The investment seeks to produce, in any market environment, above-average risk-adjusted returns and less downside volatility than the S&P 500 Index. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of instruments that provide exposure to U.S. and non-U.S. equity securities. These instruments generally include futures and options on securities, securities indices and shares of exchange-traded funds ("ETFs").

Nasdaq

BTPIX

The investment seeks high current income and potential for modest long-term growth of capital. Under normal conditions, the fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in income-producing securities. It invests primarily in securities of companies in the real estate industry, such as real estate investment trusts ("REITs"), master limited partnerships and other real estate firms.

KIFAX

Under normal conditions, the fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in common stocks and other equity securities issued by U.S. and non-U.S. real estate companies, including real estate investment trusts ("REITs") and similar REIT-like entities in at least three different countries. It may invest in equity securities, debt securities, limited partnership interests, ETFs, American Depositary Receipts and European Depositary Receipts, and its investments may include other securities, such as synthetic instruments.

KIRYX

The investment seeks to maximize total return (capital appreciation and income). The fund normally seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of MLPs and Energy Infrastructure Companies. It invests in equity securities such as common units, preferred units, subordinated units, general partner interests, common shares and preferred shares in MLPs and Energy Infrastructure Companies.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
BTPIX	Salient Tactical Plus Fund	Long-Short	Dec 30, 2012	1.08%	1.31%	2.64%	4.37%
KIFAX	Salient Select Income Fund	Preferred Stock/Convertible Bonds	Mar 29, 2001	1.53%	-1.57%	1.87%	6.87%
KIRYX	Salient Global Real Estate Fund	REIT	Apr 27, 2006	1.14%	-3.63%	2.16%	2.59%
SMLPX	Salient MLP & Energy Infrastructure Fund	Energy Equities	Sep 18, 2012	1.35%	14.80%	1.03%	5.47%

Salient Funds Mutual Funds List

Risk vs. Return Scatterplot