The investment objective of Horizons HSL is to seek to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of U.S. senior secured floating rate loans, which are generally rated below investment grade (loans rated at or below BB+ by Standard & Poor’s, or a similar rating by a designated rating organization) and debt securities, with capital appreciation as a secondary objective. Horizons HSL will, to the best of its ability, seek to hedge its non-Canadian dollar currency exposure to the Canadian dollar at all times.