# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-26-011371
**Filing Date:** 2026-6
**Character Count:** 49246
**Document Hash:** 755a60f8e92af950093acc1dce11e63f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-011371.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001398344-26-011371

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293278
- **FILM NUMBER:** 261136084

**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

Filed with the Securities and Exchange Commission on June 29, 2026

**Securities Act File No. 333-293278**

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

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

**Pre-Effective Amendment No.** 

**Post-Effective Amendment No. 1**

**HORIZON FUNDS**

*(Exact Name of Registrant as Specified in Charter)*

**6210 Ardrey Kell Road, Suite 300**

**Charlotte, North Carolina 28277**

*(Address of Principal Executive Offices)* 

**(704) 544-2399**

*(Registrant's Area Code and Telephone Number)*

**Matthew S. Chambers**

**Horizon Funds**

**6210 Ardrey Kell Road, Suite 300**

**Charlotte, North Carolina 28277**

*(Name and Address of Agent for Service)*

*With Copies To:*

**Jeffrey T. Skinner, Esq.**

**Kilpatrick Townsend & Stockton LLP**

**1001 West Fourth Street**

**Winston-Salem, North Carolina 27101**

**EXPLANATORY NOTE:** This Post-Effective Amendment No. 1 to Horizon Funds (the "Registrant") Registration Statement on Form N-14 hereby incorporates [<u>Part A and Part B</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_n14a.htm) from the Registrant's Registration Statement on Form N-14 filed on March 13, 2026. This Post-Effective Amendment No. 1 is being filed for purposes of adding the final tax opinion as an exhibit to Part C of the Registration Statement.

**PART C**

**OTHER INFORMATION**

**ITEM 15: INDEMNIFICATION**

Reference is made to Article VII, Sections 2 and 3 of the Registrant's Declaration of Trust with respect to the Registrant. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**ITEM 16: EXHIBITS**

(1) (a) [<u>Declaration of Trust was previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/dot.htm)

(b) [<u>Certificate of Trust was previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/cot.htm)

(2) [<u>By-Laws were previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/bylaws.htm)

(3) Voting Trust Agreements -
 Not Applicable.

(4) Form of Agreement and Plan
 of Reorganization is filed as  **<u>Appendix A</u>** to the Proxy Statement and Prospectus set forth in Part A of this Registration Statement on Form N-14.

(5) Provisions
 of instruments defining the rights of holders of the securities by registered are contained in the Registrant's [<u>Certificate of Trust</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/cot.htm) , [<u>Declaration of Trust</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/dot.htm) and [<u>By-Laws</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/bylaws.htm) .

(6) Investment Advisory Contracts

(a) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Asset Allocation Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d1.htm)

(b) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Dividend Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d2.htm) .

(c) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Income Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d3.htm) **.** 

(d) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Risk Assist Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d4.htm) .

(e) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon Defined Risk Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d5.htm) .

(f) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon ESG Defensive Core Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d6.htm) .

(g) [<u>First Amendment to the Investment Advisory Agreement between the Registrant, on behalf of the Horizon ESG Defensive Core Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 33 to its Registration Statement on Form N-1A on September 29, 2022 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019425/fp0079901_ex9928d6a.htm)

(h) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon U.S. Defensive Equity Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d7.htm) .

(h) [<u>Investment Advisory Agreement between the Registrant, on behalf of the Horizon U.S. Defensive Equity Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d7.htm) .

(i) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon U.S. Defensive Small/Mid Cap Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928d8.htm)

(j) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Tactical Fixed Income Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928d9.htm)

(k) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Expedition Plus ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d10.htm)

(l) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Landmark ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d11.htm)

(m) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Expedition Plus ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d12.htm)

(n) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Landmark ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d13.htm)

(o) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Centre American Select Equity Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928d14.htm)

(p) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Centre Global Infrastructure Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928d15.htm)

(q) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Core Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d16.htm)

(r) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Core Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d17.htm)

(s) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Dividend Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d18.htm)

(t) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Dividend Income ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d19.htm)

(u) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Managed Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d20.htm)

