0001193125-18-207099.txt : 20180628 0001193125-18-207099.hdr.sgml : 20180628 20180628112513 ACCESSION NUMBER: 0001193125-18-207099 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20180628 DATE AS OF CHANGE: 20180628 EFFECTIVENESS DATE: 20180628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Forward Funds CENTRAL INDEX KEY: 0000889188 IRS NUMBER: 232696899 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-48940 FILM NUMBER: 18924102 BUSINESS ADDRESS: STREET 1: 345 CALIFORNIA STREET STREET 2: SUITE 1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 800-232-0224 MAIL ADDRESS: STREET 1: 345 CALIFORNIA STREET STREET 2: SUITE 1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FORMER COMPANY: FORMER CONFORMED NAME: HOMESTATE GROUP DATE OF NAME CHANGE: 19920929 0000889188 S000025527 Salient Select Income Fund C000076417 Class A KIFAX C000076419 Class C KIFCX C000076421 Investor Class FFSLX C000076422 Institutional Class KIFYX C000082481 Class I2 FSIMX 497 1 d605488d497.htm 497 497

FORWARD FUNDS

345 California Street, Suite 1600

San Francisco, CA 94104

June 28, 2018

VIA EDGAR

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549-1520

 

RE:

Forward Funds (“Registrant”)

File Nos.: 033-48940 and 811-06722

Salient Select Income Fund

Dear Sir or Madam:

On behalf of the Registrant and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the 497(e) supplement filed and dated June 13, 2018 to the Prospectuses dated May 1, 2018, as supplemented, for Investor Class, Institutional Class, Class A, Class C and Class I2 shares of the Salient Select Income Fund (Accession Number: 0001193125-18-191684) (the “Fund”). The purpose of this filing is to submit the Fund’s June 13, 2018 497(e) filing in XBRL.

If you have any questions regarding this filing, please contact me at the Registrant’s service provider, ALPS Fund Services, Inc., via telephone at (720) 917-0566 or via email at vilma.valdez@alpsinc.com.

Sincerely,

/s/ Vilma V. DeVooght                    

Vilma V. DeVooght, Esq.

Enclosures

 

cc:

Jonathan W. DePriest, Esq., Salient Partners, L.P.

