# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-23-002201
**Filing Date:** 2023-2
**Character Count:** 386543
**Document Hash:** 577cd83a3deb7527833d0def74a92a0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002201.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001398344-23-002201

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Funds
- **CENTRAL INDEX KEY:** 0001643174
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 23590787

**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 Active Asset Allocation Fund (Series ID: S000050381)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159077 | Advisor Class       | HASAX           |
| C000159078 | Institutional Class | HASIX           |
| C000159079 | Investor Class      | AAANX           |

### Horizon Active Risk Assist Fund (Series ID: S000050382)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159080 | Advisor Class       | ARAAX           |
| C000159081 | Institutional Class | ACRIX           |
| C000159082 | Investor Class      | ARANX           |

### Horizon Active Income Fund (Series ID: S000050383)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159083 | Advisor Class       | AIHAX           |
| C000159084 | Institutional Class | AIRIX           |
| C000159085 | Investor Class      | AIMNX           |

### Horizon Active Dividend Fund (Series ID: S000055166)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000173471 | Investor Class | HNDDX           |
| C000182199 | Advisor Class  | HADUX           |

### Horizon Defined Risk Fund (Series ID: S000055167)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000173473 | Investor Class | HNDRX           |
| C000182200 | Advisor Class  | HADRX           |

### Horizon ESG & Defensive Core Fund (Series ID: S000065863)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212785 | Investor Class | HESGX           |
| C000212787 | Advisor Class  | HESAX           |

### Horizon U.S. Defensive Equity Fund (Series ID: S000065864)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212789 | Investor Class | USRAX           |
| C000212790 | Advisor Class  | USRTX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23063</u>**

**<u>Horizon Funds</u>**<br> (Exact name of registrant as specified in charter)

**<u>6210 Ardrey Kell Road, Suite 300</u>**

**<u>Charlotte, North Carolina 28277</u>**<br> (Address of principal executive offices) (Zip code)

**<u>Matthew Chambers</u>**

**<u>Horizon Funds</u>**

**<u>6210 Ardrey Kell Road, Suite 300</u>**

**<u>Charlotte, North Carolina 28277</u>**<br> (Name and address of agent for service)

**<u>(866) 371-2399</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>November 30, 2022</u>**

Date of reporting period: **<u>December 1, 2021 through November 30, 2022</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| **HORIZON FUNDS** | **Annual Report** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon Active **Asset Allocation** Fund | Horizon Active **Asset Allocation** Fund | Horizon Active **Asset Allocation** Fund | Horizon Active **Risk Assist**<sup>®</sup> Fund | Horizon Active **Risk Assist**<sup>®</sup> Fund | Horizon Active **Risk Assist**<sup>®</sup> Fund |
| &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class <br>Institutional Class | Shares <br>Shares <br>Shares | AAANX <br>HASAX <br>HASIX | &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class <br>Institutional Class | Shares <br>Shares <br>Shares | ARANX <br>ARAAX <br>ACRIX |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon Active **Income** Fund | Horizon Active **Income** Fund | Horizon Active **Income** Fund | Horizon Active **Dividend** Fund | Horizon Active **Dividend** Fund | Horizon Active **Dividend** Fund |
| &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class <br>Institutional Class | Shares <br>Shares <br>Shares | AIMNX <br>AIHAX <br>AIRIX | &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class | Shares <br>Shares | HNDDX <br>HADUX |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon **Defined Risk** Fund | Horizon **Defined Risk** Fund | Horizon **Defined Risk** Fund | Horizon U.S. Defensive Equity Fund | Horizon U.S. Defensive Equity Fund | Horizon U.S. Defensive Equity Fund |
| &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class | Shares <br>Shares | HNDRX <br>HADRX | &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class | Shares <br>Shares | USRAX <br>USRTX |

---

---

| | | |
|:---|:---|:---|
| Horizon **ESG & Defensive Core** Fund | Horizon **ESG & Defensive Core** Fund | Horizon **ESG & Defensive Core** Fund |
| &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class | Shares <br>Shares | HESGX <br>HESAX |

---

**November 30, 2022**<br>

*Investor Information:* 1-855-754-7932

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of HORIZON ACTIVE ASSET ALLOCATION FUND, HORIZON ACTIVE RISK ASSIST<sup>®</sup> FUND, HORIZON ACTIVE INCOME FUND, HORIZON ACTIVE DIVIDEND FUND, HORIZON DEFINED RISK FUND, HORIZON U.S. DEFENSIVE EQUITY FUND and HORIZON ESG & DEFENSIVE CORE FUND. Such offering is made only by prospectus, which includes details as to offering price and other material information.

**Horizon Funds**<br>

---

| | |
|:---|:---|
| **Table of Contents** |  |
| Letter to Shareholders  | 1 |
| Portfolio Review  | 7 |
| Portfolio Composition  | 16 |
| Portfolio of Investments  | 18 |
| Statements of Assets and Liabilities  | 73 |
| Statements of Operations  | 75 |
| Statements of Changes in Net Assets  | 77 |
| Financial Highlights  | 84 |
| Notes to Financial Statements  | 101 |
| Report of Independent Registered Public Accounting Firm  | 118 |
| Disclosure of Fund Expenses  | 120 |
| Additional Information  | 121 |
| Privacy Notice  | 124 |

---

**Horizon Funds** 

**Letter to Shareholders** 

**November 30, 2022**

Dear Shareholder:

In the following paragraphs we will recap the key factors affecting broad markets and the Horizon Funds through the fiscal year ended November 30, 2022.

**Horizon Active Asset Allocation Fund** 

The Horizon Active Asset Allocation Fund (Investor Class) (the Fund) returned -9.63% for the fiscal year ended November 30, 2022. Domestic equities (as measured by the S&P 500 Total Return Index) returned -9.21%, while international equities returned -13.05% (as measured by the S&P Global ex-US BMI) over the Fund's fiscal year.

The Federal Reserve's new messaging on inflation kicked-off the year on a sour note as markets grappled with a hawkish policy pivot by the Fed. Following new all-time highs set during the thinly traded holidays, the early part of the year was characterized by a re-rating of risk in market sectors most sensitive to interest rates. Volatility seized markets in February as tensions boiled over in Eastern Europe, culminating in the Russian invasion of Ukraine. The economic repercussions stemming from the sanction's regime imposed on Russia further fueled pre-existing global inflationary dynamics. Monetary policy grew more hawkish in response, which prompted further a re-rating of interest rate sensitive sectors in addition to a recalibration lower of the near-term global economic growth path.

Within domestic equity markets, an amalgamation of high inflation, hawkish monetary policy, and increasing recession risk benefitted historically defensive sectors and large-cap value. International equities spent much of the year struggling against geopolitical risks, a strong dollar, and pessimism on global growth. The Fund maintained a preference for U.S. equities throughout the year and benefitted from exposure to the domestic energy sector, the Fund's largest contributor to absolute and relative performance throughout the period. As the year went on, Fund positioning reflected growing conviction in favor of domestic value and small- and mid-cap stocks over domestic growth and international equities. The Fund maintained this positioning into the end of the period.

Outside of market direction, the key driver of Fund performance was U.S. equity positioning, especially allocations to domestic energy, value, and defensive stocks. Small- and mid-cap domestic stocks also contributed strongly to returns throughout the year. Key detractors include international market exposures, specifically broad emerging markets and regionally-focused holdings.

**Horizon Active Risk Assist<sup>®</sup>** **Fund** 

The Horizon Active Risk Assist Fund (Investor Class) (the Fund) realized a return of -14.24% for the fiscal year ended November 30, 2022. Domestic equities (as measured by the S&P 500 Total Return Index) returned -9.21%, while international equities returned -13.05% (as measured by the S&P Global ex-US BMI) over the same period. The Fund exhibited an average beta of 0.49 to the S&P 500 Index over the period.

As a risk mitigation strategy designed with the goal to mitigate catastrophic loss of portfolio value, the Fund performed in line with expectations during the period. The Fund's realized volatility for the period was 13.26%, much less than domestic and international equities (realized volatilities for the period of 24.11% and 18.04% respectively) driven by the tactical de-risking of the strategy. The Fund also realized a maximum drawdown of 20.84%, which was smaller than the 24.49% drawdown experienced by the S&P 500 and less than the 28.57% drawdown of the S&P Global ex-US BMI. In a volatile down period for global equities, the Fund had significant de-risking or re-risking activity via the Risk Assist algorithm, in line with our expectations. The Fund ended the fiscal year 60% de-risked after peaking at an 80% de-risked allocation near the end of the third quarter of 2022.

In terms of the underlying allocation of the equity portfolio, the Fund began the period with balanced domestic and international exposures relative to our longer term strategic views, with an overweight towards value stocks domestically. Volatility increased in February and March from the Russian-Ukraine war, prompting the Fund to

**Horizon Funds** 

**Letter to Shareholders (Continued)** 

**November 30, 2022**

increase exposure towards domestic larger cap companies to buffer the volatility. As the drawdown deepened and Risk Assist engaged more meaningfully, the underlying equity allocation increased exposure towards beaten down growth stocks in order to position for improved up capture on a recovery. Due to the elevated volatility between value and growth exposures and the disappointing performance of growth stocks during equity rallies, the Fund ended the period with neutral allocations towards value and growth stocks and balanced domestic and international exposures relative to our longer-term strategic views.

While market direction was the main driver of returns during the period, the underlying allocation decisions and the actions of the Risk Assist algorithm played a role as well. In terms of performance of the underlying allocations, large-cap domestic value and dividend holdings contributed the most to the Fund's return, while allocations to large-cap domestic growth stocks and emerging markets detracted the most from the Fund's return over the fiscal year. The de-risking and re-risking activities of Risk Assist resulted in a performance drag versus the unhedged portfolio during the period, an expected result in a volatile, prolonged drawdown of the magnitude global equities experienced.

**Horizon Active Income Fund** 

The Horizon Active Income Fund (Investor Class) (the Fund) returned -14.04% for the fiscal year ended November 30, 2022, while the broader bond market, as measured by Bloomberg U.S. Aggregate Bond Index (the Index), returned -12.84%. Measures of Fund risk, including standard deviation, beta, and down capture, were lower than the Index during the period. In general, the Fund maintained a more defensive posture than the Index during the period as a result of the Fund's tactical process and opportunistic allocations that expressed a more cautious view of fixed income risk.

The year was a volatile one for fixed income markets as the rushed transition away from easy Federal Reserve (Fed) policy drove broad-based selloffs and volatility across the fixed income universe. Early in the period, the Fed was forced to accelerate its pivot due to price pressures unleashed from the Russia-Ukraine War and intermittent COVID lockdowns out of China. As inflation increased throughout the spring and summer, expectations for the path of interest rates increased, fueling additional fixed income volatility. Numerous yield curve measures first inverted around the end of June, and these inversions deepened into year end. Credit spreads exhibited above-average volatility during the period, increasing throughout the period as restrictive monetary policy increased recession risk. Hybrid fixed income exposures, such as convertible bonds and preferred equities, generally struggled in this environment, although they did display some periods of notable strength.

The Fund's actively managed approach resulted in a below benchmark duration profile held in varying degrees throughout the year. The Fund maintained an overweight allocation to corporate credit and opportunistically rotated through various credit quality segments and between fixed- and floating-rate instruments during the period. Exposure to non-traditional fixed income segments, including convertible bonds, preferred equities, and emerging market bonds, remained low throughout the year. At the end of the period, the Fund was positioned conservatively, including an overweight to U.S. government debt and a duration shorter than the Index, although the Fund did increase spread positioning through higher quality allocations to investment grade credit and mortgage-backed securities.

The key drivers of Fund performance include corporate credit allocations, especially floating rate instruments, in addition to coupon- and non-coupon-bearing short-tenor U.S. Treasuries. Allocations with greater interest rate risk, within both U.S. government and investment-grade corporate credit sectors, were the biggest detractors to performance over the period.

**Horizon Defined Risk Fund** 

For the year ending November 30, 2022, the Defined Risk Fund (Investor Class) (the Fund) had a total return of -3.67% and a standard deviation of 12.74%. Over the same period, the S&P 500 Total Return Index had a total return of -9.21% and a standard deviation of 24.11%. The Fund exhibited a 0.51 beta to the S&P 500 Index. The Fund had a maximum drawdown of 13.98% while the S&P 500 Index had a maximum drawdown of 24.49%.

**Horizon Funds** 

**Letter to Shareholders (Continued)** 

**November 30, 2022**

The objective of the Fund is capital appreciation and capital preservation. The Fund pursues its objective by investing in a basket of U.S. large-cap equities that track the S&P 500 Index, while seeking to generate income, hedge volatility, and reduce downside risk by buying and selling put and call options. The Fund is expected to outperform the S&P 500 Index in a down market and underperform in an up market, while realizing less volatility in any market. As shown by the performance statistics above, the Fund performed in line with the expectations during the period.

The Fund allows for active positioning within its options collar structure. The goal of this active positioning is to generate income, hedge volatility and reduce downside risk. This active positioning had no material impact to the Fund's performance over the fiscal year.

**Horizon U.S. Defensive Equity Fund** 

The Horizon U.S. Defensive Equity Fund (Investor Class) (the Fund) returned -1.62% for the year ended November 30, 2022, while realizing a volatility of 21.30%. The return on the S&P 500 Total Return Index for the same period was -9.21%, with a realized volatility of 24.11%. Over the period, the Fund exhibited an average beta of 0.86 to the S&P 500 Index.

The Fund is actively managed, selecting and weighting securities using a proprietary quantitative approach to allocate the Fund's portfolio between issuers, sectors, and/or factors (e.g. value, momentum, quality, and volatility). This process is designed to be defensive in nature in order to help the Fund navigate volatile market swings. The Fund is expected to outperform the S&P 500 Index in a down market and underperform in an up market, while realizing less volatility. As shown by the performance statistics above, the Fund performed in line with the expectations during the period.

Outside of overall market direction, the main driver of the performance of the Fund is stock selection. Key highlights in the period include selection in Consumer Discretionary and Financials. Selection in Industrials and Consumer Staples lagged in the period. The Fund's overweight to Energy also played a role due to the large outperformance of this sector during the period.

**Horizon ESG & Defensive Core Fund** 

The Horizon ESG & Defensive Core Fund (Investor Class) (the Fund) returned -11.99% for the year ended November 30, 2022. The return of domestic equities (as measured by the MSCI USA Index) for the same period was -11.47%. The Fund exhibited an average beta of 0.72 to the MSCI USA Index over the period.

As a risk mitigation strategy designed with the goal to mitigate catastrophic loss of portfolio value, the Fund performed in line with expectations during the period. The Fund's realized volatility for the period was 18.49%, much less than domestic equities (realized volatility for the period of 24.53%) driven by the tactical de-risking of the strategy. The Fund also realized a maximum drawdown of 20.62%, which was 3.76% lower than the 24.38% drawdown experienced by domestic equities. In a volatile down period for domestic equities, the Fund had significant de-risking or re-risking activity via the Risk Assist algorithm, in line with our expectations. The Fund ended the fiscal year 40% de-risked.

During the period, the Fund transitioned the management of its underlying equity portfolio from DWS Investment Management Americas, Inc. as the Fund's investment sub-adviser to a Horizon-managed index replication strategy. The index replication strategy seeks to track the performance of MSCI USA ESG Leaders Index (the Index), which uses MSCI ESG Ratings, MSCI ESG Controversies, and MSCI Business Involvement Screening Research, each of which is provided by MSCI ESG Research Inc., a subsidiary of MSCI, Inc. to determine the securities that comprise the Index. The change in the management of the underlying equity portfolio did not materially impact Fund performance during the period.

**Horizon Funds** 

**Letter to Shareholders (Continued)** 

**November 30, 2022**

**Horizon Active Dividend Fund** 

The Horizon Active Dividend Fund (Investor Class) (the Fund) posted a total return of 1.90% for the fiscal year ended November 30, 2022. The Fund's benchmark, the MSCI World High Dividend Yield Index, returned 4.98% over the same period.

Horizon's Active Dividend Fund invests in companies that Horizon Investments believes are high quality and with well-supported dividend yields.; these stocks held up better than broad equity indices over the past twelve months as investors sought comfort in steady dividend streams in an increasingly uncertain global environment. The Fund's overweight to the United States and underweight to Europe benefited performance relative to the benchmark during the period, as did the Fund's overweight to the Energy sector.

Selection within the Energy sector contributed the most to performance versus the benchmark. Chevron, Devon Energy Exxon Mobil & Coterra Energy were the largest contributors to the Fund's relative performance during the period as underlying energy prices rose significantly, boosting Energy companies' sales and profits. For the year ended November 30, 2022, crude oil prices increased more than 50%, natural gas prices nearly doubled, and the price of gasoline rose more than 140%. Selection in Industrials (Lockheed Martin) and Health Care (Eli Lilly) also contributed to performance.

An underweight allocation to Asia-related securities detracted from performance relative to the benchmark during the period, as did selection within the region as portfolio holdings Taiwan Semiconductor and Toyota Motor underperformed. Selection in the United States also detracted from relative performance with Home Depot and capital markets-focused Financials (Blackrock, T Rowe Price and Blackstone) having the largest impact. Home Depot experienced slowing growth in the past year as a slowdown in housing, broad inflation and poor sentiment weighed on consumers following extraordinary growth during the COVID-era lockdown period. Capital markets-focused Financials faced uncertain markets during the year with economic and monetary-policy risks and geopolitical tensions weighing on investor sentiment.

*Past performance does not guarantee future results.* 

The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. The S&P 500 Total Return Index is a version of the S&P 500 Index that includes reinvestment of regular cash dividends. The S&P Global ex-US BMI (Broad Market Index) comprises the S&P Developed BMI and S&P Emerging BMI, and is a comprehensive, rules-based index measuring stock market performance globally, excluding the U.S. The Bloomberg U.S. Aggregate Bond Index tracks the U.S. fixed income markets. The index includes government securities, mortgage-backed securities, asset-backed securities and corporate securities to simulate the universe of bonds in the market. The S&P Global 100 Index measures the performance of 100 multi-national, blue-chip companies of major importance in the global equity markets, including 100 large-cap companies drawn from the S&P Global 1200 whose businesses are global in nature, a substantial portion of their operating income, assets, and employees deriving from multiple countries. The MSCI USA Index is a broad measure of the performance of the U.S. equity market, composed of over 600 constituents in the large- and mid-cap market segments. The MSCI World High Dividend Yield Index measures the performance of large- and mid-cap equities in Developed Markets that pay higher than average dividends while omitting lower quality stocks with questionable dividend-sustainability characteristics. The MSCI USA ESG Leaders Index is designed to measure the performance of the large and mid-cap segments of the U.S. market through investing in U.S. common stocks screened by the Index Provider with regard to certain ESG criteria. You cannot invest directly into an index.

Must be preceded or accompanied by a prospectus.

**Horizon Funds** 

**Letter to Shareholders (Continued)** 

**November 30, 2022**

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the entire market or a benchmark. Beta is calculated by dividing the product of the covariance of the security's returns and the benchmark's returns by the product of the variance of the benchmark's returns over a specified period.

Alpha is a measure of the excess return, after accounting for systematic risk as measured by beta, of a security or a portfolio in comparison to the entire market or a stated benchmark. Alpha is calculated by comparing the security's returns over a given period with the product of the security's beta measure and the returns of the benchmark over that same period.

Realized volatility, as known as standard deviation, is a statistical measure of dispersion of returns for a given security or market index over a given period of time. This measure is typically calculated by determining the average deviation from the average price of a financial instrument in the given time period. The higher the realized volatility value, the riskier the security.

Maximum drawdown is a measure of downside risk for a security or portfolio. Maximum drawdown is calculated by measuring the largest observed loss, in terms of total return, of a security or portfolio from its highest value to its lowest during a given period.

Down capture is a measure of a security's or portfolio's performance in periods of negative returns for the overall market or benchmark. Typically computed monthly, it is defined as a ratio of portfolio return to benchmark return during periods when the benchmark return is negative.

Duration is a measure of risk for fixed income securities. It measures the sensitivity of the price of a fixed income instrument or portfolio of fixed income instruments to a change in interest rates. All else equal and for a given change in interest rates, a security or portfolio of securities with a larger duration will exhibit greater price changes than that with a smaller duration.

A call option is a contract that provides the buyer with the right, but not the obligation, to buy a security at a specified price on or before a specified date. A put option is a contract that provides the buyer with the right, but not the obligation, to sell a security at a specified price on or before a specified date.

With regard to the Risk Assist algorithm, a de-risking activity is a sale of a portion of the Fund's equity portfolio and a purchase of a highly liquid short-term U.S. Treasury obligation, or other cash-like equivalents, with the goal to mitigate catastrophic loss of portfolio value. Similarly, a re-risking activity is a sale of a highly liquid short-term U.S. Treasury obligation, or other cash-like equivalents and a purchase of a portion of the Fund's equity portfolio, with the goal to reduce the potential performance drag when compared with the fully-invested equity portfolio.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Horizon ESG & Defensive Core Fund: Many factors affect the ESG (Environmental, Social, and Corporate Governance) Fund's performance. The Fund's share price changes daily based on changes in market conditions in response to economic, political, and financial developments. The direction and extent of those price changes will be affected by the financial condition, industry and economic sector, and geographical location of the securities in which the Fund invests. The Fund is not federally insured or guaranteed by any government agency. You may lose money by investing in the Fund. Investing primarily in investments that meet ESG criteria carries the risk that the Fund may forgo otherwise attractive investment opportunities or increase or decrease its exposure to certain types of companies and, therefore, may underperform funds that do not consider ESG factors.

**Horizon Funds** 

**Letter to Shareholders (Continued)** 

**November 30, 2022**

***Mutual fund investing involves risk. Principal loss is possible. In addition to the costs, fees, and expenses involved in investing in ETFs, ETFs are subject to additional risks including the risks that the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Small and Medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The Funds may also use options, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities' prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors*.** 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Portfolio of Investments in this report for a complete list of fund holdings.

Earnings growth is not a measure of the Fund's future performance.

Horizon Funds are distributed by Quasar Distributors, LLC.

**Horizon Active Asset Allocation Fund** 

**Portfolio Review** **(Unaudited)** 

**November 30, 2022**

![](fp0081239-3_7.jpg)

The chart above assumes an initial gross investment of $10,000 made on January 31, 2012. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.41%, 1.56% and 1.31% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 1, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Returns | One Year | Five Year  | Ten Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon Active Asset Allocation Fund - Investor Class<sup>(3)</sup> | -9.63% | 6.04% | 8.37% | 8.01% |
| Horizon Active Asset Allocation Fund - Advisor Class<sup>(3)</sup> | -9.76% | 5.91% | N/A | 8.05% |
| Horizon Active Asset Allocation Fund - Institutional Class<sup>(3)</sup> | -9.57% | 6.15% | N/A | 8.67% |
| S&P 500 Total Return Index | -9.21% | 10.98% | 13.34% | 13.24%<sup>(2)</sup> |
| S&P Global BMI ex-US Index  | -13.05% | 1.43% | 4.56% | 4.72%<sup>(2)</sup> |

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<sup>(1)</sup> <sup></sup>Inception date is January 31, 2012 for Investor Class Shares, September 4, 2015 for Advisor Class Shares and September 9, 2016 for Institutional Class Shares.

<sup>(2)</sup> The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Asset Allocation Fund - Investor Class. The returns for the S&P 500 Total Return Index and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Asset Allocation Fund - Advisor Class are 13.07% and 5.21%, respectively. The returns for the S&P 500 Total Return Index and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Asset Allocation Fund - Institutional Class are 13.07% and 4.55%, respectively. 

<sup>(3)</sup> <sup></sup>The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

**Horizon Active Asset Allocation Fund** 

**Portfolio Review** **(Unaudited) (Continued)** 

**November 30, 2022**

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. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

The S&P Global BMI ex-US Index is a comprehensive, rules-based index that represents the composition of global stock markets. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_9.jpg)

The chart above assumes an initial gross investment of $10,000 made on August 29, 2014. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.36%, 1.51% and 1.26% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 1, 2022.

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | One Year | Five Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon Active Risk Assist<sup>®</sup> Fund - Investor Class<sup>(3)</sup> | -14.24% | 1.66% | 2.85% |
| Horizon Active Risk Assist<sup>®</sup> Fund - Advisor Class<sup>(3)</sup> | -14.34% | 1.50% | 3.88% |
| Horizon Active Risk Assist<sup>®</sup> Fund - Institutional Class<sup>(3)</sup> | -14.17% | 1.77% | 4.44% |
| Bloomberg Aggregate Bond Index | -12.84% | 0.21% | 1.01%<sup>(2)</sup> |
| S&P 500 Total Return Index | -9.21% | 10.98% | 11.09%<sup>(2)</sup> |
| S&P Global BMI ex-US Index | -13.05% | 1.43% | 2.55%<sup>(2)</sup> |

---

<sup>(1)</sup> <sup></sup>Inception date is August 29, 2014 for Investor Class Shares, September 4, 2015 for Advisor Class Shares and September 9, 2016 for Institutional Class Shares.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Risk Assist<sup>®</sup> Fund - Investor Class. The returns for the Bloomberg Aggregate Bond Index, S&P 500 Total Return Index, and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Risk Assist<sup>®</sup> Fund - Advisor Class are 0.89%, 13.07%, and 5.21%, respectively. The returns for the Bloomberg Aggregate Bond Index, S&P 500 Total Return Index, and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Risk Assist<sup>®</sup> Fund - Institutional Class are 0.24%, 13.07%, and 4.54%, respectively. 

<sup>(3)</sup> <sup></sup>The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO REVIEW (Unaudited) (Continued)<br> November 30, 2022**<br>

The Bloomberg Aggregate Bond Index is a market-capitalization-weighted index that covers the USD denominated, investment-grade (rated Baa3 or above by Moody's), fixed-rate, and taxable areas of the bond market. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

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. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

The S&P Global BMI ex-US Index is a comprehensive, rules-based index that represents the composition of global stock markets. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon Active Income Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_11.jpg)

The chart above assumes an initial gross investment of $10,000 made on September 30, 2013. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.31%, 1.46% and 1.22% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 1, 2022.

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | One Year | Five Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon Active Income Fund - Investor Class<sup>(3)</sup> | -14.04% | -1.01% | -0.16% |
| Horizon Active Income Fund - Advisor Class<sup>(3)</sup> | -14.12% | -1.17% | -0.50% |
| Horizon Active Income Fund - Institutional Class<sup>(3)</sup> | -13.90% | -0.94% | -0.77% |
| Bloomberg Aggregate Bond Index | -12.84% | 0.21% | 1.41%<sup>(2)</sup> |

---

<sup>(1)</sup> <sup></sup>Inception date is September 30, 2013 for Investor Class Shares, February 8, 2016 for Advisor Class Shares and September 9, 2016 for Institutional Class Shares.

<sup>(2)</sup> The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Income Fund - Investor Class. The returns for the Bloomberg Aggregate Bond Index since the commencement date of the Horizon Active Income Fund - Advisor Class and the Horizon Active Income Fund - Institutional Class are 0.68% and 0.24%, respectively. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

The Bloomberg Aggregate Bond Index is a market-capitalization-weighted index that covers the USD denominated, investment-grade (rated Baa3 or above by Moody's), fixed-rate, and taxable areas of the bond market. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon Active Dividend Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_12.jpg)

The chart above assumes an initial gross investment of $10,000 made on December 28, 2016. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.10% and 1.25% for the Investor and Advisor Classes as of the most recent prospectus dated October 1, 2022.

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | One Year | Five Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon Active Dividend Fund - Investor Class<sup>(4)</sup> | 1.90% | 4.49% | 6.94% |
| Horizon Active Dividend Fund - Advisor Class<sup>(4)</sup> | 1.73% | 4.34% | 5.69% |
| MSCI World High Dividend Yield Index<sup>(3)</sup> | 4.89% | 6.11% | 8.23%<sup>(2)</sup> |
| S&P Global 100 Index | -7.91% | 10.08% | 12.12%<sup>(2)</sup> |

---

<sup>(1)</sup> <sup></sup>Inception date is December 28, 2016 for Investor Class Shares and June 20, 2017 for Advisor Class Shares.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Dividend Fund - Investor Class. The returns for the MSCI World High Dividend Yield Index and S&P Global 100 Index - Advisor Class are 6.86% and 11.01%, respectively. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The MSCI World High Dividend Yield Index has replaced the S&P Global 100 Index as the Fund's primary bencharmk index. The Advisor believes that the new index is more appropriate given the Fund's holdings.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large- and mid-cap stocks across 23 developed markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. Investors cannot directly invest in an index.

The S&P Global 100 Index measures the performance of multi-national, blue chip companies of major importance in the global equity markets. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon Defined Risk Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_13.jpg)

The chart above assumes an initial gross investment of $10,000 made on December 28, 2017. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.11% and 1.26% for the Investor and Advisor Classes as of the most recent prospectus dated October 1, 2022.

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | One Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon Defined Risk Fund - Investor Class<sup>(3)</sup> | -3.67% | 4.60% |
| Horizon Defined Risk Fund - Advisor Class<sup>(3)</sup> | -3.85% | 4.30% |
| Bloomberg US Treasury 1-3 Years Index | -4.19% | 0.73%<sup>(2)</sup> |
| S&P 500 Total Return Index | -9.21% | 10.79%<sup>(2)</sup> |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Inception date is December 28, 2017 for Investor Class Shares and February 2, 2018 for Advisor Class Shares.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Since Commencement of Operations returns shown are from the commencement date of Horizon Defined Risk Fund - Investor Class. The returns for the Bloomberg US Treasury 1-3 Years Index and the S&P 500 Total Return Index since the commencement date of the Horizon Defined Risk Fund - Advisor Class are 0.80%, and 10.37%, respectively. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

The Bloomberg U S Treasury 1-3 Years Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

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. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_14.jpg)

The chart above assumes an initial gross investment of $10,000 made on June 26, 2019. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.17% and 1.32% for the Investor and Advisor Classes as of the most recent prospectus dated October 1, 2022.

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | One Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon U.S. Defensive Equity Fund - Investor Class<sup>(3)</sup> | -1.62% | 8.59% |
| Horizon U.S. Defensive Equity Fund - Advisor Class<sup>(3)</sup> | -1.79% | 8.38% |
| S&P 500 Total Return Index | -9.21% | 12.18%<sup>(2)</sup> |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Inception date is June 26, 2019 for Investor Class Shares and January 31, 2020 for Advisor Class Shares

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Since Commencement of Operations returns shown are from the commencement date of Horizon U.S. Defensive Equity Fund - Investor Class. The returns for the S&P 500 Total Return Index since the commencement date of the Horizon U.S. Defensive Equity Fund - Advisor Class are 10.43%. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

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. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO REVIEW (Unaudited)<br> November 30, 2022**<br>

![](fp0081239-3_15.jpg)

The chart above assumes an initial gross investment of $10,000 made on December 26, 2019. The Fund's performance figures are for the year ended November 30, 2022. The Performance data quoted is historical. *Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 866-371-2399.* The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

The fund's gross expense ratios are 1.02% and 1.21% for the Investor and Advisor Classes as of the most recent prospectus dated October 1, 2022.

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | One Year | Since <br> Commencement <br> of Operations <sup>(1)</sup> |
| Horizon ESG & Defensive Core Fund - Investor Class<sup>(3)</sup> | -11.99% | 9.54% |
| Horizon ESG & Defensive Core Fund - Advisor Class<sup>(3)</sup> | -12.11% | 9.37% |
| MSCI USA Index | -11.05% | 9.8%<sup>(2)</sup> |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Inception date is December 26, 2019 for Investor Class Shares and January 8, 2020 for Advisor Class Shares.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Since Commencement of Operations returns shown are from the commencement date of Horizon ESG & Defensive Core Fund - Investor Class. The return for the MSCI USA Index since the commencement date of the Horizon ESG & Defensive Core Fund - Advisor Class is 9.72%. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The returns reflect the actual performance for each period and do not include the impact of any adjustments made for financial reporting required by Generally Accepted Accounting Principles (GAAP).

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 616 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

**Horizon Funds** 

**Portfolio Composition** **(Unaudited)** 

**November 30, 2022**

**Horizon Active Asset Allocation Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Investment Companies | 88.0% |
| &nbsp;&nbsp;Short-Term Investments | 1.1% |
| &nbsp;&nbsp;Investments Purchased With Proceeds From Securities Lending | 10.9% |
|  | **100.0%** |

---

**Horizon Active Risk Assist<sup>®</sup>** **Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Investment Companies | 96.8% |
| &nbsp;&nbsp;Common Stocks | 1.0% |
| &nbsp;&nbsp;Purchased Call Options | 0.1% |
| &nbsp;&nbsp;Purchased Put Options | 0.1% |
| &nbsp;&nbsp;Short-Term Investments | 1.6% |
| &nbsp;&nbsp;Investments Purchased With Proceeds From Securities Lending | 0.4% |
|  | **100.0%** |

---

**Horizon Active Income Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Investment Companies | 97.6% |
| &nbsp;&nbsp;Short-Term Investments | 0.6% |
| &nbsp;&nbsp;Investments Purchased With Proceeds From Securities Lending | 1.8% |
|  | **100.0%** |

---

**Horizon Active Dividend Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Common Stocks | 97.9% |
| &nbsp;&nbsp;Preferred Stocks | 0.2% |
| &nbsp;&nbsp;Short-Term Investments | 1.4% |
| &nbsp;&nbsp;Investments Purchased With Proceeds From Securities Lending | 0.5% |
|  | **100.0%** |

---

**Horizon Funds<br> PORTFOLIO COMPOSITION (Unaudited) (Continued)<br> November 30, 2022**<br>

**Horizon Defined Risk Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Common Stocks | 95.2% |
| &nbsp;&nbsp;Purchased Put Options | 0.8% |
| &nbsp;&nbsp;Short-Term Investments | 4.0% |
|  | **100.0%** |

---

**Horizon U.S. Defensive Equity Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Common Stocks | 99.3% |
| &nbsp;&nbsp;Short-Term Investments | 0.7% |
|  | **100.0%** |

---

**Horizon ESG & Defensive Core Fund Portfolio Composition as of November 30, 2022:** 

---

| | |
|:---|:---|
|  | **% of Total <br> Investments** |
| &nbsp;&nbsp;Investment Companies | 38.6% |
| &nbsp;&nbsp;Common Stocks | 60.4% |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
|  | **100.0%** |

---

Data expressed excludes written options. Please refer to the Portfolio of Investments in this report for a detailed analysis of the Funds' holdings.

