0000889188 2011-05-02 2012-05-01 0000889188 ff6:S000023199Member ff6:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023199Member ff6:LoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023202Member ff6:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023202Member ff6:LoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023200Member ff6:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023200Member ff6:LoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023201Member ff6:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023201Member ff6:LoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023203Member ff6:NoLoadMember 2011-05-02 2012-05-01 0000889188 ff6:S000023203Member ff6:LoadMember 2011-05-02 2012-05-01 Forward Funds Other 0000889188 2012-10-25 2011-12-31 false 2012-05-01 2012-10-25 FORWARD FUNDS       Supplement dated October 25, 2012 to the   Summary Prospectus for Investor Class and Institutional Class Shares of the Forward Aggressive Growth Allocation Fund ("No-Load Summary Prospectus"), Summary Prospectus for Class A and Class C Shares of the Forward Aggressive Growth Allocation Fund ("Load Summary Prospectus"), Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus"), Forward Funds Class A Shares, Class B Shares, Class C Shares and Class M Shares Prospectus ("Load Prospectus"), and the Forward Funds Statement of Additional Information   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE IN FUND NAME AND STRATEGIES AND ADDITION OF BENCHMARK INDEX   The following information applies to the Forward Aggressive Growth Allocation Fund (the "Fund") only:   Change in Fund Name Effective December 3, 2012, the name of the Fund will be changed to the "Forward Multi-Strategy Fund." Accordingly, effective December 3, 2012, all references in each of the prospectuses and the statement of additional information to "Forward Aggressive Growth Allocation Fund" shall be replaced with "Forward Multi-Strategy Fund."   ****   Changes to Principal Investment Strategies Additionally, the section titled "Principal Investment Strategies" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus shall be replaced in its entirety to read as follows:   The Fund is a "fund of funds" that primarily invests in a combination of other Forward Funds ("Underlying Funds"), including the following types of Underlying Funds: U.S. equity, frontier and emerging market, international equity, U.S. fixed-income, international fixed-income, money market, long/short, tactical and other alternative investment strategies. Forward Management, LLC ("Forward Management" or the "Advisor") uses an asset allocation strategy designed to provide capital appreciation to investors with a very high risk tolerance and an investment time horizon of 10 years or more. The Advisor may from time to time modify the asset allocation of the Fund in response to the Advisor's outlook for the economy, financial markets generally and/or relative market valuation of the asset classes and investment strategies represented by each Underlying Fund. In addition to investing in other Forward Funds, the Fund may enter into repurchase agreements collateralized by the U.S. Government or its agencies. The Fund's current asset allocation, which is updated quarterly, is available at www.forwardinvesting.com. Addition of Benchmark Index Effective December 3, 2012, the HFRI Fund of Funds Composite Index is added as an additional benchmark index for the Fund. Accordingly, effective December 3, 2012, the following changes are made:   The third and fourth sentences of the first paragraph under the heading "Performance Information" in the No-Load Summary Prospectus and the No-Load Prospectus shall be revised to read as follows:   The accompanying table compares the Fund's Institutional Class and Investor Class shares' average annual total returns to those of certain market indices and an index of other funds of funds over time. A brief description of the indices is included in the Appendix to the Fund's prospectus.   The following sentence is added to the end of the second paragraph under the heading "Performance Information" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the HFRI Fund of Funds Composite Index was added as an additional benchmark index for the Fund.   The "Average Annual Total Returns" table in the No-Load Summary Prospectus and the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.25</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.33</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table> FORWARD FUNDS       Supplement dated October 25, 2012 to the   Summary Prospectus for Investor Class and Institutional Class Shares of the Forward Aggressive Growth Allocation Fund ("No-Load Summary Prospectus"), Summary Prospectus for Class A and Class C Shares of the Forward Aggressive Growth Allocation Fund ("Load Summary Prospectus"), Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus"), Forward Funds Class A Shares, Class B Shares, Class C Shares and Class M Shares Prospectus ("Load Prospectus"), and the Forward Funds Statement of Additional Information   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE IN FUND NAME AND STRATEGIES AND ADDITION OF BENCHMARK INDEX   The following information applies to the Forward Aggressive Growth Allocation Fund (the "Fund") only:   Change in Fund Name Effective December 3, 2012, the name of the Fund will be changed to the "Forward Multi-Strategy Fund." Accordingly, effective December 3, 2012, all references in each of the prospectuses and the statement of additional information to "Forward Aggressive Growth Allocation Fund" shall be replaced with "Forward Multi-Strategy Fund."   ****   Changes to Principal Investment Strategies Additionally, the section titled "Principal Investment Strategies" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus shall be replaced in its entirety to read as follows:   The Fund is a "fund of funds" that primarily invests in a combination of other Forward Funds ("Underlying Funds"), including the following types of Underlying Funds: U.S. equity, frontier and emerging market, international equity, U.S. fixed-income, international fixed-income, money market, long/short, tactical and other alternative investment strategies. Forward Management, LLC ("Forward Management" or the "Advisor") uses an asset allocation strategy designed to provide capital appreciation to investors with a very high risk tolerance and an investment time horizon of 10 years or more. The Advisor may from time to time modify the asset allocation of the Fund in response to the Advisor's outlook for the economy, financial markets generally and/or relative market valuation of the asset classes and investment strategies represented by each Underlying Fund. In addition to investing in other Forward Funds, the Fund may enter into repurchase agreements collateralized by the U.S. Government or its agencies. The Fund's current asset allocation, which is updated quarterly, is available at www.forwardinvesting.com.   Addition of Benchmark Index Effective December 3, 2012, the HFRI Fund of Funds Composite Index is added as an additional benchmark index for the Fund. Accordingly, effective December 3, 2012, the following changes are made:     The fourth and fifth sentences of the first paragraph under the heading "Performance Information" in the Load Summary Prospectus and the Load Prospectus shall be revised to read as follows:   The accompanying table compares the Fund's Class A and Class C shares' average annual total returns to those of certain market indices and an index of other funds of funds over time. A brief description of the indices is included in the Appendix to the Fund's prospectus.   