The investment seeks capital appreciation. The adviser selects asset classes using a flexible approach that allocates the Allocation fund's portfolio between asset classes that Horizon believes offer the opportunity for the highest projected return for a given amount of risk. Horizon typically executes its strategy by investing in exchange-traded funds ("ETFs"). Potential ETFs are reviewed for sufficient trading liquidity and fit within overall portfolio diversification needs prior to investment.

AAANX

The investment seeks long term capital appreciation. The fund seeks to achieve its investment objective by investing directly or indirectly through other investment companies, including mutual funds, exchange traded funds ("ETFs") and closed-end funds (collectively, "underlying funds") in domestic and foreign (including emerging markets) (i) fixed income securities of any maturity or credit quality (including "junk bonds"); (ii) equity securities of any market capitalization; and (iii) exchange traded notes ("ETNs").

AAMCX

The fund seeks to achieve its investment objective primarily through long positions in global equity markets and U.S. interest rate markets. It will invest in equity securities regardless of market capitalization and regardless of industry sector. With regard to fixed income securities, the fund invests primarily in U.S. Treasury bonds with a mid-term maturity.

ABRFX

The fund’s investment strategy is designed to provide capital loss protection during down markets by investing in multiple asset classes. Its exposure to these three asset classes will be achieved primarily through investments in derivative instruments (generally having aggregate notional exposure exceeding 65% of the fund’s net assets), including but not limited to futures, options, currency forward contracts and swap agreements.

ABRYX

The fund seeks to achieve its investment objective by investing directly or indirectly through other investment companies, including mutual funds, exchange traded funds ("ETFs") and closed-end funds (collectively, "underlying funds") in domestic and foreign (including emerging markets) (i) fixed income securities of any maturity or credit quality (including "junk bonds"); (ii) equity securities of any market capitalization; (iii) cash and cash equivalents; and (iv) exchange traded notes ("ETNs").

ACMDX

The fund seeks to achieve its investment objective by investing primarily in a portfolio of exchange-traded funds ("ETFs") and equity index futures. It implements a quantitative trend-following strategy by generally holding long positions in S&P 500 Index ETF(s) and equity index futures that provide either long and/or short exposure to the equity markets. The Adviser's quantitative strategy seeks to identify price trends in the equity markets as indicated by the S&P 500 reference index. It is non-diversified.

AFQSX

The fund seeks to achieve its investment objective by allocating all or substantially all of its assets across equities, bonds, interest rates, corporate credit, and commodities primarily through derivative instruments. It invests primarily in futures (including equity index futures, interest rate futures, bond futures and government bond futures, such as treasury futures), swaps (including commodity swaps, credit default swaps, currency swaps, interest rate swaps, and total return swaps) and forward contracts, but also may invest in other types of derivative instruments.

AHTPX

The adviser allocates the fund's assets among major asset classes. It will generally have some level of investment in the majority of asset classes and Instruments but there is no stated limit on the percentage of assets the fund can invest in a particular Instrument or the percentage of assets the adviser will allocate to any one asset class, and at times the adviser may focus on a small number of Instruments or asset classes. It is non-diversified.

AQRIX

The fund invests predominantly in exchange-traded funds ("ETFs") that each invest primarily in (1) equity securities, (2) fixed-income securities, or (3) cash equivalents. It defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks. The managers define fixed-income securities to include ETFs that invest primarily in fixed-income securities, such as bonds, notes and debentures. It invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) measured at the time of purchase in ETFs.

ASPGX

The fund invests predominantly in exchange-traded funds ("ETFs") that each invest primarily in domestic or foreign (1) equity securities, (2) fixed-income securities, (3) alternative/specialty securities or (4) cash equivalents. The adviser defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks. It invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) measured at the time of purchase in ETFs.

ASTIX

The adviser invests the fund's assets primarily in shares of a diversified portfolio of exchange-traded funds ("ETFs") that track various indices or multiples thereof, sometimes referred to "underlying ETFs." These indices may track the performance of the equity and/or fixed income markets, in general, or the performance of specific sectors (e.g., a large grouping of companies operating within the market that share similar characteristics) or market segments (e.g., large, medium, or small capitalization domestic and/or foreign companies).

ATACX

To achieve its investment objective, the fund seeks investment exposure to domestic, foreign and emerging market equity markets. It is designed to invest in global markets which the portfolio managers believe have the most attractive expected returns on an unconstrained basis. The strategy relies on what the portfolio managers believe to be unique market behavioral indicators that measure macro-level investor preferences for specific investment strategies and return factors.

ATVIX

The fund invests primarily in: equity securities, fixed income securities, and cash equivalents selected using the adviser's asset allocation strategy. The advisor defines equity securities as common stock and convertible preferred stock of U.S. companies as well as American Depositary Receipts ("ADRs") representing common stock and convertible preferred stock of foreign issuers. It seeks income from both dividends paid by equity securities and interest payments from fixed income securities.

BHTAX

The fund invests dynamically in a number of global asset classes, including equity/credit, fixed-income, and inflation-sensitive instruments. Equity securities will comprise no more than 75% of the fund's investments. The fund may invest in fixed-income securities with a range of maturities from short- to long-term. It may invest up to 20% of its assets in high-yield securities.

