SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                            -------------------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)

                    INFORMATION TO BE INCLUDED IN STATEMENTS
                  FILED PURSUANT TO RULES 13d-1(b), (c) AND (d)
                AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
                               (Amendment No. 2)*


                            FORWARD INDUSTRIES, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    349862300
--------------------------------------------------------------------------------
                                 (CUSIP NUMBER)


                                December 12, 2008
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                / / Rule 13d-1(b)
                                /X/ Rule 13d-1(c)
                                / / Rule 13d-1(d)

_______________________________

*    The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
     deemed to be  "filed"  for the  purpose  of  Section  18 of the  Securities
     Exchange  Act of 1934  or  otherwise  subject  to the  liabilities  of that
     section of the Act but shall be subject to all other  provisions of the Act
     (however, see the Notes).






--------------------------------------------------------------------------------
     NAME OF REPORTING PERSONS: Daniel Zeff
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

--------------------------------------------------------------------------------
     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                             (a)       X
                                                             (b)
--------------------------------------------------------------------------------
     SEC USE ONLY

--------------------------------------------------------------------------------
     CITIZENSHIP OR PLACE OF ORGANIZATION        United States of America

--------------------------------------------------------------------------------
  NUMBER OF       SOLE VOTING POWER                                 155,054
  SHARES
BENEFICIALLY
  OWNED BY
    EACH
  REPORTING
PERSON WITH
--------------------------------------------------------------------------------
                  SHARED VOTING POWER                               0

--------------------------------------------------------------------------------
                  SOLE DISPOSITIVE POWER                            155,054

--------------------------------------------------------------------------------
                  SHARED DISPOSITIVE POWER                          0

--------------------------------------------------------------------------------
     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   155,054


--------------------------------------------------------------------------------
     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
--------------------------------------------------------------------------------
     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)              1.96%

--------------------------------------------------------------------------------
     TYPE OF REPORTING PERSON*                                      IN

--------------------------------------------------------------------------------

                                     - 2 -





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     NAME OF REPORTING PERSONS: Spectrum Galaxy Fund Ltd.
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                             (a)       X
                                                             (b)
--------------------------------------------------------------------------------
     SEC USE ONLY

--------------------------------------------------------------------------------
     CITIZENSHIP OR PLACE OF ORGANIZATION        British Virgin Islands

--------------------------------------------------------------------------------
  NUMBER OF       SOLE VOTING POWER                                 51,747
  SHARES
BENEFICIALLY
  OWNED BY
    EACH
  REPORTING
PERSON WITH
--------------------------------------------------------------------------------
                  SHARED VOTING POWER                               0

--------------------------------------------------------------------------------
                  SOLE DISPOSITIVE POWER                            51,747

--------------------------------------------------------------------------------
                  SHARED DISPOSITIVE POWER                          0

--------------------------------------------------------------------------------
     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   51,747


--------------------------------------------------------------------------------
     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
--------------------------------------------------------------------------------
     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)              0.65%

--------------------------------------------------------------------------------
     TYPE OF REPORTING PERSON*                                      CO

--------------------------------------------------------------------------------




                                     - 3 -





--------------------------------------------------------------------------------
     NAME OF REPORTING PERSONS: Zeff Capital Partners I, L.P.
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------

     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                             (a)       X
                                                             (b)
--------------------------------------------------------------------------------
     SEC USE ONLY

--------------------------------------------------------------------------------
     CITIZENSHIP OR PLACE OF ORGANIZATION        Delaware

--------------------------------------------------------------------------------
  NUMBER OF       SOLE VOTING POWER                                 103,307
  SHARES
BENEFICIALLY
  OWNED BY
    EACH
  REPORTING
PERSON WITH
--------------------------------------------------------------------------------
                  SHARED VOTING POWER                               0

--------------------------------------------------------------------------------
                  SOLE DISPOSITIVE POWER                            103,307
,047

--------------------------------------------------------------------------------
                  SHARED DISPOSITIVE POWER                          0

--------------------------------------------------------------------------------
     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   103,307


--------------------------------------------------------------------------------
     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
--------------------------------------------------------------------------------
     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)              1.31%

--------------------------------------------------------------------------------
     TYPE OF REPORTING PERSON*                                      PN

--------------------------------------------------------------------------------

                                     - 4 -





--------------------------------------------------------------------------------
     NAME OF REPORTING PERSONS: Zeff Holding Company, LLC
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------


     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                             (a)       X
                                                             (b)
--------------------------------------------------------------------------------
     SEC USE ONLY

--------------------------------------------------------------------------------
     CITIZENSHIP OR PLACE OF ORGANIZATION        Delaware

--------------------------------------------------------------------------------
  NUMBER OF       SOLE VOTING POWER                                 103,307
  SHARES
BENEFICIALLY
  OWNED BY
    EACH
  REPORTING
PERSON WITH
--------------------------------------------------------------------------------
                  SHARED VOTING POWER                               0

--------------------------------------------------------------------------------
                  SOLE DISPOSITIVE POWER                            103,307

--------------------------------------------------------------------------------
                  SHARED DISPOSITIVE POWER                          0

--------------------------------------------------------------------------------
     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   103,307


--------------------------------------------------------------------------------
     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*
--------------------------------------------------------------------------------
     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)              1.31%

--------------------------------------------------------------------------------
     TYPE OF REPORTING PERSON*                                      00

--------------------------------------------------------------------------------


                                     - 5 -





Item 1(a).        Name of Issuer:

                           FORWARD INDUSTRIES, INC.

