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| The investment
objectives of HTR Total Return Fund (formerly Horizon Total Return Fund)
(“HTR Total”) are to enhance the initial value of the units through
capital appreciation driven by the investment portfolio of HTR Fund
(“HTR”), and to provide holders of units with the benefits of
compound investment returns. The consolidated financial statements include the
accounts of HTR Total and HTR (collectively, the “Fund”), since HTR
Total is exposed to the economic risks of HTR by virtue of the forward purchase
and sale agreement (the “Forward Agreement”). Virtually all of the
net proceeds of the initial public offering have been used to pre-pay the
Fund’s obligations under the Forward Agreement with a counterparty. These
proceeds have been invested by the counterparty in HTR units and HTR then
acquired a portfolio of securities (the “Portfolio”). The Fund has
economic exposure to an actively managed diversified portfolio of income
producing equity securities comprised primarily of income trust securities,
supplemented by common shares. |
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