CABNX

The fund is designed to pursue risk-adjusted growth by maintaining an efficient portfolio exhibiting lower or decreasing portfolio volatility throughout variable market environments. The adviser employs a tactical methodology to adjust the portfolio's asset allocation and diversification to the changing market conditions. The fund will utilize broadly diversified liquid securities traded on major exchanges, primarily exchange traded funds ("ETFs").

CAPTX

Under normal market conditions, the fund invests in exchange traded funds ("ETFs") and/or cash and cash equivalents. The underlying ETFs generally invest in equity securities and fixed income securities. The fund may also invest in options to hedge portfolio positions. It may also engage in short-term trading and have a portfolio turnover rate in excess of 100%.

CFNDX

The investment seeks superior risk adjusted total returns by investing across a wide variety of global assets. The advisor intends to achieve its investment objective by utilizing an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to common stocks and other investments. The fund invests primarily in common stocks of all issuers, ETFs and mutual funds, closed-end funds, and private funds such as hedge funds, private equity funds, and fund-of-funds. It will invest directly or indirectly in derivatives for both hedging purposes and to increase returns.

CGHIX

The fund seeks to achieve its investment objective by combining a tactical allocation process intended to offer downside protection during significant market declines, with individual stock selection. The sub-advisor uses a proprietary quantitative risk model that seeks to remain fully invested in equities continuously, during bull market conditions, and to shift defensive only during sustained periods of heightened equity market risk.

CLTAX

The fund is primarily managed as a fund that invests in other funds that seeks to achieve its investment objective by investing its assets among a selected group of underlying stock and bond mutual funds and ETFs. It allocates at least 95% of its net assets (stock/bond assets) among the portfolio funds according to an asset allocation table based on the current level of the Standard & Poor’s (S&P) 500 Index. The fund may invest up to 5% of net assets plus any cash received that day in cash, high quality short-term paper and government securities.

COTZX

The fund pursues its investment objective by allocating portfolio risk across multiple asset classes in U.S. and non-U.S. markets with the goal of generating consistent risk-adjusted returns. It may invest in the securities and instruments described herein directly or indirectly through investments in other mutual funds, real estate investment trusts, closed-end funds and exchange-traded funds (ETFs) (including both leveraged and inverse ETFs) managed by third parties or the Investment Manager or its affiliates.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
AAANX	Horizon Active Asset Allocation Fund	Tactical Allocation	Jan 30, 2012	1.14%	2.94%	7.21%	0.75%
AAMCX	Absolute Capital Asset Allocator Fund	Tactical Allocation	Dec 17, 2015	2.70%	2.78%	—	0.00%
ABRFX	AmericaFirst Monthly Risk-On Risk-Off Fund	Tactical Allocation	Feb 25, 2010	3.27%	-3.03%	1.39%	0.00%
ABRYX	Invesco Balanced-Risk Allocation Fund	Tactical Allocation	Jun 1, 2009	1.06%	2.51%	3.76%	2.37%
ACMDX	Absolute Capital Defender Fund	Tactical Allocation	Dec 17, 2015	2.70%	1.73%	—	0.00%
AFQSX	Alpha Fiduciary Quantitative Strategy Fund	Tactical Allocation	Dec 30, 2019	1.70%	6.63%	—	0.00%
AHTPX	American Beacon AHL TargetRisk Fund	Tactical Allocation	Dec 30, 2018	1.41%	3.14%	—	3.52%
AQRIX	AQR Multi-Asset Fund	Tactical Allocation	Sep 29, 2010	0.80%	5.09%	5.65%	2.29%
ASPGX	Astor Sector Allocation Fund	Tactical Allocation	Nov 29, 2011	1.62%	2.15%	5.87%	8.41%
ASTIX	Astor Dynamic Allocation Fund	Tactical Allocation	Oct 18, 2009	1.15%	1.56%	5.09%	1.77%
ATACX	ATAC Rotation Fund	Tactical Allocation	Sep 9, 2012	1.74%	-3.83%	3.32%	0.00%
ATVIX	Athena Behavioral Tactical Fund	Tactical Allocation	May 14, 2015	1.25%	-3.85%	—	3.01%
BHTAX	Beech Hill Total Return Fund	Tactical Allocation	Jan 23, 2011	1.75%	—	—	—
CABNX	AB Global Risk Allocation Fund	Tactical Allocation	Jun 7, 1932	1.29%	-0.62%	4.01%	1.40%
CAPTX	Canterbury Portfolio Thermostat Fund	Tactical Allocation	Aug 1, 2016	1.98%	6.84%	—	0.35%
CFNDX	Cargile Fund	Tactical Allocation	Jul 8, 2018	1.52%	-0.66%	—	2.57%
CGHIX	Timber Point Global Allocations Fund	Tactical Allocation	Apr 9, 2013	1.55%	1.58%	1.24%	0.67%
CLTAX	Catalyst/Lyons Tactical Allocation Fund	Tactical Allocation	Jul 1, 2012	1.53%	3.42%	5.95%	0.98%
COTZX	Columbia Thermostat Fund	Tactical Allocation	Sep 24, 2002	0.24%	-2.35%	5.65%	2.80%
CRAZX	Columbia Adaptive Risk Allocation Fund	Tactical Allocation	Jun 18, 2012	0.74%	-0.11%	4.65%	0.55%

The Best Tactical Allocation Mutual Funds

Risk vs. Return Scatterplot