(v) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Managed Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d21.htm)

(w) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Core Bond ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d22.htm)

(x) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Core Bond ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d23.htm)

(y) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Flexible Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d24.htm)

(z) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Flexible Income ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d25.htm)

(aa) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Nasdaq-100 Defined Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d26.htm)

(bb) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Nasdaq-100 Defined Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d27.htm)

(cc) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Digital Frontier ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d28.htm)

(dd) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Digital Frontier ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d29.htm)

(ee) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon Small/Mid Cap Core Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d31.htm)

(ff) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon Small/Mid Cap Core Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d32.htm)

(gg) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon International Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d33.htm)

(hh) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon International Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d34.htm)

(ii) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon International Managed Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d35.htm)

(jj) [<u>Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon International Managed Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d36.htm)

(kk) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Universal Fixed Income Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 57 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022765/fp0096683-1_ex9928d43.htm)

(ll) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Universal Fixed Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference</u>  **<u>.</u>**](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d38.htm)

(mm) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Dynamic Fixed Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference</u>  **<u>.</u>**](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d39.htm)

(nn) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Enhanced Market Strategy ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d37.htm)

(oo) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield U.S. Equity Sector Rotation ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d41.htm)

(pp) [<u>Form of Investment Advisory Agreement between the Registrant, on behalf of Regents Park Hedged Market Strategy ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025 and is incorporated by reference</u>  **<u>.</u>**](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d40.htm)

(7) (a) [<u>Distribution Agreement between the Registrant and Quasar Distributors, LLC, effective as of February 8, 2016, was previously filed with Pre-Effective Amendment No. 3 to the Registration Statement on Form N-1A on January 29, 2016, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-e_distrib.htm)

(b) [<u>Novation to the Distribution Agreement between the Registrant and Quasar Distributors, LLC effective as of September 30, 2021 (Novation Agreement) was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928e.htm)

(c) [<u>Form of First Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/dis_agr.htm)

(d) [<u>Second Amendment to Distribution Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928e3.htm)

(e) [<u>Form of Third Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e6.htm)

(f) [<u>Fourth Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e5.htm)

(g) [<u>Form of Fifth Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e6.htm)

(h) [<u>ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, effective as of December 10, 2024, previously filed with the Post-Effective Amendment No. 44 to the Registrant's Registration Statement on Form N-1A on January 14, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425000655/fp0091754-1_ex9928e2.htm)

(i) [<u>First Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, dated April 30, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928e9.htm)

(j) [<u>Form of Authorized Participant Agreement, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928e3.htm)

(k) [<u>Form of Second Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928e11.htm)

(l) [Form of Third Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, was previously filed with Post-Effective Amendment No. 74 to the Registrant's Registration Statement on Form N-1A on June 18, 2026, and is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426011042/fp0099499-1_ex9928e12.htm)

(8) Not Applicable

(9) (a) [<u>Custody Agreement between the Registrant and U.S. Bank National Association was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-g_custody.htm)

(b) [<u>Form of First Amendment to Custody Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/cus_agr.htm)

(c) [<u>Second Amendment to the Custody Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928g3.htm)

(d) [<u>Form of Third Amendment to the Custody Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928g4.htm)

(e) [<u>Fourth Amendment to the Custody Agreement dated June 25, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928g5.htm)

(f) [<u>Fifth Amendment to the Custody Agreement dated December 19, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928g6.htm)

(g) [<u>Sixth Amendment to the Custody Agreement dated March 8, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928g7.htm) .