Paul Bachtold, Chief Compliance Officer, Forward Funds and Salient MF Trust

Barbara H. Tolle, Treasurer, Forward Funds and Salient MF Trust

George J. Zornada, Esq., K&L Gates LLP

Richard F. Kerr, Esq., K&L Gates LLP

EX-101.INS 2 ff1-20180613.xml XBRL INSTANCE DOCUMENT 0000889188 2018-05-01 2018-05-01 0000889188 ff1:LoadMember ff1:S000025527Member 2018-05-01 2018-05-01 0000889188 ff1:NoLoadMember ff1:S000025527Member 2018-05-01 2018-05-01 0000889188 ff1:NoLoadMember ff1:S000025527Member ff1:C000076421Member 2018-05-01 2018-05-01 0000889188 ff1:NoLoadMember ff1:S000025527Member ff1:C000076422Member 2018-05-01 2018-05-01 0000889188 ff1:NoLoadMember ff1:S000025527Member ff1:C000082481Member 2018-05-01 2018-05-01 0000889188 ff1:LoadMember ff1:S000025527Member ff1:C000076417Member 2018-05-01 2018-05-01 0000889188 ff1:LoadMember ff1:S000025527Member ff1:C000076419Member 2018-05-01 2018-05-01 pure iso4217:USD 2018-05-01 497 2017-12-31 Forward Funds 0000889188 false 2018-06-13 2018-06-13 <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>FORWARD FUNDS </b></p><p style="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Supplement dated June&nbsp;13, 2018 </b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>to the </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Investor Class, Institutional Class&nbsp;and </p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Class&nbsp;I2 Prospectus (&#8220;No-Load Prospectus&#8221;) and </p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Class&nbsp;A and Class&nbsp;C Prospectus (&#8220;Load Prospectus&#8221;) </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>each dated May&nbsp;1, 2018, as supplemented (collectively, the &#8220;Prospectus&#8221;) </b></p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES </b></p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">At a meeting of the Board of Trustees of Forward Funds (the &#8220;Trust&#8221;) held on June&nbsp;8, 2018, the Trustees, including all of the Trustees who are not &#8220;interested persons&#8221; of the Trust (the &#8220;Independent Trustees,&#8221; as that term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)), approved, on behalf of the Salient Select Income Fund (the &#8220;Fund&#8221;), effective on or about July&nbsp;1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July&nbsp;1, 2018, the following changes shall be reflected in the Fund&#8217;s registration statement: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">Effective July&nbsp;1, 2018, Forward Management d/b/a Salient (&#8220;Salient Management&#8221;) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the &#8220;Fund&#8221;) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund&#8217;s Class&nbsp;A (1.55%), Class&nbsp;C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class&nbsp;I2 (1.10%) shares, effective until April&nbsp;30, 2019. Accordingly, the following information shall be incorporated into the Fund&#8217;s &#8220;Fund Summary&#8221; sections of the registration statement: </p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="4%" align="left" valign="top">1.</td><td align="left" valign="top">The &#8220;Annual Fund Operating Expenses&#8221; table and the &#8220;Examples&#8221; table for the Fund in the No-Load Prospectus shall be replaced to read as follows: </td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="73%"></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Investor&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Institutional&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;I2</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Management Fee</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Distribution (12b-1) Fees</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">N/A</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">N/A</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Other Expenses<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)(2)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.47%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.37%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.32%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Dividend and Interest Expense on Short Sales<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Interest Expense on Borrowings<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Total Other Expenses</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.86%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.76%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.71%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.11%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.76%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.71%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Fee Waiver and/or Expense Reimbursement<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(3)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses<br/>After Fee Waiver and/or Expense Reimbursement</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.86%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.51%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.46%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(1)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class&nbsp;I2 shares are based on estimated amounts for the current fiscal year. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(2)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses for Investor Class&nbsp;and Institutional Class&nbsp;shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(3)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">The Fund&#8217;s investment advisor is contractually obligated to waive 0.25% of the Fund&#8217;s management fee so that until April&nbsp;30, 2019 the Fund&#8217;s management fee will be 0.75%. Additionally, the Fund&#8217;s investment advisor is contractually obligated until April&nbsp;30, 2019 to limit the Fund&#8217;s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class&nbsp;and Class&nbsp;I2 shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund&#8217;s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund&#8217;s investment advisor is permitted to recoup expenses attributable to the Fund or a Class&nbsp;thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class&nbsp;of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. </td><td width="4%">&nbsp;</td></tr></table><p style="page-break-before: always;"></p><p style="margin: 0px 4%;"><b>Examples </b></p><p style="margin: 0px 4%;">These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class&nbsp;or Class&nbsp;I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; margin-left: 4%;">Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="73%"></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Investor&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Institutional&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;I2</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">154</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">149</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">637</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">530</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">514</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,110</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">930</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">904</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,418</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,050</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,996</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="4%" align="left" valign="top">2.</td><td align="left" valign="top">The &#8220;Annual Fund Operating Expenses&#8221; table and the &#8220;Examples&#8221; tables for the Fund in the Load Prospectus shall be replaced to read as follows: </td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="86%"></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Management Fee</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Distribution (12b-1) Fees</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.75%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Other Expenses<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.52%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.57%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Dividend and Interest Expense on Short Sales</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Interest Expense on Borrowings</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Total Other Expenses</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.91%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.96%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.16%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.71%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Fee Waiver and/or Expense Reimbursement<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(2)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses<br/>After Fee Waiver and/or Expense Reimbursement</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.91%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.46%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(1)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses for Class&nbsp;A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(2)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">The Fund&#8217;s investment advisor is