Arena Strategic Income Fund

ARENA STRATEGIC INCOME FUND (ACSIX)

OBJECTIVE

The Arena Strategic Income Fund (the “Fund”) seeks to generate high income risk adjusted returns with a secondary objective of capital preservation.

COMPETITIVE ADVANTAGES

Intensive Research

Combined with fundamental credit work, we conduct a unique analysis of bond structures, in particular, call features in bonds which may be beneficial to the overall portfolio.

Opportunistic Investing

We seek to increase our investment universe via surveying credit markets for opportunities with similar return profiles (leveraged loans, busted convertible bonds etc.) into the portfolio.

Active Approach

Seeking to increase yield for the same quality or increase quality for the same yield. We take an active approach to managing our portfolios to extract the most value and do not subscribe to “buy and hold” strategies.

FUND PROFILES

Ticker	ACSIX
Inception Date	12/30/2022
Minimum Subscription	$100,000
Gross Expense Ratio	11.40%
Net Expense Ratio*	1.00%

*The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.95% of the average daily net assets of the Class I shares of the Fund. This agreement is in effect until February 28, 2035, and it may be terminated before that date only by the Trust’s Board of Trustees.

PERFORMANCE AS OF 9/30/24

	Fund	BBG 1-5 Yr Cash Pay 2%	BofA ML 0-5 Yr	BBG US Corp HY
September 2024	1.55%	1.66%	1.64%	1.62%
3rd Quarter 2024	3.39%	4.95%	4.86%	5.28%
2024 YTD	6.80%	7.89%	7.82%	8.00%
1 Year	12.65%	13.94%	13.60%	15.74%
Annualized Since Inception	14.03%	11.54%	11.45%	12.32%

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will 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 the performance data quoted. Performance data current to the most recent month end may be obtained by calling 310.806.6700

EFFECTIVE DURATION

MATURITY

TOP 5 HOLDINGS AS OF 9/30/24

Name
1	DirecTV Financing	3.64%
2	Uniti Group	3.07%
3	Herbalife	2.94%
4	Icahn Enterprises	2.86%
5	Dish Network Corp	2.83%

Holdings are subject to change at any time and are not a recommendation to buy or sell any security.

TOP 5 SECTORS AS OF 9/30/24

Name
1	Cable Satellite	9.85%
2	Retailers	9.63%
3	Technology	9.33%
4	Consumer Cyclical Services	6.67%
5	Other REITs	4.52%

CREDIT QUALITY BREAKDOWN

High yield fixed income instruments are rated below investment grade and are considered speculative. Such fixed income instruments are rated Ba or B by Moody's Investors Service, Inc. (Moody's); BB or B by Standard & Poor's Ratings Services (S&P) or Fitch Ratings, Inc. (Fitch); or comparably rated by another nationally recognized.

Definitions

Effective Duration: a duration calculation for bonds that have embedded options. This measure of duration takes into account the fact that expected cash flows will fluctuate as interest rates change and is, therefore, a measure of risk.

Average Maturity: the weighted average of all the current maturities of the debt securities held in the fund.

Bloomberg Barclays U.S. High Yield 1-5 Yr Cash Pay 2%: the index includes short-term publicly issued U.S. dollar-denominated high yield corporate bonds.

BofA Merrill Lynch 0-5 Year US High Yield Constrained Index (“HUCD”): an unmanaged index comprised of U.S. dollar denominated below investment grade corporate debt securities publicly issued in the U.S. domestic market with remaining maturities of less than5 years. Allocations to an individual issuer will not exceed 2%.

Bloomberg Barclays U.S. Corporate High-Yield Index: measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.

Mutual fund investing involves risk, including loss of principal.

High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities.

The value of equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. The price of common stock of an issuer in the Fund’s portfolio may decline if the issuer fails to make anticipated dividend payments because, among other reasons, the financial condition of the issuer declines. Common stock is subordinated to preferred stocks, bonds and other debt instruments in a company’s capital structure in terms of priority with respect to corporate income, and therefore will be subject to greater dividend risk than preferred stocks or debt instruments of such issuers. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.