To achieve its investment objective Horizons HEA primarily invests in an equal weighted portfolio of large capitalization U.S. companies. Semi-annually, on the Constituent Reset Date, the Investment Manager will select from the largest and most liquid U.S. companies listed on the NYSE or the NASDAQ and will invest Horizons HEA in each issuer equally. Horizons HEA will rebalance, on an equal weight basis, the portfolio of constituent securities on each Constituent Reset Date. The number of issuers included in the portfolio may change on a Constituent Reset Date. Between Constituent Reset Dates, the allocation between each of these constituent securities will change due to market movement and the Investment Manager will typically not re-allocate, include or exclude issuers from Horizons HEA’s portfolio until its next rebalance date or Constituent Reset Date, other than when, in the opinion of the Investment Manager, circumstances necessitate a change (e.g. insufficient liquidity of an issuer’s options). To mitigate downside risk and generate income, the Investment Manager actively manages a covered call strategy that will generally write out of the money covered call options on 100% of the portfolio securities.