contractually obligated to waive 0.25% of the Fund&#8217;s management fee so that until April&nbsp;30, 2019 the Fund&#8217;s management fee will be 0.75%. Additionally, the Fund&#8217;s investment advisor is contractually obligated until April&nbsp;30, 2019 to limit the Fund&#8217;s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class&nbsp;A and Class&nbsp;C shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund&#8217;s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund&#8217;s investment advisor is permitted to recoup expenses attributable to the Fund or a Class&nbsp;thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class&nbsp;of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. </td><td width="4%">&nbsp;</td></tr></table><p style="page-break-before: always;"></p><p style="margin: 0px 4%;"><b>Examples </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;">These Examples are intended to help you compare the costs of investing in Class&nbsp;A or Class&nbsp;C shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;">Although actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="88%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">758</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">349</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">817</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,646</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,412</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,903</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,019</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="margin: 0px 4%;">You would pay the following expenses if you did not redeem your shares: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="88%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">758</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">249</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">817</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,646</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,412</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,903</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,019</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table> <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>FORWARD FUNDS </b></p><p style="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Supplement dated June&nbsp;13, 2018 </b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>to the </b></p> <p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Investor Class, Institutional Class&nbsp;and </p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Class&nbsp;I2 Prospectus (&#8220;No-Load Prospectus&#8221;) and </p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Class&nbsp;A and Class&nbsp;C Prospectus (&#8220;Load Prospectus&#8221;) </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>each dated May&nbsp;1, 2018, as supplemented (collectively, the &#8220;Prospectus&#8221;) </b></p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES </b></p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">At a meeting of the Board of Trustees of Forward Funds (the &#8220;Trust&#8221;) held on June&nbsp;8, 2018, the Trustees, including all of the Trustees who are not &#8220;interested persons&#8221; of the Trust (the &#8220;Independent Trustees,&#8221; as that term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)), approved, on behalf of the Salient Select Income Fund (the &#8220;Fund&#8221;), effective on or about July&nbsp;1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July&nbsp;1, 2018, the following changes shall be reflected in the Fund&#8217;s registration statement: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">Effective July&nbsp;1, 2018, Forward Management d/b/a Salient (&#8220;Salient Management&#8221;) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the &#8220;Fund&#8221;) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund&#8217;s Class&nbsp;A (1.55%), Class&nbsp;C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class&nbsp;I2 (1.10%) shares, effective until April&nbsp;30, 2019. Accordingly, the following information shall be incorporated into the Fund&#8217;s &#8220;Fund Summary&#8221; sections of the registration statement: </p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="4%" align="left" valign="top">2.</td><td align="left" valign="top">The &#8220;Annual Fund Operating Expenses&#8221; table and the &#8220;Examples&#8221; tables for the Fund in the Load Prospectus shall be replaced to read as follows: </td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="86%"></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Management Fee</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Distribution (12b-1) Fees</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.75%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Other Expenses<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.52%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.57%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Dividend and Interest Expense on Short Sales</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Interest Expense on Borrowings</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Total Other Expenses</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.91%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.96%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.16%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.71%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Fee Waiver and/or Expense Reimbursement<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(2)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses<br/>After Fee Waiver and/or Expense Reimbursement</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.91%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.46%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(1)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses for Class&nbsp;A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(2)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">The Fund&#8217;s investment advisor is contractually obligated to waive 0.25% of the Fund&#8217;s management fee so that until April&nbsp;30, 2019 the Fund&#8217;s management fee will be 0.75%. Additionally, the Fund&#8217;s investment advisor is contractually obligated until April&nbsp;30, 2019 to limit the Fund&#8217;s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class&nbsp;A and Class&nbsp;C shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund&#8217;s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund&#8217;s investment advisor is permitted to recoup expenses attributable to the Fund or a Class&nbsp;thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class&nbsp;of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. </td><td width="4%">&nbsp;</td></tr></table><p style="page-break-before: always;"></p><p style="margin: 0px 4%;"><b>Examples </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;">These Examples are intended to help you compare the costs of investing in Class&nbsp;A or Class&nbsp;C shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;">Although actual costs may be higher or lower, based on these assumptions your costs would be: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="88%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">758</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">349</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">817</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,646</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,412</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,903</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,019</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table><p style="margin: 0px 4%;">You would pay the following expenses if you did not redeem your shares: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="88%"></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td><td width="3%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;A</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;C</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">758</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">249</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">817</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,646</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,412</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,903</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,019</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> <b>Examples </b> These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class&nbsp;or Class&nbsp;I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.