# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-26-002505
**Filing Date:** 2026-2
**Character Count:** 797054
**Document Hash:** 47305e9e3833b1c9b8656e6708fe5973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002505.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001398344-26-002505

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 26610966

**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 Equity Premium Income 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 Defensive Core Fund (Series ID: S000065863)

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

### Horizon Multi-Factor U.S. Equity Fund (Series ID: S000065864)

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

### Horizon Tactical Fixed Income Fund (Series ID: S000079219)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000240162 | Investor Class | HTFNX           |
| C000240163 | Advisor Class  | HTFAX           |

### Horizon Multi-Factor Small/Mid Cap Fund (Series ID: S000079220)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000240165 | Investor Class | HSMNX           |
| C000240166 | Advisor Class  | HSMBX           |

### HORIZON EXPEDITION PLUS ETF (Series ID: S000089818)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256618 | HORIZON EXPEDITION PLUS ETF |  |

### Horizon Landmark ETF (Series ID: S000089819)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000256619 | Horizon Landmark ETF |  |

### Centre American Select Equity Fund (Series ID: S000089995)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000256868 | Investor Class | DHANX           |
| C000256869 | Advisor Class  | DHAMX           |

### Centre Global Infrastructure Fund (Series ID: S000089996)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000256871 | Investor Class | DHINX           |
| C000256872 | Advisor Class  | DHIVX           |

### Horizon Core Bond ETF (Series ID: S000093283)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000261448 | Horizon Core Bond ETF |  |

### Horizon Core Equity ETF (Series ID: S000093284)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000261449 | Horizon Core Equity ETF |  |

### Horizon Digital Frontier ETF (Series ID: S000093285)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000261450 | Horizon Digital Frontier ETF |  |

### Horizon Dividend Income ETF (Series ID: S000093286)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000261451 | Horizon Dividend Income ETF |  |

### Horizon Flexible Income ETF (Series ID: S000093287)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000261452 | Horizon Flexible Income ETF |  |

### Horizon Managed Risk ETF (Series ID: S000093288)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000261453 | Horizon Managed Risk ETF |  |

### Horizon Nasdaq-100 Defined Risk ETF (Series ID: S000093289)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000261454 | Horizon Nasdaq-100 Defined Risk ETF |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

**<u>Charlotte, North Carolina 28277</u>**

(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>**

(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, 2025</u>**

Date of reporting period: **<u>November 30, 2025</u>**

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

(a) ### Centre American Select Equity Fund

### Advisor Class
*Ticker: DHAMX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Centre American Select Equity Fund (the "Fund") for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/case-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class<sup>(1)</sup> | $19 | 1.12% |

---

<sup>(1)</sup> Expense reported are for the period of October 1, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

Within the two-month period ended November 30, 2025, the strongest contributors to performance within the Fund included Albemarle Corp., Sealed Air, Micron Technology, Applied Materials, Broadcom, Analog Devices, Lamar Advertising, Medtronic, Newmont, and Nucor. Stock investments that contributed negatively to the Fund's relative performance over the period were Chemours, Smurfit Westrock, Dollar Tree, Generac Holdings, Pfizer, Vici Properties, Clorox, GE Vernova, Verizon, and Tyson Foods. Sectoral Biases, particularly the Fund's underweight posture in the Communication Services sector, contributed negatively, as well as the impact from hedging instruments, namely protective put options on the S&P 500 Index.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $297530510 |
| Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate (%) | 29% |
| Total Advisory Fees Paid ($) | $366621 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Financials | 23.6% |
| Materials | 20.6% |
| Industrials | 13.3% |
| Information Technology | 13.1% |
| Real Estate | 11.9% |
| Health Care | 2.6% |
| Energy | 2.6% |
| Utilities | 2.0% |
| Cash & Other | 10.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **% of Net Assets** |
| iShares Russell 2000 ETF | 9.6% |
| Micron Technology, Inc. | 4.4% |
| Newmont Goldcorp Corp. | 3.9% |
| Albemarle Corp. | 3.7% |
| Applied Materials, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| BXP, Inc. | 3.1% |
| Weyerhaeuser Co. | 3.0% |
| Citizens Financial Group, Inc. | 2.9% |
| Truist Financial Corp. | 2.9% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Centre American Select Equity Fund (Adv) |
| S&P 500 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-40_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Centre American Select Equity Fund - Advisor Class | 10.61% | 13.98% | 13.24% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/case-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Centre American Select Equity Fund

### Investor Class
*Ticker: DHANX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Centre American Select Equity Fund (the "Fund") for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/case-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class<sup>(1)</sup> | $16 | 0.97% |

---

<sup>(1)</sup> Expense reported are for the period of October 1, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

Within the two-month period ended November 30, 2025, the strongest contributors to performance within the Fund included Albemarle Corp., Sealed Air, Micron Technology, Applied Materials, Broadcom, Analog Devices, Lamar Advertising, Medtronic, Newmont, and Nucor. Stock investments that contributed negatively to the Fund's relative performance over the period were Chemours, Smurfit Westrock, Dollar Tree, Generac Holdings, Pfizer, Vici Properties, Clorox, GE Vernova, Verizon, and Tyson Foods. Sectoral Biases, particularly the Fund's underweight posture in the Communication Services sector, contributed negatively, as well as the impact from hedging instruments, namely protective put options on the S&P 500 Index.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $297530510 |
| Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate (%) | 29% |
| Total Advisory Fees Paid ($) | $366621 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Financials | 23.6% |
| Materials | 20.6% |
| Industrials | 13.3% |
| Information Technology | 13.1% |
| Real Estate | 11.9% |
| Health Care | 2.6% |
| Energy | 2.6% |
| Utilities | 2.0% |
| Cash & Other | 10.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **% of Net Assets** |
| iShares Russell 2000 ETF | 9.6% |
| Micron Technology, Inc. | 4.4% |
| Newmont Goldcorp Corp. | 3.9% |
| Albemarle Corp. | 3.7% |
| Applied Materials, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| BXP, Inc. | 3.1% |
| Weyerhaeuser Co. | 3.0% |
| Citizens Financial Group, Inc. | 2.9% |
| Truist Financial Corp. | 2.9% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Centre American Select Equity Fund (Inv) |
| S&P 500 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-42_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Centre American Select Equity Fund - Investor Class | 10.81% | 14.39% | 13.64% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/case-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Centre Global Infrastructure Fund

### Advisor Class
*Ticker: DHIVX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Centre Global Infrastructure Fund (the "Fund") for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class<sup>(1)</sup> | $22 | 1.30% |

---

<sup>(1)</sup> Expense reported are for the period of October 1, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

Within the two-month period ended November 30, 2025, the strongest contributors to performance within the Fund included HCA Healthcare, KDDI Corp., Algonquin Power, Southern Co., Singapore Telecommunications, Aena SME, Duke Energy, NTT Inc., and ABB Ltd. Stock investments that contributed negatively to the Fund's relative performance over the period were AT&T, Verizon, T-Mobile, NextEra Energy, Northland Power, Schneider Electric, Telefonica, Constellation Energy, and American Electric Power. Sectoral Biases, particularly the Fund's overweight posture in Communication Services, contributed negatively while Health Care contributed positively from relative performance. Overweight allocations to Japan and Canada contributed negatively as did an underweight posture in Australia.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $84657105 |
| Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate (%) | 8% |
| Total Advisory Fees Paid ($) | $105861 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Industry Breakdown** | **% of Net Assets** |
| Utilities | 25.4% |
| Telecommunication Services | 23.6% |
| Energy | 19.7% |
| Diversified Telecommunication Services | 5.8% |
| Health Care Providers & Services | 5.4% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Capital Goods | 3.3% |
| Transportation | 3.2% |
| Electric Utilities | 2.6% |
| Cash & Other | 5.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **% of Net Assets** |
| Enbridge, Inc. | 6.0% |
| AT&T, Inc. | 5.8% |
| HCA Healthcare, Inc. | 5.4% |
| Verizon Communications, Inc. | 5.2% |
| Williams Cos., Inc. | 4.2% |
| Deutsche Telekom AG | 3.6% |
| SoftBank Group Corp. | 3.2% |
| T-Mobile US, Inc. | 3.2% |
| NextEra Energy, Inc. | 3.1% |
| TC Energy Corp. | 3.2% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 57.1% |
| Canada | 13.6% |
| Japan | 7.3% |
| Germany | 4.4% |
| Spain | 4.1% |
| France | 3.5% |
| United Kingdom | 2.5% |
| Switzerland | 2.4% |
| Australia | 1.8% |
| Cash & Other | 3.3% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Centre Global Infrastructure Fund (Adv) |
| MSCI World Index (USD) |
| S&P Global Infrastructure Index (Net Total Return) |

---

![Ad2 Performance Graph](fp0096954-37_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (01/29/2018)**  |
| Centre Global Infrastructure Fund - Advisor Class | 9.74% | 9.69% | 6.53% |
| MSCI World Index | 16.99% | 12.90% | 10.82% |
| S&P Global Infrastructure Index | 16.88% | 10.82% | 6.97% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cgi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Centre Global Infrastructure Fund

### Investor Class
*Ticker: DHINX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Centre Global Infrastructure Fund (the "Fund") for the period of October 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/cgi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class<sup>(1)</sup> | $19 | 1.15% |

---

<sup>(1)</sup> Expense reported are for the period of October 1, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

Within the two-month period ended November 30, 2025, the strongest contributors to performance within the Fund included HCA Healthcare, KDDI Corp., Algonquin Power, Southern Co., Singapore Telecommunications, Aena SME, Duke Energy, NTT Inc., and ABB Ltd. Stock investments that contributed negatively to the Fund's relative performance over the period were AT&T, Verizon, T-Mobile, NextEra Energy, Northland Power, Schneider Electric, Telefonica, Constellation Energy, and American Electric Power. Sectoral Biases, particularly the Fund's overweight posture in Communication Services, contributed negatively while Health Care contributed positively from relative performance. Overweight allocations to Japan and Canada contributed negatively as did an underweight posture in Australia.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $84657105 |
| Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate (%) | 8% |
| Total Advisory Fees Paid ($) | $105861 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Industry Breakdown** | **% of Net Assets** |
| Utilities | 25.4% |
| Telecommunication Services | 23.6% |
| Energy | 19.7% |
| Diversified Telecommunication Services | 5.8% |
| Health Care Providers & Services | 5.4% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Capital Goods | 3.3% |
| Transportation | 3.2% |
| Electric Utilities | 2.6% |
| Cash & Other | 5.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **% of Net Assets** |
| Enbridge, Inc. | 6.0% |
| AT&T, Inc. | 5.8% |
| HCA Healthcare, Inc. | 5.4% |
| Verizon Communications, Inc. | 5.2% |
| Williams Cos., Inc. | 4.2% |
| Deutsche Telekom AG | 3.6% |
| SoftBank Group Corp. | 3.2% |
| T-Mobile US, Inc. | 3.2% |
| NextEra Energy, Inc. | 3.1% |
| TC Energy Corp. | 3.2% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 57.1% |
| Canada | 13.6% |
| Japan | 7.3% |
| Germany | 4.4% |
| Spain | 4.1% |
| France | 3.5% |
| United Kingdom | 2.5% |
| Switzerland | 2.4% |
| Australia | 1.8% |
| Cash & Other | 3.3% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Centre Global Infrastructure Fund (Inv) |
| MSCI World Index (USD) |
| S&P Global Infrastructure Index (Net Total Return) |

---

![Ad2 Performance Graph](fp0096954-39_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (01/29/2018)**  |
| Centre Global Infrastructure Fund - Investor Class | 9.93% | 10.07% | 6.87% |
| MSCI World Index | 16.99% | 12.90% | 10.82% |
| S&P Global Infrastructure Index | 16.88% | 10.82% | 6.97% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cgi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Asset Allocation Fund

### Investor Class
*Ticker: AAANX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aaa-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $125 | 1.18% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 11.46% for the 12 months ended November 30, 2025. The Fund underperformed its benchmarks, the S&P Global BMI ex-US Net Index and the S&P 500 Total Return Index, which returned 25.24% and 15.00% respectively for the same Period.

This underperformance was due to the Fund's overweight to domestic equities in the first half of the Period and to the extremely concentrated nature of returns in the U.S. equity market during the Period.

Additionally, the uncertain macroeconomic environment and the choppy nature of intra-equity market trends were a headwind to the Fund's tactical investment process during the Period.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $743360055 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate (%) | 90% |
| Total Advisory Fees Paid ($) | $7680639 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 7.6% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.0% |
| Industrials | 0.9% |
| Health Care | 0.6% |
| Financials | 0.4% |
| Utilities | 0.3% |
| Consumer Staples | 0.2% |
| Energy | 0.1% |
| Cash & Other | 84.6% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.2% |
| Germany | 0.3% |
| China | 0.3% |
| Ireland | 0.2% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Cash & Other | -6.5% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 84.5% |
| Common Stocks | 15.4% |
| Investments Purchased with Proceeds from Securities Lending | 6.6% |
| Money Market Funds | 0.2% |
| Cash & Other | -6.7% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Horizon Active Asset Allocation Fund (Inv) |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |

---

![Ad2 Performance Graph](fp0096954-15_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Horizon Active Asset Allocation Fund - Investor Class | 11.46% | 9.94% | 9.11% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 7.89% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Asset Allocation Fund

### Advisor Class
*Ticker: HASAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aaa-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $142 | 1.34% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 11.30% for the 12 months ended November 30, 2025. The Fund underperformed its benchmarks, the S&P Global BMI ex-US Net Index and the S&P 500 Total Return Index, which returned 25.24% and 15.00% respectively for the same Period.

This underperformance was due to the Fund's overweight to domestic equities in the first half of the Period and to the extremely concentrated nature of returns in the U.S. equity market during the Period.

Additionally, the uncertain macroeconomic environment and the choppy nature of intra-equity market trends were a headwind to the Fund's tactical investment process during the Period.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $743360055 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate (%) | 90% |
| Total Advisory Fees Paid ($) | $7680639 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 7.6% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.0% |
| Industrials | 0.9% |
| Health Care | 0.6% |
| Financials | 0.4% |
| Utilities | 0.3% |
| Consumer Staples | 0.2% |
| Energy | 0.1% |
| Cash & Other | 84.6% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.2% |
| Germany | 0.3% |
| China | 0.3% |
| Ireland | 0.2% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Cash & Other | -6.5% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 84.5% |
| Common Stocks | 15.4% |
| Investments Purchased with Proceeds from Securities Lending | 6.6% |
| Money Market Funds | 0.2% |
| Cash & Other | -6.7% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Horizon Active Asset Allocation Fund (Adv) |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |

---

![Ad2 Performance Graph](fp0096954-13_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Horizon Active Asset Allocation Fund - Advisor Class | 11.30% | 9.76% | 8.97% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 7.89% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Asset Allocation Fund

### Institutional Class
*Ticker: HASIX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aaa-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class | $114 | 1.08% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 11.56% for the 12 months ended November 30, 2025. The Fund underperformed its benchmarks, the S&P Global BMI ex-US Net Index and the S&P 500 Total Return Index, which returned 25.24% and 15.00% respectively for the same Period.

This underperformance was due to the Fund's overweight to domestic equities in the first half of the Period and to the extremely concentrated nature of returns in the U.S. equity market during the Period.

Additionally, the uncertain macroeconomic environment and the choppy nature of intra-equity market trends were a headwind to the Fund's tactical investment process during the Period.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $743360055 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate (%) | 90% |
| Total Advisory Fees Paid ($) | $7680639 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 7.6% |
| Communication Services | 3.3% |
| Consumer Discretionary | 2.0% |
| Industrials | 0.9% |
| Health Care | 0.6% |
| Financials | 0.4% |
| Utilities | 0.3% |
| Consumer Staples | 0.2% |
| Energy | 0.1% |
| Cash & Other | 84.6% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.2% |
| Germany | 0.3% |
| China | 0.3% |
| Ireland | 0.2% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Cash & Other | -6.5% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 84.5% |
| Common Stocks | 15.4% |
| Investments Purchased with Proceeds from Securities Lending | 6.6% |
| Money Market Funds | 0.2% |
| Cash & Other | -6.7% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10 million investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Active Asset Allocation Fund - Institutional Class |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |

---

![Ad2 Performance Graph](fp0096954-14_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (09/09/2016)**  |
| Horizon Active Asset Allocation Fund - Institutional Class | 11.56% | 10.05% | 10.15% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.46% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 8.05% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Income Fund

### Investor Class
*Ticker: AIMNX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aim-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $97 | 0.95% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 3.61% for the 12 months ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% for the same Period.

This underperformance was due to the Fund's overweight to high yield corporate bonds in the first half of the Period, during which credit spreads widened materially.

Duration positioning was largely neutral over the Period and neither meaningfully contributed or detracted from returns.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $280644548 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate (%) | 93% |
| Total Advisory Fees Paid ($) | $1968181 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 99.9% |
| Investments Purchased with Proceeds from Securities Lending | 24.9% |
| Money Market Funds | 0.1% |
| Cash & Other | -24.9% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Horizon Active Income Fund (Inv) |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-21_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Horizon Active Income Fund - Investor Class | 3.61% | -0.78% | 0.83% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.99% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Income Fund

### Advisor Class
*Ticker: AIHAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aim-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $111 | 1.09% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 3.39% for the 12 months ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% for the same Period.

This underperformance was due to the Fund's overweight to high yield corporate bonds in the first half of the Period, during which credit spreads widened materially.

Duration positioning was largely neutral over the Period and neither meaningfully contributed or detracted from returns.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $280644548 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate (%) | 93% |
| Total Advisory Fees Paid ($) | $1968181 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 99.9% |
| Investments Purchased with Proceeds from Securities Lending | 24.9% |
| Money Market Funds | 0.1% |
| Cash & Other | -24.9% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Active Income Fund (Adv) |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-19_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (02/08/2016)**  |
| Horizon Active Income Fund - Advisor Class | 3.39% | -0.92% | 0.74% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.85% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Income Fund

### Institutional Class
*Ticker: AIRIX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/aim-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class | $87 | 0.85% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 3.61% for the 12 months ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70%% for the same Period.

This underperformance was due to the Fund's overweight to high yield corporate bonds in the first half of the Period, during which credit spreads widened materially.

Duration positioning was largely neutral over the Period and neither meaningfully contributed or detracted from returns.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $280644548 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate (%) | 93% |
| Total Advisory Fees Paid ($) | $1968181 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 99.9% |
| Investments Purchased with Proceeds from Securities Lending | 24.9% |
| Money Market Funds | 0.1% |
| Cash & Other | -24.9% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10 million investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Active Income Fund - Institutional Class |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-20_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (09/09/2016)**  |
| Horizon Active Income Fund - Institutional Class | 3.61% | -0.69% | 0.71% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.62% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Risk Assist Fund

### Investor Class
*Ticker: ARANX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/ara-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $123 | 1.17% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 9.51% for the 12 months ended November 30, 2025. The Fund was mixed against its three benchmarks for the same Period, underperforming the S&P Global BMI ex-US Net Index, which returned 25.24%, and the S&P 500 Total Return Index, which returned 15.00%, while outperforming the Bloomberg US Aggregate Bond Index, which returned 5.70%.

This mixed performance versus stated benchmarks was due to the Fund's tactical risk management process, which reacted aggressively to the market volatility in the first half of the Period.

Additionally, the Fund's overweight to domestic equities in the first half of the Period and the extremely concentrated nature of returns in the U.S. equity market during the Period weighed on performance versus the two equity benchmarks.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1412296908 |
| Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate (%) | 172% |
| Total Advisory Fees Paid ($) | $13302030 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 5.2% |
| Communication Services | 2.2% |
| Consumer Discretionary | 1.3% |
| Industrials | 0.8% |
| Health Care | 0.4% |
| Financials | 0.3% |
| Utilities | 0.2% |
| Consumer Staples | 0.1% |
| Finance and Insurance | 0.0% |
| Cash & Other | 89.5% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.3% |
| Germany | 0.1% |
| China | 0.1% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Netherlands | 0.1% |
| Cash & Other | -6.1% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 89.3% |
| Common Stocks | 10.5% |
| Investments Purchased with Proceeds from Securities Lending | 6.1% |
| Purchased Options | 0.3% |
| Money Market Funds | 0.1% |
| Written Options | -0.2% |
| Cash & Other | -6.1% |

---

 **How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Horizon Active Risk Assist Fund (Inv) |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-18_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Horizon Active Risk Assist<sup>®</sup> Fund - Investor Class | 9.51% | 8.74% | 6.57% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 7.89% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.99% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Risk Assist Fund

### Advisor Class
*Ticker: ARAAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/ara-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $138 | 1.32% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 9.36% for the 12 months ended November 30, 2025. The Fund was mixed against its three benchmarks for the same Period, underperforming the S&P Global BMI ex-US Net Index, which returned 25.24%, and the S&P 500 Total Return Index, which returned 15.00%, while outperforming the Bloomberg US Aggregate Bond Index, which returned 5.70%.

This mixed performance versus stated benchmarks was due to the Fund's tactical risk management process, which reacted aggressively to the market volatility in the first half of the Period.

Additionally, the Fund's overweight to domestic equities in the first half of the Period and the extremely concentrated nature of returns in the U.S. equity market during the Period weighed on performance versus the two equity benchmarks.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1412296908 |
| Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate (%) | 172% |
| Total Advisory Fees Paid ($) | $13302030 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 5.2% |
| Communication Services | 2.2% |
| Consumer Discretionary | 1.3% |
| Industrials | 0.8% |
| Health Care | 0.4% |
| Financials | 0.3% |
| Utilities | 0.2% |
| Consumer Staples | 0.1% |
| Finance and Insurance | 0.0% |
| Cash & Other | 89.5% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.3% |
| Germany | 0.1% |
| China | 0.1% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Netherlands | 0.1% |
| Cash & Other | -6.1% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 89.3% |
| Common Stocks | 10.5% |
| Investments Purchased with Proceeds from Securities Lending | 6.1% |
| Purchased Options | 0.3% |
| Money Market Funds | 0.1% |
| Written Options | -0.2% |
| Cash & Other | -6.1% |

---

**How did the Fund perform over the past 10 years?**

**Performance of Hypothetical $10,000 investment (November 30, 2015 to November 30, 2025)**

---

| |
|:---|
| Horizon Active Risk Assist Fund (Adv) |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-16_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Horizon Active Risk Assist<sup>®</sup> Fund - Advisor Class | 9.36% | 8.58% | 6.43% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.63% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 7.89% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.99% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Active Risk Assist Fund

### Institutional Class
*Ticker: ACRIX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/ara-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class | $112 | 1.07% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 9.61% for the 12 months ended November 30, 2025. The Fund was mixed against its three benchmarks for the same Period, underperforming the S&P Global BMI ex-US Net Index, which returned 25.24%, and the S&P 500 Total Return Index, which returned 15.00%, while outperforming the Bloomberg US Aggregate Bond Index, which returned 5.70%.

This mixed performance versus stated benchmarks was due to the Fund's tactical risk management process, which reacted aggressively to the market volatility in the first half of the Period.

Additionally, the Fund's overweight to domestic equities in the first half of the Period and the extremely concentrated nature of returns in the U.S. equity market during the Period weighed on performance versus the two equity benchmarks.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1412296908 |
| Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate (%) | 172% |
| Total Advisory Fees Paid ($) | $13302030 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 5.2% |
| Communication Services | 2.2% |
| Consumer Discretionary | 1.3% |
| Industrials | 0.8% |
| Health Care | 0.4% |
| Financials | 0.3% |
| Utilities | 0.2% |
| Consumer Staples | 0.1% |
| Finance and Insurance | 0.0% |
| Cash & Other | 89.5% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Net Assets** |
| United States | 105.3% |
| Germany | 0.1% |
| China | 0.1% |
| Taiwan | 0.1% |
| Hong Kong | 0.1% |
| Japan | 0.1% |
| Switzerland | 0.1% |
| Sweden | 0.1% |
| Netherlands | 0.1% |
| Cash & Other | -6.1% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 89.3% |
| Common Stocks | 10.5% |
| Investments Purchased with Proceeds from Securities Lending | 6.1% |
| Purchased Options | 0.3% |
| Money Market Funds | 0.1% |
| Written Options | -0.2% |
| Cash & Other | -6.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10 million investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Active Risk Assist Fund - Institutional Class |
| S&P 500 Total Return Index |
| S&P Global BMI ex-US Index |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-17_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (09/09/2016)**  |
| Horizon Active Risk Assist<sup>®</sup> Fund - Institutional Class | 9.61% | 8.86% | 7.41% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.46% |
| S&P Global BMI ex-US Index | 25.24% | 8.15% | 8.05% |
| Bloomberg Aggregate Bond Index | 5.70% | -0.31% | 1.62% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Defensive Core Fund

### Investor Class
*Ticker: HESGX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/defc-fund. You can also request this information by contacting us at 1-855-754-7932. **This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $95 | 0.92% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 6.30% for the 12 months ended November 30th, 2025. The Fund underperformed its two benchmarks for the same period, the S&P 500 Total Return Index, which returned 15.00% and the MSCI USA ESG Leaders Index (Gross), which returned 14.46%.

The Fund's underperformance was due to the Fund's tactical risk management process, which meaningfully reduced equity exposure during falling markets in the first half of the period, resulting in defensive positioning as broad markets quickly recovered from those losses.

The underlying equity exposure within the Fund partially offset losses from the tactical risk management process and contributed positively to the Fund's performance compared to the two benchmarks.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $491924388 |
| Number of Portfolio Holdings | 301 |
| Portfolio Turnover Rate (%) | 216% |
| Total Advisory Fees Paid ($) | $3194366 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 30.8% |
| Financials | 10.4% |
| Health Care | 9.5% |
| Communication Services | 9.0% |
| Consumer Discretionary | 9.0% |
| Consumer Staples | 6.4% |
| Industrials | 6.0% |
| Energy | 3.0% |
| Utilities | 2.8% |
| Cash & Other | 13.1% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 89.0% |
| Exchange Traded Funds | 8.9% |
| Real Estate Investment Trusts - Common | 1.7% |
| Money Market Funds | 0.3% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Defensive Core Fund (Inv) |
| S&P 500 Total Return Index |
| MSCI USA ESG Leaders Index (Gross) |

---

![Ad2 Performance Graph](fp0096954-30_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (12/26/2019)**  |
| Horizon Defensive Core Fund - Investor Class | 6.30% | 12.62% | 13.19% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.20% |
| MSCI USA ESG Leaders Index (Gross) | 14.46% | 15.51% | 15.48% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**How has the Fund changed over the past year?**

On March 29, 2025, the investment objective of the Fund was changed to reflect that the Horizon Defensive Core Fund seeks to capture the majority of returns associated with U.S. equity market investments, while mitigating downside risk through the use of a risk overlay strategy. Prior to that date, the Fund's investment objective was to generate comparable returns, before fees and expenses, to an equity-related index, while mitigating downside risk by allocating a portion of the Fund's portfolio to a risk overlay strategy.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/defc-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Defensive Core Fund

### Advisor Class
*Ticker: HESAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/defc-fund. You can also request this information by contacting us at 1-855-754-7932. **This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $110 | 1.07% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 6.16% for the 12 months ended November 30th, 2025. The Fund underperformed its two benchmarks for the same period, the S&P 500 Total Return Index, which returned 15.00% and the MSCI USA ESG Leaders Index (Gross), which returned 14.46%.

The Fund's underperformance was due to the Fund's tactical risk management process, which meaningfully reduced equity exposure during falling markets in the first half of the period, resulting in defensive positioning as broad markets quickly recovered from those losses.

The underlying equity exposure within the Fund partially offset losses from the tactical risk management process and contributed positively to the Fund's performance compared to the two benchmarks.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $491924388 |
| Number of Portfolio Holdings | 301 |
| Portfolio Turnover Rate (%) | 216% |
| Total Advisory Fees Paid ($) | $3194366 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 30.8% |
| Financials | 10.4% |
| Health Care | 9.5% |
| Communication Services | 9.0% |
| Consumer Discretionary | 9.0% |
| Consumer Staples | 6.4% |
| Industrials | 6.0% |
| Energy | 3.0% |
| Utilities | 2.8% |
| Cash & Other | 13.1% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 89.0% |
| Exchange Traded Funds | 8.9% |
| Real Estate Investment Trusts - Common | 1.7% |
| Money Market Funds | 0.3% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Defensive Core Fund (Adv) |
| S&P 500 Total Return Index |
| MSCI USA ESG Leaders Index (Gross) |

---

![Ad2 Performance Graph](fp0096954-28_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (01/08/2020)**  |
| Horizon Defensive Core Fund - Advisor Class | 6.16% | 12.44% | 13.04% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.21% |
| MSCI USA ESG Leaders Index (Gross) | 14.46% | 15.51% | 15.52% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**How has the Fund changed over the past year?**

On March 29, 2025, the investment objective of the Fund was changed to reflect that the Horizon Defensive Core Fund seeks to capture the majority of returns associated with U.S. equity market investments, while mitigating downside risk through the use of a risk overlay strategy. Prior to that date, the Fund's investment objective was to generate comparable returns, before fees and expenses, to an equity-related index, while mitigating downside risk by allocating a portion of the Fund's portfolio to a risk overlay strategy.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/defc-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Defined Risk Fund

### Investor Class
*Ticker: HNDRX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/def-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $109 | 1.04% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 9.68% for the 12 months ended November 30, 2025. The Fund underperformed its benchmark, the S&P 500 Total Return Index, which returned 15.00% for the same Period, but outperformed its other benchmark, the Bloomberg US Treasury 1-3 Years Index, which returned 5.06% for the same Period.

This mixed performance versus the two benchmarks was in line with expectations in a strong up-market for equities due to the Fund's option positions, which are designed to lower overall portfolio volatility.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $922150200 |
| Number of Portfolio Holdings | 519 |
| Portfolio Turnover Rate (%) | 13% |
| Total Advisory Fees Paid ($) | $6377433 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 31.9% |
| Financials | 13.0% |
| Health Care | 9.9% |
| Communication Services | 8.8% |
| Consumer Discretionary | 8.6% |
| Industrials | 8.3% |
| Consumer Staples | 4.8% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Cash & Other | 9.7% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 92.0% |
| Exchange Traded Funds | 6.5% |
| Real Estate Investment Trusts - Common | 1.7% |
| Investments Purchased with Proceeds from Securities Lending | 1.0% |
| Purchased Options | 0.9% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Written Options | -1.6% |
| Cash & Other | -0.9% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Defined Risk Fund (Inv) |
| S&P 500 Total Return Index |
| Bloomberg US Treasury 1-3 Years Index |

---

![Ad2 Performance Graph](fp0096954-22_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (12/28/2017)**  |
| Horizon Defined Risk Fund - Investor Class | 9.68% | 9.05% | 7.53% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.40% |
| Bloomberg US Treasury 1-3 Years Index | 5.06% | 1.70% | 2.12% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/def-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Defined Risk Fund

### Advisor Class
*Ticker: HADRX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/def-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $125 | 1.19% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 9.51% for the 12 months ended November 30, 2025. The Fund underperformed its benchmark, the S&P 500 Total Return Index, which returned 15.00% for the same Period, but outperformed its other benchmark, the Bloomberg US Treasury 1-3 Years Index, which returned 5.06% for the same Period.

This mixed performance versus the two benchmarks was in line with expectations in a strong up-market for equities due to the Fund's option positions, which are designed to lower overall portfolio volatility.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $922150200 |
| Number of Portfolio Holdings | 519 |
| Portfolio Turnover Rate (%) | 13% |
| Total Advisory Fees Paid ($) | $6377433 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 31.9% |
| Financials | 13.0% |
| Health Care | 9.9% |
| Communication Services | 8.8% |
| Consumer Discretionary | 8.6% |
| Industrials | 8.3% |
| Consumer Staples | 4.8% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Cash & Other | 9.7% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 92.0% |
| Exchange Traded Funds | 6.5% |
| Real Estate Investment Trusts - Common | 1.7% |
| Investments Purchased with Proceeds from Securities Lending | 1.0% |
| Purchased Options | 0.9% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Written Options | -1.6% |
| Cash & Other | -0.9% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Defined Risk Fund (Adv) |
| S&P 500 Total Return Index |
| Bloomberg US Treasury 1-3 Years Index |

---

![Ad2 Performance Graph](fp0096954-24_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (02/02/2018)**  |
| Horizon Defined Risk Fund - Advisor Class | 9.51% | 8.88% | 7.31% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.17% |
| Bloomberg US Treasury 1-3 Years Index | 5.06% | 1.70% | 2.18% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/def-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Equity Premium Income Fund

### Investor Class
*Ticker: HNDDX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/epi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $117 | 1.09% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 15.04% for the 12 months ended November 30th, 2025. The Fund outperformed its two benchmarks for the same period, the S&P 500 Total Return Index, which returned 15.00% and the CBOE S&P 500 Buy/Write Monthly Index, which returned 9.53%.

Relative to broad geographic benchmarks, performance was broadly in line with U.S. equity exposure but lagged pure international equity benchmarks, reflecting the portfolio's emphasis on U.S. dividend-paying companies, valuation discipline, and diversification constraints.

Relative to income-oriented and option-based benchmarks, the strategy outperformed higher-dividend and covered call benchmarks, benefiting from active security selection and a partial option overwrite that balanced income generation with retained equity upside.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $145114058 |
| Number of Portfolio Holdings | 204 |
| Portfolio Turnover Rate (%) | 10% |
| Total Advisory Fees Paid ($) | $967556 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 32.8% |
| Financials | 14.7% |
| Communication Services | 10.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 9.6% |
| Industrials | 7.3% |
| Consumer Staples | 6.4% |
| Energy | 3.2% |
| Utilities | 2.7% |
| Cash & Other | 1.8% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 99.7% |
| Money Market Funds | 1.1% |
| Real Estate Investment Trusts - Common | 0.1% |
| Written Options | -0.1% |
| Cash & Other | -0.8% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Equity Premium Income Fund (Inv) |
| S&P 500 Total Return Index |
| CBOE S&P 500 Buy/Write Monthly Index |

---

![Ad2 Performance Graph](fp0096954-52_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (12/28/2016)**  |
| Horizon Equity Premium Income Fund - Investor Class | 15.04% | 12.16% | 9.37% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.21% |
| CBOE S&P 500 Buy/Write Monthly Index | 9.53% | 9.36% | 7.16% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/epi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Equity Premium Income Fund

### Advisor Class
*Ticker: HADUX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/epi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $133 | 1.24% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 14.85% for the 12 months ended November 30th, 2025. The Fund underperformed its benchmark, S&P 500 Total Return Index, which returned 15.00% for the same Period, but outperformed its other benchmark, the CBOE S&P 500 Buy/Write Monthly Index, which returned 9.53%.

Relative to broad geographic benchmarks, performance was broadly in line with U.S. equity exposure but lagged pure international equity benchmarks, reflecting the portfolio's emphasis on U.S. dividend-paying companies, valuation discipline, and diversification constraints.

Relative to income-oriented and option-based benchmarks, the strategy outperformed higher-dividend and covered call benchmarks, benefiting from active security selection and a partial option overwrite that balanced income generation with retained equity upside.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $145114058 |
| Number of Portfolio Holdings | 204 |
| Portfolio Turnover Rate (%) | 10% |
| Total Advisory Fees Paid ($) | $967556 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 32.8% |
| Financials | 14.7% |
| Communication Services | 10.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 9.6% |
| Industrials | 7.3% |
| Consumer Staples | 6.4% |
| Energy | 3.2% |
| Utilities | 2.7% |
| Cash & Other | 1.8% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 99.7% |
| Money Market Funds | 1.1% |
| Real Estate Investment Trusts - Common | 0.1% |
| Written Options | -0.1% |
| Cash & Other | -0.8% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Equity Premium Income Fund (Adv) |
| S&P 500 Total Return Index |
| CBOE S&P 500 Buy/Write Monthly Index |

---

![Ad2 Performance Graph](fp0096954-53_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (06/20/2017)**  |
| Horizon Equity Premium Income Fund - Advisor Class | 14.85% | 11.99% | 8.62% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 14.91% |
| CBOE S&P 500 Buy/Write Monthly Index | 9.53% | 9.36% | 6.75% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/epi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Multi-Factor Small/Mid Cap Fund

### Investor Class
*Ticker: HSMNX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/smid-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $109 | 1.09% |

---

**How did the Fund perform during the reporting period?**

The Fund returned -0.07% for the 12 months ended November 30th, 2025. The Fund was mixed against its two benchmarks for the same period, underperforming the S&P 500 Total Return Index, which returned 15.00%, while outperforming the S&P 1000 Total Return Index, which returned -0.90%.

The Fund's underperformance compared to the S&P 500 was due to the Fund's active stock selection strategy, that favored defensive investments of small and mid-cap stocks, during a period of strong returns for large-cap U.S. equity markets.

The Fund's modest outperformance compared to the S&P 1000 was due to the Fund's active stock selection strategy, that favored defensive investments of small and mid-cap stocks, during a period of low returns for small and mid-cap U.S. equity markets.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $599234507 |
| Number of Portfolio Holdings | 298 |
| Portfolio Turnover Rate (%) | 146% |
| Total Advisory Fees Paid ($) | $3598396 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Industrials | 23.5% |
| Financials | 19.2% |
| Consumer Discretionary | 13.8% |
| Health Care | 11.6% |
| Information Technology | 7.0% |
| Real Estate | 6.5% |
| Consumer Staples | 5.0% |
| Materials | 4.6% |
| Energy | 4.5% |
| Cash & Other | 4.3% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 94.0% |
| Real Estate Investment Trusts - Common | 5.5% |
| Money Market Funds | 0.4% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Multi Factor Small Mid Cap Fund (Inv) |
| S&P 500 Total Return Index |
| S&P 1000 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-35_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Commencement of Operations**<br> (12/20/2022)**  |
| Horizon Multi-Factor Small/Mid Cap Fund - Investor Class | -0.07% | 17.93% |
| S&P 500 Total Return Index | 15.00% | 23.67% |
| S&P 1000 Total Return Index | -0.90% | 12.50% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/smid-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Multi-Factor Small/Mid Cap Fund

### Advisor Class
*Ticker: HSMBX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/smid-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $124 | 1.24% |

---

**How did the Fund perform during the reporting period?**

The Fund returned -0.21% for the 12 months ended November 30th, 2025. The Fund was mixed against its two benchmarks for the same period, underperforming the S&P 500 Total Return Index, which returned 15.00%, while outperforming the S&P 1000 Total Return Index, which returned -0.90%.

The Fund's underperformance compared to the S&P 500 was due to the Fund's active stock selection strategy, that favored defensive investments of small and mid-cap stocks, during a period of strong returns for large-cap U.S. equity markets.

The Fund's modest outperformance compared to the S&P 1000 was due to the Fund's active stock selection strategy, that favored defensive investments of small and mid-cap stocks, during a period of low returns for small and mid-cap U.S. equity markets.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $599234507 |
| Number of Portfolio Holdings | 298 |
| Portfolio Turnover Rate (%) | 146% |
| Total Advisory Fees Paid ($) | $3598396 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Industrials | 23.5% |
| Financials | 19.2% |
| Consumer Discretionary | 13.8% |
| Health Care | 11.6% |
| Information Technology | 7.0% |
| Real Estate | 6.5% |
| Consumer Staples | 5.0% |
| Materials | 4.6% |
| Energy | 4.5% |
| Cash & Other | 4.3% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 94.0% |
| Real Estate Investment Trusts - Common | 5.5% |
| Money Market Funds | 0.4% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Multi Factor Small Mid Cap Fund (Adv) |
| S&P 500 Total Return Index |
| S&P 1000 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-36_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Commencement of Operations**<br> (03/07/2023)**  |
| Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class | -0.21% | 16.14% |
| S&P 500 Total Return Index | 15.00% | 23.63% |
| S&P 1000 Total Return Index | -0.90% | 10.46% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/smid-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Multi-Factor U.S. Equity Fund

### Investor Class
*Ticker: USRAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/mfue-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $107 | 1.02% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 10.28% for the 12 months ended November 30th, 2025. The Fund was mixed against its two benchmarks for the same period, underperforming the S&P 500 Total Return Index, which returned 15.00%, while outperforming the MSCI USA Minimum Volatility Gross Total Return Index, which returned 2.59%.

The Fund's underperformance was due to the Fund's active stock selection strategy that favored defensive investments, during a period of strong returns for broad U.S. equity markets.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $730849619 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate (%) | 134% |
| Total Advisory Fees Paid ($) | $5076397 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 28.8% |
| Financials | 14.0% |
| Health Care | 13.8% |
| Communication Services | 9.9% |
| Industrials | 8.3% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 5.9% |
| Energy | 4.3% |
| Real Estate | 3.1% |
| Cash & Other | 5.8% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 96.5% |
| Real Estate Investment Trusts - Common | 2.8% |
| Money Market Funds | 0.6% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Multi-Factor US Equity Fund (Inv) |
| S&P 500 Total Return Index |
| MSCI USA Minimum Volatility Gross Total Return Index |

---

![Ad2 Performance Graph](fp0096954-27_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (06/26/2019)**  |
| Horizon Multi-Factor U.S. Equity Fund - Investor Class | 10.28% | 12.69% | 11.22% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 16.02% |
| MSCI USA Minimum Volatility Gross Total Return Index | 2.59% | 9.25% | 9.02% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mfue-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Multi-Factor U.S. Equity Fund

### Advisor Class
*Ticker: USRTX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/mfue-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $123 | 1.17% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 10.11% for the 12 months ended November 30th, 2025. The Fund was mixed against its two benchmarks for the same period, underperforming the S&P 500 Total Return Index, which returned 15.00%, while outperforming the MSCI USA Minimum Volatility Gross Total Return Index, which returned 2.59%.

The Fund's underperformance was due to the Fund's active stock selection strategy that favored defensive investments, during a period of strong returns for broad U.S. equity markets.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $730849619 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate (%) | 134% |
| Total Advisory Fees Paid ($) | $5076397 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 28.8% |
| Financials | 14.0% |
| Health Care | 13.8% |
| Communication Services | 9.9% |
| Industrials | 8.3% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 5.9% |
| Energy | 4.3% |
| Real Estate | 3.1% |
| Cash & Other | 5.8% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 96.5% |
| Real Estate Investment Trusts - Common | 2.8% |
| Money Market Funds | 0.6% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Multi-Factor US Equity Fund (Adv) |
| S&P 500 Total Return Index |
| MSCI USA Minimum Volatility Gross Total Return Index |

---

![Ad2 Performance Graph](fp0096954-25_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Commencement of Operations**<br> (01/31/2020)**  |
| Horizon Multi-Factor U.S. Equity Fund - Advisor Class | 10.11% | 12.54% | 11.32% |
| S&P 500 Total Return Index | 15.00% | 15.28% | 15.54% |
| MSCI USA Minimum Volatility Gross Total Return Index | 2.59% | 9.25% | 8.06% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mfue-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Tactical Fixed Income Fund

### Investor Class
*Ticker: HTFNX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/tfi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $81 | 0.81% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 0.66% for the 12 months ended November 30th, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% for the same period.

The Fund's underperformance was primarily driven by shorter duration positioning during a period in which longer duration exposures outperformed due to falling interest rates.

Additionally, tactical adjustments to credit and duration exposures driven by the Fund's active management process, lagged compared to more strategic positioning in higher quality bonds represented by the benchmark.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $174165392 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate (%) | 421% |
| Total Advisory Fees Paid ($) | $1173307 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 99.8% |
| Investments Purchased with Proceeds from Securities Lending | 11.6% |
| Money Market Funds | 0.2% |
| Cash & Other | -11.6% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Tactical Fixed Income Fund (Inv) |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-32_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Commencement of Operations**<br> (12/20/2022)**  |
| Horizon Tactical Fixed Income Fund - Investor Class | 0.66% | 1.74% |
| Bloomberg Aggregate Bond Index | 5.70% | 4.48% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/tfi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Tactical Fixed Income Fund

### Advisor Class
*Ticker: HTFAX* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/tfi-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Advisor Class | $97 | 0.97% |

---

**How did the Fund perform during the reporting period?**

The Fund returned 0.49% for the 12 months ended November 30th, 2025. The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 5.70% for the same period.

The Fund's underperformance was primarily driven by shorter duration positioning during a period in which longer duration exposures outperformed due to falling interest rates.

Additionally, tactical adjustments to credit and duration exposures driven by the Fund's active management process, lagged compared to more strategic positioning in higher quality bonds represented by the benchmark.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $174165392 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate (%) | 421% |
| Total Advisory Fees Paid ($) | $1173307 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 99.8% |
| Investments Purchased with Proceeds from Securities Lending | 11.6% |
| Money Market Funds | 0.2% |
| Cash & Other | -11.6% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Tactical Fixed Income Fund (Adv) |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-33_ar81.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Commencement of Operations**<br> (03/07/2023)**  |
| Horizon Tactical Fixed Income Fund - Advisor Class | 0.49% | 1.96% |
| Bloomberg Aggregate Bond Index | 5.70% | 5.19% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/tfi-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Core Bond ETF
*Ticker: BNDY* 

*Exchange: CBOE* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Core Bond ETF (the "Fund") for the period of July 2, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/cbf-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Core Bond ETF<sup>(1)</sup> | $28 | 0.65% |

---

<sup>(1)</sup> Expense reported are for the period of July 2, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 5.02% since inception of July 2, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 3.48% for the same Period.

The outperformance was driven by positive contributions from the fund's option portfolio.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $185702613 |
| Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $384202 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 97.7% |
| Money Market Funds | 2.0% |
| Purchased Options | 0.1% |
| Written Options | -0.1% |
| Cash & Other | 0.3% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Core Bond ETF |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-6_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (07/02/2025)**  |
| Horizon Core Bond ETF - NAV | 5.02% |
| Bloomberg Aggregate Bond Index | 3.48% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cbf-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Core Equity ETF
*Ticker: STOX* 

*Exchange: CBOE* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Core Equity ETF (the "Fund") for the period of June 25, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/cef-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Core Equity ETF<sup>(1)</sup> | $32 | 0.70% |

---

<sup>(1)</sup> Expense reported are for the period of June 25, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 13.77% since inception of June 25, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the S&P 500, which returned 13.00% for the same Period.

The outperformance was driven by stock selection in the Communication Services, Financials, and Consumer Staples sectors. Stock selection within Consumer Discretionary and Energy detracted from relative performance. Additionally, the Fund's use of options contributed positively to performance.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $86999671 |
| Number of Portfolio Holdings | 173 |
| Portfolio Turnover Rate (%) | 22% |
| Total Advisory Fees Paid ($) | $148324 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 30.1% |
| Financials | 13.1% |
| Communication Services | 10.4% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.3% |
| Industrials | 7.2% |
| Consumer Staples | 6.0% |
| Energy | 3.3% |
| Utilities | 1.8% |
| Cash & Other | 9.7% |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 91.8% |
| Exchange Traded Funds | 6.8% |
| Real Estate Investment Trusts - Common | 1.3% |
| Money Market Funds | 0.1% |
| Purchased Options | 0.0% |
| Written Options | -0.1% |
| Cash & Other | 0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Core Equity ETF |
| S&P 500 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-4_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (06/25/2025)**  |
| Horizon Core Equity ETF - NAV | 13.77% |
| S&P 500 Total Return Index | 13.00% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cef-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Digital Frontier ETF
*Ticker: YNOT* 

*Exchange: NASDAQ* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Digital Frontier ETF (the "Fund") for the period of July 9, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/dff-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Digital Frontier ETF<sup>(1)</sup> | $32 | 0.75% |

---

<sup>(1)</sup> Expense reported are for the period of July 9, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 13.44% since inception of July 9, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the Nasdaq 100 Total Return Index, which returned 11.52% for the same Period.

The outperformance was driven by stock selection in the Industrials, Communication Services and Financials sectors. An overweight to Industrials and Financials detracted from relative performance.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $59938439 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate (%) | 18% |
| Total Advisory Fees Paid ($) | $141449 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 49.0% |
| Communication Services | 20.0% |
| Industrials | 12.2% |
| Consumer Discretionary | 11.2% |
| Utilities | 3.4% |
| Financials | 2.8% |
| Health Care | 0.5% |
| Real Estate | 0.3% |
| Energy | 0.2% |
| Cash & Other | 0.4% |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.6% |
| Real Estate Investment Trusts - Common | 0.3% |
| Purchased Options | 0.1% |
| Written Options | -0.4% |
| Cash & Other | -0.1% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Digital Frontier ETF |
| Nasdaq-100 Total Return Index |
| S&P 500 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-8_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (07/09/2025)**  |
| Horizon Digital Frontier ETF - NAV | 13.44% |
| Nasdaq-100 Total Return Index | 11.52% |
| S&P 500 Total Return Index | 9.87% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/dff-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Dividend Income ETF
*Ticker: DIVN* 

*Exchange: CBOE* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Dividend Income ETF (the "Fund") for the period of June 25, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/dif-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Dividend Income ETF<sup>(1)</sup> | $31 | 0.70% |

---

<sup>(1)</sup> Expense reported are for the period of June 25, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 7.57% since inception of June 25, 2025 for the period ended November 30, 2025.

The Fund outperformed its benchmark, the Dow Jones U.S. Dividend 100 Total Return Index, which returned 6.44% for the same Period, but underperformed its other benchmark, the S&P 500 Total Return Index, which returned 13.00% for the same Period.

The outperformance was driven by stock selection in the Information Technology, Industrials and Health Care sectors. Stock selection within Communication Services, Consumer Staples, and Financials detracted from relative performance. Additionally, the fund's use of options contributed positively to performance.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $126999086 |
| Number of Portfolio Holdings | 131 |
| Portfolio Turnover Rate (%) | 13% |
| Total Advisory Fees Paid ($) | $280043 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 20.3% |
| Health Care | 20.0% |
| Energy | 14.1% |
| Consumer Staples | 11.8% |
| Consumer Discretionary | 8.6% |
| Communication Services | 8.1% |
| Financials | 8.1% |
| Industrials | 7.6% |
| Materials | 0.5% |
| Cash & Other | 0.9% |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 99.5% |
| Money Market Funds | 0.2% |
| Written Options | -0.1% |
| Cash & Other | 0.4% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Dividend Income ETF |
| S&P 500 Total Return Index |
| Dow Jones U.S. Dividend 100 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-3_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (06/25/2025)**  |
| Horizon Dividend Income ETF - NAV | 7.57% |
| S&P 500 Total Return Index | 13.00% |
| Dow Jones U.S. Dividend 100 Total Return Index | 6.44% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/dif-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Expedition Plus ETF
*Ticker: HBTA* 

*Exchange: NYSE ARCA* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Expedition Plus ETF (the "Fund") for the period of January 22, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/hbta-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Expedition Plus ETF<sup>(1)</sup> | $78 | 0.85% |

---

<sup>(1)</sup> Expense reported are for the period of January 22, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 15.22% since inception of January 22, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the S&P 500, which returned 13.78% for the same Period.

The outperformance was driven by stock selection in the Information Technology and Consumer Staples sectors. Stock selection within Consumer Discretionary and Communication Services detracted from relative performance. Additionally, the Fund's use of options contributed positively to performance.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $117041810 |
| Number of Portfolio Holdings | 207 |
| Portfolio Turnover Rate (%) | 92% |
| Total Advisory Fees Paid ($) | $397811 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 31.7% |
| Financials | 12.7% |
| Health Care | 10.3% |
| Consumer Discretionary | 9.2% |
| Communication Services | 8.2% |
| Industrials | 8.1% |
| Consumer Staples | 4.2% |
| Energy | 2.1% |
| Utilities | 1.7% |
| Cash & Other | 11.8% |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 89.4% |
| Exchange Traded Funds | 9.2% |
| Real Estate Investment Trusts - Common | 1.2% |
| Money Market Funds | 0.2% |
| Purchased Options | 0.2% |
| Written Options | -0.4% |
| Cash & Other | 0.2% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Expedition Plus ETF |
| S&P 500 Total Return Index |

---

![Ad2 Performance Graph](fp0096954-1_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (01/22/2025)**  |
| Horizon Expedition Plus ETF - NAV | 15.22% |
| S&P 500 Total Return Index | 13.78% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/hbta-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Flexible Income ETF
*Ticker: FLXN* 

*Exchange: CBOE* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Flexible Income ETF (the "Fund") for the period of July 2, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/fif-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Flexible Income ETF<sup>(1)</sup> | $34 | 0.80% |

---

<sup>(1)</sup> Expense reported are for the period of July 2, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 4.16% since inception of July 2, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the Bloomberg U.S. High Yield Corporate Bond Index, which returned 3.14% for the same Period.

The outperformance was driven by positive contributions from the Fund's options portfolio.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $33726236 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $86221 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Exchange Traded Funds | 97.1% |
| Money Market Funds | 1.8% |
| Purchased Options | 0.1% |
| Written Options | -0.3% |
| Cash & Other | 1.3% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Flexible Income ETF |
| Bloomberg Aggregate Bond Index |
| Bloomberg U.S. High Yield Corporate Bond Index |

---

![Ad2 Performance Graph](fp0096954-7_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (07/02/2025)**  |
| Horizon Flexible Income ETF - NAV | 4.16% |
| Bloomberg Aggregate Bond Index | 3.48% |
| Bloomberg U.S. High Yield Corporate Bond Index | 3.14% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/fif-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Landmark ETF
*Ticker: BENJ* 

*Exchange: NYSE ARCA* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Landmark ETF (the "Fund") for the period of January 22, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/benj-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Landmark ETF<sup>(1)</sup> | $35 | 0.40% |

---

<sup>(1)</sup> Expense reported are for the period of January 22, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 3.39% since inception of January 22, 2025 for the period ended November 30, 2025. The Fund underperformed its benchmark, the Bloomberg U.S. Treasury Bills: 1-3 Months Index, which returned 3.68% for the same Period.

Underperformance was driven by significant fund flows that required the Fund's options portfolio to be reset at progressively lower interest rate levels during the year.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $165420576 |
| Number of Portfolio Holdings | 3 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $247631 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Purchased Options | 99.3% |
| Money Market Funds | 0.7% |
| Cash & Other | 0.0% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Landmark ETF |
| Bloomberg U.S. Treasury Bills: 1-3 Months |

---

![Ad2 Performance Graph](fp0096954-2_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (01/22/2025)**  |
| Horizon Landmark ETF - NAV | 3.39% |
| Bloomberg U.S. Treasury Bills: 1-3 Months | 3.68% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/benj-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Managed Risk ETF
*Ticker: SFTY* 

*Exchange: CBOE* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Managed Risk ETF (the "Fund") for the period of June 25, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/mrf-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Managed Risk ETF<sup>(1)</sup> | $36 | 0.77% |

---

<sup>(1)</sup> Expense reported are for the period of June 25, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 13.14% since inception of June 25, 2025 for the period ended November 30, 2025. The Fund outperformed its benchmark, the S&P 500, which returned 13.00% for the same Period.

The outperformance was driven by stock selection in the Communication Services, Financials, and Consumer Staples sectors. Stock selection within Consumer Discretionary and Energy detracted from relative performance.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $345090561 |
| Number of Portfolio Holdings | 165 |
| Portfolio Turnover Rate (%) | 23% |
| Total Advisory Fees Paid ($) | $826752 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Net Assets** |
| Information Technology | 30.0% |
| Financials | 13.0% |
| Communication Services | 10.4% |
| Health Care | 10.1% |
| Consumer Discretionary | 8.2% |
| Industrials | 7.3% |
| Consumer Staples | 6.0% |
| Energy | 3.3% |
| Utilities | 1.8% |
| Cash & Other | 9.9% |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Common Stocks | 91.6% |
| Exchange Traded Funds | 6.8% |
| Real Estate Investment Trusts - Common | 1.3% |
| Money Market Funds | 0.3% |
| Cash & Other | 0.0% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Managed Risk ETF |
| S&P 500 Total Return Index |
| Bloomberg Aggregate Bond Index |

---

![Ad2 Performance Graph](fp0096954-5_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (06/25/2025)**  |
| Horizon Managed Risk ETF - NAV | 13.14% |
| S&P 500 Total Return Index | 13.00% |
| Bloomberg Aggregate Bond Index | 3.74% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mrf-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

### Horizon Nasdaq-100 Defined Risk ETF
*Ticker: QGRD* 

*Exchange: NASDAQ* 

### Annual Shareholder Report
November 30, 2025

This annual shareholder report contains important information about Horizon Nasdaq-100 Defined Risk ETF (the "Fund") for the period of July 9, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.horizonmutualfunds.com/n1d-fund. You can also request this information by contacting us at 1-855-754-7932.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Horizon Nasdaq-100 Defined Risk ETF<sup>(1)</sup> | $35 | 0.85% |

---

<sup>(1)</sup> Expense reported are for the period of July 9, 2025 to November 30, 2025. Expenses for the full reporting period would be higher.

**How did the Fund perform during the reporting period?**

The Fund returned 9.45% since inception of July 9, 2025 for the period ended November 30, 2025. The Fund underperformed its benchmark, the Nasdaq 100 Total Return Index, which returned 11.52% for the same Period.

The underperformance was in line with expectations in a strong up-market for equities due to the Fund's option positions, which are designed to lower overall portfolio volatility.

**What are some key Fund statistics?**

*(as of November 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $78801993 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate (%) | 0% |
| Total Advisory Fees Paid ($) | $211965 |

---

**What did the Fund invest in?**

*(as of November 30, 2025)*

**Portfolio Composition**

---

| | |
|:---|:---|
| **Type of Security** | **% of Net Assets** |
| Purchased Options | 100.6% |
| Money Market Funds | 0.0% |
| Written Options | -0.4% |
| Cash & Other | -0.2% |

---

**How did the Fund perform since its inception?**

**Performance of Hypothetical $10,000 investment (Inception to November 30, 2025)**

---

| |
|:---|
| Horizon Nasdaq-100 Defined Risk ETF |
| Nasdaq-100 Total Return Index |
| Bloomberg U.S. Treasury: 1-3 Year |

---

![Ad2 Performance Graph](fp0096954-9_ar71.jpg)

**Average Annual Returns**

**November 30, 2025**

---

| | |
|:---|:---|
|  | **Since Commencement of Operations**<br> (07/09/2025)**  |
| Horizon Nasdaq-100 Defined Risk ETF - NAV | 9.45% |
| Nasdaq-100 Total Return Index | 11.52% |
| Bloomberg U.S. Treasury: 1-3 Year | 2.09% |

---

*Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website.* The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/n1d-fund, including its:

* prospectus

* financial information

* holdings

* proxy voting information

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 1-855-754-7932.

(b) Not applicable.

**<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 substantive 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.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<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, tax services and other services during the past two fiscal years. "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 those fiscal years. "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 11/30/2025 | FYE 09/30/2025 | FYE 11/30/2024 |
| (a) Audit Fees | $308000 | $41000 | $153000 |
| (b) Audit-Related Fees | $0 | $0 | $0 |
| (c) Tax Fees | $85000 | $7000 | $37500 |
| (d) All Other Fees | $0 | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | FYE 11/30/2025 | FYE 09/30/2025 | FYE 11/30/2024 |
| Audit-Related Fees | 0% | 0% | 0% |
| Tax Fees | 0% | 0% | 0% |
| All Other Fees | 0% | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | | |
|:---|:---|:---|:---|
| Non-Audit Related Fees | FYE 11/30/2025 | FYE 09/30/2025 | FYE 11/30/2024 |
| Registrant | $4000 | $0 | $3250 |
| Registrant's Investment Adviser | $0 | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: John Davidson, Todd Gaylord, and Thomas Okel.

(b) Not Applicable.

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

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ---

| | |
|:---|:---|
| **HORIZON FUNDS** | **Financial Statements** |

---

Centre American Select Equity Fund Centre Global Infrastructure Fund <br> <u>Advisor Class Investor Class</u>   <u>DHAMX DHANX</u> <u>Advisor Class Investor Class</u>   <u>DHIVX DHINX</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon Active **Asset Allocation** Fund | Horizon Active **Asset Allocation** Fund | Horizon Active **Asset Allocation** Fund | Horizon Active **Income** Fund | Horizon Active **Income** Fund | Horizon Active **Income** 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 | AIMNX <br>AIHAX <br>AIRIX |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon Active **Risk Assist**<sup>®</sup> Fund | Horizon Active **Risk Assist**<sup>®</sup> Fund | Horizon Active **Risk Assist**<sup>®</sup> Fund | Horizon Defensive Core Fund | Horizon Defensive Core Fund | Horizon Defensive Core Fund |
| &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class <br>Institutional Class | Shares <br>Shares <br>Shares | ARANX <br>ARAAX <br>ACRIX | &nbsp;&nbsp;&nbsp;Investor Class <br>Advisor Class | Shares <br>Shares | HESGX <br>HESAX |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Horizon **Defined Risk** Fund | Horizon **Defined Risk** Fund | Horizon **Defined Risk** Fund | Horizon Equity Premium Income Fund | Horizon Equity Premium Income Fund | Horizon Equity Premium Income 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 | HNDDX <br>HADUX |

---

Horizon Multi-Factor Small/Mid Cap Fund Horizon Multi-Factor U.S. Equity Fund <br> <u>Investor Class Advisor Class</u> <u>Shares Shares</u> <u>HSMNX HSMBX</u> <u>Investor Class Advisor Class</u> <u>Shares Shares</u> <u>USRAX USRTX</u>

Horizon Tactical Fixed Income Fund <br> <u>Investor Class Advisor Class</u> <u>Shares Shares</u> <u>HTFNX HTFAX</u>

**November 30, 2025**<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 Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income 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** |  |
| Schedules of Investments and Written Options  | 1 |
| Statements of Assets and Liabilities  | 76 |
| Statements of Operations  | 80 |
| Statements of Changes in Net Assets  | 84 |
| Financial Highlights  | 91 |
| Notes to Financial Statements  | 116 |
| Report of Independent Registered Public Accounting Firm  | 143 |
| Additional Information  | 145 |
| Privacy Notice  | 153 |

---

**Centre American Select Equity Fund** 

**Schedule of Investments**

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 77.8%** |  |  |
| **Banks — 18.4%** |  |  |
| Citizens Financial Group, Inc. | 160585 | $8687648 |
| Huntington Bancshares, Inc. | 427720 | 6971836 |
| KeyCorp | 404995 | 7443808 |
| M&T Bank Corp. | 41373 | 7869972 |
| Regions Financial Corp. | 303838 | 7732677 |
| Truist Financial Corp. | 184906 | 8598129 |
| US Bancorp | 149511 | 7333515 |
|  |  | 54637585 |
| **Building Products — 2.0%** |  |  |
| Trane Technologies PLC | 14527 | 6122840 |
| **Capital Goods — 6.6%** |  |  |
| Generac Holdings, Inc. <sup>(a)</sup> | 42840 | 6495829 |
| General Dynamics Corp. | 20691 | 7068666 |
| Stanley Black & Decker, Inc. | 83357 | 5961693 |
|  |  | 19526188 |
| **Chemicals — 1.9%** |  |  |
| Eastman Chemical Co. | 92104 | 5717816 |
| **Containers & Packaging — 4.3%** |  |  |
| Packaging Corp. of America | 28447 | 5805179 |
| Smurfit WestRock PLC | 196263 | 7004627 |
|  |  | 12809806 |
| **Electrical Equipment — 2.3%** |  |  |
| GE Vernova, Inc. | 11309 | 6782799 |
| **Financial Services — 5.2%** |  |  |
| Northern Trust Corp. | 56706 | 7447766 |
| State Street Corp. | 66623 | 7929469 |
|  |  | 15377235 |
| **Health Care Equipment & Services — 2.6%** |  |  |
| Medtronic PLC | 73542 | 7746179 |
| **Independent Power and Renewable Electricity Producers — 2.0%** |  |  |
| AES Corp. | 420152 | 5907337 |
| **Materials — 14.4%** |  |  |
| Albemarle Corp. | 83745 | 10886013 |
| Freeport-McMoRan, Inc. | 132653 | 5701426 |
| International Flavors & Fragrances, Inc. | 91146 | 6332824 |
| Newmont Goldcorp Corp. | 128730 | 11679673 |
| Nucor Corp. | 52719 | 8408153 |
|  |  | 43008089 |

---

See accompanying notes to financial statements.

**Centre American Select Equity Fund** 

**Schedule of Investments** **(Continued) November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, Gas & Consumable Fuels — 2.6%** |  |  |
| Phillips 66 | 56182 | $7694687 |
| **Semiconductors & Semiconductor Equipment — 13.1%** |  |  |
| Analog Devices, Inc. | 24575 | 6520731 |
| Applied Materials, Inc. | 39281 | 9908632 |
| Broadcom, Inc. | 23494 | 9467142 |
| Micron Technology, Inc. | 55612 | 13151126 |
|  |  | 39047631 |
| **Transportation — 2.4%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 158437 | 7256415 |
| **TOTAL COMMON STOCKS** (Cost $188,679,356) |  | 231634607 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 11.9%** |  |  |
| **Equity Real Estate Investment Trusts (REITs) — 11.9%** |  |  |
| BXP, Inc. | 127032 | 9192035 |
| Federal Realty Investment Trust | 58653 | 5790811 |
| Lamar Advertising Co. - Class A | 46920 | 6211739 |
| VICI Properties, Inc. | 185555 | 5347695 |
| Weyerhaeuser Co. | 399509 | 8873095 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $35,329,150) |  | 35415375 |
| **EXCHANGE TRADED FUNDS — 9.6%** |  |  |
| iShares Russell 2000 ETF | 114839 | 28566201 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $25,320,403) |  | 28566201 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.4% <sup>(a)</sup>** |  |  |  |
| **Put Options — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 03/20/2026; Exercise Price: $5,400.00 <sup>(b)(c)</sup> | $299990142 | 438 | 1189170 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,482,838) |  |  | 1189170 |

---

See accompanying notes to financial statements.

**Centre American Select Equity Fund** 

**Schedule of Investments** **(Continued) November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(d)</sup> | 570406 | $570406 |
| **TOTAL MONEY MARKET FUNDS** (Cost $570,406) |  | 570406 |
| **TOTAL INVESTMENTS — 99.9%** (Cost $252,382,153) |  | **297375759** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 154751 |
| **TOTAL NET ASSETS — 100.0%** |  | $**297530510** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund** <br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.5%** |  |  |
| **Australia — 1.8%** |  |  |
| **Transportation — 1.8%** |  |  |
| Transurban Group | 158308 | $1548470 |
| **Canada — 13.6%** |  |  |
| **Energy — 10.4%** |  |  |
| Enbridge, Inc. | 104374 | 5073617 |
| Pembina Pipeline Corp. | 27900 | 1081501 |
| TC Energy Corp. | 49692 | 2684708 |
|  |  | 8839826 |
| **Utilities — 3.2%** |  |  |
| Algonquin Power & Utilities Corp. | 242117 | 1491441 |
| Northland Power, Inc. | 96775 | 1204277 |
|  |  | 2695718 |
| **Total Canada** |  | 11535544 |
| **France — 3.5%** |  |  |
| **Capital Goods — 1.6%** |  |  |
| Schneider Electric SE | 4912 | 1316615 |
| **Telecommunication Services — 1.1%** |  |  |
| Orange SA | 56551 | 931132 |
| **Utilities — 0.8%** |  |  |
| Engie SA | 28202 | 716659 |
| **Total France** |  | 2964406 |
| **Germany — 4.4%** |  |  |
| **Telecommunication Services — 3.6%** |  |  |
| Deutsche Telekom AG | 94198 | 3034238 |
| **Utilities — 0.8%** |  |  |
| E.ON SE | 39022 | 695034 |
| **Total Germany** |  | 3729272 |
| **Italy — 1.6%** |  |  |
| **Utilities — 1.6%** |  |  |
| Enel SpA | 126831 | 1310974 |
| **Japan — 7.3%** |  |  |
| **Telecommunication Services — 7.3%** |  |  |
| KDDI Corp. | 92400 | 1590921 |
| NTT, Inc. | 819700 | 817575 |

---

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund** <br>**Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| SoftBank Corp. | 746500 | $1066668 |
| SoftBank Group Corp. | 25000 | 2692775 |
| **Total Japan** |  | 6167939 |
| **Netherlands — 0.6%** |  |  |
| **Telecommunication Services — 0.6%** |  |  |
| Koninklijke KPN NV | 116917 | 534518 |
| **Singapore — 0.9%** |  |  |
| **Telecommunication Services — 0.9%** |  |  |
| Singapore Telecommunications Ltd. | 214000 | 781124 |
| **Spain — 4.1%** |  |  |
| **Transportation — 1.4%** |  |  |
| Aena SME SA <sup>(a)</sup> | 43456 | 1182949 |
| **Utilities — 2.7%** |  |  |
| Iberdrola SA | 106150 | 2239865 |
| **Total Spain** |  | 3422814 |
| **Switzerland — 2.4%** |  |  |
| **Capital Goods — 1.7%** |  |  |
| ABB Ltd. | 20398 | 1466035 |
| **Telecommunication Services — 0.7%** |  |  |
| Swisscom AG | 798 | 572839 |
| **Total Switzerland** |  | 2038874 |
| **United Kingdom — 2.5%** |  |  |
| **Telecommunication Services — 1.1%** |  |  |
| Vodafone Group PLC | 729451 | 907831 |
| **Utilities — 1.4%** |  |  |
| National Grid PLC | 77599 | 1177657 |
| **Total United Kingdom** |  | 2085488 |
| **United States — 56.8% <sup>(b)</sup>** |  |  |
| **Diversified Telecommunication Services — 5.8%** |  |  |
| AT&T, Inc. | 189155 | 4921813 |
| **Electric Utilities — 2.6%** |  |  |
| Constellation Energy Corp. | 4690 | 1708848 |
| NRG Energy, Inc. | 3006 | 509487 |
|  |  | 2218335 |

---

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund** <br>**Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical Equipment — 1.8%** |  |  |
| GE Vernova, Inc. | 2475 | $1484431 |
| **Energy — 9.3%** |  |  |
| Cheniere Energy, Inc. | 10487 | 2186120 |
| ONEOK, Inc. | 29613 | 2156419 |
| Williams Cos., Inc. | 58080 | 3538814 |
|  |  | 7881353 |
| **Health Care Equipment & Services — 0.8%** |  |  |
| Universal Health Services, Inc. - Class B | 2707 | 659506 |
| **Health Care Providers & Services — 5.4%** |  |  |
| HCA Healthcare, Inc. | 9002 | 4575627 |
| **Independent Power and Renewable Electricity Producers — 1.7%** |  |  |
| AES Corp. | 100961 | 1419512 |
| **Multi-Utilities — 1.0%** |  |  |
| Ameren Corp. | 4178 | 444330 |
| DTE Energy Co. | 3129 | 428767 |
|  |  | 873097 |
| **Oil, Gas & Consumable Fuels — 5.2%** |  |  |
| Kinder Morgan, Inc. | 95199 | 2600837 |
| Targa Resources Corp. | 10265 | 1799557 |
|  |  | 4400394 |
| **Telecommunication Services — 8.3%** |  |  |
| T-Mobile US, Inc. | 12854 | 2686615 |
| Verizon Communications, Inc. | 106341 | 4371678 |
|  |  | 7058293 |
| **Utilities — 14.9%** |  |  |
| American Electric Power Co., Inc. | 7958 | 984962 |
| Consolidated Edison, Inc. | 5360 | 537930 |
| Dominion Energy, Inc. | 12630 | 792785 |
| Duke Energy Corp. | 11541 | 1430391 |
| Entergy Corp. | 6466 | 630564 |
| Exelon Corp. | 14913 | 702701 |
| NextEra Energy, Inc. | 30800 | 2657732 |
| PG&E Corp. | 32583 | 525238 |
| Public Service Enterprise Group, Inc. | 7889 | 658889 |
| Sempra | 9792 | 927498 |
| Southern Co. | 16423 | 1496464 |
| WEC Energy Group, Inc. | 4781 | 535807 |

---

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund** <br>**Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Xcel Energy, Inc. | 8577 | $704257 |
|  |  | 12585218 |
| **Total United States** |  | 48077579 |
| **TOTAL COMMON STOCKS** (Cost $68,818,570) |  | 84197002 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 276431.0 | 276431 |
| **TOTAL MONEY MARKET FUNDS** (Cost $276,431) |  | 276431 |
| **TOTAL INVESTMENTS — 99.8%** (Cost $69,095,001) |  | **84473433** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 183672 |
| **TOTAL NET ASSETS — 100.0%** |  | $**84657105** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2025, the value of these securities total $1,182,949 or 1.4% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments**

