Picton Mahoney Tactical Income Fund (the Fund) is a closed-end investment fund. The investment objectives of the Fund are to provide holders of Units (Unitholders) with sustainable tax-advantaged monthly distributions; to preserve capital and mitigate risk with less volatility and less correlation to high-yield and equity markets, and to maximize total return to Unitholders through distributions and capital appreciation, in each case through exposure to a diversified portfolio of income producing securities (the Portfolio) which would be actively managed by Picton Mahoney Asset Management (Picton Mahoney), in its capacity as the manager and the portfolio manager of Income Strategies Trust (the IS Trust). The Fund's portfolio consists of long and short positions in high-yield and investment grade bonds, Government bonds, convertible bonds, preferred shares and dividend paying equities, with a focus on North American issuers. The Fund is managed by Picton Mahoney.