0000889188 ff4:S000030890Member ff4:LoadMember ff4:C000095850Member 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:LoadMember ff4:C000095851Member 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:LoadMember ff4:C000095852Member 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:LoadMember 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:NoLoadMember ff4:C000095853Member 2011-05-02 2012-05-01 0000889188 ff4:S000030890Member ff4:NoLoadMember ff4:C000095854Member 2011-05-02 2012-05-01 0000889188 2011-05-02 2012-05-01 pure iso4217:USD 1784 1505 1784 1029 Examples Examples 0.0015 0.0005 0.002 0.0025 1029 1505 1207 1029 Forward Funds 0.0005 -0.0008 -0.0008 798 382 187 222 187 3163 3185 2234 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) These Examples are intended to help you compare the costs of investing in Investor Class or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Fund's total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: These Examples are intended to help you compare the costs of investing in Class A, Class C or Class M shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund's total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs would be: 0000889188 Other 2011-12-31 2012-10-19 false 0.0227 0.0192 0.0242 0.0287 0.0192 -0.0008 -0.0008 -0.0008 1279 881 595 701 595 798 282 187 1279 881 April 30, 2013 April 30, 2013 Restated to reflect current fees. Restated to reflect current fees. You would pay the following expenses if you did not redeem your shares: Principal Investment Strategies The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the U.S. and non-U.S. equity markets, including exchange-traded funds ("ETFs"), futures and options on securities, securities indices and shares of ETFs. The Fund may seek exposure to equity securities of issuers in all market capitalization ranges, including small capitalization companies, without limitation. Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years ("Fixed Income Securities"). The Fund's Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds. The Fund's investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends and market volatility. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Fund's long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Fund's investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Fund's exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long. The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the U.S. and non-U.S. equity markets, including exchange-traded funds ("ETFs"), futures and options on securities, securities indices and shares of ETFs. The Fund may seek exposure to equity securities of issuers in all market capitalization ranges, including small capitalization companies, without limitation. Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years ("Fixed Income Securities"). The Fund's Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds. The Fund's investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends and market volatility. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Fund's long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Fund's investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Fund's exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long. Principal Investment Strategies 2012-05-01 2012-10-19 FORWARD FUNDS <hr/>    Supplement dated October 19, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus (the No-Load Prospectus) and Forward Funds Class A, Class B, Class C and Class M Prospectus (the Load Prospectus)   each dated May 1, 2012, as supplemented   The following information applies to the Forward Tactical Enhanced Fund (the Fund) only: At a meeting of the Board of Trustees of Forward Funds (the Trust) held on October 11, 2012, the Trustees, including all of the Trustees who are not interested persons of the Trust (as that term is defined in the Investment Company Act of 1940, as amended), approved, on behalf of the Fund effective November 1, 2012: (i) changes to the principal investment strategies and principal risks of the Fund; (ii) the termination of the Investment Sub-Advisory Agreement among Forward Management, LLC, the investment advisor (Forward Management), the Trust and Broadmark Asset Management, LLC (Broadmark); (iii) changes to the advisory arrangement of the Fund; and (iv) a reduction in the management fee and expense limits for the Fund.   Changes to Principal Investment Strategies Effective November 1, 2012, the section titled Principal Investment Strategies on page 96 of the No-Load Prospectus and page 100 of the Load Prospectus shall be replaced in its entirety to read as follows:   Principal Investment Strategies The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the U.S. and non-U.S. equity markets, including exchange-traded funds (ETFs), futures and options on securities, securities indices and shares of ETFs. The Fund may seek exposure to equity securities of issuers in all market capitalization ranges, including small capitalization companies, without limitation.   Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years (Fixed Income Securities). The Funds Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds.   The Funds investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends and market volatility. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Funds long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Funds investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long.   **** Effective November 1, 2012, the following paragraph is added following the first paragraph under the heading "Performance Information" in the Fund's "Fund Summary" section in the No-Load Prospectus and Load Prospectus:   On November 1, 2012, Forward Management assumed all responsibilities for selecting the Fund's investments and incorporated new principal investment strategies for the Fund as discussed above under "Principal Investment Strategies." Performance figures shown below for periods before November 1, 2012 represent performance of the prior sub-advisor to the Fund under the previous investment strategies for the Fund. Accordingly, effective November 1, 2012, the following changes are made:   The Annual Fund Operating Expenses table and the Examples table for the Fund on page 96 of the No-Load Prospectus are replaced to read as follows:   Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="76%"></td> <td width="4%"></td> <td></td> <td></td> <td width="5%"></td> <td width="9%"></td> <td></td> <td></td> <td></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Investor Class</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Institutional Class</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Management Fee(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Distribution (12b-1) Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.25</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">N/A</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Shareholder Services Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Other Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.27</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.92</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Fee Waiver and/or Expense Reimbursement(2)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.19</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> </table>   <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="3%" valign="top" align="left">(1)</td><td width="1%" valign="top"> </td><td align="left" valign="top">Restated to reflect current fees.</td><td width="4%"> </td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="3%" valign="top" align="left">(2)</td><td width="1%" valign="top"> </td><td align="left" valign="top">The Funds investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Funds operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Funds average daily net assets) of 1.84% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Funds investment advisor prior to such date under any circumstances.