<br/><br/>Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>FORWARD FUNDS </b></p><p style="line-height:4px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>Supplement dated June&nbsp;13, 2018 </b></p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>to the </b></p> <p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Investor Class, Institutional Class&nbsp;and </p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Class&nbsp;I2 Prospectus (&#8220;No-Load Prospectus&#8221;) and </p><p align="center" style="margin-top: 0px; margin-bottom: 0px;">Salient Select Income Fund Class&nbsp;A and Class&nbsp;C Prospectus (&#8220;Load Prospectus&#8221;) </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>each dated May&nbsp;1, 2018, as supplemented (collectively, the &#8220;Prospectus&#8221;) </b></p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p align="center" style="margin-top: 0px; margin-bottom: 0px;"><b>IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES </b></p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">At a meeting of the Board of Trustees of Forward Funds (the &#8220;Trust&#8221;) held on June&nbsp;8, 2018, the Trustees, including all of the Trustees who are not &#8220;interested persons&#8221; of the Trust (the &#8220;Independent Trustees,&#8221; as that term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)), approved, on behalf of the Salient Select Income Fund (the &#8220;Fund&#8221;), effective on or about July&nbsp;1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July&nbsp;1, 2018, the following changes shall be reflected in the Fund&#8217;s registration statement: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px;">Effective July&nbsp;1, 2018, Forward Management d/b/a Salient (&#8220;Salient Management&#8221;) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the &#8220;Fund&#8221;) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund&#8217;s Class&nbsp;A (1.55%), Class&nbsp;C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class&nbsp;I2 (1.10%) shares, effective until April&nbsp;30, 2019. Accordingly, the following information shall be incorporated into the Fund&#8217;s &#8220;Fund Summary&#8221; sections of the registration statement: </p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="4%" align="left" valign="top">1.</td><td align="left" valign="top">The &#8220;Annual Fund Operating Expenses&#8221; table and the &#8220;Examples&#8221; table for the Fund in the No-Load Prospectus shall be replaced to read as follows: </td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin: 0px 4%;"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="73%"></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td><td width="4%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Investor&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Institutional&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;I2</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Management Fee</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1.00%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Distribution (12b-1) Fees</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">N/A</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">N/A</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Other Expenses<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)(2)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.47%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.37%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.32%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Dividend and Interest Expense on Short Sales<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.04%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Interest Expense on Borrowings<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(1)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.35%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 2em;">Total Other Expenses</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.86%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.76%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">0.71%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>2.11%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.76%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.71%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">Fee Waiver and/or Expense Reimbursement<sup style="bottom: 0.8ex; vertical-align: baseline; position: relative;">(3)</sup></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&#8211;0.25%</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;"><b>Total Annual Fund Operating Expenses<br/>After Fee Waiver and/or Expense Reimbursement</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.86%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.51%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>1.46%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b></b>&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(1)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class&nbsp;I2 shares are based on estimated amounts for the current fiscal year. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(2)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">Other Expenses for Investor Class&nbsp;and Institutional Class&nbsp;shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. </td><td width="4%">&nbsp;</td></tr></table><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="100%" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style="page-break-inside: avoid;"><td width="5%">&nbsp;</td><td width="3%" align="left" valign="top">(3)</td><td width="1%" valign="top">&nbsp;</td><td align="left" valign="top">The Fund&#8217;s investment advisor is contractually obligated to waive 0.25% of the Fund&#8217;s management fee so that until April&nbsp;30, 2019 the Fund&#8217;s management fee will be 0.75%. Additionally, the Fund&#8217;s investment advisor is contractually obligated until April&nbsp;30, 2019 to limit the Fund&#8217;s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class&nbsp;and Class&nbsp;I2 shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund&#8217;s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund&#8217;s investment advisor is permitted to recoup expenses attributable to the Fund or a Class&nbsp;thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class&nbsp;of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. </td><td width="4%">&nbsp;</td></tr></table><p style="page-break-before: always;"></p><p style="margin: 0px 4%;"><b>Examples </b></p><p style="margin: 0px 4%;">These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class&nbsp;or Class&nbsp;I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; margin-left: 4%;">Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: </p><p style="margin-top: 0px; margin-bottom: -6px;">&nbsp;</p><table width="92%" align="center" style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="73%"></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td><td width="6%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style="page-break-inside: avoid;"><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Investor&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Institutional&nbsp;Class</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td align="center" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="2"><b>Class&nbsp;I2</b></td><td valign="bottom">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">1 Year</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">189</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">154</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">149</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">3 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">637</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">530</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">514</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;" ><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">5 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,110</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">930</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">904</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style="page-break-inside: avoid;"><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="margin-left: 0.6em;">10 Years</div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,418</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,050</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,996</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr></table> Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class&nbsp;I2 shares are based on estimated amounts for the current fiscal year. April&nbsp;30, 2019 0.01 0.01 0.01 0.0025 0.0047 0.0037 0.0032 0.0004 0.0004 0.0004 0.0035 0.0035 0.0035 0.0086 0.0076 0.0071 0.0211 0.0176 0.0171 -0.0025 -0.0025 -0.0025 0.0186 0.0151 0.0146 189 154 149 637 530 514 1110 930 904 2418 2050 1996 2418 154 149 637 530 514 1110 930 904 189 2050 1996 <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> <b>Examples </b> These Examples are intended to help you compare the costs of investing in Class&nbsp;A or Class&nbsp;C 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 your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. <br/><br/>Although actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: April 30, 2019 0.01 0.01 0.0025 0.0075 0.0052 0.0057 0.0004 0.0004 0.0035 0.0035 0.0091 0.0096 0.0216 0.0271 -0.0025 -0.0025 0.0191 0.0246 758 349 1189 817 1646 1412 2903 3019 758 249 1189 817 1646 1412 2903 3019 Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year. Other Expenses for Investor Class and Institutional Class shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Class I2 shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. Other Expenses for Class A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable. The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class A and Class C shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement. 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May 01, 2018