**Horizon Active Asset Allocation Fund** 

**Portfolio of Investments**

**November 30, 2022**

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**INVESTMENT COMPANIES - 98.7%** |  |
|  | &nbsp;&nbsp;**Exchange Traded Funds - 98.7%** |  |
| 421 | &nbsp;&nbsp;Consumer Staples Select Sector SPDR Fund <sup>(a)</sup> | $32497 |
| 162735 | &nbsp;&nbsp;Energy Select Sector SPDR Fund  | 14833295 |
| 117957 | &nbsp;&nbsp;Invesco QQQ Trust Series 1  | 34603865 |
| 523925 | &nbsp;&nbsp;Invesco S&P 500 Equal Weight ETF <sup>(a)</sup> | 77970518 |
| 1047279 | &nbsp;&nbsp;iShares Core Dividend Growth ETF  | 54804110 |
| 331697 | &nbsp;&nbsp;iShares Core S&P Mid-Cap ETF  | 85246129 |
| 822255 | &nbsp;&nbsp;iShares Core S&P Small-Cap ETF  | 83738449 |
| 454214 | &nbsp;&nbsp;iShares Edge MSCI USA Quality Factor ETF  | 55068905 |
| 1828013 | &nbsp;&nbsp;iShares International Select Dividend ETF <sup>(a)</sup> | 49776794 |
| 282890 | &nbsp;&nbsp;iShares Latin America 40 ETF <sup>(a)</sup> | 7397574 |
| 466 | &nbsp;&nbsp;iShares MSCI India ETF  | 20616 |
| 726235 | &nbsp;&nbsp;iShares MSCI Japan ETF <sup>(a)</sup> | 40523913 |
| 515734 | &nbsp;&nbsp;iShares MSCI USA Minimum Volatility ETF  | 38814141 |
| 348656 | &nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF <sup>(a)</sup> | 53260691 |
| 248605 | &nbsp;&nbsp;iShares Select Dividend ETF  | 31197441 |
| 378 | &nbsp;&nbsp;iShares U.S. Aerospace & Defense ETF  | 42306 |
| 119154 | &nbsp;&nbsp;Overlay Shares Large Cap Equity ETF  | 3908108 |
| 646 | &nbsp;&nbsp;Pacer US Cash Cows 100 ETF  | 31938 |
| 477577 | &nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF <sup>(a)</sup> | 16433425 |
| 696819 | &nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF  | 38311109 |
| 24778 | &nbsp;&nbsp;VanEck Oil Services ETF <sup>(a)</sup> | 7536229 |
| 859843 | &nbsp;&nbsp;WisdomTree U.S. Quality Dividend Growth Fund  | 54445259 |
| 626621 | &nbsp;&nbsp;Xtrackers MSCI USA ESG Leaders Equity ETF  | 23335366 |
| 209765 | &nbsp;&nbsp;Xtrackers S&P 500 ESG ETF  | 7736133 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENT COMPANIES** (Cost - $800,580,981) | 779068811 |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 1.3%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 1.3%** |  |
| 10167137 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(b)</sup> | 10167137 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $10,167,137) | 10167137 |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%** |  |
| 96552454 | &nbsp;&nbsp;First American Government Obligations Fund, Class X, 3.67% <sup>(b)</sup> | 96552454 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost - $96,552,454) | 96552454 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 112.2%** (Cost - $907,300,572) | **885788402** |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets - (12.2)%** | (96649195) |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**789139207** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is out on loan as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate reflects the seven-day yield on November 30, 2022.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**INVESTMENT COMPANIES - 97.2%** |  |
|  | &nbsp;&nbsp;**Exchange Traded Funds - 97.2%** |  |
| 87948 | &nbsp;&nbsp;Invesco QQQ Trust Series 1  | $25800425 |
| 583632 | &nbsp;&nbsp;iShares Core S&P Small-Cap ETF  | 59437083 |
| 454996 | &nbsp;&nbsp;iShares Edge MSCI USA Quality Factor ETF  | 55163715 |
| 8027207 | &nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF <sup>(e)(h)</sup> | 735854066 |
| 3694305 | &nbsp;&nbsp;SPDR Portfolio Developed World ex-US ETF <sup>(f)</sup> | 113710708 |
| 1217756 | &nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF <sup>(f)</sup> | 41902984 |
| 1310432 | &nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF <sup>(e)(f)</sup> | 72047551 |
| 2781200 | &nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF <sup>(e)</sup> | 113222652 |
| 416751 | &nbsp;&nbsp;Xtrackers MSCI USA ESG Leaders Equity ETF  | 15519807 |
| 139612 | &nbsp;&nbsp;Xtrackers S&P 500 ESG ETF <sup>(f)</sup> | 5148891 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENT COMPANIES** (Cost - $1,224,462,327) | 1237807882 |
|  | &nbsp;&nbsp;**COMMON STOCKS - 1.1%** |  |
|  | &nbsp;&nbsp;**Accommodation and Food Services - 0.0% <sup>(b)</sup>** |  |
| 871 | &nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 44255 |
|  | &nbsp;&nbsp;**Advertising - 0.0% <sup>(b)</sup>** |  |
| 1294 | &nbsp;&nbsp;Interpublic Group of Cos., Inc.  | 44462 |
| 483 | &nbsp;&nbsp;Omnicom Group, Inc.  | 38524 |
|  |  | 82986 |
|  | &nbsp;&nbsp;**Aerospace/Defense - 0.0% <sup>(b)</sup>** |  |
| 203 | &nbsp;&nbsp;General Dynamics Corp.  | 51235 |
| 934 | &nbsp;&nbsp;Howmet Aerospace, Inc.  | 35184 |
| 23 | &nbsp;&nbsp;L3Harris Technologies, Inc.  | 5223 |
| 196 | &nbsp;&nbsp;Lockheed Martin Corp.  | 95097 |
| 143 | &nbsp;&nbsp;Northrop Grumman Corp.  | 76260 |
| 74 | &nbsp;&nbsp;Teledyne Technologies, Inc. <sup>(a)</sup> | 31087 |
| 13 | &nbsp;&nbsp;TransDigm Group, Inc.  | 8171 |
|  |  | 302257 |
|  | &nbsp;&nbsp;**Agriculture - 0.0% <sup>(b)</sup>** |  |
| 526 | &nbsp;&nbsp;Archer Daniels Midland Co.  | 51285 |
|  | &nbsp;&nbsp;**Airlines - 0.0% <sup>(b)</sup>** |  |
| 983 | &nbsp;&nbsp;Alaska Air Group, Inc. <sup>(a)</sup> | 46634 |
| 2094 | &nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)</sup> | 30216 |
| 381 | &nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup> | 13476 |
| 340 | &nbsp;&nbsp;Southwest Airlines Co. <sup>(a)</sup> | 13569 |
| 856 | &nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(a)</sup> | 37810 |
|  |  | 141705 |
|  | &nbsp;&nbsp;**Apparel - 0.0% <sup>(b)</sup>** |  |
| 584 | &nbsp;&nbsp;Ralph Lauren Corp. | 66062 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1476 | &nbsp;&nbsp;Tapestry, Inc.  | $55749 |
| 494 | &nbsp;&nbsp;VF Corp.  | 16213 |
|  |  | 138024 |
|  | &nbsp;&nbsp;**Auto Manufacturers - 0.0% <sup>(b)</sup>** |  |
| 161 | &nbsp;&nbsp;Cummins, Inc.  | 40437 |
| 2108 | &nbsp;&nbsp;Ford Motor Co.  | 29301 |
| 129 | &nbsp;&nbsp;General Motors Co.  | 5232 |
| 377 | &nbsp;&nbsp;PACCAR, Inc.  | 39928 |
|  |  | 114898 |
|  | &nbsp;&nbsp;**Auto Parts & Equipment - 0.0% <sup>(b)</sup>** |  |
| 125 | &nbsp;&nbsp;Aptiv PLC <sup>(a)</sup> | 13334 |
| 1155 | &nbsp;&nbsp;BorgWarner, Inc.  | 49099 |
|  |  | 62433 |
|  | &nbsp;&nbsp;**Banks - 0.1%** |  |
| 190 | &nbsp;&nbsp;Bank of New York Mellon Corp.  | 8721 |
| 766 | &nbsp;&nbsp;Citizens Financial Group, Inc.  | 32463 |
| 341 | &nbsp;&nbsp;Comerica, Inc.  | 24463 |
| 337 | &nbsp;&nbsp;Fifth Third Bancorp  | 12253 |
| 77 | &nbsp;&nbsp;First Republic Bank  | 9826 |
| 143 | &nbsp;&nbsp;Goldman Sachs Group, Inc.  | 55219 |
| 2267 | &nbsp;&nbsp;Huntington Bancshares, Inc.  | 35093 |
| 991 | &nbsp;&nbsp;KeyCorp  | 18641 |
| 181 | &nbsp;&nbsp;M&T Bank Corp.  | 30774 |
| 152 | &nbsp;&nbsp;Northern Trust Corp.  | 14153 |
| 27 | &nbsp;&nbsp;PNC Financial Services Group, Inc.  | 4543 |
| 1362 | &nbsp;&nbsp;Regions Financial Corp.  | 31612 |
| 162 | &nbsp;&nbsp;State Street Corp.  | 12907 |
| 36 | &nbsp;&nbsp;SVB Financial Group <sup>(a)</sup> | 8344 |
| 96 | &nbsp;&nbsp;Truist Financial Corp.  | 4494 |
| 2001 | &nbsp;&nbsp;Wells Fargo & Co.  | 95948 |
| 550 | &nbsp;&nbsp;Zions Bancorp NA  | 28501 |
|  |  | 427955 |
|  | &nbsp;&nbsp;**Beverages - 0.0% <sup>(b)</sup>** |  |
| 109 | &nbsp;&nbsp;Brown-Forman Corp., Class B | 7959 |
| 23 | &nbsp;&nbsp;Constellation Brands, Inc., Class A  | 5919 |
| 489 | &nbsp;&nbsp;Molson Coors Brewing Co., Class B | 26949 |
| 62 | &nbsp;&nbsp;Monster Beverage Corp. <sup>(a)</sup> | 6377 |
|  |  | 47204 |
|  | &nbsp;&nbsp;**Biotechnology - 0.1%** |  |
| 422 | &nbsp;&nbsp;Amgen, Inc.  | 120861 |
| 145 | &nbsp;&nbsp;Biogen, Inc. <sup>(a)</sup> | 44250 |
| 47 | &nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup> | 19491 |
| 812 | &nbsp;&nbsp;Corteva, Inc.  | 54534 |
| 944 | &nbsp;&nbsp;Gilead Sciences, Inc.  | 82911 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 43 | &nbsp;&nbsp;Illumina, Inc. <sup>(a)</sup> | $9377 |
| 249 | &nbsp;&nbsp;Incyte Corp. <sup>(a)</sup> | 19838 |
| 81 | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> | 60888 |
| 224 | &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 70874 |
|  |  | 483024 |
|  | &nbsp;&nbsp;**Building Materials - 0.0% <sup>(b)</sup>** |  |
| 196 | &nbsp;&nbsp;Carrier Global Corp.  | 8687 |
| 534 | &nbsp;&nbsp;Fortune Brands Home & Security, Inc.  | 34891 |
| 120 | &nbsp;&nbsp;Johnson Controls International PLC  | 7973 |
| 39 | &nbsp;&nbsp;Martin Marietta Materials, Inc.  | 14293 |
| 432 | &nbsp;&nbsp;Masco Corp.  | 21937 |
| 76 | &nbsp;&nbsp;Vulcan Materials Co.  | 13933 |
|  |  | 101714 |
|  | &nbsp;&nbsp;**Chemicals - 0.0% <sup>(b)</sup>** |  |
| 117 | &nbsp;&nbsp;Air Products & Chemicals, Inc.  | 36289 |
| 150 | &nbsp;&nbsp;Albemarle Corp.  | 41698 |
| 272 | &nbsp;&nbsp;Celanese Corp.  | 29186 |
| 346 | &nbsp;&nbsp;CF Industries Holdings, Inc.  | 37434 |
| 175 | &nbsp;&nbsp;Dow, Inc.  | 8920 |
| 186 | &nbsp;&nbsp;DuPont de Nemours, Inc.  | 13115 |
| 372 | &nbsp;&nbsp;Eastman Chemical Co.  | 32223 |
| 304 | &nbsp;&nbsp;FMC Corp.  | 39714 |
| 103 | &nbsp;&nbsp;International Flavors & Fragrances, Inc.  | 10899 |
| 181 | &nbsp;&nbsp;Linde PLC  | 60903 |
| 138 | &nbsp;&nbsp;LyondellBasell Industries NV, Class A  | 11731 |
| 570 | &nbsp;&nbsp;Mosaic Co.  | 29241 |
| 84 | &nbsp;&nbsp;PPG Industries, Inc.  | 11358 |
| 21 | &nbsp;&nbsp;Sherwin-Williams Co.  | 5233 |
|  |  | 367944 |
|  | &nbsp;&nbsp;**Commercial Services - 0.0% <sup>(b)</sup>** |  |
| 348 | &nbsp;&nbsp;Automatic Data Processing, Inc.  | 91921 |
| 86 | &nbsp;&nbsp;Cintas Corp.  | 39713 |
| 40 | &nbsp;&nbsp;Ecolab, Inc.  | 5993 |
| 56 | &nbsp;&nbsp;Equifax, Inc.  | 11053 |
| 168 | &nbsp;&nbsp;FleetCor Technologies, Inc. <sup>(a)</sup> | 32961 |
| 153 | &nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 53607 |
| 121 | &nbsp;&nbsp;Global Payments, Inc.  | 12557 |
| 128 | &nbsp;&nbsp;MarketAxess Holdings, Inc.  | 34294 |
| 21 | &nbsp;&nbsp;Moody's Corp.  | 6264 |
| 51 | &nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | 3999 |
| 245 | &nbsp;&nbsp;Quanta Services, Inc.  | 36721 |
| 353 | &nbsp;&nbsp;Robert Half International, Inc.  | 27809 |
| 904 | &nbsp;&nbsp;Rollins, Inc.  | 36558 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 42 | &nbsp;&nbsp;United Rentals, Inc. <sup>(a)</sup> | $14827 |
| 44 | &nbsp;&nbsp;Verisk Analytics, Inc.  | 8083 |
|  |  | 416360 |
|  | &nbsp;&nbsp;**Computers - 0.1%** |  |
| 2243 | &nbsp;&nbsp;Apple, Inc.  | 332031 |
| 240 | &nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A  | 14931 |
| 3542 | &nbsp;&nbsp;DXC Technology Co. <sup>(a)</sup> | 105091 |
| 952 | &nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | 50608 |
| 2275 | &nbsp;&nbsp;Hewlett Packard Enterprise Co.  | 38175 |
| 674 | &nbsp;&nbsp;HP, Inc.  | 20247 |
| 32 | &nbsp;&nbsp;International Business Machines Corp.  | 4765 |
| 190 | &nbsp;&nbsp;Leidos Holdings, Inc.  | 20773 |
| 497 | &nbsp;&nbsp;NetApp, Inc.  | 33602 |
| 1239 | &nbsp;&nbsp;Western Digital Corp. <sup>(a)</sup> | 45533 |
|  |  | 665756 |
|  | &nbsp;&nbsp;**Cosmetics/Personal Care - 0.0% <sup>(b)</sup>** |  |
| 404 | &nbsp;&nbsp;Colgate-Palmolive Co.  | 31302 |
|  | &nbsp;&nbsp;**Distribution/Wholesale - 0.0% <sup>(b)</sup>** |  |
| 158 | &nbsp;&nbsp;Copart, Inc. <sup>(a)</sup> | 10516 |
| 162 | &nbsp;&nbsp;Fastenal Co.  | 8345 |
| 406 | &nbsp;&nbsp;LKQ Corp.  | 22058 |
| 67 | &nbsp;&nbsp;WW Grainger, Inc.  | 40405 |
|  |  | 81324 |
|  | &nbsp;&nbsp;**Diversified Financial Services - 0.0% <sup>(b)</sup>** |  |
| 118 | &nbsp;&nbsp;Ameriprise Financial, Inc.  | 39170 |
| 73 | &nbsp;&nbsp;Capital One Financial Corp.  | 7537 |
| 277 | &nbsp;&nbsp;CBOE Global Markets, Inc.  | 35135 |
| 1107 | &nbsp;&nbsp;Charles Schwab Corp.  | 91372 |
| 21 | &nbsp;&nbsp;CME Group, Inc.  | 3706 |
| 103 | &nbsp;&nbsp;Discover Financial Services  | 11161 |
| 905 | &nbsp;&nbsp;Franklin Resources, Inc.  | 24263 |
| 52 | &nbsp;&nbsp;Intercontinental Exchange, Inc.  | 5632 |
| 2321 | &nbsp;&nbsp;Invesco, Ltd.  | 44354 |
| 478 | &nbsp;&nbsp;Nasdaq, Inc.  | 32724 |
| 313 | &nbsp;&nbsp;Raymond James Financial, Inc.  | 36590 |
| 599 | &nbsp;&nbsp;Synchrony Financial  | 22510 |
| 94 | T. Rowe Price Group, Inc.  | 11742 |
|  |  | 365896 |
|  | &nbsp;&nbsp;**Electric - 0.1%** |  |
| 1351 | &nbsp;&nbsp;AES Corp.  | 39071 |
| 282 | &nbsp;&nbsp;Alliant Energy Corp.  | 15877 |
| 122 | &nbsp;&nbsp;Ameren Corp.  | 10897 |
| 50 | &nbsp;&nbsp;American Electric Power Co., Inc.  | 4840 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 853 | &nbsp;&nbsp;CenterPoint Energy, Inc.  | $26537 |
| 203 | &nbsp;&nbsp;CMS Energy Corp.  | 12397 |
| 300 | &nbsp;&nbsp;Consolidated Edison, Inc.  | 29412 |
| 51 | &nbsp;&nbsp;Dominion Energy, Inc.  | 3117 |
| 78 | &nbsp;&nbsp;DTE Energy Co.  | 9049 |
| 155 | &nbsp;&nbsp;Edison International  | 10332 |
| 98 | &nbsp;&nbsp;Entergy Corp.  | 11394 |
| 257 | &nbsp;&nbsp;Evergy, Inc.  | 15217 |
| 96 | &nbsp;&nbsp;Eversource Energy  | 7955 |
| 147 | &nbsp;&nbsp;Exelon Corp.  | 6081 |
| 274 | &nbsp;&nbsp;FirstEnergy Corp.  | 11300 |
| 978 | &nbsp;&nbsp;NextEra Energy, Inc.  | 82837 |
| 959 | &nbsp;&nbsp;NRG Energy, Inc.  | 40709 |
| 2506 | &nbsp;&nbsp;PG&E Corp. <sup>(a)</sup> | 39344 |
| 430 | &nbsp;&nbsp;Pinnacle West Capital Corp.  | 33678 |
| 430 | &nbsp;&nbsp;PPL Corp.  | 12694 |
| 126 | &nbsp;&nbsp;Public Service Enterprise Group, Inc.  | 7629 |
| 197 | &nbsp;&nbsp;Sempra Energy  | 32739 |
| 81 | &nbsp;&nbsp;WEC Energy Group, Inc.  | 8030 |
| 89 | &nbsp;&nbsp;Xcel Energy, Inc.  | 6250 |
|  |  | 477386 |
|  | &nbsp;&nbsp;**Electrical Components & Equipment - 0.0% <sup>(b)</sup>** |  |
| 70 | &nbsp;&nbsp;AMETEK, Inc.  | 9969 |
| 63 | &nbsp;&nbsp;Emerson Electric Co.  | 6034 |
|  |  | 16003 |
|  | &nbsp;&nbsp;**Electronics - 0.0% <sup>(b)</sup>** |  |
| 55 | &nbsp;&nbsp;Agilent Technologies, Inc.  | 8524 |
| 288 | &nbsp;&nbsp;Allegion PLC  | 32731 |
| 608 | &nbsp;&nbsp;Amphenol Corp., Class A  | 48902 |
| 164 | &nbsp;&nbsp;Fortive Corp.  | 11078 |
| 187 | &nbsp;&nbsp;Garmin, Ltd.  | 17389 |
| 275 | &nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 49745 |
| 9 | &nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 13226 |
| 130 | &nbsp;&nbsp;PerkinElmer, Inc.  | 18165 |
| 29 | &nbsp;&nbsp;Roper Technologies, Inc.  | 12728 |
| 103 | &nbsp;&nbsp;TE Connectivity, Ltd.  | 12990 |
| 54 | &nbsp;&nbsp;Waters Corp. <sup>(a)</sup> | 18716 |
|  |  | 244194 |
|  | &nbsp;&nbsp;**Entertainment - 0.0% <sup>(b)</sup>** |  |
| 187 | &nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | 13606 |
|  | &nbsp;&nbsp;**Environmental Control - 0.0% <sup>(b)</sup>** |  |
| 751 | &nbsp;&nbsp;Pentair PLC  | 34373 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 34 | &nbsp;&nbsp;Republic Services, Inc.  | $4736 |
|  |  | 39109 |
|  | &nbsp;&nbsp;**Finance and Insurance - 0.0% <sup>(b)</sup>** |  |
| 254 | &nbsp;&nbsp;Brown & Brown, Inc.  | 15136 |
| 174 | &nbsp;&nbsp;Signature Bank | 24273 |
| 93 | &nbsp;&nbsp;US Bancorp  | 4221 |
|  |  | 43630 |
|  | &nbsp;&nbsp;**Food - 0.0% <sup>(b)</sup>** |  |
| 700 | &nbsp;&nbsp;Campbell Soup Co.  | 37569 |
| 435 | &nbsp;&nbsp;Conagra Brands, Inc.  | 16521 |
| 625 | &nbsp;&nbsp;General Mills, Inc.  | 53313 |
| 197 | &nbsp;&nbsp;Hershey Co.  | 46329 |
| 206 | &nbsp;&nbsp;Hormel Foods Corp.  | 9682 |
| 117 | &nbsp;&nbsp;J.M. Smucker Co.  | 18019 |
| 493 | &nbsp;&nbsp;Kellogg Co.  | 35964 |
| 173 | &nbsp;&nbsp;Kraft Heinz Co.  | 6808 |
| 170 | &nbsp;&nbsp;Kroger Co.  | 8362 |
| 498 | &nbsp;&nbsp;Lamb Weston Holdings, Inc.  | 43276 |
| 159 | &nbsp;&nbsp;McCormick & Co., Inc.  | 13544 |
| 408 | &nbsp;&nbsp;Sysco Corp.  | 35296 |
| 140 | &nbsp;&nbsp;Tyson Foods, Inc., Class A  | 9279 |
|  |  | 333962 |
|  | &nbsp;&nbsp;**Forest Products & Paper - 0.0% <sup>(b)</sup>** |  |
| 631 | &nbsp;&nbsp;International Paper Co.  | 23423 |
|  | &nbsp;&nbsp;**Gas - 0.0% <sup>(b)</sup>** |  |
| 258 | &nbsp;&nbsp;Atmos Energy Corp.  | 31011 |
| 773 | &nbsp;&nbsp;NiSource, Inc.  | 21598 |
|  |  | 52609 |
|  | &nbsp;&nbsp;**Hand/Machine Tools - 0.0% <sup>(b)</sup>** |  |
| 150 | &nbsp;&nbsp;Snap-on, Inc.  | 36090 |
| 215 | &nbsp;&nbsp;Stanley Black & Decker, Inc.  | 17570 |
|  |  | 53660 |
|  | &nbsp;&nbsp;**Health Care and Social Assistance - 0.0% <sup>(b)</sup>** |  |
| 85 | &nbsp;&nbsp;Molina Healthcare, Inc. <sup>(a)</sup> | 28625 |
|  | &nbsp;&nbsp;**Healthcare Products - 0.0% <sup>(b)</sup>** |  |
| 113 | &nbsp;&nbsp;ABIOMED, Inc. <sup>(a)</sup> | 42690 |
| 65 | &nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 12783 |
| 162 | &nbsp;&nbsp;Baxter International, Inc.  | 9158 |
| 115 | &nbsp;&nbsp;Boston Scientific Corp. <sup>(a)</sup> | 5206 |
| 67 | &nbsp;&nbsp;Cooper Cos., Inc.  | 21195 |
| 1309 | &nbsp;&nbsp;Dentsply Sirona, Inc.  | 39610 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 56 | &nbsp;&nbsp;Edwards Lifesciences Corp. <sup>(a)</sup> | $4326 |
| 247 | &nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 18812 |
| 28 | &nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 11924 |
| 19 | &nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 5137 |
| 37 | &nbsp;&nbsp;ResMed, Inc.  | 8517 |
| 85 | &nbsp;&nbsp;STERIS PLC  | 15788 |
| 121 | &nbsp;&nbsp;Teleflex, Inc.  | 28329 |
| 51 | &nbsp;&nbsp;West Pharmaceutical Services, Inc.  | 11968 |
| 105 | &nbsp;&nbsp;Zimmer Biomet Holdings, Inc.  | 12611 |
|  |  | 248054 |
|  | &nbsp;&nbsp;**Healthcare Services - 0.1%** |  |
| 161 | &nbsp;&nbsp;Anthem, Inc.  | 85800 |
| 390 | &nbsp;&nbsp;Centene Corp. <sup>(a)</sup> | 33949 |
| 364 | &nbsp;&nbsp;DaVita, Inc. <sup>(a)</sup> | 26838 |
| 23 | &nbsp;&nbsp;HCA Healthcare, Inc.  | 5525 |
| 111 | &nbsp;&nbsp;Humana, Inc.  | 61039 |
| 37 | &nbsp;&nbsp;IQVIA Holdings, Inc. <sup>(a)</sup> | 8067 |
| 61 | &nbsp;&nbsp;Laboratory Corp. of America Holdings  | 14683 |
| 142 | &nbsp;&nbsp;Quest Diagnostics, Inc.  | 21560 |
| 575 | &nbsp;&nbsp;UnitedHealth Group, Inc.  | 314962 |
| 400 | &nbsp;&nbsp;Universal Health Services, Inc., Class B  | 52340 |
|  |  | 624763 |
|  | &nbsp;&nbsp;**Home Builders - 0.0% <sup>(b)</sup>** |  |
| 397 | &nbsp;&nbsp;DR Horton, Inc.  | 34142 |
| 341 | &nbsp;&nbsp;Lennar Corp., Class A  | 29950 |
| 10 | &nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | 46390 |
| 713 | &nbsp;&nbsp;PulteGroup, Inc.  | 31928 |
|  |  | 142410 |
|  | &nbsp;&nbsp;**Home Furnishings - 0.0% <sup>(b)</sup>** |  |
| 234 | &nbsp;&nbsp;Whirlpool Corp.  | 34288 |
|  | &nbsp;&nbsp;**Household Products/Wares - 0.0% <sup>(b)</sup>** |  |
| 110 | &nbsp;&nbsp;Avery Dennison Corp.  | 21266 |
| 180 | &nbsp;&nbsp;Church & Dwight Co., Inc.  | 14737 |
| 187 | &nbsp;&nbsp;Clorox Co.  | 27798 |
| 51 | &nbsp;&nbsp;Kimberly-Clark Corp.  | 6917 |
|  |  | 70718 |
|  | &nbsp;&nbsp;**Housewares - 0.0% <sup>(b)</sup>** |  |
| 2819 | &nbsp;&nbsp;Newell Brands, Inc.  | 36562 |
|  | &nbsp;&nbsp;**Information - 0.0% <sup>(b)</sup>** |  |
| 933 | &nbsp;&nbsp;Ceridian HCM Holding, Inc. <sup>(a)</sup> | 63855 |
| 468 | &nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | 37927 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 80 | &nbsp;&nbsp;FactSet Research Systems, Inc.  | $36903 |
| 3660 | &nbsp;&nbsp;Lumen Technologies, Inc. | 20020 |
| 463 | &nbsp;&nbsp;PTC, Inc. <sup>(a)</sup> | 58898 |
| 745 | &nbsp;&nbsp;Warner Bros Discovery, Inc. <sup>(a)</sup> | 8493 |
|  |  | 226096 |
|  | &nbsp;&nbsp;**Insurance - 0.1%** |  |
| 679 | &nbsp;&nbsp;Aflac, Inc.  | 48841 |
| 57 | &nbsp;&nbsp;Allstate Corp.  | 7632 |
| 129 | &nbsp;&nbsp;American International Group, Inc.  | 8141 |
| 16 | &nbsp;&nbsp;Aon PLC, Class A | 4933 |
| 235 | &nbsp;&nbsp;Arthur J Gallagher & Co.  | 46791 |
| 212 | &nbsp;&nbsp;Assurant, Inc.  | 27183 |
| 187 | &nbsp;&nbsp;Cincinnati Financial Corp.  | 20750 |
| 97 | &nbsp;&nbsp;Everest Re Group, Ltd.  | 32780 |
| 391 | &nbsp;&nbsp;Globe Life, Inc.  | 46904 |
| 200 | &nbsp;&nbsp;Hartford Financial Services Group, Inc.  | 15274 |
| 701 | &nbsp;&nbsp;Lincoln National Corp.  | 27297 |
| 396 | &nbsp;&nbsp;Loews Corp.  | 23027 |
| 80 | &nbsp;&nbsp;MetLife, Inc.  | 6136 |
| 477 | &nbsp;&nbsp;Principal Financial Group, Inc.  | 42777 |
| 549 | &nbsp;&nbsp;Progressive Corp.  | 72550 |
| 82 | &nbsp;&nbsp;Prudential Financial, Inc.  | 8858 |
| 44 | &nbsp;&nbsp;Travelers Cos., Inc.  | 8352 |
| 55 | &nbsp;&nbsp;Willis Towers Watson PLC  | 13539 |
| 535 | &nbsp;&nbsp;WR Berkley Corp.  | 40810 |
|  |  | 502575 |
|  | &nbsp;&nbsp;**Internet - 0.0% <sup>(b)</sup>** |  |
| 2 | &nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)</sup> | 4159 |
| 125 | &nbsp;&nbsp;CDW Corp.  | 23580 |
| 306 | &nbsp;&nbsp;eBay, Inc.  | 13904 |
| 186 | &nbsp;&nbsp;Expedia Group, Inc. <sup>(a)</sup> | 19872 |
| 352 | &nbsp;&nbsp;F5 Networks, Inc. <sup>(a)</sup> | 54423 |
| 1506 | &nbsp;&nbsp;Gen Digital, Inc.  | 34578 |
| 175 | &nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 53468 |
| 133 | &nbsp;&nbsp;VeriSign, Inc. <sup>(a)</sup> | 26575 |
|  |  | 230559 |
|  | &nbsp;&nbsp;**Iron/Steel - 0.0% <sup>(b)</sup>** |  |
| 254 | &nbsp;&nbsp;Nucor Corp.  | 38087 |
|  | &nbsp;&nbsp;**Leisure Time - 0.0% <sup>(b)</sup>** |  |
| 2255 | &nbsp;&nbsp;Carnival Corp. <sup>(a)</sup> | 22392 |
| 2994 | &nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 49221 |
| 463 | &nbsp;&nbsp;Royal Caribbean Cruises, Ltd. <sup>(a)</sup> | 27748 |
|  |  | 99361 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Lodging - 0.0% <sup>(b)</sup>** |  |
| 63 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc.  | $8985 |
| 916 | &nbsp;&nbsp;Las Vegas Sands Corp. <sup>(a)</sup> | 42905 |
| 39 | &nbsp;&nbsp;Marriott International, Inc., Class A | 6449 |
| 666 | &nbsp;&nbsp;MGM Resorts International  | 24549 |
| 534 | &nbsp;&nbsp;Wynn Resorts, Ltd. <sup>(a)</sup> | 44674 |
|  |  | 127562 |
|  | &nbsp;&nbsp;**Machinery - Diversified - 0.0% <sup>(b)</sup>** |  |
| 180 | &nbsp;&nbsp;Deere & Co.  | 79380 |
| 104 | &nbsp;&nbsp;Dover Corp.  | 14763 |
| 140 | &nbsp;&nbsp;IDEX Corp.  | 33249 |
| 265 | &nbsp;&nbsp;Ingersoll Rand, Inc.  | 14302 |
| 116 | &nbsp;&nbsp;Otis Worldwide Corp.  | 9059 |
| 38 | &nbsp;&nbsp;Rockwell Automation, Inc.  | 10040 |
| 167 | &nbsp;&nbsp;Wabtec Corp.  | 16882 |
| 144 | &nbsp;&nbsp;Xylem, Inc.  | 16178 |
|  |  | 193853 |
|  | &nbsp;&nbsp;**Manufacturing - 0.0% <sup>(b)</sup>** |  |
| 300 | &nbsp;&nbsp;Bio-Techne Corp.  | 25497 |
| 231 | &nbsp;&nbsp;Catalent, Inc. <sup>(a)</sup> | 11580 |
| 193 | &nbsp;&nbsp;Enphase Energy, Inc. <sup>(a)</sup> | 61874 |
| 105 | &nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 11080 |
| 126 | &nbsp;&nbsp;Keurig Dr Pepper, Inc.  | 4872 |
| 42 | &nbsp;&nbsp;Moderna, Inc. <sup>(a)</sup> | 7388 |
| 66 | &nbsp;&nbsp;Monolithic Power Systems, Inc.  | 25209 |
| 80 | &nbsp;&nbsp;Nordson Corp.  | 18919 |
| 70 | &nbsp;&nbsp;NXP Semiconductors NV  | 12309 |
| 763 | &nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)</sup> | 57378 |
| 1455 | &nbsp;&nbsp;Organon & Co.  | 37859 |
| 632 | &nbsp;&nbsp;Seagate Technology Holdings Plc  | 33477 |
| 115 | &nbsp;&nbsp;SolarEdge Technologies, Inc. <sup>(a)</sup> | 34369 |
| 446 | &nbsp;&nbsp;Teradyne, Inc.  | 41679 |
| 557 | &nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 33281 |
|  |  | 416771 |
|  | &nbsp;&nbsp;**Media - 0.0% <sup>(b)</sup>** |  |
| 15 | &nbsp;&nbsp;Charter Communications, Inc., Class A <sup>(a)</sup> | 5869 |
| 2039 | &nbsp;&nbsp;DISH Network Corp., Class A <sup>(a)</sup> | 32726 |
| 463 | &nbsp;&nbsp;Fox Corp., Class A | 15024 |
| 1779 | &nbsp;&nbsp;News Corp., Class A  | 34068 |
| 919 | &nbsp;&nbsp;Paramount Global, Class B  | 18454 |
|  |  | 106141 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Mining - 0.0% <sup>(b)</sup>** |  |
| 229 | &nbsp;&nbsp;Freeport-McMoRan, Inc.  | $9114 |
| 179 | &nbsp;&nbsp;Newmont Goldcorp Corp.  | 8497 |
|  |  | 17611 |
|  | &nbsp;&nbsp;**Mining, Quarrying, and Oil and Gas Extraction - 0.0% <sup>(b)</sup>** |  |
| 620 | &nbsp;&nbsp;APA Corp.  | 29047 |
|  | &nbsp;&nbsp;**Miscellaneous Manufacturing - 0.0% <sup>(b)</sup>** |  |
| 541 | &nbsp;&nbsp;AO Smith Corp.  | 32860 |
| 30 | &nbsp;&nbsp;Eaton Corp PLC  | 4904 |
| 20 | &nbsp;&nbsp;Illinois Tool Works, Inc.  | 4549 |
| 28 | &nbsp;&nbsp;Parker-Hannifin Corp.  | 8370 |
| 276 | &nbsp;&nbsp;Textron, Inc.  | 19701 |
| 43 | &nbsp;&nbsp;Trane Technologies PLC  | 7672 |
|  |  | 78056 |
|  | &nbsp;&nbsp;**Office/Business Equipment - 0.0% <sup>(b)</sup>** |  |
| 115 | &nbsp;&nbsp;Zebra Technologies Corp., Class A <sup>(a)</sup> | 31082 |
|  | &nbsp;&nbsp;**Oil & Gas - 0.1%** |  |
| 423 | &nbsp;&nbsp;Cabot Oil & Gas Corp.  | 11806 |
| 1164 | &nbsp;&nbsp;ConocoPhillips  | 143766 |
| 105 | &nbsp;&nbsp;Devon Energy Corp.  | 7194 |
| 96 | &nbsp;&nbsp;Diamondback Energy, Inc.  | 14210 |
| 33 | &nbsp;&nbsp;EOG Resources, Inc.  | 4684 |
| 2811 | &nbsp;&nbsp;Exxon Mobil Corp.  | 312977 |
| 394 | &nbsp;&nbsp;Hess Corp.  | 56700 |
| 688 | &nbsp;&nbsp;Marathon Oil Corp.  | 21073 |
| 569 | &nbsp;&nbsp;Marathon Petroleum Corp.  | 69310 |
| 1025 | &nbsp;&nbsp;Occidental Petroleum Corp.  | 71227 |
| 82 | &nbsp;&nbsp;Phillips 66  | 8892 |
| 22 | &nbsp;&nbsp;Pioneer Natural Resources Co.  | 5192 |
| 58 | &nbsp;&nbsp;Valero Energy Corp.  | 7750 |
|  |  | 734781 |
|  | &nbsp;&nbsp;**Oil & Gas Services - 0.0% <sup>(b)</sup>** |  |
| 509 | &nbsp;&nbsp;Baker Hughes & GE Co. | 14771 |
| 419 | &nbsp;&nbsp;Halliburton Co.  | 15876 |
| 1481 | &nbsp;&nbsp;Schlumberger, Ltd.  | 76346 |
|  |  | 106993 |
|  | &nbsp;&nbsp;**Packaging & Containers - 0.0% <sup>(b)</sup>** |  |
| 1373 | &nbsp;&nbsp;Amcor PLC  | 16956 |
| 329 | &nbsp;&nbsp;Ball Corp.  | 18450 |
| 200 | &nbsp;&nbsp;Packaging Corp of America  | 27178 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 834 | &nbsp;&nbsp;Sealed Air Corp.  | $44394 |
| 929 | &nbsp;&nbsp;Westrock Co.  | 35228 |
|  |  | 142206 |
|  | &nbsp;&nbsp;**Pharmaceuticals - 0.1%** |  |
| 63 | &nbsp;&nbsp;AmerisourceBergen Corp.  | 10754 |
| 16 | &nbsp;&nbsp;Becton Dickinson & Co.  | 3989 |
| 1161 | &nbsp;&nbsp;Bristol-Myers Squibb Co.  | 93205 |
| 438 | &nbsp;&nbsp;Cardinal Health, Inc.  | 35115 |
| 277 | &nbsp;&nbsp;Cigna Corp.  | 91103 |
| 98 | &nbsp;&nbsp;DexCom, Inc. <sup>(a)</sup> | 11395 |
| 802 | &nbsp;&nbsp;Eli Lilly & Co.  | 297606 |
| 401 | &nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | 32449 |
| 139 | &nbsp;&nbsp;McKesson Corp.  | 53054 |
| 1702 | &nbsp;&nbsp;Merck & Co., Inc.  | 187424 |
| 2679 | &nbsp;&nbsp;Viatris, Inc.  | 29549 |
| 23 | &nbsp;&nbsp;Zoetis, Inc. | 3545 |
|  |  | 849188 |
|  | &nbsp;&nbsp;**Pipelines - 0.0% <sup>(b)</sup>** |  |
| 390 | &nbsp;&nbsp;Kinder Morgan, Inc.  | 7457 |
| 185 | &nbsp;&nbsp;ONEOK, Inc.  | 12380 |
| 225 | &nbsp;&nbsp;Williams Cos., Inc.  | 7807 |
|  |  | 27644 |
|  | &nbsp;&nbsp;**Professional, Scientific, and Technical Services - 0.0% <sup>(b)</sup>** |  |
| 142 | &nbsp;&nbsp;Charles River Laboratories International, Inc. <sup>(a)</sup> | 32457 |
| 120 | &nbsp;&nbsp;EPAM Systems, Inc. <sup>(a)</sup> | 44230 |
| 126 | &nbsp;&nbsp;Jacobs Solutions, Inc.  | 15944 |
| 386 | &nbsp;&nbsp;Match Group, Inc. <sup>(a)</sup> | 19516 |
|  |  | 112147 |
|  | &nbsp;&nbsp;**Real Estate - 0.0% <sup>(b)</sup>** |  |
| 154 | &nbsp;&nbsp;CBRE Group, Inc., Class A <sup>(a)</sup> | 12258 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 0.1%** |  |
| 76 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc.  | 11826 |
| 50 | &nbsp;&nbsp;AvalonBay Communities, Inc.  | 8745 |
| 271 | &nbsp;&nbsp;Boston Properties, Inc.  | 19534 |
| 158 | &nbsp;&nbsp;Camden Property Trust  | 19012 |
| 24 | &nbsp;&nbsp;Crown Castle International Corp.  | 3394 |
| 78 | &nbsp;&nbsp;Digital Realty Trust, Inc.  | 8772 |
| 8 | &nbsp;&nbsp;Equinix, Inc.  | 5525 |
| 144 | &nbsp;&nbsp;Equity Residential  | 9340 |
| 62 | &nbsp;&nbsp;Essex Property Trust, Inc.  | 13663 |
| 145 | &nbsp;&nbsp;Extra Space Storage, Inc.  | 23300 |
| 383 | &nbsp;&nbsp;Federal Realty OP LP  | 42551 |
| 796 | &nbsp;&nbsp;Healthpeak Properties, Inc.  | 20903 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 2135 | &nbsp;&nbsp;Host Hotels & Resorts, Inc.  | $40437 |
| 338 | &nbsp;&nbsp;Invitation Homes, Inc.  | 11029 |
| 642 | &nbsp;&nbsp;Iron Mountain, Inc.  | 34880 |
| 1635 | &nbsp;&nbsp;Kimco Realty Corp.  | 37474 |
| 87 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc.  | 14345 |
| 90 | &nbsp;&nbsp;Public Storage  | 26816 |
| 366 | &nbsp;&nbsp;Realty Income Corp.  | 23084 |
| 498 | &nbsp;&nbsp;Regency Centers Corp.  | 33082 |
| 26 | &nbsp;&nbsp;SBA Communications Corp.  | 7782 |
| 231 | &nbsp;&nbsp;Simon Property Group, Inc.  | 27591 |
| 438 | &nbsp;&nbsp;UDR, Inc.  | 18164 |
| 332 | &nbsp;&nbsp;Ventas, Inc.  | 15448 |
| 1074 | &nbsp;&nbsp;VICI Properties, Inc.  | 36731 |
| 2187 | &nbsp;&nbsp;Vornado Realty Trust  | 55309 |
| 120 | &nbsp;&nbsp;Welltower, Inc.  | 8524 |
| 403 | &nbsp;&nbsp;Weyerhaeuser Co.  | 13182 |
|  |  | 590443 |
|  | &nbsp;&nbsp;**Retail - 0.1%** |  |
| 158 | &nbsp;&nbsp;Advance Auto Parts, Inc.  | 23856 |
| 23 | &nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 59317 |
| 239 | &nbsp;&nbsp;Best Buy Co., Inc.  | 20387 |
| 245 | &nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | 16993 |
| 23 | &nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 37420 |
| 187 | &nbsp;&nbsp;Costco Wholesale Corp.  | 100840 |
| 260 | &nbsp;&nbsp;Darden Restaurants, Inc.  | 38217 |
| 189 | &nbsp;&nbsp;Dollar General Corp.  | 48323 |
| 55 | &nbsp;&nbsp;Dollar Tree, Inc. <sup>(a)</sup> | 8266 |
| 67 | &nbsp;&nbsp;Domino's Pizza, Inc.  | 26045 |
| 241 | &nbsp;&nbsp;Genuine Parts Co.  | 44183 |
| 460 | &nbsp;&nbsp;McDonald's Corp.  | 125483 |
| 72 | &nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 62247 |
| 99 | &nbsp;&nbsp;Ross Stores, Inc.  | 11649 |
| 554 | &nbsp;&nbsp;Starbucks Corp.  | 56619 |
| 23 | &nbsp;&nbsp;Target Corp.  | 3843 |
| 947 | &nbsp;&nbsp;TJX Cos., Inc.  | 75807 |
| 64 | &nbsp;&nbsp;Tractor Supply Co.  | 14484 |
| 81 | &nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 37652 |
| 262 | &nbsp;&nbsp;Walgreens Boots Alliance, Inc.  | 10873 |
| 72 | &nbsp;&nbsp;Yum! Brands, Inc.  | 9264 |
|  |  | 831768 |
|  | &nbsp;&nbsp;**Retail Trade - 0.0% <sup>(b)</sup>** |  |
| 841 | &nbsp;&nbsp;Bath & Body Works, Inc.  | 35742 |
| 210 | &nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 27739 |
|  |  | 63481 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Semiconductors - 0.0% <sup>(b)</sup>** |  |
| 58 | &nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | $4503 |
| 41 | &nbsp;&nbsp;Analog Devices, Inc.  | 7048 |
| 71 | &nbsp;&nbsp;Applied Materials, Inc.  | 7782 |
| 140 | &nbsp;&nbsp;Intel Corp.  | 4210 |
| 121 | &nbsp;&nbsp;KLA Corp.  | 47571 |
| 21 | &nbsp;&nbsp;Lam Research Corp.  | 9920 |
| 575 | &nbsp;&nbsp;Microchip Technology, Inc.  | 45534 |
| 161 | &nbsp;&nbsp;Micron Technology, Inc.  | 9282 |
| 633 | &nbsp;&nbsp;Qorvo, Inc. <sup>(a)</sup> | 62825 |
| 464 | &nbsp;&nbsp;QUALCOMM, Inc.  | 58691 |
| 304 | &nbsp;&nbsp;Skyworks Solutions, Inc.  | 29068 |
| 343 | &nbsp;&nbsp;Texas Instruments, Inc.  | 61898 |
|  |  | 348332 |
|  | &nbsp;&nbsp;**Shipbuilding - 0.0% <sup>(b)</sup>** |  |
| 160 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc.  | 37114 |
|  | &nbsp;&nbsp;**Software - 0.1%** |  |
| 409 | &nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> | 38798 |
| 93 | &nbsp;&nbsp;ANSYS, Inc. <sup>(a)</sup> | 23650 |
| 59 | &nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | 11915 |
| 156 | &nbsp;&nbsp;Broadridge Financial Solutions, Inc.  | 23261 |
| 271 | &nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 46623 |
| 225 | &nbsp;&nbsp;Electronic Arts, Inc.  | 29425 |
| 113 | &nbsp;&nbsp;Fidelity National Information Services, Inc.  | 8201 |
| 533 | &nbsp;&nbsp;Fiserv, Inc. <sup>(a)</sup> | 55624 |
| 10 | &nbsp;&nbsp;Intuit, Inc.  | 4076 |
| 285 | &nbsp;&nbsp;Jack Henry & Associates, Inc.  | 53965 |
| 17 | &nbsp;&nbsp;MSCI, Inc.  | 8633 |
| 91 | &nbsp;&nbsp;Paychex, Inc.  | 11287 |
| 69 | &nbsp;&nbsp;Paycom Software, Inc. <sup>(a)</sup> | 23398 |
| 15 | &nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 6244 |
| 151 | &nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | 51271 |
| 226 | &nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 23886 |
| 90 | &nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 30847 |
|  |  | 451104 |
|  | &nbsp;&nbsp;**Telecommunications - 0.0% <sup>(b)</sup>** |  |
| 384 | &nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 53491 |
| 2036 | &nbsp;&nbsp;AT&T, Inc.  | 39254 |
| 560 | &nbsp;&nbsp;Corning, Inc.  | 19113 |
| 1955 | &nbsp;&nbsp;Juniper Networks, Inc.  | 64984 |
| 194 | &nbsp;&nbsp;Motorola Solutions, Inc.  | 52807 |
| 1025 | &nbsp;&nbsp;T-Mobile US, Inc. <sup>(a)</sup> | 155247 |
|  |  | 384896 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| Shares |  |  | Value |
|  | &nbsp;&nbsp;**Textiles - 0.0% <sup>(b)</sup>** |  |  |
| 460 | &nbsp;&nbsp;Mohawk Industries, Inc. <sup>(a)</sup> |  | $46612 |
|  | &nbsp;&nbsp;**Toys/Games/Hobbies - 0.0% <sup>(b)</sup>** |  |  |
| 344 | &nbsp;&nbsp;Hasbro, Inc.  |  | 21610 |
|  | &nbsp;&nbsp;**Transportation - 0.0% <sup>(b)</sup>** |  |  |
| 289 | &nbsp;&nbsp;CH Robinson Worldwide, Inc.  |  | 28964 |
| 167 | &nbsp;&nbsp;Expeditors International of Washington, Inc.  |  | 19382 |
| 36 | &nbsp;&nbsp;FedEx Corp.  |  | 6560 |
| 154 | &nbsp;&nbsp;JB Hunt Transport Services, Inc.  |  | 28319 |
| 18 | &nbsp;&nbsp;Norfolk Southern Corp.  |  | 4617 |
| 92 | &nbsp;&nbsp;Old Dominion Freight Line, Inc.  |  | 27840 |
|  |  |  | 115682 |
|  | &nbsp;&nbsp;**Utilities - 0.0% <sup>(b)</sup>** |  |  |
| 107 | &nbsp;&nbsp;Constellation Energy Corp.  |  | 10285 |
|  | &nbsp;&nbsp;**Water - 0.0% <sup>(b)</sup>** |  |  |
| 69 | &nbsp;&nbsp;American Water Works Co., Inc.  |  | 10471 |
|  | &nbsp;&nbsp;**Wholesale Trade - 0.0% <sup>(b)</sup>** |  |  |
| 63 | &nbsp;&nbsp;Pool Corp.  |  | 20753 |
|  | &nbsp;&nbsp;**TOTAL COMMON STOCKS** (Cost - $12,767,816) |  | 13423893 |
| Contracts |  | Notional <br> Amount |  |
|  | &nbsp;&nbsp;**PURCHASED OPTIONS - 0.2% <sup>(a)(c)</sup>** |  |  |
|  | &nbsp;&nbsp;**PURCHASED CALL OPTIONS - 0.1%** |  |  |
|  | &nbsp;&nbsp;iShares China Large-Cap ETF  |  |  |
| 15000 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price: $32.00 | $42240000 | 187500 |
|  | &nbsp;&nbsp;iShares MSCI Germany ETF  |  |  |
| 3000 | &nbsp;&nbsp;Expiration: January 2023, Exercise Price: $25.50 | 7617000 | 247500 |
| 3500 | &nbsp;&nbsp;Expiration: January 2023, Exercise Price: $26.50 | 8886500 | 148750 |
|  | &nbsp;&nbsp;**TOTAL PURCHASED CALL OPTIONS** (Cost - $2,231,488) |  | 583750 |
|  | &nbsp;&nbsp;**PURCHASED PUT OPTIONS - 0.1%** |  |  |
|  | &nbsp;&nbsp;CBOE Volatility Index |  |  |
| 1250 | &nbsp;&nbsp;Expiration: February 2023, Exercise Price: $22.00 | 2571250 | 144375 |
|  | &nbsp;&nbsp;iShares MSCI EAFE ETF <sup>(g)</sup> |  |  |
| 7500 | &nbsp;&nbsp;Expiration: June 2023, Exercise Price: $54.00 | 50340000 | 937500 |
|  | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF <sup>(g)</sup> |  |  |
| 15000 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price: $37.50 | 59280000 | 15000 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| Contracts |  | Notional <br> Amount | Value |
| 15000 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price: $37.00 | $59280000 | $525000 |
|  | &nbsp;&nbsp;**TOTAL PURCHASED PUT OPTIONS** (Cost - $2,471,944) |  | 1621875 |
|  | &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS** (Cost - $4,703,432) |  | 2205625 |
| Shares |  |  |  |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 1.6%** |  |  |
|  | &nbsp;&nbsp;**Money Market Funds - 1.6%** |  |  |
| 20695725 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(d)</sup> |  | 20695725 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $20,695,725) |  | 20695725 |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%** |  |  |
| 5133800 | &nbsp;&nbsp;First American Government Obligations Fund, Class X, 3.67% <sup>(d)</sup> |  | 5133800 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost - $5,133,800) |  | 5133800 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 100.5%** (Cost - $1,267,763,100) |  | **1279266925** |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets - (0.5)%** |  | (5809863) |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** |  | $**1273457062** |

---

---

| | | | |
|:---|:---|:---|:---|
| Contracts |  | Notional <br> Value |  |
|  | &nbsp;&nbsp;**SCHEDULE OF WRITTEN OPTIONS - 0.0% <sup>(a)(b)(c)</sup>** |  |  |
|  | &nbsp;&nbsp;**WRITTEN PUT OPTIONS - 0.0% <sup>(b)</sup>** |  |  |
| 7500 | &nbsp;&nbsp;iShares MSCI EAFE ETF |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price $54.00 | $50340000 | 273750 |
| 15000 | &nbsp;&nbsp;iShares MSCI Emerging Markets ETF |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price $35.00 | 59280000 | 195000 |
|  | &nbsp;&nbsp;**TOTAL WRITTEN PUT OPTIONS** (Premiums Received $1,170,188) |  | 468750 |
|  | &nbsp;&nbsp;**TOTAL OPTIONS WRITTEN** (Premiums Received $1,170,188) |  | $468750 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rounds to less than 0.1%

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each option is exercisable into 100 shares of the underlying security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest rate reflects seven-day yield on November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $66,184,500, which is 5.2% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security is out on loan as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Held in connection with a written option, see Schedule of Written Options for more details.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including financial statements, is available from the SEC's EDGAR database at www.sec.gov.

See accompanying notes to financial statements.

**Horizon Active Income Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**INVESTMENT COMPANIES - 99.4%** |  |
|  | &nbsp;&nbsp;**Exchange Traded Funds - 99.4%** |  |
| 1471373 | &nbsp;&nbsp;First Trust TCW Opportunistic Fixed Income ETF <sup>(a)</sup> | $65034687 |
| 524077 | &nbsp;&nbsp;Hartford Total Return Bond ETF <sup>(a)</sup> | 17346949 |
| 2410 | &nbsp;&nbsp;Invesco Senior Loan ETF <sup>(a)</sup> | 50176 |
| 824932 | &nbsp;&nbsp;iShares 1-3 Year Treasury Bond ETF  | 67165963 |
| 402081 | &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF  | 39247127 |
| 223984 | &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF  | 22015387 |
| 430267 | &nbsp;&nbsp;iShares iBoxx Investment Grade Corporate Bond ETF  | 46365572 |
| 281416 | &nbsp;&nbsp;iShares MBS ETF <sup>(a)</sup> | 26450290 |
| 294 | &nbsp;&nbsp;iShares National AMT-Free Muni Bond ETF  | 31229 |
| 410 | &nbsp;&nbsp;Janus Henderson AAA CLO ETF  | 20246 |
| 472365 | &nbsp;&nbsp;Janus Henderson Mortgage-Backed Securities ETF  | 21691615 |
| 92269 | &nbsp;&nbsp;Overlay Shares Core Bond ETF  | 1916270 |
| 398309 | &nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF  | 36512986 |
| 983210 | &nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF <sup>(a)</sup> | 29348818 |
| 2285817 | &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF  | 67317311 |
| 761 | &nbsp;&nbsp;VanEck Fallen Angel High Yield Bond ETF  | 20912 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENT COMPANIES** (Cost - $474,695,728) | 440535538 |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 0.6%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 0.6%** |  |
| 2657974 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(b)</sup> | 2657974 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $2,657,974) | 2657974 |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.8%** |  |
| 7997981 | &nbsp;&nbsp;First American Government Obligations Fund, Class X, 3.67% <sup>(b)</sup> | 7997981 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost - $7,997,981) | 7997981 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 101.8%** (Cost - $485,351,683) | **451191493** |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets - (1.8)%** | (8066824) |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**443124669** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is out on loan as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate reflects seven-day yield on November 30, 2022.

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**COMMON STOCKS - 98.2%** |  |
|  | &nbsp;&nbsp;**Accommodation and Food Services - 0.6%** |  |
| 2423 | &nbsp;&nbsp;Vail Resorts, Inc.  | $624019 |
|  | &nbsp;&nbsp;**Aerospace/Defense - 1.6%** |  |
| 3575 | &nbsp;&nbsp;Lockheed Martin Corp.  | 1734554 |
|  | &nbsp;&nbsp;**Apparel - 0.6%** |  |
| 16806 | &nbsp;&nbsp;Tapestry, Inc.  | 634763 |
|  | &nbsp;&nbsp;**Auto Manufacturers - 0.6%** |  |
| 2357 | &nbsp;&nbsp;Cummins, Inc.  | 591984 |
|  | &nbsp;&nbsp;**Banks - 8.2%** |  |
| 13222 | &nbsp;&nbsp;Bank of New York Mellon Corp.  | 606890 |
| 11367 | &nbsp;&nbsp;Bank of Nova Scotia  | 593357 |
| 12113 | &nbsp;&nbsp;Citigroup, Inc.  | 586390 |
| 4839 | &nbsp;&nbsp;Goldman Sachs Group, Inc.  | 1868580 |
| 32720 | &nbsp;&nbsp;JPMorgan Chase & Co.  | 4521250 |
| 7737 | &nbsp;&nbsp;State Street Corp.  | 616407 |
|  |  | 8792874 |
|  | &nbsp;&nbsp;**Beverages - 5.8%** |  |
| 50472 | &nbsp;&nbsp;Coca-Cola Co.  | 3210524 |
| 10967 | &nbsp;&nbsp;Molson Coors Brewing Co., Class B | 604391 |
| 12819 | &nbsp;&nbsp;PepsiCo, Inc.  | 2378053 |
|  |  | 6192968 |
|  | &nbsp;&nbsp;**Biotechnology - 2.2%** |  |
| 4875 | &nbsp;&nbsp;Amgen, Inc.  | 1396200 |
| 11248 | &nbsp;&nbsp;Gilead Sciences, Inc.  | 987912 |
|  |  | 2384112 |
|  | &nbsp;&nbsp;**Chemicals - 1.5%** |  |
| 4586 | &nbsp;&nbsp;Linde PLC  | 1543097 |
|  | &nbsp;&nbsp;**Commercial Services - 0.9%** |  |
| 3726 | &nbsp;&nbsp;Automatic Data Processing, Inc.  | 984186 |
|  | &nbsp;&nbsp;**Computers - 2.3%** |  |
| 6073 | &nbsp;&nbsp;Accenture PLC, Class A  | 1827548 |
| 3978 | &nbsp;&nbsp;International Business Machines Corp.  | 592324 |
|  |  | 2419872 |
|  | &nbsp;&nbsp;**Cosmetics/Personal Care - 4.2%** |  |
| 22416 | &nbsp;&nbsp;Procter & Gamble Co.  | 3343570 |
| 23028 | &nbsp;&nbsp;Unilever PLC ADR | 1160151 |
|  |  | 4503721 |

---

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022** <br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Diversified Financial Services - 5.4%** |  |
| 6883 | &nbsp;&nbsp;American Express Co.  | $1084692 |
| 30411 | &nbsp;&nbsp;Ares Capital Corp. <sup>(a)</sup> | 597576 |
| 2201 | &nbsp;&nbsp;BlackRock, Inc.  | 1575916 |
| 5939 | &nbsp;&nbsp;Capital One Financial Corp.  | 613142 |
| 5455 | &nbsp;&nbsp;Discover Financial Services  | 591104 |
| 16443 | &nbsp;&nbsp;Synchrony Financial  | 617928 |
| 4780 | T. Rowe Price Group, Inc.  | 597070 |
|  |  | 5677428 |
|  | &nbsp;&nbsp;**Electronics - 1.3%** |  |
| 6225 | &nbsp;&nbsp;Honeywell International, Inc.  | 1366699 |
|  | &nbsp;&nbsp;**Finance and Insurance - 2.8%** |  |
| 5942 | &nbsp;&nbsp;Bank of Montreal  | 581306 |
| 6475 | &nbsp;&nbsp;Blackstone, Inc.  | 592657 |
| 14860 | &nbsp;&nbsp;Fidelity National Financial, Inc.  | 599749 |
| 4272 | &nbsp;&nbsp;Reinsurance Group of America, Inc.  | 616877 |
| 32050 | &nbsp;&nbsp;UBS Group AG  | 591002 |
|  |  | 2981591 |
|  | &nbsp;&nbsp;**Food - 0.6%** |  |
| 7263 | &nbsp;&nbsp;General Mills, Inc.  | 619534 |
|  | &nbsp;&nbsp;**Healthcare Products - 1.6%** |  |
| 16290 | &nbsp;&nbsp;Abbott Laboratories  | 1752478 |
|  | &nbsp;&nbsp;**Healthcare Services - 4.4%** |  |
| 8560 | &nbsp;&nbsp;UnitedHealth Group, Inc.  | 4688825 |
|  | &nbsp;&nbsp;**Household Products/Wares - 0.6%** |  |
| 4009 | &nbsp;&nbsp;Clorox Co.  | 595938 |
|  | &nbsp;&nbsp;**Insurance - 2.8%** |  |
| 1831 | &nbsp;&nbsp;Everest Re Group, Ltd.  | 618768 |
| 8033 | &nbsp;&nbsp;Hartford Financial Services Group, Inc.  | 613480 |
| 33324 | &nbsp;&nbsp;Manulife Financial Corp.  | 600832 |
| 7772 | &nbsp;&nbsp;MetLife, Inc.  | 596112 |
| 3185 | &nbsp;&nbsp;Travelers Cos., Inc.  | 604545 |
|  |  | 3033737 |
|  | &nbsp;&nbsp;**Machinery - Construction & Mining - 1.6%** |  |
| 7348 | &nbsp;&nbsp;Caterpillar, Inc.  | 1737141 |
|  | &nbsp;&nbsp;**Management of Companies and Enterprises - 1.2%** |  |
| 12741 | &nbsp;&nbsp;Royal Bank of Canada  | 1271297 |

---

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Manufacturing - 0.9%** |  |
| 4991 | &nbsp;&nbsp;Diageo PLC ADR | $931071 |
|  | &nbsp;&nbsp;**Mining - 0.6%** |  |
| 13136 | &nbsp;&nbsp;Newmont Goldcorp Corp.  | 623566 |
|  | &nbsp;&nbsp;**Mining, Quarrying, and Oil and Gas Extraction - 1.1%** |  |
| 37864 | &nbsp;&nbsp;Barrick Gold Corp.  | 617941 |
| 9924 | &nbsp;&nbsp;Canadian Natural Resources, Ltd.  | 592661 |
|  |  | 1210602 |
|  | &nbsp;&nbsp;**Oil & Gas - 12.1%** |  |
| 19174 | &nbsp;&nbsp;Chevron Corp.  | 3514786 |
| 12135 | &nbsp;&nbsp;ConocoPhillips  | 1498794 |
| 5490 | &nbsp;&nbsp;EOG Resources, Inc.  | 779196 |
| 40610 | &nbsp;&nbsp;Exxon Mobil Corp.  | 4521517 |
| 2356 | &nbsp;&nbsp;Pioneer Natural Resources Co.  | 555992 |
| 24399 | &nbsp;&nbsp;Total Energies ADR | 1522986 |
| 4282 | &nbsp;&nbsp;Valero Energy Corp.  | 572161 |
|  |  | 12965432 |
|  | &nbsp;&nbsp;**Pharmaceuticals - 14.3%** |  |
| 16578 | &nbsp;&nbsp;AbbVie, Inc.  | 2672042 |
| 19472 | &nbsp;&nbsp;Bristol-Myers Squibb Co.  | 1563212 |
| 2603 | &nbsp;&nbsp;Cigna Corp.  | 856101 |
| 24769 | &nbsp;&nbsp;Johnson & Johnson  | 4408882 |
| 23082 | &nbsp;&nbsp;Merck & Co., Inc.  | 2541790 |
| 53940 | &nbsp;&nbsp;Pfizer, Inc.  | 2704012 |
| 53734 | &nbsp;&nbsp;Viatris, Inc.  | 592686 |
|  |  | 15338725 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 1.7%** |  |
| 29555 | &nbsp;&nbsp;Annaly Capital Management, Inc.  | 640457 |
| 11742 | &nbsp;&nbsp;Gaming and Leisure Properties, Inc.  | 617747 |
| 2016 | &nbsp;&nbsp;Public Storage  | 600687 |
|  |  | 1858891 |
|  | &nbsp;&nbsp;**Retail - 5.0%** |  |
| 4001 | &nbsp;&nbsp;Advance Auto Parts, Inc.  | 604111 |
| 9787 | &nbsp;&nbsp;TJX Cos., Inc.  | 783449 |
| 25776 | &nbsp;&nbsp;Walmart, Inc.  | 3928778 |
|  |  | 5316338 |
|  | &nbsp;&nbsp;**Semiconductors - 5.8%** |  |
| 5025 | &nbsp;&nbsp;Broadcom, Inc.  | 2768926 |
| 10521 | &nbsp;&nbsp;QUALCOMM, Inc.  | 1330801 |
| 11884 | &nbsp;&nbsp;Texas Instruments, Inc.  | 2144587 |
|  |  | 6244314 |