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 84.5%** |  |  |
| Avantis International Small Cap Value ETF | 324130 | $30043610 |
| Goldman Sachs Equal Weight US Large Cap Equity ETF <sup>(a)</sup> | 168133 | 14310640 |
| Invesco KBW Bank ETF <sup>(a)</sup> | 365849 | 29019143 |
| Invesco S&P 500 Equal Weight ETF <sup>(a)</sup> | 186947 | 35805959 |
| iShares Core Dividend Growth ETF | 735971 | 51466452 |
| iShares Core MSCI Emerging Markets ETF | 883420 | 59277482 |
| iShares Core MSCI International Developed Markets ETF | 1783137 | 145807112 |
| iShares MSCI Japan ETF <sup>(a)</sup> | 262816 | 21816356 |
| JPMorgan BetaBuilders Europe ETF <sup>(a)</sup> | 308393 | 21960666 |
| SPDR Portfolio Emerging Markets ETF | 620521 | 29183103 |
| State Street Communication Services Select Sector SPDR ETF <sup>(a)</sup> | 185088 | 21357304 |
| State Street SPDR Portfolio S&P 500 Growth ETF <sup>(b)</sup> | 1378803 | 147587073 |
| State Street SPDR S&P Regional Banking ETF <sup>(a)</sup> | 324749 | 20455939 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $536,789,490) |  | 628090839 |
| **COMMON STOCKS — 15.4%** |  |  |
| **Aerospace & Defense — 0.1%** |  |  |
| AeroVironment, Inc. <sup>(c)</sup> | 2152 | 601398 |
| Axon Enterprise, Inc. <sup>(c)</sup> | 784 | 423470 |
|  |  | 1024868 |
| **Automobiles — 0.5%** |  |  |
| BYD Co. Ltd. - ADR <sup>(a)</sup> | 43592 | 546208 |
| Tesla, Inc. <sup>(c)</sup> | 6955 | 2991832 |
|  |  | 3538040 |
| **Banks — 0.2%** |  |  |
| JPMorgan Chase & Co. | 4381 | 1371603 |
| **Broadline Retail — 1.5%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 4247 | 668053 |
| Amazon.com, Inc. <sup>(c)</sup> | 37511 | 8748316 |
| PDD Holdings, Inc. - ADR <sup>(c)</sup> | 4710 | 546737 |
| Prosus NV - ADR | 44306 | 556926 |
| Sea Ltd. - ADR <sup>(c)</sup> | 3384 | 470410 |
|  |  | 10990442 |
| **Capital Markets — 0.0% <sup>(d)</sup>** |  |  |
| Goldman Sachs Group, Inc. | 563 | 465061 |
| **Communications Equipment — 0.1%** |  |  |
| Arista Networks, Inc. <sup>(c)</sup> | 4525 | 591327 |
| **Construction & Engineering — 0.1%** |  |  |
| Quanta Services, Inc. | 1336 | 621080 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Continued) November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Staples Distribution & Retail — 0.2%** |  |  |
| Costco Wholesale Corp. | 677 | $618500 |
| Walmart, Inc. | 7550 | 834351 |
|  |  | 1452851 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Deutsche Telekom AG - ADR | 16939 | 545097 |
| **Electric Utilities — 0.2%** |  |  |
| Constellation Energy Corp. | 1853 | 675159 |
| NRG Energy, Inc. | 4155 | 704231 |
|  |  | 1379390 |
| **Electrical Equipment — 0.4%** |  |  |
| ABB Ltd. - ADR | 8628 | 619145 |
| Eaton Corp. PLC | 1783 | 616722 |
| GE Vernova, Inc. | 1205 | 722723 |
| Schneider Electric SE - ADR | 11272 | 604630 |
| Vertiv Holdings Co. - Class A | 3511 | 631032 |
|  |  | 3194252 |
| **Electronic Equipment, Instruments & Components — 0.1%** |  |  |
| Amphenol Corp. - Class A | 5350 | 753815 |
| **Entertainment — 0.3%** |  |  |
| Netflix, Inc. <sup>(c)</sup> | 14760 | 1587881 |
| Spotify Technology SA <sup>(c)</sup> | 964 | 577310 |
|  |  | 2165191 |
| **Financial Services — 0.2%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(c)</sup> | 1123 | 577009 |
| MasterCard, Inc. - Class A | 1044 | 574753 |
| Visa, Inc. - Class A | 1936 | 647476 |
|  |  | 1799238 |
| **Ground Transportation — 0.1%** |  |  |
| Uber Technologies, Inc. <sup>(c)</sup> | 6746 | 590545 |
| **Health Care Equipment & Supplies — 0.2%** |  |  |
| Intuitive Surgical, Inc. <sup>(c)</sup> | 2599 | 1490475 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Vistra Corp. | 3364 | 601685 |
| **Industrial Conglomerates — 0.2%** |  |  |
| Hitachi Ltd. - ADR | 20847 | 666895 |
| Siemens AG - ADR | 8073 | 1070803 |
|  |  | 1737698 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Continued) November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Interactive Media & Services — 2.9%** |  |  |
| Alphabet, Inc. - Class A | 40191 | $12868354 |
| Meta Platforms, Inc. - Class A | 11565 | 7493542 |
| Tencent Holdings Ltd. - ADR | 12680 | 1002227 |
|  |  | 21364123 |
| **IT Services — 0.0% <sup>(d)</sup>** |  |  |
| Cognizant Technology Solutions Corp. - Class A | 4257 | 330811 |
| **Oil, Gas & Consumable Fuels — 0.1%** |  |  |
| Exxon Mobil Corp. | 4899 | 567892 |
| **Pharmaceuticals — 0.4%** |  |  |
| Eli Lilly & Co. | 2292 | 2464977 |
| Johnson & Johnson | 2806 | 580618 |
|  |  | 3045595 |
| **Semiconductors & Semiconductor Equipment — 4.1%** |  |  |
| Advanced Micro Devices, Inc. <sup>(c)</sup> | 3122 | 679129 |
| Applied Materials, Inc. | 3066 | 773399 |
| ARM Holdings PLC - ADR <sup>(c)</sup> | 3990 | 540884 |
| Broadcom, Inc. | 23117 | 9315226 |
| KLA Corp. | 624 | 733493 |
| Lam Research Corp. | 4780 | 745680 |
| Micron Technology, Inc. | 3566 | 843288 |
| NVIDIA Corp. | 88682 | 15696714 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3857 | 1124354 |
|  |  | 30452167 |
| **Software — 3.0%** |  |  |
| Cadence Design Systems, Inc. <sup>(c)</sup> | 1815 | 565990 |
| Intuit, Inc. | 1006 | 637884 |
| Microsoft Corp. | 33208 | 16338668 |
| Oracle Corp. | 3700 | 747215 |
| Palantir Technologies, Inc. - Class A <sup>(c)</sup> | 10775 | 1815049 |
| Palo Alto Networks, Inc. <sup>(c)</sup> | 2961 | 562975 |
| Salesforce, Inc. | 2830 | 652428 |
| SAP SE - ADR | 2465 | 595914 |
| ServiceNow, Inc. <sup>(c)</sup> | 766 | 622306 |
|  |  | 22538429 |
| **Technology Hardware, Storage & Peripherals — 0.3%** |  |  |
| Apple, Inc. | 5497 | 1532838 |
| Dell Technologies, Inc. - Class C | 3697 | 492995 |
|  |  | 2025833 |
| **TOTAL COMMON STOCKS (**Cost $105,999,432) |  | 114637508 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Continued) November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(e)</sup> | 49386111 | $49386111 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (**Cost $49,386,111) |  | **49386111** |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(e)</sup> | 1223137 | 1223137 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,223,137) |  | 1223137 |
| **TOTAL INVESTMENTS — 106.7% (**Cost $693,398,170) |  | **793337595** |
| **Liabilities in Excess of Other Assets — (6.7)%** |  | (49977540) |
| **TOTAL NET ASSETS — 100.0%** |  | $**743360055** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $48,483,084.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $140,222,400.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Active Income Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 99.9%** |  |  |
| iShares 10+ Year Investment Grade Corporate Bond ETF <sup>(a)</sup> | 502913 | $25960369 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 1040340 | 56584093 |
| iShares TIPS Bond ETF | 125139 | 13922965 |
| Janus Henderson Mortgage-Backed Securities ETF <sup>(a)</sup> | 491419 | 22590531 |
| PIMCO Active Bond Exchange-Traded Fund <sup>(b)</sup> | 149835 | 14079995 |
| PIMCO Multisector Bond Active ETF <sup>(a)</sup> | 1879586 | 50636047 |
| Simplify MBS ETF | 274568 | 13861565 |
| State Street DoubleLine Total Return Tactical ETF <sup>(a)</sup> | 823357 | 33510630 |
| State Street SPDR Portfolio Short Term Corporate Bond ETF | 724363 | 21948199 |
| Vanguard Total International Bond ETF <sup>(a)</sup> | 551091 | 27361668 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $274,663,114) |  | 280456062 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 24.9%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 69824032 | 69824032 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (**Cost $69,824,032) |  | **69824032** |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 214908 | 214908 |
| **TOTAL MONEY MARKET FUNDS (**Cost $214,908) |  | 214908 |
| **TOTAL INVESTMENTS — 124.9% (**Cost $344,702,054) |  | **350495002** |
| **Liabilities in Excess of Other Assets — (24.9)%** |  | (69850454) |
| **TOTAL NET ASSETS — 100.0%** |  | $**280644548** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $68,189,927.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $3,288,950.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 89.3%** |  |  |
| Invesco S&P 500 Equal Weight ETF | 575917 | $110305383 |
| iShares Core MSCI International Developed Markets ETF | 2045522 | 167262334 |
| iShares MSCI USA Minimum Volatility ETF <sup>(a)</sup> | 1008371 | 96128007 |
| iShares MSCI USA Quality Factor ETF | 285295 | 56511234 |
| SPDR Portfolio Developed World ex-US ETF | 4795162 | 210315805 |
| SPDR Portfolio Emerging Markets ETF | 3266175 | 153608210 |
| State Street SPDR Portfolio S&P 500 Growth ETF <sup>(b)</sup> | 3033771 | 324734848 |
| State Street SPDR Portfolio S&P 500 Value ETF <sup>(b)</sup> | 2492579 | 141777894 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $1,054,575,868) |  | 1260643715 |
| **COMMON STOCKS — 10.5%** |  |  |
| **Aerospace & Defense — 0.1%** |  |  |
| AeroVironment, Inc. <sup>(c)</sup> | 2800 | 782488 |
| Axon Enterprise, Inc. <sup>(c)</sup> | 1021 | 551483 |
|  |  | 1333971 |
| **Automobiles — 0.3%** |  |  |
| BYD Co. Ltd. - ADR <sup>(a)</sup> | 56665 | 710012 |
| Tesla, Inc. <sup>(c)</sup> | 9003 | 3872821 |
|  |  | 4582833 |
| **Banks — 0.1%** |  |  |
| JPMorgan Chase & Co. | 5624 | 1760762 |
| **Broadline Retail — 1.0%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 5526 | 869240 |
| Amazon.com, Inc. <sup>(c)</sup> | 48898 | 11403992 |
| PDD Holdings, Inc. - ADR <sup>(c)</sup> | 6141 | 712847 |
| Prosus NV - ADR | 57633 | 724447 |
| Sea Ltd. - ADR <sup>(c)</sup> | 4408 | 612756 |
|  |  | 14323282 |
| **Capital Markets — 0.0% <sup>(d)</sup>** |  |  |
| Goldman Sachs Group, Inc. | 732 | 604661 |
| **Communications Equipment — 0.0% <sup>(d)</sup>** |  |  |
| Arista Networks, Inc. <sup>(c)</sup> | 5876 | 767876 |
| **Construction & Engineering — 0.1%** |  |  |
| Quanta Services, Inc. | 1737 | 807497 |
| **Consumer Staples Distribution & Retail — 0.1%** |  |  |
| Costco Wholesale Corp. | 892 | 814922 |
| Walmart, Inc. | 9861 | 1089739 |
|  |  | 1904661 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Diversified Telecommunication Services — 0.0% <sup>(d)</sup>** |  |  |
| Deutsche Telekom AG - ADR | 22041 | $709279 |
| **Electric Utilities — 0.1%** |  |  |
| Constellation Energy Corp. | 2424 | 883209 |
| NRG Energy, Inc. | 5404 | 915924 |
|  |  | 1799133 |
| **Electrical Equipment — 0.3%** |  |  |
| ABB Ltd. - ADR | 11242 | 806726 |
| Eaton Corp. PLC | 2318 | 801773 |
| GE Vernova, Inc. | 1572 | 942838 |
| Schneider Electric SE - ADR | 14685 | 787703 |
| Vertiv Holdings Co. - Class A | 4564 | 820288 |
|  |  | 4159328 |
| **Electronic Equipment, Instruments & Components — 0.1%** |  |  |
| Amphenol Corp. - Class A | 6967 | 981650 |
| **Entertainment — 0.2%** |  |  |
| Netflix, Inc. <sup>(c)</sup> | 19380 | 2084900 |
| Spotify Technology SA <sup>(c)</sup> | 1256 | 752181 |
|  |  | 2837081 |
| **Financial Services — 0.2%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(c)</sup> | 1453 | 746566 |
| MasterCard, Inc. - Class A | 1355 | 745968 |
| Visa, Inc. - Class A | 2538 | 848809 |
|  |  | 2341343 |
| **Ground Transportation — 0.1%** |  |  |
| Uber Technologies, Inc. <sup>(c)</sup> | 8779 | 768514 |
| **Health Care — 0.0% <sup>(d)</sup>** |  |  |
| ABIOMED INC <sup>(c)(e)</sup> | 113 | 0 |
| **Health Care Equipment & Supplies — 0.1%** |  |  |
| Intuitive Surgical, Inc. <sup>(c)</sup> | 3378 | 1937215 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Vistra Corp. | 4389 | 785017 |
| **Industrial Conglomerates — 0.2%** |  |  |
| Hitachi Ltd. - ADR | 27104 | 867057 |
| Siemens AG - ADR | 10487 | 1390996 |
|  |  | 2258053 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Interactive Media & Services — 2.0%** |  |  |
| Alphabet, Inc. - Class A | 52370 | $16767826 |
| Meta Platforms, Inc. - Class A | 15045 | 9748408 |
| Tencent Holdings Ltd. - ADR | 16519 | 1305662 |
|  |  | 27821896 |
| **IT Services — 0.0% <sup>(d)</sup>** |  |  |
| Cognizant Technology Solutions Corp. - Class A | 5533 | 429969 |
| **Oil, Gas & Consumable Fuels — 0.0% <sup>(d)</sup>** |  |  |
| Exxon Mobil Corp. | 6362 | 737483 |
| **Pharmaceuticals — 0.3%** |  |  |
| Eli Lilly & Co. | 2943 | 3165108 |
| Johnson & Johnson | 3652 | 755672 |
|  |  | 3920780 |
| **Semiconductors & Semiconductor Equipment — 2.8%** |  |  |
| Advanced Micro Devices, Inc. <sup>(c)</sup> | 4077 | 886870 |
| Applied Materials, Inc. | 3989 | 1006225 |
| ARM Holdings PLC - ADR <sup>(c)</sup> | 5187 | 703150 |
| Broadcom, Inc. | 29911 | 12052937 |
| KLA Corp. | 813 | 955657 |
| Lam Research Corp. | 6221 | 970476 |
| Micron Technology, Inc. | 4646 | 1098686 |
| NVIDIA Corp. | 115818 | 20499786 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5040 | 1469210 |
|  |  | 39642997 |
| **Software — 2.1%** |  |  |
| Cadence Design Systems, Inc. <sup>(c)</sup> | 2359 | 735630 |
| Intuit, Inc. | 1310 | 830645 |
| Microsoft Corp. | 43126 | 21218423 |
| Oracle Corp. | 4824 | 974207 |
| Palantir Technologies, Inc. - Class A <sup>(c)</sup> | 14002 | 2358637 |
| Palo Alto Networks, Inc. <sup>(c)</sup> | 3861 | 734092 |
| Salesforce, Inc. | 3667 | 845390 |
| SAP SE - ADR | 3204 | 774567 |
| ServiceNow, Inc. <sup>(c)</sup> | 997 | 809973 |
|  |  | 29281564 |
| **Technology Hardware, Storage & Peripherals — 0.2%** |  |  |
| Apple, Inc. | 7213 | 2011345 |
| Dell Technologies, Inc. - Class C | 4807 | 641014 |
|  |  | 2652359 |
| **TOTAL COMMON STOCKS (**Cost $130,324,447) |  | 149149204 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.3% <sup>(c)(i)</sup>** |  |  |  |
| **Call Options — 0.2% <sup>(f)(g)</sup>** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/05/2025; Exercise Price: $620.00 | $77406250 | 1250 | $645625 |
| iShares MSCI Brazil ETF, Expiration: 01/16/2026; Exercise Price: $33.00 | 8402500 | 2500 | 311250 |
| iShares MSCI Emerging Markets ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/31/2025; Exercise Price: $55.00 | 423696 | 78 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $58.50 | 10864000 | 2000 | 18000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $59.00 | 8148000 | 1500 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $60.00 | 16296000 | 3000 | 18000 |
| iShares Silver Trust, Expiration: 01/16/2026; Exercise Price: $50.00 | 17923500 | 3500 | 1312500 |
| SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $702.00 | 136678000 | 2000 | 372000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/31/2025; Exercise Price: $697.00 | 102508500 | 1500 | 692250 |
| State Street Materials Select Sector SPDR ETF, Expiration: 12/19/2025; Exercise Price: $95.00 | 44700000 | 5000 | 42500 |
| **Total Call Options** |  |  | 3425376 |
| **Put Options — 0.1% <sup>(f)(g)</sup>** |  |  |  |
| CBOE Volatility Index, Expiration: 12/17/2025; Exercise Price: $18.00 | 16350000 | 10000 | 1090000 |
| State Street Energy Select Sector SPDR ETF, Expiration: 01/16/2026; Exercise Price: $82.00 | 18090000 | 2000 | 119000 |
| **Total Put Options** |  |  | 1209000 |
| **TOTAL PURCHASED OPTIONS (**Cost $4,741,292) |  |  | 4634376 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(h)</sup> | 86091130 | $86091130 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (**Cost $86,091,130) |  | **86091130** |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(h)</sup> | 1314164 | 1314164 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,314,164) |  | 1314164 |
| **TOTAL INVESTMENTS — 106.3% (**Cost $1,277,046,901) |  | **1501832589** |
| **Liabilities in Excess of Other Assets — (6.3)%** |  | (89535681) |
| **TOTAL NET ASSETS — 100.0%** |  | $**1412296908** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $84,607,436.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $186,672,000.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Written Options** **<br> November 30, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.2)% <sup>(a)(b)</sup>** |  |  |  |
| **Call Options — (0.1)%** |  |  |  |
| Invesco QQQ Trust Series 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/05/2025; Exercise Price: $630.00 | $(77406250) | (1250) | $(164375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $665.00 | (161005000) | (2600) | (105300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/31/2025; Exercise Price: $647.00 | (111465000) | (1800) | (578700) |
| iShares MSCI Brazil ETF, Expiration: 12/19/2025; Exercise Price: $34.00 | (8402500) | (2500) | (131250) |
| iShares MSCI Emerging Markets ETF, Expiration: 12/19/2025; Exercise Price: $55.00 | (423696) | (78) | (3198) |
| iShares Silver Trust, Expiration: 01/16/2026; Exercise Price: $57.00 | (35847000) | (7000) | (1151500) |
| State Street Materials Select Sector SPDR ETF, Expiration: 12/19/2025; Exercise Price: $100.00 | (44700000) | (5000) | (12500) |
| **Total Call Options** |  |  | (2146823) |
| **Put Options — (0.1)%** |  |  |  |
| CBOE Volatility Index, Expiration: 12/17/2025; Exercise Price: $16.50 | (32700000) | (20000) | (700000) |
| State Street Energy Select Sector SPDR ETF, Expiration: 01/16/2026; Exercise Price: $77.00 | (36180000) | (4000) | (86000) |
| **Total Put Options** |  |  | (786000) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $2,731,021) |  |  | $(2932823) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments**<br> **November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 89.0%** |  |  |
| **Aerospace & Defense — 0.4%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 952 | $514213 |
| Howmet Aerospace, Inc. | 2758 | 564259 |
| L3Harris Technologies, Inc. | 1833 | 510839 |
| TransDigm Group, Inc. | 377 | 512784 |
|  |  | 2102095 |
| **Air Freight & Logistics — 0.3%** |  |  |
| Expeditors International of Washington, Inc. | 3441 | 505483 |
| FedEx Corp. | 1852 | 510559 |
| United Parcel Service, Inc. - Class B | 5657 | 541884 |
|  |  | 1557926 |
| **Automobile Components — 0.1%** |  |  |
| Aptiv PLC <sup>(a)</sup> | 6641 | 515010 |
| **Automobiles — 1.6%** |  |  |
| Ford Motor Co. | 38409 | 510072 |
| General Motors Co. | 6949 | 510890 |
| Tesla, Inc. <sup>(a)</sup> | 15997 | 6881429 |
|  |  | 7902391 |
| **Banks — 3.6%** |  |  |
| Bank of America Corp. | 67332 | 3612362 |
| Fifth Third Bancorp | 11703 | 508612 |
| JPMorgan Chase & Co. | 26507 | 8298812 |
| KeyCorp | 27536 | 506112 |
| M&T Bank Corp. | 2642 | 502561 |
| PNC Financial Services Group, Inc. | 2618 | 499305 |
| Regions Financial Corp. | 19886 | 506099 |
| Truist Financial Corp. | 10915 | 507547 |
| US Bancorp | 10327 | 506539 |
| Wells Fargo & Co. | 28049 | 2408007 |
|  |  | 17855956 |
| **Beverages — 1.3%** |  |  |
| Coca-Cola Co. | 39720 | 2904326 |
| Constellation Brands, Inc. - Class A | 3850 | 525063 |
| Keurig Dr Pepper, Inc. | 18801 | 524548 |
| Monster Beverage Corp. <sup>(a)</sup> | 6810 | 510682 |
| PepsiCo, Inc. | 12250 | 1822065 |
|  |  | 6286684 |
| **Biotechnology — 1.5%** |  |  |
| AbbVie, Inc. | 16760 | 3816252 |
| Biogen, Inc. <sup>(a)</sup> | 2783 | 506757 |
| Gilead Sciences, Inc. | 10473 | 1317922 |
| Incyte Corp. <sup>(a)</sup> | 4798 | 501199 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Regeneron Pharmaceuticals, Inc. | 689 | $537551 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1969 | 853778 |
|  |  | 7533459 |
| **Broadline Retail — 3.4%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 70835 | 16520139 |
| **Building Products — 0.2%** |  |  |
| Lennox International, Inc. | 1047 | 522317 |
| Trane Technologies PLC | 1573 | 662988 |
|  |  | 1185305 |
| **Capital Goods — 0.1%** |  |  |
| General Dynamics Corp. | 2002 | 683943 |
| **Capital Markets — 2.1%** |  |  |
| Blackrock, Inc. | 1288 | 1348922 |
| Blackstone, Inc. | 5514 | 807360 |
| CBOE Global Markets, Inc. | 1974 | 509628 |
| Charles Schwab Corp. | 15305 | 1419233 |
| CME Group, Inc. | 2757 | 775985 |
| Interactive Brokers Group, Inc. - Class A | 8076 | 525101 |
| Intercontinental Exchange, Inc. | 4060 | 638638 |
| Moody's Corp. | 1261 | 618874 |
| MSCI, Inc. | 901 | 507912 |
| Nasdaq, Inc. | 5672 | 515698 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 6281 | 807046 |
| S&P Global, Inc. | 2564 | 1279000 |
| T. Rowe Price Group, Inc. | 5037 | 515688 |
|  |  | 10269085 |
| **Chemicals — 1.0%** |  |  |
| Air Products & Chemicals, Inc. | 1957 | 510875 |
| Corteva, Inc. | 7649 | 516078 |
| DuPont de Nemours, Inc. | 13068 | 519714 |
| Ecolab, Inc. | 1845 | 507670 |
| Linde PLC | 4162 | 1707752 |
| PPG Industries, Inc. | 5067 | 506903 |
| Sherwin-Williams Co. | 1694 | 582211 |
|  |  | 4851203 |
| **Commercial Services & Supplies — 0.6%** |  |  |
| Cintas Corp. | 2757 | 512857 |
| Copart, Inc. <sup>(a)</sup> | 12949 | 504752 |
| Republic Services, Inc. | 2327 | 505099 |
| Rollins, Inc. | 8276 | 508808 |
| Veralto Corp. | 4867 | 492638 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Waste Management, Inc. | 2967 | $646420 |
|  |  | 3170574 |
| **Communications Equipment — 1.0%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 10309 | 1347180 |
| Cisco Systems, Inc. | 36460 | 2805232 |
| Motorola Solutions, Inc. | 1366 | 504983 |
|  |  | 4657395 |
| **Construction & Engineering — 0.2%** |  |  |
| EMCOR Group, Inc. | 840 | 516659 |
| Quanta Services, Inc. | 1140 | 529963 |
|  |  | 1046622 |
| **Construction Materials — 0.2%** |  |  |
| Martin Marietta Materials, Inc. | 819 | 510434 |
| Vulcan Materials Co. | 1738 | 516603 |
|  |  | 1027037 |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 5988 | 2187237 |
| Synchrony Financial | 6610 | 511349 |
|  |  | 2698586 |
| **Consumer Staples Distribution & Retail — 2.9%** |  |  |
| Costco Wholesale Corp. | 4249 | 3881844 |
| Dollar Tree, Inc. <sup>(a)</sup> | 4824 | 534547 |
| Sysco Corp. | 6691 | 509854 |
| Target Corp. | 5877 | 532574 |
| Walmart, Inc. | 79292 | 8762559 |
|  |  | 14221378 |
| **Containers & Packaging — 0.2%** |  |  |
| Packaging Corp. of America | 2525 | 515277 |
| Smurfit WestRock PLC | 14567 | 519896 |
|  |  | 1035173 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 3924 | 511690 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| AT&T, Inc. | 61945 | 1611809 |
| **Electric Utilities — 0.7%** |  |  |
| Constellation Energy Corp. | 2443 | 890131 |
| Edison International | 8611 | 507102 |
| Evergy, Inc. | 6629 | 514742 |
| Eversource Energy | 7677 | 515741 |
| NRG Energy, Inc. | 3107 | 526605 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| PPL Corp. | 13959 | $515087 |
|  |  | 3469408 |
| **Electrical Equipment — 0.5%** |  |  |
| AMETEK, Inc. | 2572 | 508973 |
| Eaton Corp. PLC | 3131 | 1082982 |
| Hubbell, Inc. | 1181 | 509519 |
| Rockwell Automation, Inc. | 1298 | 513826 |
|  |  | 2615300 |
| **Electronic Equipment, Instruments & Components — 0.7%** |  |  |
| Amphenol Corp. - Class A | 10034 | 1413791 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 2622 | 519025 |
| TE Connectivity PLC | 2285 | 516753 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 1017 | 508012 |
| Trimble, Inc. <sup>(a)</sup> | 6256 | 509363 |
|  |  | 3466944 |
| **Energy — 0.1%** |  |  |
| Williams Cos., Inc. | 8545 | 520647 |
| **Energy Equipment & Services — 0.3%** |  |  |
| Baker Hughes & GE Co. - Class A | 10266 | 515353 |
| Halliburton Co. | 19798 | 519104 |
| SLB Ltd. | 14172 | 513593 |
|  |  | 1548050 |
| **Entertainment — 1.3%** |  |  |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 3942 | 518176 |
| Netflix, Inc. <sup>(a)</sup> | 41346 | 4448003 |
| Walt Disney Co. | 15707 | 1640910 |
|  |  | 6607089 |
| **Financial Services — 2.5%** |  |  |
| Corpay, Inc. <sup>(a)</sup> | 1741 | 514988 |
| Global Payments, Inc. | 6851 | 519032 |
| MasterCard, Inc. - Class A | 8360 | 4602431 |
| PayPal Holdings, Inc. | 8246 | 516941 |
| Visa, Inc. - Class A | 18271 | 6110553 |
|  |  | 12263945 |
| **Food Products — 0.6%** |  |  |
| Archer-Daniels-Midland Co. | 8520 | 517505 |
| General Mills, Inc. | 10816 | 512138 |
| Hershey Co. | 2718 | 511201 |
| McCormick & Co., Inc. | 7572 | 510959 |
| Mondelez International, Inc. - Class A | 9018 | 519166 |
| Tyson Foods, Inc. - Class A | 8924 | 518038 |
|  |  | 3089007 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Gas Utilities — 0.1%** |  |  |
| Atmos Energy Corp. | 2924 | $515706 |
| **Ground Transportation — 0.9%** |  |  |
| CSX Corp. | 14533 | 513887 |
| JB Hunt Transport Services, Inc. | 2955 | 514052 |
| Old Dominion Freight Line, Inc. | 3782 | 511667 |
| Uber Technologies, Inc. <sup>(a)</sup> | 18229 | 1595766 |
| Union Pacific Corp. | 4772 | 1106293 |
|  |  | 4241665 |
| **Health Care — 0.0% <sup>(b)</sup>** |  |  |
| ABIOMED INC <sup>(a)(c)</sup> | 239 | 0 |
| **Health Care Equipment & Services — 0.3%** |  |  |
| Medtronic PLC | 9974 | 1050561 |
| Universal Health Services, Inc. - Class B | 2068 | 503827 |
|  |  | 1554388 |
| **Health Care Equipment & Supplies — 2.1%** |  |  |
| Abbott Laboratories | 15225 | 1962502 |
| Becton Dickinson & Co. | 2601 | 504646 |
| Boston Scientific Corp. <sup>(a)</sup> | 11949 | 1213779 |
| Dexcom, Inc. <sup>(a)</sup> | 8210 | 521089 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 5845 | 506586 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 666 | 501418 |
| Insulet Corp. <sup>(a)</sup> | 1552 | 507799 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 3029 | 1737071 |
| ResMed, Inc. | 1979 | 506288 |
| STERIS PLC | 1893 | 504068 |
| Stryker Corp. | 3079 | 1142863 |
| Zimmer Biomet Holdings, Inc. | 5253 | 512273 |
|  |  | 10120382 |
| **Health Care Providers & Services — 0.9%** |  |  |
| Elevance Health, Inc. | 1508 | 510096 |
| HCA Healthcare, Inc. | 1664 | 845795 |
| Quest Diagnostics, Inc. | 2629 | 497354 |
| UnitedHealth Group, Inc. | 8053 | 2655638 |
|  |  | 4508883 |
| **Hotels, Restaurants & Leisure — 1.5%** |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 4269 | 499430 |
| Booking Holdings, Inc. | 257 | 1263075 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 15279 | 527431 |
| Darden Restaurants, Inc. | 2838 | 509648 |
| Expedia Group, Inc. | 1973 | 504476 |
| Hilton Worldwide Holdings, Inc. | 1785 | 508779 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Las Vegas Sands Corp. | 7513 | $512086 |
| McDonald's Corp. | 6340 | 1976939 |
| Starbucks Corp. | 8300 | 723013 |
| Yum! Brands, Inc. | 3299 | 505440 |
|  |  | 7530317 |
| **Household Durables — 0.4%** |  |  |
| DR Horton, Inc. | 3295 | 523938 |
| Garmin, Ltd. | 2632 | 514082 |
| Lennar Corp. - Class A | 3605 | 473336 |
| NVR, Inc. <sup>(a)</sup> | 68 | 510496 |
|  |  | 2021852 |
| **Household Products — 1.0%** |  |  |
| Church & Dwight Co., Inc. | 6028 | 513344 |
| Colgate-Palmolive Co. | 6373 | 512325 |
| Kimberly-Clark Corp. | 4792 | 522903 |
| Procter & Gamble Co. | 22097 | 3273892 |
|  |  | 4822464 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Vistra Corp. | 2979 | 532824 |
| **Industrial Conglomerates — 0.2%** |  |  |
| Honeywell International, Inc. | 5082 | 976710 |
| **Insurance — 1.6%** |  |  |
| Allstate Corp. | 2371 | 504976 |
| Aon PLC - Class A | 1446 | 511768 |
| Arch Capital Group Ltd. <sup>(a)</sup> | 5403 | 507450 |
| Brown & Brown, Inc. | 6316 | 507996 |
| Chubb Ltd. | 3157 | 935040 |
| Cincinnati Financial Corp. | 3000 | 502770 |
| Erie Indemnity Co. - Class A | 1712 | 505879 |
| Hartford Insurance Group, Inc. | 3678 | 503996 |
| Marsh & McLennan Cos., Inc. | 3562 | 653449 |
| Progressive Corp. | 4861 | 1112148 |
| Travelers Cos., Inc. | 1717 | 502841 |
| Willis Towers Watson PLC | 1574 | 505254 |
| WR Berkley Corp. | 6496 | 504674 |
|  |  | 7758241 |
| **Interactive Media & Services — 6.5%** |  |  |
| Alphabet, Inc. - Class A | 70478 | 22565646 |
| Meta Platforms, Inc. - Class A | 14794 | 9585772 |
|  |  | 32151418 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **IT Services — 0.1%** |  |  |
| VeriSign, Inc. | 1980 | $498940 |
| **Life Sciences Tools & Services — 1.2%** |  |  |
| Agilent Technologies, Inc. | 3211 | 492888 |
| Danaher Corp. | 5864 | 1329838 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 2179 | 501192 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 338 | 499131 |
| Thermo Fisher Scientific, Inc. | 3261 | 1926697 |
| Waters Corp. <sup>(a)</sup> | 1237 | 499031 |
| West Pharmaceutical Services, Inc. | 1804 | 500159 |
|  |  | 5748936 |
| **Machinery — 1.7%** |  |  |
| Caterpillar, Inc. | 4200 | 2418192 |
| Cummins, Inc. | 1028 | 511923 |
| Dover Corp. | 2729 | 505629 |
| Fortive Corp. | 9554 | 510948 |
| Illinois Tool Works, Inc. | 2038 | 508033 |
| Ingersoll Rand, Inc. | 6393 | 513614 |
| PACCAR, Inc. | 4825 | 508651 |
| Parker-Hannifin Corp. | 947 | 816030 |
| Pentair PLC | 4791 | 504205 |
| Snap-on, Inc. | 1491 | 507015 |
| Wabtec Corp. | 2474 | 515953 |
| Xylem, Inc. | 3565 | 501488 |
|  |  | 8321681 |
| **Materials — 0.4%** |  |  |
| Freeport-McMoRan, Inc. | 12338 | 530287 |
| Newmont Goldcorp Corp. | 7667 | 695627 |
| Nucor Corp. | 3240 | 516748 |
|  |  | 1742662 |
| **Media — 0.5%** |  |  |
| Comcast Corp. - Class A | 27701 | 739339 |
| News Corp. - Class A | 19800 | 508464 |
| Omnicom Group, Inc. | 6953 | 497974 |
| Trade Desk, Inc. - Class A <sup>(a)</sup> | 12946 | 512144 |
|  |  | 2257921 |
| **Metals & Mining — 0.1%** |  |  |
| Steel Dynamics, Inc. | 3063 | 514063 |
| **Multi-Utilities — 0.4%** |  |  |
| Ameren Corp. | 4842 | 514947 |
| CMS Energy Corp. | 6804 | 513294 |
| DTE Energy Co. | 3732 | 511396 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NiSource, Inc. | 11779 | $519807 |
|  |  | 2059444 |
| **Oil, Gas & Consumable Fuels — 2.6%** |  |  |
| Chevron Corp. | 19045 | 2878271 |
| ConocoPhillips | 9853 | 873863 |
| Coterra Energy, Inc. | 19609 | 526306 |
| Devon Energy Corp. | 14170 | 525140 |
| Diamondback Energy, Inc. | 3466 | 528877 |
| EOG Resources, Inc. | 4811 | 518866 |
| EQT Corp. | 8961 | 545366 |
| Expand Energy Corp. | 4387 | 534907 |
| Exxon Mobil Corp. | 41766 | 4841515 |
| Targa Resources Corp. | 2976 | 521722 |
| Texas Pacific Land Corp. | 594 | 513388 |
|  |  | 12808221 |
| **Passenger Airlines — 0.1%** |  |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 5123 | 522341 |
| **Pharmaceuticals — 3.5%** |  |  |
| Eli Lilly & Co. | 8900 | 9571683 |
| Johnson & Johnson | 22886 | 4735571 |
| Merck & Co., Inc. | 20601 | 2159603 |
| Zoetis, Inc. | 3937 | 504645 |
|  |  | 16971502 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 3033 | 774325 |
| Broadridge Financial Solutions, Inc. | 2221 | 506588 |
| Leidos Holdings, Inc. | 2649 | 506224 |
| Verisk Analytics, Inc. | 2271 | 511134 |
|  |  | 2298271 |
| **Real Estate Management & Development — 0.2%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 3125 | 505719 |
| CoStar Group, Inc. <sup>(a)</sup> | 7412 | 509945 |
|  |  | 1015664 |
| **Semiconductors & Semiconductor Equipment — 13.2%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 15920 | 3463078 |
| Applied Materials, Inc. | 6403 | 1615157 |
| Broadcom, Inc. | 42923 | 17296252 |
| KLA Corp. | 1084 | 1274209 |
| Lam Research Corp. | 10199 | 1591044 |
| Micron Technology, Inc. | 9191 | 2173488 |
| Monolithic Power Systems, Inc. | 565 | 524416 |
| NVIDIA Corp. | 191162 | 33835674 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NXP Semiconductors NV | 2646 | $515811 |
| Qnity Electronics, Inc. | 6447 | 522787 |
| QUALCOMM, Inc. | 9160 | 1539704 |
| Teradyne, Inc. | 3041 | 553128 |
|  |  | 64904748 |
| **Software — 9.5%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 3400 | 1088442 |
| Autodesk, Inc. <sup>(a)</sup> | 1712 | 519318 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 1944 | 606217 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 2034 | 1035631 |
| Fair Isaac Corp. <sup>(a)</sup> | 281 | 507438 |
| Fortinet, Inc. <sup>(a)</sup> | 6281 | 509578 |
| Intuit, Inc. | 2399 | 1521158 |
| Microsoft Corp. | 54476 | 26802737 |
| Oracle Corp. | 30432 | 6145742 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 21710 | 3657050 |
| Roper Technologies, Inc. | 1137 | 507352 |
| Salesforce, Inc. | 8321 | 1918323 |
| ServiceNow, Inc. <sup>(a)</sup> | 1755 | 1425780 |
| Synopsys, Inc. <sup>(a)</sup> | 1272 | 531709 |
|  |  | 46776475 |
| **Specialty Retail — 1.5%** |  |  |
| Home Depot, Inc. | 8892 | 3173733 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 5957 | 605827 |
| Ross Stores, Inc. | 2880 | 507917 |
| TJX Cos., Inc. | 9393 | 1426984 |
| Tractor Supply Co. | 9288 | 508796 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 978 | 526976 |
| Williams-Sonoma, Inc. | 2810 | 505828 |
|  |  | 7256061 |
| **Technology Hardware, Storage & Peripherals — 6.3%** |  |  |
| Apple, Inc. | 105553 | 29433454 |
| NetApp, Inc. | 4535 | 505925 |
| Seagate Technology Holdings PLC | 1944 | 537885 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 15734 | 532596 |
|  |  | 31009860 |
| **Telecommunication Services — 0.4%** |  |  |
| T-Mobile US, Inc. | 10388 | 2171196 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
| Lululemon Athletica, Inc. <sup>(a)</sup> | 2856 | 526018 |
| Nike, Inc. - Class B | 10594 | 684690 |
| Ralph Lauren Corp. - Class A | 1390 | 510589 |
|  |  | 1721297 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Tobacco — 0.6%** |  |  |
| Altria Group, Inc. | 12812 | $756036 |
| Philip Morris International, Inc. | 14130 | 2225193 |
|  |  | 2981229 |
| **Trading Companies & Distributors — 0.3%** |  |  |
| Fastenal Co. | 12689 | 512636 |
| United Rentals, Inc. | 624 | 508672 |
| WW Grainger, Inc. | 541 | 513209 |
|  |  | 1534517 |
| **Utilities — 1.4%** |  |  |
| American Electric Power Co., Inc. | 4174 | 516616 |
| Consolidated Edison, Inc. | 5113 | 513141 |
| Duke Energy Corp. | 5939 | 736079 |
| Exelon Corp. | 11108 | 523409 |
| NextEra Energy, Inc. | 18254 | 1575138 |
| PG&E Corp. | 32038 | 516452 |
| Public Service Enterprise Group, Inc. | 6196 | 517490 |
| Southern Co. | 8348 | 760670 |
| WEC Energy Group, Inc. | 4554 | 510367 |
| Xcel Energy, Inc. | 6312 | 518278 |
|  |  | 6687640 |
| **Water Utilities — 0.1%** |  |  |
| American Water Works Co., Inc. | 3868 | 503111 |
| **TOTAL COMMON STOCKS (**Cost $367,863,639) |  | 437864480 |
| **EXCHANGE TRADED FUNDS — 8.9%** |  |  |
| Roundhill Magnificent Seven ETF | 662001 | 44195187 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $42,223,588) |  | 44195187 |
| **REAL ESTATE INVESTMENT TRUSTS — COMMON — 1.7%** |  |  |
| **Equity Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
| VICI Properties, Inc. | 17637 | 508298 |
| **Health Care REITs — 0.2%** |  |  |
| Welltower, Inc. | 5549 | 1155413 |
| **Industrial REITs — 0.2%** |  |  |
| Prologis, Inc. | 7172 | 921817 |
| **Residential REITs — 0.5%** |  |  |
| AvalonBay Communities, Inc. | 2784 | 506521 |
| Equity Residential | 8259 | 509993 |
| Essex Property Trust, Inc. | 1935 | 510105 |
| Invitation Homes, Inc. | 17978 | 506980 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Mid-America Apartment Communities, Inc. | 3740 | $508228 |
|  |  | 2541827 |
| **Retail REITs — 0.1%** |  |  |
| Simon Property Group, Inc. | 2719 | 506604 |
| **Specialized REITs — 0.6%** |  |  |
| American Tower Corp. | 3348 | 606892 |
| Equinix, Inc. | 672 | 506224 |
| Extra Space Storage, Inc. | 3809 | 507245 |
| Millrose Properties, Inc. | 1233 | 37549 |
| Public Storage | 1852 | 508448 |
| SBA Communications Corp. | 2607 | 506462 |
|  |  | 2672820 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON (**Cost $8,333,390) |  | 8306779 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(d)</sup> | 1240078 | 1240078 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,240,078) |  | 1240078 |
| **TOTAL INVESTMENTS — 99.9% (**Cost $419,660,695) |  | **491606524** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 317864 |
| **TOTAL NET ASSETS — 100.0%** |  | $**491924388** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 92.0%** |  |  |
| **Aerospace & Defense — 2.0%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 1130 | $610358 |
| Boeing Co. <sup>(a)</sup> | 11851 | 2239839 |
| General Electric Co. | 16954 | 5059922 |
| Howmet Aerospace, Inc. | 6390 | 1307330 |
| Huntington Ingalls Industries, Inc. | 610 | 191308 |
| L3Harris Technologies, Inc. | 2961 | 825201 |
| Lockheed Martin Corp. | 3298 | 1510023 |
| Northrop Grumman Corp. | 2137 | 1222898 |
| RTX Corp. | 21054 | 3682555 |
| Textron, Inc. | 2876 | 239168 |
| TransDigm Group, Inc. | 876 | 1191509 |
|  |  | 18080111 |
| **Air Freight & Logistics — 0.3%** |  |  |
| CH Robinson Worldwide, Inc. | 1864 | 296134 |
| Expeditors International of Washington, Inc. | 2204 | 323767 |
| FedEx Corp. | 3496 | 963777 |
| United Parcel Service, Inc. - Class B | 11553 | 1106662 |
|  |  | 2690340 |
| **Automobile Components — 0.0% <sup>(b)</sup>** |  |  |
| Aptiv PLC <sup>(a)</sup> | 3619 | 280653 |
| **Automobiles — 1.4%** |  |  |
| Ford Motor Co. | 61534 | 817171 |
| General Motors Co. | 15726 | 1156176 |
| Tesla, Inc. <sup>(a)</sup> | 25231 | 10853619 |
|  |  | 12826966 |
| **Banks — 3.5%** |  |  |
| Bank of America Corp. | 104684 | 5616297 |
| Citigroup, Inc. | 29671 | 3073916 |
| Citizens Financial Group, Inc. | 6905 | 373561 |
| Fifth Third Bancorp | 10585 | 460024 |
| Huntington Bancshares, Inc. | 22968 | 374378 |
| JPMorgan Chase & Co. <sup>(c)</sup> | 44199 | 13837823 |
| KeyCorp | 15739 | 289283 |
| M&T Bank Corp. | 2611 | 496664 |
| PNC Financial Services Group, Inc. | 6250 | 1192000 |
| Regions Financial Corp. | 14372 | 365767 |
| Truist Financial Corp. | 20792 | 966828 |
| US Bancorp | 24653 | 1209230 |
| Wells Fargo & Co. | 51993 | 4463599 |
|  |  | 32719370 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Beverages — 1.0%** |  |  |
| Brown-Forman Corp. - Class B | 2869 | $83144 |
| Coca-Cola Co. | 61210 | 4475675 |
| Constellation Brands, Inc. - Class A | 2451 | 334267 |
| Keurig Dr Pepper, Inc. | 18869 | 526445 |
| Molson Coors Brewing Co. - Class B | 2715 | 126275 |
| Monster Beverage Corp. <sup>(a)</sup> | 11063 | 829614 |
| PepsiCo, Inc. | 21671 | 3223345 |
|  |  | 9598765 |
| **Biotechnology — 1.7%** |  |  |
| AbbVie, Inc. <sup>(c)</sup> | 27900 | 6352830 |
| Amgen, Inc. | 8461 | 2922937 |
| Biogen, Inc. <sup>(a)</sup> | 2305 | 419717 |
| Gilead Sciences, Inc. | 19695 | 2478419 |
| Incyte Corp. <sup>(a)</sup> | 2519 | 263135 |
| Moderna, Inc. <sup>(a)</sup> | 5348 | 138941 |
| Regeneron Pharmaceuticals, Inc. | 1649 | 1286533 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 4037 | 1750484 |
|  |  | 15612996 |
| **Broadline Retail — 3.0%** |  |  |
| Amazon.com, Inc. <sup>(a)(c)</sup> | 114726 | 26756398 |
| eBay, Inc. | 7567 | 626472 |
|  |  | 27382870 |
| **Building Products — 0.5%** |  |  |
| Allegion PLC | 1364 | 226465 |
| AO Smith Corp. | 1862 | 122855 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 1814 | 203585 |
| Carrier Global Corp. | 12761 | 700324 |
| Johnson Controls International PLC | 10428 | 1212881 |
| Lennox International, Inc. | 494 | 246442 |
| Masco Corp. | 3346 | 217055 |
| Trane Technologies PLC | 3528 | 1486981 |
|  |  | 4416588 |
| **Capital Goods — 0.2%** |  |  |
| Generac Holdings, Inc. <sup>(a)</sup> | 933 | 141471 |
| General Dynamics Corp. | 3992 | 1363787 |
| Stanley Black & Decker, Inc. | 2434 | 174079 |
|  |  | 1679337 |
| **Capital Markets — 3.2%** |  |  |
| Ameriprise Financial, Inc. | 1507 | 686800 |
| Bank of New York Mellon Corp. | 11338 | 1270990 |
| Blackrock, Inc. | 2285 | 2393080 |
| Blackstone, Inc. | 11562 | 1692908 |
| CBOE Global Markets, Inc. | 1648 | 425464 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Charles Schwab Corp. | 26935 | $2497683 |
| CME Group, Inc. | 5674 | 1597004 |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | 3528 | 962509 |
| FactSet Research Systems, Inc. | 589 | 163312 |
| Franklin Resources, Inc. | 4884 | 110330 |
| Goldman Sachs Group, Inc. | 4916 | 4060813 |
| Interactive Brokers Group, Inc. - Class A | 6933 | 450784 |
| Intercontinental Exchange, Inc. | 9075 | 1427497 |
| Invesco, Ltd. | 7075 | 172984 |
| KKR & Co., Inc. | 10663 | 1304192 |
| Moody's Corp. | 2440 | 1197503 |
| Morgan Stanley | 19555 | 3317701 |
| MSCI, Inc. | 1219 | 687175 |
| Nasdaq, Inc. | 6538 | 594435 |
| Raymond James Financial, Inc. | 2904 | 454592 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 12023 | 1544835 |
| S&P Global, Inc. | 4958 | 2473199 |
| T. Rowe Price Group, Inc. | 3505 | 358842 |
|  |  | 29844632 |
| **Chemicals — 0.9%** |  |  |
| Air Products & Chemicals, Inc. | 3498 | 913153 |
| CF Industries Holdings, Inc. | 2745 | 216031 |
| Corteva, Inc. | 10831 | 730768 |
| Dow, Inc. | 11118 | 265164 |
| DuPont de Nemours, Inc. | 6601 | 262522 |
| Eastman Chemical Co. | 1815 | 112675 |
| Ecolab, Inc. | 3963 | 1090459 |
| Linde PLC | 7500 | 3077400 |
| LyondellBasell Industries NV - Class A | 4087 | 200222 |
| Mosaic Co. | 5014 | 122793 |
| PPG Industries, Inc. | 3659 | 366046 |
| Sherwin-Williams Co. | 3646 | 1253094 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> | 2566 | 122347 |
|  |  | 8732674 |
| **Commercial Services & Supplies — 0.5%** |  |  |
| Cintas Corp. | 5415 | 1007298 |
| Copart, Inc. <sup>(a)</sup> | 13860 | 540263 |
| Republic Services, Inc. | 3199 | 694375 |
| Rollins, Inc. | 4433 | 272541 |
| Veralto Corp. | 3901 | 394859 |
| Waste Management, Inc. | 5764 | 1255803 |
|  |  | 4165139 |
| **Communications Equipment — 0.9%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 16329 | 2133874 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Cisco Systems, Inc. | 62963 | $4844373 |
| F5, Inc. <sup>(a)</sup> | 903 | 215961 |
| Motorola Solutions, Inc. | 2622 | 969301 |
|  |  | 8163509 |
| **Construction & Engineering — 0.2%** |  |  |
| EMCOR Group, Inc. | 687 | 422553 |
| Quanta Services, Inc. | 2315 | 1076197 |
|  |  | 1498750 |
| **Construction Materials — 0.1%** |  |  |
| Martin Marietta Materials, Inc. | 954 | 594571 |
| Vulcan Materials Co. | 2072 | 615881 |
|  |  | 1210452 |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 8742 | 3193190 |
| Capital One Financial Corp. | 10060 | 2203844 |
| Synchrony Financial | 6135 | 474604 |
|  |  | 5871638 |
| **Consumer Staples Distribution & Retail — 1.8%** |  |  |
| Costco Wholesale Corp. | 6989 | 6385081 |
| Dollar General Corp. | 3468 | 379711 |
| Dollar Tree, Inc. <sup>(a)</sup> | 3185 | 352930 |
| Kroger Co. | 10517 | 707584 |
| Sysco Corp. | 7725 | 588645 |
| Target Corp. | 7233 | 655454 |
| Walmart, Inc. | 68568 | 7577450 |
|  |  | 16646855 |
| **Containers & Packaging — 0.2%** |  |  |
| Amcor PLC | 22843 | 194622 |
| Avery Dennison Corp. | 1261 | 217358 |
| Ball Corp. | 4713 | 233435 |
| International Paper Co. | 8325 | 328671 |
| Packaging Corp. of America | 1399 | 285494 |
| Smurfit WestRock PLC | 7811 | 278775 |
|  |  | 1538355 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 2192 | 285837 |
| LKQ Corp. | 4099 | 121699 |
| Pool Corp. | 591 | 143968 |
|  |  | 551504 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| AT&T, Inc. | 113493 | 2953088 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electric Utilities — 0.5%** |  |  |
| Alliant Energy Corp. | 4043 | $280867 |
| Constellation Energy Corp. | 4927 | 1795202 |
| Edison International | 6114 | 360053 |
| Evergy, Inc. | 3630 | 281870 |
| Eversource Energy | 5785 | 388636 |
| FirstEnergy Corp. | 8102 | 386627 |
| NRG Energy, Inc. | 3193 | 541182 |
| Pinnacle West Capital Corp. | 1788 | 162458 |
| PPL Corp. | 11663 | 430365 |
|  |  | 4627260 |
| **Electrical Equipment — 0.8%** |  |  |
| AMETEK, Inc. | 3651 | 722496 |
| Eaton Corp. PLC | 6222 | 2152128 |
| Emerson Electric Co. | 8908 | 1188149 |
| GE Vernova, Inc. | 4345 | 2606001 |
| Hubbell, Inc. | 840 | 362401 |
| Rockwell Automation, Inc. | 1773 | 701860 |
|  |  | 7733035 |
| **Electronic Equipment, Instruments & Components — 0.7%** |  |  |
| Amphenol Corp. - Class A | 19141 | 2696967 |
| CDW Corp. | 2095 | 302141 |
| Corning, Inc. | 12180 | 1025556 |
| Jabil, Inc. | 1721 | 362632 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 2726 | 539612 |
| TE Connectivity PLC | 4709 | 1064940 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 726 | 362652 |
| Trimble, Inc. <sup>(a)</sup> | 3879 | 315828 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 803 | 202958 |
|  |  | 6873286 |
| **Energy — 0.2%** |  |  |
| ONEOK, Inc. | 9801 | 713709 |
| Williams Cos., Inc. | 19263 | 1173694 |
|  |  | 1887403 |
| **Energy Equipment & Services — 0.2%** |  |  |
| Baker Hughes & GE Co. - Class A | 15641 | 785178 |
| Halliburton Co. | 13719 | 359712 |
| SLB Ltd. | 22145 | 802535 |
|  |  | 1947425 |
| **Entertainment — 1.4%** |  |  |
| Electronic Arts, Inc. | 3746 | 756804 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 2473 | 325076 |
| Netflix, Inc. <sup>(a)(c)</sup> | 67465 | 7257885 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 2585 | $636091 |
| TKO Group Holdings, Inc. | 1040 | 201646 |
| Walt Disney Co. | 28571 | 2984812 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 35305 | 847320 |
|  |  | 13009634 |
| **Financial Services — 3.9%** |  |  |
| Apollo Global Management, Inc. | 7059 | 930729 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)(c)</sup> | 28928 | 14863496 |
| Block, Inc. <sup>(a)</sup> | 8400 | 561120 |
| Corpay, Inc. <sup>(a)</sup> | 1091 | 322718 |
| Fidelity National Information Services, Inc. | 8368 | 550363 |
| Fiserv, Inc. <sup>(a)</sup> | 8987 | 552431 |
| Global Payments, Inc. | 3906 | 295919 |
| Jack Henry & Associates, Inc. | 1143 | 199431 |
| MasterCard, Inc. - Class A <sup>(c)</sup> | 12833 | 7064951 |
| Northern Trust Corp. | 3091 | 405972 |
| PayPal Holdings, Inc. | 15631 | 979907 |
| State Street Corp. | 4553 | 541898 |
| Visa, Inc. - Class A <sup>(c)</sup> | 27203 | 9097771 |
|  |  | 36366706 |
| **Food Products — 0.5%** |  |  |
| Archer-Daniels-Midland Co. | 7557 | 459012 |
| Bunge Global SA | 2100 | 201747 |
| Campbell's Co. | 3100 | 94488 |
| Conagra Brands, Inc. | 7540 | 134589 |
| General Mills, Inc. | 8706 | 412229 |
| Hershey Co. | 2324 | 437098 |
| Hormel Foods Corp. | 4584 | 106395 |
| J M Smucker Co. | 1673 | 174293 |
| Kellanova | 4243 | 354885 |
| Kraft Heinz Co. | 13785 | 351655 |
| Lamb Weston Holdings, Inc. | 2246 | 132649 |
| McCormick & Co., Inc. | 3978 | 268435 |
| Mondelez International, Inc. - Class A | 20446 | 1177076 |
| Tyson Foods, Inc. - Class A | 4513 | 261980 |
|  |  | 4566531 |
| **Gas Utilities — 0.0% <sup>(b)</sup>** |  |  |
| Atmos Energy Corp. | 2502 | 441278 |
| **Ground Transportation — 0.9%** |  |  |
| CSX Corp. | 30479 | 1077737 |
| JB Hunt Transport Services, Inc. | 1249 | 217276 |
| Norfolk Southern Corp. | 3561 | 1040133 |
| Old Dominion Freight Line, Inc. | 2960 | 400458 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Uber Technologies, Inc. <sup>(a)</sup> | 33022 | $2890746 |
| Union Pacific Corp. | 9543 | 2212354 |
|  |  | 7838704 |
| **Health Care — 0.0% <sup>(b)</sup>** |  |  |
| ABIOMED INC <sup>(a)(d)</sup> | 495 | 0 |
| **Health Care Equipment & Services — 0.3%** |  |  |
| Medtronic PLC | 20263 | 2134302 |
| Universal Health Services, Inc. - Class B | 920 | 224139 |
|  |  | 2358441 |
| **Health Care Equipment & Supplies — 1.9%** |  |  |
| Abbott Laboratories | 27415 | 3533794 |
| Align Technology, Inc. <sup>(a)</sup> | 1099 | 161762 |
| Baxter International, Inc. | 8066 | 151157 |
| Becton Dickinson & Co. | 4531 | 879105 |
| Boston Scientific Corp. <sup>(a)</sup> | 23295 | 2366306 |
| Cooper Cos., Inc. <sup>(a)</sup> | 3144 | 245012 |
| Dexcom, Inc. <sup>(a)</sup> | 6164 | 391229 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 9317 | 807504 |
| GE HealthCare Technologies, Inc. | 7215 | 577128 |
| Hologic, Inc. <sup>(a)</sup> | 3540 | 265394 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 1283 | 965945 |
| Insulet Corp. <sup>(a)</sup> | 1096 | 358600 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 5613 | 3218943 |
| ResMed, Inc. | 2304 | 589432 |
| Solventum Corp. <sup>(a)</sup> | 2178 | 185696 |
| STERIS PLC | 1542 | 410604 |
| Stryker Corp. | 5407 | 2006970 |
| Zimmer Biomet Holdings, Inc. | 3143 | 306505 |
|  |  | 17421086 |
| **Health Care Providers & Services — 1.7%** |  |  |
| Cardinal Health, Inc. | 3811 | 808923 |
| Cencora, Inc. | 2716 | 1002014 |
| Centene Corp. <sup>(a)</sup> | 7834 | 308190 |
| Cigna Group | 4313 | 1195909 |
| CVS Health Corp. | 19923 | 1601012 |
| DaVita, Inc. <sup>(a)</sup> | 688 | 82340 |
| Elevance Health, Inc. | 3649 | 1234311 |
| HCA Healthcare, Inc. | 2811 | 1428803 |
| Henry Schein, Inc. <sup>(a)</sup> | 1965 | 146530 |
| Humana, Inc. | 1891 | 464751 |
| Labcorp Holdings, Inc. | 1304 | 350489 |
| McKesson Corp. | 1969 | 1734925 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 871 | 129134 |
| Quest Diagnostics, Inc. | 1741 | 329362 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| UnitedHealth Group, Inc. <sup>(c)</sup> | 14539 | $4794526 |
|  |  | 15611219 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 6832 | 799276 |
| Booking Holdings, Inc. | 509 | 2501577 |
| Carnival Corp. <sup>(a)</sup> | 16556 | 426814 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 21423 | 739522 |
| Darden Restaurants, Inc. | 1842 | 330786 |
| Domino's Pizza, Inc. | 537 | 225341 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 5336 | 1058502 |
| Expedia Group, Inc. | 1943 | 496806 |
| Hilton Worldwide Holdings, Inc. | 3786 | 1079124 |
| Las Vegas Sands Corp. | 5426 | 369836 |
| Marriott International, Inc. - Class A | 3602 | 1097854 |
| McDonald's Corp. | 11291 | 3520760 |
| MGM Resorts International <sup>(a)</sup> | 3531 | 124609 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 6953 | 128352 |
| Royal Caribbean Cruises Ltd. | 3893 | 1036511 |
| Starbucks Corp. | 17950 | 1563624 |
| Wynn Resorts Ltd. | 1407 | 181053 |
| Yum! Brands, Inc. | 4402 | 674430 |
|  |  | 16354777 |
| **Household Durables — 0.3%** |  |  |
| DR Horton, Inc. | 4473 | 711252 |
| Garmin, Ltd. | 2427 | 474042 |
| Lennar Corp. - Class A | 3369 | 442350 |
| Mohawk Industries, Inc. <sup>(a)</sup> | 823 | 95386 |
| NVR, Inc. <sup>(a)</sup> | 40 | 300291 |
| PulteGroup, Inc. | 3191 | 405863 |
|  |  | 2429184 |
| **Household Products — 0.8%** |  |  |
| Church & Dwight Co., Inc. | 3882 | 330591 |
| Clorox Co. | 1941 | 209512 |
| Colgate-Palmolive Co. | 12824 | 1030921 |
| Kimberly-Clark Corp. | 5235 | 571243 |
| Procter & Gamble Co. <sup>(c)</sup> | 37069 | 5492143 |
|  |  | 7634410 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| AES Corp. | 11234 | 157950 |
| Vistra Corp. | 5370 | 960478 |
|  |  | 1118428 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrial Conglomerates — 0.4%** |  |  |
| 3M Co. | 8574 | $1475157 |
| Honeywell International, Inc. | 10271 | 1973983 |
|  |  | 3449140 |
| **Insurance — 1.8%** |  |  |
| Aflac, Inc. | 7818 | 862404 |
| Allstate Corp. | 4182 | 890682 |
| American International Group, Inc. | 9371 | 713695 |
| Aon PLC - Class A | 3398 | 1202620 |
| Arch Capital Group Ltd. <sup>(a)</sup> | 5919 | 555913 |
| Arthur J Gallagher & Co. | 3999 | 990232 |
| Assurant, Inc. | 804 | 183441 |
| Brown & Brown, Inc. | 3742 | 300969 |
| Chubb Ltd. | 5868 | 1737984 |
| Cincinnati Financial Corp. | 2466 | 413277 |
| Erie Indemnity Co. - Class A | 386 | 114059 |
| Everest Group Ltd. | 670 | 210574 |
| Globe Life, Inc. | 1316 | 177305 |
| Hartford Insurance Group, Inc. | 4538 | 621842 |
| Loews Corp. | 2785 | 300418 |
| Marsh & McLennan Cos., Inc. | 7759 | 1423389 |
| MetLife, Inc. | 9143 | 699988 |
| Principal Financial Group, Inc. | 3320 | 281602 |
| Progressive Corp. | 9255 | 2117451 |
| Prudential Financial, Inc. | 5590 | 605118 |
| Travelers Cos., Inc. | 3567 | 1044632 |
| Willis Towers Watson PLC | 1567 | 503007 |
| WR Berkley Corp. | 4739 | 368173 |
|  |  | 16318775 |
| **Interactive Media & Services — 6.3%** |  |  |
| Alphabet, Inc. - Class A <sup>(c)</sup> | 74166 | 23746470 |
| Alphabet, Inc. - Class C <sup>(c)</sup> | 60238 | 19283389 |
| Match Group, Inc. | 3961 | 131941 |
| Meta Platforms, Inc. - Class A <sup>(c)</sup> | 23414 | 15171101 |
|  |  | 58332901 |
| **IT Services — 1.0%** |  |  |
| Accenture PLC - Class A | 9881 | 2470250 |
| Akamai Technologies, Inc. <sup>(a)</sup> | 2367 | 211894 |
| Cognizant Technology Solutions Corp. - Class A | 7812 | 607071 |
| EPAM Systems, Inc. <sup>(a)</sup> | 888 | 166056 |
| Gartner, Inc. <sup>(a)</sup> | 1206 | 280684 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 2223 | 284233 |
| International Business Machines Corp. | 14609 | 4508045 |
| VeriSign, Inc. | 1274 | 321035 |
|  |  | 8849268 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Leisure Products — 0.0% <sup>(b)</sup>** |  |  |
| Hasbro, Inc. | 2066 | $170652 |
| **Life Sciences Tools & Services — 1.0%** |  |  |
| Agilent Technologies, Inc. | 4504 | 691364 |
| Bio-Techne Corp. | 2493 | 160824 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 802 | 142868 |
| Danaher Corp. | 10114 | 2293653 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 2634 | 605846 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 320 | 472550 |
| Revvity, Inc. | 1914 | 199841 |
| Thermo Fisher Scientific, Inc. | 6023 | 3558569 |
| Waters Corp. <sup>(a)</sup> | 929 | 374777 |
| West Pharmaceutical Services, Inc. | 1131 | 313570 |
|  |  | 8813862 |
| **Machinery — 1.6%** |  |  |
| Caterpillar, Inc. | 7528 | 4334321 |
| Cummins, Inc. | 2162 | 1076633 |
| Deere & Co. | 3984 | 1850528 |
| Dover Corp. | 2163 | 400761 |
| Fortive Corp. | 5390 | 288257 |
| IDEX Corp. | 1193 | 207499 |
| Illinois Tool Works, Inc. | 4207 | 1048721 |
| Ingersoll Rand, Inc. | 6358 | 510802 |
| Nordson Corp. | 851 | 202249 |
| Otis Worldwide Corp. | 6265 | 556645 |
| PACCAR, Inc. | 8282 | 873088 |
| Parker-Hannifin Corp. | 2022 | 1742357 |
| Pentair PLC | 2601 | 273729 |
| Snap-on, Inc. | 821 | 279181 |
| Wabtec Corp. | 2696 | 562251 |
| Xylem, Inc. | 3828 | 538485 |
|  |  | 14745507 |
| **Materials — 0.4%** |  |  |
| Albemarle Corp. <sup>(e)</sup> | 1852 | 240742 |
| Freeport-McMoRan, Inc. | 22711 | 976119 |
| International Flavors & Fragrances, Inc. | 4032 | 280143 |
| Newmont Goldcorp Corp. | 17992 | 1632414 |
| Nucor Corp. | 3708 | 591389 |
|  |  | 3720807 |
| **Media — 0.3%** |  |  |
| Charter Communications, Inc. - Class A <sup>(a)</sup> | 1511 | 302381 |
| Comcast Corp. - Class A | 59619 | 1591231 |
| Fox Corp. - Class A | 3433 | 224861 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Fox Corp. - Class B | 2074 | $120831 |
| News Corp. - Class A | 5969 | 153284 |
| News Corp. - Class B | 1753 | 51591 |
| Omnicom Group, Inc. | 5122 | 366845 |
| Paramount Skydance Corp. <sup>(e)</sup> | 3690 | 59114 |
| Trade Desk, Inc. - Class A <sup>(a)</sup> | 7191 | 284476 |
|  |  | 3154614 |
| **Metals & Mining — 0.0% <sup>(b)</sup>** |  |  |
| Steel Dynamics, Inc. | 2230 | 374261 |
| **Multi-Utilities — 0.2%** |  |  |
| Ameren Corp. | 4257 | 452732 |
| CenterPoint Energy, Inc. | 10298 | 411714 |
| CMS Energy Corp. | 4720 | 356077 |
| DTE Energy Co. | 3267 | 447677 |
| NiSource, Inc. | 7421 | 327489 |
|  |  | 1995689 |
| **Oil, Gas & Consumable Fuels — 2.4%** |  |  |
| APA Corp. | 5837 | 145750 |
| Chevron Corp. | 30888 | 4668103 |
| ConocoPhillips | 20164 | 1788345 |
| Coterra Energy, Inc. | 11629 | 312122 |
| Devon Energy Corp. | 10379 | 384646 |
| Diamondback Energy, Inc. | 2944 | 449225 |
| EOG Resources, Inc. | 8882 | 957924 |
| EQT Corp. | 9424 | 573545 |
| Expand Energy Corp. | 3372 | 411148 |
| Exxon Mobil Corp. <sup>(c)</sup> | 68817 | 7977267 |
| Kinder Morgan, Inc. | 30563 | 834981 |
| Marathon Petroleum Corp. | 4987 | 966131 |
| Occidental Petroleum Corp. | 10670 | 448140 |
| Phillips 66 | 6519 | 892842 |
| Targa Resources Corp. | 3435 | 602190 |
| Texas Pacific Land Corp. | 285 | 246323 |
| Valero Energy Corp. | 4994 | 882739 |
|  |  | 22541421 |
| **Passenger Airlines — 0.2%** |  |  |
| Delta Air Lines, Inc. | 10136 | 649718 |
| Southwest Airlines Co. | 9361 | 325856 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 5192 | 529376 |
|  |  | 1504950 |
| **Personal Care Products — 0.1%** |  |  |
| Estee Lauder Cos., Inc. - Class A | 3682 | 346366 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Kenvue, Inc. | 30318 | $526017 |
|  |  | 872383 |
| **Pharmaceuticals — 3.3%** |  |  |
| Bristol-Myers Squibb Co. | 32072 | 1577942 |
| Eli Lilly & Co. <sup>(c)</sup> | 12417 | 13354111 |
| Johnson & Johnson <sup>(c)</sup> | 38057 | 7874755 |
| Merck & Co., Inc. <sup>(c)</sup> | 39986 | 4191732 |
| Pfizer, Inc. | 89594 | 2306150 |
| Viatris, Inc. | 18857 | 201581 |
| Zoetis, Inc. | 7073 | 906617 |
|  |  | 30412888 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 6404 | 1634941 |
| Broadridge Financial Solutions, Inc. | 1841 | 419914 |
| Dayforce, Inc. <sup>(a)</sup> | 2505 | 173096 |
| Equifax, Inc. | 1949 | 413909 |
| Jacobs Solutions, Inc. | 1930 | 260183 |
| Leidos Holdings, Inc. | 2067 | 395004 |
| Paychex, Inc. | 5056 | 564705 |
| Paycom Software, Inc. | 738 | 118943 |
| Verisk Analytics, Inc. | 2217 | 498980 |
|  |  | 4479675 |
| **Real Estate Management & Development — 0.1%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 4664 | 754775 |
| CoStar Group, Inc. <sup>(a)</sup> | 6658 | 458071 |
|  |  | 1212846 |
| **Semiconductors & Semiconductor Equipment — 13.3%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 25610 | 5570943 |
| Analog Devices, Inc. | 7838 | 2079735 |
| Applied Materials, Inc. | 12842 | 3239394 |
| Broadcom, Inc. <sup>(c)</sup> | 74100 | 29859336 |
| First Solar, Inc. <sup>(a)</sup> | 1683 | 459324 |
| Intel Corp. <sup>(a)</sup> | 68453 | 2776454 |
| KLA Corp. | 2085 | 2450855 |
| Lam Research Corp. | 20284 | 3164304 |
| Microchip Technology, Inc. | 8484 | 454573 |
| Micron Technology, Inc. | 17602 | 4162521 |
| Monolithic Power Systems, Inc. | 747 | 693343 |
| NVIDIA Corp. <sup>(c)</sup> | 340081 | 60194337 |
| NXP Semiconductors NV | 4008 | 781319 |
| ON Semiconductor Corp. <sup>(a)</sup> | 6657 | 334448 |
| Qnity Electronics, Inc. | 3300 | 267597 |
| QUALCOMM, Inc. | 17480 | 2938213 |
| Skyworks Solutions, Inc. | 2529 | 166788 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Teradyne, Inc. | 2565 | $466548 |
| Texas Instruments, Inc. | 14388 | 2421069 |
|  |  | 122481101 |
| **Software — 9.3%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 6854 | 2194171 |
| AppLovin Corp. - Class A <sup>(a)</sup> | 4010 | 2403915 |
| Autodesk, Inc. <sup>(a)</sup> | 3379 | 1024986 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 4320 | 1347149 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 3875 | 1972995 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 5003 | 800530 |
| Fair Isaac Corp. <sup>(a)</sup> | 374 | 675380 |
| Fortinet, Inc. <sup>(a)</sup> | 10049 | 815275 |
| Gen Digital, Inc. | 8570 | 225991 |
| Intuit, Inc. | 4405 | 2793122 |
| Microsoft Corp. <sup>(c)</sup> | 100853 | 49620685 |
| Oracle Corp. | 25606 | 5171132 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 32399 | 5457612 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 10457 | 1988189 |
| PTC, Inc. <sup>(a)</sup> | 1892 | 331914 |
| Roper Technologies, Inc. | 1679 | 749203 |
| Salesforce, Inc. | 15123 | 3486456 |
| ServiceNow, Inc. <sup>(a)</sup> | 3238 | 2630584 |
| Synopsys, Inc. <sup>(a)</sup> | 2904 | 1213901 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 667 | 313237 |
| Workday, Inc. - Class A <sup>(a)</sup> | 3373 | 727286 |
|  |  | 85943713 |
| **Specialty Retail — 1.7%** |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 252 | 996491 |
| Best Buy Co., Inc. | 3066 | 243073 |
| CarMax, Inc. <sup>(a)</sup> | 2427 | 93828 |
| Home Depot, Inc. <sup>(c)</sup> | 15697 | 5602573 |
| Lowe's Cos., Inc. | 8894 | 2156617 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 13559 | 1378950 |
| Ross Stores, Inc. | 5208 | 918483 |
| TJX Cos., Inc. | 17762 | 2698403 |
| Tractor Supply Co. | 8443 | 462508 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 724 | 390113 |
| Williams-Sonoma, Inc. | 1941 | 349399 |
|  |  | 15290438 |
| **Technology Hardware, Storage & Peripherals — 6.7%** |  |  |
| Apple, Inc. <sup>(c)</sup> | 205957 | 57431110 |
| Dell Technologies, Inc. - Class C | 4924 | 656615 |
| Hewlett Packard Enterprise Co. | 20757 | 453956 |
| HP, Inc. | 14822 | 361953 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NetApp, Inc. | 3206 | $357661 |
| Seagate Technology Holdings PLC | 3339 | 923868 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 7956 | 269311 |
| Western Digital Corp. | 5492 | 897008 |
|  |  | 61351482 |
| **Telecommunication Services — 0.5%** |  |  |
| T-Mobile US, Inc. | 7572 | 1582624 |
| Verizon Communications, Inc. | 66548 | 2735788 |
|  |  | 4318412 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| Deckers Outdoor Corp. <sup>(a)</sup> | 2394 | 210744 |
| Lululemon Athletica, Inc. <sup>(a)</sup> | 1765 | 325078 |
| Nike, Inc. - Class B | 18669 | 1206577 |
| Ralph Lauren Corp. - Class A | 621 | 228112 |
| Tapestry, Inc. | 3266 | 356908 |
|  |  | 2327419 |
| **Tobacco — 0.6%** |  |  |
| Altria Group, Inc. | 26786 | 1580642 |
| Philip Morris International, Inc. | 24572 | 3869598 |
|  |  | 5450240 |
| **Trading Companies & Distributors — 0.2%** |  |  |
| Fastenal Co. | 18114 | 731806 |
| United Rentals, Inc. | 1017 | 829038 |
| WW Grainger, Inc. | 691 | 655503 |
|  |  | 2216347 |
| **Utilities — 1.4%** |  |  |
| American Electric Power Co., Inc. | 8420 | 1042144 |
| Consolidated Edison, Inc. | 5473 | 549270 |
| Dominion Energy, Inc. | 13274 | 833209 |
| Duke Energy Corp. | 12261 | 1519628 |
| Entergy Corp. | 6771 | 660308 |
| Exelon Corp. | 15886 | 748548 |
| NextEra Energy, Inc. | 32501 | 2804511 |
| PG&E Corp. | 34674 | 558945 |
| Public Service Enterprise Group, Inc. | 7869 | 657219 |
| Sempra | 10009 | 948053 |
| Southern Co. | 17319 | 1578107 |
| WEC Energy Group, Inc. | 5010 | 561471 |
| Xcel Energy, Inc. | 9076 | 745230 |
|  |  | 13206643 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Water Utilities — 0.0% <sup>(b)</sup>** |  |  |
| American Water Works Co., Inc. | 3074 | $399835 |
| **TOTAL COMMON STOCKS (**Cost $565,974,545) |  | 848618668 |
| **EXCHANGE TRADED FUNDS — 6.5%** |  |  |
| Roundhill Magnificent Seven ETF <sup>(e)</sup> | 900365 | 60108367 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $60,680,557) |  | 60108367 |
| **REAL ESTATE INVESTMENT TRUSTS — COMMON - 1.7%** |  |  |
| **Equity Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
| VICI Properties, Inc. | 16666 | 480314 |
| **Health Care REITs — 0.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2433 | 130579 |
| Healthpeak Properties, Inc. | 11054 | 201846 |
| Ventas, Inc. | 6904 | 556670 |
| Welltower, Inc. | 9624 | 2003909 |
|  |  | 2893004 |
| **Hotel & Resort REITs — 0.0% <sup>(b)</sup>** |  |  |
| Host Hotels & Resorts, Inc. | 11051 | 194829 |
| **Industrial REITs — 0.2%** |  |  |
| Prologis, Inc. | 14641 | 1881808 |
| **Office REITs — 0.0% <sup>(b)</sup>** |  |  |
| BXP, Inc. | 2291 | 165777 |
| **Residential REITs — 0.2%** |  |  |
| AvalonBay Communities, Inc. | 2238 | 407182 |
| Camden Property Trust | 1676 | 178226 |
| Equity Residential | 5392 | 332956 |
| Essex Property Trust, Inc. | 1003 | 264411 |
| Invitation Homes, Inc. | 9006 | 253969 |
| Mid-America Apartment Communities, Inc. | 1839 | 249902 |
| UDR, Inc. | 4744 | 172776 |
|  |  | 1859422 |
| **Retail REITs — 0.2%** |  |  |
| Federal Realty Investment Trust | 1213 | 119759 |
| Kimco Realty Corp. | 10733 | 221744 |
| Realty Income Corp. | 13829 | 796689 |
| Regency Centers Corp. | 2570 | 182881 |
| Simon Property Group, Inc. | 4842 | 902161 |
|  |  | 2223234 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs — 0.7%** |  |  |
| American Tower Corp. | 7380 | $1337773 |
| Crown Castle, Inc. | 6858 | 625998 |
| Digital Realty Trust, Inc. | 4992 | 799319 |
| Equinix, Inc. | 1524 | 1148045 |
| Extra Space Storage, Inc. | 3343 | 445187 |
| Iron Mountain, Inc. | 4630 | 399801 |
| Millrose Properties, Inc. | 1307 | 39817 |
| Public Storage | 2480 | 680859 |
| SBA Communications Corp. | 1689 | 328122 |
| Weyerhaeuser Co. | 11463 | 254593 |
|  |  | 6059514 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON (**Cost $15,334,067) |  | 15757902 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.9% <sup>(a)</sup>** |  |  |  |
| **Put Options — 0.9%** |  |  |  |
| S&P 500 Index <sup>(f)(g)(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $6,575.00 | $301359960 | 440 | 1115400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $6,625.00 | 304784505 | 445 | 2985950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/20/2026; Exercise Price: $6,500.00 | 315058140 | 460 | 4008900 |
| **TOTAL PURCHASED OPTIONS (**Cost $22,801,686) |  |  | 8110250 |
|  |  | Shares |  |
| **RIGHTS — 0.0% <sup>(b)</sup>** |  |  |  |
| SYCAMORE PARTNERS LLC - RIGHT, Expires 08/28/2026, Exercise Price $3.00 <sup>(a)(d)</sup> |  | 11159 | 0 |
| **TOTAL RIGHTS (**Cost $0) |  |  | 0 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.0%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(h)</sup> | 9103423 | $9103423 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (**Cost $9,103,423) |  | **9103423** |
| **MONEY MARKET FUNDS — 0.4%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(h)</sup> | 3647321 | 3647321 |
| **TOTAL MONEY MARKET FUNDS (**Cost $3,647,321) |  | 3647321 |
| **TOTAL INVESTMENTS — 102.5% (**Cost $677,541,599) |  | **945345931** |
| **Liabilities in Excess of Other Assets — (2.5)%** |  | (23195731) |
| **TOTAL NET ASSETS — 100.0%** |  | $**922150200** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $353,670,184.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $8,974,621.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Written Options** **<br> November 30, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (1.6)%** |  |  |  |
| **Call Options — (1.3)%** |  |  |  |
| S&P 500 Index <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $6,900.00 | $(164378160) | (240) | $(1564800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $7,025.00 | (304784505) | (445) | (3008200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/20/2026; Exercise Price: $6,950.00 | (315058140) | (460) | (7479600) |
| **Total Call Options** |  |  | (12052600) |
| **Put Options — (0.3)%** |  |  |  |
| S&P 500 Index <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $6,075.00 | (301359960) | (440) | (217800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $6,025.00 | (304784505) | (445) | (747600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/20/2026; Exercise Price: $5,850.00 | (315058140) | (460) | (1386900) |
| **Total Put Options** |  |  | (2352300) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $19,008,013) |  |  | $(14404900) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.7%** |  |  |
| **Aerospace & Defense — 1.9%** |  |  |
| General Electric Co. | 2463 | $735082 |
| L3Harris Technologies, Inc. | 707 | 197034 |
| Lockheed Martin Corp. | 1069 | 489452 |
| Northrop Grumman Corp. | 516 | 295281 |
| RTX Corp. | 5726 | 1001535 |
|  |  | 2718384 |
| **Air Freight & Logistics — 0.5%** |  |  |
| FedEx Corp. | 855 | 235707 |
| United Parcel Service, Inc. - Class B | 4470 | 428181 |
|  |  | 663888 |
| **Automobiles — 1.4%** |  |  |
| Ford Motor Co. | 29232 | 388201 |
| General Motors Co. | 5276 | 387892 |
| Tesla, Inc. <sup>(a)</sup> | 3071 | 1321052 |
|  |  | 2097145 |
| **Banks — 5.9%** |  |  |
| Bank of America Corp. | 31912 | 1712079 |
| Citigroup, Inc. | 8938 | 925977 |
| JPMorgan Chase & Co. <sup>(b)</sup> | 11595 | 3630163 |
| PNC Financial Services Group, Inc. | 1838 | 350543 |
| Truist Financial Corp. | 6385 | 296902 |
| US Bancorp | 7568 | 371210 |
| Wells Fargo & Co. | 15027 | 1290068 |
|  |  | 8576942 |
| **Beverages — 1.6%** |  |  |
| Coca-Cola Co. | 17430 | 1274482 |
| Constellation Brands, Inc. - Class A | 469 | 63962 |
| Keurig Dr Pepper, Inc. | 3665 | 102253 |
| PepsiCo, Inc. | 5563 | 827441 |
|  |  | 2268138 |
| **Biotechnology — 2.7%** |  |  |
| AbbVie, Inc. | 9125 | 2077763 |
| Amgen, Inc. | 2401 | 829450 |
| Gilead Sciences, Inc. | 6542 | 823245 |
| Regeneron Pharmaceuticals, Inc. | 117 | 91282 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 317 | 137454 |
|  |  | 3959194 |
| **Broadline Retail — 2.7%** |  |  |
| Amazon.com, Inc. <sup>(a)(b)</sup> | 16999 | 3964507 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building Products — 0.5%** |  |  |
| Carrier Global Corp. | 2489 | $136596 |
| Johnson Controls International PLC | 2523 | 293450 |
| Trane Technologies PLC | 585 | 246566 |
|  |  | 676612 |
| **Capital Goods — 0.2%** |  |  |
| General Dynamics Corp. | 994 | 339580 |
| **Capital Markets — 3.9%** |  |  |
| Ameriprise Financial, Inc. | 263 | 119860 |
| Bank of New York Mellon Corp. | 2561 | 287088 |
| Blackrock, Inc. | 592 | 620002 |
| Blackstone, Inc. | 2724 | 398848 |
| Charles Schwab Corp. | 5222 | 484236 |
| CME Group, Inc. | 1819 | 511976 |
| Goldman Sachs Group, Inc. | 1285 | 1061461 |
| Intercontinental Exchange, Inc. | 1449 | 227928 |
| KKR & Co., Inc. | 1356 | 165852 |
| Moody's Corp. | 322 | 158031 |
| Morgan Stanley | 7666 | 1300613 |
| S&P Global, Inc. | 619 | 308776 |
|  |  | 5644671 |
| **Chemicals — 1.0%** |  |  |
| Air Products & Chemicals, Inc. | 959 | 250347 |
| DuPont de Nemours, Inc. | 1471 | 58502 |
| Ecolab, Inc. | 725 | 199491 |
| Linde PLC | 1461 | 599477 |
| LyondellBasell Industries NV - Class A | 1741 | 85292 |
| PPG Industries, Inc. | 901 | 90136 |
| Sherwin-Williams Co. | 591 | 203121 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> | 625 | 29800 |
|  |  | 1516166 |
| **Commercial Services & Supplies — 0.4%** |  |  |
| Cintas Corp. | 862 | 160349 |
| Republic Services, Inc. | 826 | 179292 |
| Waste Management, Inc. | 1213 | 264276 |
|  |  | 603917 |
| **Communications Equipment — 2.0%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 4421 | 577736 |
| Cisco Systems, Inc. | 25098 | 1931040 |
| Motorola Solutions, Inc. | 1029 | 380401 |
|  |  | 2889177 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 1917 | $700222 |
| Capital One Financial Corp. | 998 | 218632 |
|  |  | 918854 |
| **Consumer Staples Distribution & Retail — 2.3%** |  |  |
| Costco Wholesale Corp. | 631 | 576475 |
| Kroger Co. | 2272 | 152860 |
| Sysco Corp. | 1645 | 125349 |
| Target Corp. | 857 | 77662 |
| Walmart, Inc. <sup>(b)</sup> | 21345 | 2358836 |
|  |  | 3291182 |
| **Electric Utilities — 0.2%** |  |  |
| Constellation Energy Corp. | 603 | 219709 |
| Edison International | 1776 | 104589 |
|  |  | 324298 |
| **Electrical Equipment — 0.4%** |  |  |
| Eaton Corp. PLC | 1121 | 387742 |
| Emerson Electric Co. | 1952 | 260358 |
|  |  | 648100 |
| **Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| Amphenol Corp. - Class A | 5750 | 810175 |
| Corning, Inc. | 8578 | 722268 |
| TE Connectivity PLC | 2501 | 565601 |
|  |  | 2098044 |
| **Energy — 0.2%** |  |  |
| ONEOK, Inc. | 1389 | 101147 |
| Williams Cos., Inc. | 2771 | 168837 |
|  |  | 269984 |
| **Energy Equipment & Services — 0.1%** |  |  |
| SLB Ltd. | 2501 | 90636 |
| **Entertainment — 1.2%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 10030 | 1079027 |
| Walt Disney Co. | 6276 | 655654 |
|  |  | 1734681 |
| **Financial Services — 2.9%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 3308 | 1699683 |
| MasterCard, Inc. - Class A | 1750 | 963428 |
| Visa, Inc. - Class A | 4600 | 1538424 |
|  |  | 4201535 |
| **Food Products — 0.4%** |  |  |
| Archer-Daniels-Midland Co. | 1869 | 113523 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| General Mills, Inc. | 1891 | $89539 |
| Hershey Co. | 632 | 118867 |
| Kraft Heinz Co. | 3686 | 94030 |
| Mondelez International, Inc. - Class A | 3132 | 180309 |
|  |  | 596268 |
| **Ground Transportation — 0.7%** |  |  |
| CSX Corp. | 5888 | 208200 |
| Uber Technologies, Inc. <sup>(a)</sup> | 3336 | 292033 |
| Union Pacific Corp. | 2436 | 564738 |
|  |  | 1064971 |
| **Health Care Equipment & Services — 0.5%** |  |  |
| Medtronic PLC | 6444 | 678746 |
| **Health Care Equipment & Supplies — 0.9%** |  |  |
| Abbott Laboratories | 1499 | 193221 |
| Becton Dickinson & Co. | 935 | 181409 |
| Boston Scientific Corp. <sup>(a)</sup> | 1972 | 200316 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 536 | 307385 |
| Stryker Corp. | 993 | 368582 |
|  |  | 1250913 |
| **Health Care Providers & Services — 1.8%** |  |  |
| Cigna Group | 995 | 275893 |
| CVS Health Corp. | 6695 | 538010 |
| Elevance Health, Inc. | 687 | 232385 |
| HCA Healthcare, Inc. | 592 | 300908 |
| Humana, Inc. | 309 | 75943 |
| McKesson Corp. | 225 | 198252 |
| UnitedHealth Group, Inc. | 3114 | 1026904 |
|  |  | 2648295 |
| **Hotels, Restaurants & Leisure — 2.4%** |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 1699 | 198766 |
| Booking Holdings, Inc. | 106 | 520957 |
| Las Vegas Sands Corp. | 5323 | 362816 |
| Marriott International, Inc. - Class A | 1259 | 383731 |
| McDonald's Corp. | 3712 | 1157476 |
| Starbucks Corp. | 6956 | 605937 |
| Yum! Brands, Inc. | 1926 | 295082 |
|  |  | 3524765 |
| **Household Durables — 0.5%** |  |  |
| DR Horton, Inc. | 1474 | 234381 |
| Garmin, Ltd. | 1327 | 259189 |
| Lennar Corp. - Class A | 1356 | 178043 |
|  |  | 671613 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household Products — 1.1%** |  |  |
| Colgate-Palmolive Co. | 1214 | $97594 |
| Kimberly-Clark Corp. | 836 | 91224 |
| Procter & Gamble Co. | 9011 | 1335070 |
|  |  | 1523888 |
| **Industrial Conglomerates — 0.6%** |  |  |
| 3M Co. | 2385 | 410339 |
| Honeywell International, Inc. | 2498 | 480091 |
|  |  | 890430 |
| **Insurance — 1.4%** |  |  |
| Aflac, Inc. | 1780 | 196352 |
| Allstate Corp. | 792 | 168680 |
| American International Group, Inc. | 1993 | 151787 |
| Aon PLC - Class A | 397 | 140506 |
| Arthur J Gallagher & Co. | 432 | 106972 |
| Chubb Ltd. | 1142 | 338238 |
| Marsh & McLennan Cos., Inc. | 1357 | 248942 |
| MetLife, Inc. | 2728 | 208856 |
| Progressive Corp. | 769 | 175939 |
| Prudential Financial, Inc. | 1530 | 165622 |
| Travelers Cos., Inc. | 615 | 180109 |
|  |  | 2082003 |
| **Interactive Media & Services — 7.5%** |  |  |
| Alphabet, Inc. - Class A <sup>(b)</sup> | 23838 | 7632451 |
| Meta Platforms, Inc. - Class A <sup>(b)</sup> | 5122 | 3318800 |
|  |  | 10951251 |
| **IT Services — 1.7%** |  |  |
| Accenture PLC - Class A | 2793 | 698250 |
| International Business Machines Corp. | 5933 | 1830805 |
|  |  | 2529055 |
| **Life Sciences Tools & Services — 0.4%** |  |  |
| Danaher Corp. | 580 | 131533 |
| Thermo Fisher Scientific, Inc. | 651 | 384630 |
|  |  | 516163 |
| **Machinery — 1.6%** |  |  |
| Caterpillar, Inc. | 1555 | 895307 |
| Deere & Co. | 903 | 419435 |
| Illinois Tool Works, Inc. | 1155 | 287918 |
| Otis Worldwide Corp. | 1301 | 115594 |
| PACCAR, Inc. | 2739 | 288745 |
| Parker-Hannifin Corp. | 349 | 300733 |
|  |  | 2307732 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials — 0.5%** |  |  |
| Freeport-McMoRan, Inc. | 4003 | $172049 |
| Newmont Goldcorp Corp. | 4241 | 384786 |
| Nucor Corp. | 715 | 114035 |
|  |  | 670870 |
| **Media — 0.5%** |  |  |
| Comcast Corp. - Class A | 25120 | 670453 |
| **Oil, Gas & Consumable Fuels — 2.9%** |  |  |
| Chevron Corp. | 7497 | 1133022 |
| ConocoPhillips | 2725 | 241680 |
| EOG Resources, Inc. | 904 | 97497 |
| Exxon Mobil Corp. | 19123 | 2216738 |
| Marathon Petroleum Corp. | 706 | 136773 |
| Occidental Petroleum Corp. | 1923 | 80766 |
| Phillips 66 | 850 | 116416 |
| Valero Energy Corp. | 805 | 142292 |
|  |  | 4165184 |
| **Pharmaceuticals — 4.4%** |  |  |
| Bristol-Myers Squibb Co. | 11575 | 569490 |
| Eli Lilly & Co. <sup>(b)</sup> | 1762 | 1894978 |
| Johnson & Johnson | 11988 | 2480557 |
| Merck & Co., Inc. | 10821 | 1134365 |
| Pfizer, Inc. | 4117 | 105972 |
| Zoetis, Inc. | 1195 | 153175 |
|  |  | 6338537 |
| **Professional Services — 0.4%** |  |  |
| Automatic Data Processing, Inc. | 1635 | 417415 |
| Paychex, Inc. | 1681 | 187751 |
|  |  | 605166 |
| **Semiconductors & Semiconductor Equipment — 13.6%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 2683 | 583633 |
| Analog Devices, Inc. | 2597 | 689088 |
| Applied Materials, Inc. | 2701 | 681327 |
| Broadcom, Inc. <sup>(b)</sup> | 15737 | 6341382 |
| KLA Corp. | 560 | 658263 |
| Lam Research Corp. | 5117 | 798252 |
| Micron Technology, Inc. | 3643 | 861497 |
| NVIDIA Corp. <sup>(b)</sup> | 41688 | 7378776 |
| Qnity Electronics, Inc. | 735 | 59601 |
| QUALCOMM, Inc. | 4953 | 832550 |
| Texas Instruments, Inc. | 5135 | 864066 |
|  |  | 19748435 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software — 8.2%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 1072 | $343179 |
| Intuit, Inc. | 872 | 552918 |
| Microsoft Corp. <sup>(b)</sup> | 16926 | 8327761 |
| Oracle Corp. | 4219 | 852027 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 2084 | 396231 |
| Roper Technologies, Inc. | 616 | 274872 |
| Salesforce, Inc. | 2902 | 669027 |
| ServiceNow, Inc. <sup>(a)</sup> | 552 | 448450 |
|  |  | 11864465 |
| **Specialty Retail — 2.3%** |  |  |
| Home Depot, Inc. | 4631 | 1652896 |
| Lowe's Cos., Inc. | 2552 | 618809 |
| Ross Stores, Inc. | 1671 | 294698 |
| TJX Cos., Inc. | 4599 | 698680 |
|  |  | 3265083 |
| **Technology Hardware, Storage & Peripherals — 5.9%** |  |  |
| Apple, Inc. <sup>(b)</sup> | 28511 | 7950292 |
| Hewlett Packard Enterprise Co. | 16754 | 366410 |
| HP, Inc. | 10657 | 260244 |
|  |  | 8576946 |
| **Telecommunication Services — 1.6%** |  |  |
| T-Mobile US, Inc. | 5284 | 1104409 |
| Verizon Communications, Inc. | 30482 | 1253115 |
|  |  | 2357524 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| Nike, Inc. - Class B | 7577 | 489701 |
| **Tobacco — 1.0%** |  |  |
| Altria Group, Inc. | 5748 | 339190 |
| Philip Morris International, Inc. | 6890 | 1085037 |
|  |  | 1424227 |
| **Trading Companies & Distributors — 0.1%** |  |  |
| United Rentals, Inc. | 167 | 136135 |
| **Utilities — 2.5%** |  |  |
| American Electric Power Co., Inc. | 2640 | 326753 |
| Consolidated Edison, Inc. | 1568 | 157364 |
| Dominion Energy, Inc. | 4423 | 277632 |
| Duke Energy Corp. | 3861 | 478532 |
| Exelon Corp. | 5124 | 241443 |
| NextEra Energy, Inc. | 9590 | 827521 |
| Public Service Enterprise Group, Inc. | 2215 | 184997 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Sempra | 2799 | $265121 |
| Southern Co. | 5397 | 491775 |
| WEC Energy Group, Inc. | 1490 | 166984 |
| Xcel Energy, Inc. | 2681 | 220137 |
|  |  | 3638259 |
| **TOTAL COMMON STOCKS (**Cost $98,537,628) |  | 144682713 |
| **REAL ESTATE INVESTMENT TRUSTS — COMMON - 0.1%** |  |  |
| **Specialized REITs — 0.1%** |  |  |
| Millrose Properties, Inc. | 1277 | 38912 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON (**Cost $34,634) |  | 38912 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 1.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 1626646 | 1626646 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,626,646) |  | 1626646 |
| **TOTAL INVESTMENTS — 100.9% (**Cost $100,198,908) |  | **146348271** |
| **Liabilities in Excess of Other Assets — (0.9)%** |  | (1234213) |
| **TOTAL NET ASSETS — 100.0%** |  | $**145114058** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $36,934,032.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Written Options** **<br> November 30, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.1)%** |  |  |  |
| **Call Options — (0.1)%** |  |  |  |
| S&P 500 Index, Expiration: 12/04/2025; Exercise Price: $6,910.00 <sup>(a)(b)</sup> | $(99311805) | (145) | $(139925) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $140,299) |  |  | $(139925) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 94.0%** |  |  |
| **Aerospace & Defense — 3.3%** |  |  |
| BWX Technologies, Inc. | 30760 | $5502349 |
| Carpenter Technology Corp. | 7008 | 2232328 |
| Curtiss-Wright Corp. | 20445 | 11536909 |
| National Presto Industries, Inc. | 5787 | 543110 |
|  |  | 19814696 |
| **Air Freight & Logistics — 0.1%** |  |  |
| Hub Group, Inc. - Class A | 16894 | 651602 |
| **Automobile Components — 2.3%** |  |  |
| Autoliv, Inc. | 24126 | 2846627 |
| BorgWarner, Inc. | 125309 | 5395806 |
| Dana, Inc. | 30293 | 678866 |
| Gentex Corp. | 95668 | 2184100 |
| Phinia, Inc. | 14379 | 777760 |
| Standard Motor Products, Inc. | 15794 | 592907 |
| Visteon Corp. | 11296 | 1166312 |
|  |  | 13642378 |
| **Banks — 5.9%** |  |  |
| Ameris Bancorp | 37684 | 2854940 |
| Axos Financial, Inc. <sup>(a)</sup> | 25802 | 2120408 |
| Bank OZK | 31469 | 1448203 |
| Banner Corp. | 9922 | 623201 |
| Cadence Bank | 45638 | 1818218 |
| Central Pacific Financial Corp. | 20038 | 595930 |
| First Bancorp | 72980 | 1442815 |
| First Financial Bancorp | 23598 | 587118 |
| Hancock Whitney Corp. | 9926 | 601416 |
| Hilltop Holdings, Inc. | 36688 | 1259132 |
| International Bancshares Corp. | 25113 | 1669512 |
| OFG Bancorp | 13852 | 550340 |
| Pinnacle Financial Partners, Inc. | 23242 | 2130827 |
| Preferred Bank | 6579 | 621123 |
| Provident Financial Services, Inc. | 59361 | 1138544 |
| Simmons First National Corp. - Class A | 31097 | 576849 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 10503 | 947056 |
| Tompkins Financial Corp. | 8855 | 611969 |
| UMB Financial Corp. | 27479 | 3052367 |
| Webster Financial Corp. | 66057 | 3936997 |
| Westamerica BanCorp | 12528 | 601094 |
| Wintrust Financial Corp. | 20228 | 2710957 |
| Zions Bancorp NA | 62896 | 3347954 |
|  |  | 35246970 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology — 5.5%** |  |  |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 88542 | $2217092 |
| Alkermes PLC <sup>(a)</sup> | 47028 | 1391088 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 89131 | 4985097 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 48222 | 1128877 |
| Exelixis, Inc. <sup>(a)</sup> | 61586 | 2720254 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 38755 | 2767107 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 42197 | 6420695 |
| United Therapeutics Corp. <sup>(a)</sup> | 23293 | 11320398 |
|  |  | 32950608 |
| **Broadline Retail — 0.1%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 4761 | 586127 |
| **Building Products — 2.1%** |  |  |
| Armstrong World Industries, Inc. | 25683 | 4873092 |
| AZZ, Inc. | 17047 | 1797095 |
| Insteel Industries, Inc. | 16187 | 494998 |
| Owens Corning | 36239 | 4103704 |
| Zurn Elkay Water Solutions Corp. | 28585 | 1363505 |
|  |  | 12632394 |
| **Capital Markets — 5.0%** |  |  |
| Acadian Asset Management, Inc. | 22530 | 1010245 |
| Affiliated Managers Group, Inc. | 15316 | 4117400 |
| Federated Investors, Inc. | 43827 | 2198801 |
| Houlihan Lokey, Inc. | 31246 | 5480548 |
| Janus Henderson Group PLC | 92764 | 4054715 |
| PJT Partners, Inc. - Class A | 4642 | 779903 |
| SEI Investments Co. | 68312 | 5523708 |
| Stifel Financial Corp. | 27942 | 3408924 |
| StoneX Group, Inc. <sup>(a)</sup> | 23616 | 2139846 |
| Virtu Financial, Inc. - Class A | 29020 | 1037755 |
|  |  | 29751845 |
| **Chemicals — 1.6%** |  |  |
| AdvanSix, Inc. | 29994 | 461608 |
| Axalta Coating Systems Ltd. <sup>(a)</sup> | 39479 | 1189502 |
| Balchem Corp. | 3995 | 624059 |
| Cabot Corp. | 7719 | 482978 |
| Minerals Technologies, Inc. | 9749 | 571779 |
| NewMarket Corp. | 5987 | 4571254 |
| Sensient Technologies Corp. | 16804 | 1638222 |
|  |  | 9539402 |
| **Commercial Services & Supplies — 1.2%** |  |  |
| Brady Corp. - Class A | 26734 | 2091668 |
| Brink's Co. | 15152 | 1702025 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Interface, Inc. | 22621 | $631352 |
| OPENLANE, Inc. <sup>(a)</sup> | 39714 | 1010324 |
| UniFirst Corp. | 8993 | 1551742 |
|  |  | 6987111 |
| **Communications Equipment — 0.2%** |  |  |
| Harmonic, Inc. <sup>(a)</sup> | 62802 | 600387 |
| NetScout Systems, Inc. <sup>(a)</sup> | 33900 | 911232 |
|  |  | 1511619 |
| **Construction & Engineering — 4.5%** |  |  |
| AECOM | 31496 | 3248183 |
| Comfort Systems USA, Inc. | 14660 | 14321940 |
| Dycom Industries, Inc. <sup>(a)</sup> | 12912 | 4668075 |
| Granite Construction, Inc. | 6749 | 725720 |
| Valmont Industries, Inc. | 9483 | 3916195 |
|  |  | 26880113 |
| **Consumer Finance — 1.5%** |  |  |
| Bread Financial Holdings, Inc. | 9359 | 633885 |
| Enova International, Inc. <sup>(a)</sup> | 15367 | 2014460 |
| EZCORP, Inc. - Class A <sup>(a)</sup> | 37076 | 714825 |
| FirstCash Holdings, Inc. | 28404 | 4499478 |
| PROG Holdings, Inc. | 22319 | 642341 |
| World Acceptance Corp. <sup>(a)</sup> | 3570 | 552136 |
|  |  | 9057125 |
| **Consumer Staples Distribution & Retail — 2.9%** |  |  |
| Casey's General Stores, Inc. | 17484 | 9973923 |
| Performance Food Group Co. <sup>(a)</sup> | 44556 | 4325051 |
| US Foods Holding Corp. <sup>(a)</sup> | 38484 | 3027536 |
|  |  | 17326510 |
| **Containers & Packaging — 1.1%** |  |  |
| AptarGroup, Inc. | 6310 | 787173 |
| Crown Holdings, Inc. | 47004 | 4551397 |
| Greif, Inc. - Class A | 16383 | 1075216 |
|  |  | 6413786 |
| **Diversified Consumer Services — 2.3%** |  |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 18902 | 1749569 |
| Frontdoor, Inc. <sup>(a)</sup> | 40291 | 2172894 |
| Graham Holdings Co. - Class B | 2684 | 2969846 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 15621 | 2464056 |
| H&R Block, Inc. | 12255 | 516181 |
| Perdoceo Education Corp. | 39155 | 1094774 |
| Service Corp. International | 25878 | 2055489 |
| Strategic Education, Inc. | 9436 | 736197 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Stride, Inc. <sup>(a)</sup> | 5741 | $364726 |
|  |  | 14123732 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Iridium Communications, Inc. | 25384 | 416298 |
| **Electric Utilities — 0.2%** |  |  |
| OGE Energy Corp. | 22158 | 1014393 |
| **Electrical Equipment — 2.7%** |  |  |
| Acuity, Inc. | 16722 | 6127275 |
| EnerSys | 18889 | 2703205 |
| Nextpower, Inc. - Class A <sup>(a)</sup> | 78820 | 7221488 |
|  |  | 16051968 |
| **Electronic Equipment, Instruments & Components — 2.8%** |  |  |
| Cognex Corp. | 56800 | 2164080 |
| CTS Corp. | 14711 | 622717 |
| ePlus, Inc. | 8890 | 796544 |
| Flex Ltd. <sup>(a)</sup> | 77758 | 4596275 |
| Itron, Inc. <sup>(a)</sup> | 6711 | 664657 |
| PC Connection, Inc. | 9615 | 558055 |
| Plexus Corp. <sup>(a)</sup> | 5801 | 829253 |
| Sanmina Corp. <sup>(a)</sup> | 16936 | 2644810 |
| ScanSource, Inc. <sup>(a)</sup> | 14150 | 581848 |
| TTM Technologies, Inc. <sup>(a)</sup> | 13481 | 946097 |
| Vontier Corp. | 73700 | 2673836 |
|  |  | 17078172 |
| **Energy Equipment & Services — 0.1%** |  |  |
| Oceaneering International, Inc. <sup>(a)</sup> | 31776 | 775334 |
| **Financial Services — 2.2%** |  |  |
| Enact Holdings, Inc. | 77220 | 2989186 |
| Essent Group Ltd. | 56949 | 3574119 |
| EVERTEC, Inc. | 26562 | 767642 |
| MGIC Investment Corp. | 136898 | 3881058 |
| NMI Holdings, Inc. - Class A <sup>(a)</sup> | 45850 | 1749178 |
|  |  | 12961183 |
| **Food Products — 1.6%** |  |  |
| Cal-Maine Foods, Inc. | 31197 | 2599334 |
| Fresh Del Monte Produce, Inc. | 17315 | 625764 |
| Ingredion, Inc. | 30149 | 3242223 |
| Marzetti Co. | 7554 | 1261065 |
| Pilgrim's Pride Corp. | 42295 | 1608902 |
| Post Holdings, Inc. <sup>(a)</sup> | 5670 | 589850 |
|  |  | 9927138 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Gas Utilities — 0.8%** |  |  |
| National Fuel Gas Co. | 39406 | $3249024 |
| New Jersey Resources Corp. | 34909 | 1678425 |
|  |  | 4927449 |
| **Ground Transportation — 0.2%** |  |  |
| Ryder System, Inc. | 8428 | 1459814 |
| **Health Care Equipment & Supplies — 0.7%** |  |  |
| LeMaitre Vascular, Inc. | 6499 | 539092 |
| LivaNova PLC <sup>(a)</sup> | 10814 | 690041 |
| Merit Medical Systems, Inc. <sup>(a)</sup> | 6795 | 588379 |
| Penumbra, Inc. <sup>(a)</sup> | 4391 | 1287309 |
| Teleflex, Inc. | 8844 | 1011931 |
|  |  | 4116752 |
| **Health Care Providers & Services — 4.0%** |  |  |
| Addus HomeCare Corp. <sup>(a)</sup> | 5598 | 672880 |
| Chemed Corp. | 1967 | 863887 |
| Concentra Group Holdings Parent, Inc. | 45270 | 930751 |
| Encompass Health Corp. | 60963 | 7085120 |
| Ensign Group, Inc. | 4411 | 818417 |
| National HealthCare Corp. | 7714 | 1051341 |
| Option Care Health, Inc. <sup>(a)</sup> | 27563 | 857209 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 51722 | 1245983 |
| Progyny, Inc. <sup>(a)</sup> | 39291 | 1036104 |
| Tenet Healthcare Corp. <sup>(a)</sup> | 42986 | 9321084 |
|  |  | 23882776 |
| **Health Care Technology — 0.5%** |  |  |
| Doximity, Inc. - Class A <sup>(a)</sup> | 43876 | 2256982 |
| HealthStream, Inc. | 22161 | 557349 |
|  |  | 2814331 |
| **Hotels, Restaurants & Leisure — 1.3%** |  |  |
| Boyd Gaming Corp. | 39432 | 3284686 |
| Brinker International, Inc. <sup>(a)</sup> | 13529 | 2080625 |
| Monarch Casino & Resort, Inc. | 9116 | 880423 |
| Travel + Leisure Co. | 24966 | 1712168 |
|  |  | 7957902 |
| **Household Durables — 4.0%** |  |  |
| Cavco Industries, Inc. <sup>(a)</sup> | 3353 | 1997214 |
| Century Communities, Inc. | 9178 | 599232 |
| Ethan Allen Interiors, Inc. | 20939 | 494998 |
| Green Brick Partners, Inc. <sup>(a)</sup> | 23377 | 1586831 |
| KB Home | 13499 | 868391 |
| M/I Homes, Inc. <sup>(a)</sup> | 15258 | 2099348 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Meritage Homes Corp. | 17603 | $1286427 |
| Taylor Morrison Home Corp. <sup>(a)</sup> | 62439 | 3914301 |
| Toll Brothers, Inc. | 55249 | 7725468 |
| TopBuild Corp. <sup>(a)</sup> | 4055 | 1834887 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 50586 | 1725994 |
|  |  | 24133091 |
| **Household Products — 0.3%** |  |  |
| Central Garden & Pet Co. - Class A <sup>(a)</sup> | 33366 | 1032344 |
| WD-40 Co. | 2891 | 566058 |
|  |  | 1598402 |
| **Insurance — 4.6%** |  |  |
| Genworth Financial, Inc. <sup>(a)</sup> | 224168 | 1945778 |
| Hanover Insurance Group, Inc. | 20176 | 3743657 |
| HCI Group, Inc. | 6880 | 1222920 |
| Horace Mann Educators Corp. | 22994 | 1052665 |
| Mercury General Corp. | 29804 | 2775349 |
| Old Republic International Corp. | 140629 | 6482997 |
| Safety Insurance Group, Inc. | 8568 | 651339 |
| Selective Insurance Group, Inc. | 31673 | 2488231 |
| United Fire Group, Inc. | 19926 | 728295 |
| Unum Group | 82375 | 6258029 |
|  |  | 27349260 |
| **Interactive Media & Services — 0.3%** |  |  |
| Cargurus, Inc. <sup>(a)</sup> | 17558 | 619446 |
| Cars.com, Inc. <sup>(a)</sup> | 47339 | 549132 |
| Yelp, Inc. <sup>(a)</sup> | 19703 | 569614 |
|  |  | 1738192 |
| **IT Services — 0.1%** |  |  |
| ASGN, Inc. <sup>(a)</sup> | 11897 | 535484 |
| **Machinery — 5.5%** |  |  |
| Alamo Group, Inc. | 5393 | 864875 |
| Astec Industries, Inc. | 13379 | 592155 |
| ESCO Technologies, Inc. | 8105 | 1725636 |
| Federal Signal Corp. | 13133 | 1497162 |
| Franklin Electric Co., Inc. | 13383 | 1273392 |
| Lincoln Electric Holdings, Inc. | 23543 | 5636901 |
| Mueller Industries, Inc. | 70027 | 7693867 |
| Mueller Water Products, Inc. - Class A | 47744 | 1157315 |
| Oshkosh Corp. | 25235 | 3234622 |
| Proto Labs, Inc. <sup>(a)</sup> | 12564 | 638502 |
| SPX Technologies, Inc. <sup>(a)</sup> | 16375 | 3521280 |
| Toro Co. | 32142 | 2241583 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Watts Water Technologies, Inc. - Class A | 9756 | $2691485 |
|  |  | 32768775 |
| **Marine Transportation — 0.2%** |  |  |
| Kirby Corp. <sup>(a)</sup> | 6983 | 792710 |
| Matson, Inc. | 6054 | 659765 |
|  |  | 1452475 |
| **Media — 1.3%** |  |  |
| DoubleVerify Holdings, Inc. <sup>(a)</sup> | 40206 | 423771 |
| New York Times Co. - Class A | 69916 | 4509582 |
| Nexstar Media Group, Inc. | 15024 | 2886712 |
|  |  | 7820065 |
| **Metals & Mining — 1.9%** |  |  |
| Alcoa Corp. | 80484 | 3359402 |
| Materion Corp. | 5719 | 698805 |
| Reliance, Inc. | 17992 | 5025525 |
| Royal Gold, Inc. | 8545 | 1741813 |
| SunCoke Energy, Inc. | 82247 | 536250 |
|  |  | 11361795 |
| **Multi-Utilities — 0.4%** |  |  |
| Avista Corp. | 17146 | 709501 |
| Black Hills Corp. | 21659 | 1598218 |
|  |  | 2307719 |
| **Oil, Gas & Consumable Fuels — 4.4%** |  |  |
| Antero Midstream Corp. | 192492 | 3466781 |
| California Resources Corp. | 51286 | 2450445 |
| Chord Energy Corp. | 30314 | 2845272 |
| Dorian LPG Ltd. | 20341 | 504050 |
| International Seaways, Inc. | 13491 | 714618 |
| Magnolia Oil & Gas Corp. - Class A | 25532 | 590810 |
| Matador Resources Co. | 43110 | 1827864 |
| Ovintiv, Inc. | 68729 | 2815140 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 17637 | 805129 |
| Peabody Energy Corp. | 35536 | 968001 |
| Permian Resources Corp. | 254324 | 3685155 |
| Range Resources Corp. | 108125 | 4269856 |
| REX American Resources Corp. <sup>(a)</sup> | 20007 | 660031 |
| SM Energy Co. | 29405 | 560165 |
|  |  | 26163317 |
| **Passenger Airlines — 0.7%** |  |  |
| Alaska Air Group, Inc. <sup>(a)</sup> | 9557 | 409613 |
| American Airlines Group, Inc. <sup>(a)</sup> | 46216 | 649335 |
| SkyWest, Inc. <sup>(a)</sup> | 23834 | 2419627 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 46167 | $632488 |
|  |  | 4111063 |
| **Personal Care Products — 0.1%** |  |  |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 19473 | 386539 |
| **Pharmaceuticals — 0.9%** |  |  |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 6515 | 552798 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 15994 | 746600 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 32714 | 1154477 |
| Innoviva, Inc. <sup>(a)</sup> | 29894 | 649597 |
| Phibro Animal Health Corp. - Class A | 15801 | 661746 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 9344 | 556435 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 25375 | 1156846 |
|  |  | 5478499 |
| **Professional Services — 1.9%** |  |  |
| CACI International, Inc. - Class A <sup>(a)</sup> | 7724 | 4766480 |
| CSG Systems International, Inc. | 10218 | 804872 |
| Genpact Ltd. | 54181 | 2387215 |
| Korn Ferry | 21145 | 1390707 |
| Maximus, Inc. | 26718 | 2300152 |
|  |  | 11649426 |
| **Real Estate Management & Development — 1.2%** |  |  |
| Cushman & Wakefield Ltd. <sup>(a)</sup> | 96379 | 1614348 |
| Jones Lang LaSalle, Inc. <sup>(a)</sup> | 18075 | 5886847 |
|  |  | 7501195 |
| **Semiconductors & Semiconductor Equipment — 1.7%** |  |  |
| Amkor Technology, Inc. | 26023 | 946977 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 7865 | 650986 |
| Cirrus Logic, Inc. <sup>(a)</sup> | 19884 | 2392841 |
| Diodes, Inc. <sup>(a)</sup> | 11844 | 547311 |
| Kulicke & Soffa Industries, Inc. | 16769 | 756450 |
| MKS, Inc. | 6195 | 968836 |
| Onto Innovation, Inc. <sup>(a)</sup> | 6024 | 862396 |
| Photronics, Inc. <sup>(a)</sup> | 28410 | 650873 |
| Qorvo, Inc. <sup>(a)</sup> | 6834 | 586972 |
| Rambus, Inc. <sup>(a)</sup> | 20186 | 1929176 |
|  |  | 10292818 |
| **Software — 2.2%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | 16667 | 781016 |
| Adeia, Inc. | 40960 | 506675 |
| Appfolio, Inc. - Class A <sup>(a)</sup> | 10127 | 2311792 |
| Clear Secure, Inc. - Class A | 17473 | 620291 |
| Docusign, Inc. <sup>(a)</sup> | 8678 | 601819 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Dolby Laboratories, Inc. - Class A | 15046 | $1014853 |
| Dropbox, Inc. - Class A <sup>(a)</sup> | 21279 | 635817 |
| Guidewire Software, Inc. <sup>(a)</sup> | 19824 | 4281587 |
| InterDigital, Inc. | 2136 | 764154 |
| LiveRamp Holdings, Inc. <sup>(a)</sup> | 22920 | 661242 |
| Manhattan Associates, Inc. <sup>(a)</sup> | 6093 | 1075110 |
|  |  | 13254356 |
| **Specialty Retail — 3.7%** |  |  |
| Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 6656 | 651423 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 4963 | 1154245 |
| AutoNation, Inc. <sup>(a)</sup> | 19443 | 4108111 |
| Buckle, Inc. | 29526 | 1667628 |
| Chewy, Inc. - Class A <sup>(a)</sup> | 42548 | 1479394 |
| Five Below, Inc. <sup>(a)</sup> | 25326 | 4176004 |
| Gap, Inc. | 96335 | 2607788 |
| Group 1 Automotive, Inc. | 5993 | 2403433 |
| Lithia Motors, Inc. | 4978 | 1587186 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 44343 | 703280 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 21823 | 1616430 |
|  |  | 22154922 |
| **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |
| G-III Apparel Group Ltd. <sup>(a)</sup> | 23598 | 687882 |
| **Tobacco — 0.1%** |  |  |
| Universal Corp. | 11368 | 599776 |
| **Trading Companies & Distributors — 0.9%** |  |  |
| Applied Industrial Technologies, Inc. | 18008 | 4660831 |
| DNOW, Inc. <sup>(a)</sup> | 49963 | 697483 |
|  |  | 5358314 |
| **Water Utilities — 0.6%** |  |  |
| American States Water Co. | 8441 | 622692 |
| Essential Utilities, Inc. | 74686 | 2956819 |
|  |  | 3579511 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| Telephone and Data Systems, Inc. | 15216 | 612748 |
| **TOTAL COMMON STOCKS (**Cost $520,424,607) |  | 563395152 |
| **REAL ESTATE INVESTMENT TRUSTS — COMMON — 5.5%** |  |  |
| **Commercial Services & Supplies — 0.2%** |  |  |
| CoreCivic, Inc. <sup>(a)</sup> | 53535 | 966307 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Diversified REITs — 0.2%** |  |  |
| Alexander & Baldwin, Inc. | 37344 | $583687 |
| American Assets Trust, Inc. | 30375 | 592312 |
|  |  | 1175999 |
| **Health Care REITs — 2.5%** |  |  |
| CareTrust REIT, Inc. | 123974 | 4652744 |
| LTC Properties, Inc. | 17208 | 627920 |
| Omega Healthcare Investors, Inc. | 167803 | 7705514 |
| Sabra Health Care REIT, Inc. | 85369 | 1665549 |
| Universal Health Realty Income Trust | 15233 | 619222 |
|  |  | 15270949 |
| **Hotel & Resort REITs — 0.2%** |  |  |
| DiamondRock Hospitality Co. | 72697 | 662270 |
| Xenia Hotels & Resorts, Inc. | 43292 | 605222 |
|  |  | 1267492 |
| **Industrial REITs — 0.1%** |  |  |
| LXP Industrial Trust | 13897 | 674005 |
| **Office REITs — 0.5%** |  |  |
| COPT Defense Properties | 46466 | 1427900 |
| Cousins Properties, Inc. | 41607 | 1072628 |
| Highwoods Properties, Inc. | 19862 | 552164 |
|  |  | 3052692 |
| **Residential REITs — 0.1%** |  |  |
| Elme Communities | 36516 | 633918 |
| **Retail REITs — 1.4%** |  |  |
| Brixmor Property Group, Inc. | 89467 | 2338667 |
| Getty Realty Corp. | 22071 | 628361 |
| NNN REIT, Inc. | 84179 | 3480802 |
| Phillips Edison & Co., Inc. | 17548 | 622954 |
| Tanger, Inc. | 18284 | 613977 |
| Whitestone REIT | 47959 | 637375 |
|  |  | 8322136 |
| **Specialized REITs — 0.3%** |  |  |
| Rayonier, Inc. | 78430 | 1741930 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON (**Cost $31,538,856) |  | 33105428 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.4%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(b)</sup> | 2411797 | $2411797 |
| **TOTAL MONEY MARKET FUNDS (**Cost $2,411,797) |  | 2411797 |
| **TOTAL INVESTMENTS — 99.9% (**Cost $554,375,260) |  | **598912377** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 322130 |
| **TOTAL NET ASSETS — 100.0%** |  | $**599234507** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 96.5%** |  |  |
| **Aerospace & Defense — 1.1%** |  |  |
| L3Harris Technologies, Inc. | 7485 | $2085995 |
| Northrop Grumman Corp. | 5889 | 3369980 |
| RTX Corp. | 15114 | 2643590 |
|  |  | 8099565 |
| **Air Freight & Logistics — 0.6%** |  |  |
| Expeditors International of Washington, Inc. | 12693 | 1864602 |
| FedEx Corp. | 7838 | 2160780 |
|  |  | 4025382 |
| **Automobiles — 0.5%** |  |  |
| General Motors Co. | 47430 | 3487054 |
| **Banks — 2.5%** |  |  |
| Bank of America Corp. | 267164 | 14333349 |
| M&T Bank Corp. | 7642 | 1453661 |
| US Bancorp | 49221 | 2414290 |
|  |  | 18201300 |
| **Beverages — 1.8%** |  |  |
| Coca-Cola Co. | 87889 | 6426444 |
| Monster Beverage Corp. <sup>(a)</sup> | 48968 | 3672110 |
| PepsiCo, Inc. | 20619 | 3066870 |
|  |  | 13165424 |
| **Biotechnology — 2.9%** |  |  |
| AbbVie, Inc. | 46609 | 10612869 |
| Biogen, Inc. <sup>(a)</sup> | 12066 | 2197098 |
| Gilead Sciences, Inc. | 51187 | 6441372 |
| Incyte Corp. <sup>(a)</sup> | 19176 | 2003125 |
|  |  | 21254464 |
| **Broadline Retail — 0.2%** |  |  |
| eBay, Inc. | 21052 | 1742895 |
| **Building Products — 0.8%** |  |  |
| Allegion PLC | 10328 | 1714758 |
| AO Smith Corp. | 21201 | 1398842 |
| Trane Technologies PLC | 5676 | 2392320 |
|  |  | 5505920 |
| **Capital Goods — 0.6%** |  |  |
| General Dynamics Corp. | 12992 | 4438457 |
| **Capital Markets — 2.9%** |  |  |
| CBOE Global Markets, Inc. | 7969 | 2057357 |
| Charles Schwab Corp. | 22919 | 2125279 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| CME Group, Inc. | 8171 | $2299810 |
| Goldman Sachs Group, Inc. | 6565 | 5422952 |
| Interactive Brokers Group, Inc. - Class A | 32405 | 2106973 |
| Invesco, Ltd. | 67313 | 1645803 |
| Nasdaq, Inc. | 21663 | 1969600 |
| S&P Global, Inc. | 7850 | 3915815 |
|  |  | 21543589 |
| **Chemicals — 1.0%** |  |  |
| CF Industries Holdings, Inc. | 20958 | 1649395 |
| Corteva, Inc. | 31131 | 2100408 |
| Ecolab, Inc. | 5769 | 1587398 |
| Linde PLC | 4372 | 1793919 |
|  |  | 7131120 |
| **Commercial Services & Supplies — 1.0%** |  |  |
| Republic Services, Inc. | 10409 | 2259378 |
| Veralto Corp. | 20318 | 2056588 |
| Waste Management, Inc. | 13753 | 2996366 |
|  |  | 7312332 |
| **Communications Equipment — 1.7%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 35788 | 4676776 |
| Cisco Systems, Inc. | 58650 | 4512531 |
| F5, Inc. <sup>(a)</sup> | 5958 | 1424915 |
| Motorola Solutions, Inc. | 4183 | 1546372 |
|  |  | 12160594 |
| **Construction & Engineering — 0.2%** |  |  |
| EMCOR Group, Inc. | 2884 | 1773862 |
| **Construction Materials — 0.3%** |  |  |
| Vulcan Materials Co. | 6157 | 1830107 |
| **Consumer Finance — 0.9%** |  |  |
| American Express Co. | 18318 | 6691016 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
| Costco Wholesale Corp. | 9281 | 8479029 |
| Dollar Tree, Inc. <sup>(a)</sup> | 15401 | 1706585 |
| Kroger Co. | 24443 | 1644525 |
|  |  | 11830139 |
| **Containers & Packaging — 0.5%** |  |  |
| Avery Dennison Corp. | 8553 | 1474281 |
| Packaging Corp. of America | 8927 | 1821733 |
|  |  | 3296014 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Diversified Telecommunication Services — 0.9%** |  |  |
| AT&T, Inc. | 251715 | $6549624 |
| **Electric Utilities — 0.9%** |  |  |
| Evergy, Inc. | 18486 | 1435438 |
| Eversource Energy | 29444 | 1978048 |
| FirstEnergy Corp. | 32808 | 1565597 |
| NRG Energy, Inc. | 10169 | 1723544 |
|  |  | 6702627 |
| **Electrical Equipment — 0.4%** |  |  |
| AMETEK, Inc. | 13881 | 2746911 |
| **Electronic Equipment, Instruments & Components — 1.4%** |  |  |
| Amphenol Corp. - Class A | 41051 | 5784086 |
| TE Connectivity PLC | 14367 | 3249097 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 5848 | 1478082 |
|  |  | 10511265 |
| **Entertainment — 1.2%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 83777 | 9012730 |
| **Financial Services — 4.7%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 51320 | 26368729 |
| MasterCard, Inc. - Class A | 13917 | 7661726 |
|  |  | 34030455 |
| **Food Products — 0.3%** |  |  |
| Tyson Foods, Inc. - Class A | 31509 | 1829097 |
| **Ground Transportation — 0.6%** |  |  |
| JB Hunt Transport Services, Inc. | 10408 | 1810576 |
| Uber Technologies, Inc. <sup>(a)</sup> | 31236 | 2734399 |
|  |  | 4544975 |
| **Health Care Equipment & Services — 0.3%** |  |  |
| Universal Health Services, Inc. - Class B | 8240 | 2007511 |
| **Health Care Equipment & Supplies — 1.5%** |  |  |
| Boston Scientific Corp. <sup>(a)</sup> | 31871 | 3237456 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 9612 | 5512290 |
| STERIS PLC | 8380 | 2231426 |
|  |  | 10981172 |
| **Health Care Providers & Services — 2.8%** |  |  |
| Cardinal Health, Inc. | 12274 | 2605279 |
| CVS Health Corp. | 48934 | 3932336 |
| Elevance Health, Inc. | 8548 | 2891447 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| HCA Healthcare, Inc. | 9845 | $5004115 |
| McKesson Corp. | 5151 | 4538649 |
| Quest Diagnostics, Inc. | 9791 | 1852262 |
|  |  | 20824088 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
| Booking Holdings, Inc. | 677 | 3327245 |
| Darden Restaurants, Inc. | 10037 | 1802445 |
| Expedia Group, Inc. | 8199 | 2096402 |
| Las Vegas Sands Corp. | 37896 | 2582991 |
| McDonald's Corp. | 10404 | 3244175 |
| Yum! Brands, Inc. | 15304 | 2344726 |
|  |  | 15397984 |
| **Household Durables — 0.6%** |  |  |
| NVR, Inc. <sup>(a)</sup> | 290 | 2177114 |
| PulteGroup, Inc. | 17689 | 2249864 |
|  |  | 4426978 |
| **Household Products — 1.2%** |  |  |
| Church & Dwight Co., Inc. | 18999 | 1617955 |
| Procter & Gamble Co. | 48797 | 7229763 |
|  |  | 8847718 |
| **Industrial Conglomerates — 0.4%** |  |  |
| Honeywell International, Inc. | 13694 | 2631850 |
| **Insurance — 3.0%** |  |  |
| Allstate Corp. | 12976 | 2763629 |
| Arch Capital Group Ltd. <sup>(a)</sup> | 24323 | 2284416 |
| Chubb Ltd. | 16407 | 4859425 |
| Globe Life, Inc. | 13020 | 1754185 |
| Hartford Insurance Group, Inc. | 19187 | 2629195 |
| Loews Corp. | 19330 | 2085127 |
| Travelers Cos., Inc. | 11069 | 3241667 |
| WR Berkley Corp. | 27138 | 2108351 |
|  |  | 21725995 |
| **Interactive Media & Services — 7.3%** |  |  |
| Alphabet, Inc. - Class A | 128933 | 41281768 |
| Meta Platforms, Inc. - Class A | 18729 | 12135455 |
|  |  | 53417223 |
| **IT Services — 0.2%** |  |  |
| VeriSign, Inc. | 6831 | 1721344 |
| **Machinery — 1.9%** |  |  |
| Cummins, Inc. | 6259 | 3116857 |
| Otis Worldwide Corp. | 18611 | 1653587 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Parker-Hannifin Corp. | 3373 | $2906514 |
| Pentair PLC | 13669 | 1438526 |
| Snap-on, Inc. | 4418 | 1502341 |
| Wabtec Corp. | 7733 | 1612717 |
| Xylem, Inc. | 13072 | 1838838 |
|  |  | 14069380 |
| **Materials — 0.8%** |  |  |
| Freeport-McMoRan, Inc. | 38299 | 1646091 |
| Newmont Goldcorp Corp. | 49785 | 4516993 |
|  |  | 6163084 |
| **Media — 0.5%** |  |  |
| Comcast Corp. - Class A | 142912 | 3814321 |
| **Multi-Utilities — 0.5%** |  |  |
| Ameren Corp. | 17008 | 1808801 |
| NiSource, Inc. | 38473 | 1697813 |
|  |  | 3506614 |
| **Oil, Gas & Consumable Fuels — 4.3%** |  |  |
| Chevron Corp. | 60919 | 9206688 |
| ConocoPhillips | 40254 | 3570127 |
| Coterra Energy, Inc. | 76359 | 2049476 |
| Devon Energy Corp. | 55663 | 2062871 |
| EQT Corp. | 39126 | 2381208 |
| Expand Energy Corp. | 18693 | 2279238 |
| Exxon Mobil Corp. | 88241 | 10228897 |
|  |  | 31778505 |
| **Passenger Airlines — 0.2%** |  |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 15968 | 1628097 |
| **Pharmaceuticals — 6.3%** |  |  |
| Eli Lilly & Co. | 18640 | 20046761 |
| Johnson & Johnson | 78825 | 16310469 |
| Merck & Co., Inc. | 89009 | 9330813 |
|  |  | 45688043 |
| **Professional Services — 0.5%** |  |  |
| Broadridge Financial Solutions, Inc. | 7491 | 1708622 |
| Leidos Holdings, Inc. | 11223 | 2144716 |
|  |  | 3853338 |
| **Real Estate Management & Development — 0.3%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 13180 | 2132919 |
| **Semiconductors & Semiconductor Equipment — 12.5%** |  |  |
| Broadcom, Inc. | 84871 | 34199618 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Lam Research Corp. | 46863 | $7310628 |
| Micron Technology, Inc. | 42981 | 10164147 |
| NVIDIA Corp. | 194566 | 34438182 |
| QUALCOMM, Inc. | 18633 | 3132021 |
| Texas Instruments, Inc. | 10378 | 1746306 |
|  |  | 90990902 |
| **Software — 7.7%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 9335 | 2988414 |
| Autodesk, Inc. <sup>(a)</sup> | 7281 | 2208618 |
| Intuit, Inc. | 4202 | 2664404 |
| Microsoft Corp. | 71223 | 35042428 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 48728 | 8208232 |
| Roper Technologies, Inc. | 4868 | 2172199 |
| Salesforce, Inc. | 14259 | 3287270 |
|  |  | 56571565 |
| **Specialty Retail — 2.2%** |  |  |
| Home Depot, Inc. | 12115 | 4324086 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 32967 | 3352744 |
| TJX Cos., Inc. | 44407 | 6746311 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 3460 | 1864352 |
|  |  | 16287493 |
| **Technology Hardware, Storage & Peripherals — 5.3%** |  |  |
| Apple, Inc. | 131277 | 36606592 |
| Western Digital Corp. | 11337 | 1851672 |
|  |  | 38458264 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
| Ralph Lauren Corp. - Class A | 6537 | 2401236 |
| **Tobacco — 1.2%** |  |  |
| Altria Group, Inc. | 57517 | 3394078 |
| Philip Morris International, Inc. | 32722 | 5153061 |
|  |  | 8547139 |
| **Utilities — 1.1%** |  |  |
| American Electric Power Co., Inc. | 18614 | 2303855 |
| Consolidated Edison, Inc. | 23611 | 2369600 |
| Duke Energy Corp. | 14481 | 1794775 |
| Exelon Corp. | 36971 | 1742073 |
|  |  | 8210303 |
| **TOTAL COMMON STOCKS (**Cost $628,025,577) |  | 705499984 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Continued) November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **REAL ESTATE INVESTMENT TRUSTS — COMMON — 2.8%** |  |  |
| **Equity Real Estate Investment Trusts (REITs) — 0.4%** |  |  |
| Federal Realty Investment Trust | 15070 | $1487861 |
| VICI Properties, Inc. | 49864 | 1437080 |
|  |  | 2924941 |
| **Hotel & Resort REITs — 0.2%** |  |  |
| Host Hotels & Resorts, Inc. | 92993 | 1639466 |
| **Industrial REITs — 0.4%** |  |  |
| Prologis, Inc. | 25668 | 3299108 |
| **Residential REITs — 0.5%** |  |  |
| Equity Residential | 29940 | 1848795 |
| Invitation Homes, Inc. | 63493 | 1790503 |
|  |  | 3639298 |
| **Retail REITs — 0.8%** |  |  |
| Kimco Realty Corp. | 72976 | 1507684 |
| Regency Centers Corp. | 20848 | 1483544 |
| Simon Property Group, Inc. | 14622 | 2724371 |
|  |  | 5715599 |
| **Specialized REITs — 0.5%** |  |  |
| Equinix, Inc. | 2634 | 1984219 |
| Public Storage | 5656 | 1552798 |
|  |  | 3537017 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS — COMMON (**Cost $21,501,908) |  | 20755429 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.6%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(b)</sup> | 4046462 | 4046462 |
| **TOTAL MONEY MARKET FUNDS (**Cost $4,046,462) |  | 4046462 |
| **TOTAL INVESTMENTS — 99.9% (**Cost $653,573,947) |  | **730301875** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 547744 |
| **TOTAL NET ASSETS — 100.0%** |  | $**730849619** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Tactical Fixed Income Fund**<br> **Schedule of Investments** **<br> November 30, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 99.8%** |  |  |
| iShares 20+ Year Treasury Bond ETF | 332276 | $29974618 |
| iShares 7-10 Year Treasury Bond ETF | 67989 | 6628927 |
| iShares iBoxx Investment Grade Corporate Bond ETF <sup>(a)</sup> | 96152 | 10755563 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF <sup>(a)</sup> | 269256 | 26045133 |
| State Street Blackstone Senior Loan ETF <sup>(b)</sup> | 1172515 | 48647647 |
| State Street SPDR Bloomberg Convertible Securities ETF <sup>(a)</sup> | 74787 | 6773459 |
| VanEck Fallen Angel High Yield Bond ETF | 542736 | 15972720 |
| Vanguard Total International Bond ETF <sup>(a)</sup> | 133804 | 6643369 |
| Xtrackers USD High Yield Corporate Bond ETF | 606402 | 22449002 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $170,350,272) |  | 173890438 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.6%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 20148505 | 20148505 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (**Cost $20,148,505) |  | **20148505** |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(c)</sup> | 414491 | 414491 |
| **TOTAL MONEY MARKET FUNDS (**Cost $414,491) |  | 414491 |
| **TOTAL INVESTMENTS — 111.6% (**Cost $190,913,268) |  | **194453434** |
| **Liabilities in Excess of Other Assets — (11.6)%** |  | (20288042) |
| **TOTAL NET ASSETS — 100.0%** |  | $**174165392** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $19,767,052.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield as of November 30, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities**

**November 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Centre American <br> Select Equity <br> Fund** | **Centre Global <br> Infrastructure <br> Fund** | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Income Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $297375759 | $84473433 | $793337595 | $350495002 | $1501832589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 476156 | 255000 | 50972 | 6100 | 68784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 30870 | 31914 | 336966 | 349454 | 1543397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable | 21137 | 34984 |  |  | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | 87 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending income receivable |  |  | 23313 | 17412 | 15358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  |  | 68643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 2283 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred organizational expenses |  | 222 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 24002 | 18863 | 34138 | 28856 | 57256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 297928011 | 84816699 | 793782984 | 350965467 | 1503518820 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option, at value |  |  |  |  | 2932823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 177627 | 52433 | 616219 | 176699 | 1134527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution and shareholder servicing fees | 79669 | 40500 | 56155 | 19177 | 93138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for fund administration and accounting fees | 44062 | 19824 | 86433 | 37334 | 143289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 29435 | 9920 | 119704 | 177476 | 699795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing and mailing | 27731 | 2540 | 17631 | 5633 | 14385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agent fees and expenses | 23147 | 12118 | 65151 | 22906 | 45627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for audit fees | 12586 | 12284 | 20927 | 21453 | 20355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for registration fees |  | 3223 | 1270 | 5698 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable |  |  | 14935 | 8257 | 36585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned |  |  | 49386111 | 69824032 | 86091130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for expenses and other liabilities | 3244 | 6752 | 38393 | 22254 | 6741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 397501 | 159594 | 50422929 | 70320919 | 91221912 |
| **NET ASSETS** | $297530510 | $84657105 | $743360055 | $280644548 | $1412296908 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $173853955 | $97444340 | $619540282 | $360004415 | $1161968629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 123676555 | (12787235) | 123819773 | (79359867) | 250328279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $297530510 | $84657105 | $743360055 | $280644548 | $1412296908 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> November 30, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Centre American <br> Select Equity <br> Fund** | **Centre Global <br> Infrastructure <br> Fund** | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Income Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** |
| **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $171119655 | $27731080 | $734590 | $213307 | $833135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 9844486 | 2041660 | 48418 | 25697 | 30737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $17.38 | $13.58 | $15.17 | $8.30 | $27.11 |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $— | $— | $42068765 | $2272572 | $8682919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> |  |  | 2743576 | 277442 | 317758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $— | $— | $15.33 | $8.19 | $27.33 |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $126410855 | $56926025 | $700556700 | $278158669 | $1402780854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 7003571 | 4199971 | 45893273 | 33803060 | 51550885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $18.05 | $13.55 | $15.26 | $8.23 | $27.21 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $252382153 | $69095001 | $693398170 | $344702054 | $1277046901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | $— | $2207 | $— | $— | $— |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options premium received | $— | $— | $— | $— | $2731021 |
| **LOANED SECURITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at value (included in investments) | $— | $— | $48483084 | $68189927 | $84607436 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Unlimited shares authorized.

