SALIENT INVESTMENT GRADE FUND INSTITUTIONAL CLASS (AIFIX) Exchange: NMFQS

DELISTED - Under normal conditions, the Fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in investment grade debt securities or synthetic or other instruments that have similar economic characteristics to investment grade debt securities. The Fund primarily invests in bonds and exchange-traded funds (“ETFs”). The Fund can opportunistically invest in swaps, futures and other synthetic instruments (including credit default swaps and other instruments linked to credit default indices) that provide exposures to investment grade quality U.S. corporate bonds, U.S. Government or agency securities and mortgage-backed and asset-backed securities. The Fund’s duration will typically be within four years of the Fund’s benchmark, the Barclays U.S. Aggregate Index (the “Benchmark”). Duration is the measure of price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three” means that a portfolio’s or security’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in the yield curve). As of March 31, 2016, the Benchmark’s duration was 5.47.The investment process involves an assessment of the Fund’s potential exposure to interest rate risk and credit risk relative to the value of specific issues, while seeking to balance trading efficiency, low costs, high liquidity, and the need for current income. The assessment of the portfolio management team may differ meaningfully from the Benchmark’s targets for interest rate risk, credit risk and yield characteristics as a response to changing market conditions.