</td><td width="4%"> </td></tr></table>    Examples These Examples are intended to help you compare the costs of investing in Investor Class or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="84%"></td> <td width="4%"></td> <td></td> <td></td> <td width="1%"></td> <td width="5%"></td> <td></td> <td></td> <td></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Investor Class</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Institutional Class</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">222</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">701</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,207</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> </table>   **** The Annual Fund Operating Expenses table and the Examples table for the Fund on page 100 of the Load Prospectus are replaced to read as follows:   Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="70%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Management Fee(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Distribution (12b-1) Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">N/A</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Shareholder Services Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.20</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.25</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Other Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.42</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.87</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.92</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Fee Waiver and/or Expense Reimbursement(2)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.34</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.79</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> </table>   <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="3%" valign="top" align="left">(1)</td><td width="1%" valign="top"> </td><td align="left" valign="top">Restated to reflect current fees.</td><td width="4%"> </td></tr></table> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse; "><tr><td width="5%"> </td><td width="3%" valign="top" align="left">(2)</td><td width="1%" valign="top"> </td><td align="left" valign="top">The Funds investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Funds operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Class A, Class C and Class M shares to an annual rate (as a percentage of the Funds average daily net assets) of 1.99%, 2.44% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Funds investment advisor prior to such date under any circumstances.</td><td width="4%"> </td></tr></table>   Examples These Examples are intended to help you compare the costs of investing in Class A, Class C or Class M shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs would be: <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="77%"></td> <td width="2%"></td> <td></td> <td></td> <td width="2%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">798</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">382</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,279</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">881</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,784</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,505</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,163</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,185</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> </table>   You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="77%"></td> <td width="2%"></td> <td></td> <td></td> <td width="2%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">798</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">282</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,279</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">881</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,784</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,505</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,163</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,185</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> </table>   FORWARD FUNDS <hr/>    Supplement dated October 19, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus (the No-Load Prospectus) and Forward Funds Class A, Class B, Class C and Class M Prospectus (the Load Prospectus)   each dated May 1, 2012, as supplemented   The following information applies to the Forward Tactical Enhanced Fund (the Fund) only: At a meeting of the Board of Trustees of Forward Funds (the Trust) held on October 11, 2012, the Trustees, including all of the Trustees who are not interested persons of the Trust (as that term is defined in the Investment Company Act of 1940, as amended), approved, on behalf of the Fund effective November 1, 2012: (i) changes to the principal investment strategies and principal risks of the Fund; (ii) the termination of the Investment Sub-Advisory Agreement among Forward Management, LLC, the investment advisor (Forward Management), the Trust and Broadmark Asset Management, LLC (Broadmark); (iii) changes to the advisory arrangement of the Fund; and (iv) a reduction in the management fee and expense limits for the Fund.   Changes to Principal Investment Strategies Effective November 1, 2012, the section titled Principal Investment Strategies on page 96 of the No-Load Prospectus and page 100 of the Load Prospectus shall be replaced in its entirety to read as follows:   Principal Investment Strategies The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the U.S. and non-U.S. equity markets, including exchange-traded funds (ETFs), futures and options on securities, securities indices and shares of ETFs. The Fund may seek exposure to equity securities of issuers in all market capitalization ranges, including small capitalization companies, without limitation.   Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years (Fixed Income Securities). The Funds Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds.   The Funds investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends and market volatility. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Funds long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Funds investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long.   **** Effective November 1, 2012, the following paragraph is added following the first paragraph under the heading "Performance Information" in the Fund's "Fund Summary" section in the No-Load Prospectus and Load Prospectus:   On November 1, 2012, Forward Management assumed all responsibilities for selecting the Fund's investments and incorporated new principal investment strategies for the Fund as discussed above under "Principal Investment Strategies." Performance figures shown below for periods before November 1, 2012 represent performance of the prior sub-advisor to the Fund under the previous investment strategies for the Fund.  Accordingly, effective November 1, 2012, the following changes are made:   The Annual Fund Operating Expenses table and the Examples table for the Fund on page 96 of the No-Load Prospectus are replaced to read as follows:   Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="76%"></td> <td width="4%"></td> <td></td> <td></td> <td width="5%"></td> <td width="9%"></td> <td></td> <td></td> <td></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Investor Class</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Institutional Class</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Management Fee(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Distribution (12b-1) Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.25</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">N/A</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Shareholder Services Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Other Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.27</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.92</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Fee Waiver and/or Expense Reimbursement(2)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.19</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> </table>  <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"></td> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Restated to reflect current fees. </td> <td width="4%"> </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund's average daily net assets) of 1.84% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances. </td> <td width="4%"> </td></tr></table>   Examples These Examples are intended to help you compare the costs of investing in Investor Class or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="84%"></td> <td width="4%"></td> <td></td> <td></td> <td width="1%"></td> <td width="5%"></td> <td></td> <td></td> <td></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Investor Class</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Institutional Class</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">222</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">701</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,207</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> </table>   **** FORWARD FUNDS <hr/>     Supplement dated October 19, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus (the No-Load Prospectus) and Forward Funds Class A, Class B, Class C and Class M Prospectus (the Load Prospectus)   each dated May 1, 2012, as supplemented   The following information applies to the Forward Tactical Enhanced Fund (the Fund) only: At a meeting of the Board of Trustees of Forward Funds (the Trust) held on October 11, 2012, the Trustees, including all of the Trustees who are not interested persons of the Trust (as that term is defined in the Investment Company Act of 1940, as amended), approved, on behalf of the Fund effective November 1, 2012: (i) changes to the principal investment strategies and principal risks of the Fund; (ii) the termination of the Investment Sub-Advisory Agreement among Forward Management, LLC, the investment advisor (Forward Management), the Trust and Broadmark Asset Management, LLC (Broadmark); (iii) changes to the advisory arrangement of the Fund; and (iv) a reduction in the management fee and expense limits for the Fund.   