Salient Adaptive Growth Fund Receives Five-Star Morningstar Rating™ and Ranks Number One in Tactical Allocation Category

HOUSTON, July 28, 2016 /PRNewswire/ -- Salient Partners, L.P. ("Salient"), a diversified asset management firm and leading provider of alternative and real asset investment strategies, is pleased to announce that its Salient Adaptive Growth Fund (the "Fund") (Ticker: SRPFX) received a five-star Overall Morningstar Rating™ out of 284 Tactical Allocation funds based on its risk-adjusted returns as of June 30, 2016. The Fund's three-year performance ranks first among 284 Tactical Allocation funds as of June 30, 2016, based on average annual total returns.

The Fund is designed to systematically allocate capital across a broad set of asset classes using an adaptive approach that may better align with prevailing market sentiment and has the potential to provide meaningful return enhancement over a full-market cycle. The Fund is available to U.S. retail and institutional investors.

"We designed Salient Adaptive Growth to be a broadly diversified, global asset allocation strategy that seeks to generate equity-like returns, while reducing the severe drawdowns that commonly occur in portfolios concentrated in a single asset class," said Roberto Croce, Ph.D., director of quantitative research at Salient.

"We are pleased that Morningstar has recognized Salient Adaptive Growth Fund for its strong track record of risk-adjusted returns," said Lee Partridge, chief investment officer at Salient. "The strategy responds to rising market volatility by reducing exposure and increasing diversification. The Fund's performance—especially during major market events like Brexit—demonstrates the value that Dr. Croce and his team add for our clients."

The Fund's management team consists of Lee Partridge and Roberto Croce, Ph.D., with support from Travis Robinson and Xuan Huan.

Salient Adaptive Growth Fund joins the firm's lineup of several other four- and five-star Morningstar rated funds based on risk-adjusted returns as of June 30, 2016:

• Salient Select Income Fund (Ticker: KIFYX) received a five-star Overall Morningstar Rating™ out of 40 Preferred Stock funds. Salient Select Income Fund invests in a portfolio of senior securities and high-income equities primarily issued by real estate investment companies. While Salient Select Income Fund's focus is on real estate investment trust (REIT) preferred securities, its allocation among preferred stocks, common stocks and bonds may shift in response to market conditions.
• Salient Tactical Muni & Credit Fund (Ticker: FLSIX) received a four-star Overall Morningstar Rating™ out of 35 Long-Short Credit funds. Salient Tactical Muni & Credit Fund seeks to maximize total rate of return and minimize investment risk through flexible active management using a credit-based, relative value investment strategy. Salient Tactical Muni & Credit Fund employs an absolute return-oriented and tax-efficient strategy that seeks to identify attractive long and short investment opportunities in the municipal and other credit markets.
• Salient Adaptive Income Fund (Ticker: AIAAX) received a four-star Overall Morningstar Rating™ out of 284 Tactical Allocation funds. Salient Adaptive Income Fund employs a dynamic, risk-managed approach which seeks to provide income to investors with a lower risk tolerance by allocating the fund's investments to income-producing assets that are exhibiting a statistically higher yield relative to other income-producing assets.

For more information about the Salient Adaptive Growth Fund, please visit http://www.salientpartners.com/strategies/salient-adaptive-growth-fund. To learn more about Salient's investment strategies, go to http://www.salientpartners.com/strategies.

About Salient

Salient is a diversified asset management firm and leading provider of alternative and real asset investment strategies for institutional investors and investment advisors. The firm offers a comprehensive suite of single-asset and multi-asset solutions designed to serve as powerful building blocks for smarter, more efficient portfolios. Strategies are offered in the form of open- and closed-end funds and separately managed accounts. Salient provides unconventional market insights in its highly acclaimed Epsilon Theory newsletter and Salient blog. Learn more about Salient at www.salientpartners.com and follow us on LinkedIn and Twitter. Salient was founded in 2002 and has offices in Houston, San Francisco, New York and Newport Beach.

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DISCLOSURES

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns reflect reinvestment of all dividend and capital gain distributions. Index performance is shown for illustrative purposes only and does not reflect the payment of advisory fees and other expenses associated with an investment in a mutual fund. Investors cannot directly invest in an index. The performance shown is for the stated time period only; due to market volatility, each account's performance may be different. To obtain performance information current to the most recent month-end, please visit www.salientfunds.com. Class I shares are offered without any sales charge to certain institutional investors and affiliates of the Fund's investment advisor. The return figures shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

The advisor has contractually agreed to waive a portion of its advisory fee and/or reimburse a portion of the Fund's operating expenses, excluding certain expenses, such as taxes, brokerage commissions, interest, short dividend expense, acquired fund (subsidiary) fees, litigation and extraordinary expenses. This waiver extends through July 31, 2017, and may be extended by the advisor for an additional term. Annual Fund Operating Expenses Class I Shares, total 1.42% and net 1.33%

You should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. The prospectus contains this and other information and is available, along with information about the series of funds under the Salient MF Trust, by downloading one from www.salientfunds.com, calling (866) 667-9228 or from your financial professional. The prospectus should be read carefully before investing.

