Horizons Funds adds fixed income manager

Date: Wednesday, May 21, 2003

Horizons Funds on Tuesday announced the addition of the Cornerstone Trading Co., Inc. of New York, as a portfolio manager in its Horizons Tactical Hedge Fund. Cornerstone's International Value Program is a systematic, value-based strategy that invests primarily in global fixed-income instruments. Using the Cornerstone program, Horizons Tactical Hedge Fund will offer investors an important portfolio diversification option that fits within its current investment objective: to provide superior returns through investment in a diversified portfolio of securities and derivatives. The Cornerstone Program trades primarily in a basket of short-term debt instruments of mainly G-7 countries. This makes for an outstanding fit with the fund's existing portfolio manager, IIU Asset Strategies based in Dublin, Ireland, as IIU's Breakout Program invests in long-term debt instruments, predominately of the same G-7 countries, in its debt component. Horizons says the combination of these complementary managers will provide clients with a portfolio diversification tool that delivers the benefit of a very low correlation to investments in traditional stock and bond strategies. The fund's prospectus will be re-filed on an amended and restated basis to incorporate the Cornerstone change.