0001193125-18-207109.txt : 20180628 0001193125-18-207109.hdr.sgml : 20180628 20180628113014 ACCESSION NUMBER: 0001193125-18-207109 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 15 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: 18924121 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 S000001219 Salient Real Estate Fund C000003315 Investor Class FFREX C000063078 Class A KREAX C000063079 Class C KRECX C000063080 Institutional Class FPREX 497 1 d615788d497.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 Real Estate 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 and Class C shares of the Salient Real Estate Fund (Accession Number: 0001193125-18-191691) (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 ff2-20180613.xml XBRL INSTANCE DOCUMENT 0000889188 2018-05-01 2018-05-01 0000889188 ff2:NoLoadMember ff2:S000001219Member 2018-05-01 2018-05-01 0000889188 ff2:NoLoadMember ff2:S000001219Member ff2:C000003315Member 2018-05-01 2018-05-01 0000889188 ff2:NoLoadMember ff2:S000001219Member ff2:C000063080Member 2018-05-01 2018-05-01 0000889188 ff2:LoadMember ff2:S000001219Member 2018-05-01 2018-05-01 0000889188 ff2:LoadMember ff2:S000001219Member ff2:C000063078Member 2018-05-01 2018-05-01 0000889188 ff2:LoadMember ff2:S000001219Member ff2:C000063079Member 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 style="margin-top:0px;margin-bottom:0px" align="center"><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:0px" align="center"><b>Supplement dated June&nbsp;13, 2018 </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>to the </b></p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate Fund Investor Class&nbsp;and Institutional Class&nbsp;Prospectus (&#8220;No-Load Prospectus&#8221;) </p> <p style="margin-top:0px;margin-bottom:0px" align="center">and </p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate 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 style="margin-top:0px;margin-bottom:0px" align="center"><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 style="margin-top:0px;margin-bottom:0px" align="center"><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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the &#8220;Fund&#8221;) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July&nbsp;1, 2018 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:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left">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-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></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 valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Institutional&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Management Fee</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Distribution (12b-1) Fees</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">N/A</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:2.00em">Other Expenses<sup>(1)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.86%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.76%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.96%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.61%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Fee Waiver and Expense Reimbursement<sup>(2)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-top:0px;margin-bottom:0px; margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div> <div style="margin-top:0px;margin-bottom:1px; margin-left:0.60em"><b>After Fee Waiver and/or Expense Reimbursement</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.50%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.15%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(1)</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 style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 a portion of its fees and reimburse other expenses until April&nbsp;30, 2019 in amounts necessary 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&nbsp;and Institutional Class&nbsp;shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%"><b>Examples </b></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">These Examples are intended to help you compare the costs of investing in Investor Class&nbsp;or Institutional Class&nbsp;shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Institutional&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">153</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">117</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">571</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">463</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,014</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">832</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,245</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,870</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left">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-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></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 valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Management Fee</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Distribution (12b-1) Fees</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.75%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:2.00em">Other Expenses<sup>(1)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.91%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.96%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.01%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.56%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Fee Waiver and/or Expense Reimbursement<sup>(2)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-top:0px;margin-bottom:0px; margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div> <div style="margin-top:0px;margin-bottom:1px; margin-left:0.60em"><b>After Fee Waiver and/or Expense Reimbursement</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.55%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 a portion of its fees and reimburse other expenses until April&nbsp;30, 2019 in amounts necessary 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. This 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. 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 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-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%"><b>Examples </b></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 $10,000 in the noted class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">Although actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">724</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">313</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,127</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">753</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,555</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,318</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,741</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,857</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">You would pay the following expenses if you did not redeem your shares: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">724</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">213</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,127</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">753</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,555</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,318</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,741</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,857</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px" align="center"><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:0px" align="center"><b>Supplement dated June&nbsp;13, 2018 </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>to the </b></p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate Fund Investor Class&nbsp;and Institutional Class&nbsp;Prospectus (&#8220;No-Load Prospectus&#8221;) </p> <p style="margin-top:0px;margin-bottom:0px" align="center">and </p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate 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 style="margin-top:0px;margin-bottom:0px" align="center"><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 style="margin-top:0px;margin-bottom:0px" align="center"><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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the &#8220;Fund&#8221;) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July&nbsp;1, 2018 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:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left">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-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></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 valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Institutional&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Management Fee</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Distribution (12b-1) Fees</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">N/A</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:2.00em">Other Expenses<sup>(1)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.86%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.76%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.96%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.61%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Fee Waiver and Expense Reimbursement<sup>(2)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-top:0px;margin-bottom:0px; margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div> <div style="margin-top:0px;margin-bottom:1px; margin-left:0.60em"><b>After Fee Waiver and/or Expense Reimbursement</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.50%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.15%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(1)</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 style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 a portion of its fees and reimburse other expenses until April&nbsp;30, 2019 in amounts necessary 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&nbsp;and Institutional Class&nbsp;shares to an annual rate (as a percentage of the Fund&#8217;s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%"><b>Examples </b></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">These Examples are intended to help you compare the costs of investing in Investor Class&nbsp;or Institutional Class&nbsp;shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">Although actual costs may be higher or lower, based on these assumptions your costs whether or not you redeemed your shares would be: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Institutional&nbsp;Class</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">153</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">117</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">571</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">463</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,014</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">832</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,245</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,870</td> <td valign="bottom" style="border-bottom:1px solid #000000">&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 or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares 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: April 30, 2019 0.0085 0.0085 0.0025 0.0086 0.0076 0.0196 0.0161 -0.0046 -0.0046 0.015 0.0115 153 117 571 463 1014 832 2245 1870 153 117 571 463 1014 832 2245 1870 <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> <b>Examples </b> <p style="margin-top:0px;margin-bottom:0px" align="center"><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:0px" align="center"><b>Supplement dated June&nbsp;13, 2018 </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>to the </b></p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate Fund Investor Class&nbsp;and Institutional Class&nbsp;Prospectus (&#8220;No-Load Prospectus&#8221;) </p> <p style="margin-top:0px;margin-bottom:0px" align="center">and </p> <p style="margin-top:0px;margin-bottom:0px" align="center">Salient Real Estate 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 style="margin-top:0px;margin-bottom:0px" align="center"><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 style="margin-top:0px;margin-bottom:0px" align="center"><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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the &#8220;Fund&#8221;) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July&nbsp;1, 2018 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 style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left">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-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></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 valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Management Fee</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.85%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Distribution (12b-1) Fees</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.75%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:2.00em">Other Expenses<sup>(1)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.91%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.96%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.01%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.56%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">Fee Waiver and/or Expense Reimbursement<sup>(2)</sup></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">&#8211;0.46%</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-top:0px;margin-bottom:0px; margin-left:0.60em"><b>Total Annual Fund Operating Expenses</b></div> <div style="margin-top:0px;margin-bottom:1px; margin-left:0.60em"><b>After Fee Waiver and/or Expense Reimbursement</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>1.55%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>2.10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b></b>&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">(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 a portion of its fees and reimburse other expenses until April&nbsp;30, 2019 in amounts necessary 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. This 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. 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 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-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%"><b>Examples </b></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right: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 $10,000 in the noted class of shares of the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund&#8217;s total annual operating expenses remain the same, and that the contractual fee waiver/reimbursement is in place for the first year. </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">Although actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">724</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">313</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,127</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">753</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,555</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,318</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,741</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,857</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4%;margin-right:4%">You would pay the following expenses if you did not redeem your shares: </p> <p style="margin-top:0px;margin-bottom:-6px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="92%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;A</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Class&nbsp;C</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">1 Year</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">724</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">213</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">3 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,127</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">753</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">5 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,555</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1,318</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top" style="border-bottom:1px solid #000000"> <div style="margin-left:0.60em">10 Years</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,741</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">$</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">2,857</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> 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&#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 0.0085 0.0085 0.0025 0.0075 0.0091 0.0096 0.0201 0.0256 -0.0046 -0.0046 0.0155 0.021 724 313 1127 753 1555 1318 2741 2857 724 213 1127 753 1555 1318 2741 2857 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 a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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 a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for 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. This 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. 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 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 Real Estate Fund Investor Class and Institutional Class Prospectus (“No-Load Prospectus”)

