0000889188 ff7:S000038782Member ff7:LoadMember 2011-11-02 2012-11-01 0000889188 ff7:S000038782Member ff7:LoadMember ff7:C000119473Member 2011-11-02 2012-11-01 0000889188 ff7:S000038782Member ff7:LoadMember ff7:C000119474Member 2011-11-02 2012-11-01 0000889188 ff7:S000038782Member ff7:NoLoadMember ff7:C000119471Member 2011-11-02 2012-11-01 0000889188 ff7:S000038782Member ff7:NoLoadMember 2011-11-02 2012-11-01 0000889188 ff7:S000038782Member ff7:NoLoadMember ff7:C000119472Member 2011-11-02 2012-11-01 0000889188 2011-11-02 2012-11-01 pure iso4217:USD <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleShareholderFeesForwardCoreStrategyLong/ShortFundClassCM column period compact * ~</div> Examples 0.0025 0.0005 0.0015 Examples Forward Core Strategy Long/Short Fund Forward Core Strategy Long/Short Fund 0.0005 The Fund pays transaction costs when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example tables, affect the Funds performance. The Fund has not commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund. The Fund pays transaction costs when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example tables, affect the Funds performance. The Fund has not commenced operations as of the date of this prospectus. Thus, no portfolio turnover rate is provided for the Fund. <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleAnnualFundOperatingExpensesForwardCoreStrategyLong/ShortFundClassCM column period compact * ~</div> <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleAnnualFundOperatingExpensesForwardCoreStrategyLong/ShortFund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, in one or more series of Forward Funds. Forward Funds The table describes the fees and expenses that you may pay if you buy and hold Class C or Class M shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, in one or more series of Forward Funds. More information about these and other discounts is available from your financial professional and in the Purchasing Shares section of the Funds prospectus and Additional Purchase and Redemption Information section of the Funds statement of additional information. Shareholder Fees (fees paid directly from your investment) 0 0 The table describes the fees and expenses that you may pay if you buy and hold Investor Class or Institutional Class shares of the Fund. Shareholder Fees (fees paid directly from your investment) As an investor in Investor Class or Institutional Class shares of the Fund, you do not pay any sales load. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) -0.0069 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) These Examples are intended to help you compare the costs of investing in Class C or Class M shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs would be: 377 182 These Examples are intended to help you compare the costs of investing in Investor Class or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Funds total annual operating expenses remain the same and that the contractual fee waiver/reimbursement is in place for the first year. Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: 217 182 485BPOS 2012-11-01 0000889188 2012-11-01 Investment Objective 0.01 0 Investment Objective 0.0343 0.0248 -0.0069 0.0283 0.0248 -0.0069 -0.0069 April 30, 2014 989 707 812 707 You would pay the following expenses if you did not redeem your shares: 277 182 Principal Investment Strategies Principal Investment Strategies Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are: Cash and Cash Equivalents: The holding by the Fund of a substantial portion of it assets in cash and/or cash equivalents such as money market securities, U.S. government obligations and short-term debt securities, which may occur under certain market conditions, could have a negative effect on the Funds ability to achieve its investment objective. Debt Securities: Debt securities in which the Fund may invest are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or called by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures).Derivatives: The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, and other similar instruments, may be more volatile than that of other instruments. In addition, there can be no assurance given that each derivative position will achieve a perfect correlation with the security or market index it is being used to emulate, or that a particular derivative position will be available when sought by Forward Management, LLC (Forward Management or the Advisor) and/or the Funds Sub-Advisor.Equity Securities: The risks associated with investing in equity securities of companies include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.Exchange-Traded Funds (ETFs): The risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the ETFs in which the Fund may invest. The value of the Funds investment will fluctuate in response to the performance of the ETFs owned by the Fund, and the Funds shareholders will indirectly bear a proportionate share of the ETFs operating expenses, in addition to paying the Funds expenses. References to the Fund in the following risks include the Fund or underlying ETF, as applicable.No Operating History: The Fund has not operated for a full fiscal year and as such has no prior operating history by which an investor can evaluate performance.Portfolio Turnover: The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent a Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by a Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.Securities Issued by Other Investment Companies: The Fund may invest in shares of other investment companies to gain exposure to a particular portion of the market rather than purchase securities directly. Investing in the underlying funds exposes the Fund to all the risks of the underlying funds, and, in general, subjects it to a pro rata portion of the underlying funds fees and expenses.Short Sales: While short sales can be used to further the Funds investment objective, under certain market conditions they can increase the volatility of the Fund and may lower the Funds return or result in losses, which potentially may be