The series of funds under the Salient MF Trust are distributed by Foreside Fund Services, LLC. Investment Advisory Services for the Salient mutual funds are offered through Salient Advisors, L.P. and Salient Capital Advisors, LLC, subsidiaries of Salient Partners, L.P. Salient Adaptive Growth Fund is distributed by Foreside Fund Services, LLC.

You should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. The prospectus contains this and other information and is available, along with information about the series of funds under the Forward Funds trust ("Salient Funds"), by downloading one from www.salientfunds.com or calling (800) 999-6809. The prospectus should be read carefully before investing.

The series of funds under the Forward Funds trust ("Salient Funds") are distributed by Forward Securities, LLC. Forward Management, LLC d/b/a Salient is the investment advisor to the Salient Funds. Salient Select Income Fund, Salient Tactical Muni & Credit Fund and Salient Adaptive Income are distributed by Forward Securities, LLC.

©2016 Salient Partners, L.P. All rights reserved.

Investing involves risk, including possible loss of principal. The value of any financial instruments or markets mentioned herein can fall as well as rise. Past performance does not guarantee future results. Short-term performance, in particular, is not a good indication of a fund's future performance, and an investment should not be made based solely on returns.

This material is distributed for informational purposes only and should not be considered as investment advice, a recommendation of any particular security, strategy or investment product, or as an offer or solicitation with respect to the purchase or sale of any investment. Statistics, prices, estimates, forward-looking statements, and other information contained herein have been obtained from sources believed to be reliable, but no guarantee is given as to their accuracy or completeness. All expressions of opinion are subject to change without notice.

Neither diversification nor asset allocation assures profit or protects against risk.

©2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

Salient Adaptive Growth Fund (Ticker: SRPFX) ranks in the top 1st percentile with a three-year Morningstar ranking of 1 among 284 Tactical Allocation funds, as of 06/30/16, based on average annual total returns. The highest or most favorable Morningstar percentile rank is 1 and the lowest percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Various rating agencies categorize funds differently. As of 06/30/16, Salient Adaptive Growth Fund was ranked against the following numbers of U.S.-domiciled Tactical Allocation funds over the following time periods: 4 out of 351 funds in the last year and 1 out of 284 funds in the last three years.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.

Salient Adaptive Growth Fund was rated against the following numbers of U.S.-domiciled Tactical Allocation funds over the following time periods: 284 funds in the last three years. With respect to these Tactical Allocation funds, Salient Adaptive Growth Fund received a Morningstar Rating™ of five stars for the three-year period. Salient Adaptive Growth Fund's Institutional Share class had negative performance in 2013 and 2015. Salient Select Income Fund was rated against the following numbers of U.S.-domiciled Preferred Stock funds over the following time periods: 40 funds in the last three years and 35 funds in the last five years. With respect to these Preferred Stock funds, Salient Select Income Fund received a Morningstar Rating™ of five stars for the three- and five-year periods. Salient Select Income Fund's Institutional Share class had negative performance in 2015, 2008 and 2007. Salient Tactical Muni & Credit Fund was rated against the following numbers of U.S.-domiciled Long-Short Credit funds over the following time periods: 35 funds in the last three years and 16 funds in the last five years. With respect to these Long-Short Credit funds, Salient Tactical Muni & Credit Fund received a Morningstar Rating™ of five stars for the three-year period and four stars for the five-year period. Salient Tactical Muni & Credit Fund's Institutional Share class had negative performance in 2013. Salient Adaptive Income Fund was rated against the following numbers of U.S.-domiciled Tactical Allocation funds over the following time periods: 284 funds in the last three years, 188 funds in the last five years and 78 funds in the last 10 years. With respect to these Tactical Allocation funds, Salient Adaptive Income Fund received a Morningstar Rating™ of three stars, four stars and four stars for the three-, five- and 10-year periods, respectively. Salient Adaptive Income Fund's institutional share class had negative performance in 2015 and 2008.

Ratings are for the Salient Adaptive Growth Fund Institutional Share Class (Ticker: SRPFX), Salient Select Income Fund Institutional Share Class (Ticker: KIFYX), Salient Tactical Muni & Credit Fund Institutional Share Class (Ticker: FLSIX) and Salient Adaptive Income Institutional Share Class (Ticker: AIAAX) only; other classes may have different performance characteristics.

SOURCE Salient Partners, L.P.

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