Arena Strategic Income I (Salient Adaptive US Equity Fund) Fonds

Under normal market conditions, the Advisor intends to primarily invest at least 75% of its net assets (plus any borrowings for investment purposes) in income producing investments and leveraged loans. The Advisor intends to invest in debt securities, leveraged loans, equity and equity-linked securities and obligations of the U.S. government and government-sponsored entities. It intents to invest in high-yield debt securities (commonly known as “junk bonds”).