Mr. Rowader has been with Forward Management since September 2008 as Director of Investments. Mr. Rowader has primary responsibility for the day-to-day management of the Allocation Funds and co-primary responsibility for the day-to-day management of the Forward Frontier Strategy Fund, Forward U.S. Government Money Fund and the cash portion of the Forward Emerging Markets Fund. Prior to joining Forward Management, Mr. Rowader was with Accessor Capital Management from February 2007, as Investment Officer and member of Accessor’s Investment Committee; from December 2007, as Senior Investment Officer; and from February 2008 as Chief Investment Officer. Prior to Accessor Capital Management, Mr. Rowader was a Risk Management Analyst at OppenheimerFunds from 2005 to February 2007 and a Fund Analyst at OppenheimerFunds from 2004 to 2005. Prior to the OppenheimerFunds, Mr. Rowader served as a Financial Consultant at Linsco/Private Ledger from 2003 to 2004 and as a Senior Project Manager at WallStreetOnDemand from 1998 to 2003. Mr. Rowader holds an MBA. Mr. Rowader has managed the Allocation Funds and the Forward U.S. Government Money Fund since February 2007, the cash portion of the Forward Emerging Markets Fund since August 2009, and the Forward Frontier Strategy Fund since its inception in December 2008.

Mr. Broughton has been with Forward Management since December 2010 as Assistant Portfolio Manager. Mr. Broughton has co-primary responsibility for the day-to-day management of the Forward U.S. Government Money Fund. Prior to joining Forward Management, Mr. Broughton was a Senior Financial Analyst for the Sacramento Municipal Utility District, where he managed the District’s fixed income portfolio, from January 2010 to November 2010. From March 2006 to January 2010, Mr. Broughton was VP/Investment Officer for Pacific Capital Bancorp where he managed the Bank’s bond portfolio. Previously, Mr. Broughton was a Fixed Income Trader (July 2002 to February 2006) and a Senior Priority Investment Specialist (June 1997 to July 2002) with American Century Investments, and was employed as an Investment Accountant for State Street from March 1996 to May 1997. Mr. Broughton is a Chartered Financial Analyst. Mr. Broughton has managed the Allocation Funds, the cash portion of the Forward Emerging Markets Fund, the Forward Frontier Strategy Fund, and the Forward U.S. Government Money Fund since February 2011.