unlimited. The Fund may not be able to close out a short position at an acceptable time or price because it has to borrow the securities to effect the short sale and, if the lender demands that the securities be returned, the Fund must deliver them promptly, either by borrowing from another lender or buying the securities in the open market. Because of the leveraging aspect of short selling (i.e., borrowing securities for the purpose of selling them to another party), adverse changes in the value of securities sold short can result in losses greater than the proceeds obtained by the Fund in the short sale, and may cause the Funds share price to be volatile. Small and Medium Capitalization Stocks: Investment in securities of smaller companies presents greater investment risks than investing in the securities of larger companies. These risks include greater price volatility, greater sensitivity to changing economic conditions, and less liquidity than the securities of larger, more mature companies.Tax: The federal income tax treatment of the complex securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service (IRS). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for the Fund itself to comply with such rules. Please see Discussion of Principal and Non-Principal Risks in the Funds prospectus for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on an investment in the Fund. Any of the investments made by the Fund can result in an investment loss, which may be significant. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are: Cash and Cash Equivalents: The holding by the Fund of a substantial portion of it assets in cash and/or cash equivalents such as money market securities, U.S. government obligations and short-term debt securities, which may occur under certain market conditions, could have a negative effect on the Funds ability to achieve its investment objective. Debt Securities: Debt securities in which the Fund may invest are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or called by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Derivatives: The market value of the derivative instruments in which the Fund may invest, including options, futures contracts, and other similar instruments, may be more volatile than that of other instruments. In addition, there can be no assurance given that each derivative position will achieve a perfect correlation with the security or market index it is being used to emulate, or that a particular derivative position will be available when sought by Forward Management, LLC (Forward Management or the Advisor) and/or the Funds Sub-Advisor. Equity Securities: The risks associated with investing in equity securities of companies include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. Exchange-Traded Funds (ETFs): The risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the ETFs in which the Fund may invest. The value of the Funds investment will fluctuate in response to the performance of the ETFs owned by the Fund, and the Funds shareholders will indirectly bear a proportionate share of the ETFs operating expenses, in addition to paying the Funds expenses. References to the Fund in the following risks include the Fund or underlying ETF, as applicable. No Operating History: The Fund has not operated for a full fiscal year and as such has no prior operating history by which an investor can evaluate performance. Portfolio Turnover: The Fund is generally expected to engage in frequent and active trading of portfolio securities to achieve its investment objective. A higher turnover rate (100% or more) will involve correspondingly greater transaction costs, which will be borne directly by the Fund, may have an adverse impact on performance, and may increase the potential for more taxable distributions being paid to shareholders, including short-term capital gains that are taxed at ordinary income rates. To the extent a Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by a Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate. Securities Issued by Other Investment Companies: The Fund may invest in shares of other investment companies to gain exposure to a particular portion of the market rather than purchase securities directly. Investing in the underlying funds exposes the Fund to all the risks of the underlying funds, and, in general, subjects it to a pro rata portion of the underlying funds fees and expenses. Short Sales: While short sales can be used to further the Funds investment objective, under certain market conditions they can increase the volatility of the Fund and may lower the Funds return or result in losses, which potentially may be unlimited. The Fund may not be able to close out a short position at an acceptable time or price because it has to borrow the securities to effect the short sale and, if the lender demands that the securities be returned, the Fund must deliver them promptly, either by borrowing from another lender or buying the securities in the open market. Because of the leveraging aspect of short selling (i.e., borrowing securities for the purpose of selling them to another party), adverse changes in the value of securities sold short can result in losses greater than the proceeds obtained by the Fund in the short sale, and may cause the Funds share price to be volatile. Small and Medium Capitalization Stocks: Investment in securities of smaller companies presents greater investment risks than investing in the securities of larger companies. These risks include greater price volatility, greater sensitivity to changing economic conditions, and less liquidity than the securities of larger, more mature companies. Tax: The federal income tax treatment of the complex securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service (IRS). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for the Fund itself to comply with such rules. Please see Discussion of Principal and Non-Principal Risks in the Funds prospectus for a more detailed description of the risks of investing in the Fund. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. April 30, 2014 It is possible to lose money on an investment in the Fund. Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. Other Expenses and Aquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. false 2012-11-01 2012-11-01 The Fund seeks to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the Russell 2000 Index. Fees and Expenses of the Fund The Fund seeks to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the Russell 2000 Index. Fees and Expenses of the Fund 0.01 0.01 0.0075 0.0105 0.0105 0.0038 0.0038 0.0274 0.0179 0.01 0.01 0.0025 0.0105 0.0105 0.0038 0.0038 0.0214 0.0179 989 707 Portfolio Turnover Portfolio Turnover The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the small capitalization U.S. equity market, including exchange-traded funds (ETFs), futures and options on securities, securities indices, and shares of ETFs. Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years (Fixed Income Securities). The Funds Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds. The Funds investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends, and market volatility. The Funds advisor, Forward Management, LLC (Forward Management or Advisor), uses these factors to identify market trends and will enter into long positions when the Advisor expects the market to increase in value and short positions when the Advisor expects the market to decrease in value. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Funds long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Funds investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long. The Fund typically seeks to obtain such long or short investment exposures through investments in futures and ETFs, including ETFs that seek investment exposure that may be the inverse of the performance of a market index or several times the performance of a market index. Principal Risks The Fund invests primarily in a diversified portfolio of instruments providing exposure, both long and short, to the small capitalization U.S. equity market, including exchange-traded funds (ETFs), futures and options on securities, securities indices, and shares of ETFs. Under certain market conditions, the Fund may hold a substantial portion of its assets in cash, cash equivalents, and/or in fixed income securities that are investment grade quality and have maturities of less than three years (Fixed Income Securities). The Funds Fixed Income Securities may include investments in the Forward Floating NAV Short Duration Fund or other Forward Funds. The Funds investment strategy seeks to identify potential long and short investments for the Fund through quantitative analysis of factors including market breadth, market price movements, market trends, and market volatility. The Funds advisor, Forward Management, LLC (Forward Management or Advisor), uses these factors to identify market trends and will enter into long positions when the Advisor expects the market to increase in value and short positions when the Advisor expects the market to decrease in value. The Fund is expected to have significant investments in Fixed Income Securities when attractive long or short investment opportunities are not available. The Advisor adjusts the mix of the Funds long, short and Fixed Income Securities investments based on its analysis of market conditions and at times the Funds investment positions may be primarily long, short or in Fixed Income Securities. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities. Generally, the Fund will maintain net investment exposure between 100% net long and 100% net short, although the Fund may have investment exposure up to 200% net long. The Fund typically seeks to obtain such long or short investment exposures through investments in futures and ETFs, including ETFs that seek investment exposure that may be the inverse of the performance of a market index or several times the performance of a market index. Principal Risks An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information Performance Information The Fund has not commenced operations as of the date of this prospectus and the Fund does not yet have a full calendar year of investment returns. Once the Fund has performance for at least one calendar year, a bar chart and performance table will be included in this fund summary. The Fund has not commenced operations as of the date of this prospectus and the Fund does not yet have a full calendar year of investment returns. Once the Fund has performance for at least one calendar year, a bar chart and performance table will be included in this fund summary. The Fund has not commenced operations as of the date of this prospectus and the Fund does not yet have a full calendar year of investment returns. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund has not commenced operations as of the date of this prospectus and the Fund does not yet have a full calendar year of investment returns. <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleExpenseExampleForwardCoreStrategyLongShortFundClassCM column period compact * ~</div> <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleExpenseExampleNoRedemptionForwardCoreStrategyLongShortFundClassCM column period compact * ~</div> <div style="display:none">~ http://www.forwardinvesting.com/role/ScheduleExpenseExampleForwardCoreStrategyLongShortFund column period compact * ~</div> Other Expenses and Aquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2014 in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for the Fund's Class C shares and Class M shares to an annual rate (as a percentage of the Fund's average daily net assets) of 2.36% and 1.41%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances. The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2014 in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for the Fund's Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund's average daily net assets) of 1.76% and 1.41%, respectively. This expense limitation arrangement may not be terminated by the Fund's investment advisor prior to such date under any circumstances. Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.