and

Salient Real Estate 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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the “Fund”) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July 1, 2018 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  
Management Fee
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        N/A  
Other Expenses(1)
     0.86%        0.76%  
Total Annual Fund Operating Expenses
     1.96%        1.61%  
Fee Waiver and Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.50%        1.15%  

 

  (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)   The Fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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 or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares 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  
1 Year
   $ 153      $ 117  
3 Years
   $ 571      $ 463  
5 Years
   $ 1,014      $ 832  
10 Years
   $ 2,245      $ 1,870  

 

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
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        0.75%  
Other Expenses(1)
     0.91%        0.96%  
Total Annual Fund Operating Expenses
     2.01%        2.56%  
Fee Waiver and/or Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.55%        2.10%  

 

  (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 a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for 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. This 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. 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 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
   $ 724      $ 313  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  

 

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

 

     Class A      Class C  
1 Year
   $ 724      $ 213  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  
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Supplement [Text Block] ff2_SupplementTextBlock

FORWARD FUNDS

 

 

Supplement dated June 13, 2018

to the

 

Salient Real Estate Fund Investor Class and Institutional Class Prospectus (“No-Load Prospectus”)

and

Salient Real Estate 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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the “Fund”) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July 1, 2018 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  
Management Fee
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        N/A  
Other Expenses(1)
     0.86%        0.76%  
Total Annual Fund Operating Expenses
     1.96%        1.61%  
Fee Waiver and Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.50%        1.15%  

 

  (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)   The Fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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 or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares 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  
1 Year
   $ 153      $ 117  
3 Years
   $ 571      $ 463  
5 Years
   $ 1,014      $ 832  
10 Years
   $ 2,245      $ 1,870  