Item 1(b).        Address of Issuer's Principal Executive Offices:

                           1801 Green Road, Suite E
                           Pompano Beach, FL 33064

Item 2(a).        Name of Person Filing:

                           This statement is filed as a joint statement pursuant
                           to Rule 13d-1(k) promulgated under the Securities
                           Exchange Act of 1934 (the "Exchange Act") by Zeff
                           Capital Partners I, L.P., a Delaware limited
                           partnership ("Capital"), Zeff Holding Company, LLC, a
                           Delaware limited liability company ("Holding"),
                           Spectrum Galaxy Fund Ltd., a company incorporated in
                           the British Virgin Islands ("Spectrum") and Daniel
                           Zeff, an individual ("Zeff") (Capital, Holding,
                           Spectrum and Zeff are hereinafter collectively
                           referred to as the "Reporting Persons"). Zeff
                           provides discretionary investment management services
                           to Zeff Capital Offshore Fund, a class of shares of
                           Spectrum. Zeff is the sole manager and member of
                           Holding, which in turn serves as the general partner
                           for Capital. Accordingly, the Reporting Persons are
                           making a group filing because, due to the
                           relationship between them, the Reporting Persons may
                           be deemed to constitute a "group" for the purposes of
                           Section 13(d)(3) of the Exchange Act.

Item 2(b).        Address of Principal Business Office or, if None, Residence:

                           The address of the principal place of business and
                           principal office of each of the Reporting Persons is:

                           50 California Street, Suite 1500
                           San Francisco, CA 94111

Item 2(c).        Citizenship:

                           Zeff is a United States citizen. Spectrum is
                           organized under the laws of the British Virgin
                           Islands. Capital and Holding are organized under the
                           laws of the State of Delaware.

Item 2(d).        Title of Class of Securities:

                           Common Stock, $0.01 par value

Item 2(e).        CUSIP Number:

                           349862300


                                     - 6 -




Item 3. If this  statement is filed  pursuant to Rule  13d-1(b),  or 13d-2(b) or
        (c), check whether the person filing is a: Not Applicable

     (a)  [ ] Broker or dealer registered under Section 15 of the Exchange Act;

     (b)  [ ] Bank as defined in Section 3(a)(6) of the Exchange Act;

     (c)  [ ] Insurance  Company as defined in Section  3(a)(19) of the Exchange
          Act;

     (d)  [ ] Investment  Company  registered  under Section 8 of the Investment
          Company Exchange Act;

     (e)  [ ] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [ ] Employee  Benefit Plan or Endowment  Fund in accordance  with Rule
          13d-1(b)(1)(ii)(F);

     (g)  [ ] Parent Holding  Company or Control Person in accordance  with Rule
          13d-1(b)(1)(ii)(G);

     (h)  [ ] Saving  Association  as  defined in  Section  3(b) of The  Federal
          Deposit Insurance Act;

     (i)  [ ] Church Plan that is excluded from the  definition of an Investment
          Company under Section 3(c)(14) of the Investment Company Act;

     (j)  [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).





                                                                                                         

Item 4.           Ownership.

A.  Daniel Zeff
    -----------

(a)  Amount beneficially owned:                                                                             155,054
(b)  Percent of Class:                                                                                        1.96%
(c)  Number of shares as to which such person has:
            (i)        Sole power to vote or direct the vote:                                               155,054
            (ii)       Shared power to vote or to direct the vote:                                                0
            (iii)      Sole power to dispose or direct the disposition of:                                  155,054
            (iv)       Shared power to dispose or to direct the disposition of:                                   0


B.  Spectrum
    --------

(a)  Amount beneficially owned:                                                                               51,747
(b)  Percent of Class:                                                                                         0.65%
(c)  Number of shares as to which such person has:
            (i)            Sole power to vote or direct the vote:                                             51,747
            (ii)           Shared power to vote or to direct the vote:                                            0




                                     - 7 -

            (iii)          Sole power to dispose or direct the disposition of:                               51,747
            (iv)           Shared power to dispose or to direct the disposition of:                               0