The following sentence is added to the end of the second paragraph under the heading "Performance Information" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the HFRI Fund of Funds Composite Index was added as an additional benchmark index for the Fund.   The "Average Annual Total Returns" table in the Load Summary Prospectus and the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Multi-Strategy Fund Class C (Inception: 12/30/02)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">-0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.58</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Multi-Strategy Fund Class A (Inception: 9/29/03)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">-0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Balanced Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Balanced Allocation Fund will be the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Balanced Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.59</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Balanced Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Balanced Allocation Fund will be the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Balanced Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"><tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Balanced Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.73</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Balanced Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.60</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Growth & Income Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth & Income Allocation Fund will be the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth & Income Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.  Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.56</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.98</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Growth & Income Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth & Income Allocation Fund will be the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth & Income Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth & Income Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">9.06</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth & Income Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.76</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Growth Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth Allocation Fund will be the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:  Effective December 3, 2012, the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.41</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Growth Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth Allocation Fund will be the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:  Effective December 3, 2012, the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">9.61</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.99</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:  Forward Income & Growth Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Income & Growth Allocation Fund will be the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Income & Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.54</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.51</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:  Forward Income & Growth Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Income & Growth Allocation Fund will be the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Income & Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Income & Growth Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.99</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Income & Growth Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.18</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table> FORWARD FUNDS       Supplement dated October 25, 2012 to the   Summary Prospectus for Investor Class and Institutional Class Shares of the Forward Aggressive Growth Allocation Fund ("No-Load Summary Prospectus"), Summary Prospectus for Class A and Class C Shares of the Forward Aggressive Growth Allocation Fund ("Load Summary Prospectus"), Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus"), Forward Funds Class A Shares, Class B Shares, Class C Shares and Class M Shares Prospectus ("Load Prospectus"), and the Forward Funds Statement of Additional Information   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE IN FUND NAME AND STRATEGIES AND ADDITION OF BENCHMARK INDEX   The following information applies to the Forward Aggressive Growth Allocation Fund (the "Fund") only:   Change in Fund Name Effective December 3, 2012, the name of the Fund will be changed to the "Forward Multi-Strategy Fund." Accordingly, effective December 3, 2012, all references in each of the prospectuses and the statement of additional information to "Forward Aggressive Growth Allocation Fund" shall be replaced with "Forward Multi-Strategy Fund."   ****   Changes to Principal Investment Strategies Additionally, the section titled "Principal Investment Strategies" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus shall be replaced in its entirety to read as follows:   The Fund is a "fund of funds" that primarily invests in a combination of other Forward Funds ("Underlying Funds"), including the following types of Underlying Funds: U.S. equity, frontier and emerging market, international equity, U.S. fixed-income, international fixed-income, money market, long/short, tactical and other alternative investment strategies. Forward Management, LLC ("Forward Management" or the "Advisor") uses an asset allocation strategy designed to provide capital appreciation to investors with a very high risk tolerance and an investment time horizon of 10 years or more. The Advisor may from time to time modify the asset allocation of the Fund in response to the Advisor's outlook for the economy, financial markets generally and/or relative market valuation of the asset classes and investment strategies represented by each Underlying Fund. In addition to investing in other Forward Funds, the Fund may enter into repurchase agreements collateralized by the U.S. Government or its agencies. The Fund's current asset allocation, which is updated quarterly, is available at www.forwardinvesting.com.  Addition of Benchmark Index Effective December 3, 2012, the HFRI Fund of Funds Composite Index is added as an additional benchmark index for the Fund. Accordingly, effective December 3, 2012, the following changes are made:   The third and fourth sentences of the first paragraph under the heading "Performance Information" in the No-Load Summary Prospectus and the No-Load Prospectus shall be revised to read as follows:   The accompanying table compares the Fund's Institutional Class and Investor Class shares' average annual total returns to those of certain market indices and an index of other funds of funds over time. A brief description of the indices is included in the Appendix to the Fund's prospectus.   The fourth and fifth sentences of the first paragraph under the heading "Performance Information" in the Load Summary Prospectus and the Load Prospectus shall be revised to read as follows:   The accompanying table compares the Fund's Class A and Class C shares' average annual total returns to those of certain market indices and an index of other funds of funds over time. A brief description of the indices is included in the Appendix to the Fund's prospectus.   The following sentence is added to the end of the second paragraph under the heading "Performance Information" in the No-Load Summary Prospectus, the Load Summary Prospectus, the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the HFRI Fund of Funds Composite Index was added as an additional benchmark index for the Fund.   