# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-25-012904
**Filing Date:** 2025-7
**Character Count:** 4742
**Document Hash:** 73274e3cf600c523f9da78f032e3f039
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012904.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001398344-25-012904

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Funds
- **CENTRAL INDEX KEY:** 0001643174

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-205411
- **FILM NUMBER:** 251111327

**BUSINESS ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 704-544-2399

**MAIL ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

## Series and Classes Contracts Data

### Horizon Multi-Factor Small/Mid Cap Fund (Series ID: S000079220)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Institutional Class | HSMIX         | C000240164 |
| Investor Class      | HSMNX         | C000240165 |
| Advisor Class       | HSMBX         | C000240166 |

---

## Series and Classes Contracts Data

### Horizon Multi-Factor Small/Mid Cap Fund (Series ID: S000079220)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000240164 | Institutional Class | HSMIX           |
| C000240165 | Investor Class      | HSMNX           |
| C000240166 | Advisor Class       | HSMBX           |

?xml version='1.0' encoding='ASCII'?

**HORIZON FUNDS**

**Horizon Multi-Factor Small/Mid Cap Fund (the "Fund")**

**Supplement dated July 8, 2025**

**to the Prospectus and Summary Prospectus of the Fund**

**This supplement makes the following amendment to disclosures in the Fund's Prospectus and Summary Prospectus, dated March 29, 2025, as supplemented, effective immediately:**

*The Average Annual Total Returns table and the paragraphs of disclosure that follow it under the Section titled "Performance" are hereby deleted in their entirety and replaced with the following:*

 

**Multi-Factor Small/Mid Cap Fund Average Annual Total Returns**

---

| | | |
|:---|:---|:---|
| **For the periods ended December 31, 2024** | **One Year** | **Since Inception of Class\*** |
| **Investor Class** |  |  |
| Return Before Taxes | 21.66% | 22.22% |
| Return After Taxes on Distributions | 20.76% | 21.64% |
| Return After Taxes on Distributions and Sale of Fund Shares | 12.91% | 17.12% |
| **Advisor Class** |  |  |
| Return Before Taxes | 21.45% | 20.01% |
| **S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)\*\*** | 25.02% | 25.54% |
| **S&P 1000 Total Return Index (reflects no deduction for fees, expenses or taxes)** | 12.34% | 14.74% |

---

\* Inception date is December 20, 2022 for Investor Class Shares and March 7, 2023 for Advisor Class Shares. Institutional Class shares had not commenced operations prior to the date of this Prospectus. Index information is since inception of Investor Class shares.

\*\* As a result of new regulatory requirements, the Fund's regulatory index has changed from the S&P 1000 Total Return Index to the S&P 500 Total Return Index.

After-tax returns are based on the highest historical individual U.S. federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. If you own shares of the Multi-Factor Small/Mid Cap Fund in a tax-deferred account, such as an individual retirement account ("IRA") or a 401(k) plan, after-tax returns are not applicable to your investment. After-tax returns are shown for Investor Class shares only and after-tax returns for other classes will vary to the extent that each class has different expenses.

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. The S&P 1000® Total Return Index combines the S&P MidCap 400<sup>®</sup> and the S&P SmallCap 600<sup>®</sup> to form an investable benchmark for the mid- to small-cap segment of the U.S. equity market. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark. Returns would have been lower if Horizon had not waived and/or reimbursed certain expenses of the Multi-Factor Small/Mid Cap Fund during the periods shown.

**\* \* \* \* \***

**Please retain this supplement for your reference.**