Changes to Principal Investment Strategies Effective November 1, 2012, the section titled Principal Investment Strategies on page 96 of the No-Load Prospectus and page 100 of the Load Prospectus shall be replaced in its entirety to read as follows:   Principal Investment Strategies The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the U.S. and non-U.S. equity markets, including exchange-traded funds (ETFs), futures and options on securities, securities indices and shares of ETFs. The Fund may seek exposure to equity securities of issuers in all market capitalization ranges, including small capitalization companies, without limitation.   Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years (Fixed Income Securities). The Funds Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds.   The Funds investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends and market volatility. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Funds long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Funds investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long.   **** Effective November 1, 2012, the following paragraph is added following the first paragraph under the heading "Performance Information" in the Fund's "Fund Summary" section in the No-Load Prospectus and Load Prospectus:   On November 1, 2012, Forward Management assumed all responsibilities for selecting the Fund's investments and incorporated new principal investment strategies for the Fund as discussed above under "Principal Investment Strategies." Performance figures shown below for periods before November 1, 2012 represent performance of the prior sub-advisor to the Fund under the previous investment strategies for the Fund.The Annual Fund Operating Expenses table and the Examples table for the Fund on page 100 of the Load Prospectus are replaced to read as follows:   Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="70%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td> <td width="3%"></td> <td></td> <td></td> <td width="4%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Management Fee(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.15</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Distribution (12b-1) Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">N/A</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Shareholder Services Fees</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.20</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.25</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Other Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.37</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Acquired Fund Fees and Expenses(1)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.35</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.42</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.87</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.92</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> Fee Waiver and/or Expense Reimbursement(2)</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">0.08</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> <tr> <td style="border-bottom:1px solid #000000"> Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.34</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">2.79</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000"> </td> <td style="border-bottom:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">% </td></tr> </table>  <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr> <td width="5%"></td> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Restated to reflect current fees. </td> <td width="4%"> </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Class A, Class C and Class M shares to an annual rate (as a percentage of the Fund's average daily net assets) of 1.99%, 2.44% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances. </td> <td width="4%"> </td></tr></table>   Examples These Examples are intended to help you compare the costs of investing in Class A, Class C or Class M shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs would be: <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="77%"></td> <td width="2%"></td> <td></td> <td></td> <td width="2%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">798</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">382</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,279</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">881</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,784</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,505</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,163</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,185</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> </table>   You would pay the following expenses if you did not redeem your shares:   <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="77%"></td> <td width="2%"></td> <td></td> <td></td> <td width="2%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td> <td width="2%"></td> <td></td> <td></td> <td width="3%"></td></tr> <tr> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class A</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class C</td> <td > </td> <td >  </td> <td colspan="2" align="center" style="border-bottom:1px solid #000000">Class M</td> <td > </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 1 Year</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">798</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">282</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">187</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 3 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,279</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">881</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">595</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr bgcolor="#cceeff"> <td style="border-bottom:1px solid #000000"> 5 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,784</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,505</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">1,029</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr> <tr> <td style="border-bottom:1px solid #000000"> 10 Years</td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,163</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">3,185</td> <td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">  </td> <td style="border-bottom:1px solid #000000">$</td> <td style="border-bottom:1px solid #000000" align="right">2,234</td><td nowrap="nowrap" style="border-bottom:1px solid #000000">  </td></tr></table> 0.0115 0.0115 0.0115 0.0115 0.0115 0.0025 0.0035 0.0075 0.0037 0.0037 0.0037 0.0037 0.0037 0.0035 0.0035 0.0035 0.0035 0.0035 0.0219 0.0184 0.0234 0.0184 0.0279 2595 2234 3163 3185 2234 595 Restated to reflect current fees. The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund's average daily net assets) of 1.84% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances. The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2013, in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired funds fees and expenses, and extraordinary expenses) for Class A, Class C and Class M shares to an annual rate (as a percentage of the Fund's average daily net assets) of 1.99%, 2.44% and 1.49%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances.