Horizon Investments, LLC and Horizon Funds

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<title>Federal Register, Volume 91 Issue 216 (Tuesday, November 10, 2026)</title>
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[Federal Register Volume 91, Number 216 (Tuesday, November 10, 2026)]
[Notices]
[Pages 72603-72604]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22853]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 36383; File No. 812-16073]


Horizon Investments, LLC and Horizon Funds

November 5, 2026.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of an application under section 6(c) of the Investment 
Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 
5(a)(1), 18(f)(1), 18(i), 22(d) and 22(e) of the Act and rule 22c-1 
under the Act and under sections 6(c) and 17(b) of the Act for an 
exemption from sections 17(a)(1) and 17(a)(2) of the Act.
    Summary of Application: Applicants request an order (``Order'') 
that would permit a registered open-end management investment company 
to offer one class of exchange-traded shares that operates as an 
exchange-traded fund (an ``ETF Class,'' and such shares, ``ETF 
Shares'') and one or more classes of shares that are not exchange-
traded (each such class, a ``Mutual Fund Class,'' and such shares, 
``Mutual Fund Shares,'' and each such fund, a ``Multi-Class ETF 
Fund''). The Order would provide Multi-Class ETF Funds with two broad 
categories of relief: (i) the relief necessary to permit standard 
exchange-traded fund (``ETF'') operations consistent with Rule 6c-11 
under the Act (``ETF Operational Relief'') and (ii) the relief 
necessary for a fund to offer an ETF Class and one or more Mutual Fund 
Classes (``ETF Class Relief'').
    Applicants: Horizon Investments, LLC and Horizon Funds.
    Filing Dates: The application was filed on August 18, 2026, and 
amended on September 30, 2026.
    Hearing or Notification of Hearing: An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing on any application by emailing 
the SEC's Secretary at <a href="/cdn-cgi/l/email-protection#f5a6909687908194878c86d8ba93939c9690b5869096db929a83"><span class="__cf_email__" data-cfemail="0f5c6a6c7d6a7b6e7d767c22406969666c6a4f7c6a6c21686079">[email&#160;protected]</span></a> and serving the 
Applicants with a copy of the request by email, if an email address is 
listed for the relevant Applicant below, or personally or by mail, if a 
physical address is listed for the relevant Applicant below. The email 
should include the file number referenced above. Hearing requests 
should be received by the Commission by 5:30 p.m., Eastern Time, on 
November 30, 2026, and should be accompanied by proof of service on the 
Applicants, in the form of an affidavit or, for lawyers, a certificate 
of service. Pursuant to rule 0-5 under the Act, hearing requests should 
state the nature of the writer's interest, any facts bearing upon the 
desirability of a hearing on the matter, the reason for the request, 
and the issues contested. Persons who wish to be notified of a hearing 
may request notification by emailing the Commission's Secretary at 
<a href="/cdn-cgi/l/email-protection#7526101607100114070c06583a13131c1610350610165b121a03"><span class="__cf_email__" data-cfemail="6437010716011005161d17492b02020d0701241701074a030b12">[email&#160;protected]</span></a>.

ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#edbe888e9f88998c9f949ec0a28b8b848e88ad9e888ec38a829b"><span class="__cf_email__" data-cfemail="96c5f3f5e4f3e2f7e4efe5bbd9f0f0fff5f3d6e5f3f5b8f1f9e0">[email&#160;protected]</span></a>. Applicants: 
Katherine A. McCurry, Esq., <a href="/cdn-cgi/l/email-protection#e1aaac82a294939398a18a95928d8096cf828e8c"><span class="__cf_email__" data-cfemail="713a3c123204030308311a05021d10065f121e1c">[email&#160;protected]</span></a>, and Jeffrey T. 
Skinner, Esq., <a href="/cdn-cgi/l/email-protection#f5bfa69e9c9b9b9087b59e8186999482db969a98"><span class="__cf_email__" data-cfemail="38726b535156565d4a78534c4b54594f165b5755">[email&#160;protected]</span></a>, Kilpatrick Townsend & Stockton LLP, 
1001 West Fourth Street, Winston-Salem, NC 27101.

FOR FURTHER INFORMATION CONTACT: Thomas Ahmadifar, Branch Chief, or 
Wiley Cole, Senior Counsel, at (202) 551-6720 or <a href="/cdn-cgi/l/email-protection#86cfcbc9c5c5c6f5e3e5a8e1e9f0"><span class="__cf_email__" data-cfemail="fab3b7b5b9b9ba899f99d49d958c">[email&#160;protected]</span></a> 
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal 
analysis, and conditions, please refer to Applicants' application, 
filed September 30, 2026, which may be obtained via the Commission's 
website by searching for the file number at the top of this document, 
or for an Applicant using the Company name search field, on the SEC's 
EDGAR system. The SEC's EDGAR system may be searched at <a href="https://www.sec.gov/search-filings">https://www.sec.gov/search-filings</a>. You

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may also call the SEC's Office of Investor Education and Assistance at 
(202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-22853 Filed 11-9-26; 8:45 am]
BILLING CODE 8011-01-P


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