The "Average Annual Total Returns" table in the No-Load Summary Prospectus and the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.25</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.33</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   The "Average Annual Total Returns" table in the Load Summary Prospectus and the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Multi-Strategy Fund Class C (Inception: 12/30/02)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.58</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Multi-Strategy Fund Class A (Inception: 9/29/03)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> HFRI Fund of Funds Composite Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.72</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.75</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   ****    FORWARD FUNDS         Supplement dated October 25, 2012 to the   Forward Funds Investor Class and Institutional Class Prospectus ("No-Load Prospectus") and Forward Funds Class A, Class B, Class C and Class M Prospectus ("Load Prospectus")   each dated May 1, 2012, as supplemented   IMPORTANT NOTICE REGARDING CHANGE OF BENCHMARK INDICES   The following information applies to the Forward Balanced Allocation Fund, Forward Growth & Income Allocation Fund, Forward Growth Allocation Fund and Forward Income & Growth Allocation Fund (each a "Fund" and collectively, the "Funds") only:   Forward Balanced Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Balanced Allocation Fund will be the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Balanced Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.59</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table> The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"><tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Balanced Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.73</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Forward Balanced Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Balanced Allocation Blended Index (50% Barclays Capital Global Aggregate GDP Weighted Index/50% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">3.13</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">2.62</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.60</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   Forward Growth & Income Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth & Income Allocation Fund will be the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth & Income Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.  Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.56</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.98</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth & Income Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">9.06</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth & Income Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth & Income Allocation Blended Index (40% Barclays Capital Global Aggregate GDP Weighted Index/60% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.81</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.76</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   Forward Growth Allocation Fund   Effective December 3, 2012, the benchmark index for the Forward Growth Allocation Fund will be the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.41</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   The "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">9.61</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Growth Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Growth Allocation Blended Index (20% Barclays Capital Global Aggregate GDP Weighted Index/80% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.14</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.05</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.99</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>Forward Income & Growth Allocation Fund Effective December 3, 2012, the benchmark index for the Forward Income & Growth Allocation Fund will be the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index). Accordingly, the following paragraph shall replace the second paragraph under the heading "Performance Information" in the No-Load Prospectus and the Load Prospectus:   Effective December 3, 2012, the Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index) replaced the Fund's prior benchmark indices. Forward Management made this recommendation to the Fund's Board because the new index more closely aligns to the Fund's investment strategies. Information on the Fund's prior benchmark indices will be shown for at least a one-year transition period. In the future, however, only the Income & Growth Allocation Blended Index, the Barclays Capital Global Aggregate GDP Weighted Index and the MSCI ACWI GDP Weighted Index will be shown.   Additionally, the "Average Annual Total Returns" table in the No-Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="67%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">10 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.54</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.51</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.23</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.74</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.11</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.80</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>   Additionally, the "Average Annual Total Returns" table in the Load Prospectus is supplemented with the following information, for the period ended December 31, 2011:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr> <td width="75%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">1 YEAR</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">5 YEARS</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999">  </td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:2px solid #999999">SINCE INCEPTION</td> <td valign="bottom" style="BORDER-BOTTOM:2px solid #999999"> </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Income & Growth Allocation Fund Class C (Inception: 12/30/02)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.99</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.66</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">10.04</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" colspan="12" style="BORDER-BOTTOM:1px solid #000000"> Forward Income & Growth Allocation Fund Class A (Inception: 9/29/03)</td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000">      </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Income & Growth Allocation Blended Index (70% Barclays Capital Global Aggregate GDP Weighted Index/30% MSCI ACWI GDP Weighted Index)</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">0.22</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">4.16</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">7.18</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> Barclays Capital Global Aggregate GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">5.26</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.19</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">6.32</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> MSCI ACWI GDP Weighted Index</td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">11.46</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">1.84</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000">  </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right">8.08</td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000">% </td></tr> </table>