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2012-05-22
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0000889188
Forward Funds
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="5"><b>FORWARD FUNDS </b></font></div>
<div style="border-bottom: #000000 0.5pt solid; line-height: 4px; margin-top: 0px; margin-bottom: 2px"> </div>
<div style="margin-top: 0px; margin-bottom: 0px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>Forward Strategic Alternatives Fund </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>Supplement dated May 22, 2012 </b></font></div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>to the </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><i>Forward Funds Class Z Prospectus </i></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>dated May 1, 2012 </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px"><font style="font-family: arial" size="2"><b>The following information applies to the Forward Strategic Alternatives Fund (the “Fund”) only: </b></font></div>
<div style="margin-top: 0px; margin-bottom: 0px"><font style="font-family: arial" size="2">Effective immediately, the “Average Annual Total Returns” table for the Fund on page 25 of the Forward Funds Class Z Prospectus shall be replaced to read as follows: </font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin: 0px 4%"><font style="font-family: arial" size="2"><b>Average Annual Total Returns </b></font></div>
<table border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="84%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="bottom"><div style="margin-top: 0px; margin-bottom: 0px"><font style ="font-family: arial" size="2"><i> For the period ended December 31, 2011</i></font></div>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="font-family: arial" size="1"><b>1 Year</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="font-family: arial" size="1"><b>Since<br />Inception</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Forward Strategic Alternatives Fund – Class Z (Inception: 5/1/09)</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Return Before Taxes</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">1.88</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">5.12</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">%</font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Return After Taxes on Distributions</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">2.05</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">4.67</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.6em"><font style="font-family: arial" size="2">Return After Taxes on Distributions and Sale of Fund Shares</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">1.22</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">4.12</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Strategic Alternatives Blended Index <i>(50% Barclays Capital U.S. Aggregate Bond Index/50% S&P 500 Index)</i></font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">5.28</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">11.83</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Barclays Capital U.S. Aggregate Bond Index</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">7.84</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">7.38</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">S&P 500 Index</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">2.11</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">15.64</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
</table><div style="margin-top: 0px; margin-bottom: 0px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="5"><b>FORWARD FUNDS </b></font></div>
<div style="border-bottom: #000000 0.5pt solid; line-height: 4px; margin-top: 0px; margin-bottom: 2px"> </div>
<div style="margin-top: 0px; margin-bottom: 0px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>Forward Strategic Alternatives Fund </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>Supplement dated May 22, 2012 </b></font></div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>to the </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><i>Forward Funds Class Z Prospectus </i></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>dated May 1, 2012 </b></font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px"><font style="font-family: arial" size="2"><b>The following information applies to the Forward Strategic Alternatives Fund (the “Fund”) only: </b></font></div>
<div style="margin-top: 0px; margin-bottom: 0px"><font style="font-family: arial" size="2">Effective immediately, the “Average Annual Total Returns” table for the Fund on page 25 of the Forward Funds Class Z Prospectus shall be replaced to read as follows: </font></div>
<div style="margin-top: 0px; margin-bottom: -6px"><font size="1"></font> </div>
<div style="margin: 0px 4%"><font style="font-family: arial" size="2"><b>Average Annual Total Returns </b></font></div>
<table border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="84%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="bottom"><div style="margin-top: 0px; margin-bottom: 0px"><font style ="font-family: arial" size="2"><i> For the period ended December 31, 2011</i></font></div>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="font-family: arial" size="1"><b>1 Year</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="font-family: arial" size="1"><b>Since<br />Inception</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Forward Strategic Alternatives Fund – Class Z (Inception: 5/1/09)</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Return Before Taxes</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">1.88</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">5.12</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">%</font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Return After Taxes on Distributions</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">2.05</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">4.67</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.6em"><font style="font-family: arial" size="2">Return After Taxes on Distributions and Sale of Fund Shares</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">–</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">1.22</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">4.12</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Strategic Alternatives Blended Index <i>(50% Barclays Capital U.S. Aggregate Bond Index/50% S&P 500 Index)</i></font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">5.28</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">11.83</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr>
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">Barclays Capital U.S. Aggregate Bond Index</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">7.84</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">7.38</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
<tr bgcolor="#cceeff">
<td style="border-bottom: #000000 1px solid" valign="top"><div style="margin-left: 0.5em"><font style="font-family: arial" size="2">S&P 500 Index</font></div>
</td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">2.11</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font size="1"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2"> </font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom" align="right"><font style="font-family: arial" size="2">15.64</font></td>
<td style="border-bottom: #000000 1px solid" valign="bottom"><font style="font-family: arial" size="2">% </font></td>
</tr>
</table><div style="margin-top: 0px; margin-bottom: 0px"><font size="1"></font> </div>
<div style="margin-top: 0px; margin-bottom: 0px" align="center"><font style="font-family: arial" size="2"><b>PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE </b></font></div>
2009-05-01
2009-05-01
2009-05-01
0.0512
0.0738
0.1183
0.1564
0.0467
0.0412
0.0784
0.0528
0.0211
-0.0188
-0.0205
-0.0122
<p><b>Average Annual Total Returns</b></p><p><i>For the period ended December 31, 2011</i></p>
2012-05-01