FORWARD FUNDS

 

 

 

Supplement dated June 13, 2018

to the

 

Salient Select Income Fund Investor Class, Institutional Class and

Class I2 Prospectus (“No-Load Prospectus”) and

Salient Select Income Fund Class A and Class C Prospectus (“Load Prospectus”)

 

each dated May 1, 2018, as supplemented (collectively, the “Prospectus”)

 

IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES

 

At a meeting of the Board of Trustees of Forward Funds (the “Trust”) held on June 8, 2018, the Trustees, including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), approved, on behalf of the Salient Select Income Fund (the “Fund”), effective on or about July 1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July 1, 2018, the following changes shall be reflected in the Fund’s registration statement:

 

Effective July 1, 2018, Forward Management d/b/a Salient (“Salient Management”) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the “Fund”) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund’s Class A (1.55%), Class C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class I2 (1.10%) shares, effective until April 30, 2019. Accordingly, the following information shall be incorporated into the Fund’s “Fund Summary” sections of the registration statement:

 

1.The “Annual Fund Operating Expenses” table and the “Examples” table for the Fund in the No-Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Investor Class   Institutional Class   Class I2 
Management Fee
   1.00%    1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    N/A    N/A 
Other Expenses(1)(2)
   0.47%    0.37%    0.32% 
Dividend and Interest Expense on Short Sales(1)
   0.04%    0.04%    0.04% 
Interest Expense on Borrowings(1)
   0.35%    0.35%    0.35% 
Total Other Expenses
   0.86%    0.76%    0.71% 
Total Annual Fund Operating Expenses
   2.11%    1.76%    1.71% 
Fee Waiver and/or Expense Reimbursement(3)
   –0.25%    –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.86%    1.51%    1.46% 

 

 (1) Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year.  

 

 (2) Other Expenses for Investor Class and Institutional Class shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (3) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Class I2 shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class or Class I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:

 

   Investor Class   Institutional Class   Class I2 
1 Year
  $189   $154   $149 
3 Years
  $637   $530   $514 
5 Years
  $1,110   $930   $904 
10 Years
  $2,418   $2,050   $1,996 

 

2.The “Annual Fund Operating Expenses” table and the “Examples” tables for the Fund in the Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Class A   Class C 
Management Fee
   1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    0.75% 
Other Expenses(1)
   0.52%    0.57% 
Dividend and Interest Expense on Short Sales
   0.04%    0.04% 
Interest Expense on Borrowings
   0.35%    0.35% 
Total Other Expenses
   0.91%    0.96% 
Total Annual Fund Operating Expenses
   2.16%    2.71% 
Fee Waiver and/or Expense Reimbursement(2)
   –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.91%    2.46% 

 

 (1) Other Expenses for Class A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (2) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class A and Class C shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

 

These Examples are intended to help you compare the costs of investing in Class A or Class C 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 your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs would be:

 

   Class A   Class C 
1 Year
  $758   $349 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 

You would pay the following expenses if you did not redeem your shares:

 

   Class A   Class C 
1 Year
  $758   $249 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 
XML 10 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Forward Funds
Prospectus Date rr_ProspectusDate May 01, 2018
Supplement [Text Block] ff1_SupplementTextBlock

FORWARD FUNDS

 

 

 

Supplement dated June 13, 2018

to the

 

Salient Select Income Fund Investor Class, Institutional Class and

Class I2 Prospectus (“No-Load Prospectus”) and

Salient Select Income Fund Class A and Class C Prospectus (“Load Prospectus”)

 

each dated May 1, 2018, as supplemented (collectively, the “Prospectus”)

 

IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES

 

At a meeting of the Board of Trustees of Forward Funds (the “Trust”) held on June 8, 2018, the Trustees, including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), approved, on behalf of the Salient Select Income Fund (the “Fund”), effective on or about July 1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July 1, 2018, the following changes shall be reflected in the Fund’s registration statement:

 

Effective July 1, 2018, Forward Management d/b/a Salient (“Salient Management”) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the “Fund”) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund’s Class A (1.55%), Class C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class I2 (1.10%) shares, effective until April 30, 2019. Accordingly, the following information shall be incorporated into the Fund’s “Fund Summary” sections of the registration statement:

 

1.The “Annual Fund Operating Expenses” table and the “Examples” table for the Fund in the No-Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Investor Class   Institutional Class   Class I2 
Management Fee
   1.00%    1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    N/A    N/A 
Other Expenses(1)(2)
   0.47%    0.37%    0.32% 
Dividend and Interest Expense on Short Sales(1)
   0.04%    0.04%    0.04% 
Interest Expense on Borrowings(1)
   0.35%    0.35%    0.35% 
Total Other Expenses
   0.86%    0.76%    0.71% 
Total Annual Fund Operating Expenses
   2.11%    1.76%    1.71% 
Fee Waiver and/or Expense Reimbursement(3)
   –0.25%    –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.86%    1.51%    1.46% 

 

 (1) Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year.  

 

 (2) Other Expenses for Investor Class and Institutional Class shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (3) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Class I2 shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class or Class I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:

 

   Investor Class   Institutional Class   Class I2 
1 Year
  $189   $154   $149 
3 Years
  $637   $530   $514 
5 Years
  $1,110   $930   $904 
10 Years
  $2,418   $2,050   $1,996 

 

2.The “Annual Fund Operating Expenses” table and the “Examples” tables for the Fund in the Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Class A   Class C 
Management Fee
   1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    0.75% 
Other Expenses(1)
   0.52%    0.57% 
Dividend and Interest Expense on Short Sales
   0.04%    0.04% 
Interest Expense on Borrowings
   0.35%    0.35% 
Total Other Expenses
   0.91%    0.96% 
Total Annual Fund Operating Expenses
   2.16%    2.71% 
Fee Waiver and/or Expense Reimbursement(2)
   –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.91%    2.46% 

 

 (1) Other Expenses for Class A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (2) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class A and Class C shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

 

These Examples are intended to help you compare the costs of investing in Class A or Class C 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 your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs would be:

 

   Class A   Class C 
1 Year
  $758   $349 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 

You would pay the following expenses if you did not redeem your shares:

 

   Class A   Class C 
1 Year
  $758   $249 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 
No Load | Salient Select Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ff1_SupplementTextBlock

FORWARD FUNDS

 

 

 

Supplement dated June 13, 2018

to the

 

Salient Select Income Fund Investor Class, Institutional Class and

Class I2 Prospectus (“No-Load Prospectus”) and

Salient Select Income Fund Class A and Class C Prospectus (“Load Prospectus”)

 

each dated May 1, 2018, as supplemented (collectively, the “Prospectus”)

 

IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES

 

At a meeting of the Board of Trustees of Forward Funds (the “Trust”) held on June 8, 2018, the Trustees, including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), approved, on behalf of the Salient Select Income Fund (the “Fund”), effective on or about July 1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July 1, 2018, the following changes shall be reflected in the Fund’s registration statement:

 

Effective July 1, 2018, Forward Management d/b/a Salient (“Salient Management”) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the “Fund”) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund’s Class A (1.55%), Class C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class I2 (1.10%) shares, effective until April 30, 2019. Accordingly, the following information shall be incorporated into the Fund’s “Fund Summary” sections of the registration statement:

 

1.The “Annual Fund Operating Expenses” table and the “Examples” table for the Fund in the No-Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Investor Class   Institutional Class   Class I2 
Management Fee
   1.00%    1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    N/A    N/A 
Other Expenses(1)(2)
   0.47%    0.37%    0.32% 
Dividend and Interest Expense on Short Sales(1)
   0.04%    0.04%    0.04% 
Interest Expense on Borrowings(1)
   0.35%    0.35%    0.35% 
Total Other Expenses
   0.86%    0.76%    0.71% 
Total Annual Fund Operating Expenses
   2.11%    1.76%    1.71% 
Fee Waiver and/or Expense Reimbursement(3)
   –0.25%    –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.86%    1.51%    1.46% 

 

 (1) Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year.  

