0.00 29494 19.50 56.42
Cash America International (CSH) 0.00 4585 46.67 23.58
Cliffs Natural Resources (CLF) 0.00 70 57.14 5.38
American Campus Communities (ACC) 0.00 11300 41.95 40.71
Altera Corporation (ALTR) 0.00 215 37.21 35.31
Actuant Corporation (ATU) 0.00 250 24.00 24.35
BBVA Banco Frances S.A. (BFR) 0.00 38451 4.86 18.99
Coeur d'Alene Mines Corporation (CDE) 0.00 385 23.38 4.37
Cognex Corporation (CGNX) 0.00 160 37.50 46.41
CARBO Ceramics (CRR) 0.00 55 127.27 34.03
Cirrus Logic (CRUS) 0.00 390 15.38 33.06
AK Steel Holding Corporation (AKS) 0.00 75 13.33 3.95
ARM Holdings (ARMH) 0.00 325 27.69 52.66
Chicago Bridge & Iron Company N.V. (CBI) 0.00 18500 37.78 46.73
Ciena Corporation (CIEN) 0.00 300 13.33 20.98
California Water Service (CWT) 0.00 300 16.67 24.04
Advisory Board Company (ABCO) 0.00 5172 74.05 51.60
American States Water Company (AWR) 0.00 150 33.33 38.80
BRE Properties (BRE) 0.00 4600 50.43 0.00
Albemarle Corporation (ALB) 0.00 5063 51.35 54.36
Anixter International (AXE) 0.00 3712 59.54 75.63
Commercial Vehicle (CVGI) 0.00 460 8.70 5.74
Cameron International Corporation (CAM) 0.00 160 50.00 44.71
Alexandria Real Estate Equities (ARE) 0.00 16550 69.00 94.19
Acacia Research Corporation (ACTG) 0.00 40 25.00 11.01
B&G; Foods (BGS) 0.00 195 25.64 27.76
China Yuchai Intl 0.00 24551 13.81 0.00
Boston Properties (BXP) 0.00 43045 99.59 135.21
Brandywine Realty Trust (BDN) 0.00 25800 9.50 14.84
AECOM Technology Corporation (ACM) 0.00 42500 20.56 29.32
Colfax Corporation (CFX) 0.00 145 27.59 48.78
Camden Property Trust (CPT) 0.00 24433 62.25 74.92
Acadia Realty Trust (AKR) 0.00 15400 20.19 33.16
BroadSoft (BSFT) 0.00 200 30.00 31.87
City Tele (CTEL) 0.00 81374 10.51 0.00
Chatham Lodging Trust (CLDT) 0.00 922507 10.78 28.75
Chesapeake Lodging Trust sh ben int 0.00 58700 15.45 0.00
Alpine Total Dynamic Dividend Fund (AOD) 0.00 480 4.17 8.76
Alpine Global Dynamic Dividend Fund (AGD) 0.00 450 4.44 10.08
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