---

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Telecommunications - 1.7%** |  |
| 36096 | &nbsp;&nbsp;Cisco Systems, Inc.  | $1794693 |
|  | &nbsp;&nbsp;**Transportation - 3.7%** |  |
| 2378 | &nbsp;&nbsp;Norfolk Southern Corp.  | 609957 |
| 8394 | &nbsp;&nbsp;Union Pacific Corp.  | 1825108 |
| 8162 | &nbsp;&nbsp;United Parcel Service, Inc., Class B | 1548576 |
|  |  | 3983641 |
|  | &nbsp;&nbsp;**Wholesale Trade - 0.5%** |  |
| 2125 | &nbsp;&nbsp;Watsco, Inc.  | 571582 |
|  | &nbsp;&nbsp;**TOTAL COMMON STOCKS** (Cost - $99,358,249) | 104969673 |
|  | &nbsp;&nbsp;**PREFERRED STOCKS - 0.2%** |  |
|  | &nbsp;&nbsp;**Manufacturing - 0.2%** |  |
| 9473 | &nbsp;&nbsp;Pitney Bowes, Inc.  | 172693 |
|  | &nbsp;&nbsp;**TOTAL PREFERRED STOCKS** (Cost - $173,879) | 172693 |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 1.4%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 1.4%** |  |
| 1556119 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(b)</sup> | 1556119 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $1,556,119) | 1556119 |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**FROM SECURITIES LENDING - 0.5%** |  |
| 553000 | &nbsp;&nbsp;First American Government Obligations Fund, Class X, 3.67% <sup>(b)</sup> | 553000 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS PURCHASED WITH PROCEEDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**FROM SECURITIES LENDING** (Cost - $553,000) | 553000 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 100.3%** (Cost - $101,641,247) | **107251485** |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets - (0.3)%** | (282662) |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**106968823** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is out on loan as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate reflects seven-day yield on November 30, 2022.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022** <br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**COMMON STOCKS - 95.3%** |  |
|  | &nbsp;&nbsp;**Accommodation and Food Services - 0.0% <sup>(b)</sup>** |  |
| 2253 | &nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | $114475 |
|  | &nbsp;&nbsp;**Advertising - 0.1%** |  |
| 4065 | &nbsp;&nbsp;Interpublic Group of Cos., Inc.  | 139674 |
| 2140 | &nbsp;&nbsp;Omnicom Group, Inc.  | 170686 |
|  |  | 310360 |
|  | &nbsp;&nbsp;**Aerospace/Defense - 1.3%** |  |
| 5615 | &nbsp;&nbsp;Boeing Co. <sup>(a)</sup> | 1004411 |
| 2314 | &nbsp;&nbsp;General Dynamics Corp.  | 584031 |
| 3815 | &nbsp;&nbsp;Howmet Aerospace, Inc.  | 143711 |
| 1977 | &nbsp;&nbsp;L3Harris Technologies, Inc.  | 448937 |
| 2422 | &nbsp;&nbsp;Lockheed Martin Corp. <sup>(e)</sup> | 1175130 |
| 1494 | &nbsp;&nbsp;Northrop Grumman Corp. <sup>(e)</sup> | 796735 |
| 479 | &nbsp;&nbsp;Teledyne Technologies, Inc. <sup>(a)</sup> | 201228 |
| 535 | &nbsp;&nbsp;TransDigm Group, Inc.  | 336248 |
|  |  | 4690431 |
|  | &nbsp;&nbsp;**Agriculture - 0.8%** |  |
| 18588 | &nbsp;&nbsp;Altria Group, Inc. <sup>(e)</sup> | 865829 |
| 5751 | &nbsp;&nbsp;Archer Daniels Midland Co.  | 560722 |
| 15974 | &nbsp;&nbsp;Philip Morris International, Inc. <sup>(e)</sup> | 1592129 |
|  |  | 3018680 |
|  | &nbsp;&nbsp;**Airlines - 0.2%** |  |
| 1295 | &nbsp;&nbsp;Alaska Air Group, Inc. <sup>(a)</sup> | 61435 |
| 6701 | &nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)</sup> | 96696 |
| 6651 | &nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup> | 235246 |
| 6133 | &nbsp;&nbsp;Southwest Airlines Co. <sup>(a)</sup> | 244768 |
| 3320 | &nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(a)</sup> | 146644 |
|  |  | 784789 |
|  | &nbsp;&nbsp;**Apparel - 0.5%** |  |
| 13041 | &nbsp;&nbsp;Nike, Inc., Class B | 1430467 |
| 444 | &nbsp;&nbsp;Ralph Lauren Corp. | 50225 |
| 2667 | &nbsp;&nbsp;Tapestry, Inc.  | 100733 |
| 3372 | &nbsp;&nbsp;VF Corp.  | 110669 |
|  |  | 1692094 |
|  | &nbsp;&nbsp;**Auto Manufacturers - 0.5%** |  |
| 1574 | &nbsp;&nbsp;Cummins, Inc.  | 395326 |
| 40303 | &nbsp;&nbsp;Ford Motor Co. <sup>(e)</sup> | 560212 |
| 15047 | &nbsp;&nbsp;General Motors Co. <sup>(e)</sup> | 610306 |
| 3548 | &nbsp;&nbsp;PACCAR, Inc.  | 375769 |
|  |  | 1941613 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Auto Parts & Equipment - 0.1%** |  |
| 2683 | &nbsp;&nbsp;Aptiv PLC <sup>(a)</sup> | $286195 |
| 2476 | &nbsp;&nbsp;BorgWarner, Inc.  | 105255 |
|  |  | 391450 |
|  | &nbsp;&nbsp;**Banks - 4.5%** |  |
| 72509 | &nbsp;&nbsp;Bank of America Corp.  | 2744466 |
| 7646 | &nbsp;&nbsp;Bank of New York Mellon Corp.  | 350951 |
| 20145 | &nbsp;&nbsp;Citigroup, Inc.  | 975220 |
| 5159 | &nbsp;&nbsp;Citizens Financial Group, Inc.  | 218638 |
| 1378 | &nbsp;&nbsp;Comerica, Inc.  | 98858 |
| 7116 | &nbsp;&nbsp;Fifth Third Bancorp  | 258738 |
| 1889 | &nbsp;&nbsp;First Republic Bank  | 241055 |
| 3546 | &nbsp;&nbsp;Goldman Sachs Group, Inc. <sup>(e)</sup> | 1369288 |
| 14910 | &nbsp;&nbsp;Huntington Bancshares, Inc.  | 230807 |
| 30084 | &nbsp;&nbsp;JPMorgan Chase & Co.  | 4157007 |
| 9648 | &nbsp;&nbsp;KeyCorp  | 181479 |
| 1806 | &nbsp;&nbsp;M&T Bank Corp.  | 307056 |
| 13916 | &nbsp;&nbsp;Morgan Stanley  | 1295162 |
| 2165 | &nbsp;&nbsp;Northern Trust Corp.  | 201583 |
| 4267 | &nbsp;&nbsp;PNC Financial Services Group, Inc. <sup>(e)</sup> | 717965 |
| 9818 | &nbsp;&nbsp;Regions Financial Corp.  | 227876 |
| 3769 | &nbsp;&nbsp;State Street Corp.  | 300276 |
| 605 | &nbsp;&nbsp;SVB Financial Group <sup>(a)</sup> | 140227 |
| 13925 | &nbsp;&nbsp;Truist Financial Corp. <sup>(e)</sup> | 651829 |
| 39827 | &nbsp;&nbsp;Wells Fargo & Co.  | 1909705 |
| 1599 | &nbsp;&nbsp;Zions Bancorp NA  | 82860 |
|  |  | 16661046 |
|  | &nbsp;&nbsp;**Beverages - 1.7%** |  |
| 1871 | &nbsp;&nbsp;Brown-Forman Corp., Class B | 136621 |
| 40098 | &nbsp;&nbsp;Coca-Cola Co.  | 2550634 |
| 1645 | &nbsp;&nbsp;Constellation Brands, Inc., Class A  | 423341 |
| 1940 | &nbsp;&nbsp;Molson Coors Brewing Co., Class B | 106913 |
| 3984 | &nbsp;&nbsp;Monster Beverage Corp. <sup>(a)</sup> | 409794 |
| 14175 | &nbsp;&nbsp;PepsiCo, Inc.  | 2629604 |
|  |  | 6256907 |
|  | &nbsp;&nbsp;**Biotechnology - 1.6%** |  |
| 5524 | &nbsp;&nbsp;Amgen, Inc.  | 1582073 |
| 1488 | &nbsp;&nbsp;Biogen, Inc. <sup>(a)</sup> | 454093 |
| 222 | &nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup> | 92066 |
| 7404 | &nbsp;&nbsp;Corteva, Inc.  | 497253 |
| 12767 | &nbsp;&nbsp;Gilead Sciences, Inc. <sup>(e)</sup> | 1121325 |
| 1611 | &nbsp;&nbsp;Illumina, Inc. <sup>(a)(e)</sup> | 351327 |
| 1927 | &nbsp;&nbsp;Incyte Corp. <sup>(a)</sup> | 153524 |
| 1129 | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(a)(e)</sup> | 848669 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 2622 | &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | $829601 |
|  |  | 5929931 |
|  | &nbsp;&nbsp;**Building Materials - 0.4%** |  |
| 8660 | &nbsp;&nbsp;Carrier Global Corp.  | 383811 |
| 1375 | &nbsp;&nbsp;Fortune Brands Home & Security, Inc.  | 89843 |
| 6777 | &nbsp;&nbsp;Johnson Controls International PLC <sup>(e)</sup> | 450264 |
| 636 | &nbsp;&nbsp;Martin Marietta Materials, Inc.  | 233081 |
| 2379 | &nbsp;&nbsp;Masco Corp.  | 120806 |
| 1331 | &nbsp;&nbsp;Vulcan Materials Co.  | 244012 |
|  |  | 1521817 |
|  | &nbsp;&nbsp;**Chemicals - 1.5%** |  |
| 2141 | &nbsp;&nbsp;Air Products & Chemicals, Inc. <sup>(e)</sup> | 664053 |
| 1212 | &nbsp;&nbsp;Albemarle Corp.  | 336924 |
| 1030 | &nbsp;&nbsp;Celanese Corp.  | 110519 |
| 2124 | &nbsp;&nbsp;CF Industries Holdings, Inc.  | 229796 |
| 7423 | &nbsp;&nbsp;Dow, Inc.  | 378350 |
| 5141 | &nbsp;&nbsp;DuPont de Nemours, Inc.  | 362492 |
| 1270 | &nbsp;&nbsp;Eastman Chemical Co.  | 110007 |
| 1297 | &nbsp;&nbsp;FMC Corp.  | 169440 |
| 2635 | &nbsp;&nbsp;International Flavors & Fragrances, Inc.  | 278836 |
| 5116 | &nbsp;&nbsp;Linde PLC <sup>(e)</sup> | 1721432 |
| 2622 | &nbsp;&nbsp;LyondellBasell Industries NV, Class A  | 222896 |
| 3874 | &nbsp;&nbsp;Mosaic Co.  | 198736 |
| 2456 | &nbsp;&nbsp;PPG Industries, Inc.  | 332100 |
| 2449 | &nbsp;&nbsp;Sherwin-Williams Co. <sup>(e)</sup> | 610242 |
|  |  | 5725823 |
|  | &nbsp;&nbsp;**Commercial Services - 1.8%** |  |
| 4290 | &nbsp;&nbsp;Automatic Data Processing, Inc. <sup>(e)</sup> | 1133161 |
| 889 | &nbsp;&nbsp;Cintas Corp.  | 410523 |
| 2586 | &nbsp;&nbsp;Ecolab, Inc. <sup>(e)</sup> | 387460 |
| 1266 | &nbsp;&nbsp;Equifax, Inc.  | 249870 |
| 756 | &nbsp;&nbsp;FleetCor Technologies, Inc. <sup>(a)</sup> | 148327 |
| 821 | &nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 287654 |
| 2999 | &nbsp;&nbsp;Global Payments, Inc.  | 311236 |
| 390 | &nbsp;&nbsp;MarketAxess Holdings, Inc.  | 104489 |
| 1632 | &nbsp;&nbsp;Moody's Corp. <sup>(e)</sup> | 486777 |
| 12326 | &nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | 966482 |
| 1426 | &nbsp;&nbsp;Quanta Services, Inc.  | 213729 |
| 1149 | &nbsp;&nbsp;Robert Half International, Inc.  | 90518 |
| 2264 | &nbsp;&nbsp;Rollins, Inc.  | 91556 |
| 3509 | &nbsp;&nbsp;S&P Global, Inc.  | 1237975 |
| 724 | &nbsp;&nbsp;United Rentals, Inc. <sup>(a)</sup> | 255594 |
| 1640 | &nbsp;&nbsp;Verisk Analytics, Inc.  | 301284 |
|  |  | 6676635 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Computers - 7.7%** |  |
| 6654 | &nbsp;&nbsp;Accenture PLC, Class A <sup>(e)</sup> | $2002388 |
| 158853 | &nbsp;&nbsp;Apple, Inc. <sup>(e)</sup> | 23515010 |
| 5996 | &nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A  | 373011 |
| 2460 | &nbsp;&nbsp;DXC Technology Co. <sup>(a)</sup> | 72988 |
| 7810 | &nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | 415180 |
| 13553 | &nbsp;&nbsp;Hewlett Packard Enterprise Co.  | 227419 |
| 9501 | &nbsp;&nbsp;HP, Inc.  | 285410 |
| 9314 | &nbsp;&nbsp;International Business Machines Corp. <sup>(e)</sup> | 1386855 |
| 1406 | &nbsp;&nbsp;Leidos Holdings, Inc.  | 153718 |
| 2320 | &nbsp;&nbsp;NetApp, Inc.  | 156855 |
| 3288 | &nbsp;&nbsp;Western Digital Corp. <sup>(a)</sup> | 120834 |
|  |  | 28709668 |
|  | &nbsp;&nbsp;**Cosmetics/Personal Care - 1.3%** |  |
| 8589 | &nbsp;&nbsp;Colgate-Palmolive Co. <sup>(e)</sup> | 665475 |
| 2382 | &nbsp;&nbsp;Estee Lauder Cos., Inc., Class A <sup>(e)</sup> | 561652 |
| 24699 | &nbsp;&nbsp;Procter & Gamble Co.  | 3684103 |
|  |  | 4911230 |
|  | &nbsp;&nbsp;**Distribution/Wholesale - 0.3%** |  |
| 4343 | &nbsp;&nbsp;Copart, Inc. <sup>(a)</sup> | 289070 |
| 5869 | &nbsp;&nbsp;Fastenal Co.  | 302312 |
| 2695 | &nbsp;&nbsp;LKQ Corp.  | 146420 |
| 465 | &nbsp;&nbsp;WW Grainger, Inc.  | 280423 |
|  |  | 1018225 |
|  | &nbsp;&nbsp;**Diversified Financial Services - 3.7%** |  |
| 6278 | &nbsp;&nbsp;American Express Co. <sup>(e)</sup> | 989350 |
| 1122 | &nbsp;&nbsp;Ameriprise Financial, Inc.  | 372448 |
| 1564 | &nbsp;&nbsp;BlackRock, Inc. <sup>(e)</sup> | 1119824 |
| 4070 | &nbsp;&nbsp;Capital One Financial Corp. <sup>(e)</sup> | 420187 |
| 1084 | &nbsp;&nbsp;CBOE Global Markets, Inc.  | 137495 |
| 15735 | &nbsp;&nbsp;Charles Schwab Corp. <sup>(e)</sup> | 1298767 |
| 3661 | &nbsp;&nbsp;CME Group, Inc. <sup>(e)</sup> | 646166 |
| 2875 | &nbsp;&nbsp;Discover Financial Services  | 311535 |
| 2825 | &nbsp;&nbsp;Franklin Resources, Inc.  | 75738 |
| 5505 | &nbsp;&nbsp;Intercontinental Exchange, Inc. <sup>(e)</sup> | 596247 |
| 4800 | &nbsp;&nbsp;Invesco, Ltd.  | 91728 |
| 8901 | &nbsp;&nbsp;MasterCard, Inc., Class A | 3172316 |
| 3427 | &nbsp;&nbsp;Nasdaq, Inc.  | 234612 |
| 1992 | &nbsp;&nbsp;Raymond James Financial, Inc.  | 232865 |
| 5083 | &nbsp;&nbsp;Synchrony Financial  | 191019 |
| 2372 | T. Rowe Price Group, Inc.  | 296287 |
| 17093 | &nbsp;&nbsp;Visa, Inc., Class A | 3709181 |
|  |  | 13895765 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Electric - 2.6%** |  |
| 6823 | &nbsp;&nbsp;AES Corp.  | $197321 |
| 2566 | &nbsp;&nbsp;Alliant Energy Corp.  | 144466 |
| 2635 | &nbsp;&nbsp;Ameren Corp.  | 235358 |
| 5257 | &nbsp;&nbsp;American Electric Power Co., Inc.  | 508878 |
| 6452 | &nbsp;&nbsp;CenterPoint Energy, Inc.  | 200722 |
| 3001 | &nbsp;&nbsp;CMS Energy Corp.  | 183271 |
| 3612 | &nbsp;&nbsp;Consolidated Edison, Inc.  | 354120 |
| 8580 | &nbsp;&nbsp;Dominion Energy, Inc. <sup>(e)</sup> | 524324 |
| 1976 | &nbsp;&nbsp;DTE Energy Co.  | 229236 |
| 7890 | &nbsp;&nbsp;Duke Energy Corp. <sup>(e)</sup> | 788448 |
| 3874 | &nbsp;&nbsp;Edison International  | 258241 |
| 2069 | &nbsp;&nbsp;Entergy Corp.  | 240563 |
| 2337 | &nbsp;&nbsp;Evergy, Inc.  | 138374 |
| 3576 | &nbsp;&nbsp;Eversource Energy  | 296307 |
| 10426 | &nbsp;&nbsp;Exelon Corp.  | 431324 |
| 5599 | &nbsp;&nbsp;FirstEnergy Corp.  | 230903 |
| 20249 | &nbsp;&nbsp;NextEra Energy, Inc. <sup>(e)</sup> | 1715090 |
| 2412 | &nbsp;&nbsp;NRG Energy, Inc.  | 102389 |
| 16089 | &nbsp;&nbsp;PG&E Corp. <sup>(a)</sup> | 252597 |
| 1144 | &nbsp;&nbsp;Pinnacle West Capital Corp.  | 89598 |
| 7559 | &nbsp;&nbsp;PPL Corp.  | 223142 |
| 5171 | &nbsp;&nbsp;Public Service Enterprise Group, Inc.  | 313104 |
| 3187 | &nbsp;&nbsp;Sempra Energy  | 529648 |
| 10968 | &nbsp;&nbsp;Southern Co. <sup>(e)</sup> | 741875 |
| 3231 | &nbsp;&nbsp;WEC Energy Group, Inc.  | 320321 |
| 5583 | &nbsp;&nbsp;Xcel Energy, Inc.  | 392038 |
|  |  | 9641658 |
|  | &nbsp;&nbsp;**Electrical Components & Equipment - 0.2%** |  |
| 2339 | &nbsp;&nbsp;AMETEK, Inc.  | 333120 |
| 5988 | &nbsp;&nbsp;Emerson Electric Co. <sup>(e)</sup> | 573471 |
|  |  | 906591 |
|  | &nbsp;&nbsp;**Electronics - 1.3%** |  |
| 3138 | &nbsp;&nbsp;Agilent Technologies, Inc.  | 486327 |
| 915 | &nbsp;&nbsp;Allegion PLC  | 103990 |
| 6142 | &nbsp;&nbsp;Amphenol Corp., Class A  | 494001 |
| 3648 | &nbsp;&nbsp;Fortive Corp.  | 246422 |
| 1607 | &nbsp;&nbsp;Garmin, Ltd.  | 149435 |
| 6847 | &nbsp;&nbsp;Honeywell International, Inc. <sup>(e)</sup> | 1503259 |
| 1867 | &nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 337722 |
| 236 | &nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 346816 |
| 1325 | &nbsp;&nbsp;PerkinElmer, Inc.  | 185142 |
| 1100 | &nbsp;&nbsp;Roper Technologies, Inc.  | 482779 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 3318 | &nbsp;&nbsp;TE Connectivity, Ltd.  | $418466 |
| 626 | &nbsp;&nbsp;Waters Corp. <sup>(a)</sup> | 216972 |
|  |  | 4971331 |
|  | &nbsp;&nbsp;**Entertainment - 0.0% <sup>(b)</sup>** |  |
| 1476 | &nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | 107394 |
|  | &nbsp;&nbsp;**Environmental Control - 0.3%** |  |
| 1706 | &nbsp;&nbsp;Pentair PLC  | 78084 |
| 2088 | &nbsp;&nbsp;Republic Services, Inc.  | 290837 |
| 3835 | &nbsp;&nbsp;Waste Management, Inc. <sup>(e)</sup> | 643206 |
|  |  | 1012127 |
|  | &nbsp;&nbsp;**Finance and Insurance - 0.3%** |  |
| 3724 | &nbsp;&nbsp;Arch Capital Group, Ltd. <sup>(a)</sup> | 223105 |
| 2392 | &nbsp;&nbsp;Brown & Brown, Inc.  | 142539 |
| 654 | &nbsp;&nbsp;Signature Bank | 91233 |
| 14167 | &nbsp;&nbsp;US Bancorp  | 643040 |
|  |  | 1099917 |
|  | &nbsp;&nbsp;**Food - 1.2%** |  |
| 2098 | &nbsp;&nbsp;Campbell Soup Co.  | 112600 |
| 4907 | &nbsp;&nbsp;Conagra Brands, Inc.  | 186368 |
| 6155 | &nbsp;&nbsp;General Mills, Inc.  | 525021 |
| 1516 | &nbsp;&nbsp;Hershey Co.  | 356518 |
| 3003 | &nbsp;&nbsp;Hormel Foods Corp.  | 141141 |
| 1110 | &nbsp;&nbsp;J.M. Smucker Co.  | 170951 |
| 2743 | &nbsp;&nbsp;Kellogg Co.  | 200102 |
| 8186 | &nbsp;&nbsp;Kraft Heinz Co.  | 322119 |
| 6732 | &nbsp;&nbsp;Kroger Co.  | 331147 |
| 1485 | &nbsp;&nbsp;Lamb Weston Holdings, Inc.  | 129047 |
| 2568 | &nbsp;&nbsp;McCormick & Co., Inc.  | 218742 |
| 14102 | &nbsp;&nbsp;Mondelez International, Inc., Class A <sup>(e)</sup> | 953436 |
| 5275 | &nbsp;&nbsp;Sysco Corp.  | 456340 |
| 3029 | &nbsp;&nbsp;Tyson Foods, Inc., Class A  | 200762 |
|  |  | 4304294 |
|  | &nbsp;&nbsp;**Forest Products & Paper - 0.0% <sup>(b)</sup>** |  |
| 3720 | &nbsp;&nbsp;International Paper Co.  | 138086 |
|  | &nbsp;&nbsp;**Gas - 0.1%** |  |
| 1447 | &nbsp;&nbsp;Atmos Energy Corp.  | 173929 |
| 4187 | &nbsp;&nbsp;NiSource, Inc.  | 116985 |
|  |  | 290914 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Hand/Machine Tools - 0.1%** |  |
| 555 | &nbsp;&nbsp;Snap-on, Inc.  | $133533 |
| 1538 | &nbsp;&nbsp;Stanley Black & Decker, Inc.  | 125685 |
|  |  | 259218 |
|  | &nbsp;&nbsp;**Health Care and Social Assistance - 0.1%** |  |
| 596 | &nbsp;&nbsp;Molina Healthcare, Inc. <sup>(a)</sup> | 200715 |
|  | &nbsp;&nbsp;**Healthcare Products - 3.4%** |  |
| 18374 | &nbsp;&nbsp;Abbott Laboratories  | 1976675 |
| 460 | &nbsp;&nbsp;ABIOMED, Inc. <sup>(a)</sup> | 173783 |
| 766 | &nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 150642 |
| 5246 | &nbsp;&nbsp;Baxter International, Inc.  | 296556 |
| 14883 | &nbsp;&nbsp;Boston Scientific Corp. <sup>(a)(e)</sup> | 673753 |
| 519 | &nbsp;&nbsp;Cooper Cos., Inc.  | 164186 |
| 6859 | &nbsp;&nbsp;Danaher Corp. <sup>(e)</sup> | 1875319 |
| 2299 | &nbsp;&nbsp;Dentsply Sirona, Inc.  | 69568 |
| 6528 | &nbsp;&nbsp;Edwards Lifesciences Corp. <sup>(a)(e)</sup> | 504288 |
| 2617 | &nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 199311 |
| 885 | &nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)(e)</sup> | 376895 |
| 3688 | &nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)(e)</sup> | 997198 |
| 13897 | &nbsp;&nbsp;Medtronic PLC  | 1098419 |
| 1539 | &nbsp;&nbsp;ResMed, Inc.  | 354278 |
| 1036 | &nbsp;&nbsp;STERIS PLC  | 192427 |
| 3528 | &nbsp;&nbsp;Stryker Corp. <sup>(e)</sup> | 825164 |
| 492 | &nbsp;&nbsp;Teleflex, Inc.  | 115187 |
| 4106 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc. <sup>(e)</sup> | 2300263 |
| 779 | &nbsp;&nbsp;West Pharmaceutical Services, Inc.  | 182800 |
| 2177 | &nbsp;&nbsp;Zimmer Biomet Holdings, Inc.  | 261458 |
|  |  | 12788170 |
|  | &nbsp;&nbsp;**Healthcare Services - 2.5%** |  |
| 2451 | &nbsp;&nbsp;Elevance Health <sup>(e)</sup> | 1306187 |
| 5837 | &nbsp;&nbsp;Centene Corp. <sup>(a)</sup> | 508111 |
| 577 | &nbsp;&nbsp;DaVita, Inc. <sup>(a)</sup> | 42542 |
| 2240 | &nbsp;&nbsp;HCA Healthcare, Inc. <sup>(e)</sup> | 538093 |
| 1275 | &nbsp;&nbsp;Humana, Inc. <sup>(e)</sup> | 701122 |
| 1945 | &nbsp;&nbsp;IQVIA Holdings, Inc. <sup>(a)</sup> | 424049 |
| 939 | &nbsp;&nbsp;Laboratory Corp. of America Holdings  | 226017 |
| 1200 | &nbsp;&nbsp;Quest Diagnostics, Inc.  | 182196 |
| 9535 | &nbsp;&nbsp;UnitedHealth Group, Inc.  | 5222892 |
| 699 | &nbsp;&nbsp;Universal Health Services, Inc., Class B  | 91464 |
|  |  | 9242673 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Home Builders - 0.2%** |  |
| 3329 | &nbsp;&nbsp;DR Horton, Inc.  | $286294 |
| 2676 | &nbsp;&nbsp;Lennar Corp., Class A  | 235033 |
| 30 | &nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | 139170 |
| 2443 | &nbsp;&nbsp;PulteGroup, Inc.  | 109398 |
|  |  | 769895 |
|  | &nbsp;&nbsp;**Home Furnishings - 0.0% <sup>(b)</sup>** |  |
| 588 | &nbsp;&nbsp;Whirlpool Corp.  | 86160 |
|  | &nbsp;&nbsp;**Household Products/Wares - 0.3%** |  |
| 850 | &nbsp;&nbsp;Avery Dennison Corp.  | 164331 |
| 2513 | &nbsp;&nbsp;Church & Dwight Co., Inc.  | 205739 |
| 1254 | &nbsp;&nbsp;Clorox Co.  | 186407 |
| 3482 | &nbsp;&nbsp;Kimberly-Clark Corp.  | 472264 |
|  |  | 1028741 |
|  | &nbsp;&nbsp;**Housewares - 0.0% <sup>(b)</sup>** |  |
| 4027 | &nbsp;&nbsp;Newell Brands, Inc.  | 52230 |
|  | &nbsp;&nbsp;**Information - 0.3%** |  |
| 1551 | &nbsp;&nbsp;Ceridian HCM Holding, Inc. <sup>(a)</sup> | 106150 |
| 4074 | &nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | 330157 |
| 386 | &nbsp;&nbsp;FactSet Research Systems, Inc.  | 178058 |
| 10293 | &nbsp;&nbsp;Lumen Technologies, Inc.  | 56303 |
| 1043 | &nbsp;&nbsp;PTC, Inc. <sup>(a)</sup> | 132680 |
| 23844 | &nbsp;&nbsp;Warner Bros Discovery, Inc. <sup>(a)</sup> | 271822 |
|  |  | 1075170 |
|  | &nbsp;&nbsp;**Insurance - 3.8%** |  |
| 5969 | &nbsp;&nbsp;Aflac, Inc.  | 429350 |
| 2845 | &nbsp;&nbsp;Allstate Corp.  | 380945 |
| 7789 | &nbsp;&nbsp;American International Group, Inc.  | 491564 |
| 2177 | &nbsp;&nbsp;Aon PLC, Class A <sup>(e)</sup> | 671126 |
| 2162 | &nbsp;&nbsp;Arthur J Gallagher & Co.  | 430476 |
| 558 | &nbsp;&nbsp;Assurant, Inc.  | 71547 |
| 18659 | &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 5944757 |
| 4318 | &nbsp;&nbsp;Chubb, Ltd. <sup>(e)</sup> | 948190 |
| 1658 | &nbsp;&nbsp;Cincinnati Financial Corp.  | 183972 |
| 403 | &nbsp;&nbsp;Everest Re Group, Ltd.  | 136190 |
| 942 | &nbsp;&nbsp;Globe Life, Inc.  | 113002 |
| 3324 | &nbsp;&nbsp;Hartford Financial Services Group, Inc.  | 253854 |
| 2263 | &nbsp;&nbsp;Lincoln National Corp.  | 88121 |
| 2025 | &nbsp;&nbsp;Loews Corp.  | 117754 |
| 5151 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc. <sup>(e)</sup> | 892050 |
| 7008 | &nbsp;&nbsp;MetLife, Inc.  | 537514 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 2396 | &nbsp;&nbsp;Principal Financial Group, Inc.  | $214873 |
| 5992 | &nbsp;&nbsp;Progressive Corp. <sup>(e)</sup> | 791843 |
| 4013 | &nbsp;&nbsp;Prudential Financial, Inc.  | 433524 |
| 2446 | &nbsp;&nbsp;Travelers Cos., Inc.  | 464275 |
| 1129 | &nbsp;&nbsp;Willis Towers Watson PLC  | 277915 |
| 2102 | &nbsp;&nbsp;WR Berkley Corp.  | 160340 |
|  |  | 14033182 |
|  | &nbsp;&nbsp;**Internet - 5.7%** |  |
| 61895 | &nbsp;&nbsp;Alphabet, Inc., Class A <sup>(a)(e)</sup> | 6250776 |
| 90438 | &nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(e)</sup> | 8730885 |
| 386 | &nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)(e)</sup> | 802668 |
| 1416 | &nbsp;&nbsp;CDW Corp.  | 267114 |
| 5234 | &nbsp;&nbsp;eBay, Inc.  | 237833 |
| 1555 | &nbsp;&nbsp;Expedia Group, Inc. <sup>(a)</sup> | 166136 |
| 619 | &nbsp;&nbsp;F5 Networks, Inc. <sup>(a)</sup> | 95704 |
| 23640 | &nbsp;&nbsp;Meta Platforms, Inc., Class A <sup>(a)(e)</sup> | 2791884 |
| 6068 | &nbsp;&nbsp;Gen Digital, Inc.  | 139321 |
| 4568 | &nbsp;&nbsp;Netflix, Inc. <sup>(a)(e)</sup> | 1395661 |
| 973 | &nbsp;&nbsp;VeriSign, Inc. <sup>(a)</sup> | 194415 |
|  |  | 21072397 |
|  | &nbsp;&nbsp;**Iron/Steel - 0.1%** |  |
| 2682 | &nbsp;&nbsp;Nucor Corp.  | 402166 |
|  | &nbsp;&nbsp;**Leisure Time - 0.1%** |  |
| 10376 | &nbsp;&nbsp;Carnival Corp. <sup>(a)</sup> | 103033 |
| 4350 | &nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 71514 |
| 2374 | &nbsp;&nbsp;Royal Caribbean Cruises, Ltd. <sup>(a)</sup> | 142274 |
|  |  | 316821 |
|  | &nbsp;&nbsp;**Lodging - 0.3%** |  |
| 2841 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc.  | 405184 |
| 3436 | &nbsp;&nbsp;Las Vegas Sands Corp. <sup>(a)</sup> | 160942 |
| 2929 | &nbsp;&nbsp;Marriott International, Inc., Class A | 484310 |
| 3635 | &nbsp;&nbsp;MGM Resorts International  | 133986 |
| 1095 | &nbsp;&nbsp;Wynn Resorts, Ltd. <sup>(a)</sup> | 91608 |
|  |  | 1276030 |
|  | &nbsp;&nbsp;**Machinery - Construction & Mining - 0.3%** |  |
| 5415 | &nbsp;&nbsp;Caterpillar, Inc. <sup>(e)</sup> | 1280160 |
|  | &nbsp;&nbsp;**Machinery - Diversified - 0.8%** |  |
| 2843 | &nbsp;&nbsp;Deere & Co. <sup>(e)</sup> | 1253763 |
| 1479 | &nbsp;&nbsp;Dover Corp.  | 209944 |
| 776 | &nbsp;&nbsp;IDEX Corp.  | 184292 |
| 3991 | &nbsp;&nbsp;Ingersoll Rand, Inc.  | 215394 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 4358 | &nbsp;&nbsp;Otis Worldwide Corp.  | $340316 |
| 1182 | &nbsp;&nbsp;Rockwell Automation, Inc.  | 312308 |
| 1865 | &nbsp;&nbsp;Wabtec Corp.  | 188533 |
| 1821 | &nbsp;&nbsp;Xylem, Inc.  | 204590 |
|  |  | 2909140 |
|  | &nbsp;&nbsp;**Manufacturing - 4.5%** |  |
| 55393 | &nbsp;&nbsp;Alphabet, Inc., Class C <sup>(a)(e)</sup> | 5619620 |
| 1644 | &nbsp;&nbsp;Bio-Techne Corp.  | 139724 |
| 1899 | &nbsp;&nbsp;Catalent, Inc. <sup>(a)</sup> | 95197 |
| 1374 | &nbsp;&nbsp;Enphase Energy, Inc. <sup>(a)</sup> | 440491 |
| 664 | &nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 70065 |
| 11217 | &nbsp;&nbsp;General Electric Co. <sup>(e)</sup> | 964325 |
| 8828 | &nbsp;&nbsp;Keurig Dr Pepper, Inc.  | 341379 |
| 3550 | &nbsp;&nbsp;Moderna, Inc. <sup>(a)(e)</sup> | 624480 |
| 457 | &nbsp;&nbsp;Monolithic Power Systems, Inc.  | 174556 |
| 561 | &nbsp;&nbsp;Nordson Corp.  | 132671 |
| 2772 | &nbsp;&nbsp;NXP Semiconductors NV <sup>(e)</sup> | 487428 |
| 4508 | &nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)</sup> | 339002 |
| 2462 | &nbsp;&nbsp;Organon & Co.  | 64061 |
| 15136 | &nbsp;&nbsp;Raytheon Technologies Corp. <sup>(e)</sup> | 1494226 |
| 2083 | &nbsp;&nbsp;Seagate Technology Holdings PLC | 110336 |
| 556 | &nbsp;&nbsp;SolarEdge Technologies, Inc. <sup>(a)</sup> | 166166 |
| 1637 | &nbsp;&nbsp;Teradyne, Inc.  | 152978 |
| 27131 | &nbsp;&nbsp;Tesla, Inc. <sup>(a)(e)</sup> | 5282406 |
| 2688 | &nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 160608 |
|  |  | 16859719 |
|  | &nbsp;&nbsp;**Media - 1.2%** |  |
| 1159 | &nbsp;&nbsp;Charter Communications, Inc., Class A <sup>(a)</sup> | 453505 |
| 45717 | &nbsp;&nbsp;Comcast Corp., Class A | 1675071 |
| 2608 | &nbsp;&nbsp;DISH Network Corp., Class A <sup>(a)</sup> | 41858 |
| 3160 | &nbsp;&nbsp;Fox Corp., Class A | 102542 |
| 1514 | &nbsp;&nbsp;Fox Corp., Class B | 46207 |
| 4080 | &nbsp;&nbsp;News Corp., Class A  | 78132 |
| 1281 | &nbsp;&nbsp;News Corp., Class B  | 24916 |
| 5266 | &nbsp;&nbsp;Paramount Global, Class B  | 105741 |
| 19130 | &nbsp;&nbsp;Walt Disney Co. <sup>(a)</sup> | 1872253 |
|  |  | 4400225 |
|  | &nbsp;&nbsp;**Mining - 0.3%** |  |
| 14720 | &nbsp;&nbsp;Freeport-McMoRan, Inc.  | 585856 |
| 8380 | &nbsp;&nbsp;Newmont Goldcorp Corp.  | 397799 |
|  |  | 983655 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Mining, Quarrying, and Oil and Gas Extraction - 0.1%** |  |
| 3155 | &nbsp;&nbsp;APA Corp.  | $147812 |
| 2258 | &nbsp;&nbsp;Targa Resources Corp.  | 167972 |
|  |  | 315784 |
|  | &nbsp;&nbsp;**Miscellaneous Manufacturing - 0.8%** |  |
| 5665 | &nbsp;&nbsp;3M Co. <sup>(e)</sup> | 713620 |
| 1357 | &nbsp;&nbsp;AO Smith Corp.  | 82424 |
| 4029 | &nbsp;&nbsp;Eaton Corp PLC <sup>(e)</sup> | 658540 |
| 2907 | &nbsp;&nbsp;Illinois Tool Works, Inc.  | 661255 |
| 1293 | &nbsp;&nbsp;Parker-Hannifin Corp.  | 386530 |
| 2180 | &nbsp;&nbsp;Textron, Inc.  | 155608 |
| 2338 | &nbsp;&nbsp;Trane Technologies PLC  | 417146 |
|  |  | 3075123 |
|  | &nbsp;&nbsp;**Office/Business Equipment - 0.0% <sup>(b)</sup>** |  |
| 536 | &nbsp;&nbsp;Zebra Technologies Corp., Class A <sup>(a)</sup> | 144870 |
|  | &nbsp;&nbsp;**Oil & Gas - 4.0%** |  |
| 8153 | &nbsp;&nbsp;Cabot Oil & Gas Corp.  | 227550 |
| 18352 | &nbsp;&nbsp;Chevron Corp.  | 3364105 |
| 12366 | &nbsp;&nbsp;ConocoPhillips <sup>(e)</sup> | 1527325 |
| 6550 | &nbsp;&nbsp;Devon Energy Corp.  | 448806 |
| 1790 | &nbsp;&nbsp;Diamondback Energy, Inc.  | 264956 |
| 5902 | &nbsp;&nbsp;EOG Resources, Inc.  | 837671 |
| 3763 | &nbsp;&nbsp;EQT Corp.  | 159589 |
| 42371 | &nbsp;&nbsp;Exxon Mobil Corp.  | 4717587 |
| 2818 | &nbsp;&nbsp;Hess Corp.  | 405538 |
| 6547 | &nbsp;&nbsp;Marathon Oil Corp.  | 200534 |
| 5038 | &nbsp;&nbsp;Marathon Petroleum Corp.  | 613679 |
| 7590 | &nbsp;&nbsp;Occidental Petroleum Corp.  | 527429 |
| 4913 | &nbsp;&nbsp;Phillips 66  | 532766 |
| 2416 | &nbsp;&nbsp;Pioneer Natural Resources Co.  | 570152 |
| 3990 | &nbsp;&nbsp;Valero Energy Corp.  | 533144 |
|  |  | 14930831 |
|  | &nbsp;&nbsp;**Oil & Gas Services - 0.4%** |  |
| 10270 | &nbsp;&nbsp;Baker Hughes & GE Co. | 298035 |
| 8967 | &nbsp;&nbsp;Halliburton Co.  | 339760 |
| 14219 | &nbsp;&nbsp;Schlumberger, Ltd.  | 732989 |
|  |  | 1370784 |
|  | &nbsp;&nbsp;**Packaging & Containers - 0.2%** |  |
| 15353 | &nbsp;&nbsp;Amcor PLC  | 189610 |
| 2952 | &nbsp;&nbsp;Ball Corp.  | 165548 |
| 960 | &nbsp;&nbsp;Packaging Corp of America  | 130454 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1549 | &nbsp;&nbsp;Sealed Air Corp.  | $82453 |
| 2626 | &nbsp;&nbsp;Westrock Co.  | 99578 |
|  |  | 667643 |
|  | &nbsp;&nbsp;**Pharmaceuticals - 6.4%** |  |
| 18122 | &nbsp;&nbsp;AbbVie, Inc. <sup>(e)</sup> | 2920904 |
| 1606 | &nbsp;&nbsp;AmerisourceBergen Corp.  | 274128 |
| 2984 | &nbsp;&nbsp;Becton Dickinson & Co. <sup>(e)</sup> | 744031 |
| 21665 | &nbsp;&nbsp;Bristol-Myers Squibb Co. <sup>(e)</sup> | 1739266 |
| 2801 | &nbsp;&nbsp;Cardinal Health, Inc.  | 224556 |
| 3068 | &nbsp;&nbsp;Cigna Corp. <sup>(e)</sup> | 1009035 |
| 13432 | &nbsp;&nbsp;CVS Health Corp. <sup>(e)</sup> | 1368452 |
| 4050 | &nbsp;&nbsp;DexCom, Inc. <sup>(a)</sup> | 470934 |
| 8043 | &nbsp;&nbsp;Eli Lilly & Co. <sup>(e)</sup> | 2984596 |
| 1446 | &nbsp;&nbsp;Henry Schein, Inc. <sup>(a)</sup> | 117010 |
| 27000 | &nbsp;&nbsp;Johnson & Johnson  | 4806000 |
| 1472 | &nbsp;&nbsp;McKesson Corp.  | 561833 |
| 26114 | &nbsp;&nbsp;Merck & Co., Inc.  | 2875674 |
| 57906 | &nbsp;&nbsp;Pfizer, Inc.  | 2902828 |
| 12641 | &nbsp;&nbsp;Viatris, Inc.  | 139430 |
| 5495 | &nbsp;&nbsp;Zoetis, Inc. <sup>(e)</sup> | 846999 |
|  |  | 23985676 |
|  | &nbsp;&nbsp;**Pipelines - 0.3%** |  |
| 20255 | &nbsp;&nbsp;Kinder Morgan, Inc.  | 387276 |
| 4532 | &nbsp;&nbsp;ONEOK, Inc.  | 303281 |
| 12441 | &nbsp;&nbsp;Williams Cos., Inc.  | 431703 |
|  |  | 1122260 |
|  | &nbsp;&nbsp;**Professional, Scientific, and Technical Services - 0.2%** |  |
| 526 | &nbsp;&nbsp;Charles River Laboratories International, Inc. <sup>(a)</sup> | 120228 |
| 630 | &nbsp;&nbsp;EPAM Systems, Inc. <sup>(a)</sup> | 232205 |
| 1329 | &nbsp;&nbsp;Jacobs Solutions, Inc.  | 168172 |
| 2940 | &nbsp;&nbsp;Match Group, Inc. <sup>(a)</sup> | 148646 |
|  |  | 669251 |
|  | &nbsp;&nbsp;**Real Estate - 0.1%** |  |
| 3347 | &nbsp;&nbsp;CBRE Group, Inc., Class A <sup>(a)</sup> | 266421 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 2.3%** |  |
| 1543 | &nbsp;&nbsp;Alexandria Real Estate Equities, Inc.  | 240106 |
| 4823 | &nbsp;&nbsp;American Tower Corp. <sup>(e)</sup> | 1067089 |
| 1447 | &nbsp;&nbsp;AvalonBay Communities, Inc.  | 253080 |
| 1475 | &nbsp;&nbsp;Boston Properties, Inc.  | 106318 |
| 4461 | &nbsp;&nbsp;Crown Castle International Corp. <sup>(e)</sup> | 630919 |
| 2986 | &nbsp;&nbsp;Digital Realty Trust, Inc.  | 335806 |
| 874 | &nbsp;&nbsp;Equinix, Inc. <sup>(e)</sup> | 603628 |
| 3525 | &nbsp;&nbsp;Equity Residential  | 228632 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 671 | &nbsp;&nbsp;Essex Property Trust, Inc.  | $147875 |
| 1406 | &nbsp;&nbsp;Extra Space Storage, Inc.  | 225930 |
| 5554 | &nbsp;&nbsp;Healthpeak Properties, Inc.  | 145848 |
| 7583 | &nbsp;&nbsp;Host Hotels & Resorts, Inc.  | 143622 |
| 3036 | &nbsp;&nbsp;Iron Mountain, Inc.  | 164946 |
| 6387 | &nbsp;&nbsp;Kimco Realty Corp.  | 146390 |
| 1189 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc.  | 196042 |
| 9589 | &nbsp;&nbsp;Prologis, Inc. <sup>(e)</sup> | 1129488 |
| 1651 | &nbsp;&nbsp;Public Storage  | 491932 |
| 6389 | &nbsp;&nbsp;Realty Income Corp.  | 402954 |
| 1591 | &nbsp;&nbsp;Regency Centers Corp.  | 105690 |
| 1122 | &nbsp;&nbsp;SBA Communications Corp.  | 335815 |
| 3376 | &nbsp;&nbsp;Simon Property Group, Inc.  | 403229 |
| 3114 | &nbsp;&nbsp;UDR, Inc.  | 129138 |
| 4182 | &nbsp;&nbsp;Ventas, Inc.  | 194588 |
| 1676 | &nbsp;&nbsp;Vornado Realty Trust  | 42386 |
| 4854 | &nbsp;&nbsp;Welltower, Inc.  | 344780 |
| 7721 | &nbsp;&nbsp;Weyerhaeuser Co.  | 252554 |
|  |  | 8468785 |
|  | &nbsp;&nbsp;**Retail - 5.3%** |  |
| 630 | &nbsp;&nbsp;Advance Auto Parts, Inc.  | 95124 |
| 202 | &nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 520958 |
| 2077 | &nbsp;&nbsp;Best Buy Co., Inc.  | 177168 |
| 1657 | &nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | 114930 |
| 286 | &nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 465311 |
| 4516 | &nbsp;&nbsp;Costco Wholesale Corp. <sup>(e)</sup> | 2435253 |
| 1270 | &nbsp;&nbsp;Darden Restaurants, Inc.  | 186677 |
| 2341 | &nbsp;&nbsp;Dollar General Corp. <sup>(e)</sup> | 598547 |
| 2162 | &nbsp;&nbsp;Dollar Tree, Inc. <sup>(a)</sup> | 324927 |
| 369 | &nbsp;&nbsp;Domino's Pizza, Inc.  | 143441 |
| 1460 | &nbsp;&nbsp;Genuine Parts Co.  | 267662 |
| 10738 | &nbsp;&nbsp;Home Depot, Inc.  | 3479005 |
| 6749 | &nbsp;&nbsp;Lowe's Cos., Inc. <sup>(e)</sup> | 1434500 |
| 7537 | &nbsp;&nbsp;McDonald's Corp.  | 2056018 |
| 656 | &nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 567138 |
| 3574 | &nbsp;&nbsp;Ross Stores, Inc.  | 420553 |
| 11792 | &nbsp;&nbsp;Starbucks Corp. <sup>(e)</sup> | 1205142 |
| 4797 | &nbsp;&nbsp;Target Corp. <sup>(e)</sup> | 801435 |
| 11957 | &nbsp;&nbsp;TJX Cos., Inc. <sup>(e)</sup> | 957158 |
| 1144 | &nbsp;&nbsp;Tractor Supply Co.  | 258899 |
| 535 | &nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 248689 |
| 7371 | &nbsp;&nbsp;Walgreens Boots Alliance, Inc.  | 305896 |
| 14548 | &nbsp;&nbsp;Walmart, Inc.  | 2217406 |
| 2906 | &nbsp;&nbsp;Yum! Brands, Inc.  | 373886 |
|  |  | 19655723 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Retail Trade - 0.1%** |  |
| 2409 | &nbsp;&nbsp;Bath & Body Works, Inc.  | $102383 |
| 1169 | &nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 154413 |
|  |  | 256796 |
|  | &nbsp;&nbsp;**Semiconductors - 4.6%** |  |
| 16405 | &nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)(e)</sup> | 1273520 |
| 5422 | &nbsp;&nbsp;Analog Devices, Inc. <sup>(e)</sup> | 932096 |
| 9125 | &nbsp;&nbsp;Applied Materials, Inc. <sup>(e)</sup> | 1000100 |
| 4235 | &nbsp;&nbsp;Broadcom, Inc. <sup>(e)</sup> | 2333612 |
| 42058 | &nbsp;&nbsp;Intel Corp.  | 1264684 |
| 1458 | &nbsp;&nbsp;KLA Corp. <sup>(e)</sup> | 573213 |
| 1422 | &nbsp;&nbsp;Lam Research Corp. <sup>(e)</sup> | 671725 |
| 5759 | &nbsp;&nbsp;Microchip Technology, Inc.  | 456055 |
| 11559 | &nbsp;&nbsp;Micron Technology, Inc. <sup>(e)</sup> | 666376 |
| 25943 | &nbsp;&nbsp;NVIDIA Corp. <sup>(e)</sup> | 4390334 |
| 1101 | &nbsp;&nbsp;Qorvo, Inc. <sup>(a)</sup> | 109274 |
| 12609 | &nbsp;&nbsp;QUALCOMM, Inc. <sup>(e)</sup> | 1594913 |
| 1692 | &nbsp;&nbsp;Skyworks Solutions, Inc.  | 161789 |
| 9474 | &nbsp;&nbsp;Texas Instruments, Inc. <sup>(e)</sup> | 1709678 |
|  |  | 17137369 |
|  | &nbsp;&nbsp;**Shipbuilding - 0.0% <sup>(b)</sup>** |  |
| 437 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc.  | 101367 |
|  | &nbsp;&nbsp;**Software - 8.6%** |  |
| 7304 | &nbsp;&nbsp;Activision Blizzard, Inc. <sup>(e)</sup> | 540131 |
| 4882 | &nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 1683948 |
| 1655 | &nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> | 156993 |
| 879 | &nbsp;&nbsp;ANSYS, Inc. <sup>(a)</sup> | 223530 |
| 2257 | &nbsp;&nbsp;Autodesk, Inc. <sup>(a)(e)</sup> | 455801 |
| 1197 | &nbsp;&nbsp;Broadridge Financial Solutions, Inc.  | 178485 |
| 2830 | &nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 486873 |
| 2722 | &nbsp;&nbsp;Electronic Arts, Inc.  | 355983 |
| 7647 | &nbsp;&nbsp;Fidelity National Information Services, Inc. <sup>(e)</sup> | 555019 |
| 6756 | &nbsp;&nbsp;Fiserv, Inc. <sup>(a)</sup> | 705056 |
| 2942 | &nbsp;&nbsp;Intuit, Inc. <sup>(e)</sup> | 1199130 |
| 772 | &nbsp;&nbsp;Jack Henry & Associates, Inc.  | 146178 |
| 76946 | &nbsp;&nbsp;Microsoft Corp. <sup>(e)</sup> | 19632002 |
| 838 | &nbsp;&nbsp;MSCI, Inc. <sup>(e)</sup> | 425562 |
| 15692 | &nbsp;&nbsp;Oracle Corp.  | 1302907 |
| 3310 | &nbsp;&nbsp;Paychex, Inc.  | 410539 |
| 487 | &nbsp;&nbsp;Paycom Software, Inc. <sup>(a)</sup> | 165142 |
| 10356 | &nbsp;&nbsp;salesforce.com, Inc. <sup>(a)</sup> | 1659549 |
| 2090 | &nbsp;&nbsp;ServiceNow, Inc. <sup>(a)(e)</sup> | 870067 |
| 1578 | &nbsp;&nbsp;Synopsys, Inc. <sup>(a)(e)</sup> | 535794 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1645 | &nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | $173860 |
| 420 | &nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 143951 |
|  |  | 32006500 |
|  | &nbsp;&nbsp;**Real Estate and Rental and Leasing - 0.2%** |  |
| 730 | &nbsp;&nbsp;Federal Realty OP LP  | 81103 |
| 6063 | &nbsp;&nbsp;Invitation Homes, Inc.  | 197836 |
| 9962 | &nbsp;&nbsp;VICI Properties, Inc.  | 340700 |
|  |  | 619639 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 0.0% <sup>(b)</sup>** |  |
| 1114 | &nbsp;&nbsp;Camden Property Trust  | 134048 |
|  | &nbsp;&nbsp;**Telecommunications - 2.0%** |  |
| 2549 | &nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 355076 |
| 73624 | &nbsp;&nbsp;AT&T, Inc.  | 1419471 |
| 43259 | &nbsp;&nbsp;Cisco Systems, Inc.  | 2150837 |
| 7897 | &nbsp;&nbsp;Corning, Inc.  | 269525 |
| 3340 | &nbsp;&nbsp;Juniper Networks, Inc.  | 111021 |
| 1729 | &nbsp;&nbsp;Motorola Solutions, Inc.  | 470634 |
| 6165 | &nbsp;&nbsp;T-Mobile US, Inc. <sup>(a)(e)</sup> | 933751 |
| 43301 | &nbsp;&nbsp;Verizon Communications, Inc.  | 1687873 |
|  |  | 7398188 |
|  | &nbsp;&nbsp;**Textiles - 0.0% <sup>(b)</sup>** |  |
| 543 | &nbsp;&nbsp;Mohawk Industries, Inc. <sup>(a)</sup> | 55022 |
|  | &nbsp;&nbsp;**Toys/Games/Hobbies - 0.0% <sup>(b)</sup>** |  |
| 1348 | &nbsp;&nbsp;Hasbro, Inc.  | 84681 |
|  | &nbsp;&nbsp;**Transportation - 1.5%** |  |
| 1266 | &nbsp;&nbsp;CH Robinson Worldwide, Inc.  | 126879 |
| 22118 | &nbsp;&nbsp;CSX Corp. <sup>(e)</sup> | 723037 |
| 1688 | &nbsp;&nbsp;Expeditors International of Washington, Inc.  | 195909 |
| 2481 | &nbsp;&nbsp;FedEx Corp. <sup>(e)</sup> | 452088 |
| 869 | &nbsp;&nbsp;JB Hunt Transport Services, Inc.  | 159800 |
| 2429 | &nbsp;&nbsp;Norfolk Southern Corp. <sup>(e)</sup> | 623039 |
| 964 | &nbsp;&nbsp;Old Dominion Freight Line, Inc.  | 291716 |
| 6430 | &nbsp;&nbsp;Union Pacific Corp. <sup>(e)</sup> | 1398075 |
| 7684 | &nbsp;&nbsp;United Parcel Service, Inc., Class B <sup>(e)</sup> | 1457885 |
|  |  | 5428428 |
|  | &nbsp;&nbsp;**Utilities - 0.1%** |  |
| 3315 | &nbsp;&nbsp;Constellation Energy Corp.  | 318638 |
|  | &nbsp;&nbsp;**Water - 0.1%** |  |
| 1865 | &nbsp;&nbsp;American Water Works Co., Inc.  | 283032 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Wholesale Trade - 0.0% <sup>(b)</sup>** |  |
| 412 | &nbsp;&nbsp;Pool Corp.  | $135717 |
|  | &nbsp;&nbsp;**TOTAL COMMON STOCKS** (Cost - $325,721,289) | 354392294 |