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> November 30, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Horizon <br> Defensive <br> Core Fund** | **Horizon <br> Defined Risk <br> Fund** | **Horizon Equity <br> Premium <br> Income Fund** | **Horizon Multi-<br> Factor Small/<br> Mid Cap Fund** | **Horizon Multi-<br> Factor U.S. <br> Equity Fund** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $491606524 | $945345931 | $146348271 | $598912377 | $730301875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 536737 | 428941 | 110590 | 463045 | 433625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 377373 | 838291 | 180535 | 488021 | 854694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable | 1834 | 1914 | 73994 |  | 3979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending income receivable |  | 339 | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short |  |  | 8 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 48272 | 72995 | 14035 | 65698 | 35129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 492570740 | 946688413 | 146727442 | 599929141 | 731629402 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option, at value |  | 14404900 | 139925 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 272347 | 599674 | 83742 | 397928 | 473888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution and shareholder servicing fees | 156263 | 110857 | 22173 | 63823 | 56728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 78795 | 106331 | 65490 | 53852 | 82021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for fund administration and accounting fees | 60366 | 97480 | 30060 | 65279 | 76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for audit fees | 21229 | 20943 | 21587 | 21293 | 21089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agent fees and expenses | 20813 | 26493 | 12191 | 18598 | 24161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing and mailing | 12241 | 21074 | 9324 | 15291 | 20369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 10864 | 3211 | 9279 | 284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred organizational expenses | 3237 |  |  |  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for registration fees | 165 | 19767 | 1826 | 42512 | 17799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned |  | 9103423 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable |  | 321 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian |  |  | 1193392 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for expenses and other liabilities | 10032 | 23739 | 24395 | 15774 | 7095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 646352 | 24538213 | 1613384 | 694634 | 779783 |
| **NET ASSETS** | $491924388 | $922150200 | $145114058 | $599234507 | $730849619 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $368842583 | $676532261 | $100510225 | $557378100 | $608128554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 123081805 | 245617939 | 44603833 | 41856407 | 122721065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $491924388 | $922150200 | $145114058 | $599234507 | $730849619 |
| **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $44432188 | $14305821 | $2023304 | $3105852 | $7718462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 915017 | 167529 | 24819 | 78790 | 220753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $48.56 | $85.39 | $81.52 | $39.42 | $34.96 |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $447492200 | $907844379 | $143090754 | $596128655 | $723131157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 9172069 | 10620484 | 1755704 | 15079712 | 20685037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $48.79 | $85.48 | $81.50 | $39.53 | $34.96 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $419660695 | $677541599 | $100198908 | $554375260 | $653573947 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options premium received | $— | $19008013 | $140299 | $— | $— |
| **LOANED SECURITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at value (included in investments) | $— | $8974621 | $— | $— | $— |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Unlimited shares authorized.

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> November 30, 2025**<br>

---

| | |
|:---|:---|
|  | **Horizon <br> Tactical Fixed <br> Income Fund** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $194453434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 175076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 82501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending income receivable | 9236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 41369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 194761616 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | 20148505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 184571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution and shareholder servicing fees | 103500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 85994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for fund administration and accounting fees | 25872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for audit fees | 21511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agent fees and expenses | 17573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for printing and mailing | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for expenses and other liabilities | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 20596224 |
| **NET ASSETS** | $174165392 |
| **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $183385070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accumulated losses | (9219678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $174165392 |
| **Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7254697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 154951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $46.82 |
| **Investor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $166910695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 3562894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $46.85 |
| **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $190913268 |
| **LOANED SECURITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at value (included in investments) | $19767052 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Unlimited shares authorized.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations**

**For the Period Ended November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Centre American Select <br> Equity Fund** | **Centre American Select <br> Equity Fund** | **Centre Global <br> Infrastructure Fund** | **Centre Global <br> Infrastructure Fund** |
|  | **For the Period <br> Ended <br> November 30, <br> 2025** | **For the Year <br> Ended <br> September 30, <br> 2025** | **For the Period <br> Ended <br> November 30, <br> 2025** | **For the Year <br> Ended <br> September 30, <br> 2025** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $996776 | $8121078 | $455579 | $1788552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (41568) | (12374) | (117272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 4690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 996776 | 8084200 | 443205 | 1671280 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 366621 | 2616115 | 118878 | 404912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Advisor Class | 69767 | 448507 <sup>(a)</sup> | 11562 | 67519 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Investor Class | 20976 | 63271 | 9361 | 16656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 18085 | 206504 | 10581 | 53973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 12629 | 25396 | 12332 | 25391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 12153 | 120441 | 7519 | 41764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 4452 | 55319 | 1400 | 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 3607 | 45854 |  | 14443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 2060 | 49542 | 965 | 5567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 1524 | 55837 | 5491 | 26107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | 1322 | 33701 | 2244 | 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 391 | 82181 | 226 | 8468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 33 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | 199314 <sup>(c)</sup> |  | 13306 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses and fees | 63 | 18890 | 229 | 17627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 513683 | 4020872 | 180788 | 709034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser |  | (25060) | (13017) | (80222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 513683 | 3995812 | 167771 | 628812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 483093 | 4088388 | 275434 | 1042468 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2265809 | 80864225 | (172316) | 65811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation |  | (1467) | (16988) | (9115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2265809 | 80862758 | (189304) | 56696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7192240 | (68781457) | (552376) | 7009874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation |  |  | (3409) | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7192240 | (68781457) | (555785) | 7012130 |
| **Net realized and unrealized gain (loss)** | **9458049** | **12081301** | **(745089)** | **7068826** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**9941142** | $**16169689** | $**(469655)** | $**8111294** |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes $259,999 accrued by the Predecessor Fund's Investor Class prior to the reorganization on April 17, 2025. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes $36,171 accrued by the Predecessor Fund's Investor Class prior to the reorganization on April 17, 2025. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes $84,914 and $114,400 accrued by the Predecessor Fund's Institutional and Investor Class, respectively, prior to the reorganization on April 17, 2025. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes $3,178 and $10,128 accrued by the Predecessor Fund's Institutional and Investor Class, respectively, prior to the reorganization on April 17, 2025. 

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Year Ended November 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Income Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $15320419 | $12800655 | $23905705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (4672) |  | (6189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (1552) |  | (2703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 15314195 | 12800692 | 23896813 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee | 7680639 | 1968181 | 13302030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses - Advisor Class | 2274 | 667 | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 268063 | 109266 | 437364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 23166 | 22180 | 22887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 206759 | 69651 | 139225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 90437 | 30101 | 165183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 43472 | 15873 | 39151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 40957 | 14664 | 70967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 35298 | 10086 | 59361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | 98985 | 76246 | 123523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 70578 | 21787 | 116686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 46301 | 1168 | 10060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service costs - Investor Class | 736319 | 252908 | 1333797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses and fees | 26755 | 8734 | 34851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 9370003 | 2601512 | 15857777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending credit | (231627) | (181100) | (147643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 9138376 | 2420412 | 15710134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 6175819 | 10380280 | 8186679 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 26753250 | (2899424) | 73817995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts expired or closed | 4398368 |  | (4454429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from other investment companies |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 31151618 | (2899418) | 69363566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 40827135 | 2491272 | 47146837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | (55372) |  | 3069195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 40771763 | 2491272 | 50216032 |
| **Net realized and unrealized gain (loss)** | **71923381** | **(408146)** | **119579598** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**78099200** | $**9972134** | $**127766277** |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Year Ended November 30, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Horizon <br> Defensive <br> Core Fund** | **Horizon <br> Defined Risk <br> Fund** | **Horizon Equity <br> Premium <br> Income Fund** | **Horizon Multi-<br> Factor Small/<br> Mid Cap Fund** | **Horizon Multi-<br> Factor U.S. <br> Equity Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $5974494 | $9910708 | $2153482 | $7119672 | $8998167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (115) | (116) | (32) |  | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (5666) | (2284) |  | (8092) | (2704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 5968713 | 9908308 | 2153450 | 7111580 | 8995402 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee | 3194366 | 6236832 | 965068 | 3522703 | 5076397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses - Investor Class | 419058 | 765250 | 126552 | 437281 | 625443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses - Advisor Class | 126754 | 35885 | 5311 | 7642 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 194997 | 291743 | 89829 | 181674 | 240208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | 107084 | 128069 | 57435 | 176980 | 133939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 68189 | 130219 | 29479 | 140935 | 56313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 66105 | 81331 | 37347 | 53483 | 74473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 59531 | 96719 | 14638 | 53658 | 80400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 41481 | 65831 | 11125 | 34913 | 54533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 39880 | 69280 | 22502 | 57987 | 56549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 25762 | 42110 | 8012 | 25236 | 35044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 22244 | 20521 | 22410 | 23932 | 22234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5016 | 4736 | 4921 | 3347 | 4810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses and fees | 14615 | 18550 | 3759 | 12617 | 18448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 4385082 | 7987076 | 1398388 | 4732388 | 6501557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser |  |  | (485) | (18292) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense recoupment by Adviser |  | 140601 | 2973 | 93985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending credit |  | (1013) | (23) | (465) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 4385082 | 8126664 | 1400853 | 4807616 | 6501477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 1583631 | 1781644 | 752597 | 2303964 | 2493925 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 74003525 | 22665147 | 3974227 | (4705038) | 49565814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts expired or closed |  | 580536 | (432366) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 74003525 | 23245683 | 3541861 | (4705038) | 49565814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (43424309) | 49234178 | 14067966 | 25646840 | 14891424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts |  | 2156170 | 102627 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (43424309) | 51390348 | 14170593 | 25646840 | 14891424 |
| **Net realized and unrealized gain (loss)** | **30579216** | **74636031** | **17712454** | **20941802** | **64457238** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**32162847** | $**76417675** | $**18465051** | $**23245766** | $**66951163** |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Year Ended November 30, 2025**<br>

---

| | |
|:---|:---|
|  | **Horizon <br> Tactical Fixed <br> Income Fund** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $11571427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 11571427 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee | 1173307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses - Investor Class | 187360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses - Advisor Class | 20477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 85451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | 83196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 55352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 29139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 22385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 17911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 16737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 11120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 8449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses and fees | 13588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 1729901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending credit | (129177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 1600724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 9970703 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (10210259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10210259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (872071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (872071) |
| **Net realized and unrealized gain (loss)** | **(11082330)** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(1111627)** |

---

See accompanying notes to financial statements.

**Centre American Select Equity Fund** 

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Period ended <br> November 30, <br> 2025** | **Year ended <br> September 30, <br> 2025** | **Year ended <br> September 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $483093 | $4088388 | $3030760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2265809 | 80862758 | 41908292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7192240 | (68781457) | 41678496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 9941142 | 16169689 | 86617548 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class <sup>(a)</sup> |  | (21186709) | (5126535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class <sup>(b)</sup> |  | (21977956) | (4505366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (43164665) | (9631901) |
| **CAPITAL TRANSACTIONS:** <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 136102 | 5564160 | 14418918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class |  | 20788015 | 4900829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (4511024) | (61508183) | (53255305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed in exchange for Investor Class Shares |  | (638973) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees - Advisor Class |  | 3761 | 8303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 4075764 | 31781214 | 76702160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for Advisor Class Shares |  | 638973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class |  | 20718522 | 4204322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (12805749) | (109541345) | (83985615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees - Investor Class |  | 4040 | 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (13104907) | (92189816) | (36999524) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (3163765) | (119184792) | 39986123 |
| **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period | 300694275 | 419879067 | 379892944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $297530510 | $300694275 | $419879067 |
| **SHARES TRANSACTIONS** <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 8121 | 343975 | 904354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class |  | 1354268 | 326070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (269988) | (3868747) | (3477708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed in exchange for Investor Class Shares |  | (41578) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 236617 | 1906846 | 4778669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for Advisor Class Shares |  | 38199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class |  | 1302232 | 271422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (741676) | (7004210) | (5262497) |
| **Total increase (decrease) in shares outstanding** | (766926) | (5969015) | (2459690) |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Following the Reorganization on April 17, 2025, the Predecessor Fund's Investor Class Shares were renamed to the Fund's Advisor Class Shares.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Following the Reorganization on April 17, 2025, the Predecessor Fund's Institutional Class Shares were renamed to the Fund's Investor Class Shares.

