Pender Alternative Special Situations Fund

As of the Conversion Date, as an alternative mutual fund, the Fund is permitted to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. The specific strategies that differentiate this Fund from conventional mutual funds include: increased use of derivatives for hedging and non-hedging purposes; increased ability to sell securities short; the ability to borrow cash to use for investment purposes; and increased ability to invest in physical commodities. While these strategies will be used in accordance with the Fund’s investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value. Due to these changes, performance of the Fund prior to the Conversion Date which relates to the Fund’s previous investment objectives and strategies may differ from future performance of the Fund after the Conversion Date under its new investment objectives and strategies.