 

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
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        0.75%  
Other Expenses(1)
     0.91%        0.96%  
Total Annual Fund Operating Expenses
     2.01%        2.56%  
Fee Waiver and/or Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.55%        2.10%  

 

  (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 a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for 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. This 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. 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 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
   $ 724      $ 313  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  

 

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

 

     Class A      Class C  
1 Year
   $ 724      $ 213  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  
No Load | Salient Real Estate Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ff2_SupplementTextBlock

FORWARD FUNDS

 

 

Supplement dated June 13, 2018

to the

 

Salient Real Estate Fund Investor Class and Institutional Class Prospectus (“No-Load Prospectus”)

and

Salient Real Estate 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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the “Fund”) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July 1, 2018 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  
Management Fee
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        N/A  
Other Expenses(1)
     0.86%        0.76%  
Total Annual Fund Operating Expenses
     1.96%        1.61%  
Fee Waiver and Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.50%        1.15%  

 

  (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)   The Fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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 or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares 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  
1 Year
   $ 153      $ 117  
3 Years
   $ 571      $ 463  
5 Years
   $ 1,014      $ 832  
10 Years
   $ 2,245      $ 1,870  
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 Investor Class or Institutional Class shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares 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 Real Estate Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.86% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.96%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.50%
1 Year rr_ExpenseExampleYear01 $ 153
3 Years rr_ExpenseExampleYear03 571
5 Years rr_ExpenseExampleYear05 1,014
10 Years rr_ExpenseExampleYear10 2,245
1 Year rr_ExpenseExampleNoRedemptionYear01 153
3 Years rr_ExpenseExampleNoRedemptionYear03 571
5 Years rr_ExpenseExampleNoRedemptionYear05 1,014
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,245
No Load | Salient Real Estate Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets
Other Expenses rr_OtherExpensesOverAssets 0.76% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.61%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15%
1 Year rr_ExpenseExampleYear01 $ 117
3 Years rr_ExpenseExampleYear03 463
5 Years rr_ExpenseExampleYear05 832
10 Years rr_ExpenseExampleYear10 1,870
1 Year rr_ExpenseExampleNoRedemptionYear01 117
3 Years rr_ExpenseExampleNoRedemptionYear03 463
5 Years rr_ExpenseExampleNoRedemptionYear05 832
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,870
Load | Salient Real Estate Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ff2_SupplementTextBlock

FORWARD FUNDS

 

 

Supplement dated June 13, 2018

to the

 

Salient Real Estate Fund Investor Class and Institutional Class Prospectus (“No-Load Prospectus”)

and

Salient Real Estate 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 Real Estate 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 an expense limitation agreement with the Salient Real Estate Fund (the “Fund”) which will 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%), and Institutional Class (1.15%) shares. Accordingly, effective July 1, 2018 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
     0.85%        0.85%  
Distribution (12b-1) Fees
     0.25%        0.75%  
Other Expenses(1)
     0.91%        0.96%  
Total Annual Fund Operating Expenses
     2.01%        2.56%  
Fee Waiver and/or Expense Reimbursement(2)
     –0.46%        –0.46%  
Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense Reimbursement
     1.55%        2.10%  

 

  (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 a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for 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. This 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. 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 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
   $ 724      $ 313  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  

 

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

 

     Class A      Class C  
1 Year
   $ 724      $ 213  
3 Years
   $ 1,127      $ 753  
5 Years
   $ 1,555      $ 1,318  
10 Years
   $ 2,741      $ 2,857  
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 Real Estate Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.91% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.01%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.55%
1 Year rr_ExpenseExampleYear01 $ 724
3 Years rr_ExpenseExampleYear03 1,127
5 Years rr_ExpenseExampleYear05 1,555
10 Years rr_ExpenseExampleYear10 2,741
1 Year rr_ExpenseExampleNoRedemptionYear01 724
3 Years rr_ExpenseExampleNoRedemptionYear03 1,127
5 Years rr_ExpenseExampleNoRedemptionYear05 1,555
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,741
Load | Salient Real Estate Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.96% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.56%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.46%) [4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.10%
1 Year rr_ExpenseExampleYear01 $ 313
3 Years rr_ExpenseExampleYear03 753
5 Years rr_ExpenseExampleYear05 1,318
10 Years rr_ExpenseExampleYear10 2,857
1 Year rr_ExpenseExampleNoRedemptionYear01 213
3 Years rr_ExpenseExampleNoRedemptionYear03 753
5 Years rr_ExpenseExampleNoRedemptionYear05 1,318
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,857
[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] The Fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for Investor Class and Institutional Class shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.50% and 1.15%, respectively. This 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. 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 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.
[3] 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.
[4] The Fund’s investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until April 30, 2019 in amounts necessary to limit the Fund’s operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquired fund fees and expenses, and extraordinary expenses) for 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. This 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. 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 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 10 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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