 

 (2) Other Expenses for Investor Class and Institutional Class shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (3) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Class I2 shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class or Class I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:

 

   Investor Class   Institutional Class   Class I2 
1 Year
  $189   $154   $149 
3 Years
  $637   $530   $514 
5 Years
  $1,110   $930   $904 
10 Years
  $2,418   $2,050   $1,996 
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the costs of investing in Investor Class, Institutional Class or Class I2 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. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be:
No Load | Salient Select Income Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component1OtherExpensesOverAssets 0.47% [1],[2]
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.04% [2]
Interest Expense on Borrowings rr_Component3OtherExpensesOverAssets 0.35% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.86%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.11%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.86%
1 Year rr_ExpenseExampleYear01 $ 189
3 Years rr_ExpenseExampleYear03 637
5 Years rr_ExpenseExampleYear05 1,110
10 Years rr_ExpenseExampleYear10 2,418
1 Year rr_ExpenseExampleNoRedemptionYear01 189
3 Years rr_ExpenseExampleNoRedemptionYear03 637
5 Years rr_ExpenseExampleNoRedemptionYear05 1,110
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,418
No Load | Salient Select Income Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets
Other Expenses rr_Component1OtherExpensesOverAssets 0.37% [1],[2]
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.04% [2]
Interest Expense on Borrowings rr_Component3OtherExpensesOverAssets 0.35% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.76%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.76%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.51%
1 Year rr_ExpenseExampleYear01 $ 154
3 Years rr_ExpenseExampleYear03 530
5 Years rr_ExpenseExampleYear05 930
10 Years rr_ExpenseExampleYear10 2,050
1 Year rr_ExpenseExampleNoRedemptionYear01 154
3 Years rr_ExpenseExampleNoRedemptionYear03 530
5 Years rr_ExpenseExampleNoRedemptionYear05 930
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,050
No Load | Salient Select Income Fund | Class I2  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets
Other Expenses rr_Component1OtherExpensesOverAssets 0.32% [1],[2]
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.04% [2]
Interest Expense on Borrowings rr_Component3OtherExpensesOverAssets 0.35% [2]
Total Other Expenses rr_OtherExpensesOverAssets 0.71%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.71%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.46%
1 Year rr_ExpenseExampleYear01 $ 149
3 Years rr_ExpenseExampleYear03 514
5 Years rr_ExpenseExampleYear05 904
10 Years rr_ExpenseExampleYear10 1,996
1 Year rr_ExpenseExampleNoRedemptionYear01 149
3 Years rr_ExpenseExampleNoRedemptionYear03 514
5 Years rr_ExpenseExampleNoRedemptionYear05 904
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,996
Load | Salient Select Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ff1_SupplementTextBlock

FORWARD FUNDS

 

 

 

Supplement dated June 13, 2018

to the

 

Salient Select Income Fund Investor Class, Institutional Class and

Class I2 Prospectus (“No-Load Prospectus”) and

Salient Select Income Fund Class A and Class C Prospectus (“Load Prospectus”)

 

each dated May 1, 2018, as supplemented (collectively, the “Prospectus”)

 

IMPORTANT NOTICE REGARDING CHANGES TO FUND EXPENSES

 

At a meeting of the Board of Trustees of Forward Funds (the “Trust”) held on June 8, 2018, the Trustees, including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), approved, on behalf of the Salient Select Income Fund (the “Fund”), effective on or about July 1, 2018 the introduction of expense limits for the Fund. Accordingly, effective on or about July 1, 2018, the following changes shall be reflected in the Fund’s registration statement:

 

Effective July 1, 2018, Forward Management d/b/a Salient (“Salient Management”) has agreed to enter into a management fee waiver and expense limitation agreement with the Salient Select Income Fund (the “Fund”) which will reduce the management fee of the Fund to 0.75% on all assets and limit the net annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) of the Fund’s Class A (1.55%), Class C (2.10%), Investor Class (1.50%), Institutional Class (1.15%) and Class I2 (1.10%) shares, effective until April 30, 2019. Accordingly, the following information shall be incorporated into the Fund’s “Fund Summary” sections of the registration statement:

 

2.The “Annual Fund Operating Expenses” table and the “Examples” tables for the Fund in the Load Prospectus shall be replaced to read as follows:

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

   Class A   Class C 
Management Fee
   1.00%    1.00% 
Distribution (12b-1) Fees
   0.25%    0.75% 
Other Expenses(1)
   0.52%    0.57% 
Dividend and Interest Expense on Short Sales
   0.04%    0.04% 
Interest Expense on Borrowings
   0.35%    0.35% 
Total Other Expenses
   0.91%    0.96% 
Total Annual Fund Operating Expenses
   2.16%    2.71% 
Fee Waiver and/or Expense Reimbursement(2)
   –0.25%    –0.25% 
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
   1.91%    2.46% 

 

 (1) Other Expenses for Class A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.  

