Picton Mahoney Fortified Income Fund (F)

Monthly Returns

PMAM FORTIFIED INCOME FUND (F)	75% ICE BOFA MERRILL LYNCH GLOBAL HIGH YIELD INDEX/ 25% ICE BOFA MERRILL LYNCH GLOBAL CORPORATE INDEX (TR) (HEDGED TO CAD)

2023

June	0.85	1.01
May	-0.53	-0.69
April	1.97	0.66
March	-0.57	0.95
February	-0.28	-1.50
January	1.87	3.67

2022

December	0.39	-0.22
November	0.69	3.51
October	-0.21	1.27
September	-1.88	-4.51
August	-0.41	-1.92
July	2.10	4.49
June	-2.77	-5.72
May	-1.22	-0.25
April	-0.60	-3.46
March	-0.37	-1.38
February	-1.28	-2.11
January	-0.09	-2.45

2021

December	0.31	1.00
November	-0.19	-0.76
October	-0.17	-0.53
September	0.06	-0.56
August	-0.07	0.48
July	0.36	0.27
June	0.04	1.03
May	0.12	0.42
April	0.75	0.96
March	0.17	-0.12
February	1.12	-0.11
January	0.93	-0.08

2020

December	0.49	1.49
November	1.84	3.55
October	1.04	0.32
September	0.04	-0.79
August	1.28	0.77
July	1.89	3.44
June	2.15	1.73
May	0.31	3.64
April	1.73	4.45
March	-5.77	-11.91
February	0.80	-0.86
January	1.09	0.82

2019

December	0.56	1.37
November	0.19	0.41
October	0.51	0.46
September	0.75	0.20
August	0.76	0.55
July	0.00	0.73
June	-0.23	2.19
May	0.97	-0.55
April	0.61	1.11
March	0.20	1.27
February	0.99	1.34
January	1.02	3.26

2018

December	-1.03	-0.71
November	-1.54	-0.84
October	0.14	-1.20
September	0.24	0.49
August	0.09	0.05
July	0.37	1.16
June	-0.08	-0.22
May	-0.57	-0.36
April	0.04	0.15
March	-0.48	-0.34
February	0.19	-0.92
January	0.71	0.29

2017

December	0.02	0.27
November	0.36	-0.26
October	0.97	0.63
September	1.06	0.52
August	0.24	0.39
July	0.34	0.90
June	0.32	0.00
May	0.44	0.79
April	0.80	1.09
March	-0.11	-0.10
February	2.28	1.43
January	2.18	1.06

2016

December	1.68	1.54
November	0.27	-0.99
October	1.71	0.07
September	1.83	0.34
August	2.09	1.70
July	2.63	2.25
June	1.06	1.28
May	0.87	0.50
April	1.69	2.74
March	3.11	3.67
February	-0.08	0.42
January	-0.61	-0.98

2015

December	-2.12	-2.13
November	0.62	-0.85

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The inception date of the Class F Units of the Picton Mahoney Fortified Income Fund is October 29, 2015. Performance data is presented since inception for Class F Units of the Fund. Performance data is compared to the BofA Merrill Lynch Global High Yield Index-hedged to CAD (75%), and BofA Merrill Lynch Global Corporate Index-hedged to CAD (25%). The composition of the Fund’s portfolio will significantly differ from the Index due to the investment strategy employed by the Fund. Please read the Prospectus before investing in our mutual funds. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Commissions, trailing commissions, management and performance fees and expenses all may be associated with fund investments. The Fund is not guaranteed, its value changes frequently and past performance may not be repeated.