---

---

| | | | |
|:---|:---|:---|:---|
| Contracts |  | Notional <br> Amount |  |
|  | &nbsp;&nbsp;**PURCHASED OPTIONS - 0.8% (a)(c)(f)** |  |  |
|  | &nbsp;&nbsp;**PURCHASED PUT OPTIONS - 0.8%** |  |  |
|  | &nbsp;&nbsp;S&P 500 Index |  |  |
| 275 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price $3,850 | $112203025 | 321750 |
| 290 | &nbsp;&nbsp;Expiration: January 2023, Exercise Price: $3,675 | 118323190 | 603200 |
| 295 | &nbsp;&nbsp;Expiration: February 2023, Exercise Price: $3,850 | 120363245 | 2152025 |
|  | &nbsp;&nbsp;**TOTAL PURCHASED OPTIONS** (Cost - $12,692,900) |  | 3076975 |

---

---

| | | |
|:---|:---|:---|
| Shares |  |  |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 4.0%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 4.0%** |  |
| 15026232 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(d)</sup> | 15026232 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $15,026,232) | 15026232 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 100.1%** (Cost - $353,440,421) | **372495501** |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets - (0.1)%** | (525975) |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**371969526** |

---

---

| | | | |
|:---|:---|:---|:---|
| Contracts |  | Notional <br> Value |  |
|  | &nbsp;&nbsp;**SCHEDULE OF WRITTEN OPTIONS - (2.5)% (a)(c)** |  |  |
|  | &nbsp;&nbsp;**SCHEDULE OF WRITTEN CALL OPTIONS - (2.3)%** |  |  |
|  | &nbsp;&nbsp;S&P 500 Index |  |  |
| 275 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price $4,200 | 112203025 | 719125 |
| 290 | &nbsp;&nbsp;Expiration: January 2023, Exercise Price $4,050 | 118323190 | 4347100 |
| 295 | &nbsp;&nbsp;Expiration: February 2023, Exercise Price $4,175 | 120363245 | 3551800 |
|  | &nbsp;&nbsp;**TOTAL WRITTEN CALL OPTIONS** (Premiums Received $6,720,346) |  | 8618025 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
| Contracts |  | Notional <br> Value | Value |
|  | &nbsp;&nbsp;**SCHEDULE OF WRITTEN PUT OPTIONS - (0.2)%**  |  |  |
|  | &nbsp;&nbsp;S&P 500 Index |  |  |
| 275 | &nbsp;&nbsp;Expiration: December 2022, Exercise Price $3,425 | 112203025 | $31625 |
| 290 | &nbsp;&nbsp;Expiration: January 2023, Exercise Price $3,250 | 118323190 | 137750 |
| 295 | &nbsp;&nbsp;Expiration: February 2023, Exercise Price $3,450 | 120363245 | 582625 |
|  | &nbsp;&nbsp;**TOTAL WRITTEN PUT OPTIONS** (Premiums Received $4,265,075) |  | 752000 |
|  | &nbsp;&nbsp;**TOTAL OPTIONS WRITTEN** (Premiums Received $10,985,421) |  | $9370025 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rounds to less than 0.1%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each option is exercisable into 100 shares of the underlying security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest rate reflects seven-day yield on November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $69,911,049, which is 18.8% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Held in connection with a written option, see Schedule of Written Options for more details.

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**COMMON STOCKS - 99.1%** |  |
|  | &nbsp;&nbsp;**Aerospace/Defense - 2.2%** |  |
| 3484 | &nbsp;&nbsp;General Dynamics Corp.  | $879327 |
| 6511 | &nbsp;&nbsp;Howmet Aerospace, Inc.  | 245269 |
| 4169 | &nbsp;&nbsp;Lockheed Martin Corp.  | 2022757 |
|  |  | 3147353 |
|  | &nbsp;&nbsp;**Agriculture - 0.6%** |  |
| 8671 | &nbsp;&nbsp;Archer Daniels Midland Co.  | 845423 |
|  | &nbsp;&nbsp;**Airlines - 0.1%** |  |
| 3695 | &nbsp;&nbsp;Alaska Air Group, Inc. <sup>(a)</sup> | 175291 |
|  | &nbsp;&nbsp;**Auto Manufacturers - 0.7%** |  |
| 22978 | &nbsp;&nbsp;Ford Motor Co.  | 319394 |
| 6794 | &nbsp;&nbsp;PACCAR, Inc.  | 719553 |
|  |  | 1038947 |
|  | &nbsp;&nbsp;**Auto Parts & Equipment - 0.1%** |  |
| 3724 | &nbsp;&nbsp;BorgWarner, Inc.  | 158307 |
|  | &nbsp;&nbsp;**Banks - 4.5%** |  |
| 30494 | &nbsp;&nbsp;Huntington Bancshares, Inc.  | 472047 |
| 28824 | &nbsp;&nbsp;JPMorgan Chase & Co.  | 3982900 |
| 3223 | &nbsp;&nbsp;M&T Bank Corp.  | 547975 |
| 17130 | &nbsp;&nbsp;Regions Financial Corp.  | 397587 |
| 6739 | &nbsp;&nbsp;State Street Corp.  | 536896 |
| 12244 | &nbsp;&nbsp;Truist Financial Corp.  | 573142 |
|  |  | 6510547 |
|  | &nbsp;&nbsp;**Beverages - 2.2%** |  |
| 16909 | &nbsp;&nbsp;PepsiCo, Inc.  | 3136789 |
|  | &nbsp;&nbsp;**Biotechnology - 3.8%** |  |
| 7415 | &nbsp;&nbsp;Amgen, Inc.  | 2123656 |
| 532 | &nbsp;&nbsp;Biogen, Inc. <sup>(a)</sup> | 162350 |
| 6657 | &nbsp;&nbsp;Corteva, Inc.  | 447084 |
| 14132 | &nbsp;&nbsp;Gilead Sciences, Inc.  | 1241213 |
| 1786 | &nbsp;&nbsp;Incyte Corp. <sup>(a)</sup> | 142291 |
| 818 | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> | 614891 |
| 2150 | &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 680260 |
|  |  | 5411745 |
|  | &nbsp;&nbsp;**Chemicals - 1.6%** |  |
| 1333 | &nbsp;&nbsp;Air Products & Chemicals, Inc.  | 413443 |
| 5105 | &nbsp;&nbsp;CF Industries Holdings, Inc.  | 552310 |
| 8841 | &nbsp;&nbsp;Dow, Inc.  | 450626 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 5682 | &nbsp;&nbsp;LyondellBasell Industries NV, Class A  | $483027 |
| 7359 | &nbsp;&nbsp;Mosaic Co.  | 377517 |
|  |  | 2276923 |
|  | &nbsp;&nbsp;**Commercial Services - 2.5%** |  |
| 5346 | &nbsp;&nbsp;Automatic Data Processing, Inc.  | 1412092 |
| 1335 | &nbsp;&nbsp;Cintas Corp.  | 616476 |
| 1988 | &nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 696536 |
| 1853 | &nbsp;&nbsp;Quanta Services, Inc.  | 277728 |
| 1648 | &nbsp;&nbsp;United Rentals, Inc. <sup>(a)</sup> | 581793 |
|  |  | 3584625 |
|  | &nbsp;&nbsp;**Computers - 6.5%** |  |
| 5510 | &nbsp;&nbsp;Accenture PLC, Class A  | 1658124 |
| 46228 | &nbsp;&nbsp;Apple, Inc.  | 6843131 |
| 3091 | &nbsp;&nbsp;Leidos Holdings, Inc.  | 337939 |
| 7136 | &nbsp;&nbsp;NetApp, Inc.  | 482465 |
|  |  | 9321659 |
|  | &nbsp;&nbsp;**Cosmetics/Personal Care - 0.6%** |  |
| 4261 | &nbsp;&nbsp;Colgate-Palmolive Co.  | 330142 |
| 3905 | &nbsp;&nbsp;Procter & Gamble Co.  | 582470 |
|  |  | 912612 |
|  | &nbsp;&nbsp;**Distribution/Wholesale - 0.8%** |  |
| 4236 | &nbsp;&nbsp;Copart, Inc. <sup>(a)</sup> | 281948 |
| 3947 | &nbsp;&nbsp;LKQ Corp.  | 214441 |
| 1069 | &nbsp;&nbsp;WW Grainger, Inc.  | 644671 |
|  |  | 1141060 |
|  | &nbsp;&nbsp;**Diversified Financial Services - 4.9%** |  |
| 7547 | &nbsp;&nbsp;American Express Co.  | 1189332 |
| 2206 | &nbsp;&nbsp;Ameriprise Financial, Inc.  | 732282 |
| 4894 | &nbsp;&nbsp;Nasdaq, Inc.  | 335043 |
| 5183 | &nbsp;&nbsp;Raymond James Financial, Inc.  | 605893 |
| 7021 | &nbsp;&nbsp;Synchrony Financial  | 263849 |
| 17851 | &nbsp;&nbsp;Visa, Inc., Class A | 3873667 |
|  |  | 7000066 |
|  | &nbsp;&nbsp;**Electric - 1.6%** |  |
| 3337 | &nbsp;&nbsp;American Electric Power Co., Inc.  | 323022 |
| 3583 | &nbsp;&nbsp;Consolidated Edison, Inc.  | 351277 |
| 4891 | &nbsp;&nbsp;FirstEnergy Corp.  | 201705 |
| 5296 | &nbsp;&nbsp;NRG Energy, Inc.  | 224815 |
| 2287 | &nbsp;&nbsp;Pinnacle West Capital Corp.  | 179118 |
| 5350 | &nbsp;&nbsp;PPL Corp.  | 157932 |
| 4398 | &nbsp;&nbsp;Southern Co.  | 297481 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 2281 | &nbsp;&nbsp;WEC Energy Group, Inc.  | $226138 |
| 4310 | &nbsp;&nbsp;Xcel Energy, Inc.  | 302648 |
|  |  | 2264136 |
|  | &nbsp;&nbsp;**Electrical Components & Equipment - 0.7%** |  |
| 2475 | &nbsp;&nbsp;AMETEK, Inc.  | 352490 |
| 6003 | &nbsp;&nbsp;Emerson Electric Co.  | 574907 |
|  |  | 927397 |
|  | &nbsp;&nbsp;**Electronics - 1.1%** |  |
| 12280 | &nbsp;&nbsp;Amphenol Corp., Class A  | 987680 |
| 3087 | &nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 558408 |
|  |  | 1546088 |
|  | &nbsp;&nbsp;**Environmental Control - 0.4%** |  |
| 4021 | &nbsp;&nbsp;Republic Services, Inc.  | 560085 |
|  | &nbsp;&nbsp;**Finance and Insurance - 0.7%** |  |
| 7964 | &nbsp;&nbsp;Arch Capital Group, Ltd. <sup>(a)</sup> | 477123 |
| 11149 | &nbsp;&nbsp;US Bancorp  | 506053 |
|  |  | 983176 |
|  | &nbsp;&nbsp;**Food - 2.5%** |  |
| 6027 | &nbsp;&nbsp;Campbell Soup Co.  | 323469 |
| 11526 | &nbsp;&nbsp;General Mills, Inc.  | 983168 |
| 3313 | &nbsp;&nbsp;Hershey Co.  | 779118 |
| 8526 | &nbsp;&nbsp;Hormel Foods Corp.  | 400722 |
| 5327 | &nbsp;&nbsp;Kellogg Co.  | 388605 |
| 14766 | &nbsp;&nbsp;Kroger Co.  | 726339 |
|  |  | 3601421 |
|  | &nbsp;&nbsp;**Gas - 0.1%** |  |
| 1585 | &nbsp;&nbsp;Atmos Energy Corp.  | 190517 |
|  | &nbsp;&nbsp;**Hand/Machine Tools - 0.2%** |  |
| 1179 | &nbsp;&nbsp;Snap-on, Inc.  | 283667 |
|  | &nbsp;&nbsp;**Health Care and Social Assistance - 0.1%** |  |
| 439 | &nbsp;&nbsp;Molina Healthcare, Inc. <sup>(a)</sup> | 147842 |
|  | &nbsp;&nbsp;**Healthcare Products - 0.1%** |  |
| 1867 | &nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 142191 |
|  | &nbsp;&nbsp;**Healthcare Services - 7.5%** |  |
| 3038 | &nbsp;&nbsp;Anthem, Inc.  | 1619011 |
| 3252 | &nbsp;&nbsp;Centene Corp. <sup>(a)</sup> | 283086 |
| 2300 | &nbsp;&nbsp;HCA Healthcare, Inc.  | 552506 |
| 1531 | &nbsp;&nbsp;Humana, Inc.  | 841897 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 947 | &nbsp;&nbsp;Quest Diagnostics, Inc.  | $143783 |
| 13238 | &nbsp;&nbsp;UnitedHealth Group, Inc.  | 7251247 |
|  |  | 10691530 |
|  | &nbsp;&nbsp;**Home Builders - 1.1%** |  |
| 6212 | &nbsp;&nbsp;DR Horton, Inc.  | 534232 |
| 4748 | &nbsp;&nbsp;Lennar Corp., Class A  | 417017 |
| 80 | &nbsp;&nbsp;NVR, Inc. <sup>(a)</sup> | 371120 |
| 4828 | &nbsp;&nbsp;PulteGroup, Inc.  | 216198 |
|  |  | 1538567 |
|  | &nbsp;&nbsp;**Information - 0.5%** |  |
| 696 | &nbsp;&nbsp;FactSet Research Systems, Inc.  | 321058 |
| 3199 | &nbsp;&nbsp;PTC, Inc. <sup>(a)</sup> | 406945 |
|  |  | 728003 |
|  | &nbsp;&nbsp;**Insurance - 6.9%** |  |
| 10890 | &nbsp;&nbsp;Aflac, Inc.  | 783318 |
| 20485 | &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 6526521 |
| 839 | &nbsp;&nbsp;Everest Re Group, Ltd.  | 283532 |
| 6840 | &nbsp;&nbsp;Hartford Financial Services Group, Inc.  | 522371 |
| 5893 | &nbsp;&nbsp;Principal Financial Group, Inc.  | 528484 |
| 3924 | &nbsp;&nbsp;Travelers Cos., Inc.  | 744814 |
| 6239 | &nbsp;&nbsp;WR Berkley Corp.  | 475911 |
|  |  | 9864951 |
|  | &nbsp;&nbsp;**Internet - 2.5%** |  |
| 21105 | &nbsp;&nbsp;Alphabet, Inc., Class A <sup>(a)</sup> | 2131394 |
| 211 | &nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)</sup> | 438764 |
| 3833 | &nbsp;&nbsp;CDW Corp.  | 723057 |
| 870 | &nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 265811 |
|  |  | 3559026 |
|  | &nbsp;&nbsp;**Iron/Steel - 0.6%** |  |
| 5754 | &nbsp;&nbsp;Nucor Corp.  | 862812 |
|  | &nbsp;&nbsp;**Lodging - 0.4%** |  |
| 3017 | &nbsp;&nbsp;Marriott International, Inc., Class A | 498861 |
|  | &nbsp;&nbsp;**Machinery - Construction & Mining - 1.0%** |  |
| 6145 | &nbsp;&nbsp;Caterpillar, Inc.  | 1452739 |
|  | &nbsp;&nbsp;**Machinery - Diversified - 0.4%** |  |
| 1314 | &nbsp;&nbsp;IDEX Corp.  | 312062 |
| 2044 | &nbsp;&nbsp;Wabtec Corp.  | 206628 |
|  |  | 518690 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Manufacturing - 1.2%** |  |
| 4402 | &nbsp;&nbsp;Moderna, Inc. <sup>(a)</sup> | $774356 |
| 11940 | &nbsp;&nbsp;ON Semiconductor Corp. <sup>(a)</sup> | 897888 |
|  |  | 1672244 |
|  | &nbsp;&nbsp;**Media - 0.3%** |  |
| 5373 | &nbsp;&nbsp;Fox Corp., Class A | 174354 |
| 8034 | &nbsp;&nbsp;News Corp., Class A  | 153851 |
| 8227 | &nbsp;&nbsp;Paramount Global, Class B  | 165198 |
|  |  | 493403 |
|  | &nbsp;&nbsp;**Mining - 0.4%** |  |
| 15756 | &nbsp;&nbsp;Freeport-McMoRan, Inc.  | 627089 |
|  | &nbsp;&nbsp;**Oil & Gas - 9.6%** |  |
| 24540 | &nbsp;&nbsp;ConocoPhillips  | 3030935 |
| 3035 | &nbsp;&nbsp;Diamondback Energy, Inc.  | 449241 |
| 61374 | &nbsp;&nbsp;Exxon Mobil Corp.  | 6833381 |
| 10870 | &nbsp;&nbsp;Marathon Oil Corp.  | 332948 |
| 8186 | &nbsp;&nbsp;Marathon Petroleum Corp.  | 997137 |
| 17535 | &nbsp;&nbsp;Occidental Petroleum Corp.  | 1218507 |
| 7089 | &nbsp;&nbsp;Valero Energy Corp.  | 947232 |
|  |  | 13809381 |
|  | &nbsp;&nbsp;**Packaging & Containers - 0.2%** |  |
| 1709 | &nbsp;&nbsp;Packaging Corp of America  | 232236 |
|  | &nbsp;&nbsp;**Pharmaceuticals - 7.9%** |  |
| 867 | &nbsp;&nbsp;AmerisourceBergen Corp.  | 147988 |
| 3364 | &nbsp;&nbsp;Cigna Corp.  | 1106386 |
| 17834 | &nbsp;&nbsp;CVS Health Corp.  | 1816928 |
| 39157 | &nbsp;&nbsp;Merck & Co., Inc.  | 4311969 |
| 79129 | &nbsp;&nbsp;Pfizer, Inc.  | 3966737 |
|  |  | 11350008 |
|  | &nbsp;&nbsp;**Real Estate - 0.2%** |  |
| 2915 | &nbsp;&nbsp;CBRE Group, Inc., Class A <sup>(a)</sup> | 232034 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 1.6%** |  |
| 2451 | &nbsp;&nbsp;Equity Residential  | 158972 |
| 15191 | &nbsp;&nbsp;Host Hotels & Resorts, Inc.  | 287718 |
| 9311 | &nbsp;&nbsp;Kimco Realty Corp.  | 213408 |
| 1022 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc.  | 168507 |
| 1461 | &nbsp;&nbsp;Public Storage  | 435320 |
| 4485 | &nbsp;&nbsp;Realty Income Corp.  | 282869 |
| 2187 | &nbsp;&nbsp;Regency Centers Corp.  | 145282 |
| 1569 | &nbsp;&nbsp;Simon Property Group, Inc.  | 187401 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 6390 | &nbsp;&nbsp;VICI Properties, Inc.  | $218538 |
| 5908 | &nbsp;&nbsp;Weyerhaeuser Co.  | 193251 |
|  |  | 2291266 |
|  | &nbsp;&nbsp;**Retail - 7.6%** |  |
| 384 | &nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 990336 |
| 166 | &nbsp;&nbsp;Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 270075 |
| 2605 | &nbsp;&nbsp;Darden Restaurants, Inc.  | 382909 |
| 2656 | &nbsp;&nbsp;Genuine Parts Co.  | 486924 |
| 6454 | &nbsp;&nbsp;Lowe's Cos., Inc.  | 1371798 |
| 6500 | &nbsp;&nbsp;McDonald's Corp.  | 1773135 |
| 1172 | &nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 1013241 |
| 16532 | &nbsp;&nbsp;TJX Cos., Inc.  | 1323386 |
| 1071 | &nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 497844 |
| 15816 | &nbsp;&nbsp;Walmart, Inc.  | 2410675 |
| 3124 | &nbsp;&nbsp;Yum! Brands, Inc.  | 401934 |
|  |  | 10922257 |
|  | &nbsp;&nbsp;**Semiconductors - 4.8%** |  |
| 4220 | &nbsp;&nbsp;Analog Devices, Inc.  | 725460 |
| 3592 | &nbsp;&nbsp;Broadcom, Inc.  | 1979300 |
| 2861 | &nbsp;&nbsp;KLA Corp.  | 1124802 |
| 10853 | &nbsp;&nbsp;Microchip Technology, Inc.  | 859449 |
| 12089 | &nbsp;&nbsp;Micron Technology, Inc.  | 696931 |
| 8233 | &nbsp;&nbsp;Texas Instruments, Inc.  | 1485727 |
|  |  | 6871669 |
|  | &nbsp;&nbsp;**Shipbuilding - 0.1%** |  |
| 910 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc.  | 211084 |
|  | &nbsp;&nbsp;**Software - 3.0%** |  |
| 4884 | &nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> | 463296 |
| 3733 | &nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 642225 |
| 2452 | &nbsp;&nbsp;Electronic Arts, Inc.  | 320673 |
| 9862 | &nbsp;&nbsp;Fiserv, Inc. <sup>(a)</sup> | 1029198 |
| 2791 | &nbsp;&nbsp;Jack Henry & Associates, Inc.  | 528476 |
| 5007 | &nbsp;&nbsp;Paychex, Inc.  | 621018 |
| 2062 | &nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | 700132 |
|  |  | 4305018 |
|  | &nbsp;&nbsp;**Telecommunications - 1.7%** |  |
| 4380 | &nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 610134 |
| 73011 | &nbsp;&nbsp;AT&T, Inc.  | 1407652 |
| 12437 | &nbsp;&nbsp;Verizon Communications, Inc.  | 484794 |
|  |  | 2502580 |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Transportation - 1.0%** |  |
| 2858 | &nbsp;&nbsp;CH Robinson Worldwide, Inc.  | $286429 |
| 3779 | &nbsp;&nbsp;Expeditors International of Washington, Inc.  | 438591 |
| 1773 | &nbsp;&nbsp;JB Hunt Transport Services, Inc.  | 326037 |
| 1374 | &nbsp;&nbsp;Old Dominion Freight Line, Inc.  | 415786 |
|  |  | 1466843 |
|  | &nbsp;&nbsp;**TOTAL COMMON STOCKS** (Cost - $131,400,276) | 142010158 |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 0.7%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 0.7%** |  |
| 1069275 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(b)</sup> | 1069275 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $1,069,275) | 1069275 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 99.8%** (Cost - $132,469,551) | **143079433** |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities - 0.2%** | 345964 |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**143425397** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate reflects seven-day yield on November 30, 2022.