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund<br> STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Period ended <br> November 30, <br> 2025** | **Year ended <br> September 30, <br> 2025** | **Year ended <br> September 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $275434 | $1042468 | $758184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (189304) | 56696 | 545520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (555785) | 7012130 | 7234622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | (469655) | 8111294 | 8538326 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class <sup>(a)</sup> | (84377) | (621326) | (610559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class <sup>(b)</sup> | (186152) | (466837) | (111731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (270529) | (1088163) | (722290) |
| **CAPITAL TRANSACTIONS:** <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 149073 | 972892 | 192650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 70760 | 514531 | 481992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (744757) | (3089134) | (4915739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed in exchange for Investor Class Shares |  | (107623) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees - Advisor Class |  | 1014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 5008753 | 53024830 | 409278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for Advisor Class Shares |  | 107623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 185105 | 459298 | 104610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (3018811) | (5748592) | (1260297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees - Investor Class |  | 245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 1650123 | 46135084 | (4987506) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 909939 | 53158215 | 2828530 |
| **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period | 83747166 | 30588951 | 27760421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $84657105 | $83747166 | $30588951 |
| **SHARES TRANSACTIONS** <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 11016 | 77543 | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 5233 | 41164 | 46426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (54527) | (246070) | (479086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed in exchange for Investor Class Shares |  | (8051) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 369452 | 4124875 | 40107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in exchange for Advisor Class Shares |  | 8068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 13718 | 35776 | 10072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (223830) | (442127) | (121960) |
| **Total increase (decrease) in shares outstanding** | 121062 | 3591178 | (486813) |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Following the Reorganization on April 17, 2025, the Predecessor Fund's Investor Class Shares were renamed to the Fund's Advisor Class Shares.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Following the Reorganization on April 17, 2025, the Predecessor Fund's Institutional Class Shares were renamed to the Fund's Investor Class Shares.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Income Fund** | **Horizon Active Income Fund** |
|  | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $6175819 | $6909047 | $10380280 | $9273784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 31151618 | 186296979 | (2899418) | (6030701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 40771763 | 13012698 | 2491272 | 14074654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 78099200 | 206218724 | 9972134 | 17317737 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class | (192918) | (12047) | (13618) | (19378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Institutional Class | (6290316) | (275154) | (102065) | (73007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class | (128368772) | (7200339) | (9850548) | (9375498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (134852006) | (7487540) | (9966231) | (9467883) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 21846 | 509048 | 25051 | 490219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 144427 | 7230 | 13613 | 14849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (668485) | (1380629) | (350872) | (674178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 6574078 | 9632964 | 160755 | 1185668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Institutional Class | 6287069 | 274852 | 102065 | 73007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (10785770) | (5223717) | (576180) | (431936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 160348202 | 225717272 | 101573371 | 53358313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 121801059 | 6993420 | 9642377 | 9213903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (390226353) | (433669385) | (67540645) | (81445742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (106503927) | (197138945) | 43049535 | (18215897) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (163256733) | 1592239 | 43055438 | (10366043) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the year | 906616788 | 905024549 | 237589110 | 247955153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the year | $743360055 | $906616788 | $280644548 | $237589110 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 1680 | 36086 | 3039 | 60411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 10975 | 524 | 1694 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (49201) | (95915) | (43175) | (81540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 469122 | 646179 | 20009 | 144358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Institutional Class | 473781 | 19759 | 12884 | 9023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (784655) | (344495) | (71476) | (52936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 11626260 | 15223256 | 12624618 | 6556398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 9213393 | 504575 | 1211751 | 1134256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (28162148) | (28180329) | (8372161) | (9921423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in shares outstanding** | (7200793) | (12190360) | 5387183 | (2149639) |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Active Risk Assist<sup>®</sup>** **Fund** | **Horizon Active Risk Assist<sup>®</sup>** **Fund** | **Horizon Defensive Core Fund** | **Horizon Defensive Core Fund** |
|  | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $8186679 | $6296735 | $1583631 | $1113781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 69363566 | 193556262 | 74003525 | 5311971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 50216032 | 88300936 | (43424309) | 86019925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 127766277 | 288153933 | 32162847 | 92445677 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class | (125157) | (8290) | (73818) | (229487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Institutional Class | (781418) | (308627) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class | (123509334) | (10144000) | (1151819) | (1193042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (124415909) | (10460917) | (1225637) | (1422529) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 113291 | 406846 | 13233388 | 15458117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 94423 | 4987 | 71281 | 225515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (804545) | (720865) | (31339011) | (16667180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 1347038 | 3492008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Institutional Class | 779452 | 308397 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (2102352) | (31925713) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 302729729 | 283402653 | 164198145 | 200270247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 121082391 | 10030004 | 1150129 | 1189464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (394720952) | (354356811) | (153439909) | (62545077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 28518475 | (89358494) | (6125977) | 137931086 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 31868843 | 188334522 | 24811233 | 228954234 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the year | 1380428065 | 1192093543 | 467113155 | 238158921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the year | $1412296908 | $1380428065 | $491924388 | $467113155 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 4609 | 16173 | 302956 | 381544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 3944 | 215 | 1608 | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (32892) | (29023) | (717835) | (410240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 53052 | 142097 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Institutional Class | 32369 | 13282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (81432) | (1304590) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 12244515 | 11228946 | 3788116 | 4892983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 5045100 | 432701 | 25863 | 32858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (15705562) | (14167655) | (3468788) | (1534357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in shares outstanding** | 1563703 | (3667854) | (68080) | 3369038 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** | **Horizon Equity Premium <br> Income Fund** | **Horizon Equity Premium <br> Income Fund** |
|  | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1781644 | $419751 | $752597 | $535334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 23245683 | (44400412) | 3541861 | 2054334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 51390348 | 147370616 | 14170593 | 26014790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 76417675 | 103389955 | 18465051 | 28604458 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class | (3213) | (16068) | (14896) | (25869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital - Advisor Class |  |  | (144834) | (70453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class | (631762) | (1033525) | (737701) | (872994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital - Investor Class |  |  | (7172467) | (2552119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (634975) | (1049593) | (8069898) | (3521435) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 2545685 | 5105659 | 528533 | 507891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 3155 | 15796 | 159715 | 95509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (6539724) | (11193950) | (1969212) | (1573420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 318548877 | 201641669 | 45552714 | 27015783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 630084 | 1030080 | 7903521 | 3425001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (158792687) | (117926837) | (41372555) | (26402915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 156395390 | 78672417 | 10802716 | 3067849 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 232178090 | 181012779 | 21197869 | 28150872 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the year | 689972110 | 508959331 | 123916189 | 95765317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the year | $922150200 | $689972110 | $145114058 | $123916189 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 32509 | 71557 | 7283 | 7383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 41 | 236 | 2273 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (83205) | (153491) | (26975) | (23916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 3985081 | 2820414 | 621095 | 393608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 8183 | 15395 | 112804 | 52051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (1999037) | (1647687) | (571690) | (390049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in shares outstanding** | 1943572 | 1106424 | 144790 | 40530 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Multi-Factor Small/<br> Mid Cap Fund** | **Horizon Multi-Factor Small/<br> Mid Cap Fund** | **Horizon Multi-Factor <br> U.S. Equity Fund** | **Horizon Multi-Factor <br> U.S. Equity Fund** |
|  | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2303964 | $244967 | $2493925 | $1723289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4705038) | 4662566 | 49565814 | 50590013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 25646840 | 18226264 | 14891424 | 45482540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 23245766 | 23133797 | 66951163 | 97795842 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class | (58523) | (3296) | (786434) | (210698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class | (4757824) | (100238) | (45246842) | (7458860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (4816347) | (103534) | (46033276) | (7669558) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 531393 | 3055435 | 2705844 | 4123266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 58400 | 3296 | 780311 | 209590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (794915) | (653261) | (6440141) | (3300934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 416691311 | 228109162 | 265664202 | 345675096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 4756574 | 100237 | 45236126 | 7457396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (95717419) | (11273795) | (196892956) | (114456343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 325525344 | 219341074 | 111053386 | 239708071 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 343954763 | 242371337 | 131971273 | 329834355 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the year | 255279744 | 12908407 | 598878346 | 269043991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the year | $599234507 | $255279744 | $730849619 | $598878346 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 14334 | 88111 | 86116 | 132622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 1603 | 108 | 25795 | 7561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (21773) | (18658) | (202522) | (102477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 11311200 | 6115088 | 8290081 | 11002570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 130353 | 3271 | 1497389 | 269220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (2602312) | (317921) | (6191009) | (3669330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in shares outstanding** | 8833405 | 5869999 | 3505850 | 7640166 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Horizon Tactical Fixed Income Fund** | **Horizon Tactical Fixed Income Fund** |
|  | **For the <br> Year Ended <br> November 30, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $9970703 | $10185413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10210259) | 199882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (872071) | 1704208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | (1111627) | 12089503 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Advisor Class | (422519) | (338600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings - Investor Class | (10208772) | (8951302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (10631291) | (9289902) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 2503140 | 1759472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 421796 | 338576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (3450727) | (2160424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 39802286 | 86820386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 10206352 | 8950098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (91027135) | (37125171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (41544288) | 58582937 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (53287206) | 61382538 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the year | 227452598 | 166070060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the year | $174165392 | $227452598 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Advisor Class | 53912 | 36577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Advisor Class | 9136 | 7013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Advisor Class | (74342) | (44507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 852445 | 1782214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions - Investor Class | 220469 | 185534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (1975019) | (769167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in shares outstanding** | (913399) | 1197664 |

---

See accompanying notes to financial statements.

**Centre American Select Equity Fund** 

**Financial Highlights**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class <sup>(f)</sup>** | **Advisor Class <sup>(f)</sup>** | **Advisor Class <sup>(f)</sup>** | **Advisor Class <sup>(f)</sup>** | **Advisor Class <sup>(f)</sup>** | **Advisor Class <sup>(f)</sup>** |
|  | | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br> November 30,**<br>**2025<sup>(g)</sup>** | **2025<sup>(h)</sup>** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of year | $16.80 | $17.53 | $14.40 | $12.84 | $14.73 | $11.88 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.17 | 0.10 | 0.06 | 0.11 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 0.55 | 1.00 | 3.42 | 1.67 | 0.27 | 3.40 |
| Total from investment operations | 0.58 | 1.17 | 3.52 | 1.73 | 0.38 | 3.42 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.19) | (0.17) | (0.05) | (0.14) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.71) | (0.22) | (0.13) | (2.15) | (0.46) |
| Total distributions |  | (1.90) | (0.39) | (0.18) | (2.29) | (0.57) |
| Redemption fee per share |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.01 | 0.02 | 0.00 <sup>(c)</sup> |
| Net asset value, end of year | $17.38 | $16.80 | $17.53 | $14.40 | $12.84 | $14.73 |
| **TOTAL RETURN** | 3.45 %<sup>(k)</sup> | 7.71% | 24.88% | 13.70% | 1.23% | 29.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $171120 | $169761 | $215959 | $209752 | $243353 | $138985 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.12 %<sup>(j)</sup> | 1.26% | 1.34% | 1.36% | 1.46% | 1.44% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.12 %<sup>(j)</sup> | 1.26 %<sup>(i)</sup> | 1.34% | 1.36% | 1.46% | 1.46% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(e)(j)</sup> | — % | — % | —% | —% | — % |
| Ratio of net investment income (loss) to average net assets | 0.93 %<sup>(j)</sup> | 1.08% | 0.63% | 0.43% | 0.78% | 0.17% |
| Portfolio turnover rate | 29 %<sup>(k)</sup> | 162% | 81% | 93% | 138% | 86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Following the Reorganization on April 17, 2025, the Predecessor Fund's Investor Class Shares were renamed to the Fund's Advisor Class Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(h) For periods prior to April 17, 2025, the financial and return data is of the Investor Class Shares of the Predecessor Fund, Centre American Select Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective April 17, 2025, the net expense limitation changed from 1.10% to 0.95%, excluding, among other fees and expenses, 12b-1 fees.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Annualized.

See accompanying notes to financial statements.

**Centre American Select Equity Fund** 

**Financial Highlights**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class<sup>(f)</sup>** | **Investor Class<sup>(f)</sup>** | **Investor Class<sup>(f)</sup>** | **Investor Class<sup>(f)</sup>** | **Investor Class<sup>(f)</sup>** | **Investor Class<sup>(f)</sup>** |
|  | | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br> November 30,**<br>**2025<sup>(g)</sup>** | **2025<sup>(h)</sup>** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of year | $17.44 | $18.10 | $14.82 | $13.18 | $15.01 | $12.06 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 | 0.21 | 0.16 | 0.12 | 0.18 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 0.58 | 1.05 | 3.52 | 1.72 | 0.30 | 3.45 |
| Total from investment operations | 0.61 | 1.26 | 3.68 | 1.84 | 0.48 | 3.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.21) | (0.18) | (0.07) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.71) | (0.22) | (0.13) | (2.15) | (0.46) |
| Total distributions |  | (1.92) | (0.40) | (0.20) | (2.31) | (0.59) |
| Redemption fee per share |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| Net asset value, end of year | $18.05 | $17.44 | $18.10 | $14.82 | $13.18 | $15.01 |
| **TOTAL RETURN** | 3.50 %<sup>(k)</sup> | 7.96% | 25.28% | 14.11% | 1.78% | 30.18% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $126411 | $130933 | $203920 | $170141 | $99153 | $15861 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 0.97 %<sup>(j)</sup> | 1.04% | 1.08% | 1.08% | 1.05% | 1.16% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.97 %<sup>(j)</sup> | 1.02% | 1.03 %<sup>(i)</sup> | 0.98% | 0.98% | 0.98% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(e)(j)</sup> | — % | — % | — % | — % | — % |
| Ratio of net investment income (loss) to average net assets | 1.06 %<sup>(j)</sup> | 1.27% | 0.95% | 0.81% | 1.24% | 0.65% |
| Portfolio turnover rate | 29 %<sup>(k)</sup> | 162% | 81% | 93% | 138% | 86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Following the Reorganization on April 17, 2025, the Predecessor Fund's Investor Class Shares were renamed to the Fund's Advisor Class Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(h) For periods prior to April 17, 2025, the financial and return data is of the Institutional Class Shares of the Predecessor Fund, Centre American Select Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective January 30, 2024, the net expense limitation changed from 0.90% to 0.95%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Annualized.

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund<br> FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class<sup>(d)</sup>** | **Advisor Class<sup>(d)</sup>** | **Advisor Class<sup>(d)</sup>** | **Advisor Class<sup>(d)</sup>** | **Advisor Class<sup>(d)</sup>** | **Advisor Class<sup>(d)</sup>** |
|  | | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br> November 30,**<br>**2025<sup>(e)</sup>** | **2025<sup>(f)</sup>** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of year | $13.70 | $12.10 | $9.20 | $8.84 | $10.14 | $8.76 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 | 0.26 | 0.27 | 0.19 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | (0.12) | 1.63 | 2.89 | 0.33 | (1.25) | 1.39 |
| Total from investment operations | (0.08) | 1.89 | 3.16 | 0.52 | (1.06) | 1.57 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.29) | (0.26) | (0.16) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00)<sup>(c)</sup> |  |
| Total distributions | (0.04) | (0.29) | (0.26) | (0.16) | (0.24) | (0.19) |
| Redemption fee per share |  | 0.00 <sup>(c)</sup> |  |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| Net asset value, end of year | $13.58 | $13.70 | $12.10 | $9.20 | $8.84 | $10.14 |
| **TOTAL RETURN** | -0.57 %<sup>(i)</sup> | 15.88% | 34.80% | 5.85% | -10.77% | 18.00% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $27731 | $28499 | $26798 | $24208 | $27275 | $34594 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.39 %<sup>(h)</sup> | 1.60% | 1.84% | 1.76% | 1.75% | 1.74% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.30 %<sup>(h)</sup> | 1.44 %<sup>(g)</sup> | 1.57% | 1.57% | 1.57% | 1.50% |
| Ratio of net investment income (loss) to average net assets | 1.86 %<sup>(h)</sup> | 2.07% | 2.61% | 1.98% | 1.89% | 1.79% |
| Portfolio turnover rate | 8 %<sup>(i)</sup> | 16% | 10% | 18% | 39% | 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the Reorganization on April 17, 2025, the Predecessor Fund's Investor Class Shares were renamed to the Fund's Advisor Class Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(f) For periods prior to April 17, 2025, the financial and return data is of the Investor Class Shares of the Predecessor Fund, Centre Global Infrastructure Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective April 17, 2025, the net expense limitation changed from 1.25% to 1.05%, excluding, among other fees and expenses, 12b-1 fees.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Annualized.

See accompanying notes to financial statements.

**Centre Global Infrastructure Fund<br> FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class<sup>(d)</sup>** | **Investor Class<sup>(d)</sup>** | **Investor Class<sup>(d)</sup>** | **Investor Class<sup>(d)</sup>** | **Investor Class<sup>(d)</sup>** | **Investor Class<sup>(d)</sup>** |
|  | | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **Period ended <br> November 30,**<br>**2025<sup>(e)</sup>** | **2025<sup>(f)</sup>** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of year | $13.67 | $12.07 | $9.21 | $8.84 | $10.15 | $8.77 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 | 0.30 | 0.31 | 0.23 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | (0.13) | 1.62 | 2.88 | 0.34 | (1.26) | 1.40 |
| Total from investment operations | (0.08) | 1.92 | 3.19 | 0.57 | (1.03) | 1.61 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.32) | (0.33) | (0.20) | (0.28) | (0.23) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00)<sup>(c)</sup> |  |
| Total distributions | (0.04) | (0.32) | (0.33) | (0.20) | (0.28) | (0.23) |
| Redemption fee per share |  | 0.00 <sup>(c)</sup> |  | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| Net asset value, end of year | $13.55 | $13.67 | $12.07 | $9.21 | $8.84 | $10.15 |
| **TOTAL RETURN** | -0.55 %<sup>(i)</sup> | 16.22% | 35.21% | 6.38% | -10.51% | 18.35% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $56926 | $55248 | $3791 | $3553 | $4484 | $5932 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.24 %<sup>(h)</sup> | 1.34% | 1.57% | 1.48% | 1.51% | 1.51% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.15 %<sup>(h)</sup> | 1.16 %<sup>(g)</sup> | 1.18% | 1.18% | 1.18% | 1.20% |
| Ratio of net investment income (loss) to average net assets | 2.02 %<sup>(h)</sup> | 2.34% | 2.99% | 2.36% | 2.28% | 2.10% |
| Portfolio turnover rate | 8 %<sup>(i)</sup> | 16% | 10% | 18% | 39% | 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the Reorganization on April 17, 2025, the Predecessor Fund's Institutional Class Shares were renamed to the Fund's Investor Class Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(f) For periods prior to April 17, 2025, the financial and return data is of the Institutional Class Shares of the Predecessor Fund, Centre Global Infrastructure Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective April 17, 2025, the net expense limitation changed from 1.10% to 1.05%, excluding, among other fees and expenses, 12b-1 fees.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Annualized.

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.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.14 | $13.22 | $12.64 | $16.10 | $14.01 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.10 | 0.05 | 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 1.36 | 2.91 | 0.62 | (1.42) | 2.95 |
| Total from investment operations | 1.46 | 3.01 | 0.67 | (1.28) | 2.98 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.09) | (0.09) | (0.09) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (2.09) | (0.85) |
| Total distributions | (2.43) | (0.09) | (0.09) | (2.18) | (0.89) |
| Net asset value, end of year | $15.17 | $16.14 | $13.22 | $12.64 | $16.10 |
| **TOTAL RETURN** | 11.30% | 22.86% | 5.44% | -9.76% | 22.43% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $735 | $1371 | $1907 | $2126 | $3893 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.37% | 1.36% | 1.42% | 1.36% | 1.38% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.34% | 1.33% | 1.38% | 1.28% | 1.29% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.01% | 0.01% | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.33% | 1.32% | 1.38% | 1.28% | 1.29% |
| Ratio of net investment income (loss) to average net assets | 0.74% | 0.69% | 0.46% | 1.11% | 0.21% |
| Portfolio turnover rate | 90% | 198% | 247% | 139% | 142% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.29 | $13.35 | $12.76 | $16.23 | $14.11 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 | 0.11 | 0.09 | 0.14 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 1.38 | 2.95 | 0.64 | (1.40) | 2.97 |
| Total from investment operations | 1.50 | 3.06 | 0.73 | (1.26) | 3.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.12) | (0.14) | (0.12) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (2.09) | (0.85) |
| Total distributions | (2.46) | (0.12) | (0.14) | (2.21) | (0.93) |
| Net asset value, end of year | $15.33 | $16.29 | $13.35 | $12.76 | $16.23 |
| **TOTAL RETURN** | 11.56% | 23.08% | 5.86% | -9.57% | 22.82% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $42069 | $42108 | $30215 | $25595 | $8894 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.11% | 1.12% | 1.12% | 1.11% | 1.13% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.08% | 1.09% | 1.08% | 1.04% | 1.05% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.01% | 0.01% | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.07% | 1.08% | 1.08% | 1.04% | 1.05% |
| Ratio of net investment income (loss) to average net assets | 0.85% | 0.71% | 0.71% | 1.10% | 0.47% |
| Portfolio turnover rate | 90% | 198% | 247% | 139% | 142% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than $0.005 per share.

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.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.22 | $13.29 | $12.71 | $16.17 | $14.07 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.10 | 0.08 | 0.15 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 1.38 | 2.94 | 0.63 | (1.42) | 2.96 |
| Total from investment operations | 1.49 | 3.04 | 0.71 | (1.27) | 3.02 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.11) | (0.13) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (2.09) | (0.85) |
| Total distributions | (2.45) | (0.11) | (0.13) | (2.19) | (0.92) |
| Net asset value, end of year | $15.26 | $16.22 | $13.29 | $12.71 | $16.17 |
| **TOTAL RETURN** | 11.46% | 23.00% | 5.69% | -9.63% | 22.63% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $700557 | $863138 | $872904 | $761418 | $729517 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.21% | 1.21% | 1.22% | 1.21% | 1.23% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.18% | 1.19% | 1.18% | 1.14% | 1.14% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.01% | 0.01% | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.17% | 1.18% | 1.18% | 1.14% | 1.14% |
| Ratio of net investment income (loss) to average net assets | 0.79% | 0.67% | 0.62% | 1.15% | 0.35% |
| Portfolio turnover rate | 90% | 198% | 247% | 139% | 142% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than $0.005 per share.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $8.34 | $8.09 | $8.29 | $9.77 | $9.95 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.35 | 0.33 | 0.24 | 0.12 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | (0.08) | 0.25 | (0.22) | (1.49) | (0.18) |
| Total from investment operations | 0.27 | 0.58 | 0.02 | (1.37) |  |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.33) | (0.22) | (0.11) | (0.18) |
| Total distributions | (0.31) | (0.33) | (0.22) | (0.11) | (0.18) |
| Net asset value, end of year | $8.30 | $8.34 | $8.09 | $8.29 | $9.77 |
| **TOTAL RETURN** | 3.39% | 7.31% | 0.26% | -14.12% | -0.05% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $213 | $535 | $675 | $1960 | $4391 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.17% | 1.17% | 1.16% | 1.14% | 1.18% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.09% | 1.05% | 1.10% | 1.03% | 1.10% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | —% | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.09% | 1.05% | 1.10% | 1.03% | 1.10% |
| Ratio of net investment income (loss) to average net assets | 4.31% | 4.06% | 3.02% | 1.31% | 1.82% |
| Portfolio turnover rate | 93% | 90% | 175% | 110% | 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $8.24 | $8.00 | $8.21 | $9.68 | $9.86 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.34 | 0.33 | 0.26 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | (0.06) | 0.26 | (0.22) | (1.47) | (0.15) |
| Total from investment operations | 0.28 | 0.59 | 0.04 | (1.33) | 0.02 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.35) | (0.25) | (0.14) | (0.20) |
| Total distributions | (0.33) | (0.35) | (0.25) | (0.14) | (0.20) |
| Net asset value, end of year | $8.19 | $8.24 | $8.00 | $8.21 | $9.68 |
| **TOTAL RETURN** | 3.61% | 7.55% | 0.49% | -13.90% | 0.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $2273 | $2603 | $1725 | $1704 | $1840 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 0.92% | 0.93% | 0.91% | 0.89% | 0.94% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.85% | 0.80% | 0.84% | 0.79% | 0.85% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | —% | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 0.85% | 0.80% | 0.84% | 0.79% | 0.85% |
| Ratio of net investment income (loss) to average net assets | 4.26% | 4.05% | 3.27% | 1.57% | 1.74% |
| Portfolio turnover rate | 93% | 90% | 175% | 110% | 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $8.27 | $8.03 | $8.24 | $9.72 | $9.90 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.33 | 0.33 | 0.26 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | (0.05) | 0.25 | (0.23) | (1.48) | (0.18) |
| Total from investment operations | 0.28 | 0.58 | 0.03 | (1.35) | 0.01 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.34) | (0.24) | (0.13) | (0.19) |
| Total distributions | (0.32) | (0.34) | (0.24) | (0.13) | (0.19) |
| Net asset value, end of year | $8.23 | $8.27 | $8.03 | $8.24 | $9.72 |
| **TOTAL RETURN** | 3.61% | 7.41% | 0.38% | -14.04% | 0.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $278159 | $234451 | $245555 | $439460 | $432982 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.02% | 1.03% | 1.01% | 0.99% | 1.03% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.95% | 0.91% | 0.95% | 0.89% | 0.95% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | —% | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 0.95% | 0.91% | 0.95% | 0.89% | 0.95% |
| Ratio of net investment income (loss) to average net assets | 4.06% | 4.06% | 3.20% | 1.47% | 1.98% |
| Portfolio turnover rate | 93% | 90% | 175% | 110% | 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.36 | $21.99 | $20.66 | $26.08 | $21.73 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.14 | 0.09 | 0.16 | 0.12 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 2.09 | 5.40 | 1.27 | (3.49) | 4.37 |
| Total from investment operations | 2.23 | 5.49 | 1.43 | (3.37) | 4.42 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.12) | (0.10) | (0.15) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (1.90) |  |
| Total distributions | (2.48) | (0.12) | (0.10) | (2.05) | (0.07) |
| Net asset value, end of year | $27.11 | $27.36 | $21.99 | $20.66 | $26.08 |
| **TOTAL RETURN** | 9.36% | 25.08% | 6.98% | -14.34% | 20.41% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $833 | $1507 | $1489 | $4472 | $8312 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.33% | 1.36% | 1.36% | 1.34% | 1.37% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.32% | 1.35% | 1.33% | 1.31% | 1.31% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.02% | 0.01% | 0.01% | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.32% | 1.33% | 1.32% | 1.30% | 1.31% |
| Ratio of net investment income (loss) to average net assets | 0.55% | 0.37% | 0.75% | 0.53% | 0.21% |
| Portfolio turnover rate | 172% | 66% | 176% | 366% | 108% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.51 | $22.13 | $20.76 | $26.19 | $21.79 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.18 | 0.23 | 0.19 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 2.12 | 5.37 | 1.31 | (3.50) | 4.37 |
| Total from investment operations | 2.30 | 5.60 | 1.50 | (3.34) | 4.50 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.22) | (0.13) | (0.19) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (1.90) |  |
| Total distributions | (2.48) | (0.22) | (0.13) | (2.09) | (0.10) |
| Net asset value, end of year | $27.33 | $27.51 | $22.13 | $20.76 | $26.19 |
| **TOTAL RETURN** | 9.61% | 25.47% | 7.27% | -14.17% | 20.75% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $8683 | $8630 | $32378 | $30798 | $34320 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.08% | 1.11% | 1.11% | 1.09% | 1.12% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.07% | 1.11% | 1.09% | 1.06% | 1.06% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.02% | 0.01% | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.07% | 1.09% | 1.08% | 1.06% | 1.06% |
| Ratio of net investment income (loss) to average net assets | 0.70% | 0.92% | 0.90% | 0.70% | 0.54% |
| Portfolio turnover rate | 172% | 66% | 176% | 366% | 108% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.42 | $22.07 | $20.71 | $26.13 | $21.74 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.12 | 0.18 | 0.13 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 2.12 | 5.42 | 1.29 | (3.48) | 4.39 |
| Total from investment operations | 2.27 | 5.54 | 1.47 | (3.35) | 4.47 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.19) | (0.11) | (0.17) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.34) |  |  | (1.90) |  |
| Total distributions | (2.48) | (0.19) | (0.11) | (2.07) | (0.08) |
| Net asset value, end of year | $27.21 | $27.42 | $22.07 | $20.71 | $26.13 |
| **TOTAL RETURN** | 9.51% | 25.28% | 7.13% | -14.24% | 20.64% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $1402781 | $1370291 | $1158227 | $1238187 | $1156627 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.18% | 1.21% | 1.21% | 1.19% | 1.22% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.17% | 1.20% | 1.19% | 1.17% | 1.16% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.02% | 0.01% | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.17% | 1.18% | 1.18% | 1.17% | 1.16% |
| Ratio of net investment income (loss) to average net assets | 0.61% | 0.48% | 0.83% | 0.58% | 0.34% |
| Portfolio turnover rate | 172% | 66% | 176% | 366% | 108% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

See accompanying notes to financial statements.

**Horizon Defensive Core 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $45.80 | $34.97 | $30.85 | $35.95 | $28.69 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.07 | 0.23 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 2.72 | 10.93 | 3.99 | (4.27) | 7.97 |
| Total from investment operations | 2.82 | 11.00 | 4.22 | (4.21) | 8.04 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.17) | (0.10) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.84) | (0.71) |
| Total distributions | (0.06) | (0.17) | (0.10) | (0.89) | (0.78) |
| Net asset value, end of year | $48.56 | $45.80 | $34.97 | $30.85 | $35.95 |
| **TOTAL RETURN** | 6.16% | 31.59% | 13.76% | -12.11% | 28.69% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $44432 | $60839 | $47232 | $33632 | $35205 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.07% | 1.07% | 1.12% | 1.18% | 1.28% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.07% | 1.12% | 1.13% | 1.18% | 1.19% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.01% | 0.01% | —% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.07% | 1.12% | 1.12% | 1.17% | 1.19% |
| Ratio of net investment income (loss) to average net assets | 0.24% | 0.18% | 0.72% | 0.17% | 0.19% |
| Portfolio turnover rate | 216% | 9% | 139% | 270% | 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

See accompanying notes to financial statements.

**Horizon Defensive Core 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $46.03 | $35.13 | $30.99 | $36.09 | $28.78 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.15 | 0.28 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 2.74 | 10.97 | 4.01 | (4.29) | 8.01 |
| Total from investment operations | 2.89 | 11.12 | 4.29 | (4.18) | 8.12 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.22) | (0.15) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.84) | (0.71) |
| Total distributions | (0.13) | (0.22) | (0.15) | (0.92) | (0.81) |
| Net asset value, end of year | $48.79 | $46.03 | $35.13 | $30.99 | $36.09 |
| **TOTAL RETURN** | 6.30% | 31.82% | 13.95% | -11.99% | 28.91% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $447492 | $406274 | $190927 | $148912 | $120315 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 0.92% | 0.92% | 0.97% | 1.04% | 1.09% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.92% | 0.95% | 0.98% | 1.03% | 1.04% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.01% | 0.01% | —% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 0.92% | 0.95% | 0.97% | 1.02% | 1.04% |
| Ratio of net investment income (loss) to average net assets | 0.35% | 0.35% | 0.89% | 0.36% | 0.32% |
| Portfolio turnover rate | 216% | 9% | 139% | 270% | 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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 year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $77.99 | $65.78 | $61.11 | $63.45 | $56.93 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.07 | (0.07) | 0.07 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 7.35 | 12.34 | 5.40 | (2.39) | 6.62 |
| Total from investment operations | 7.42 | 12.27 | 5.47 | (2.26) | 6.75 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.06) | (0.07) | (0.08) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.73) |  |  |
| Total distributions | (0.02) | (0.06) | (0.80) | (0.08) | (0.23) |
| Net asset value, end of year | $85.39 | $77.99 | $65.78 | $61.11 | $63.45 |
| **TOTAL RETURN** | 9.51% | 18.66% | 9.12% | -3.57% | 11.90% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $14306 | $17017 | $19725 | $12227 | $19816 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.17% | 1.49% | 1.60% | 1.26% | 1.26% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.19% | 1.50% | 1.60% | 1.26% | 1.20% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.31% | 0.41% | 0.07% | 0.01% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
| Ratio of net investment income (loss) to average net assets | 0.08% | (0.09)% | 0.11% | 0.20% | 0.21% |
| Portfolio turnover rate | 13% | 8% | 3% | 15% | 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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 year.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $78.01 | $65.77 | $61.16 | $63.49 | $56.98 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.19 | 0.06 | 0.16 | 0.26 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 7.35 | 12.32 | 5.39 | (2.41) | 6.62 |
| Total from investment operations | 7.54 | 12.38 | 5.55 | (2.15) | 6.84 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.14) | (0.21) | (0.18) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.73) |  |  |
| Total distributions | (0.07) | (0.14) | (0.94) | (0.18) | (0.33) |
| Net asset value, end of year | $85.48 | $78.01 | $65.77 | $61.16 | $63.49 |
| **TOTAL RETURN** | 9.68% | 18.85% | 9.26% | -3.40% | 12.06% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(c)</sup> |  |  |  |  |  |
| Net assets, end of year (in thousands) | $907844 | $672955 | $489234 | $359743 | $247061 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.02% | 1.32% | 1.44% | 1.12% | 1.11% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.04% | 1.33% | 1.44% | 1.12% | 1.05% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.29% | 0.40% | 0.08% | 0.01% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| Ratio of net investment income (loss) to average net assets | 0.23% | 0.08% | 0.25% | 0.43% | 0.35% |
| Portfolio turnover rate | 13% | 8% | 3% | 15% | 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

See accompanying notes to financial statements.

**Horizon Equity Premium 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $75.80 | $60.07 | $61.66 | $63.04 | $54.99 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.30 | 0.23 | 0.97 | 1.09 | 0.95 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 10.10 | 17.67 | (1.43) | 0.06 | 8.04 |
| Total from investment operations | 10.40 | 17.90 | (0.46) | 1.15 | 8.99 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.58) | (1.13) | (1.04) | (0.94) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.49) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (4.24) | (1.59) |  |  |  |
| Total distributions | (4.68) | (2.17) | (1.13) | (2.53) | (0.94) |
| Net asset value, end of year | $81.52 | $75.80 | $60.07 | $61.66 | $63.04 |
| **TOTAL RETURN** | 14.85% | 30.35% | -0.68% | 1.73% | 16.45% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $2023 | $3202 | $3443 | $4834 | $10941 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.23% | 1.42% | 1.28% | 1.23% | 1.21% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.24% | 1.41% | 1.29% | 1.25% | 1.24% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(c)</sup> | 0.17% | 0.05% | 0.01% | 0.00 %<sup>(c)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| Ratio of net investment income (loss) to average net assets | 0.41% | 0.34% | 1.63% | 1.76% | 1.52% |
| Portfolio turnover rate | 10% | 23% | 4 %<sup>(d)</sup> | 150% | 222% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of purchases and proceeds from sales of securities that were incurred by the Fund related to the Fund's change in investment strategy are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 67% for the year ended November 30, 2023.

See accompanying notes to financial statements.

**Horizon Equity Premium 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $75.75 | $60.03 | $61.62 | $63.02 | $55.01 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.43 | 0.34 | 1.06 | 1.23 | 1.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 10.09 | 17.65 | (1.42) | 0.02 | 8.02 |
| Total from investment operations | 10.52 | 17.99 | (0.36) | 1.25 | 9.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.58) | (1.23) | (1.16) | (1.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.49) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (4.32) | (1.69) |  |  |  |
| Total distributions | (4.77) | (2.27) | (1.23) | (2.65) | (1.04) |
| Net asset value, end of year | $81.50 | $75.75 | $60.03 | $61.62 | $63.02 |
| **TOTAL RETURN** | 15.04% | 30.56% | -0.51% | 1.90% | 16.58% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $143091 | $120714 | $92322 | $102135 | $123269 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.08% | 1.26% | 1.13% | 1.10% | 1.06% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.09% | 1.25% | 1.12% | 1.09% | 1.08% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(c)</sup> | 0.16% | 0.06% | 0.02% | 0.00 %<sup>(c)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.09% | 1.09% | 1.06% | 1.07% | 1.08% |
| Ratio of net investment income (loss) to average net assets | 0.59% | 0.50% | 1.80% | 2.03% | 1.67% |
| Portfolio turnover rate | 10% | 23% | 4 %<sup>(d)</sup> | 150% | 222% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of purchases and proceeds from sales of securities that were incurred by the Fund related to the Fund's change in investment strategy are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 67% for the year ended November 30, 2023.

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | |
|  | **2025** | **2024** | **For the <br> Period Ended <br> November 30,** <br>**2023 <sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of year | $40.26 | $28.34 | $26.88 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.15 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | (0.29) | 12.07 | 1.37 |
| Total from investment operations | (0.14) | 12.15 | 1.46 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | (0.16) |  |
| Total distributions | (0.70) | (0.23) |  |
| Net asset value, end of year | $39.42 | $40.26 | $28.34 |
| **TOTAL RETURN** | -0.21% | 43.10% | 5.43 %<sup>(f)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of year (in thousands) | $3106 | $3407 | $427 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.22% | 1.46% | 3.64 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.24% | 1.24% | 1.24 %<sup>(e)</sup> |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)(e)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.24% | 1.24% | 1.24 %<sup>(e)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.41% | 0.24% | 0.43 %<sup>(e)</sup> |
| Portfolio turnover rate | 146% | 107% | 179 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Advisor Class was March 7, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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

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

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | |
|  | **2025** | **2024** | **For the <br> Period Ended <br> November 30,** <br>**2023 <sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of year | $40.36 | $28.36 | $25.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.19 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | (0.28) | 12.07 | 3.22 |
| Total from investment operations | (0.09) | 12.23 | 3.36 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.69) | (0.16) |  |
| Total distributions | (0.74) | (0.23) |  |
| Net asset value, end of year | $39.53 | $40.36 | $28.36 |
| **TOTAL RETURN** | -0.07% | 43.33% | 13.48 %<sup>(f)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of year (in thousands) | $596129 | $251872 | $12482 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.07% | 1.29% | 3.38 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.09% | 1.09% | 1.09 %<sup>(e)</sup> |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)</sup> | 0.00 %<sup>(d)(e)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.09% | 1.09% | 1.09 %<sup>(e)</sup> |
| Ratio of net investment income (loss) to average net assets | 0.52% | 0.43% | 0.53 %<sup>(e)</sup> |
| Portfolio turnover rate | 146% | 107% | 179 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Investor Class was December 20, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than 0.005%.

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

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

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $34.41 | $27.56 | $26.27 | $33.46 | $27.16 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 | 0.10 | 0.14 | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 3.00 | 7.50 | 1.26 | (0.26) | 6.27 |
| Total from investment operations | 3.08 | 7.60 | 1.40 | (0.12) | 6.37 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.11) | (0.11) | (0.13) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.48) | (0.64) |  | (6.94) |  |
| Total distributions | (2.53) | (0.75) | (0.11) | (7.07) | (0.07) |
| Net asset value, end of year | $34.96 | $34.41 | $27.56 | $26.27 | $33.46 |
| **TOTAL RETURN** | 10.11% | 28.24% | 5.38% | -1.79% | 23.53% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $7718 | $10714 | $7543 | $189 | $544 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.17% | 1.19% | 1.21% | 1.27% | 1.32% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.17% | 1.19% | 1.22% | 1.25% | 1.24% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> | 0.01% | 0.00 %<sup>(c)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.17% | 1.19% | 1.22% | 1.24% | 1.24% |
| Ratio of net investment income (loss) to average net assets | 0.26% | 0.32% | 0.52% | 0.52% | 0.34% |
| Portfolio turnover rate | 134% | 164% | 238% | 197% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** | **Year ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $34.42 | $27.57 | $26.34 | $33.53 | $27.19 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.13 | 0.18 | 0.22 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(b)</sup> | 3.00 | 7.50 | 1.25 | (0.29) | 6.27 |
| Total from investment operations | 3.13 | 7.63 | 1.43 | (0.07) | 6.42 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.14) | (0.20) | (0.18) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.48) | (0.64) |  | (6.94) |  |
| Total distributions | (2.59) | (0.78) | (0.20) | (7.12) | (0.08) |
| Net asset value, end of year | $34.96 | $34.42 | $27.57 | $26.34 | $33.53 |
| **TOTAL RETURN** | 10.28% | 28.35% | 5.51% | -1.62% | 23.70% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $723131 | $588165 | $261501 | $143236 | $128449 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.02% | 1.04% | 1.07% | 1.12% | 1.17% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 1.02% | 1.08% | 1.09% | 1.11% | 1.09% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> | 0.00 %<sup>(c)</sup> | 0.02% | 0.00 %<sup>(c)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 1.02% | 1.08% | 1.09% | 1.09% | 1.09% |
| Ratio of net investment income (loss) to average net assets | 0.39% | 0.43% | 0.68% | 0.83% | 0.50% |
| Portfolio turnover rate | 134% | 164% | 238% | 197% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than 0.005%.

See accompanying notes to financial statements.

**Horizon Tactical Fixed Income 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | |
|  | **2025** | **2024** | **For the <br> Period Ended <br> November 30,** <br>**2023 <sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of year | $49.09 | $48.35 | $49.48 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 2.26 | 2.32 | 0.90 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | (2.10) | 0.55 | (1.45) |
| Total from investment operations | 0.16 | 2.87 | (0.55) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.43) | (2.13) | (0.58) |
| Total distributions | (2.43) | (2.13) | (0.58) |
| Net asset value, end of year | $46.82 | $49.09 | $48.35 |
| **TOTAL RETURN** | 0.49% | 6.08% | -1.10 %<sup>(g)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |
| Net assets, end of year (in thousands) | $7255 | $8160 | $8082 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 1.03% | 1.01% | 1.16 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.97% | 0.94% | 0.96 %<sup>(f)</sup> |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(e)</sup> | —% | 0.00 %<sup>(e)(f)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 0.97% | 0.94% | 0.96 %<sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets | 4.86% | 4.81% | 2.58 %<sup>(f)</sup> |
| Portfolio turnover rate | 421% | 316% | 638 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Advisor Class was March 7, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See accompanying notes to financial statements.

**Horizon Tactical Fixed Income 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** |
|  | **Year ended November 30,** | **Year ended November 30,** | |
|  | **2025** | **2024** | **For the <br> Period Ended <br> November 30,** <br>**2023 <sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of year | $49.11 | $48.37 | $50.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 2.38 | 2.35 | 1.88 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | (2.14) | 0.59 | (2.68) |
| Total from investment operations | 0.24 | 2.94 | (0.80) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.50) | (2.20) | (0.83) |
| Total distributions | (2.50) | (2.20) | (0.83) |
| Net asset value, end of year | $46.85 | $49.11 | $48.37 |
| **TOTAL RETURN** | 0.66% | 6.22% | -1.63 %<sup>(g)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |
| Net assets, end of year (in thousands) | $166911 | $219292 | $157988 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment and securities lending credit including interest expense | 0.88% | 0.86% | 0.90 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment and securities lending credit including interest expense | 0.81% | 0.79% | 0.84 %<sup>(f)</sup> |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets | 0.00 %<sup>(e)</sup> | —% | 0.00 %<sup>(e)(f)</sup> |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short | 0.81% | 0.79% | 0.84 %<sup>(f)</sup> |
| Ratio of net investment income (loss) to average net assets | 5.11% | 4.87% | 4.13 %<sup>(f)</sup> |
| Portfolio turnover rate | 421% | 316% | 638 %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Investor Class was December 20, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See accompanying notes to financial statements.

**Horizon Funds** 

**Notes to Financial Statements**

**November 30, 2025**

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

The Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income 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 Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Each Fund is a diversified series of the Trust. The investment objective of the Centre American Select Equity Fund is to seek long-term growth of capital. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 21, 2011 and January 21, 2014, respectively. The investment objective of the Centre Global Infrastructure Fund seeks long-term growth of capital and current income. The Fund presently offers Investor Class shares and Advisor Class shares, which each commenced operations on January 29, 2018. 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 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 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 Defensive Core 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 Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 26, 2019 and January 8, 2020, 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 Equity Premium Income 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 Multi-Factor Small/Mid Cap Fund is capital appreciation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 20, 2022 and March 7, 2023, respectively. The investment objective of the Horizon Multi-Factor U.S. Equity Fund is capital appreciation. 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 Tactical Fixed Income Fund is to seek to provide total return through a combination of current income and capital appreciation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 20, 2022 and March 7, 2023, respectively.

The Centre American Select Equity Fund and Centre Global Infrastructure Fund were each a part of a reorganization with corresponding series of the Centre Funds, which occurred on April 17, 2025 (the "Reorganization"). The Reorganization Agreement provided the following: (i) the transfer of all of the assets of the applicable Predecessor Fund to the corresponding Fund in exchange for shares of that Fund; (ii) the assumption of all of the liabilities of such Predecessor Fund by the corresponding Fund, and (iii) the distribution of the Fund's shares received by such Predecessor Fund to its shareholders in complete liquidation of the Predecessor Fund.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

The shares of each Fund had the same aggregate net asset value as shares of the corresponding Predecessor Fund at the time of the Reorganization. Shares were exchanged as follows:

---

| | | |
|:---|:---|:---|
| **Predecessor Funds (Centre Funds)** |  | **Funds (Horizon Funds)** |
| <u><u>Centre American Select Equity Fund</u></u> | → | <u><u>Centre American Select Equity Fund</u></u> |
| Investor Class | → | Advisor Class |
| Institutional Class | → | Investor Class |
| <u><u>Centre Global Infrastructure Fund</u></u> | → | <u><u>Centre Global Infrastructure Fund</u></u> |
| Investor Class | → | Advisor Class |
| Institutional Class | → | Investor Class |

---

Effective October 1, 2025, the Centre American Select Equity Fund and Centre Global Infrastructure Fund changed their fiscal year end from September 30 to November 30 during the period.

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 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 Horizon Investments, LLC (the "Adviser" or "Horizon"), 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 Funds' valuation designee.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

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.