 

 (2) The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class A and Class C shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.  

Examples

 

These Examples are intended to help you compare the costs of investing in Class A or Class C 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 your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

 

Although actual costs may be higher or lower, based on these assumptions your costs would be:

 

   Class A   Class C 
1 Year
  $758   $349 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 

You would pay the following expenses if you did not redeem your shares:

 

   Class A   Class C 
1 Year
  $758   $249 
3 Years
  $1,189   $817 
5 Years
  $1,646   $1,412 
10 Years
  $2,903   $3,019 
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the costs of investing in Class A or Class C 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 your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year.

Although actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption Narrative [Text Block] rr_ExpenseExampleNoRedemptionNarrativeTextBlock You would pay the following expenses if you did not redeem your shares:
Load | Salient Select Income Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component1OtherExpensesOverAssets 0.52% [4]
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.04%
Interest Expense on Borrowings rr_Component3OtherExpensesOverAssets 0.35%
Total Other Expenses rr_OtherExpensesOverAssets 0.91%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.16%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.91%
1 Year rr_ExpenseExampleYear01 $ 758
3 Years rr_ExpenseExampleYear03 1,189
5 Years rr_ExpenseExampleYear05 1,646
10 Years rr_ExpenseExampleYear10 2,903
1 Year rr_ExpenseExampleNoRedemptionYear01 758
3 Years rr_ExpenseExampleNoRedemptionYear03 1,189
5 Years rr_ExpenseExampleNoRedemptionYear05 1,646
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,903
Load | Salient Select Income Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_Component1OtherExpensesOverAssets 0.57% [4]
Dividend and Interest Expense on Short Sales rr_Component2OtherExpensesOverAssets 0.04%
Interest Expense on Borrowings rr_Component3OtherExpensesOverAssets 0.35%
Total Other Expenses rr_OtherExpensesOverAssets 0.96%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.71%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.46%
1 Year rr_ExpenseExampleYear01 $ 349
3 Years rr_ExpenseExampleYear03 817
5 Years rr_ExpenseExampleYear05 1,412
10 Years rr_ExpenseExampleYear10 3,019
1 Year rr_ExpenseExampleNoRedemptionYear01 249
3 Years rr_ExpenseExampleNoRedemptionYear03 817
5 Years rr_ExpenseExampleNoRedemptionYear05 1,412
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,019
[1] Other Expenses for Investor Class and Institutional Class shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.
[2] Other Expenses, Dividend and Interest Expense on Short Sales, and Interest Expense on Borrowings for Class I2 shares are based on estimated amounts for the current fiscal year.
[3] The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class, Institutional Class and Class I2 shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50%, 1.15% and 1.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.
[4] Other Expenses for Class A shares include shareholder services fees that may be temporarily suspended by the Fund, in which case, the fees may not accrue to the full amounts payable.
[5] The Fund’s investment advisor is contractually obligated to waive 0.25% of the Fund’s management fee so that until April 30, 2019 the Fund’s management fee will be 0.75%. Additionally, the Fund’s investment advisor is contractually obligated until April 30, 2019 to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Class A and Class C shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.55% and 2.10%, respectively. Each of the management fee waiver and the expense limitation arrangement may not be terminated by the Fund’s investment advisor prior to such date under any circumstances and may only be modified or terminated by a majority vote of the Independent Trustees. Under the expense limitation agreement, the Fund’s investment advisor is permitted to recoup expenses attributable to the Fund or a Class thereof that the investment advisor has borne (whether through a further reduction of its management fee or otherwise) in later periods to the extent that the expenses for a Class of shares fall below the annual rate in effect at the time of the actual waiver/reimbursement. Under the expense limitation agreement, the Fund is not obligated to reimburse such expenses beyond three years from the end of such year in which the investment advisor waived a fee or reimbursed an expense. Any such recoupment by the investment advisor will not cause a class to exceed the annual limitation rate in effect at the time of the actual waiver/reimbursement.
XML 11 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Forward Funds
Prospectus Date rr_ProspectusDate May 01, 2018
Document Creation Date dei_DocumentCreationDate Jun. 13, 2018
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