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**INVESTMENT COMPANIES - 38.5%** |  |
|  | &nbsp;&nbsp;**Exchange Traded Funds - 38.5%** |  |
| 767470 | &nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF <sup>(c)</sup> | $70353975 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENT COMPANIES** (Cost - $70,236,283) | 70353975 |
|  | &nbsp;&nbsp;**COMMON STOCKS - 60.2%** |  |
|  | &nbsp;&nbsp;**Accommodation and Food Services - 0.0% (d)** |  |
| 248 | &nbsp;&nbsp;Vail Resorts, Inc.  | 63870 |
|  | &nbsp;&nbsp;**Advertising - 0.1%** |  |
| 2406 | &nbsp;&nbsp;Interpublic Group of Cos., Inc.  | 82670 |
|  | &nbsp;&nbsp;**Airlines - 0.0% <sup>(d)</sup>** |  |
| 977 | &nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup> | 34556 |
|  | &nbsp;&nbsp;**Apparel - 0.5%** |  |
| 7779 | &nbsp;&nbsp;Nike, Inc., Class B | 853279 |
| 2014 | &nbsp;&nbsp;VF Corp.  | 66099 |
|  |  | 919378 |
|  | &nbsp;&nbsp;**Auto Manufacturers - 0.1%** |  |
| 863 | &nbsp;&nbsp;Cummins, Inc.  | 216751 |
|  | &nbsp;&nbsp;**Auto Parts & Equipment - 0.1%** |  |
| 1664 | &nbsp;&nbsp;Aptiv PLC <sup>(a)</sup> | 177499 |
| 1467 | &nbsp;&nbsp;BorgWarner, Inc.  | 62362 |
|  |  | 239861 |
|  | &nbsp;&nbsp;**Banks - 1.5%** |  |
| 4691 | &nbsp;&nbsp;Bank of New York Mellon Corp.  | 215317 |
| 3032 | &nbsp;&nbsp;Citizens Financial Group, Inc.  | 128496 |
| 1095 | &nbsp;&nbsp;First Republic Bank  | 139733 |
| 8837 | &nbsp;&nbsp;Huntington Bancshares, Inc.  | 136797 |
| 5697 | &nbsp;&nbsp;KeyCorp  | 107160 |
| 8002 | &nbsp;&nbsp;Morgan Stanley  | 744746 |
| 1211 | &nbsp;&nbsp;Northern Trust Corp.  | 112756 |
| 2530 | &nbsp;&nbsp;PNC Financial Services Group, Inc.  | 425698 |
| 5728 | &nbsp;&nbsp;Regions Financial Corp.  | 132947 |
| 2234 | &nbsp;&nbsp;State Street Corp.  | 177983 |
| 360 | &nbsp;&nbsp;SVB Financial Group <sup>(a)</sup> | 83441 |
| 8161 | &nbsp;&nbsp;Truist Financial Corp.  | 382016 |
|  |  | 2787090 |
|  | &nbsp;&nbsp;**Beverages - 1.7%** |  |
| 25201 | &nbsp;&nbsp;Coca-Cola Co.  | 1603036 |
| 8455 | &nbsp;&nbsp;PepsiCo, Inc.  | 1568487 |
|  |  | 3171523 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Biotechnology - 1.4%** |  |
| 3270 | &nbsp;&nbsp;Amgen, Inc.  | $936528 |
| 894 | &nbsp;&nbsp;Biogen, Inc. <sup>(a)</sup> | 272822 |
| 7686 | &nbsp;&nbsp;Gilead Sciences, Inc.  | 675061 |
| 961 | &nbsp;&nbsp;Illumina, Inc. <sup>(a)</sup> | 209575 |
| 1567 | &nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 495799 |
|  |  | 2589785 |
|  | &nbsp;&nbsp;**Building Materials - 0.4%** |  |
| 5181 | &nbsp;&nbsp;Carrier Global Corp.  | 229622 |
| 796 | &nbsp;&nbsp;Fortune Brands Home & Security, Inc.  | 52011 |
| 4250 | &nbsp;&nbsp;Johnson Controls International PLC  | 282370 |
| 380 | &nbsp;&nbsp;Martin Marietta Materials, Inc.  | 139262 |
| 1441 | &nbsp;&nbsp;Masco Corp.  | 73174 |
|  |  | 776439 |
|  | &nbsp;&nbsp;**Chemicals - 1.1%** |  |
| 663 | &nbsp;&nbsp;Celanese Corp.  | 71140 |
| 1558 | &nbsp;&nbsp;International Flavors & Fragrances, Inc.  | 164868 |
| 3081 | &nbsp;&nbsp;Linde PLC  | 1036695 |
| 2211 | &nbsp;&nbsp;Mosaic Co.  | 113424 |
| 1448 | &nbsp;&nbsp;PPG Industries, Inc.  | 195799 |
| 1514 | &nbsp;&nbsp;Sherwin-Williams Co.  | 377258 |
|  |  | 1959184 |
|  | &nbsp;&nbsp;**Commercial Services - 1.3%** |  |
| 2565 | &nbsp;&nbsp;Automatic Data Processing, Inc.  | 677519 |
| 1572 | &nbsp;&nbsp;Ecolab, Inc.  | 235533 |
| 229 | &nbsp;&nbsp;MarketAxess Holdings, Inc.  | 61354 |
| 1006 | &nbsp;&nbsp;Moody's Corp.  | 300060 |
| 875 | &nbsp;&nbsp;Quanta Services, Inc.  | 131145 |
| 671 | &nbsp;&nbsp;Robert Half International, Inc.  | 52861 |
| 1357 | &nbsp;&nbsp;Rollins, Inc.  | 54877 |
| 2112 | &nbsp;&nbsp;S&P Global, Inc.  | 745113 |
| 438 | &nbsp;&nbsp;United Rentals, Inc. <sup>(a)</sup> | 154627 |
|  |  | 2413089 |
|  | &nbsp;&nbsp;**Computers - 1.3%** |  |
| 3873 | &nbsp;&nbsp;Accenture PLC, Class A  | 1165502 |
| 7934 | &nbsp;&nbsp;Hewlett Packard Enterprise Co.  | 133133 |
| 6397 | &nbsp;&nbsp;HP, Inc.  | 192166 |
| 5507 | &nbsp;&nbsp;International Business Machines Corp.  | 819992 |
|  |  | 2310793 |
|  | &nbsp;&nbsp;**Cosmetics/Personal Care - 1.6%** |  |
| 4873 | &nbsp;&nbsp;Colgate-Palmolive Co.  | 377560 |
| 1412 | &nbsp;&nbsp;Estee Lauder Cos., Inc., Class A  | 332936 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 14678 | &nbsp;&nbsp;Procter & Gamble Co.  | $2189370 |
|  |  | 2899866 |
|  | &nbsp;&nbsp;**Distribution/Wholesale - 0.3%** |  |
| 2628 | &nbsp;&nbsp;Copart, Inc. <sup>(a)</sup> | 174920 |
| 3521 | &nbsp;&nbsp;Fastenal Co.  | 181367 |
| 1650 | &nbsp;&nbsp;LKQ Corp.  | 89644 |
| 281 | &nbsp;&nbsp;WW Grainger, Inc.  | 169460 |
|  |  | 615391 |
|  | &nbsp;&nbsp;**Diversified Financial Services - 4.4%** |  |
| 3922 | &nbsp;&nbsp;American Express Co.  | 618068 |
| 674 | &nbsp;&nbsp;Ameriprise Financial, Inc.  | 223734 |
| 921 | &nbsp;&nbsp;BlackRock, Inc.  | 659436 |
| 646 | &nbsp;&nbsp;CBOE Global Markets, Inc.  | 81939 |
| 8889 | &nbsp;&nbsp;Charles Schwab Corp.  | 733698 |
| 2194 | &nbsp;&nbsp;CME Group, Inc.  | 387241 |
| 1718 | &nbsp;&nbsp;Discover Financial Services  | 186162 |
| 1828 | &nbsp;&nbsp;Franklin Resources, Inc.  | 49009 |
| 3412 | &nbsp;&nbsp;Intercontinental Exchange, Inc.  | 369554 |
| 2082 | &nbsp;&nbsp;Invesco, Ltd.  | 39787 |
| 5318 | &nbsp;&nbsp;MasterCard, Inc., Class A | 1895335 |
| 2113 | &nbsp;&nbsp;Nasdaq, Inc.  | 144656 |
| 1185 | &nbsp;&nbsp;Raymond James Financial, Inc.  | 138526 |
| 3065 | &nbsp;&nbsp;Synchrony Financial  | 115183 |
| 1386 | T. Rowe Price Group, Inc.  | 173125 |
| 10057 | &nbsp;&nbsp;Visa, Inc., Class A | 2182369 |
| 2354 | &nbsp;&nbsp;Western Union Co.  | 34510 |
|  |  | 8032332 |
|  | &nbsp;&nbsp;**Electric - 0.5%** |  |
| 2164 | &nbsp;&nbsp;Consolidated Edison, Inc.  | 212158 |
| 2338 | &nbsp;&nbsp;Edison International  | 155851 |
| 2108 | &nbsp;&nbsp;Eversource Energy  | 174669 |
| 1926 | &nbsp;&nbsp;Sempra Energy  | 320082 |
|  |  | 862760 |
|  | &nbsp;&nbsp;**Electronics - 0.7%** |  |
| 1829 | &nbsp;&nbsp;Agilent Technologies, Inc.  | 283458 |
| 534 | &nbsp;&nbsp;Allegion PLC  | 60689 |
| 2084 | &nbsp;&nbsp;Fortive Corp.  | 140774 |
| 1113 | &nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 201331 |
| 139 | &nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 204269 |
| 647 | &nbsp;&nbsp;Roper Technologies, Inc.  | 283962 |
| 368 | &nbsp;&nbsp;Waters Corp. <sup>(a)</sup> | 127549 |
|  |  | 1302032 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
|  | &nbsp;&nbsp;**Environmental Control - 0.1%** |  |
| 1010 | &nbsp;&nbsp;Pentair PLC  | $46228 |
| 1352 | &nbsp;&nbsp;Republic Services, Inc.  | 188320 |
|  |  | 234548 |
|  | &nbsp;&nbsp;**Finance and Insurance - 0.6%** |  |
| 1968 | &nbsp;&nbsp;Ally Financial, Inc.  | 53156 |
| 2295 | &nbsp;&nbsp;Arch Capital Group Ltd. <sup>(a)</sup> | 137493 |
| 1213 | &nbsp;&nbsp;Carlyle Group Inc/The  | 37809 |
| 2330 | &nbsp;&nbsp;Equitable Holdings, Inc.  | 73954 |
| 487 | &nbsp;&nbsp;LPL Financial Holdings, Inc.  | 115278 |
| 276 | &nbsp;&nbsp;MercadoLibre, Inc. <sup>(a)</sup> | 256952 |
| 8651 | &nbsp;&nbsp;US Bancorp  | 392669 |
| 1085 | &nbsp;&nbsp;Webster Financial Corp.  | 58959 |
|  |  | 1126270 |
|  | &nbsp;&nbsp;**Food - 0.6%** |  |
| 1293 | &nbsp;&nbsp;Campbell Soup Co.  | 69395 |
| 2935 | &nbsp;&nbsp;Conagra Brands, Inc.  | 111471 |
| 3687 | &nbsp;&nbsp;General Mills, Inc.  | 314501 |
| 1831 | &nbsp;&nbsp;Hormel Foods Corp.  | 86057 |
| 1550 | &nbsp;&nbsp;Kellogg Co.  | 113073 |
| 4214 | &nbsp;&nbsp;Kroger Co.  | 207287 |
| 1537 | &nbsp;&nbsp;McCormick & Co., Inc.  | 130922 |
|  |  | 1032706 |
|  | &nbsp;&nbsp;**Forest Products & Paper - 0.1%** |  |
| 2155 | &nbsp;&nbsp;International Paper Co.  | 79994 |
|  | &nbsp;&nbsp;**Gas - 0.1%** |  |
| 848 | &nbsp;&nbsp;Atmos Energy Corp.  | 101930 |
|  | &nbsp;&nbsp;**Hand/Machine Tools - 0.1%** |  |
| 326 | &nbsp;&nbsp;Snap-on, Inc.  | 78436 |
|  | &nbsp;&nbsp;**Health Care and Social Assistance - 0.0% <sup>(d)</sup>** |  |
| 576 | &nbsp;&nbsp;Novocure, Ltd. <sup>(a)</sup> | 44260 |
| 978 | &nbsp;&nbsp;Teladoc Health, Inc. <sup>(a)</sup> | 27883 |
|  |  | 72143 |
|  | &nbsp;&nbsp;**Healthcare Products - 1.6%** |  |
| 278 | &nbsp;&nbsp;ABIOMED, Inc. <sup>(a)</sup> | 105026 |
| 456 | &nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 89677 |
| 3074 | &nbsp;&nbsp;Baxter International, Inc.  | 173773 |
| 1306 | &nbsp;&nbsp;Dentsply Sirona, Inc.  | 39520 |
| 3798 | &nbsp;&nbsp;Edwards Lifesciences Corp. <sup>(a)</sup> | 293395 |
| 1525 | &nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> | 116144 |
| 514 | &nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 218897 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 898 | &nbsp;&nbsp;ResMed, Inc.  | $206720 |
| 614 | &nbsp;&nbsp;STERIS PLC  | 114044 |
| 286 | &nbsp;&nbsp;Teleflex, Inc.  | 66958 |
| 2396 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.  | 1342287 |
| 451 | &nbsp;&nbsp;West Pharmaceutical Services, Inc.  | 105832 |
|  |  | 2872273 |
|  | &nbsp;&nbsp;**Healthcare Services - 1.0%** |  |
| 1468 | &nbsp;&nbsp;Anthem, Inc.  | 782326 |
| 346 | &nbsp;&nbsp;DaVita, Inc. <sup>(a)</sup> | 25511 |
| 1447 | &nbsp;&nbsp;HCA Healthcare, Inc.  | 347598 |
| 772 | &nbsp;&nbsp;Humana, Inc.  | 424523 |
| 566 | &nbsp;&nbsp;Laboratory Corp. of America Holdings  | 136236 |
| 719 | &nbsp;&nbsp;Quest Diagnostics, Inc.  | 109166 |
|  |  | 1825360 |
|  | &nbsp;&nbsp;**Household Products/Wares - 0.2%** |  |
| 750 | &nbsp;&nbsp;Clorox Co.  | 111488 |
| 2061 | &nbsp;&nbsp;Kimberly-Clark Corp.  | 279533 |
|  |  | 391021 |
|  | &nbsp;&nbsp;**Housewares - 0.0% <sup>(d)</sup>** |  |
| 2388 | &nbsp;&nbsp;Newell Brands, Inc.  | 30972 |
|  | &nbsp;&nbsp;**Information - 0.4%** |  |
| 33 | &nbsp;&nbsp;Cable One, Inc.  | 23902 |
| 230 | &nbsp;&nbsp;FactSet Research Systems, Inc.  | 106097 |
| 485 | &nbsp;&nbsp;Guidewire Software, Inc. <sup>(a)</sup> | 28765 |
| 277 | &nbsp;&nbsp;HubSpot, Inc. <sup>(a)</sup> | 83939 |
| 5679 | &nbsp;&nbsp;Lumen Technologies, Inc. | 31064 |
| 4816 | &nbsp;&nbsp;Sirius XM Holdings, Inc.  | 31256 |
| 976 | &nbsp;&nbsp;Splunk, Inc. <sup>(a)</sup> | 75816 |
| 1290 | &nbsp;&nbsp;VMware, Inc., Class A <sup>(a)</sup> | 156722 |
| 14087 | &nbsp;&nbsp;Warner Bros Discovery, Inc. <sup>(a)</sup> | 160592 |
| 1594 | &nbsp;&nbsp;ZoomInfo Technologies, Inc. <sup>(a)</sup> | 45588 |
|  |  | 743741 |
|  | &nbsp;&nbsp;**Insurance - 2.1%** |  |
| 3742 | &nbsp;&nbsp;Aflac, Inc.  | 269162 |
| 1676 | &nbsp;&nbsp;Allstate Corp.  | 224416 |
| 4846 | &nbsp;&nbsp;American International Group, Inc.  | 305831 |
| 1286 | &nbsp;&nbsp;Arthur J Gallagher & Co.  | 256056 |
| 331 | &nbsp;&nbsp;Assurant, Inc.  | 42441 |
| 2604 | &nbsp;&nbsp;Chubb Ltd.  | 571812 |
| 2015 | &nbsp;&nbsp;Hartford Financial Services Group, Inc.  | 153886 |
| 1002 | &nbsp;&nbsp;Lincoln National Corp.  | 39018 |
| 1282 | &nbsp;&nbsp;Loews Corp.  | 74548 |
| 3072 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc.  | 532009 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1547 | &nbsp;&nbsp;Principal Financial Group, Inc.  | $138735 |
| 3583 | &nbsp;&nbsp;Progressive Corp.  | 473493 |
| 2294 | &nbsp;&nbsp;Prudential Financial, Inc.  | 247821 |
| 1468 | &nbsp;&nbsp;Travelers Cos., Inc.  | 278641 |
| 683 | &nbsp;&nbsp;Willis Towers Watson PLC  | 168127 |
|  |  | 3775996 |
|  | &nbsp;&nbsp;**Internet - 2.2%** |  |
| 36804 | &nbsp;&nbsp;Alphabet, Inc., Class A <sup>(a)</sup> | 3716836 |
| 3421 | &nbsp;&nbsp;eBay, Inc.  | 155450 |
| 3660 | &nbsp;&nbsp;Gen Digital, Inc.  | 84034 |
|  |  | 3956320 |
|  | &nbsp;&nbsp;**Iron/Steel - 0.1%** |  |
| 1634 | &nbsp;&nbsp;Nucor Corp.  | 245018 |
|  | &nbsp;&nbsp;**Lodging - 0.1%** |  |
| 1703 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc.  | 242882 |
|  | &nbsp;&nbsp;**Machinery - Construction & Mining - 0.4%** |  |
| 3271 | &nbsp;&nbsp;Caterpillar, Inc.  | 773297 |
|  | &nbsp;&nbsp;**Machinery - Diversified - 0.9%** |  |
| 1786 | &nbsp;&nbsp;Deere & Co.  | 787626 |
| 881 | &nbsp;&nbsp;Dover Corp.  | 125058 |
| 463 | &nbsp;&nbsp;IDEX Corp.  | 109958 |
| 2484 | &nbsp;&nbsp;Ingersoll Rand, Inc.  | 134061 |
| 2596 | &nbsp;&nbsp;Otis Worldwide Corp.  | 202722 |
| 713 | &nbsp;&nbsp;Rockwell Automation, Inc.  | 188389 |
| 1102 | &nbsp;&nbsp;Xylem, Inc.  | 123810 |
|  |  | 1671624 |
|  | &nbsp;&nbsp;**Management of Companies and Enterprises - 0.0% <sup>(d)</sup>** |  |
| 1894 | &nbsp;&nbsp;Rivian Automotive, Inc., Class A <sup>(a)</sup> | 60684 |
|  | &nbsp;&nbsp;**Manufacturing - 4.6%** |  |
| 34516 | &nbsp;&nbsp;Alphabet, Inc., Class C <sup>(a)</sup> | 3501648 |
| 1128 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 113905 |
| 960 | &nbsp;&nbsp;Bio-Techne Corp.  | 81590 |
| 929 | &nbsp;&nbsp;Bunge Ltd.  | 97396 |
| 1040 | &nbsp;&nbsp;Catalent, Inc. <sup>(a)</sup> | 52135 |
| 1061 | &nbsp;&nbsp;Cognex Corp.  | 52817 |
| 2588 | &nbsp;&nbsp;Elanco Animal Health, Inc. <sup>(a)</sup> | 33307 |
| 390 | &nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 41153 |
| 424 | &nbsp;&nbsp;Insulet Corp. <sup>(a)</sup> | 126933 |
| 379 | &nbsp;&nbsp;Jazz Pharmaceuticals PLC <sup>(a)</sup> | 59469 |
| 4768 | &nbsp;&nbsp;Keurig Dr Pepper, Inc.  | 184379 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 366 | &nbsp;&nbsp;Lear Corp.  | $52792 |
| 197 | &nbsp;&nbsp;Lennox International, Inc.  | 51305 |
| 711 | &nbsp;&nbsp;Lululemon Athletica, Inc. <sup>(a)</sup> | 270400 |
| 1608 | &nbsp;&nbsp;NXP Semiconductors NV  | 282751 |
| 595 | &nbsp;&nbsp;Owens Corning  | 52860 |
| 3150 | &nbsp;&nbsp;Plug Power, Inc. <sup>(a)</sup> | 50274 |
| 1155 | &nbsp;&nbsp;Steel Dynamics, Inc.  | 120039 |
| 16076 | &nbsp;&nbsp;Tesla, Inc. <sup>(a)</sup> | 3129997 |
| 1529 | &nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 91358 |
|  |  | 8446508 |
|  | &nbsp;&nbsp;**Media - 0.6%** |  |
| 11120 | &nbsp;&nbsp;Walt Disney Co. <sup>(a)</sup> | 1088314 |
|  | &nbsp;&nbsp;**Mining - 0.1%** |  |
| 4869 | &nbsp;&nbsp;Newmont Goldcorp Corp.  | 231131 |
|  | &nbsp;&nbsp;**Mining, Quarrying, and Oil and Gas Extraction - 0.1%** |  |
| 1324 | &nbsp;&nbsp;Targa Resources Corp.  | 98492 |
|  | &nbsp;&nbsp;**Miscellaneous Manufacturing - 0.9%** |  |
| 3382 | &nbsp;&nbsp;3M Co.  | 426031 |
| 792 | &nbsp;&nbsp;AO Smith Corp.  | 48106 |
| 2441 | &nbsp;&nbsp;Eaton Corp PLC  | 398981 |
| 1907 | &nbsp;&nbsp;Illinois Tool Works, Inc.  | 433785 |
| 1430 | &nbsp;&nbsp;Trane Technologies PLC  | 255141 |
|  |  | 1562044 |
|  | &nbsp;&nbsp;**Office/Business Equipment - 0.1%** |  |
| 321 | &nbsp;&nbsp;Zebra Technologies Corp., Class A <sup>(a)</sup> | 86760 |
|  | &nbsp;&nbsp;**Oil & Gas - 0.6%** |  |
| 3316 | &nbsp;&nbsp;Marathon Petroleum Corp.  | 403922 |
| 2949 | &nbsp;&nbsp;Phillips 66  | 319790 |
| 2496 | &nbsp;&nbsp;Valero Energy Corp.  | 333515 |
|  |  | 1057227 |
|  | &nbsp;&nbsp;**Oil & Gas Services - 0.5%** |  |
| 6018 | &nbsp;&nbsp;Baker Hughes & GE Co. | 174642 |
| 5482 | &nbsp;&nbsp;Halliburton Co.  | 207713 |
| 8638 | &nbsp;&nbsp;Schlumberger, Ltd.  | 445289 |
|  |  | 827644 |
|  | &nbsp;&nbsp;**Packaging & Containers - 0.2%** |  |
| 9183 | &nbsp;&nbsp;Amcor PLC  | 113410 |
| 1953 | &nbsp;&nbsp;Ball Corp.  | 109524 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 1560 | &nbsp;&nbsp;Westrock Co.  | $59155 |
|  |  | 282089 |
|  | &nbsp;&nbsp;**Pharmaceuticals - 5.0%** |  |
| 959 | &nbsp;&nbsp;AmerisourceBergen Corp.  | 163692 |
| 13052 | &nbsp;&nbsp;Bristol-Myers Squibb Co.  | 1047814 |
| 1667 | &nbsp;&nbsp;Cardinal Health, Inc.  | 133643 |
| 1939 | &nbsp;&nbsp;Cigna Corp.  | 637718 |
| 2399 | &nbsp;&nbsp;DexCom, Inc. <sup>(a)</sup> | 278956 |
| 4930 | &nbsp;&nbsp;Eli Lilly & Co.  | 1829424 |
| 16115 | &nbsp;&nbsp;Johnson & Johnson  | 2868470 |
| 15456 | &nbsp;&nbsp;Merck & Co., Inc.  | 1702015 |
| 2879 | &nbsp;&nbsp;Zoetis, Inc. | 443769 |
|  |  | 9105501 |
|  | &nbsp;&nbsp;**Pipelines - 0.4%** |  |
| 12481 | &nbsp;&nbsp;Kinder Morgan, Inc.  | 238637 |
| 2731 | &nbsp;&nbsp;ONEOK, Inc.  | 182759 |
| 7432 | &nbsp;&nbsp;Williams Cos., Inc.  | 257890 |
|  |  | 679286 |
|  | &nbsp;&nbsp;**Real Estate - 0.1%** |  |
| 1999 | &nbsp;&nbsp;CBRE Group, Inc., Class A <sup>(a)</sup> | 159120 |
|  | &nbsp;&nbsp;**Real Estate and Rental and Leasing - 0.0% <sup>(d)</sup>** |  |
| 542 | &nbsp;&nbsp;AMERCO <sup>(a)</sup> | 34238 |
|  | &nbsp;&nbsp;**Real Estate Investment Trusts - 1.6%** |  |
| 2790 | &nbsp;&nbsp;American Tower Corp.  | 617288 |
| 2639 | &nbsp;&nbsp;Annaly Capital Management, Inc.  | 57187 |
| 904 | &nbsp;&nbsp;Boston Properties, Inc.  | 65160 |
| 2647 | &nbsp;&nbsp;Crown Castle International Corp.  | 374365 |
| 557 | &nbsp;&nbsp;Equinix, Inc.  | 384692 |
| 3301 | &nbsp;&nbsp;Healthpeak Properties, Inc.  | 86684 |
| 5664 | &nbsp;&nbsp;Prologis, Inc.  | 667163 |
| 661 | &nbsp;&nbsp;SBA Communications Corp.  | 197837 |
| 2439 | &nbsp;&nbsp;Ventas, Inc.  | 113487 |
| 2775 | &nbsp;&nbsp;Welltower, Inc.  | 197108 |
| 4543 | &nbsp;&nbsp;Weyerhaeuser Co.  | 148602 |
|  |  | 2909573 |
|  | &nbsp;&nbsp;**Retail - 3.2%** |  |
| 368 | &nbsp;&nbsp;Advance Auto Parts, Inc.  | 55564 |
| 1240 | &nbsp;&nbsp;Best Buy Co., Inc.  | 105772 |
| 972 | &nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | 67418 |
| 865 | &nbsp;&nbsp;Genuine Parts Co.  | 158581 |
| 6288 | &nbsp;&nbsp;Home Depot, Inc.  | 2037249 |
| 3916 | &nbsp;&nbsp;Lowe's Cos., Inc.  | 832346 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 4511 | &nbsp;&nbsp;McDonald's Corp.  | $1230556 |
| 2827 | &nbsp;&nbsp;Target Corp.  | 472307 |
| 7161 | &nbsp;&nbsp;TJX Cos., Inc.  | 573238 |
| 684 | &nbsp;&nbsp;Tractor Supply Co.  | 154796 |
| 316 | &nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 146889 |
|  |  | 5834716 |
|  | &nbsp;&nbsp;**Retail Trade - 0.0% <sup>(d)</sup>** |  |
| 404 | &nbsp;&nbsp;Burlington Stores, Inc. <sup>(a)</sup> | 79055 |
|  | &nbsp;&nbsp;**Semiconductors - 2.9%** |  |
| 5312 | &nbsp;&nbsp;Applied Materials, Inc.  | 582195 |
| 24988 | &nbsp;&nbsp;Intel Corp.  | 751389 |
| 850 | &nbsp;&nbsp;Lam Research Corp.  | 401523 |
| 15282 | &nbsp;&nbsp;NVIDIA Corp.  | 2586173 |
| 5641 | &nbsp;&nbsp;Texas Instruments, Inc.  | 1017975 |
|  |  | 5339255 |
|  | &nbsp;&nbsp;**Software - 8.4%** |  |
| 2893 | &nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 997883 |
| 531 | &nbsp;&nbsp;ANSYS, Inc. <sup>(a)</sup> | 135033 |
| 1332 | &nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | 268997 |
| 1687 | &nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 290231 |
| 1708 | &nbsp;&nbsp;Electronic Arts, Inc.  | 223372 |
| 1639 | &nbsp;&nbsp;Intuit, Inc.  | 668040 |
| 43520 | &nbsp;&nbsp;Microsoft Corp.  | 11103693 |
| 6078 | &nbsp;&nbsp;salesforce.com, Inc. <sup>(a)</sup> | 974000 |
| 1229 | &nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 511633 |
| 987 | &nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 104316 |
|  |  | 15277198 |
|  | &nbsp;&nbsp;**Telecommunications - 1.4%** |  |
| 25331 | &nbsp;&nbsp;Cisco Systems, Inc.  | 1259457 |
| 1021 | &nbsp;&nbsp;Motorola Solutions, Inc.  | 277916 |
| 25669 | &nbsp;&nbsp;Verizon Communications, Inc.  | 1000578 |
|  |  | 2537951 |
|  | &nbsp;&nbsp;**Toys/Games/Hobbies - 0.0% <sup>(d)</sup>** |  |
| 806 | &nbsp;&nbsp;Hasbro, Inc.  | 50633 |
|  | &nbsp;&nbsp;**Transportation - 1.6%** |  |
| 780 | &nbsp;&nbsp;CH Robinson Worldwide, Inc.  | 78172 |
| 13313 | &nbsp;&nbsp;CSX Corp.  | 435202 |
| 1037 | &nbsp;&nbsp;Expeditors International of Washington, Inc.  | 120354 |
| 509 | &nbsp;&nbsp;JB Hunt Transport Services, Inc.  | 93600 |
| 1458 | &nbsp;&nbsp;Norfolk Southern Corp.  | 373977 |
| 589 | &nbsp;&nbsp;Old Dominion Freight Line, Inc.  | 178237 |
| 3844 | &nbsp;&nbsp;Union Pacific Corp.  | 835801 |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> PORTFOLIO OF INVESTMENTS (Continued)<br> November 30, 2022**<br>

---

| | | |
|:---|:---|:---|
| Shares |  | Value |
| 4486 | &nbsp;&nbsp;United Parcel Service, Inc., Class B | $851129 |
|  |  | 2966472 |
|  | &nbsp;&nbsp;**Transportation and Warehousing - 0.0% <sup>(d)</sup>** |  |
| 950 | &nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc.  | 52659 |
|  | &nbsp;&nbsp;**Utilities - 0.2%** |  |
| 1394 | &nbsp;&nbsp;Cheniere Energy, Inc.  | 244452 |
| 1524 | &nbsp;&nbsp;Essential Utilities, Inc.  | 73518 |
| 1280 | &nbsp;&nbsp;UGI Corp.  | 49472 |
|  |  | 367442 |
|  | &nbsp;&nbsp;**Water - 0.1%** |  |
| 1112 | &nbsp;&nbsp;American Water Works Co., Inc.  | 168757 |
|  | &nbsp;&nbsp;**Wholesale Trade - 0.0% <sup>(d)</sup>** |  |
| 245 | &nbsp;&nbsp;Pool Corp.  | 80705 |
|  | &nbsp;&nbsp;**TOTAL COMMON STOCKS** (Cost - $102,375,775) | 109915355 |
|  | &nbsp;&nbsp;**SHORT TERM INVESTMENTS - 1.0%** |  |
|  | &nbsp;&nbsp;**Money Market Funds - 1.0%** |  |
| 1822774 | &nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 3.75% <sup>(b)</sup> | 1822774 |
|  | &nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS** (Cost - $1,822,774) | 1822774 |
|  | &nbsp;&nbsp;**TOTAL INVESTMENTS - 99.7%** (Cost - $174,434,832) | **182092104** |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities - 0.3%** | 452446 |
|  | &nbsp;&nbsp;**NET ASSETS - 100.0%** | $**182544550** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest rate reflects seven-day yield on November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including financial statements, is available from the SEC's EDGAR database at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rounds to less than 0.1%.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities**

**November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** | **Horizon Active <br> Income Fund** | **Horizon Active <br> Dividend Fund** |
| **Assets:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at Cost | $907300572 | $1267763100 | $485351683 | $101641247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at Value <sup>(a)</sup> | $885788402 | $1279266925 | $451191493 | $107251485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 1511419 | 1490809 | 442667 | 72997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable  | 31226 | 78794 | 56376 | 294451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Reclaims |  | 10 |  | 101162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 39971 | 65735 | 38568 | 15589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 887371018 | 1280902273 | 451729104 | 107735684 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written, at value (Premiums received $0, $1,170,188, $0 and $0) |  | 468750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral received for securities loaned (Note 5) | 96552454 | 5133800 | 7997981 | 553000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 83228 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 723806 | 476077 | 201365 | 79314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Administration Fees | 52600 | 85400 | 32200 | 10201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 617633 | 1018004 | 275453 | 59884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Custodian Fees | 6000 | 11800 | 3612 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Legal Fees | 11120 | 6366 | 5906 | 6751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees (12b-1) - Advisor Class | 13417 |  | 358 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Registration Fees | 21150 | 35477 | 12358 | 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Shareholder Servicing Fees - Investor Class | 166933 |  | 524 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 66698 | 126309 | 74678 | 43198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 98231811 | 7445211 | 8604435 | 766861 |
| **Net Assets** | $789139207 | $1273457062 | $443124669 | $106968823 |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets consisted of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital | $815473401 | $1360705909 | $520980019 | $105017761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings/(Accumulated Deficit) | (26334194) | (87248847) | (77855350) | 1951062 |
| **Net Assets** | $789139207 | $1273457062 | $443124669 | $106968823 |
| **Investor Class Shares:**  |  |  |  |  |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $761417709 | $1238186863 | $439460165 | $102134868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding | 59887829 | 59794901 | 53313125 | 1657404 |
| **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $12.71 | $20.71 | $8.24 | $61.62 |
| **Advisor Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $2126129 | $4472409 | $1960372 | $4833955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding | 168194 | 216516 | 236360 | 78394 |
| **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $12.64 | $20.66 | $8.29 | $61.66 |
| **Institutional Class Shares:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $25595369 | $30797790 | $1704132 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding | 2005137 | 1483395 | 207502 |  |
| **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $12.76 | $20.76 | $8.21 | $— |
| <sup>(a)</sup> Includes loaned securities with a value of: | $96359182 | $5130973 | $7898093 | $550200 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> November 30, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Defined <br> Risk Fund** | **Horizon <br> U.S. Defensive <br> Equity Fund** | **Horizon ESG <br> & Defensive <br> Core Fund** |
| **Assets:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at Cost | $353440421 | $132469551 | $174434832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at Value | $372495501 | $143079433 | $182092104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 2047 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 8688144 | 345008 | 453887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable  | 619856 | 287403 | 178411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Reclaims | 122 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 41571 | 14156 | 42688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 381847241 | 143726000 | 182767152 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written, at value (Premiums received $10,985,421, $0 and $0) | 9370025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 179886 | 117207 | 49623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Administration Fees | 25600 | 12000 | 14600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 228842 | 96244 | 88041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Audit Fees | 18200 | 19600 | 18600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Custodian Fees | 10321 | 17846 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Legal Fees | 4194 | 4641 | 9572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Registration Fees | 9827 | 3855 | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees (12b-1) - Investor Class | 1016 | 3750 | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Distribution Fees (12b-1) - Advisor Class | 2720 | 339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Transfer Agent Fees | 9600 | 9648 | 8800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Printing and Mailing Fees | 7129 | 7375 | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 10355 | 8098 | 8793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 9877715 | 300603 | 222602 |
| **Net Assets** | $371969526 | $143425397 | $182544550 |
| **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid in Capital | $339712441 | $133835436 | $193882615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings/(Accumulated Deficit) | 32257085 | 9589961 | (11338065) |
| **Net Assets** | $371969526 | $143425397 | $182544550 |
| **Investor Class Shares:**  |  |  |  |
| **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $359742533 | $143236115 | $148912265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding | 5882049 | 5438194 | 4804723 |
| **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $61.16 | $26.34 | $30.99 |
| **Advisor Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $12226993 | $189282 | $33632285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Beneficial Interest Outstanding | 200070 | 7204 | 1090238 |
| **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $61.11 | $26.27 | 30.85 |

---

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations**

**For the Year Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** | **Horizon Active <br> Income Fund** | **Horizon Active <br> Dividend Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income from unaffiliated securities (net of foreign withholdings tax of $0, $48, $0 and $53,905) | $16834145 | $21183201 | $10233140 | $3628371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 170252 | 235873 | 38123 | 30298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 17004397 | 21419074 | 10271263 | 3658669 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 7370381 | 12115605 | 3343411 | 881000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Investor Class | 722016 | 1184231 | 429189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative & Accounting Service Fees | 319256 | 504703 | 193020 | 75902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 176295 | 174144 | 98917 | 40104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Fees | 79365 | 110959 | 59589 | 37375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees and Expenses | 74120 | 122068 | 43033 | 12170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 73523 | 114369 | 37544 | 11771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer & Compliance Fees | 44474 | 72756 | 28447 | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and Postage Expenses | 33377 | 24236 | 16372 | 29010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 33341 | 66995 | 19299 | 9972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 21254 | 67082 |  | 18501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 20750 | 22136 | 18802 | 24248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Fees | 17375 | 28451 | 7314 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees (12b-1) - Advisor Class | 7900 | 16963 | 8205 | 19024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 7141 | 23721 | 11112 | 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees (12b-1) - Investor Class |  |  |  | 109857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 9000568 | 14648419 | 4314254 | 1299099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Expense Offset | (541695) | (401837) | (433656) | (8638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees Recouped by the Adviser |  |  |  | 3032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees Waived by the Adviser |  |  |  | (869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 8458873 | 14246582 | 3880598 | 1292624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 8545524 | 7172492 | 6390665 | 2366045 |
| **Net Realized and Unrealized Gain (Loss) on Investments:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Investments | (8639440) | (90741920) | (40110690) | (3798983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Long-Term Capital Gain Distributions |  |  | 345850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (730042) | (3143319) | (84650) | (728536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 366481 | (2079814) |  | 291904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency |  |  |  | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Investments | (75577135) | (96387338) | (32942788) | 3962120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  | 1063512 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options |  | 450176 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency |  |  |  | (34) |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(84580136)** | **(190838703)** | **(72792278)** | **(273747)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(76034612)** | $**(183666211)** | $**(66401613)** | $**2092298** |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Year Ended November 30, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Defined <br> Risk Fund** | **Horizon <br> U.S. Defensive <br> Equity Fund** | **Horizon ESG <br> & Defensive <br> Core Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income from unaffiliated securities (net of foreign withholdings tax of $1,310, $831 and $0) | $4690777 | $2401874 | $2262774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 116925 | 24153 | 46665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4807702 | 2426027 | 2309439 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 2474537 | 1001788 | 1225785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative & Accounting Service Fees | 167232 | 71721 | 90850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 57320 | 52504 | 54485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Fees | 43874 | 45681 | 54871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees and Expenses | 30577 | 9104 | 16387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 27806 | 10958 | 24732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer & Compliance Fees | 20795 | 8337 | 8258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and Postage Expenses | 26055 | 12586 | 31384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 45869 | 13288 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 243094 | 20956 | 8437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 18962 | 19966 | 20328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Fees | 4332 | 2148 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees (12b-1) - Advisor Class | 38359 | 877 | 85633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 4213 | 3032 | 8189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees (12b-1) - Investor Class | 293974 | 124873 | 132759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 3496999 | 1397819 | 1791489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Expense Offset | (3719) | (1875) | (3548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees Recouped by the Adviser | 64512 | 21935 | 40435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees Waived by the Adviser | (74784) | (31460) | (51615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 3483008 | 1386419 | 1776761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 1324694 | 1039608 | 532678 |
| **Net Realized and Unrealized Loss on Investments:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Investments | 9051058 | (1843833) | (19354402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9689032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 13273947 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Investments | (39404006) | (895613) | (2675326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (7251505) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2185635 |  |  |
| **Net Realized and Unrealized Loss on Investments** | **(12455839)** | **(2739446)** | **(22029728)** |
| **Net Decrease in Net Assets Resulting From Operations** | $**(11131145)** | $**(1699838)** | $**(21497050)** |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $8545524 | $2320356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (9003001) | 111071166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (75577135) | 8531036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (76034612) | 121922558 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (99771775) | (34106308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (555980) | (242577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1228725) | (102761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (101556480) | (34451646) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 342816638 | 227419365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 1000227 | 3254356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 23732395 | 7550592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 96237129 | 32878445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 477816 | 175788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1228725 | 102761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (233843007) | (138514355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (2199078) | (10335613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (5024907) | (958583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 224425938 | 121572756 |
| **Increase in Net Assets** | 46834846 | 209043668 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 742304361 | 533260693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $789139207 | $742304361 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 26334707 | 14784166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 6569087 | 2412212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (18125776) | (9138510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 14778018 | 8057868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 70171 | 212938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 32750 | 12935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (176554) | (701409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease** | (73633) | (475536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 1783794 | 480872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 83587 | 7523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (410335) | (62991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 1457046 | 425404 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $7172492 | $3614211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (95965053) | 138822828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (94873650) | 39478273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (183666211) | 181915312 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (92274740) | (2892895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (670237) | (21213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2756632) | (191051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (95701609) | (3105159) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 509555925 | 487069905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 1826774 | 5093043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 8176730 | 13298835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 89219671 | 2802160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 506313 | 11471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2756632 | 191051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (247540372) | (269268764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (4341349) | (4336374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6594349) | (26148481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 353565975 | 208712846 |
| **Increase in Net Assets** | 74198155 | 387522999 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 1199258907 | 811735908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $1273457062 | $1199258907 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 23189190 | 19982192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3540463 | 126053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (11207443) | (11010288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase**  | 15522210 | 9097957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 79433 | 203354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 20116 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (201713) | (179653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | (102164) | 24217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 361929 | 528056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 109217 | 8583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (298316) | (1087228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | 172830 | (550589) |

---

See accompanying notes to financial statements.

