Executive Trades Trading Activity by Executive Officers of Forward Management, LLC Trading activity by executive officers of Forward Management, LLC, the advisor to the Funds, for the last three months. Name* Title Trade Date Trade Type Trade Amount ($) Fund J. Alan Reid President 11/19/07 S 9,058 SCFSX Mary Curran Chief Legal Officer none -- -- -- Darrell Davis Chief Technology Officer none -- -- -- Judith M. Rosenberg Chief Compliance Officer none -- -- -- Clay Smudsky Managing Director none -- -- -- Jim O'Donnell Chief Administrative Officer none -- -- -- Barbara Tolle Director of Fund Accounting and Operations none -- -- -- *(includes all related accounts)

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The Sierra Club Stock Fund is professionally managed under the supervision of Forward Management, the independent Investment Advisor. The fund may choose not to purchase or retain investments that may be profitable if the companies being considered are in conflict with the established environmental and social guidelines of the Sierra Club. Sierra Club Stock Fund is distributed by ALPS Distributors, Inc. We respect your privacy. Sierra Club® is a registered trademark of the Sierra Club.