Horizon Investment Services, LLC (“Horizon”) was established as a limited liability company on November 14, 1997. Horizon is wholly owned by Horizon Management Services, Incorporated (“HMS”). Robert T. Evans is the principal owner of HMS. Horizon provides discretionary advisory and investment sub-advisory services to clients. Discretionary clients are provided with the full range of investment supervisory services, which include, but are not limited to, the following: (i) working with the client to establish appropriate investment objectives for the client’s portfolio; (ii) making asset allocation decisions within the portfolio in accordance with those set objectives; (iii) making day-to-day investment decisions for the client’s portfolio; (iv) executing transactions for the portfolio; and (v) providing materials necessary for monitoring results in an accurate and relevant manner.
Horizon provides investment advisory services to the clients of other ϐinancial institutions that can include unafϐiliated wrap programs. Under those circumstances, Horizon will not work with the client to establish the client’s investment objectives or make asset allocation decisions, but will merely manage the account in accordance with the instructions of the ϐinancial institution that has retained Horizon and the investment objective of the underlying client. Horizon’s investment decisions and management of wrap accounts is consistent with how it manages its non-wrap accounts. Horizon receives its management fee from the sponsor of the wrap program who charges its client a single fee for all expenses related to the investment advisory services. Horizon also participates in advisory programs where it provides model portfolios to the program sponsor through a licensing arrangement, which allows the model portfolios to be utilized by intermediaries who participate in the program on behalf of their clients. Horizon has complete discretion with respect to the formulation of these models, and does not create (or adjust) the model portfolios to meet the particular needs of the end-users of the model, including intermediaries participating in the program and their clients. Horizon has no knowledge of the purchases/sales of the securities that comprise the model by the end-user of the model.
Horizon also provides investment management services to 401(k)/proϐit-sharing plan sponsors. As part of these services, Horizon assists the plan in choosing the mutual funds it offers to plan participants, develops a series of model portfolios for the

plan that meet the plan’s risk tolerances, objectives and time horizons, provides education to plan participants, and monitors the performance of funds selected for the plan as a whole.
Other Services Horizon develops investment strategies, using a deϐined stock-selection process, which it licenses to an unafϐiliated third party that utilizes those strategies for the purpose of creating unit investment trusts. Horizon is paid a licensing fee for those services based on the assets invested in the unit investment trusts. The license fee is billed quarterly in arrears. Horizon also provides investment advisory services to an unafϐiliated third party who utilizes those services for the purpose of creating unit investment trusts. Horizon is paid an advisory fee based on the assets deposited into the unit investment trust at the end of its open period. Horizon developed a methodology for creating equity indices for a sponsor of stock market indices. Horizon receives a portion of the licensing fees paid to the sponsor of the equity indices for the use of the indices in products created by third parties. IKGADV2A2B-C4a Horizon Investment Services ~ Form ADV, Part 2A Brochure page 5 of 28 Related Businesses Horizon Publishing Company, LLC (“HPC”), the successor company to Dow Theory Forecasts, Inc., is also wholly owned by HMS and is in the business of publishing the following newsletters and publications: Dow Theory Forecasts, DRIP Investor, Upside, The Best Dividend and Income Investments, and The Lazy Investor. These newsletters and publications are of a regular and general circulation and provide security-related investment advice that is of an impersonal nature and that is not tailored to the particular needs of any subscriber. Subscribers to these newsletters also are eligible to access websites that contain additional security analytics and back issues of these publications. Like the newsletter, these websites do not provide personalized investment advice. Horizon pays for a subscription to a newsletter published by HPC for certain existing or prospective clients. Horizon has entered into several agreements with HPC whereby HPC provides to Horizon a variety of services and products, including access to lists of subscribers to the newsletters published by HPC, the use of the Quadrix® stock-rating system (“Quadrix”), and the use of HPC personnel.
Assets Under Management As of December 31, 2023, Horizon actively managed $258.2 million of clients’ assets on a discretionary basis.