Horizons Gold Yield Fund Announces First Monthly Distribution

TORONTO, Jan. 20 /CNW/ - AlphaPro Management Inc. ("AlphaPro"), the trustee and manager of the Horizons Gold Yield Fund (the "Fund"), is pleased to announce the Fund's first monthly distribution in the amount of $0.0720 per Class A unit and Class F unit of the Fund. The Class A units of the Fund are listed for trading on the Toronto Stock Exchange (TSX) under the symbol HGY.UN.  The Class F units of the Fund are not publicly listed.

The Fund's investment objectives are to provide unitholders with: (i) exposure to the price of gold bullion hedged to the Canadian dollar, less the Fund's fees and expenses; and (ii) tax-efficient monthly distributions, initially expected to be $0.0542 per unit ($0.65 per annum to yield 6.5% on the issue price of $10.00 per unit). It is initially expected that monthly distributions received by unitholders will consist primarily of return of capital.

The distribution represents the prorated portion of the targeted annual distribution of $0.65 per Class A and Class F unit for the period from December 20, 2010, the date of the Fund's initial public offering, to January 31, 2011.  The distribution is payable on February 10, 2011, to Class A and Class F unitholders of record on January 31, 2011.

About AlphaPro Management Inc. (www.HAPETFs.com)

AlphaPro is an innovative financial services company specializing in actively managed exchange traded funds with assets under management of approximately $569 million as of December 31, 2010. AlphaPro is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro is Canada's largest provider of single, inverse, leveraged, inverse leveraged and spread ETFs. BetaPro manages approximately $2.6 billion in assets as of December 31, 2010. BetaPro is a subsidiary of Jovian Capital Corporation (JOV:TSX).

SOURCE Horizons Gold Yield Fund

For further information:

Martin Fabregas, Investor Relations, (416) 601-2508

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Horizons Gold Yield Fund

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AlphaPro Management Inc.

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