(h) [<u>Seventh Amendment to the Custody Agreement dated December 20, 2022, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928g8.htm)

(i) [<u>Eighth Amendment to the Custody Agreement dated February 1, 2025, was previously filed with Post-Effective Amendment No. 48 to its Registration Statement on Form N-1A on March 28, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006146/fp0092770-1_ex9928g9.htm)

(j) [<u>Ninth Amendment to the Custody Agreement, dated April 10, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928g10.htm)

(k) [<u>ETF Custody Agreement between the Registrant and U.S. Bank National Association, dated as of January 17, 2025 was previously filed with Post Effective Amendment No. 45 to its Registration Statement on Form N-1A on January 28, 2025 and incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425001233/fp0092106-1_ex9928g9.htm)

(l) [<u>First Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, dated May 28, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928g12.htm)

(m) [<u>Second Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, dated October 28, 2025, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928g13.htm)

(n) [Third Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, was previously filed with Post-Effective Amendment No. 74 to the Registrant's Registration Statement on Form N-1A on June 18, 2026 and is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426011042/fp0099499-1_ex9928g14.htm)

(10) (a) [<u>Distribution Plan pursuant to Rule 12b-1, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928m.htm) [<u>.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928m.htm)

(b) [<u>Amended and Restated Distribution Plan pursuant to Rule 12b-1, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.</u>](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928m2.htm)

(c) [<u>Second Amended and Restated Distribution Plan pursuant to Rule 12b-1, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928m3.htm)

(d) [<u>Third Amended and Restated Distribution Plan pursuant to Rule 12b-1, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928m4.htm)

(e) [Fourth Amended and Restated Distribution Plan pursuant to Rule 12b-1, was previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14/A on March 13, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_ex991610e.htm)

(11) [Form of Opinion and Consent of Counsel as to the legality of the securities being registered, was previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14/A on March 13, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_ex991611.htm)

(12) [Form of Opinion and Consent of Counsel as to Tax Matters, **filed herewith.**](fp0099688-1_ex991612.htm)

(13) Other Material Contracts –
 Not Applicable

(14) [(a) Consent of independent registered public accounting firm (Cohen), was previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14/A on March 13, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_ex991614a.htm) [(b) Consent of independent registered public accounting firm (Deloitte), was previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14/A on March 13, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_ex991614b.htm)

(15) Omitted Financial Statements
 - Not Applicable.

(16) [<u>Powers of Attorney was previously filed with the Registrant's Registration Statement on Form N-14 (File No. 33-293278)</u> <u>on February 6, 2026, and is incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643174/000139834426002433/fp0097471-1_ex991616.htm)

(17) [Form of Proxy Cards, was previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14/A on March 13, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005112/fp0097918-1_ex991617.htm)

**ITEM 17: UNDERTAKINGS**

1. The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of the registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

2. The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

3. The undersigned registrant undertakes to file an opinion of counsel supporting the tax consequences to shareholders discussed in the combined proxy statement and prospectus in a post-effective amendment to this registration statement.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement has been signed on behalf of the Registrant, duly authorized, in the City of Charlotte, State of North Carolina, on the 29th day of June 2026.

---

| | |
|:---|:---|
| **Horizon Funds** | **Horizon Funds** |
| By:  | /s/ John Drahzal |
|  | John Drahzal |
|  | President |

---

As required by the Securities Act of 1933, this registration statement has been signed on the 12<sup>th</sup> day of March 2026 by the following persons in the capacities set forth below.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ John Drahzal | President and Trustee | June 29, 2026 |
| John Drahzal |  |  |
| John W. Davidson\* | Trustee | June 29, 2026 |
| John W. Davidson |  |  |
| Todd W. Gaylord\* | Trustee | June 29, 2026 |
| Todd W. Gaylord |  |  |
| Thomas W. Okel\* | Trustee | June 29, 2026 |
| Thomas W. Okel |  |  |
| /s/ Steve Terry | Treasurer | June 29, 2026 |
| Steve Terry |  |  |

---

---

| | |
|:---|:---|
| \*By  | /s/ Matthew Chambers |
|  | Matthew Chambers |

---

\* As Attorney-in-Fact pursuant to Powers of Attorney

**Exhibit Index**

[Form of Opinion and Consent of Counsel as to Tax Matters](fp0099688-1_ex991612.htm) [(12)](fp0099688-1_ex991612.htm)

## Exhibit 99.16

---

| | | |
|:---|:---|:---|
| ![](image_002.jpg) | **Kilpatrick Townsend & Stockton LLP**<br> ktslaw.com | 1001 West Fourth Street<br> Winston-Salem, NC 27101-2400 |

