Conversion to Open-End Fund:

Effective February 29, 2012 Horizons Gold Yield Fund converted to an exchange traded fund and was renamed Horizons Gold Yield ETF. Holders of Class A units received Class E units of the ETF on a one-to-one basis. Holders of Class F units received 1.042586 Class E units for each unit of the fund previously held. This was a tax-deferred event.