C.  Capital
    -------

(a)  Amount beneficially owned:                                                                             103,307
(b)  Percent of Class:                                                                                        1.31%
(c)  Number of shares as to which such person has:
            (i)            Sole power to vote or direct the vote:                                           103,307
            (ii)           Shared power to vote or to direct the vote:                                            0
            (iii)          Sole power to dispose or direct the disposition of:                              103,307
            (iv)           Shared power to dispose or to direct the disposition of:                               0


D.  Holding
    -------

(a)  Amount beneficially owned:                                                                             103,307
(b)  Percent of Class:                                                                                         1.31%
(c)  Number of shares as to which such person has:
            (i)            Sole power to vote or direct the vote:                                           103,307
            (ii)           Shared power to vote or to direct the vote:                                            0
            (iii)          Sole power to dispose or direct the disposition of:                              103,307
            (iv)           Shared power to dispose or to direct the disposition of:                               0




                                    As calculated in accordance with Rule 13d-3
                           of the Exchange Act, Zeff beneficially owns 155,054
                           shares of the Issuer's Common Stock, representing
                           1.96% of the Common Stock. Zeff does not directly own
                           any shares of Common Stock. Zeff's beneficial
                           ownership is comprised of 103,307 shares of Common
                           Stock held by Capital and 51,747 shares of Common
                           Stock held by Spectrum. Zeff beneficially owns the
                           shares of Common Stock held by Capital in his
                           capacity as the sole manager and member of Holding,
                           which in turn serves as the general partner for
                           Capital. Zeff beneficially owns the shares of Common
                           Stock held by Spectrum in his capacity as investment
                           manager to Zeff Capital Offshore Fund, a class of
                           shares of Spectrum.



                                     - 8 -



Item 5.   Ownership of Five Percent or Less of a Class.

                   If this statement is being filed to report the fact
                   that as of the date hereof the reporting person has
                   ceased to be the beneficial owner of more than five
                   percent of the class of securities, check the
                   following: [X]

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

                   Capital has the right to receive and the power to
                   direct the receipt of dividends from, and the
                   proceeds from the sale of, the 103,307 shares of
                   Common Stock held by it, which power is exercisable
                   by Zeff as sole manager of Holding, Capital's
                   general partner.

                   Spectrum has the sole power to receive and to direct
                   the receipt of dividends from, and the proceeds from
                   the sale of, the 51,747 shares of Common Stock held
                   by it, which power is exercisable by Zeff as
                   investment manager.

Item 7.   Identification and Classification of the Subsidiary Which Acquired the
          Security Being Reported on by the Parent Holding Company.

                   Not Applicable

Item 8.   Identification and Classification of Members of the Group.

                   Please see Exhibit 1, Joint Filing Agreement.

Item 9.   Notice of Dissolution of Group.

                   Not Applicable



                                     - 9 -




Item 10. Certification.

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE


         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



Dated: December 15, 2008


                           /s/ Daniel Zeff
                           ----------------------------------
                           Daniel Zeff


                           ZEFF HOLDING COMPANY, LLC

                           By: /s/ Daniel Zeff
                           ----------------------------------
                           Name: Daniel Zeff
                           Title: Manager


                           ZEFF CAPITAL PARTNERS I, L.P.
                           By: Zeff Holding Company, LLC,
                           as general partner

                           By: /s/ Daniel Zeff
                           ----------------------------------
                           Name: Daniel Zeff
                           Title: Manager


                           SPECTRUM GALAXY FUND LTD.

                           By: /s/ Dion R. Friedland
                           ----------------------------------
                           Name: Dion R. Friedland
                           Title: Director


     Attention:  Intentional  misstatements  or  omissions  of  fact  constitute
Federal criminal violations (see 18 U.S.C. 1001).

                                      -10-



                                                                      Exhibit 1



                             Joint Filing Agreement



         In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of FORWARD INDUSTRIES, INC., and that this Agreement
be included as an Exhibit to such joint filing. This Agreement may be executed
in any number of counterparts all of which taken together shall constitute one
and the same instrument.

In witness hereof, the undersigned hereby executed this Agreement this 15th day
of December, 2008.


                           /s/ Daniel Zeff
                           ----------------------------------
                           Daniel Zeff


                           ZEFF HOLDING COMPANY, LLC

                           By: /s/ Daniel Zeff
                           ----------------------------------
                           Name: Daniel Zeff
                           Title: Manager


                           ZEFF CAPITAL PARTNERS I, L.P.
                           By: Zeff Holding Company, LLC,
                           as general partner

                           By: /s/ Daniel Zeff
                           ----------------------------------
                           Name: Daniel Zeff
                           Title: Manager


                           SPECTRUM GALAXY FUND LTD.

                           By: /s/ Dion R. Friedland
                           ----------------------------------
                           Name: Dion R. Friedland
                           Title: Director




                                     - 11 -