---

June 26, 2026

Board of Trustees

Horizon Funds

6210 Ardrey Kell Rd #300

Charlotte, North Carolina 28277

Board of Trustees

Two Roads Shared Trust

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Ladies and Gentlemen:

As counsel to the Horizon Funds, a Delaware statutory trust ("<u>Horizon Funds</u>" or "<u>Acquiring Trust</u>"), on behalf of each segregated portfolio of assets ("<u>series</u>") listed under the heading "Acquiring Funds" on Schedule A ("<u>Schedule A</u>") (each, an "<u>Acquiring Fund</u>"), we have been asked to advise you concerning the anticipated U.S. federal income tax consequences of the transactions to be carried out under that certain Agreement and Plan of Reorganization, dated as of April 1, 2026 (the "<u>Agreemen</u>t"), by and between Horizon Funds, on behalf of each Acquiring Fund, Two Roads Shared Trust, a Delaware statutory trust ("<u>Two Roads</u>" or "<u>Target Trust</u>"), on behalf of each of its series listed under the heading "Target Funds" on Schedule A (each, a "<u>Target Fund</u>"), solely for purposes of paragraphs 4.4, 5.11, and 8.2 of the Agreement, Horizon Investments, LLC, a South Carolina limited liability company, and solely for purposes of paragraphs 4.3, 5.15, and 8.2 of the Agreement, Regents Park Funds, LLC, a California limited liability company, and Anfield Capital Management, LLC, a California limited liability company. Each Acquiring Fund is newly formed and has had no operations to date.

The following transactions with respect to each Target Fund and its corresponding Acquiring Fund as set forth on Schedule A (each such transaction referred to collectively as the "<u>Reorganization</u>") are contemplated under the Agreement: (i) each Target Fund will transfer all of the Target Fund's assets to the corresponding Acquiring Fund solely in exchange for Acquiring Fund shares (collectively the "<u>Acquiring Fund Shares</u>"), in each case, of beneficial interest having an aggregate net asset value equal to the value of the Target Fund's assets (net of the liabilities of the Target Fund), and (ii) each Target Fund will distribute the Acquiring Fund shares received in step (i) to the record holders of the Target Fund in accordance with their respective interests in the Target Fund determined as of the Closing in complete liquidation of the Target Fund.

Except as otherwise provided, all terms not defined in this letter shall have the meanings ascribed to them (or defined by reference) in the Agreement. For purposes of this opinion, the term "Code" means the Internal Revenue Code of 1986, as amended, and all Section references are to the Code unless otherwise specified.

In rendering this opinion, we have examined the Agreement, the Registration Statement on Form N-14 of the Horizon Funds and Acquiring Funds relating to the Reorganization (the "<u>Registration Statement</u>") and such other documents and materials as we have deemed relevant. For purposes of rendering our opinions, we have relied exclusively as to the factual matters of the statements made in the Agreement and representations made to us by officers of Two Roads Shared Trust on behalf of each Target Fund and by officers of the Horizon Funds on behalf of each Acquiring Fund. We have assumed for all purposes that the Reorganization will be effected as set forth above and as described in the Agreement and the

Registration Statement. We have not made any independent investigation of the representations in connection with each Reorganization.

**SCOPE OF OPINION**

The opinion expressed in this letter is rendered only with respect to the specific matters discussed in this letter. We express no opinion with respect to any other U.S. federal, state, local or non-U.S. income tax or legal aspect of the Reorganization, and no inference should be drawn with respect to any matter not expressly opined upon.

Our opinion expressed is based upon existing law, regulations, administrative pronouncements, and judicial authority, all as in effect as of today's date. This opinion represents our best legal judgment as to the matters addressed in this letter but is not binding on the Internal Revenue Service ("<u>IRS</u>") or the courts. Accordingly, no assurance can be given that this opinion, if contested, would be sustained by the IRS or a court. Furthermore, the authorities upon which we rely may be changed at any time, potentially with retroactive effect. No assurances can be given as to the effect of any such changes on the conclusions expressed in this opinion.

