Alan E. Hart is the Managing Partner and Chief Investment Officer of Cedar Ridge and serves as the Portfolio Manager for the Fund. Mr. Hart is responsible for the daytoday portfolio management of the Fund and makes the final investment decisions for the Fund. Mr. Hart is responsible for formulation of overall portfolio strategy and implementation of municipal bond portfolio investments. Since May 2004 Mr. Hart has also served as the Portfolio Manager of an unregistered hedge fund. Prior to founding Cedar Ridge in March 2004 he was an investment banker for 21 years specializing in municipal bonds including corporatebacked issues in the airline airport electric utility energy industrial and power generation sectors. From 1996 to 2004 he was a Managing Director at Bear Stearns and Co. Inc. where he also managed highyield structured transactions and advised issuers in private equity and distressed debt situations. From 1986 to 1996 Mr. Hart was a Vice President and managed the CorporationrationrateRelated Group in the Municipal Bond Department at Goldman Sachs and Co. Prior to joining Goldman Sachs he spent three years at The First Boston Corporationrationration. He holds an M.B.A. from the Columbia University Graduate School of Business and received a B.S. from California State University Chico. Mr. Hart has managed the Fund since its inception in December 2006.
The fund invests primarily in a portfolio of municipal bonds, corporate bonds, notes and other debentures, U.S. Treasury and Agency securities, sovereign debt, emerging markets debt, floating rate or zero coupon securities and nonconvertible preferred securities that are actively traded in the public markets. It may also invest a substantial portion of its assets in interest rate swaps, credit default swaps, total return swaps, futures and options and other derivative instruments. The fund is nondiversified.The fund is listed under Nontraditional Bond category and is part of Forward Funds family.
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