Picton Mahoney Fortified Income Alternative Fund

The investment objective of the Picton Mahoney Fortified Income Alternative Fund is tomaximize total return to unitholders through income and capital appreciation by investing primarily in globalfixedincome securities while mitigating capital loss through shorting and other hedging strategies. The Fund’s aggregate gross exposure is calculated as the sum of the following, and must not exceed three times its net asset value: the aggregate market value of the Funds long positions; the aggregate market value of physical short sales on equities, fixed-income securities or other portfolio assets; and the aggregate notional value of the Funds specified derivatives positions excluding any specified derivatives used for hedging purposes.