**OPINION**

Based upon the representations as set forth above, and subject to the conditions and limitations included in the portion of this letter entitled SCOPE OF OPINION, we are of the opinion that for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Reorganization
 will constitute a "reorganization" within the meaning of Section 368(a)(1)(F)
 of the Code, and the Acquiring Fund and the Target Fund will each be "a party to a
 reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no gain or
 loss will be recognized by the Target Fund upon the transfer of all of its assets to the
 Acquiring Fund in exchange solely for the Acquiring Fund Shares and the assumption by the
 Acquiring Fund of the liabilities of the Target Fund, or upon the distribution (whether actual
 or constructive) of Acquiring Fund Shares to the Target Fund Shareholders in exchange for
 their Target Fund shares in complete liquidation of the Target Fund pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no gain or
 loss will be recognized by the Acquiring Fund upon the receipt of the assets of the Target
 Fund solely in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund
 of the liabilities of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no gain or
 loss will be recognized by the Target Fund Shareholders upon the distribution to them by
 the Target Fund of the Acquiring Fund Shares solely in exchange for their Target Fund shares
 as part of the Reorganization (except with respect to cash received by Target Fund Shareholders
 in lieu of fractional shares, if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the basis
 of the Acquiring Fund Shares received by each Target Fund Shareholder in the Reorganization
 will be the same as the basis of the shareholder's exchanged Target Fund shares (reduced
 by any amount of tax

basis allocable to fractional shares for which cash is received by Target Fund Shareholders in lieu of fractional shares. if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the
 holding period of the Acquiring Fund Shares received by each Target Fund Shareholder (including
 fractional shares to which they may be entitled) will include the period during which the
 surrendered Target Fund shares were held by such Target Fund Shareholder. provided that the
 Target Fund shares were held as a capital asset at the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the tax basis
 of each asset of the Target Fund acquired by the Acquiring Fund will be the same as the tax
 basis of such asset in the hands of the Target Fund immediately prior to the transfer of
 the asset to the Acquiring Fund in the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the holding
 period of each asset of the Target Fund received by the Acquiring Fund will include the period
 during which that asset was held by the Target Fund;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Acquiring
 Fund will succeed to and take into account those tax anributes of the Target Fund that arc
 described in Sections 381,382.383 and 384 of the Code, subject to the conditions and limitations
 specified in the Code. applicable Treasury Regulations and existing court decisions and published
 interpretations of the Code and Treasury Regulations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the
 taxable year of the Acquired Fund will not end as a result of the Reorganization.

The opinion expressed in this letter is for the exclusive benefit of Target Trust, Target Funds, Acquiring Trust. Acquiring Funds and their respective shareholders. No other person shall be entitled to rely on this opinion. Notwithstanding paragraphs (2) and (4) above, we express no opinion as to the effect of the Reorganization on the Target Funds, or any Target Fund Shareholder. with respect to any asset as to -which any unrealized gain or loss is required to be recognized for U.S. federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.

We consent to the references to our firm in the Registration Statement and to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we arc experts within the meaning of Section 11 of the Securities Act of 1933, as amended. or within the category of persons whose consent is required by Section 7 of such Act.

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| |
|:---|
| Very truly yours, |
| /s/ Kilpatrick Townsend & Stockton LLP |
| KILPATRICK TOWNSEND & STOCKTON LLP |

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<u>**SCHEDULE A**</u>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Target Fund (series of Two Roads Shared Trust)** | | &nbsp;&nbsp;**Acquiring Fund (series of Horizon Funds)** |
| &nbsp;&nbsp;Anfield U.S. Equity Sector Rotation ETF | →<br>| &nbsp;&nbsp;Anfield U.S. Equity Sector Rotation ETF |
| &nbsp;&nbsp;Anfield Universal Fixed Income ETF | → | &nbsp;&nbsp;Anfield Universal Fixed Income ETF |

---