San Francisco, Calif.-based Forward Management, advisor to Forward Funds, today said that it will close the Forward Select Income Fund to most new investors beginning March 30.

The closing will not affect existing shareholders, who may continue to purchase shares. According to the firm, the decision to close the fund was made to limit flows of new assets into the fund. The Select Income Fund invests in preferred securities of real estate investment trusts with a focus on generating income.

Forward’s real estate investment team manages five mutual funds with $1.7 billion in total assets as of December 31, 2011. The funds that remain open are Forward Real Estate Fund, Real Estate Long/Short Fund, International Real Estate Fund and Global Infrastructure Fund.

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