**Horizon Active Income Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $6390665 | $8295232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (39849490) | 4881604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (32942788) | (12630691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (66401613) | 546145 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6011975) | (8093689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (48345) | (66528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (27058) | (11668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (6087378) | (8171885) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 172187772 | 141229985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 600847 | 1459593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 177896 | 1827312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 5834335 | 7655394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 44011 | 60743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 27058 | 11669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (99988006) | (139310713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (2432192) | (955809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (50941) | (177553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 76400780 | 11800621 |
| **Increase in Net Assets** | 3911789 | 4174881 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 439212880 | 435037999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $443124669 | $439212880 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 19744900 | 14430458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 637159 | 780131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (11629351) | (14191720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 8752708 | 1018869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 68120 | 148383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 4728 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (285773) | (96666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | (212925) | 57872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 20567 | 188513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 2961 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (6105) | (18280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 17423 | 171429 |

---

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $2366045 | $2118554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (4235833) | 24626582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 3962086 | (8305569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 2092298 | 18439567 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4979090) | (1968824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (386414) | (153721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (5365504) | (2122545) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 25982916 | 36122278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 2044153 | 5302054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4977778 | 1968366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 322926 | 121012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (49123038) | (34672833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (8173158) | (4502876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions** | (23968423) | 4338001 |
| **Increase (Decrease) in Net Assets** | (27241629) | 20655023 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 134210452 | 113555429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $106968823 | $134210452 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 427321 | 585198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 78211 | 32484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (804036) | (566407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | (298504) | 51275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 33449 | 85855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 5045 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (133661) | (73957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | (95167) | 13877 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $1324694 | $790086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | 32014037 | (600537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (44469876) | 25356887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (11131145) | 25546436 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (737808) | (1227816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (24320) | (96990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (762128) | (1324806) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 243919522 | 115234241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 16584496 | 5188089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 737630 | 1227606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 18974 | 79341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (121627778) | (102424408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (22646844) | (12446407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 116986000 | 6858462 |
| **Increase in Net Assets** | 105092727 | 31080092 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 266876799 | 235796707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $371969526 | $266876799 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 4032696 | 1905755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 11280 | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2053298) | (1738726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 1990678 | 188431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 269558 | 86687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 290 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (382103) | (211432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease** | (112255) | (123363) |

---

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $1039608 | $739881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (1843833) | 42206376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (895613) | (8489917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (1699838) | 34456340 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (27097405) | (630763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (116302) | (2114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (27213707) | (632877) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 73364195 | 67919425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 42810 | 471245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 27092996 | 630700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 108577 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (56897680) | (179674447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (365339) | (794678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions** | 43345559 | (111445962) |
| **Increase (Decrease) in Net Assets** | 14432014 | (77622499) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 128993383 | 206615882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $143425397 | $128993383 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 2849550 | 2194419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 960404 | 23010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2202600) | (5958565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease)** | 1607354 | (3741136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 1548 | 15089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 3853 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (14453) | (25777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease** | (9052) | (10623) |

---

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $532678 | $246460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (19354402) | 3842643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (2675326) | 9409842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | (21497050) | 13498945 |
| **Distributions to Shareholders From:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3104199) | (129856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (907265) | (116569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (4011464) | (246425) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 92083508 | 116890815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 27644791 | 33554687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3103216 | 129856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 904064 | 116569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (46791127) | (10958613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (24411544) | (5733229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 52532908 | 134000085 |
| **Increase in Net Assets** | 27024394 | 147252605 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 155520156 | 8267551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $182544550 | $155520156 |
| **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 2834491 | 3505622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 84144 | 4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1447898) | (314559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase** | 1470737 | 3195536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 837594 | 995465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 24594 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (751265) | (169431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase**  | 110923 | 830059 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Financial Highlights**

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $16.17 | $14.07 | $12.61 | $12.68 | $14.20 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.15 | 0.06 | 0.09 | 0.08 | 0.07 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.42) | 2.96 | 1.46 | 0.65 | (0.02)<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.27) | 3.02 | 1.55 | 0.73 | 0.05 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.10) | (0.07) | (0.09) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (2.09) | (0.85) |  | (0.72) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.19) | (0.92) | (0.09) | (0.80) | (1.57) |
| **Net Asset Value, End of Year** | $12.71 | $16.17 | $14.07 | $12.61 | $12.68 |
| **Total Return** | (9.63)% | 22.63% | 12.32% | 7.23% | 0.46% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $761418 | $729517 | $521477 | $508839 | $477097 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.21% | 1.23% | 1.25% | 1.21% | 1.28 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.14% | 1.14% | 1.20% | 1.24% | 1.27 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 1.15% | 0.35% | 0.75% | 0.66% | 0.56% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 139% | 142% | 208% | 279% | 256% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.01%, 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective March 30, 2018, the Operating Expense Limit for the Investor Class decreased from 1.27% to 1.17%. This excludes 0.10% of Shareholder Servicing Fees (See Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $16.10 | $14.01 | $12.55 | $12.62 | $14.16 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,f) | 0.14 | 0.03 | 0.08 | 0.07 | 0.05 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.42) | 2.95 | 1.45 | 0.65 | (0.02)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.28) | 2.98 | 1.53 | 0.72 | 0.03 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.09) | (0.04) | (0.07) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (2.09) | (0.85) |  | (0.72) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.18) | (0.89) | (0.07) | (0.79) | (1.57) |
| **Net Asset Value, End of Year** | $12.64 | $16.10 | $14.01 | $12.55 | $12.62 |
| **Total Return** | (9.76)% | 22.43% | 12.24% | 7.12% | 0.29% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $2126 | $3893 | $10052 | $7879 | $7187 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.36% | 1.38% | 1.41% | 1.39% | 1.43 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.28% | 1.29% | 1.25% | 1.39% | 1.42 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,f) | 1.11% | 0.21% | 0.63% | 0.57% | 0.38% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 139% | 142% | 208% | 279% | 256% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00%, and 0.00% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective March 30, 2018, the Operating Expense Limit for the Advisor Class decreased from 1.42% to 1.17% and now excludes 0.25% of Distribution Fees (12b-1) (See Note 3).

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $16.23 | $14.11 | $12.64 | $12.71 | $14.22 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,f) | 0.14 | 0.08 | 0.12 | 0.10 | 0.09 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.40) | 2.97 | 1.44 | 0.65 | (0.03)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.26) | 3.05 | 1.56 | 0.75 | 0.06 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.12) | (0.08) | (0.09) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (2.09) | (0.85) |  | (0.72) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.21) | (0.93) | (0.09) | (0.82) | (1.57) |
| **Net Asset Value, End of Year** | $12.76 | $16.23 | $14.11 | $12.64 | $12.71 |
| **Total Return** | (9.57)% | 22.82% | 12.44% | 7.33% | 0.55% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $25595 | $8894 | $1732 | $28631 | $30230 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.11% | 1.13% | 1.16% | 1.14% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.04% | 1.05% | 1.01% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,f) | 1.10% | 0.47% | 1.01% | 0.80% | 0.68% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 139% | 142% | 208% | 279% | 256% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $26.13 | $21.74 | $21.38 | $21.69 | $22.80 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.13 | 0.08 | 0.16 <sup>(g)</sup> | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (3.48) | 4.39 | 0.42 <sup>(g)</sup> | 0.33 | (0.21) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.35) | 4.47 | 0.58 | 0.45 | (0.08) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.08) | (0.22) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.90) |  |  | (0.64) | (0.91) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.07) | (0.08) | (0.22) | (0.76) | (1.03) |
| **Net Asset Value, End of Year** | $20.71 | $26.13 | $21.74 | $21.38 | $21.69 |
| **Total Return** | (14.24)% | 20.64% | 2.71% | 2.52% | (0.31)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $1238187 | $1156627 | $764775 | $738854 | $682077 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.19% | 1.22% | 1.25% | 1.20% | 1.28 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.17% | 1.16% | 1.20% | 1.24% | 1.27 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.58% | 0.34% | 0.81% | 0.60% | 0.58% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 366% | 108% | 462% | 368% | 275% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective March 30, 2018, the Operating Expense Limit for the Investor Class decreased from 1.27% to 1.17%. This excludes 0.10% of Shareholder Servicing Fees (See Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statement of Operations.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $26.08 | $21.73 | $21.36 | $21.66 | $22.78 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (b,e) | 0.12 | 0.05 | (0.04)<sup>(g)</sup> | 0.10 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (3.49) | 4.37 | 0.57 <sup>(g)</sup> | 0.32 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.37) | 4.42 | 0.53 | 0.42 | (0.12) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.15) | (0.07) | (0.16) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.90) |  |  | (0.64) | (0.91) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.05) | (0.07) | (0.16) | (0.72) | (1.00) |
| **Net Asset Value, End of Year** | $20.66 | $26.08 | $21.73 | $21.36 | $21.66 |
| **Total Return** | (14.34)% | 20.41% | 2.50% | 2.37% | (0.46)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $4472 | $8312 | $6399 | $177 | $388 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.34% | 1.37% | 1.43% | 1.38% | 1.43 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.31% | 1.31% | 1.37% | 1.42% | 1.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.53% | 0.21% | (0.18)% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 366% | 108% | 462% | 368% | 275% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.01%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective March 30, 2018, the Operating Expense Limit for the Advisor Class decreased from 1.42% to 1.17%. This excludes 0.25% of Distribution Fees (12b-1) (See Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statement of Operations.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $26.19 | $21.79 | $21.43 | $21.72 | $22.84 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.16 | 0.13 | 0.23 <sup>(f)</sup> | 0.10 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (3.50) | 4.37 | 0.36 <sup>(f)</sup> | 0.39 | (0.20) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.34) | 4.50 | 0.59 | 0.49 | (0.06) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.10) | (0.23) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.90) |  |  | (0.64) | (0.91) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.09) | (0.10) | (0.23) | (0.78) | (1.06) |
| **Net Asset Value, End of Year** | $20.76 | $26.19 | $21.79 | $21.43 | $21.72 |
| **Total Return** | (14.17)% | 20.75% | 2.78% | 2.70% | (0.21)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $30798 | $34320 | $40562 | $62964 | $22714 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.09% | 1.12% | 1.15% | 1.13% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.06% | 1.06% | 1.09% | 1.08% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.70% | 0.54% | 1.14% | 0.47% | 0.61% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 366% | 108% | 462% | 368% | 275% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statement of Operations.

See accompanying notes to financial statements.

**Horizon Active Income Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $9.72 | $9.90 | $9.44 | $9.13 | $9.73 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.13 | 0.19 | 0.18 | 0.29 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.48) | (0.18) | 0.50 | 0.31 | (0.64) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.35) | 0.01 | 0.68 | 0.60 | (0.34) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.13) | (0.19) | (0.22) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | (0.19) | (0.22) | (0.29) | (0.26) |
| **Net Asset Value, End of Year** | $8.24 | $9.72 | $9.90 | $9.44 | $9.13 |
| **Total Return** | (14.04)% | 0.11% | 7.29% | 6.78% | (3.58)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $439460 | $432982 | $430958 | $272400 | $275992 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 0.99% | 1.03% | 1.05% | 1.03% | 1.09 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 0.89% | 0.95% | 0.90% | 0.88% | 0.98 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 1.47% | 1.98% | 1.87% | 3.13% | 3.16% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 110% | 93% | 225% | 167% | 155% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest and dividend expense which was 0.00%, 0.00%, 0.01%, 0.00%, and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective March 30, 2018, the Operating Expense Limit for the Investor Class decreased from 1.09% to 0.99%. This excludes 0.10% of Shareholder Servicing Fees (See Note 3).

See accompanying notes to financial statements.

**Horizon Active Income Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $9.77 | $9.95 | $9.47 | $9.16 | $9.76 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.12 | 0.18 | 0.18 | 0.26 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.49) | (0.18) | 0.47 | 0.32 | (0.63) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.37) | (0.00) | 0.65 | 0.58 | (0.34) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.18) | (0.17) | (0.27) | (0.26) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.11) | (0.18) | (0.17) | (0.27) | (0.26) |
| **Net Asset Value, End of Year** | $8.29 | $9.77 | $9.95 | $9.47 | $9.16 |
| **Total Return** | (14.12)% | (0.05)% | 6.96% | 6.53% | (3.58)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $1960 | $4391 | $3896 | $2328 | $1587 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 1.14% | 1.18% | 1.17% | 1.20% | 1.24 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 1.03% | 1.10% | 1.06% | 1.05% | 1.04 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 1.31% | 1.82% | 1.90% | 2.79% | 3.07% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 110% | 93% | 225% | 167% | 155% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective March 30, 2018, the Operating Expense Limit for the Advisor Class decreased from 1.24% to 1.09%. This excludes 0.25% of Distribution Fees (12b-1) (See Note 3).

See accompanying notes to financial statements.

**Horizon Active Income Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $9.68 | $9.86 | $9.43 | $9.13 | $9.72 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (b,e) | 0.14 | 0.17 | 0.49 <sup>(f)</sup> | 0.29 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (1.47) | (0.15) | 0.17 <sup>(f)</sup> | 0.31 | (0.63) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.33) | 0.02 | 0.66 | 0.60 | (0.32) |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.20) | (0.23) | (0.30) | (0.27) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.14) | (0.20) | (0.23) | (0.30) | (0.27) |
| **Net Asset Value, End of Year** | $8.21 | $9.68 | $9.86 | $9.43 | $9.13 |
| **Total Return** | (13.90)% | 0.20% | 7.07% | 6.83% | (3.33)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $1704 | $1840 | $184 | $8040 | $7488 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,d) | 0.89% | 0.94% | 0.93% | 0.95% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (a,c) | 0.79% | 0.85% | 0.82% | 0.80% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 1.57% | 1.74% | 5.13% | 3.15% | 3.28% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 110% | 93% | 225% | 167% | 155% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not reflect the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Due to timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statement of Operations.

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $63.02 | $55.01 | $58.58 | $60.03 | $59.15 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 1.23 | 1.03 | 1.19 | 1.47 | 1.18 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | 0.02 <sup>(d)</sup> | 8.02 | (3.25) | 0.27 <sup>(d)</sup> | 1.61 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.25 | 9.05 | (2.06) | 1.74 | 2.79 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.16) | (1.04) | (1.29) | (1.14) | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.49) |  | (0.22) | (2.05) | (0.78) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.65) | (1.04) | (1.51) | (3.19) | (1.91) |
| **Net Asset Value, End of Year** | $61.62 | $63.02 | $55.01 | $58.58 | $60.03 |
| **Total Return** | 1.90% | 16.58% | (3.41)% | 3.67% | 4.72% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $102135 | $123269 | $104774 | $156452 | $39909 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(b)</sup> | 1.10% | 1.06% | 1.11% | 1.09% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(e)</sup> | 1.09% | 1.08% | 1.09% | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset | 2.03% | 1.67% | 2.28% | 2.59% | 1.93% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 150% | 222% | 376% | 369% | 320% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) on the Statements of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of expenses to average net assets includes interest expense which was 0.02%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon Active Dividend Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Year Ended <br> November 30, <br> 2018** |
| **Net Asset Value, Beginning of Year** | $63.04 | $54.99 | $58.56 | $60.00 | $59.13 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 1.09 | 0.95 | 1.13 | 1.37 | 1.04 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | 0.06 <sup>(d)</sup> | 8.04 | (3.28) | 0.29 <sup>(d)</sup> | 1.66 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.15 | 8.99 | (2.15) | 1.66 | 2.70 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (1.04) | (0.94) | (1.21) | (1.05) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (1.49) |  | (0.21) | (2.05) | (0.78) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.53) | (0.94) | (1.42) | (3.10) | (1.83) |
| **Net Asset Value, End of Year** | $61.66 | $63.04 | $54.99 | $58.56 | $60.00 |
| **Total Return** | 1.73% | 16.45% | (3.55)% | 3.50% | 4.57% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $4834 | $10941 | $8781 | $27452 | $10892 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(b)</sup> | 1.23% | 1.21% | 1.25% | 1.24% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(e)</sup> | 1.25% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) (recapture) and securities lending expense offset | 1.76% | 1.52% | 2.17% | 2.42% | 1.71% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 150% | 222% | 376% | 369% | 320% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) on the Statements of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of expenses to average net assets includes interest expense which was 0.01%, 0.00%, 0.00%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Period Ended <br> November 30, <br> 2018 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $63.49 | $56.98 | $54.09 | $51.00 | $50.00 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.26 | 0.22 | 0.37 | 0.51 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (2.41) | 6.62 | 2.82 | 2.86 | 0.56 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.15) | 6.84 | 3.19 | 3.37 | 1.00 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.33) | (0.30) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (0.11) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.18) | (0.33) | (0.30) | (0.28) |  |
| **Net Asset Value, End of Period/Year** | $61.16 | $63.49 | $56.98 | $54.09 | $51.00 |
| **Total Return** | (3.40)% | 12.06% | 5.93% | 6.69% | 2.00 %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $359743 | $247061 | $210993 | $163322 | $5915 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(c)</sup> | 1.12% | 1.11% | 1.12% | 1.20% | 2.28 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(f)</sup> | 1.12% | 1.05% | 1.04% | 1.04% | 1.04 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.43% | 0.35% | 0.70% | 0.99% | 0.94 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15% | 27% | 28% | 10% | 89 %<sup>(e)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 28, 2017 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratio of expenses to average net assets includes interest expense which was 0.08%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30,<br> 2020** | **For the <br> Year Ended <br> November 30, <br> 2019** | **For the <br> Period Ended <br> November 30, <br> 2018 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $63.45 | $56.93 | $54.06 | $50.98 | $50.58 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.13 | 0.13 | 0.29 | 0.42 | 0.31 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (2.39) | 6.62 | 2.82 | 2.87 | 0.09 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.26) | 6.75 | 3.11 | 3.29 | 0.40 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.08) | (0.23) | (0.24) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (0.11) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.08) | (0.23) | (0.24) | (0.21) |  |
| **Net Asset Value, End of Period/Year** | $61.11 | $63.45 | $56.93 | $54.06 | $50.98 |
| **Total Return** | (3.57)% | 11.90% | 5.78% | 6.51% | 0.77 %<sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $12227 | $19816 | $24804 | $22807 | $9173 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(c)</sup> | 1.26% | 1.26% | 1.28% | 1.37% | 2.10 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(g)</sup> | 1.26% | 1.20% | 1.19% | 1.19% | 1.19 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.20% | 0.21% | 0.56% | 0.80% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15% | 27% | 28% | 10% | 89 %<sup>(f)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since February 2, 2018 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratio of expenses to average net assets includes interest expense which was 0.07%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** | **For the <br> Period Ended <br> November 30, <br> 2019 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $33.53 | $27.19 | $26.22 | $25.00 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.22 | 0.15 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (0.29) | 6.27 | 0.91 | 1.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.07) | 6.42 | 1.03 | 1.22 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.08) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (6.94) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (7.12) | (0.08) | (0.06) |  |
| **Net Asset Value, End of Period/Year** | $26.34 | $33.53 | $27.19 | $26.22 |
| **Total Return** | (1.62)% | 23.70% | 3.96% | 4.88 %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $143236 | $128449 | $205886 | $85776 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(c)</sup> | 1.12% | 1.17% | 1.14% | 1.93 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(f)</sup> | 1.11% | 1.09% | 1.09% | 1.09 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.83% | 0.50% | 0.49% | 1.10 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 197% | 218% | 325% | 0.11 %<sup>(e)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since June 26, 2019 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratio of expenses to average net assets includes interest expense which was 0.02%, 0.00%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon U.S. Defensive Equity Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | |
|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $33.46 | $27.16 | $26.23 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.14 | 0.10 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (0.26) | 6.27 | 0.89 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.12) | 6.37 | 0.93 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.13) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (6.94) |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (7.07) | (0.07) |  |
| **Net Asset Value, End of Period/Year** | $26.27 | $33.46 | $27.16 |
| **Total Return** | (1.79)% | 23.53% | 3.55 %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $189 | $544 | $730 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses <sup>(c)</sup> | 1.27% | 1.32% | 1.30 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses <sup>(f)</sup> | 1.25% | 1.24% | 1.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.52% | 0.34% | 0.17 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 197% | 218% | 325% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since January 31, 2020 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratio of expenses to average net assets includes interest expense which was 0.01%, 0.00%, and 0.00%, respectively.

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | |
|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $36.09 | $28.78 | $25.00 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.11 | 0.11 | 0.19 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (4.29) | 8.01 | 3.59 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.18) | 8.12 | 3.78 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.08) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.84) | (0.71) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.92) | (0.81) |  |
| **Net Asset Value, End of Period/Year** | $30.99 | $36.09 | $28.78 |
| **Total Return** | (11.99)% | 28.91% | 15.12 %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $148912 | $120315 | $3985 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,h) | 1.04% | 1.09% | 6.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (g,h) | 1.03% | 1.04% | 1.04 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement and securities lending expense offset | 0.36% | 0.32% | 0.73 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 270% | 29% | 81 %<sup>(e)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 26, 2019 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratio of expenses to average net assets includes interest expense which was 0.01%, 0.00%, and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Does not reflect the expenses of the underlying funds in which the Fund invests.

See accompanying notes to financial statements.

**Horizon ESG & Defensive Core Fund<br> FINANCIAL HIGHLIGHTS**<br>

*The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.* 

---

| | | | |
|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
| **Net Asset Value, Beginning of Period/Year** | $35.95 | $28.69 | $25.04 |
| &nbsp;&nbsp;&nbsp;Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.06 | 0.07 | 0.13 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from investments (both realized and unrealized) | (4.27) | 7.97 | 3.52 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (4.21) | 8.04 | 3.65 |
| &nbsp;&nbsp;&nbsp;Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.84) | (0.71) |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.89) | (0.78) |  |
| **Net Asset Value, End of Period/Year** | $30.85 | $35.95 | $28.69 |
| **Total Return** | (12.11)% | 28.69% | 14.58 %<sup>(e)</sup> |
| **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $33632 | $35205 | $4283 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses (c,h) | 1.18% | 1.28% | 4.56 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (g,h) | 1.18% | 1.19% | 1.19 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income net of reimbursement and securities lending expense offset | 0.17% | 0.19% | 0.52 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 270% | 29% | 81 %<sup>(e)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since January 8, 2020 (Commencement of Operations).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Per share amounts are calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the ratio of expenses to average net assets absent securities lending expense offset, fee waivers and/or expense reimbursements by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Due to the timing of shareholder transactions, and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.00%, and 0.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Does not reflect the expenses of the underlying funds in which the Fund invests.

See accompanying notes to financial statements.

**Horizon Funds** 

**Notes to Financial Statements**

**November 30, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp; **ORGANIZATION** 

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund (formerly known as the Horizon Defensive Multi-Factor Fund) and Horizon ESG & Defensive Core Fund (each a "Fund" and together the "Funds") are each a series of shares of beneficial interest of Horizon Funds (the "Trust"), a Delaware business trust organized on May 21, 2015. The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund and Horizon ESG & Defensive Core Fund are registered under the Investment Company Act of 1940, as amended (the "1940 Act") as diversified, open-end management investment companies. The investment objective of the Horizon Active Asset Allocation Fund is capital appreciation. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on January 31, 2012, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Risk Assist<sup>®</sup> Fund is to capture the majority of the returns associated with equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on August 29, 2014, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Income Fund is income. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on September 30, 2013, February 8, 2016 and September 9, 2016, respectively. The investment objective of the Horizon Active Dividend Fund is capital appreciation and current income. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2016 and June 20, 2017, respectively. The investment objective of the Horizon Defined Risk Fund is capital appreciation and capital preservation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2017 and February 2, 2018, respectively. The investment objective of the Horizon U.S. Defensive Equity Fund is to capture the majority of the returns associated with domestic equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares and Advisor Class shares which commenced operations on June 26, 2019 and January 31, 2020, respectively. The investment objective of the Horizon ESG & Defensive Core Fund (the "ESG Defensive Fund") is to seek to generate comparable returns, before fees and expenses, to an index that is designed to measure the performance of the large and mid-cap segments of the U.S. market and that screens companies with regards to certain ESG criteria for the equity portion of the Fund's portfolio, while mitigating downside risk by allocating a portion of the Fund's portfolio to a risk overlay strategy (the "Risk Assist<sup>®</sup> strategy"). The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 26, 2019 and January 8, 2020, respectively.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

&nbsp;&nbsp;&nbsp;&nbsp;**2.** &nbsp;&nbsp;&nbsp;&nbsp; **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The Funds value their investments and financial instruments at fair value as follows. In determining a Fund's net asset value ("NAV") per share, equity securities, including common stocks, preferred stocks, and exchange traded funds, for which market quotations are readily available are valued at current market value using the last reported sales

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

price. NASDAQ traded securities are valued using the NASDAQ official closing price ("NOCP"). If the NOCP is not available, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices on the primary exchange. When market quotations received are from an active market, the securities will be classified within Level 1 of the fair value hierarchy. If market quotations are not readily available, then securities are valued at fair value as determined by the Adviser, as the Funds' valuation designee pursuant to Rule 2a-5. Short-term debt instruments with a remaining maturity of more than 60 days, intermediate and long-term bonds, convertible bonds, and other debt securities are generally valued on the basis of dealer supplied quotations or by a pricing system, as determined by the Adviser, as the Funds' valuation designee. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and asked prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and asked prices may be used. Short-term debt securities with a remaining maturity of 60 days or less are amortized to maturity, provided such valuations represent fair value. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported NAVs. Purchased and written options are valued at the composite mean of the bid and the ask as of the closing of the applicable market, provided that in circumstances deemed appropriate by the Adviser options may be valued at fair value as determined in good faith by the Adviser, as the Fund's valuation designee.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, as described above, are valued as determined in good faith by the Adviser pursuant to the Adviser's fair valuation policies and procedures.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Generally, these inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. For an option position, these inputs may include, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2022, for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $779068811 | $— | $— | $**779068811** |
| Short Term Investments | 10167137 |  |  | **10167137** |
| Investments Purchased With Proceeds From Securities Lending  | 96552454 |  |  | **96552454** |
| **Total** | $**885788402** | $**—** | $**—** | $**885788402** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $1237807882 | $— | $— | $**1237807882** |
| Common Stocks | 13423893 |  |  | **13423893** |
| Purchased Call Options |  | 583750 |  | **583750** |
| Purchased Put Options |  | 1621875 |  | **1621875** |
| Short Term Investments | 20695725 |  |  | **20695725** |
| Investments Purchased With Proceeds From Securities Lending | 5133800 |  |  | **5133800** |
| **Total** | $**1277061300** | $**2205625** | $**—** | $**1279266925** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Put Options | $— | $468750 | $— | $**468750** |
| **Total** | $**—** | $**468750** | $**—** | $**468750** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Active Income Fund** | **Horizon Active Income Fund** | **Horizon Active Income Fund** | **Horizon Active Income Fund** | **Horizon Active Income Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $440535538 | $— | $— | $**440535538** |
| Short Term Investments | 2657974 |  |  | **2657974** |
| Investments Purchased With Proceeds From Securities Lending | 7997981 |  |  | **7997981** |
| **Total** | $**451191493** | $**—** | $**—** | $**451191493** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Active Dividend Fund** | **Horizon Active Dividend Fund** | **Horizon Active Dividend Fund** | **Horizon Active Dividend Fund** | **Horizon Active Dividend Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $104969673 | $— | $— | $**104969673** |
| Preferred Stocks | 172693 |  |  | **172693** |
| Short Term Investments | 1556119 |  |  | **1556119** |
| Investments Purchased With Proceeds From Securities Lending | 553000 |  |  | **553000** |
| **Total** | $**107251485** | $**—** | $**—** | $**107251485** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $354392294 | $— | $— | $**354392294** |
| Purchased Put Options |  | 3076975 |  | **3076975** |
| Short Term Investments | 15026232 |  |  | **15026232** |
| **Total** | $**369418526** | $**3076975** | $**—** | $**372495501** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Options | $— | $8618025 | $— | $**8618025** |
| Written Put Options |  | 752000 |  | **752000** |
| **Total** | $**—** | $**9370025** | $**—** | $**9370025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon U.S. Defensive Equity Fund** | **Horizon U.S. Defensive Equity Fund** | **Horizon U.S. Defensive Equity Fund** | **Horizon U.S. Defensive Equity Fund** | **Horizon U.S. Defensive Equity Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $142010158 | $— | $— | $**142010158** |
| Short Term Investments | 1069275 |  |  | **1069275** |
| **Total** | $**143079433** | $**—** | $**—** | $**143079433** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon ESG & Defensive Core Fund** | **Horizon ESG & Defensive Core Fund** | **Horizon ESG & Defensive Core Fund** | **Horizon ESG & Defensive Core Fund** | **Horizon ESG & Defensive Core Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investment Companies | $70353975 | $— | $— | $**70353975** |
| Common Stocks | 109915355 |  |  | **109915355** |
| Short Term Investments | 1822774 |  |  | **1822774** |
| **Total** | $**182092104** | $**—** | $**—** | $**182092104** |

---

\* Refer to the Portfolios of Investments for security classifications.

*Exchange Traded Funds* – The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of registered investment company that is typically purchased and redeemed NAV in large blocks of shares called "Creation Units", and bought and sold in secondary markets on a securities exchange, where its shares trade like common stock. An index-based ETF represents a fixed portfolio of securities designed to track the performance and dividend yield of

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

a particular domestic or foreign market index. Alternatively, ETFs may be actively managed in accordance with a particular investment strategy. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile.

*Option Transactions* – Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase from (call option) or sell to (put option) the writer a specified underlying instrument at a specified price on or before a specified date. The Funds enter into option contracts to meet the requirements of their trading activities. The risk in writing a call option is that the Funds may incur a loss if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

When a Fund writes a call or put option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current fair value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call or put option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As the writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in price of the security underlying the written option.

A Fund may purchase put and call options. The Funds engage in options transactions on individual securities, ETFs, or indices to hedge against market declines or generate returns from falling asset prices. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such a favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The average quarterly value outstanding of purchased and written options during the year ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Horizon Active <br> Risk Assist**<sup>®</sup> **<br> Fund** | **Horizon <br> Defined Risk <br> Fund** |
| Purchased Options | $3913281 | $9258950 |
| Written Options | $1438125 | $6758694 |

---

Horizon Active Asset Allocation Fund, Horizon Active Income Fund and Horizon Active Dividend Fund had options activity during the period but did not hold any as of each quarter end. Please reference the Statements of Operations for the options trading activity for the period.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Fund** | **Derivatives Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Horizon Active Risk Assist<sup>®</sup> Fund | Equity Risk Contracts | Investments in Unaffiliated Securities, at Value | Options Written, at Value |
| Horizon Defined Risk Fund | Equity Risk Contracts | Investments in Unaffiliated Securities, at Value | Options Written, at Value |

---

---

| | |
|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $2205625 |
| Written Options | $468750 |

---

---

| | |
|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $3076975 |
| Written Options | $9370025 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the year ended November 30, 2022:

---

| | |
|:---|:---|
| Derivative Investment Type | Location of Gain (Loss) on Derivatives in the Statements of Operations |
| Equity Risk contracts | Net realized gain (loss) from purchased options |
|  | Net realized gain (loss) from written options |
|  | Net change in unrealized appreciation (depreciation) on purchased options |
|  | Net change in unrealized appreciation (depreciation) on written options |

---

---

| | |
|:---|:---|
| **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| Realized gain/(loss) on derivatives recognized in the Statements of Operations | Realized gain/(loss) on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $(730042) |
| Written Options | 366481 |
|  | $(363561) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

---

| | |
|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| Realized (loss) on derivatives recognized in the Statements of Operations | Realized (loss) on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $(3143319) |
| Written Options | (2079814) |
|  | $(5233133) |

---

---

| | |
|:---|:---|
| Changes in unrealized appreciation on derivatives recognized in the Statements of Operations | Changes in unrealized appreciation on derivatives recognized in the Statements of Operations |
| Purchased Options | $1063512 |
| Written Options | 450176 |
|  | $1513688 |

---

---

| | |
|:---|:---|
| **Horizon Active Income Fund** | **Horizon Active Income Fund** |
| Realized (loss) on derivatives recognized in the Statements of Operations | Realized (loss) on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $(84650) |
| Written Options |  |
|  | $(84650) |

---

---

| | |
|:---|:---|
| **Horizon Active Dividend Fund** | **Horizon Active Dividend Fund** |
| Realized gain/(loss) on derivatives recognized in the Statements of Operations | Realized gain/(loss) on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $(728536) |
| Written Options | 291904 |
|  | $(436632) |

---

---

| | |
|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| Realized gain on derivatives recognized in the Statements of Operations | Realized gain on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $9689032 |
| Written Options | 13273947 |
|  | $22962979 |

---

---

| | |
|:---|:---|
| Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations | Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations |
| Purchased Options | $(7251505) |
| Written Options | 2185635 |
|  | $(5065870) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

**Offsetting of Financial Assets and Derivative Liabilities** 

The following table presents the Funds' liability derivatives available for offset under a master netting arrangement net of collateral pledged for the Funds as of November 30, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| <u><u>Liabilities:</u></u> |  |  |  | Gross Amounts Not Offset <br> in the Statement of Assets & <br> Liabilities | Gross Amounts Not Offset <br> in the Statement of Assets & <br> Liabilities |  |
| Description | Gross Amounts <br> of Recognized <br> Liabilities | Gross Amounts <br> Offset in the <br> Statement <br> of Assets & <br> Liabilities | Net Amounts <br> Presented in <br> the Statement <br> of Assets & <br> Liabilities | Financial <br> Instruments | Cash <br> Collateral <br> Pledged/<br> Received | Net Amount |
| Written Options | $468750<sup>(1)</sup> | $— | $468750 | $(468750)<sup>(2)</sup> | $— | $— |
| Total | $468750 | $— | $468750 | $(468750) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| <u><u>Liabilities:</u></u> |  |  |  | Gross Amounts Not Offset <br> in the Statement of Assets & <br> Liabilities | Gross Amounts Not Offset <br> in the Statement of Assets & <br> Liabilities |  |
| Description | Gross Amounts <br> of Recognized <br> Liabilities | Gross Amounts <br> Offset in the <br> Statement <br> of Assets & <br> Liabilities | Net Amounts <br> Presented in <br> the Statement <br> of Assets & <br> Liabilities | Financial <br> Instruments | Cash <br> Collateral <br> Pledged/<br> Received | Net Amount |
| Written Options | $9370025<sup>(1)</sup> | $— | $9370025 | $(9370025)<sup>(2)</sup> | $— | $— |
| Total | $9370025 | $— | $9370025 | $(9370025) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Written options at value as presented in the Portfolios of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount is limited to the derivative liability balance and, accordingly, does not include excess collateral pledged.

Due to the absence of a master netting agreement relating to the Funds' participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 5 for collateral related to securities on loan.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income and expense is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Long-term capital gain distributions from investment companies if any, are recorded separately from dividend income. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method.