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, 2025, for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** | **Centre American Select Equity Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $231634607 | $— | $— | $**231634607** |
| Real Estate Investment Trusts - Common | 35415375 |  |  | **35415375** |
| Exchange Traded Funds | 28566201 |  |  | **28566201** |
| Purchased Options |  | 1189170 |  | **1189170** |
| Money Market Funds | 570406 |  |  | **570406** |
| **Total** | $**296186589** | $**1189170** | $**—** | $**297375759** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** | **Centre Global Infrastructure Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $84197002 | $— | $— | $**84197002** |
| Money Market Funds | 276431 |  |  | **276431** |
| **Total** | $**84473433** | $**—** | $**—** | $**84473433** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Exchange Traded Funds | $628090839 | $— | $— | $**628090839** |
| Common Stocks | 114637508 |  |  | **114637508** |
| Investments Purchased With Proceeds From Securities Lending  | 49386111 |  |  | **49386111** |
| Money Market Funds | 1223137 |  |  | **1223137** |
| **Total** | $**793337595** | $**—** | $**—** | $**793337595** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Exchange Traded Funds | $280456062 | $— | $— | $**280456062** |
| Investments Purchased With Proceeds From Securities Lending | 69824032 |  |  | **69824032** |
| Money Market Funds | 214908 |  |  | **214908** |
| **Total** | $**350495002** | $**—** | $**—** | $**350495002** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Exchange Traded Funds | $1260643715 | $— | $— | $**1260643715** |
| Common Stocks | 149149204 |  | 0 <sup>(a)</sup> | **149149204** |
| Purchased Options |  | 4634376 |  | **4634376** |
| Investments Purchased With Proceeds From Securities Lending | 86091130 |  |  | **86091130** |
| Money Market Funds | 1314164 |  |  | **1314164** |
| **Total** | $**1497198213** | $**4634376** | $**—** | $**1501832589** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(2932823**)** | $— | $**(2932823)** |
| **Total** | $**—** | $**(2932823)** | $**—** | $**(2932823)** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Defensive Core Fund** | **Horizon Defensive Core Fund** | **Horizon Defensive Core Fund** | **Horizon Defensive Core Fund** | **Horizon Defensive Core Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $437864480 | $— | $0 <sup>(a)</sup> | $**437864480** |
| Exchange Traded Funds | 44195187 |  |  | **44195187** |
| Real Estate Investment Trusts - Common | 8306779 |  |  | **8306779** |
| Money Market Funds | 1240078 |  |  | **1240078** |
| **Total** | $**491606524** | $**—** | $**—** | $**491606524** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $848618668 | $— | $0 <sup>(a)</sup> | $**848618668** |
| Exchange Traded Funds | 60108367 |  |  | **60108367** |
| Real Estate Investment Trusts - Common | 15757902 |  |  | **15757902** |
| Purchased Options |  | 8110250 |  | **8110250** |
| Rights |  |  | 0 <sup>(a)</sup> | **—** |
| Investments Purchased With Proceeds From Securities Lending | 9103423 |  |  | **9103423** |
| Money Market Funds | 3647321 |  |  | **3647321** |
| **Total** | $**937235681** | $**8110250** | $**—** | $**945345931** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(14404900) | $— | $**(14404900)** |
| **Total** | $**—** | $**(14404900)** | $**—** | $**(14404900)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $144682713 | $— | $— | $**144682713** |
| Real Estate Investment Trusts - Common | 38912 |  |  | **38912** |
| Money Market Funds | 1626646 |  |  | **1626646** |
| **Total** | $**146348271** | $**—** | $**—** | $**146348271** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(139925) | $— | $**(139925)** |
| **Total** | $**—** | $**(139925)** | $**—** | $**(139925)** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** | **Horizon Multi-Factor Small/Mid Cap Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $563395152 | $— | $— | $**563395152** |
| Real Estate Investment Trusts - Common | 33105428 |  |  | **33105428** |
| Money Market Funds | 2411797 |  |  | **2411797** |
| **Total** | $**598912377** | $**—** | $**—** | $**598912377** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $705499984 | $— | $— | $**705499984** |
| Real Estate Investment Trusts - Common | 20755429 |  |  | **20755429** |
| Money Market Funds | 4046462 |  |  | **4046462** |
| **Total** | $**730301875** | $**—** | $**—** | $**730301875** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Tactical Fixed Income Fund** | **Horizon Tactical Fixed Income Fund** | **Horizon Tactical Fixed Income Fund** | **Horizon Tactical Fixed Income Fund** | **Horizon Tactical Fixed Income Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $173890438 | $— | $— | $**173890438** |
| Investments Purchased With Proceeds From Securities Lending | 20148505 |  |  | **20148505** |
| Money Market Funds | 414491 |  |  | **414491** |
| **Total** | $**194453434** | $**—** | $**—** | $**194453434** |

---

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

<sup>(a)</sup> Amount is less than $0.50. 

*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 at 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 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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

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 period/year ended November 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Centre <br> American <br> Select Equity <br> Fund**  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist**<sup>®</sup> **<br> Fund** | **Horizon <br> Defined Risk <br> Fund** | **Horizon Equity <br> Premium <br> Income Fund** |
| Purchased Options | $1189170 | $748013 | $6961450 | $9912400 | $— |
| Written Options | $— | $(980363) | $(4665488) | $(15171569) | $(138931) |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| Centre American Select Equity Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Active Risk Assist<sup>®</sup> Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Defined Risk Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Equity Premium Income | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | |
|:---|:---|
| **Centre American Select Equity Fund** | **Centre American Select Equity Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $1189170 |
| Written Options | $0 |

---

---

| | |
|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $4634376 |
| Written Options | $2932823 |

---

---

| | |
|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $8110250 |
| Written Options | $14404900 |

---

---

| | |
|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $0 |
| Written Options | $139925 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period/year ended November 30, 2025:

---

| | |
|:---|:---|
| Derivative Investment Type | Location of Gain (Loss) on Derivatives in the Statements of Operations |
| Equity Risk contracts | Net realized gain (loss) from Investments |
|  | Net realized gain (loss) on Written option contracts expired or closed |
|  | Net change in unrealized appreciation (depreciation) on Investments |
|  | Net change in unrealized appreciation (depreciation) on Written option contracts |

---

---

| | |
|:---|:---|
| **Centre American Select Equity Fund** | **Centre American Select Equity 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 |  |
| Written Options |  |

---

---

| | |
|:---|:---|
| 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 | $(1095000) |
| Written Options |  |
|  | $(1095000) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | |
|:---|:---|
| **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 | $(6681085) |
| Written Options | 4398368 |
|  | $(2282717) |

---

---

| | |
|:---|:---|
| 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 | $633154 |
| Written Options | (55372) |
|  | $577782 |

---

---

| | |
|:---|:---|
| **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **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 | $(4705824) |
| Written Options | (4454429) |
|  | $(9160253) |

---

---

| | |
|:---|:---|
| 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 | $(365695) |
| Written Options | 3069195 |
|  | $2703500 |

---

---

| | |
|:---|:---|
| **Horizon Defined Risk Fund** | **Horizon Defined Risk 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 | $(35474601) |
| Written Options | 580536 |
|  | $(34894065) |

---

---

| | |
|:---|:---|
| 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 | $(5043623) |
| Written Options | 2156170 |
|  | $(2887453) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | |
|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income 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 | $— |
| Written Options | (432366) |
|  | $(432366) |

---

---

| | |
|:---|:---|
| 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 | $— |
| Written Options | 102627 |
|  | $102627 |

---

**Offsetting of Financial Assets and Derivative Liabilities** 

The following table presents the Funds' liability derivatives and collateral pledged for the Funds as of November 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Options | $2932823<sup>(1)</sup> | $— | $2932823 | $(2932823)<sup>(2)</sup> | $— | $— |
| Total | $2932823 | $— | $2932823 | $(2932823) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Options | $14404900<sup>(1)</sup> | $— | $14404900 | $(14404900)<sup>(2)</sup> | $— | $— |
| Total | $14404900 | $— | $14404900 | $(14404900) | $— | $— |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income 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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Options | $139925<sup>(1)</sup> | $— | $139925 | $(139925)<sup>(2)</sup> | $— | $— |
| Total | $139925 | $— | $139925 | $(139925) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Written options at value as presented in the Schedules 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 7 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. 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 http://www.sec.gov. 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: publicinfo@sec.gov.

*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' 2025 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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

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

*Distributions to Shareholders* – Distributions from investment income, if any, are declared and paid at least annually for the Centre American Select Equity Fund, Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, quarterly for the Horizon Active Income Fund, Horizon Equity Premium Income Fund, and Horizon Tactical Fixed Income Fund, and monthly for the Centre Global Infrastructure Fund. Each 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 of Trustees (the "Board" or "Trustees") has adopted a shareholder serving plan (the "Plan") for Investor Class Shares of the Horizon Active Asset Allocation Fund, Horizon Active Income Fund, and the Horizon Active Risk Assist<sup>®</sup> 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 Income Fund, and the Horizon Active Risk Assist<sup>®</sup> 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 has adopted a Distribution Plan for Advisor Class shares of Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income Fund, and also for Investor Class shares of the Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap, Horizon Multi-Factor U.S. Equity Fund, and the Horizon Tactical Fixed Income 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"). During the year ended November 30, 2025 the distribution fees accrued for the Investor Class shares of the Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap, Horizon Multi-Factor U.S. Equity Fund, and the Horizon Tactical Fixed Income Fund and for the Advisor Class shares of Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income Fund were 0.10% and 0.25% of average daily net assets, respectively.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

During the year ended November 30, 2025, the Funds' incurred fees pursuant to the 12b-1 Plan as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Advisor Class** |
| Horizon Active Asset Allocation Fund | $— | $2274 |
| Horizon Active Income Fund |  | 667 |
| Horizon Active Risk Assist<sup>®</sup> Fund |  | 2692 |
| Horizon Defensive Core Fund | 419058 | 126754 |
| Horizon Defined Risk Fund | 765250 | 35885 |
| Horizon Equity Premium Income Fund | 126552 | 5311 |
| Horizon Multi-Factor Small/Mid Cap Fund | 437281 | 7642 |
| Horizon Multi-Factor U.S. Equity Fund | 625443 | 22766 |
| Horizon Tactical Fixed Income Fund | 187360 | 20477 |

---

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.

*Centre Rule 12b-1 & Shareholder Servicing Fees Prior to April 17, 2025* – The Investor Class shares of the Predecessor Funds (equivalent to the Advisor Class of the Funds) were subject to a distribution and shareholder services plan (the "Existing 12b-1 Plan") that, pursuant to Rule 12b-1 under the 1940 Act ("Rule 12b-1"), permitted each Predecessor Fund to pay expenses of activities that are primarily intended to result in the sale of the Investor Class of shares and expenses associated eligible shareholder services in an amount of up to 0.25% per year to intermediaries offering Investor Class shares of an Predecessor Fund and/or providing eligible shareholder services to Predecessor Fund Investor Class shareholders ("12b-1 Plan Fees"). The Investor Class shares of the Predecessor Funds were also subject to a separate shareholder services plan ("Shareholder Services Plan") authorizing the Predecessor Funds to pay up to 0.15% of the average daily net assets attributable to Investor Class shares of the Predecessor Funds to intermediaries performing non-distribution shareholder services ("Shareholder Services Plan Fees"). The Institutional Class shares of the Predecessor Funds were subject to pay up to 0.10% of the average daily net assets attributable to Institutional Class shares of the Predecessor Funds to intermediaries performing non-distribution shareholder services. Together, the Institutional and Investor Class of each Predecessor Fund was subject to up to 0.10% and 0.40%, respectively, in combined 12b-1 Plan Fees and Shareholder Services Plan Fees.

Prior to April 17, 2025, the Predecessor Funds' incurred fees pursuant to the 12b-1 Plan as follows:

---

| | |
|:---|:---|
| **Fund** | **Predecessor <br> Fund's <br> Investor Class** |
| Centre American Select Equity Fund | $259999 |
| Centre Global Infrastructure Fund | $36171 |

---

Prior to April 17, 2025, the Predecessor Funds' incurred fees pursuant to the Shareholder Services Plan as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Predecessor <br> Fund's <br> Institutional Class** | **Predecessor <br> Fund's <br> Investor Class** |
| Centre American Select Equity Fund | $84914 | $114400 |
| Centre Global Infrastructure Fund | $3178 | $10128 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

*Centre Rule 12b-1 & Shareholder Servicing Fees After April 17, 2025* – After the Reorganization, the Centre American Select Equity Fund and Centre Global Infrastructure Fund adopted a distribution plan pursuant to Rule 12b-1 (the "New 12b-1 Plans") permitting each Fund to pay distribution and eligible shareholder services fees of up to: (i) 0.25% per year of Advisor Class shares; and (ii) up to 0.10% of Investor Class shares, to intermediaries offering the applicable class shares of an Fund and/or providing other eligible shareholder services to such shareholders. Unlike the Predecessor Funds, the Funds are not subject to a separate shareholder services plan. Accordingly, following the Reorganization, the Advisor Class shares of each Fund is subject to a maximum 0.25% in combined fees for distribution and shareholder services under the New 12b-1 Plan and the Investor Class shares of each Fund will be subject to a maximum 0.10% in combined fees for distribution and shareholder services.

The Funds' incurred fees pursuant to the 12b-1 Plan as follows:

During the period April 17, 2025 to September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Advisor Class** |
| Centre American Select Equity Fund | $63271 | $188508 |
| Centre Global Infrastructure Fund | $16656 | $31349 |

---

During the period ended November 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Advisor Class** |
| Centre American Select Equity Fund | $20976 | $69767 |
| Centre Global Infrastructure Fund | $9361 | $11562 |

---

*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.

&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, 0.77% of the average daily net assets of the Horizon Active Income Fund, 0.99% of the average daily net assets of the Horizon Active Risk Assist<sup>®</sup> Fund, 0.68% of the average daily net assets of the Horizon Defensive Core Fund, 0.80% of the average daily net assets of the Horizon Defined Risk Fund, 0.75% of the average daily net assets of the Horizon Equity Premium Income Fund, 0.80% of the average daily net assets of the Horizon Multi-Factor Small/Mid Cap Fund, 0.80% of the average daily net assets of the Horizon Multi-Factor U.S. Equity Fund, and 0.60% of the average daily net assets of the Horizon Tactical Fixed Income Fund.

Pursuant to the Expense Limitation Agreement (the "Waiver Agreement"), the Adviser has agreed, until March 31, 2027 for the Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, the Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and the Horizon Tactical Fixed Income 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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

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, 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 Income Fund | 0.99% | 0.99% | 0.99% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 1.17% | 1.17% | 1.17% |
| Horizon Defensive Core Fund | 0.87% | 0.87% | 0.87% |
| Horizon Defined Risk Fund | 0.94% | 0.94% | 0.94% |
| Horizon Equity Premium Income Fund | 0.99% | 0.99% | 0.99% |
| Horizon Multi-Factor Small/Mid Cap Fund | 0.99% | 0.99% | 0.99% |
| Horizon Multi-Factor U.S. Equity Fund | 0.99% | 0.99% | 0.99% |
| Horizon Tactical Fixed Income Fund | 0.80% | 0.80% | 0.80% |

---

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, 2025, the Adviser recouped from Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist<sup>®</sup> Fund, the Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and the Horizon Tactical Fixed Income Fund in the amounts of $0, $0, $0, $0, $140,601, $2,973, $93,985, $0, and $0 respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Horizon Active Asset Allocation Fund | $— | $— | $— | $— |
| Horizon Active Income Fund |  |  |  |  |
| Horizon Active Risk Assist<sup>®</sup> Fund |  |  |  |  |
| Horizon Defensive Core Fund |  |  |  |  |
| Horizon Defined Risk Fund | 1183 | 613 |  | 1796 |
| Horizon Equity Premium Income Fund |  | 80 | 18 | 98 |
| Horizon Multi-Factor Small/Mid Cap Fund | 26600 | 119416 | 18291 | 164307 |
| Horizon Multi-Factor U.S. Equity Fund |  |  |  |  |
| Horizon Tactical Fixed Income Fund |  |  |  |  |

---

*Trustees* – The Trust pays each Trustee of the Trust who is not an interested person an annual retainer of $110,000 for each fiscal year plus $10,000 for attendance at an in-person board meeting. Effective January 1, 2026, the annual retainer will increase to $140,000 for each fiscal year. 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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

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 and direct compensation from the Trust.

*Chief Compliance Officer Compensation* – The Board of Trustees 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.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp; **CENTRE ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS PRIOR TO APRIL 17, 2025** 

Prior to April 17, 2025, Centre Asset Management, LLC ("Centre") served as the investment adviser to each Predecessor Fund pursuant to an Investment Advisory Agreement with the Trust on behalf of each Predecessor Fund.

As compensation for the investment advisory services provided to the Predecessor Funds, Centre was entitled to receive monthly compensation, subject to waivers, based on each Predecessor Fund's average daily net assets at the annual rate of:

---

| | |
|:---|:---|
| **Fund** | **Management Fee <br> Rate** |
| Centre American Select Equity Fund (total net assets less than or equal to $1 billion) | 0.75% |
| Centre American Select Equity Fund (total net assets over $1 billion) | 0.70% |
| Centre Global Infrastructure Fund | 0.85% |

---

**Centre American Select Equity Fund** 

Prior to April 17, 2025, Centre Asset Management, LLC contractually agreed to reduce its advisory fees and/or reimburse other expenses of the Fund for not less than one year and until the next following effective date of the post-effective amendment to the registration statement of Centre Funds relating to the Fund (on or about January 29, 2026) to the extent necessary to limit the total operating expenses of the Fund including (but not limited to) investment advisory fees of the Adviser, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage interest, distribution/service (Rule 12b-1) fees, shareholder services fees, brokerage commissions, acquired fund fees and expenses, (except that, if an predecessor fund is an underlying fund managed by the Adviser and such predecessor fund is not subject to an effective expense limitation or fee waiver agreement at any time during the term of this Agreement, then, for that time, the operating expenses of each class of shares of the Fund shall not exclude the amount of advisory fees included in such acquired fund's fees and expenses to which the Fund would otherwise be subject), expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund's business) to an annual rate of 1.10% of the average daily net assets of the Investor Class shares, 0.90% of the average daily net assets of the Institutional Class shares prior to January 29, 2024, and 0.95% of the average daily net assets of the Institutional Class shares after January 29, 2024 (the "Expense Limitation Agreement").

**Centre Global Infrastructure Fund** 

Prior to April 17, 2025, Centre Asset Management, LLC contractually agreed to reduce its advisory fees and/or reimburse other expenses of the Fund for an initial period of not less than one year and until the next following effective date of the post-effective amendment to the registration statement of Centre Funds relating to the Fund (on or about January 29, 2026) incorporating the Fund's financial statements and financial highlights for that fiscal year to the

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

extent necessary to limit the total operating expenses of the Fund, including (but not limited to) investment advisory fees of the Adviser, but excluding, as applicable, any front-end or contingent deferred sales loads, taxes, leverage interest, distribution/service (Rule 12b-1) fees, shareholder services fees, brokerage commissions, acquired fund fees and expenses, (except that, if an predecessor fund is an underlying fund managed by the Adviser and such predecessor fund is not subject to an effective expense limitation or fee waiver agreement at any time during the term of this Agreement, then, for that time, the operating expenses of each class of shares of the Fund shall not exclude the amount of advisory fees included in such acquired fund's fees and expenses to which the Fund would otherwise be subject), expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of the Fund's business) to an annual rate of 1.25% of the average daily net assets of the Investor Class shares and 1.10% of the average daily net assets of the Institutional Class shares.

No recoupment will be made more than three years after the date that the applicable amount was initially waived or reimbursed by the Adviser, and the recoupment may not cause the Fund to exceed the then-existing expense limitation for that class at the time such waiver or reimbursement was made. After the Reorganization, any previous waivers or reimbursements made by Centre Asset Management, LLC are not subject to recoupment by Horizon Investments, LLC.

ALPS Fund Services, Inc. ("ALPS") served as administrator to the Predecessor Funds. ALPS received a monthly fee paid by the Predecessor Funds subject to a minimum monthly fee and is reimbursed for certain out-of-pocket expenses. Pursuant to an administrative agreement with the Trust, ALPS provided operational services to the Predecessor Funds including but not limited to fund accounting and fund administration services and general assistance in each Fund's operations.

ALPS, pursuant to a transfer agency and services agreement with the Trust, served as transfer agent for the Predecessor Funds. Under the transfer agency and services agreement, ALPS received an annual minimum fee per Fund and a fee based upon each shareholder account and its account activity and is reimbursed for certain out-of-pocket expenses.

ALPS, pursuant to a chief compliance officer services agreement with the Trust, provided chief compliance officer services to the Predecessor Funds. Additionally, ALPS provided services in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act. ALPS received an annual fee for these services and is reimbursed for certain out-of-pocket expenses, pursuant to the chief compliance officer services agreement.

ALPS Distributors, Inc. (the "Distributor") acts as the principal underwriter of the Predecessor Funds pursuant to a distribution agreement with the Trust. No payments were retained by the Distributor by the Funds during the period ended April 17, 2025.

Officers of the Trust and Trustees who are "interested persons" of the Trust or the Adviser receive no salary or fees from the Trust. Each Trustee who is not an "interested person" receives an annual retainer of $30,000 paid quarterly. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at Board meetings.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp; **CENTRE ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS AFTER APRIL 17, 2025** 

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 compensation, subject to waivers, based on each Fund's average daily net assets at the annual rate of:

---

| | |
|:---|:---|
| **Fund** | **Management Fee <br> Rate** |
| Centre American Select Equity Fund (total net assets less than or equal to $1 billion) | 0.75% |
| Centre American Select Equity Fund (total net assets over $1 billion) | 0.70% |
| Centre Global Infrastructure Fund | 0.85% |

---

Pursuant to the Expense Limitation Agreement (the "Waiver Agreement"), the Adviser has agreed, until March 31, 2028, for the Centre American Select Equity Fund and Centre Global Infrastructure Fund to waive a portion of the advisory fee and has agreed to reimburse the Funds 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, 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 Funds in any fiscal year do not exceed the percentage of average daily net assets in the below table.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor** | **Advisor** |
| Centre American Select Equity Fund | 0.95% | 0.95% |
| Centre Global Infrastructure Fund | 1.05% | 1.05% |

---

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. After April 17, 2025, the Adviser recouped $0 and $0, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Centre American Select Equity Fund | $– $|  | $— | $— |
| Centre Global Infrastructure Fund | – |  | 64579 | 64579 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("USBGFS"), serves as administrator to the Funds. USBGFS receives a monthly fee paid by the Funds subject to a minimum monthly fee and is reimbursed for certain out-of-pocket expenses. Pursuant to an administrative agreement with the Trust, USBGFS provides operational services to the Funds including but not limited to fund accounting and fund administration services and general assistance in each Fund's operations.

USBGFS, pursuant to a transfer agency and services agreement with the Trust, serves as transfer agent for the Acquiring Funds. Under the transfer agency and services agreement, USBGFS receives an annual minimum fee per Fund and a fee based upon each shareholder account and its account activity and is reimbursed for certain out-of-pocket expenses.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

Quasar Distributors, Inc. (the "Distributor") acts as the principal underwriter of the Funds pursuant to a distribution agreement with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period/year ended November 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Centre American Select Equity Fund | $84181669 | $96918678 |
| Centre Global Infrastructure Fund | 9741445 | 6799502 |
| Horizon Active Asset Allocation Fund | 700163766 | 946024420 |
| Horizon Active Income Fund | 280677431 | 235342670 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 2313119434 | 2408166265 |
| Horizon Defensive Core Fund | 1018622916 | 1023635483 |
| Horizon Defined Risk Fund | 221951213 | 104104550 |
| Horizon Equity Premium Income Fund | 16099853 | 12538531 |
| Horizon Multi-Factor Small/Mid Cap Fund | 970598379 | 643691251 |
| Horizon Multi-Factor U.S. Equity Fund | 921413045 | 851677916 |
| Horizon Tactical Fixed Income Fund | 826073615 | 867122855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** &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, 2025, 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, 2025**<br>

As of the year ended November 30, 2025, 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 | $48483084 | $49386111 |
| Horizon Active Income Fund | 68189927 | 69824032 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 84607436 | 86091130 |
| Horizon Defensive Core Fund |  |  |
| Horizon Defined Risk Fund | 8974621 | 9103423 |
| Horizon Equity Premium Income Fund |  |  |
| Horizon Multi-Factor Small/Mid Cap Fund |  |  |
| Horizon Multi-Factor U.S. Equity Fund |  |  |
| Horizon Tactical Fixed Income Fund | 19767052 | 20148505 |

---

\* 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 Schedules 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;**8.** &nbsp;&nbsp;&nbsp;&nbsp; **LINE OF CREDIT ARRANGEMENT** 

Throughout the year ended November 30, 2025, and renewed effective January 7, 2025, the Funds are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 19, 2026, 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, 2025, if they borrow. As of the year ended November 30, 2025, there were no outstanding borrowings.

For the year ended November 30, 2025, the Funds' borrowing activity is summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average <br> Borrowings** | **Weighted Average <br> Interest Rate** | **Largest <br> Borrowing** | **Date of Largest <br> Borrowing** |
| Horizon Active Asset Allocation Fund | $649901 | 7.38% | $14399000 | December 23, 2024 |
| Horizon Active Income Fund | 15047 | 7.50% | 2681000 | April 9, 2025 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 83458 | 7.61% | 20649000 | December 23, 2024 |
| Horizon Defensive Core Fund | 65019 | 7.47% | 13877000 | August 20, 2025 |
| Horizon Defined Risk Fund | 62274 | 7.50% | 4600000 | December 23, 2024 |
| Horizon Equity Premium Income Fund | 8608 | 7.69% | 2870000 | April 9, 2025 |
| Horizon Multi-Factor Small/Mid Cap Fund | 48134 | 7.42% | 3210000 | April 7, 2025 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average <br> Borrowings** | **Weighted Average <br> Interest Rate** | **Largest <br> Borrowing** | **Date of Largest <br> Borrowing** |
| Horizon Multi-Factor U.S. Equity Fund | 83044 | 7.44% | 5587000 | January 13, 2025 |
| Horizon Tactical Fixed Income Fund  | 70507 | 7.50% | 5413000 | July 20, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the period/years ended November 30, 2025, November 30, 2024, September 30, 2025, and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period or year ended November 30, 2025** | **For the period or year ended November 30, 2025** | **For the period or year ended November 30, 2025** | **For the period or year ended November 30, 2025** |
| <br>**Fund** | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Centre American Select Equity Fund | $— | $— | $— | $— |
| Centre Global Infrastructure Fund | 270529 |  |  | 270529 |
| Horizon Active Asset Allocation Fund | 92824899 | 42027107 |  | 134852006 |
| Horizon Active Income Fund | 9966231 |  |  | 9966231 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 7012190 | 117403719 |  | 124415909 |
| Horizon Defensive Core Fund | 1225637 |  |  | 1225637 |
| Horizon Defined Risk Fund | 634975 |  |  | 634975 |
| Horizon Equity Premium Income Fund | 752597 |  | 7317301 | 8069898 |
| Horizon Multi-Factor Small/Mid Cap Fund | 4598024 | 218323 |  | 4816347 |
| Horizon Multi-Factor U.S. Equity Fund | 42406993 | 3626283 |  | 46033276 |
| Horizon Tactical Fixed Income Fund  | 10631291 |  |  | 10631291 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** | **For the year ended November 30, 2024** |
| <br>**Fund** | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Horizon Active Asset Allocation Fund | $7487540 | $— | $— | $7487540 |
| Horizon Active Income Fund | 9467883 |  |  | 9467883 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 9998226 | 462691 |  | 10460917 |
| Horizon Defensive Core Fund | 1422529 |  |  | 1422529 |
| Horizon Defined Risk Fund | 1049593 |  |  | 1049593 |
| Horizon Equity Premium Income Fund | 898863 |  | 2622572 | 3521435 |
| Horizon Multi-Factor Small/Mid Cap Fund | 102289 | 1245 |  | 103534 |
| Horizon Multi-Factor U.S. Equity Fund | 6369413 | 1300145 |  | 7669558 |
| Horizon Tactical Fixed Income Fund | 9289902 |  |  | 9289902 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
| <br>**Fund** | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Centre American Select Equity Fund | $4467289 | $38697376 | $— | $43164665 |
| Centre Global Infrastructure Fund | 1088163 |  |  | 1088163 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
| <br>**Fund** | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Centre American Select Equity Fund | $4322671 | $5309230 | $— | $9631901 |
| Centre Global Infrastructure Fund | 722290 |  |  | 722290 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

On December 23, 2025, the Funds paid the following per share income distributions:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor <br> Class** | **Advisor <br> Class** | **Institutional <br> Class** |
| Centre American Select Equity Fund | $0.08204948 | $0.07576817 | $— |
| Centre Global Infrastructure Fund | 0.24816083 | 0.2478869 |  |
| Horizon Active Asset Allocation Fund | 0.14672245 | 0.11924786 | 0.16252921 |
| Horizon Active Income Fund | 0.14953107 | 0.14635177 | 0.15225451 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 0.17606387 | 0.15000595 | 0.20199753 |
| Horizon Defensive Core Fund | 0.17596045 | 0.08697469 |  |
| Horizon Defined Risk Fund | 0.17748658 | 0.03733251 |  |
| Horizon Equity Premium Income Fund | 2.77549647<sup>(1)</sup> | 2.76516983<sup>(1)</sup> |  |
| Horizon Multi-Factor Small/Mid Cap Fund | 0.17532417 | 0.10876162 |  |
| Horizon Multi-Factor U.S. Equity Fund | 0.12878646 | 0.05881791 |  |
| Horizon Tactical Fixed Income Fund  | 0.98218098 | 0.95427392 |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of this distribution was determined to be a return of capital.

On December 23, 2025, the Funds paid the following per share capital gains distributions from each class:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term\*** | **Long-Term** |
| Centre American Select Equity Fund | $0.04184 | $4.70279 |
| Centre Global Infrastructure Fund |  |  |
| Horizon Active Asset Allocation Fund |  | 0.51102 |
| Horizon Active Income Fund |  |  |
| Horizon Active Risk Assist<sup>®</sup> Fund | 0.88839 | 1.22965 |
| Horizon Defensive Core Fund | 1.63165 | 5.15534 |
| Horizon Defined Risk Fund |  |  |
| Horizon Equity Premium Income Fund |  |  |
| Horizon Multi-Factor Small/Mid Cap Fund |  |  |
| Horizon Multi-Factor U.S. Equity Fund | 0.79365 | 1.36116 |
| Horizon Tactical Fixed Income Fund  |  |  |

---

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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2025, 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)** |
| Centre American Select Equity Fund | $251515134 | $50152276 | $(4291651) | $45860625 |
| Centre Global Infrastructure Fund | 71195712 | 15806783 | (2529062) | 13277721 |
| Horizon Active Asset Allocation Fund | 695580597 | 104343574 | (6586576) | 97756998 |
| Horizon Active Income Fund | 345528663 | 6026073 | (1059734) | 4966339 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 1302648327 | 230730720 | (34479281) | 196251439 |
| Horizon Defensive Core Fund | 438321458 | 80975364 | (27690298) | 53285066 |
| Horizon Defined Risk Fund | 653074441 | 314923108 | (37056518) | 277866590 |
| Horizon Equity Premium Income Fund | 100547078 | 49958847 | (4297579) | 45661268 |
| Horizon Multi-Factor Small/Mid Cap Fund | 557788401 | 67960797 | (26836821) | 41123976 |
| Horizon Multi-Factor U.S. Equity Fund | 655191347 | 88553410 | (13442882) | 75110528 |
| Horizon Tactical Fixed Income Fund  | 194988564 | 3545767 | (4080897) | (535130) |

---

As of November 30, 2025, 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** | **Unrealized <br> Appreciation/ <br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/<br> (Deficits)** |
| Centre American Select Equity Fund | $1196049 | $76638890 | $(19009) | $45860625 | $123676555 |
| Centre Global Infrastructure Fund | 1544164 |  | (27609120) | 13277721 | (12787235) |
| Horizon Active Asset Allocation Fund | 1274985 | 24795123 | (7333) | 97756998 | 123819773 |
| Horizon Active Income Fund | 2716747 |  | (87042953) | 4966339 | (79359867) |
| Horizon Active Risk Assist<sup>®</sup> Fund | 47287341 | 63826188 | (57036689) | 196251439 | 250328279 |
| Horizon Defensive Core Fund | 17872297 | 51925191 | (749) | 53285066 | 123081805 |
| Horizon Defined Risk Fund | 1559434 |  | (33808085) | 277866590 | 245617939 |
| Horizon Equity Premium Income Fund |  |  | (1057435) | 45661268 | 44603833 |
| Horizon Multi-Factor Small/Mid Cap Fund | 2212226 |  | (1479795) | 41123976 | 41856407 |
| Horizon Multi-Factor U.S. Equity Fund | 18968852 | 28820808 | (179123) | 75110528 | 122721065 |
| Horizon Tactical Fixed Income Fund  | 2111527 |  | (10796075) | (535130) | (9219678) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<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, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | **Non-Expiring** |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** |
| Centre American Select Equity Fund | $— | $— | $— |
| Centre Global Infrastructure Fund | 12799530 | 14800369 | 27599899 |
| Horizon Active Asset Allocation Fund |  |  |  |
| Horizon Active Income Fund | 44106775 | 42936178 | 87042953 |
| Horizon Active Risk Assist<sup>®</sup> Fund |  |  |  |
| Horizon Defensive Core Fund |  |  |  |
| Horizon Defined Risk Fund | 33798421 |  | 33798421 |
| Horizon Equity Premium Income Fund | 1019932 |  | 1019932 |
| Horizon Multi-Factor Small/Mid Cap Fund | 1479795 |  | 1479795 |
| Horizon Multi-Factor U.S. Equity Fund |  |  |  |
| Horizon Tactical Fixed Income Fund  | 9038450 | 1580854 | 10619304 |

---

The Horizon Equity Premium Income Fund, Horizon Defensive Core Fund, and Horizon Defined Risk Fund utilized capital loss carry forwards of $3,946,858, $1,596,467, and $21,314,058, respectively, 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 due to the use of equalization, net operating losses, and non-deductible excise taxes paid. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the period/year ended November 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable <br> Earnings/<br> (Accumulated <br> Deficit)** | **Paid In<br> Capital** |
| Centre American Select Equity Fund | $— | $— |
| Centre Global Infrastructure Fund | 160789 | (160789) |
| Horizon Active Asset Allocation Fund | (7786606) | 7786606 |
| Horizon Active Income Fund | 66 | (66) |
| Horizon Active Risk Assist<sup>®</sup> Fund | (17800457) | 17800457 |
| Horizon Defensive Core Fund | (15288154) | 15288154 |
| Horizon Defined Risk Fund |  |  |
| Horizon Equity Premium Income Fund |  |  |
| Horizon Multi-Factor Small/Mid Cap Fund |  |  |
| Horizon Multi-Factor U.S. Equity Fund | (4841268) | 4841268 |
| Horizon Tactical Fixed Income Fund  | 7105 | (7105) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**10.** &nbsp;&nbsp;&nbsp;&nbsp; **REORGANIZATION** 

Effective April 17, 2025, the Predecessor Funds were reorganized into the Centre American Select Equity Fund and Centre Global Infrastructure Fund (for purposes of this footnote, referred to as the "Funds"), pursuant to an Agreement and Plan of Reorganization approved by the Board of Directors. This was completed after shareholder approval. The Predecessor Funds are the accounting survivors for financial reporting purposes, and as a result, the financial statements and financial highlights of the Funds reflect the operations of the Predecessor Funds for the periods prior to the Reorganization. The Adviser and Centre Asset Management, LLC paid for the costs and expenses associated with the reorganization. These reorganization costs are not subject to recoupment.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect their historical cost basis as of the date of the reorganization. Immediately prior to the Reorganization, the net assets, fair value of investments, net unrealized appreciation/(depreciation) and fund shares outstanding of the Predecessor Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Assets** | **Fair Value of <br> Investments** | **Net Unrealized <br> Appreciation/ <br> Depreciation** | **Shares <br> Outstanding** |
| Centre American Select Equity Fund | $298070128 | $297932208 | $27553254 | 21982719 |
| Centre Global Infrastructure Fund | $40298774 | $40183380 | $10176844 | 3173803 |

---

In connection with the Reorganization, the net assets of the Predecessor Funds were acquired by the Funds on April 17, 2025. The acquisition was accomplished by a tax-free exchange of all shares of the Predecessor Funds for shares of the Funds as described in the prior table. The assets received and shares issued by the Funds were recorded at market value and, where not available, fair value; and, the cost basis of the investments received from the Predecessor Funds were carried forward to align ongoing reporting of the Predecessor Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Information with respect to the net assets and other relevant operating data for the Funds on the merger date are included below:

---

| | | |
|:---|:---|:---|
|  | **Before Reorganization** | **After Reorganization** |
|  | Centre American Select Equity Fund | Centre American Select Equity Fund |
| **Institutional Class** |  |  |
| Shares | 10705597 |  |
| Net Assets | $147897490 | $— |
| Net Asset Value | $13.81 | $— |
| **Investor Class** |  |  |
| Shares | 11277123 | 10705597 |
| Net Assets | $150172639 | $147897490 |
| Net Asset Value | $13.32 | $13.81 |
| **Advisor Class** |  |  |
| Shares |  | 11277123 |
| Net Assets | $— | $150172639 |
| Net Asset Value | $— | $13.32 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | **Before Reorganization** | **After Reorganization** |
|  | Centre Global Infrastructure Fund | Centre Global Infrastructure Fund |
| **Institutional Class** |  |  |
| Shares | 1065966 |  |
| Net Assets | $13518470 | $— |
| Net Asset Value | $12.68 | $— |
| **Investor Class** |  |  |
| Shares | 2107838 | 1065966 |
| Net Assets | $26780303 | $13518470 |
| Net Asset Value | $12.71 | $12.68 |
| **Advisor Class** |  |  |
| Shares |  | 2107838 |
| Net Assets | $— | $26780303 |
| Net Asset Value | $— | $12.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** &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, 2025, 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.

**12. SIGNIFICANT ACCOUNTING PRONOUNCEMENTS** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Trust's Treasurer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** &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.

**Horizon Funds** <br>**Report of Independent Registered Public Accounting Firm** <br>**November 30, 2025**<br>

To the Shareholders and Board of Trustees of

Horizon Funds

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options (as applicable), of the funds listed below (the "Funds"), each a series of Horizon Funds, as of November 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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, 2025, 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;Centre American Select Equity Fund Centre Global Infrastructure Fund | &nbsp;&nbsp;For the period from October 1, 2025 to November 30, 2025 and for the year ended September 30, 2025 | &nbsp;&nbsp;For the period from October 1, 2025 to November 30, 2025 and for the years ended September 30, 2025 and 2024 | &nbsp;&nbsp;For the period from October 1, 2025 to November 30, 2025, and for the years ended September 30, 2025, 2024, 2023, 2022, and 2021 |
| &nbsp;&nbsp;Horizon Active Asset Allocation Fund Horizon Active Income Fund Horizon Active Risk Assist<sup>®</sup> Fund Horizon Defensive Core Fund Horizon Defined Risk Fund Horizon Equity Premium Income Fund Horizon Multi-Factor U.S. Equity Fund | &nbsp;&nbsp;For the year ended November 30, 2025 | &nbsp;&nbsp;For the years ended November 30, 2025 and 2024 | &nbsp;&nbsp;For the years ended November 30, 2025, 2024, 2023, 2022, and 2021 |
| &nbsp;&nbsp;Horizon Multi-Factor Small/Mid Cap Fund Horizon Tactical Fixed Income Fund | &nbsp;&nbsp;For the year ended November 30, 2025 | &nbsp;&nbsp;For the years ended November 30, 2025 <br>and 2024 | &nbsp;&nbsp;For the years ended November 30, 2025, 2024, and for the period from December 20, 2022 (commencement of operations) through November 30, 2023 |

---

<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.

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.

**Horizon Funds** <br>**Report of Independent Registered Public Accounting Firm** **(Continued)<br> November 30, 2025**<br>

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, 2025, 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 auditor of one or more series of Horizon Funds since 2015.

![](fp0096954-44_144.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 28, 2026

**Horizon Funds** 

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

**November 30, 2025**

*Qualified Dividend Income/Dividends Received Deduction* 

For the period/year ended November 30, 2025, 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** |
| Centre American Select Equity Fund | 100.00% |
| Centre Global Infrastructure Fund | 67.96% |
| Horizon Active Asset Allocation Fund | 17.87% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 32.29% |
| Horizon Defensive Core Fund | 90.41% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon Equity Premium Income Fund | 100.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 15.84% |
| Horizon Multi-Factor U.S. Equity Fund | 13.09% |
| Horizon Tactical Fixed Income Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period/year ended November 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Received Deduction** |
| Centre American Select Equity Fund | 100.00% |
| Centre Global Infrastructure Fund | 37.88% |
| Horizon Active Asset Allocation Fund | 2.78% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 0.92% |
| Horizon Defensive Core Fund | 90.41% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon Equity Premium Income Fund | 100.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 15.84% |
| Horizon Multi-Factor U.S. Equity Fund | 13.09% |
| Horizon Tactical Fixed Income Fund | 0.00% |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

*Foreign Tax Credit* 

For the period/year ended November 30, 2025, the following Funds 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 | $8041356 | $641184 |
| Horizon Active Income Fund | 843588 | 1605 |
| Horizon Active Risk Assist<sup>®</sup> Fund | 8071018 | 863207 |
| Horizon Tactical Fixed Income Fund | 188421 | 379 |

---

*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** |
| Centre American Select Equity Fund | 0.00% |
| Centre Global Infrastructure Fund | 0.00% |
| Horizon Active Asset Allocation Fund | 93.70% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist<sup>®</sup> Fund | 0.00% |
| Horizon Defensive Core Fund | 0.00% |
| Horizon Defined Risk Fund | 0.00% |
| Horizon Equity Premium Income Fund | 0.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 92.78% |
| Horizon Multi-Factor U.S. Equity Fund | 95.42% |
| Horizon Tactical Fixed Income Fund | 0.00% |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

*Changes in and Disagreements with Accountants for Open-End Management Investment Companies* 

There were no changes in or disagreements with accountants during the period covered by this report.

*Proxy Disclosures for Open-End Management Investment Companies* 

There were no matters submitted to a vote of shareholders during the period covered by this report.

*Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies* 

Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Chief Compliance Officer & Compliance Fees" and "Trustees' Fees and Expenses".

*Statement Regarding Basis for Approval of Investment Advisory Contract* 

In considering the renewal of the Investment Advisory Agreements for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Morison Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund (collectively, the "Renewal Funds"), the Board considered a variety of factors, including those discussed below, as well as conditions and trends prevailing generally in the economy, the securities markets and the industry. The Board noted that the Board does not treat any single factor as determinative with respect to renewal of an Advisory Agreement with respect to a Fund and that each Trustee has discretion to weight factors differently for each Fund. The Board noted that, any conclusions reached may be based on the Board's ongoing regular review of each Fund's performance and operations throughout the year.

<u>*Nature, extent, and quality of services*</u>. Among the information received by the Board from the Adviser relating to the nature, extent and quality, the Board reviewed information provided by the Adviser relating to its operations and personnel, including descriptions of its organizational and management structure, compliance and regulatory history (including its Form ADV), and its overall responsibilities for the Renewal Funds. The Board also noted its regular receipt of reports from the Chief Compliance Officer (CCO) regarding the Funds' compliance policies and procedures established under Rule 38a-1 of the 1940 Act. Additionally, the Board observed the scope of services provided by the Adviser over time reflecting regulatory, market, and other developments, including managing the day-to-day operations of the Renewal Funds, overseeing third-party service providers, and maintaining risk management programs such as compliance, liquidity, derivatives, and cybersecurity programs.

In its evaluation of the nature, extent, and quality of the services provided by the Adviser, the Board considered the Adviser's management and performance during and in between Board meetings. Specific considerations included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The skills and competency with which the Adviser has managed each Renewal Fund's affairs, including oversight of third-party relationships, investment performance, compliance programs, brokerage matters (e.g., trade allocation and best execution), and timely responsiveness to performance issues, which the Board deemed sufficiently adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The background, qualifications, and skills of the Adviser's personnel, including the portfolio managers for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser's compliance policies and procedures, responsiveness to regulatory changes, and adaptation to fund industry developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser's ability to supervise other service providers, oversee securities lending activities, and handle the administrative needs of the Renewal Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The financial stability and capacity of the Adviser to continue delivering high-quality services.

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser's reputation, experience, and the benefits to shareholders of investing in a family of funds offering a variety of investment options.

<u>*Investment performance*</u>. In considering each Renewal Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Renewal Funds' performance results and that such reviews could be considered as a part of the consideration of each Renewal Fund's Advisory Agreement. As described in Appendix A, the Board reviewed Renewal Fund performance against the respective benchmark(s) and Peer Group median and took into account the Adviser's analysis of each Renewal Fund's performance and its plans and recommendations generally with respect to the Renewal Funds. The Board noted that while it found the Peer Group data generally useful, it recognized its limitations. In cases where a Fund underperformed in respective benchmark and/or Peer Group medians, the Board considered the Adviser's explanation of such underperformance.

Following this discussion, the Board concluded that the nature, quality and extent of services provided by the Adviser with respect to each Renewal Fund supported the continuation of the Advisory Agreements.