*Investment in Other Investment Companies* – To the extent that a Fund invests in other investment companies, shareholders may obtain a copy of the underlying investment companies' financial statements on the EDGAR Database on the SEC's internet site at <u>http://www.sec.gov</u>. Copies of information on the SEC's internet site may also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

*Expenses* – Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust. Income, other non-class-specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.

*Federal Income Taxes* – It is each Fund's policy to comply with all sections of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income and gains to its shareholders and therefore, no provision for federal income tax has been made. Each Fund is treated as a separate taxpayer for federal income tax purposes.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken on the Funds' 2021 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal, North Carolina State and Delaware State; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

*Distributions to Shareholders* – Distributions from investment income, if any, are declared and paid at least annually for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defined Risk, Horizon U.S. Defensive Equity Fund, and Horizon ESG & Defensive Core Fund and quarterly for the Horizon Active Income Fund and Horizon Active Dividend Fund and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

*Shareholder Services Plan* – The Board has adopted a shareholder serving plan (the "Plan") for Investor Class Shares of the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, and the Horizon Active Income Fund. The Plan allows the Funds to use part of their assets for shareholder servicing expenses. The Shareholder Servicing Expenses for the Investor Class shares of the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, and Horizon Active Income Fund are currently 0.10% of average daily net assets. Payments under the Plan are made for the provision of support services to shareholders, including administrative or other shareholder support services such as responding to customer inquiries or assisting the Funds in establishing or maintaining shareholder accounts and records. The entities providing shareholder services may provide such services directly, or may arrange for such services to be provided by another entity that has a servicing relationship with one or more shareholders. However, payments under the Plan are an operating expense of each Fund that is not subject to the expense limitation provided by the Adviser. Payments under the Plan may vary and are determined by the respective Fund in its sole discretion, in amounts up to 0.10% of the Fund's average daily net assets attributable to Investor Class shares of the Fund on an annualized basis.

*Rule 12b-1* – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon Active Dividend Fund, Horizon Defined Risk Fund, the Horizon U.S. Defensive Equity Fund and the Horizon ESG & Defensive Core Fund pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan"). However, payments under the 12b-1 Plan are an operating expense of each Fund that is not subject to the expense limitation provided by the Adviser. The 12b-1 Plan provides for the payment of a distribution fee to Quasar Distributors, LLC (the "Distributor") at an annualized rate of up to 0.25% of the average daily net assets attributable to the applicable classes. During the year ended November 30, 2022 the distribution fees

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

accrued for the Investor Class shares of the Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund, Horizon ESG & Defensive Core Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets, respectively. During the year ended November 30, 2022, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund and Horizon ESG & Defensive Core Fund Advisor Class shares incurred $7,900, $16,963, $8,205, $19,024, $38,359, $877, and $85,633, respectively, pursuant to the plan. During the year ended November 30, 2022, the Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund and Horizon ESG & Defensive Core Fund Investor Class shares incurred $109,857, $293,974, $124,873 and $132,759, respectively, pursuant to the plan. Investor Class shares of the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund and Horizon Active Income Fund and Institutional Class shares of all Funds do not pay any 12b-1 distribution fees.

*Indemnification* – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

*General Risk* – The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** &nbsp;&nbsp;&nbsp;&nbsp; **ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS** 

Pursuant to an Investment Advisory Agreement with each Fund (the "Advisory Agreements"), investment advisory services are provided to the Funds by Horizon Investments, LLC (the "Adviser"). Under the terms of the Advisory Agreements, the Adviser receives monthly fees calculated at an annual rate of 0.99% of the average daily net assets of the Horizon Active Asset Allocation Fund, 0.99% of the average daily net assets of the Horizon Active Risk Assist<sup>®</sup> Fund, 0.77% of the average daily net assets of the Horizon Active Income Fund, 0.75% of the average daily net assets of the Horizon Active Dividend Fund, 0.80% of the average daily net assets of the Horizon Defined Risk Fund, 0.80% of the average daily net assets of the Horizon U.S. Defensive Equity Fund and 0.68% of the average daily net assets of the Horizon ESG & Defensive Core Fund. Prior to October 1, 2022, the Adviser received a fee at an annual rate of 0.75% of the Horizon ESG & Defensive Core Fund's average daily net assets.

Pursuant to the Expense Limitation Agreement (the "Waiver Agreement"), the Adviser has agreed, until December 31, 2023 for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Active Dividend Fund and Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund, and the Horizon ESG & Defensive Core Fund, to waive a portion of the Fund's advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust's Rule 12b-1 Distribution Plan; payments by the Fund, if any,

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

under the Trust's Shareholder Services Plan; expenses paid with securities lending expense offset credits; taxes; and extraordinary expenses, such as litigation) incurred by a class of shares of the Fund in any fiscal year do not exceed the percentage of average daily net assets in the below table.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor** | **Advisor** | **Institutional** |
| Horizon Active Asset Allocation Fund | 1.17% | 1.17% | 1.17% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 1.17% | 1.17% | 1.17% |
| Horizon Active Income Fund | 0.99% | 0.99% | 0.99% |
| Horizon Active Dividend Fund | 0.99% | 0.99% | 0.99% |
| Horizon Defined Risk Fund | 0.94% | 0.94% | 0.94% |
| Horizon U.S. Defensive Equity Fund | 0.99% | 0.99% | 0.99% |
| Horizon ESG & Defensive Core Fund | 0.87% | 0.87% | 0.87% |

---

Any fees waived or expenses reimbursed by the Adviser are subject to possible recoupment by the Adviser within 36 months after such fees have been waived or expenses reimbursed, if such recoupment can be achieved without exceeding the lower of the expense limit in place at the time of the waiver or reimbursement and the expense limit in place at the time of recoupment.

The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through November 30 of the period indicated. During the year ended November 30, 2022, the Adviser recouped from Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon U.S. Defensive Equity Fund, and the Horizon ESG & Defensive Core Fund $0, $0, $0, $3,032, $64,512, $21,935, and $40,435 respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2023** | **2024** | **2025** | **Total** |
| Horizon Active Asset Allocation Fund | $— | $— | $— | $— |
| Horizon Active Risk Assist<sup>®</sup> Fund |  |  |  |  |
| Horizon Active Income Fund |  |  |  |  |
| Horizon Active Dividend Fund | 1313 | 1062 | 869 | 3244 |
| Horizon Defined Risk Fund | 159403 | 141014 | 74784 | 375201 |
| Horizon U.S. Defensive Equity Fund | 62954 | 129170 | 31460 | 223584 |
| Horizon ESG & Defensive Core Fund | 60339 | 64630 | 51615 | 176584 |

---

*Trustees* – The Trust pays each Trustee of the Trust who is not an interested person an annual retainer of $60,000 for each fiscal year plus $10,000 for attendance at an in-person board meeting or $1,000 for attendance of a special meeting. In every instance, the cost of the fees are to be allocated among the participating Funds in accordance with a formula that takes into account the overall asset size of each affected Fund. The Trust also reimburses the Trustees for travel and other expenses incurred in attending meetings of the Board. Officers of the Trust and Trustees who are interested persons of the Trust do not receive any direct compensation from the Trust.

*Chief Compliance Officer Compensation* – The Board renewed the approval of a compensation policy with respect to the Trust's Chief Compliance Officer pursuant to which the Horizon Funds and the Adviser each pay 50% of the Chief Compliance Officer's salary, with the portion paid by the Horizon Funds allocated among the Funds in accordance with their relative net assets.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Horizon Active Asset Allocation Fund | $1142847137 | $1018696059 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 4665709600 | 4418630151 |
| Horizon Active Income Fund | 550031701 | 473255346 |
| Horizon Active Dividend Fund | 173153105 | 199391283 |
| Horizon Defined Risk Fund | 164518341 | 43595394 |
| Horizon U.S. Defensive Equity Fund | 262569466 | 245852291 |
| Horizon ESG & Defensive Core Fund | 495663837 | 445643319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp; **SECURITIES LENDING** 

The Funds may lend domestic securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program effective December 20, 2017, which is administered by U.S. Bank N.A. (the "Custodian"). The net income to which the Funds are entitled may be used to offset against costs and other charges incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. Investment Advisory Fees, Shareholder Servicing Fees - Investor Class, Distribution Fees (12b-1) - Advisor Class and Distribution Fees (12b-1) - Investor Class as noted in the Statements of Operations are not eligible to be offset by securities lending income. The securities lending agreement requires that loans are collateralized in an amount equal to at least 102% at the outset of the loan and at least 100%, at all times thereafter, of the value of any loaned securities. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Amounts earned from security lending is disclosed in each Fund's Statement of Operations as a securities lending credit. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. Gain or loss on the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the year ended November 30, 2022, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

As of the year ended November 30, 2022, the value of the securities on loan and payable for collateral due to broker were as follows:

**Value of Securities on Loan and Collateral Received** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Values of <br> Securities on Loan** | **Fund Collateral <br> Received\*** |
| Horizon Active Asset Allocation Fund | $96359182 | $96552454 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 5130973 | 5133800 |
| Horizon Active Income Fund | 7898093 | 7997981 |
| Horizon Active Dividend Fund | 550200 | 553000 |
| Horizon Defined Risk Fund |  |  |
| Horizon U.S. Defensive Equity Fund |  |  |
| Horizon ESG & Defensive Core Fund |  |  |

---

\* The cash collateral received was invested in the First American Government Obligations Fund, Class X, with an overnight and continuous maturity, as shown on the Portfolios of Investments. These amounts were not included in the offsetting disclosures in Note 2 (Offsetting of Financial Assets and Derivative Liabilities). 

&nbsp;&nbsp;&nbsp;&nbsp;**6.** &nbsp;&nbsp;&nbsp;&nbsp; **LINE OF CREDIT ARRANGEMENT** 

Throughout the year ended November 30, 2022, and renewed effective February 24, 2022, the Funds are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 23, 2023, under which borrowing is limited to the lesser of 15% of the market value of a Fund, 33.33% of the market value of specific marketable securities of a Fund acceptable to the Custodian, or $75,000,000 for all the Funds subject to the line of credit. The Funds may utilize the line of credit for temporary or emergency purposes, primarily for financing redemption payments. The applicable Funds have authorized the Custodian to charge any of the Funds subject to the line of credit for any missed payments by the Funds. The Funds will be charged the prime rate, which was 7.00% as of November 30, 2022, if they borrow. For the year ended November 30, 2022, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon ESG & Defensive Core Fund, and Horizon U.S. Defensive Equity Fund had average borrowings of $32,874, $34,879, $190,014, $103,805, $113,290, and $116,822 and the weighted average interest rate on the line of credit borrowings was 3.25%, 3.25%, 3.86%, 4.09%, 4.00% and 3.94%, respectively. The Horizon Active Income Fund did not borrow on the line of credit during the year. On December 29, 2021, the Horizon Active Asset Allocation Fund had borrowings of $2,201,000, on December 28, 2021, the Horizon Active Risk Assist<sup>®</sup> Fund had borrowings of $7,288,000, on May 6, 2022, the Horizon Active Dividend Fund had borrowings of $11,822,000, on May 10, 2022, the Horizon Defined Risk Fund had borrowings of $29,534,000, on May 6, 2022, the Horizon ESG & Defensive Core Fund had borrowings of $12,177,000, and on May 6, 2022, the Horizon U.S. Defensive Equity Fund had borrowings of $9,780,000, which represent the largest borrowing amounts, respectively, during the year ended November 30, 2022.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**7.** &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the years ended November 30, 2022 and November 30, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period or year ended November 30, 2022** | **For the period or year ended November 30, 2022** | **For the period or year ended November 30, 2022** | **For the period or year ended November 30, 2022** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Return of <br> Capital** | **Total** |
| Horizon Active Asset Allocation Fund | $84241482 | $17314998 | $— | $101556480 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 94209092 | 1492517 |  | 95701609 |
| Horizon Active Income Fund | 6087378 |  |  | 6087378 |
| Horizon Active Dividend Fund | 4032523 | 1332981 |  | 5365504 |
| Horizon Defined Risk Fund | 762128 |  |  | 762128 |
| Horizon U.S. Defensive Equity Fund | 27213707 |  |  | 27213707 |
| Horizon ESG & Defensive Core Fund | 3513008 | 498456 |  | 4011464 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period or year ended November 30, 2021** | **For the period or year ended November 30, 2021** | **For the period or year ended November 30, 2021** | **For the period or year ended November 30, 2021** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Return of <br> Capital** | **Total** |
| Horizon Active Asset Allocation Fund | $11524013 | $22927633 | $— | $34451646 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 3105159 |  |  | 3105159 |
| Horizon Active Income Fund | 8171885 |  |  | 8171885 |
| Horizon Active Dividend Fund | 2122545 |  |  | 2122545 |
| Horizon Defined Risk Fund | 1324806 |  |  | 1324806 |
| Horizon U.S. Defensive Equity Fund | 632877 |  |  | 632877 |
| Horizon ESG & Defensive Core Fund | 244508 | 1917 |  | 246425 |

---

On December 22, 2022, the Funds paid the following per share income distributions:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor <br> Class** | **Advisor <br> Class** | **Institutional <br> Class** |
| Horizon Active Asset Allocation Fund | $0.12924975 | $0.09671872 | $0.14126023 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 0.10714450 | 0.10243956 | 0.12701920 |
| Horizon Active Income Fund | 0.07841361 | 0.07241190 | 0.08148166 |
| Horizon Active Dividend Fund | 0.51406493 | 0.47973385 |  |
| Horizon Defined Risk Fund | 0.21099240 | 0.07536555 |  |
| Horizon U.S. Defensive Equity Fund | 0.19944087 | 0.11151457 |  |
| Horizon ESG & Defensive Core Fund | 0.15486271 | 0.10502458 |  |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

On December 22, 2022, the Funds paid the following capital gains distributions from each class:

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| | | |
|:---|:---|:---|
| **Fund** | **Short-Term\*** | **Long-Term** |
| Horizon Active Asset Allocation Fund | $– $|  |
| Horizon Active Risk Assist<sup>®</sup> Fund | – |  |
| Horizon Active Income Fund | – |  |
| Horizon Active Dividend Fund | – |  |
| Horizon Defined Risk Fund | – | 0.72676000 |
| Horizon U.S. Defensive Equity Fund | – |  |
| Horizon ESG & Defensive Core Fund | – |  |

---

\* Short-Term Capital Gains distributions are considered income distributions for tax purposes.

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of <br> Investments, <br> Purchased Options <br> and Written <br> Options** | **Gross Tax <br> Unrealized <br> Appreciation**  | **Gross Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Horizon Active Asset Allocation Fund | $908479589 | $14253145 | $(36944332) | $(22691187) |
| Horizon Active Risk Assist<sup>®</sup> Fund | 1339593185 | 19592067 | (80387077) | (60795010) |
| Horizon Active Income Fund | 491486683 | 154077 | (40449267) | (40295190) |
| Horizon Active Dividend Fund | 101655182 | 7386848 | (1790545) | 5596303 |
| Horizon Defined Risk Fund | 336574436 | 55832539 | (29281499) | 26551040 |
| Horizon U.S. Defensive Equity Fund | 133095428 | 12829997 | (2845992) | 9984005 |
| Horizon ESG & Defensive Core Fund | 179595243 | 9823654 | (7326793) | 2496861 |

---

As of November 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **Other <br> Book/Tax <br> Differences** | **Post October <br> Loss and Late <br> Year Loss** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/<br> (Deficits)** |
| Horizon Active Asset Allocation Fund | $4348647 | $— | $(7991654) | $— | $(22691187) | $(26334194) |
| Horizon Active Risk Assist<sup>®</sup> Fund | 149197 |  | (26603034) | 100501 | (60795010) | (87248847) |
| Horizon Active Income Fund | 2246858 |  | (39807018) |  | (40295190) | (77855350) |
| Horizon Active Dividend Fund | 674768 |  | (4320009) |  | 5596303 | 1951062 |
| Horizon Defined Risk Fund | 1226936 | 4519245 | (40136) |  | 26551040 | 32257085 |
| Horizon U.S. Defensive Equity Fund | 966106 |  | (1360150) |  | 9984005 | 9589961 |
| Horizon ESG & Defensive Core Fund | 451814 |  | (14286740) |  | 2496861 | (11338065) |

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**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

The difference between book and tax basis unrealized appreciation/depreciation is attributable to mark to market on section 1256 contracts and/or the tax deferral of losses on various investments.

At November 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | **Non-Expiring** |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** |
| Horizon Active Asset Allocation Fund | $7991651 | $— | $7991651 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 24383532 |  | 24383532 |
| Horizon Active Income Fund | 28848256 | 10958829 | 39807085 |
| Horizon Active Dividend Fund | 4303051 |  | 4303051 |
| Horizon Defined Risk Fund |  |  |  |
| Horizon U.S. Defensive Equity Fund | 1358969 |  | 1358969 |
| Horizon ESG & Defensive Core Fund | 9278703 | 4949580 | 14228283 |

---

The Horizon Defined Risk Fund utilized capital loss carry forwards of $22,477,168 during the fiscal year.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These reclassifications were primarily due to the use of equalization and non-deductible excise tax paid. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the year ended November 30, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable <br> Earnings/<br> (Accumulated <br> Deficit)** | **Paid In<br> Capital** |
| Horizon Active Asset Allocation Fund | $— | $— |
| Horizon Active Risk Assist<sup>®</sup> Fund | (3456) | 3456 |
| Horizon Active Income Fund | 118 | (118) |
| Horizon Active Dividend Fund | (16924) | 16924 |
| Horizon Defined Risk Fund | (791200) | 791200 |
| Horizon U.S. Defensive Equity Fund | (1182) | 1182 |
| Horizon ESG & Defensive Core Fund | (749) | 749 |

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&nbsp;&nbsp;&nbsp;&nbsp;**8.** &nbsp;&nbsp;&nbsp;&nbsp; **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of voting securities of a fund creates a presumption of control of that fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2022, the Funds had omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 25% of the total shares outstanding of the respective Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of a Fund.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2022**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**9.** &nbsp;&nbsp;&nbsp;&nbsp; **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements other than the distributions noted in Note 7. Subsequent to the end of the reporting period, each Fund's contractual expense limitation agreement was extended through March 31, 2024 and may not be terminated prior to that time without the approval of the Board. The Adviser may discontinue these arrangements at any time after March 31, 2024.

**Horizon Funds** 

**Report of Independent Registered Public Accounting Firm**

**November 30, 2022**

To the Shareholders and Board of Trustees of<br> Horizon Funds

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Horizon Funds, comprising the funds listed below (the "Funds"), as of November 30, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br> Operations** | **Statements of <br> Changes in <br> Net Assets** | **Financial Highlights** |
| &nbsp;&nbsp;Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, and Horizon Active Dividend Fund | &nbsp;&nbsp;For the year ended November 30, 2022 | &nbsp;&nbsp;For the years ended November 30, 2022 and 2021 | &nbsp;&nbsp;For the years ended November 30, 2022, 2021, 2020, 2019, and 2018 |
| &nbsp;&nbsp;Horizon Defined Risk Fund | &nbsp;&nbsp;For the year ended November 30, 2022 | &nbsp;&nbsp;For the years ended November 30, 2022 and 2021 | &nbsp;&nbsp;For the years ended November 30, 2022, 2021, 2020, and 2019, and for the period from December 28, 2017 (commencement of operations) through November 30, 2018 |
| &nbsp;&nbsp;Horizon U.S. Defensive Equity Fund | &nbsp;&nbsp;For the year ended November 30, 2022 | &nbsp;&nbsp;For the years ended November 30, 2022 and 2021 | &nbsp;&nbsp;For the years ended November 30, 2022, 2021, and 2020, and for the period from June 26, 2019 (commencement of operations) through November 30, 2019 |
| &nbsp;&nbsp;Horizon ESG & Defensive Core Fund | &nbsp;&nbsp;For the year ended November 30, 2022 | &nbsp;&nbsp;For the years ended November 30, 2022 and 2021 | &nbsp;&nbsp;For the years ended November 30, 2022 and 2021, and for the period from December 26, 2019 (commencement of operations) through November 30, 2020 |

---

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**Horizon Funds** 

**Report of Independent Registered Public Accounting Firm** **(Continued)** 

**November 30, 2022**

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2015.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> January 27, 2023

**Horizon Funds** 

**Disclosure of Fund Expenses** **(Unaudited)** 

**November 30, 2022**

As a shareholder of the Funds you incur ongoing costs, including management fees, sales charges, and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

This example is based on an investment of $1,000 invested for the period of time as indicated in the table below.

<u>**Actual Expenses:**</u> The column labeled "Actual" of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

<u>**Hypothetical Examples for Comparison Purposes:**</u> The column labeled "Hypothetical" of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | ***Actual*** | ***Actual*** | ***Hypothetical******* <br> *(5% return before expenses)* | ***Hypothetical******* <br> *(5% return before expenses)* |
|  | Fund's <br> Annualized <br> Expense Ratio | Beginning <br> Account Value <br> 06/01/2022 | Ending <br> Account Value <br> 11/30/2022 | Expenses <br> Paid During <br> Period | Ending <br> Account Value <br> 11/30/2022 | Expenses <br> Paid During <br> Period <sup>1</sup> |
| &nbsp;&nbsp;Horizon Active Asset Allocation - Investor Class | 1.22% | $1000.00 | $982.23 | $6.06 | $1018.95 | $6.17 |
| &nbsp;&nbsp;Horizon Active Asset Allocation - Advisor Class | 1.37% | $1000.00 | $981.37 | $6.80 | $1018.20 | $6.93 |
| &nbsp;&nbsp;Horizon Active Asset Allocation - Institutional Class | 1.12% | $1000.00 | $982.29 | $5.57 | $1019.45 | $5.67 |
| &nbsp;&nbsp;Horizon Active Risk Assist<sup>®</sup> - Investor Class | 1.21% | $1000.00 | $946.53 | $5.90 | $1019.00 | $6.12 |
| &nbsp;&nbsp;Horizon Active Risk Assist<sup>®</sup> - Advisor Class | 1.36% | $1000.00 | $945.97 | $6.63 | $1018.25 | $6.88 |
| &nbsp;&nbsp;Horizon Active Risk Assist<sup>®</sup> - Institutional Class | 1.11% | $1000.00 | $947.08 | $5.42 | $1019.50 | $5.62 |
| &nbsp;&nbsp;Horizon Active Income - Investor Class | 1.00% | $1000.00 | $963.23 | $4.92 | $1020.05 | $5.06 |
| &nbsp;&nbsp;Horizon Active Income - Advisor Class | 1.15% | $1000.00 | $961.83 | $5.66 | $1019.30 | $5.82 |
| &nbsp;&nbsp;Horizon Active Income - Institutional Class | 0.90% | $1000.00 | $963.33 | $4.43 | $1020.56 | $4.56 |
| &nbsp;&nbsp;Horizon Active Dividend - Investor Class | 1.17% | $1000.00 | $992.20 | $5.84 | $1019.20 | $5.92 |
| &nbsp;&nbsp;Horizon Active Dividend - Advisor Class | 1.29% | $1000.00 | $991.50 | $6.44 | $1018.60 | $6.53 |
| &nbsp;&nbsp;Horizon Defined Risk - Investor Class | 1.07% | $1000.00 | $1026.00 | $5.43 | $1019.70 | $5.42 |
| &nbsp;&nbsp;Horizon Defined Risk - Advisor Class | 1.22% | $1000.00 | $1025.16 | $6.19 | $1018.95 | $6.17 |
| &nbsp;&nbsp;Horizon U.S. Defensive Equity - Investor Class | 1.12% | $1000.00 | $1022.91 | $5.68 | $1019.45 | $5.67 |
| &nbsp;&nbsp;Horizon U.S. Defensive Equity - Advisor Class | 1.27% | $1000.00 | $1022.18 | $6.44 | $1018.70 | $6.43 |
| &nbsp;&nbsp;Horizon ESG & Defensive Core - Investor Class | 1.02% | $1000.00 | $964.22 | $5.02 | $1019.95 | $5.16 |
| &nbsp;&nbsp;Horizon ESG & Defensive Core - Advisor Class | 1.17% | $1000.00 | $963.76 | $5.76 | $1019.20 | $5.92 |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Expenses Paid During the Period are equal to the Funds' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 days, and divided by 365 (to reflect the number of days in the period).

**Horizon Funds** 

**Additional Information** **(Unaudited)** 

**November 30, 2022**

*Qualified Dividend Income/Dividends Received Deduction* 

For the fiscal year ended November 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Qualified Dividend Income** |
| Horizon Active Asset Allocation Fund | 12.84% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 18.56% |
| Horizon Active Income Fund | 5.17% |
| Horizon Active Dividend Fund | 91.63% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon U.S. Defensive Equity Fund | 6.13% |
| Horizon ESG & Defensive Core Fund | 33.85% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2022 was as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Received Deduction** |
| Horizon Active Asset Allocation Fund | 1.38% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 4.19% |
| Horizon Active Income Fund | 1.39% |
| Horizon Active Dividend Fund | 75.70% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon U.S. Defensive Equity Fund  | 5.97% |
| Horizon ESG & Defensive Core Fund | 33.12% |

---

*Foreign Tax Credit* 

For the year ended November 30, 2022, the Horizon Active Asset Allocation Fund, Horizon Active Income Fund and Horizon Active Risk Assist<sup>®</sup> Fund earned foreign source income and paid foreign taxes, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign Source <br> Income Earned** | **Foreign <br> Taxes Paid** |
| Horizon Active Asset Allocation Fund | $3672966 | $178556 |
| Horizon Active Risk Assist<sup>®</sup> Fund | $5650712 | $391612 |

---

*Short Term Capital Gains* 

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Short-Term** |
| Horizon Active Asset Allocation Fund | 94.34% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 91.58% |
| Horizon Active Income Fund | 0.00% |

---

**Horizon Funds** 

**ADDITIONAL INFORMATION** **(Unaudited) (Continued)** 

**November 30, 2022**

---

| | |
|:---|:---|
| **Fund Name** | **Short-Term** |
| Horizon Active Dividend Fund | 45.37% |
| Horizon Defined Risk Fund | 0.00% |
| Horizon U.S. Defensive Equity Fund  | 97.52% |
| Horizon ESG & Defensive Core Fund | 90.84% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u><u>***Interested Trustees and Officers***</u></u> | <u><u>***Interested Trustees and Officers***</u></u> | <u><u>***Interested Trustees and Officers***</u></u> | <u><u>***Interested Trustees and Officers***</u></u> | <u><u>***Interested Trustees and Officers***</u></u> |
| **Name, Address\* <br> and <br> Year of Birth** | **Position/<br> Term of <br> Office** | **Principal Occupation During <br> the Past Five Years** | **Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee** | **Other Directorships <br> held by Trustee <br> During the Past <br> Five Years** |
| John Drahzal\*\* <br>Year of Birth: <br>1966  | Interested Trustee Indefinite Term of Office <br> (since 2021) and President; One Year Term of Office <br> (since 2021) | CEO and President of Horizon Investments, LLC (CEO November 2021 - present and President December 2020 - present); President of Horizon Investments, LLC (December 2020-November 2021); Various Positions at Horizon Investments (2017-2020). | 7 |  |
| Matthew Chambers <br>Year of Birth: <br>1976 | Vice President, Chief Compliance Officer and Secretary; One Year Term of Office <br> (since 2015) | General Counsel and Chief Compliance Officer of Horizon Investments, LLC, December 2014-present; Attorney, Kilpatrick Townsend & Stockton, 2008-2014 | Not Applicable | Not Applicable |
| Steve Terry <br>Year of Birth: <br>1980  | Treasurer; One Year Term of Office <br> (since October 2018) | Head of Finance and Business Systems of Horizon Investments, LLC, August 2016-present; Co-Founder, Catamaran Investment Partners, 2015-August 2016; Principal Intersection Partners, 2011-2015. | Not Applicable | Not Applicable |

---

\* The address for each Trustee and officer is 6210 Ardrey Kell Road, Suite 300, Charlotte, North Carolina 28277.

\*\* Mr. Drahzal is considered an "interested person" of the Trust, as defined in the 1940 Act, because of his current position with the Adviser.

The Statement of Additional Information includes additional information about the Funds' Trustees and is available free of charge upon request by calling the Funds toll free at (866) 371-2399.

**Horizon Funds** 

**ADDITIONAL INFORMATION** **(Unaudited) (Continued)** 

**November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u><u>***Independent Trustees***</u></u> | <u><u>***Independent Trustees***</u></u> | <u><u>***Independent Trustees***</u></u> | <u><u>***Independent Trustees***</u></u> | <u><u>***Independent Trustees***</u></u> |
| **Name, Address\* <br> and <br> Year of Birth** | **Position/<br> Term of <br> Office** | **Principal Occupation During <br> the Past Five Years** | **Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee** | **Other Directorships <br> held by Trustee <br> During the Past <br> Five Years** |
| John W. Davidson <br>Year of Birth: <br>1946 | Trustee; Indefinite Term of Office <br> (since 2015) | Creator, author and founder of John Davidson's Economic Comments (2009-2018). | 7 | Trustee, AdvisorOne Funds <br> (7 portfolios). |
| Todd W. Gaylord <br>Year of Birth: <br>1975 | Trustee; Indefinite Term of Office <br> (since 2015) | Consultant (financial Services) since 2012; Owner, McCauley Street Partners, Inc. (real estate brokerage firm) (2009-2014); Vice President, Corporate Bond, Syndicated Loan, and Credit Default Swap Trader, Wachovia Securities (2005-2008). | 7 |  |
| Thomas W. Okel <br>Year of Birth: <br>1962 | Trustee; Indefinite Term of Office <br> (since 2015) | Executive Director (2011-2019), Catawba Lands Conservancy; Global Head of Syndicated Capital Markets (1998-2010), Bank of America Merrill Lynch. | 7 | Trustee, Barings Funds Trust (8 portfolios); Trustee, Barings Global Short Duration High Yield Fund (1 portfolio). Trustee, Barings BDC, Inc. Trustee, Barings Private Investment Corporation. Trustee barings Captial Investment Corporation. |

---

\* The address for each Trustee and officer is 6210 Ardrey Kell Road, Suite 300, Charlotte, North Carolina 28277.

*PRIVACY NOTICE (Unaudited)* 

February 2016

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and account information <br>● Account balance and transaction history <br>● Wire Transfer Instructions | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and account information <br>● Account balance and transaction history <br>● Wire Transfer Instructions | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and account information <br>● Account balance and transaction history <br>● Wire Transfer Instructions |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Horizon Funds chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Horizon Funds chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Horizon Funds chooses to share; and whether you can limit this sharing. |
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;Does Horizon Funds share? | &nbsp;&nbsp;Can you limit this sharing? |
| &nbsp;&nbsp;**For our everyday business purposes** —<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**For our everyday business purposes** —<br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes** —<br> to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes** —<br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** — <br> information about your transactions and experiences or creditworthiness | &nbsp;&nbsp;**For our affiliates' everyday business purposes** — <br> information about your transactions and experiences or creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-855-754-7932 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Page 2** | |
| &nbsp;&nbsp;**Who we are** |  |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Horizon Funds |
| &nbsp;&nbsp;**What we do** |  |
| &nbsp;&nbsp;**How does Horizon Funds protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;**How does Horizon Funds collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you <br>● Open an account <br>● Provide account information <br>● Give us your contact information <br>● Make deposits or withdrawals from your account <br>● Make a wire transfer <br>● Tell us where to send the money <br>● Tell us who receives the money <br>● Show your government-issued ID <br>● Show your driver's license |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only <br>● Sharing for affiliates' everyday business purposes – information about your creditworthiness <br>● Affiliates from using your information to market to you <br>● Sharing for non-affiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** |  |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. <br>● *Our affiliates include companies such as Horizon Investments, LLC.* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies <br>● *Non-affiliates we share with can include financial companies such as custodians, transfer agents, registered representatives, financial advisers, and nonfinancial companies such as fulfillment, proxy voting, and class action service providers.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>● *Horizon Funds does not jointly market.* |

---

***Investment Adviser***<br> Horizon Investments, LLC<br> 6210 Ardrey Kell Road, Suite 300

**Investment Adviser**<br> Horizon Investments, LLC<br> 6210 Ardrey Kell Road, Suite 300<br> Charlotte, NC 28277

**Distributor**<br> Quasar Distributors, LLC<br> 111 E. Kilbourn Ave, Suite 2200<br> Milwaukee, WI 53202

**Custodian**<br> U.S. Bank N.A.<br> Custody Operations<br> 1555 N. RiverCenter Drive, Suite 302<br> Milwaukee, WI 53212

**Transfer Agent, Fund Accountant and Fund Administrator** <br> U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services<br> 615 East Michigan Street<br> Milwaukee, WI 53202

**Independent Registered Public Accounting Firm**<br> Cohen & Company, Ltd.<br> 342 North Water Street, Suite 830<br> Milwaukee, WI 53202

**Legal Counsel**<br> Kilpatrick Townsend & Stockton LLP<br> 1001 West Fourth Street<br> Winston-Salem, NC 27101

**How to Obtain Proxy Voting Information** 

Information regarding how the Funds vote proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling l-855-754-7932 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings** 

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds' Part F of Form N-PORT is available without charge, upon request on the SEC's website (http://www.sec.gov) and is available by calling 1-855-754-7932.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable for this Registrant

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

Incorporated by reference to the Registrant's Form N-CSR filed February 1, 2018.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Todd Gaylord is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant, Cohen & Company, Ltd., to perform audit services, audit-related services, and tax services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the registrant's tax returns and taxable income and excise calculations and year to date estimates for book-to-tax differences. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2022 | FYE 11/30/2021 |
| Audit Fees | $108500 | $108500 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $24500 | $24500 |
| All Other Fees | $7500 | $7500 |

---

The percentage of fees billed by Cohen & Company, Ltd. for the fiscal years ended November 30, 2022 and November 30, 2021, respectively, applicable to non-audit services pursuant to a waiver of the pre-approval requirement was as follows:

---

| | |
|:---|:---|
| | FYE 11/30/2021 |
| Audit-Related Fees | 0% |
| Tax Fees | 0% |
| All Other Fees | 0% |

---

All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountants for services to the registrant and to the registrant's investment adviser or Service Affiliates (as defined below) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 11/30/2022 | FYE 11/30/2021 |
| Registrant | $3232.50 | $3600 |
| Registrant's Investment Adviser | $0 | $0 |

---

Because the registrant's accountants have not rendered any non-audit services during the last two fiscal years to the registrant's investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (together with the registrant's investment adviser, "Service Affiliates") that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's board of directors has not considered whether the provision of such services to the registrant's investment adviser or the Service Affiliates is compatible with maintaining the independence of the registrant's accountant.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not adopted any procedure by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 11. Controls and Procedures.</u>**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on an evaluation of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within
90 days prior to the filing date of this Form N-CSR, that the disclosure controls and procedures are effectively designed to ensure that
information required to be disclosed by the registrant in this Form N-CSR is recorded, processed, summarized and reported by the filing
date, including ensuring that information required to be disclosed in this Form N-CSR is accumulated and communicated to the registrant's
management, including the registrant's principal executive officer and principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Exhibits.</u>**

(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed February 1, 2018.](http://www.sec.gov/Archives/edgar/data/1643174/000119312518028646/d474566dex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0081239-3_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

 

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fp0081239-3_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant)<u> </u> | Horizon Funds |
| By (Signature and Title)\* | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date: | 2/2/23 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*<u> </u> | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date: | 2/2/23 |
| By (Signature and Title)\* | /s/ Stephen Terry |
|  | Stephen Terry, Treasurer and Principal Financial Officer |
| Date: | 2/2/23 |

---

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, John Drahzal, certify that:

1. I have reviewed this report on Form N-CSR of Horizon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/23 | /s/ John Drahzal |
|  |  | John Drahzal |
|  |  | Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Stephen Terry, certify that:

1. I have reviewed this report on Form N-CSR of Horizon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/23 | /s/ Stephen Terry |
|  |  | Stephen Terry |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Horizon Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Horizon Funds for the year ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Horizon Funds for the stated period.

---

| | |
|:---|:---|
| /s/ John Drahzal | /s/ Stephen Terry |
| John Drahzal | Stephen Terry |
| Principal Executive Officer, Horizon Funds | Treasurer and Principal Financial Officer, <br> Horizon Funds |

---

Dated: <u>2/2/23</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Horizon Funds for purposes of Section 18 of the Securities Exchange Act of 1934.