<u>*Fees and expenses*</u>. The Board reviewed each Renewal Fund's management fees and total expenses as compared to its Peer Group in light of the nature, extent and quality of the management and advisory services provided by the Adviser. The Board reviewed management's discussion and analysis relative to the information set forth in Appendix A. The Board took into account management's discussion of each Renewal Fund's expenses. The Board also took into account that the Adviser had agreed to implement expense limitation arrangements for each Renewal Fund. The Board reviewed information provided by the Adviser concerning investment advisory fees charged by the Adviser to other clients, including separately managed accounts. The Board observed the Adviser's discussion of the differences between the Adviser's services to each Renewal Fund relative to the services they provide to other comparable clients. Following this discussion, the Board concluded that the advisory fee paid with respect to each of the Renewal Funds is reasonable in light of the nature, extent and quality of the services provided to the Renewal Funds under the Advisory Agreement.

<u>*Profitability/Indirect benefits*</u>. In considering the costs of the services provided and the profits realized by the Adviser and its affiliates from the Adviser's relationship with the Trust, the Board received, reviewed and considered, among other things, the following information presented by the Adviser: information regarding the financial condition of the Adviser; information regarding the net profitability to the Adviser of each Renewal Fund; and information regarding the Adviser's allocation methodologies used in preparing the profitability data. The Board noted that the Adviser also derives reputational and other indirect benefits from providing advisory services to the Renewal Funds. The Board considered the Adviser's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry. Based upon its review, the Board concluded that the level of profitability, if any, of the Adviser from the Adviser's relationship with each Renewal Fund was reasonable and not excessive.

<u>*Economies of scale*</u>. In considering the extent to which a Renewal Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of shareholders, the Board considered that the Adviser has contractually agreed to implement expense limitation arrangements for each Renewal Fund. The Board considered the extent to which economies of scale will be realized as each Renewal Fund grows and whether the fee levels reflect these economies of scale to the benefit of shareholders. The Board considered that the Renewal Funds' management fees did not have breakpoints but that the Adviser had indicated that it will continue to evaluate whether breakpoints are warranted in the future as asset levels increase. The Board also considered the effect of each Renewal Fund's growth in size on their performance and fees. The Board also noted that if the Renewal Funds' assets increase over time, the Renewal Funds may realize other economies of scale. The Board concluded that these considerations generally supported the renewal of the Advisory Agreements for the Renewal Funds.

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

After consideration of the above factors as well as other factors, the Board approved the continuance of the Renewal Funds' Advisory Agreements.

**APPENDIX A** 

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Performance <br> (as of 06/30/2025)** | **Fees and Expenses** | **Comments** |
| &nbsp;&nbsp;**Horizon Active Risk Assist**<sup>®</sup> **I** <br>*Performance Indices:* <br>S&P 500 TR Index <br>S&P Global BMI ex-US Net (USD)  | &nbsp;&nbsp;Performance Indices –The Fund underperformed both performance indices (each as listed in the Fund's prospectus on Form N-1A, the "Performance Indices") for the one-, three-, five-, and ten-year periods. <br>Peer Group – The Fund outperformed the median of the Peer Group for the one-, three- and five-year periods, and was in line with the Peer Group for ten-year period.  | &nbsp;&nbsp;Peer Group - *Management fees* for this Fund were higher than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Peer Group for the one-, three-, five-, and ten-year periods. <br>The Board took into account management's discussion of the Fund's management fees.  |
| &nbsp;&nbsp;**Horizon Active Asset Allocation I** <br>*Performance Indices:* <br>S&P 500 TR Index <br>S&P Global BMI ex-US Net (USD) <br>| &nbsp;&nbsp;Performance Index –The Fund underperformed one of its performance indices (as listed in the Fund's prospectus on Form N-1A, the "Performance Indices") for the one-, three-, five-, and ten-year periods. The Fund underperformed its other performance index for the one- and three- year periods, but outperformed this performance index in the five-year and ten-year periods. <br>Peer Group – The Fund underperformed the peer median for the one-year period and outperformed the peer median for the three-, five- and ten-year periods. | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were higher than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Peer Group for the three-, five-, and ten-year periods. <br>The Board took into account management's discussion of the Fund's management fees.  |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Performance <br> (as of 06/30/2025)** | **Fees and Expenses** | **Comments** |
| &nbsp;&nbsp;**Horizon Active Income I** <br>*Performance Index:* <br>Bloomberg US Aggregate Bond Index  | &nbsp;&nbsp;Performance Index – The Fund underperformed its performance index (as listed in the Fund's prospectus on Form N-1A, "Performance Index") for the one-, three- and ten-year periods but outperformed its Performance Index for the five-year period. <br>Peer Group – The Fund underperformed the peer median for the one-, three-, five-, and ten-year periods. | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were lower than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board considered management's discussion of the Fund's performance relative to the Peer Group and Performance Index for the one-,three-, five-, and ten-year periods. The Board took into account management's discussion of the factors that contributed to the Fund's relative performance. |
| &nbsp;&nbsp;**Horizon Equity Premium Income** <br>*Performance Indices:* <br>S&P 500 TR Index <br>CBOE S&P 500 Buy-Write Index  | &nbsp;&nbsp;Performance Indices – The Fund outperformed one of two performance indices (each as listed in the Fund's prospectus on Form N-1A, the "Performance Indices"") for the one-, three-, and five-year periods. The Fund underperformed its second Performance Index for the one-, three-, and five-year periods. <br>Peer Group – The Fund outperformed the peer median for the one- and three-year periods, and underperformed for the five-year period. | &nbsp;&nbsp;Peer Group – *Management fee*s for this Fund were higher than the Peer Group median, but was not the highest in the Peer Group. The Fund's *total expenses ratio* was higher than the Peer Group median, but was not the highest in the Peer Group. <br>| &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Peer Group for the one- and three-year periods and one of the Performance Indices for the one-, three-, and five-year periods. The Board considered that the Fund underwent a strategy change in October 2023. <br>The Board took into account management's discussion of the Fund's expenses and management fees. |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Performance <br> (as of 06/30/2025)** | **Fees and Expenses** | **Comments** |
| &nbsp;&nbsp;**Horizon Defensive Core** <br>*Performance Index:* <br>S&P 500 TR Index  | &nbsp;&nbsp;Performance Index – The Fund underperformed its performance index (as listed in the Fund's prospectus on Form N-1A, "Performance Index") for the one-, three-, and five-year periods. <br>Peer Group – The Fund underperformed the peer median for the one-, three-, and five-year periods.  | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were higher than the Peer Group median. The Fund's *total expenses ratio* was higher than the Peer Group median, but was not the highest in the Peer Group. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, including performance relative to the Performance Index and Peer Group for the one-, three-, and five-year periods. The Board took into account management's discussion of the factors that contributed to the Fund's relative performance. <br>The Board took into account management's discussion of the Fund's expenses and management fees. |
| &nbsp;&nbsp;**Horizon Multi-Factor U.S. Equity** <br>*Performance Indices:* <br>S&P 500 TR Index <br>MSCI USA Minimum Volatility Index  | &nbsp;&nbsp;Performance Index – The Fund outperformed one of two performance indices (as listed in the Fund's prospectus on Form N-1A, the "Performance Indices") for the three-year and five-year periods, but underperformed the other Performance Index over the three-year and five-year periods and underperformed both Performance Indices over the one-year period. <br>Peer Group – The Fund outperformed the peer median for the one-year period and underperformed for the three-year period. The Fund's five-year performance was in-line with the Peer Group median. | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were higher than the Peer Group median, but was not the highest in the Peer Group. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Peer Group for the one- and three-year periods, and one of the Performance Indices for the three-year period. <br>The Board took into account management's discussion of the Fund's management fees.  |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Performance <br> (as of 06/30/2025)** | **Fees and Expenses** | **Comments** |
| &nbsp;&nbsp;**Horizon Defined Risk** <br>*Performance Index:* <br>Blended Defined Risk Benchmark  | &nbsp;&nbsp;Performance Index – The Fund outperformed its performance index (as identified in the Broadridge Report, "Performance Index") for the one-, three-, and five-year periods. <br>Peer Group – The Fund outperformed the peer median for the one- and three-year periods and was in line with the peer median for the five-year period. | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were higher than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Performance Index and Peer Group for the one-, three-, and five-year periods. <br>The board took into account management's discussion of the Fund's management fees. |
| &nbsp;&nbsp;**Horizon Tactical Fixed Income** <br>*Performance Index:* <br>Bloomberg US Aggregate Bond Index  | &nbsp;&nbsp;Performance Index – The Fund underperformed its performance index (as listed in the Fund's prospectus on Form N-1A, "Performance Index") for the one-year period. <br>Peer Group – The Fund underperformed the peer median for the one-year period. | &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were lower than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, including the performance relative to the Peer Group and Performance Index for the one-year period. The Board took into account management's discussion of the factors that contributed to the Fund's relative performance. |
| &nbsp;&nbsp;**Horizon Multi-Factor Small/Mid Cap Fund** <br>*Performance Index:* <br>S&P 1000 TR Index | &nbsp;&nbsp;Performance Index – The Fund outperformed its performance index (as listed in the Fund's prospectus on Form N-1A, "Performance Index") for the one-year period. <br>Peer Group – The Fund outperformed the peer median for the one-year period. <br>| &nbsp;&nbsp;Peer Group – *Management fees* for this Fund were lower than the Peer Group median. The Fund's *total expenses ratio* was lower than the Peer Group median. | &nbsp;&nbsp;The Board took into account management's discussion of the Fund's performance, noting favorable performance relative to the Peer Group and Performance Index for the one-year period. |

---

*PRIVACY NOTICE (Unaudited)* 

February 2016

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| | | | |
|:---|:---|:---|:---|
| &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 |

---

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

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| | |
|:---|:---|
| &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.* |

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***Investment Adviser*** Horizon Investments, LLC

6210 Ardrey Kell Road, Suite 300

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**Investment Adviser** Horizon Investments, LLC

6210 Ardrey Kell Road, Suite 300

Charlotte, NC 28277

**Distributor** Quasar Distributors, LLC

111 E. Kilbourn Ave, Suite 2200

Milwaukee, WI 53202

**Custodian** U.S. Bank N.A.

Custody Operations

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

**Transfer Agent, Fund Accountant and Fund Administrator** U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

**Independent Registered Public Accounting Firm** Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**Legal Counsel** Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

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.

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| | |
|:---|:---|
| **HORIZON FUNDS** | **Financial Statements** |

---

Horizon Core Bond ETF Horizon Core Equity ETF <br> <u>BNDY</u> <u>STOX</u>

Horizon Digital Frontier ETF Horizon Dividend Income ETF <br> <u>YNOT</u> <u>DIVN</u>

Horizon Expedition Plus ETF Horizon Flexible Income ETF <br> <u>HBTA</u> <u>FLXN</u>

Horizon Landmark ETF Horizon Managed Risk ETF <br> <u>BENJ</u> <u>SFTY</u>

Horizon Nasdaq-100 Defined Risk ETF <br> <u>QGRD</u>

**November 30, 2025**

*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 Core Bond ETF, Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Dividend Income ETF, Horizon Expedition Plus ETF, Horizon Flexible Income ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, and Horizon Nasdaq-100 Defined Risk ETF. Such offering is made only by prospectus, which includes details as to offering price and other material information.

**Horizon Funds**

---

| | |
|:---|:---|
| **Table of Contents** |  |
| Schedules of Investments and Written Options | 1 |
| Statements of Assets and Liabilities | 45 |
| Statements of Operations | 47 |
| Statements of Changes in Net Assets | 49 |
| Financial Highlights | 52 |
| Notes to Financial Statements | 61 |
| Report of Independent Registered Public Accounting Firm | 81 |
| Additional Information | 82 |
| Privacy Notice | 86 |

---

**Horizon Core Bond ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 97.7%** |  |  |
| State Street SPDR Portfolio Aggregate Bond ETF <sup>(a)(b)</sup> | 6973510 | $181450731 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $177,475,231) |  | 181450731 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.1% <sup>(c)</sup>** |  |  |  |
| **Put Options — 0.1% <sup>(d)(e)</sup>** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expiration: 12/09/2025; Exercise Price: $85.17 | $46395003 | 5143 | 15583 |
| SPDR S&P 500 ETF Trust, Expiration: 12/09/2025; Exercise Price: $635.24 <sup>(g)</sup> | 92462667 | 1353 | 24679 |
| **TOTAL PURCHASED OPTIONS (**Cost $346,567) |  |  | 40262 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 2.0%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(f)</sup> | 3797018 | 3797018 |
| **TOTAL MONEY MARKET FUNDS (**Cost $3,797,018) |  | 3797018 |
| **TOTAL INVESTMENTS — 99.8% (**Cost $181,618,816) |  | **185288011** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 414602 |
| **TOTAL NET ASSETS — 100.0%** |  | $**185702613** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $78,569,680.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Core Bond ETF<br> Schedule of Written Options<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.1)%** |  |  |  |
| **Put Options — (0.1)% <sup>(a)(b)</sup>** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expiration: 12/09/2025; Exercise Price: $87.87 | $(46395003) | (5143) | $(35281) |
| SPDR S&P 500 ETF Trust, Expiration: 12/09/2025; Exercise Price: $668.15 | (92462667) | (1353) | (186362) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $1,042,522) |  |  | $(221643) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 91.8%** |  |  |
| **Aerospace & Defense — 2.4%** |  |  |
| General Dynamics Corp. | 917 | $313275 |
| General Electric Co. | 1373 | 409772 |
| Howmet Aerospace, Inc. | 1046 | 214001 |
| L3Harris Technologies, Inc. | 740 | 206230 |
| Lockheed Martin Corp. | 509 | 233051 |
| Northrop Grumman Corp. | 480 | 274680 |
| RTX Corp. | 2318 | 405441 |
|  |  | 2056450 |
| **Air Freight & Logistics — 0.2%** |  |  |
| FedEx Corp. | 774 | 213376 |
| **Automobiles — 1.5%** |  |  |
| Ford Motor Co. | 30606 | 406448 |
| General Motors Co. | 6474 | 475968 |
| Tesla, Inc. <sup>(a)</sup> | 1058 | 455120 |
|  |  | 1337536 |
| **Banks — 3.0%** |  |  |
| Bank of America Corp. | 12869 | 690422 |
| Citigroup, Inc. | 3698 | 383113 |
| JPMorgan Chase & Co. | 2408 | 753896 |
| PNC Financial Services Group, Inc. | 893 | 170313 |
| US Bancorp | 4019 | 197132 |
| Wells Fargo & Co. | 4479 | 384522 |
|  |  | 2579398 |
| **Beverages — 1.6%** |  |  |
| Coca-Cola Co. | 8556 | 625615 |
| Monster Beverage Corp. <sup>(a)</sup> | 3418 | 256316 |
| PepsiCo, Inc. | 3171 | 471654 |
|  |  | 1353585 |
| **Biotechnology — 1.9%** |  |  |
| AbbVie, Inc. | 3325 | 757102 |
| Amgen, Inc. | 709 | 244931 |
| Gilead Sciences, Inc. | 2570 | 323409 |
| Regeneron Pharmaceuticals, Inc. | 250 | 195048 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 304 | 131817 |
|  |  | 1652307 |
| **Broadline Retail — 1.3%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 4936 | 1151174 |
| **Building Products — 0.3%** |  |  |
| Trane Technologies PLC | 639 | 269326 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital Markets — 3.5%** |  |  |
| Bank of New York Mellon Corp. | 1877 | $210412 |
| Blackrock, Inc. | 275 | 288008 |
| Charles Schwab Corp. | 4790 | 444177 |
| CME Group, Inc. | 787 | 221509 |
| Goldman Sachs Group, Inc. | 311 | 256898 |
| Intercontinental Exchange, Inc. | 1261 | 198355 |
| Moody's Corp. | 416 | 204164 |
| Morgan Stanley | 2286 | 387843 |
| Nasdaq, Inc. | 2097 | 190659 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 1944 | 249785 |
| S&P Global, Inc. | 716 | 357162 |
|  |  | 3008972 |
| **Chemicals — 0.7%** |  |  |
| Corteva, Inc. | 2731 | 184261 |
| Linde PLC | 581 | 238396 |
| Sherwin-Williams Co. | 505 | 173563 |
|  |  | 596220 |
| **Commercial Services & Supplies — 0.6%** |  |  |
| Republic Services, Inc. | 1097 | 238115 |
| Waste Management, Inc. | 1228 | 267544 |
|  |  | 505659 |
| **Communications Equipment — 1.0%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 2278 | 297689 |
| Cisco Systems, Inc. | 6840 | 526270 |
| Motorola Solutions, Inc. | 200 | 73936 |
|  |  | 897895 |
| **Consumer Finance — 0.7%** |  |  |
| American Express Co. | 1569 | 573109 |
| **Consumer Staples Distribution & Retail — 2.7%** |  |  |
| Costco Wholesale Corp. | 888 | 811268 |
| Walmart, Inc. | 13577 | 1500394 |
|  |  | 2311662 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| AT&T, Inc. | 4166 | 108399 |
| Verizon Communications, Inc. | 2159 | 88757 |
|  |  | 197156 |
| **Electric Utilities — 1.8%** |  |  |
| American Electric Power Co., Inc. | 3047 | 377127 |
| Constellation Energy Corp. | 1042 | 379663 |
| Duke Energy Corp. | 3084 | 382231 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NextEra Energy, Inc. | 4780 | $412467 |
|  |  | 1551488 |
| **Electrical Equipment — 0.8%** |  |  |
| AMETEK, Inc. | 1041 | 206003 |
| Eaton Corp. PLC | 503 | 173983 |
| GE Vernova, Inc. | 453 | 271696 |
|  |  | 651682 |
| **Electronic Equipment, Instruments & Components — 0.5%** |  |  |
| Amphenol Corp. - Class A | 1945 | 274051 |
| Corning, Inc. | 1017 | 85631 |
| TE Connectivity PLC | 338 | 76439 |
|  |  | 436121 |
| **Entertainment — 0.7%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 3974 | 427523 |
| Walt Disney Co. | 1126 | 117633 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 3781 | 90744 |
|  |  | 635900 |
| **Financial Services — 3.9%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 3797 | 1950937 |
| Mastercard, Inc. - Class A | 1549 | 852771 |
| Visa, Inc. - Class A | 1696 | 567210 |
|  |  | 3370918 |
| **Ground Transportation — 1.0%** |  |  |
| CSX Corp. | 6160 | 217818 |
| Uber Technologies, Inc. <sup>(a)</sup> | 4586 | 401458 |
| Union Pacific Corp. | 1105 | 256172 |
|  |  | 875448 |
| **Health Care Equipment & Supplies — 1.8%** |  |  |
| Abbott Laboratories | 3048 | 392887 |
| Boston Scientific Corp. <sup>(a)</sup> | 2652 | 269390 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 1027 | 89010 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 627 | 359572 |
| Medtronic PLC | 2556 | 269224 |
| Stryker Corp. | 432 | 160350 |
|  |  | 1540433 |
| **Health Care Providers & Services — 1.9%** |  |  |
| Cardinal Health, Inc. | 442 | 93819 |
| Cencora, Inc. | 299 | 110310 |
| Cigna Group | 318 | 88175 |
| CVS Health Corp. | 2612 | 209900 |
| Elevance Health, Inc. | 437 | 147820 |
| HCA Healthcare, Inc. | 480 | 243979 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| McKesson Corp. | 190 | $167413 |
| UnitedHealth Group, Inc. | 1829 | 603149 |
|  |  | 1664565 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |
| Booking Holdings, Inc. | 124 | 609422 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 1579 | 313226 |
| McDonald's Corp. | 2012 | 627382 |
|  |  | 1550030 |
| **Household Products — 0.9%** |  |  |
| Procter & Gamble Co. | 5329 | 789545 |
| **Industrial Conglomerates — 0.6%** |  |  |
| 3M Co. | 1260 | 216783 |
| Honeywell International, Inc. | 1552 | 298279 |
|  |  | 515062 |
| **Insurance — 2.0%** |  |  |
| Allstate Corp. | 948 | 201905 |
| Aon PLC - Class A | 580 | 205274 |
| Chubb Ltd. | 1178 | 348900 |
| Hartford Insurance Group, Inc. | 1342 | 183894 |
| Marsh & McLennan Cos., Inc. | 1225 | 224726 |
| Progressive Corp. | 1639 | 374987 |
| Travelers Cos., Inc. | 790 | 231359 |
|  |  | 1771045 |
| **Interactive Media & Services — 9.2%** |  |  |
| Alphabet, Inc. - Class A <sup>(b)</sup> | 20771 | 6650459 |
| Meta Platforms, Inc. - Class A | 2143 | 1388557 |
|  |  | 8039016 |
| **IT Services — 0.5%** |  |  |
| Accenture PLC - Class A | 743 | 185750 |
| International Business Machines Corp. | 887 | 273710 |
|  |  | 459460 |
| **Life Sciences Tools & Services — 0.6%** |  |  |
| Danaher Corp. | 1044 | 236758 |
| Thermo Fisher Scientific, Inc. | 498 | 294234 |
|  |  | 530992 |
| **Machinery — 1.1%** |  |  |
| Caterpillar, Inc. | 667 | 384032 |
| Cummins, Inc. | 555 | 276379 |
| Parker-Hannifin Corp. | 334 | 287808 |
|  |  | 948219 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Media — 0.1%** |  |  |
| Comcast Corp. - Class A | 3091 | $82499 |
| **Metals & Mining — 0.6%** |  |  |
| Freeport-McMoRan, Inc. | 4309 | 185201 |
| Newmont Corp. | 3668 | 332797 |
|  |  | 517998 |
| **Oil, Gas & Consumable Fuels — 3.3%** |  |  |
| Chevron Corp. | 4560 | 689153 |
| ConocoPhillips | 3199 | 283719 |
| EOG Resources, Inc. | 1535 | 165550 |
| Exxon Mobil Corp. | 8723 | 1011170 |
| Kinder Morgan, Inc. | 6908 | 188726 |
| Marathon Petroleum Corp. | 890 | 172420 |
| Valero Energy Corp. | 909 | 160675 |
| Williams Cos., Inc. | 3175 | 193453 |
|  |  | 2864866 |
| **Pharmaceuticals — 3.9%** |  |  |
| Bristol-Myers Squibb Co. | 3718 | 182925 |
| Eli Lilly & Co. | 1091 | 1173338 |
| Johnson & Johnson | 5088 | 1052809 |
| Merck & Co., Inc. | 5563 | 583169 |
| Pfizer, Inc. | 11197 | 288211 |
| Zoetis, Inc. | 665 | 85240 |
|  |  | 3365692 |
| **Professional Services — 0.2%** |  |  |
| Automatic Data Processing, Inc. | 733 | 187135 |
| **Real Estate Management & Development — 0.2%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 1110 | 179631 |
| **Semiconductors & Semiconductor Equipment — 13.6%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 2590 | 563403 |
| Analog Devices, Inc. | 354 | 93930 |
| Applied Materials, Inc. | 1044 | 263349 |
| Broadcom, Inc. | 10069 | 4057404 |
| Intel Corp. <sup>(a)</sup> | 2757 | 111824 |
| KLA Corp. | 124 | 145758 |
| Lam Research Corp. | 2295 | 358020 |
| Micron Technology, Inc. | 2243 | 530425 |
| NVIDIA Corp. | 30016 | 5312832 |
| QUALCOMM, Inc. | 1789 | 300713 |
| Texas Instruments, Inc. | 515 | 86659 |
|  |  | 11824317 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software — 9.9%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 572 | $183114 |
| AppLovin Corp. - Class A <sup>(a)</sup> | 174 | 104310 |
| Autodesk, Inc. <sup>(a)</sup> | 289 | 87665 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 268 | 83573 |
| Intuit, Inc. | 299 | 189590 |
| Microsoft Corp. | 11769 | 5790466 |
| Oracle Corp. | 4337 | 875857 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 4561 | 768301 |
| Roper Technologies, Inc. | 180 | 80320 |
| Salesforce, Inc. | 1373 | 316531 |
| ServiceNow, Inc. <sup>(a)</sup> | 110 | 89365 |
|  |  | 8569092 |
| **Specialty Retail — 3.7%** |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 120 | 474520 |
| Home Depot, Inc. | 2185 | 779870 |
| Lowe's Cos., Inc. | 1656 | 401547 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 4723 | 480329 |
| Ross Stores, Inc. | 2461 | 434022 |
| TJX Cos., Inc. | 4434 | 673613 |
|  |  | 3243901 |
| **Technology Hardware, Storage & Peripherals — 4.6%** |  |  |
| Apple, Inc. | 14131 | 3940429 |
| Western Digital Corp. | 573 | 93588 |
|  |  | 4034017 |
| **Tobacco — 0.8%** |  |  |
| Altria Group, Inc. | 5348 | 315586 |
| Philip Morris International, Inc. | 2638 | 415432 |
|  |  | 731018 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile US, Inc. | 941 | 196678 |
| **TOTAL COMMON STOCKS (**Cost $74,133,410) |  | 79830593 |
| **EXCHANGE TRADED FUNDS — 6.8%** |  |  |
| Roundhill Magnificent Seven ETF <sup>(b)</sup> | 88790 | 5927620 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $5,863,195) |  | 5927620 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 1.3%** |  |  |
| **Health Care REITs — 0.3%** |  |  |
| Welltower, Inc. | 1383 | 287968 |
| **Industrial REITs — 0.3%** |  |  |
| Prologis, Inc. | 2273 | 292149 |

---

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Retail REITs — 0.2%** |  |  |
| Simon Property Group, Inc. | 1037 | $193214 |
| **Specialized REITs — 0.5%** |  |  |
| American Tower Corp. | 1047 | 189789 |
| Equinix, Inc. | 261 | 196614 |
|  |  | 386403 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (**Cost $1,121,690) |  | 1159734 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.0% <sup>(a)</sup>** |  |  |  |
| **Put Options — 0.0% <sup>(c)</sup>** |  |  |  |
| SPDR S&P 500 ETF Trust <sup>(d)(e)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/02/2025; Exercise Price: $655.79 | $10660884 | 156 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/02/2025; Exercise Price: $658.10 | 3621967 | 53 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/16/2025; Exercise Price: $635.33 | 10592545 | 155 | 11988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/16/2025; Exercise Price: $648.67 | 3621967 | 53 | 7167 |
| **TOTAL PURCHASED OPTIONS (**Cost $226,766) |  |  | 20319 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(f)</sup> | 81772 | 81772 |
| **TOTAL MONEY MARKET FUNDS (**Cost $81,772) |  | 81772 |
| **TOTAL INVESTMENTS — 100.0% (**Cost $81,426,833) |  | **87020038** |
| **Liabilities in Excess of Other Assets — (0.0) <sup>(c)</sup>** |  | (20367) |
| **TOTAL NET ASSETS — 100.0%** |  | $**86999671** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $9,369,733.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Core Equity ETF<br> Schedule of Written Options<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.1)%** |  |  |  |
| **Put Options — (0.1)%** |  |  |  |
| SPDR S&P 500 ETF Trust <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/02/2025; Exercise Price: $665.65 | $(3621967) | (53) | $(674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/02/2025; Exercise Price: $670.04 | (10660884) | (156) | (3706) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/16/2025; Exercise Price: $653.55 | (10592545) | (155) | (26353) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/16/2025; Exercise Price: $663.31 | (3621967) | (53) | (14421) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $366,596) |  |  | $(45154) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.5%** |  |  |
| **Aerospace & Defense — 1.8%** |  |  |
| AeroVironment, Inc. <sup>(a)(b)</sup> | 2290 | $639963 |
| Axon Enterprise, Inc. <sup>(a)(b)</sup> | 265 | 143137 |
| BAE Systems PLC - ADR | 1186 | 101652 |
| Howmet Aerospace, Inc. | 869 | 177789 |
|  |  | 1062541 |
| **Automobiles — 2.3%** |  |  |
| BYD Co. Ltd. - ADR | 16676 | 208950 |
| Tesla, Inc. <sup>(a)(b)</sup> | 2751 | 1183398 |
|  |  | 1392348 |
| **Banks — 1.0%** |  |  |
| Itau Unibanco Holding SA - ADR | 24576 | 191693 |
| JPMorgan Chase & Co. <sup>(b)</sup> | 497 | 155601 |
| NU Holdings Ltd./Cayman Islands - Class A <sup>(a)(b)</sup> | 13455 | 233982 |
|  |  | 581276 |
| **Broadline Retail — 8.9%** |  |  |
| Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | 3641 | 572729 |
| Amazon.com, Inc. <sup>(a)(b)</sup> | 16025 | 3737351 |
| Coupang, Inc. <sup>(a)</sup> | 4870 | 137139 |
| JD.com, Inc. - ADR | 3759 | 112131 |
| PDD Holdings, Inc. - ADR <sup>(a)(b)</sup> | 2085 | 242027 |
| Prosus NV - ADR | 24262 | 304973 |
| Sea Ltd. - ADR <sup>(a)(b)</sup> | 1552 | 215744 |
|  |  | 5322094 |
| **Building Products — 0.5%** |  |  |
| Johnson Controls International PLC <sup>(b)</sup> | 1240 | 144224 |
| Trane Technologies PLC | 333 | 140353 |
|  |  | 284577 |
| **Capital Markets — 1.4%** |  |  |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | 675 | 184153 |
| Goldman Sachs Group, Inc. | 193 | 159426 |
| Interactive Brokers Group, Inc. - Class A <sup>(b)</sup> | 2847 | 185112 |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 2272 | 291929 |
|  |  | 820620 |
| **Communications Equipment — 1.0%** |  |  |
| Arista Networks, Inc. <sup>(a)(b)</sup> | 4689 | 612759 |
| **Construction & Engineering — 1.3%** |  |  |
| Comfort Systems USA, Inc. <sup>(b)</sup> | 144 | 140679 |
| Quanta Services, Inc. <sup>(b)</sup> | 1413 | 656876 |
|  |  | 797555 |

---

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Finance — 0.2%** |  |  |
| SoFi Technologies, Inc. <sup>(a)</sup> | 4489 | $133413 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| Deutsche Telekom AG - ADR <sup>(b)</sup> | 6213 | 199934 |
| **Electric Utilities — 2.4%** |  |  |
| Constellation Energy Corp. <sup>(b)</sup> | 1904 | 693742 |
| NRG Energy, Inc. <sup>(b)</sup> | 4337 | 735078 |
|  |  | 1428820 |
| **Electrical Equipment — 4.8%** |  |  |
| ABB Ltd. - ADR <sup>(b)</sup> | 7202 | 516816 |
| Eaton Corp. PLC <sup>(b)</sup> | 1659 | 573832 |
| GE Vernova, Inc. <sup>(b)</sup> | 1246 | 747313 |
| Schneider Electric SE - ADR | 10485 | 562415 |
| Vertiv Holdings Co. - Class A <sup>(b)</sup> | 2521 | 453099 |
|  |  | 2853475 |
| **Electronic Equipment, Instruments & Components — 1.5%** |  |  |
| Amphenol Corp. - Class A <sup>(b)</sup> | 5010 | 705909 |
| Corning, Inc. <sup>(b)</sup> | 2440 | 205448 |
|  |  | 911357 |
| **Entertainment — 2.3%** |  |  |
| NetEase, Inc. - ADR | 1202 | 165936 |
| Netflix, Inc. <sup>(a)(b)</sup> | 8189 | 880973 |
| Spotify Technology SA <sup>(a)(b)</sup> | 514 | 307819 |
|  |  | 1354728 |
| **Financial Services — 0.2%** |  |  |
| Block, Inc. <sup>(a)(b)</sup> | 1730 | 115564 |
| **Ground Transportation — 0.6%** |  |  |
| Uber Technologies, Inc. <sup>(a)(b)</sup> | 4054 | 354887 |
| **Health Care Equipment & Supplies — 0.5%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)(b)</sup> | 533 | 305665 |
| **Independent Power and Renewable Electricity Producers — 1.0%** |  |  |
| Vistra Corp. <sup>(b)</sup> | 3475 | 621538 |
| **Industrial Conglomerates — 2.8%** |  |  |
| Hitachi Ltd. - ADR <sup>(b)</sup> | 16760 | 536152 |
| Siemens AG - ADR <sup>(b)</sup> | 8529 | 1131287 |
|  |  | 1667439 |

---

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Interactive Media & Services — 17.4%** |  |  |
| Alphabet, Inc. - Class C <sup>(b)</sup> | 18835 | $6029460 |
| Baidu, Inc. - ADR <sup>(a)</sup> | 1009 | 117942 |
| Meta Platforms, Inc. - Class A <sup>(b)</sup> | 4559 | 2954004 |
| Reddit, Inc. - Class A <sup>(a)</sup> | 632 | 136809 |
| Tencent Holdings Ltd. - ADR <sup>(b)</sup> | 15035 | 1188367 |
|  |  | 10426582 |
| **IT Services — 3.0%** |  |  |
| Akamai Technologies, Inc. <sup>(a)(b)</sup> | 1207 | 108051 |
| Cloudflare, Inc. - Class A <sup>(a)(b)</sup> | 1101 | 220431 |
| Cognizant Technology Solutions Corp. - Class A <sup>(b)</sup> | 3101 | 240979 |
| International Business Machines Corp. <sup>(b)</sup> | 4030 | 1243577 |
|  |  | 1813038 |
| **Machinery — 0.4%** |  |  |
| Caterpillar, Inc. | 449 | 258516 |
| **Metals & Mining — 0.2%** |  |  |
| Freeport-McMoRan, Inc. <sup>(b)</sup> | 2949 | 126748 |
| **Oil, Gas & Consumable Fuels — 0.2%** |  |  |
| Williams Cos., Inc. | 2409 | 146780 |
| **Semiconductors & Semiconductor Equipment — 23.3%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)(b)</sup> | 2688 | 584721 |
| Applied Materials, Inc. <sup>(b)</sup> | 1987 | 501221 |
| ARM Holdings PLC - ADR <sup>(a)(b)</sup> | 2352 | 318837 |
| Astera Labs, Inc. <sup>(a)(b)</sup> | 619 | 97536 |
| Broadcom, Inc. <sup>(b)</sup> | 10507 | 4233901 |
| Infineon Technologies AG - ADR <sup>(b)</sup> | 4285 | 180998 |
| KLA Corp. <sup>(b)</sup> | 379 | 445503 |
| Lam Research Corp. <sup>(b)</sup> | 3407 | 531492 |
| Micron Technology, Inc. <sup>(b)</sup> | 2814 | 665455 |
| Monolithic Power Systems, Inc. <sup>(b)</sup> | 148 | 137369 |
| NVIDIA Corp. <sup>(b)</sup> | 28428 | 5031756 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | 1936 | 49503 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | 4056 | 1182365 |
|  |  | 13960657 |
| **Software — 18.6%** |  |  |
| Adobe, Inc. <sup>(a)(b)</sup> | 524 | 167748 |
| AppLovin Corp. - Class A <sup>(a)(b)</sup> | 981 | 588090 |
| Autodesk, Inc. <sup>(a)(b)</sup> | 528 | 160164 |
| Cadence Design Systems, Inc. <sup>(a)(b)</sup> | 818 | 255085 |
| Datadog, Inc. - Class A <sup>(a)(b)</sup> | 1148 | 183691 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 2601 | 58965 |

---

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Fortinet, Inc. <sup>(a)(b)</sup> | 2329 | $188952 |
| Intuit, Inc. <sup>(b)</sup> | 555 | 351914 |
| Microsoft Corp. <sup>(b)</sup> | 11642 | 5727980 |
| Oracle Corp. <sup>(b)</sup> | 2047 | 413392 |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | 5903 | 994360 |
| Palo Alto Networks, Inc. <sup>(a)(b)</sup> | 1498 | 284815 |
| Qualys, Inc. <sup>(a)(b)</sup> | 702 | 98877 |
| Salesforce, Inc. <sup>(b)</sup> | 1958 | 451397 |
| SAP SE - ADR <sup>(b)</sup> | 1742 | 421129 |
| ServiceNow, Inc. <sup>(a)(b)</sup> | 549 | 446013 |
| Strategy, Inc. <sup>(a)</sup> | 758 | 134302 |
| Tenable Holdings, Inc. <sup>(a)(b)</sup> | 3081 | 81708 |
| Workday, Inc. - Class A <sup>(a)(b)</sup> | 560 | 120747 |
|  |  | 11129329 |
| **Technology Hardware, Storage & Peripherals — 1.6%** |  |  |
| Dell Technologies, Inc. - Class C <sup>(b)</sup> | 2495 | 332708 |
| Hewlett Packard Enterprise Co. <sup>(b)</sup> | 4866 | 106419 |
| IonQ, Inc. <sup>(a)(b)</sup> | 1176 | 57977 |
| Pure Storage, Inc. - Class A <sup>(a)(b)</sup> | 1428 | 127035 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | 4279 | 50064 |
| Super Micro Computer, Inc. <sup>(a)(b)</sup> | 2202 | 74538 |
| Western Digital Corp. <sup>(b)</sup> | 1371 | 223926 |
|  |  | 972667 |
| **TOTAL COMMON STOCKS (**Cost $55,377,090) |  | 59654907 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 0.3%** |  |  |
| **Specialized REITs — 0.3%** |  |  |
| Digital Realty Trust, Inc. <sup>(b)</sup> | 971 | 155477 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (**Cost $170,871) |  | 155477 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.1% <sup>(a)</sup>** |  |  |  |
| **Call Options — 0.1%** |  |  |  |
| iShares Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $61.50 <sup>(c)(d)(f)</sup> | $1304215 | 253 | 19620 |
| **TOTAL PURCHASED OPTIONS (**Cost $129,857) |  |  | 19620 |

---

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.6%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(e)</sup> | 381996 | $381996 |
| **TOTAL MONEY MARKET FUNDS (**Cost $381,996) |  | 381996 |
| **TOTAL INVESTMENTS — 100.5% (**Cost $56,059,814) |  | **60212000** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | (273561) |
| **TOTAL NET ASSETS — 100.0%** |  | $**59938439** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $46,601,386.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF<br> Schedule of Written Options<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.4)%** |  |  |  |
| **Put Options — (0.4)%** |  |  |  |
| iShares Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $61.50 <sup>(a)(b)</sup> | $(1304215) | (253) | $(261858) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $138,070) |  |  | $(261858) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.5%** |  |  |
| **Aerospace & Defense — 0.1%** |  |  |
| Lockheed Martin Corp. | 264 | $120875 |
| **Air Freight & Logistics — 0.3%** |  |  |
| FedEx Corp. | 1256 | 346254 |
| **Banks — 0.8%** |  |  |
| Fifth Third Bancorp | 6402 | 278231 |
| M&T Bank Corp. | 1680 | 319570 |
| PNC Financial Services Group, Inc. | 749 | 142849 |
| Regions Financial Corp. | 8927 | 227192 |
|  |  | 967842 |
| **Beverages — 1.5%** |  |  |
| Constellation Brands, Inc. - Class A | 2626 | 358134 |
| Molson Coors Beverage Co. - Class B | 2781 | 129344 |
| PepsiCo, Inc. | 9958 | 1481153 |
|  |  | 1968631 |
| **Biotechnology — 8.4%** |  |  |
| AbbVie, Inc. | 17404 | 3962891 |
| Amgen, Inc. | 11188 | 3865006 |
| Gilead Sciences, Inc. | 22369 | 2814915 |
|  |  | 10642812 |
| **Building Products — 0.3%** |  |  |
| A O Smith Corp. | 1864 | 122987 |
| Allegion PLC | 735 | 122032 |
| Masco Corp. | 1927 | 125004 |
|  |  | 370023 |
| **Capital Markets — 2.4%** |  |  |
| Ameriprise Financial, Inc. | 270 | 123050 |
| Blackstone, Inc. | 7293 | 1067841 |
| CME Group, Inc. | 2376 | 668749 |
| FactSet Research Systems, Inc. | 459 | 127267 |
| Franklin Resources, Inc. | 5374 | 121399 |
| Invesco Ltd. | 5225 | 127751 |
| MSCI, Inc. | 631 | 355707 |
| T Rowe Price Group, Inc. | 3923 | 401637 |
|  |  | 2993401 |
| **Chemicals — 0.3%** |  |  |
| CF Industries Holdings, Inc. | 2135 | 168024 |
| Eastman Chemical Co. | 1998 | 124036 |
| LyondellBasell Industries NV - Class A | 2733 | 133890 |
|  |  | 425950 |

---

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Commercial Services & Supplies — 0.1%** |  |  |
| Rollins, Inc. | 2036 | $125173 |
| **Communications Equipment — 1.5%** |  |  |
| Cisco Systems, Inc. | 25647 | 1973280 |
| **Consumer Finance — 0.3%** |  |  |
| Synchrony Financial | 4345 | 336129 |
| **Consumer Staples Distribution & Retail — 0.2%** |  |  |
| Target Corp. | 2757 | 249839 |
| **Containers & Packaging — 0.2%** |  |  |
| Avery Dennison Corp. | 695 | 119797 |
| Packaging Corp. of America | 615 | 125503 |
|  |  | 245300 |
| **Distributors — 0.2%** |  |  |
| LKQ Corp. | 3993 | 118552 |
| Pool Corp. | 471 | 114736 |
|  |  | 233288 |
| **Diversified Telecommunication Services — 3.5%** |  |  |
| AT&T, Inc. | 63874 | 1662001 |
| Verizon Communications, Inc. | 67853 | 2789437 |
|  |  | 4451438 |
| **Electric Utilities — 0.2%** |  |  |
| Edison International | 3684 | 216951 |
| **Electronic Equipment, Instruments & Components — 0.9%** |  |  |
| TE Connectivity PLC | 4927 | 1114241 |
| **Energy Equipment & Services — 0.2%** |  |  |
| Halliburton Co. | 4528 | 118724 |
| SLB Ltd. | 4332 | 156992 |
|  |  | 275716 |
| **Financial Services — 0.1%** |  |  |
| Jack Henry & Associates, Inc. | 798 | 139235 |
| **Food Products — 1.0%** |  |  |
| Conagra Brands, Inc. | 7097 | 126681 |
| General Mills, Inc. | 4553 | 215585 |
| Hershey Co. | 3642 | 684987 |
| Hormel Foods Corp. | 5627 | 130603 |
| Lamb Weston Holdings, Inc. | 1958 | 115639 |
|  |  | 1273495 |

---

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Ground Transportation — 1.7%** |  |  |
| Union Pacific Corp. | 9527 | $2208644 |
| **Health Care Providers & Services — 0.1%** |  |  |
| Quest Diagnostics, Inc. | 681 | 128832 |
| **Hotels, Restaurants & Leisure — 4.1%** |  |  |
| Darden Restaurants, Inc. | 1816 | 326117 |
| Domino's Pizza, Inc. | 363 | 152326 |
| Las Vegas Sands Corp. | 4673 | 318512 |
| McDonald's Corp. | 11731 | 3657960 |
| Starbucks Corp. | 1525 | 132843 |
| Yum! Brands, Inc. | 3764 | 576682 |
|  |  | 5164440 |
| **Household Durables — 0.5%** |  |  |
| Garmin Ltd. | 3283 | 641236 |
| **Household Products — 5.0%** |  |  |
| Clorox Co. | 1382 | 149173 |
| Colgate-Palmolive Co. | 13086 | 1051984 |
| Kimberly-Clark Corp. | 2948 | 321686 |
| Procter & Gamble Co. | 32521 | 4818311 |
|  |  | 6341154 |
| **Insurance — 4.5%** |  |  |
| Aflac, Inc. | 1115 | 122996 |
| Allstate Corp. | 1975 | 420635 |
| Cincinnati Financial Corp. | 1979 | 331661 |
| Erie Indemnity Co. - Class A | 597 | 176407 |
| Everest Group Ltd. | 383 | 120373 |
| Hartford Insurance Group, Inc. | 3714 | 508929 |
| Marsh & McLennan Cos., Inc. | 5562 | 1020349 |
| Principal Financial Group, Inc. | 1479 | 125449 |
| Progressive Corp. | 12365 | 2828988 |
| Prudential Financial, Inc. | 1155 | 125029 |
|  |  | 5780816 |
| **Interactive Media & Services — 0.1%** |  |  |
| Match Group, Inc. | 3848 | 128177 |
| **IT Services — 4.4%** |  |  |
| Accenture PLC - Class A | 17048 | 4262000 |
| Cognizant Technology Solutions Corp. - Class A | 16582 | 1288587 |
|  |  | 5550587 |
| **Leisure Products — 0.1%** |  |  |
| Hasbro, Inc. | 1597 | 131912 |

---

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery — 2.5%** |  |  |
| IDEX Corp. | 725 | $126099 |
| Illinois Tool Works, Inc. | 5710 | 1423389 |
| Nordson Corp. | 527 | 125247 |
| PACCAR, Inc. | 11401 | 1201894 |
| Snap-on, Inc. | 826 | 280881 |
|  |  | 3157510 |
| **Media — 1.9%** |  |  |
| Comcast Corp. - Class A | 85843 | 2291150 |
| Omnicom Group, Inc. | 1650 | 118173 |
|  |  | 2409323 |
| **Multi-Utilities — 0.2%** |  |  |
| DTE Energy Co. | 1560 | 213767 |
| **Oil, Gas & Consumable Fuels — 13.9%** |  |  |
| APA Corp. | 5498 | 137285 |
| Chevron Corp. <sup>(b)</sup> | 39580 | 5981725 |
| ConocoPhillips | 17801 | 1578771 |
| Coterra Energy, Inc. | 10814 | 290248 |
| Devon Energy Corp. | 3731 | 138271 |
| Diamondback Energy, Inc. | 871 | 132906 |
| EOG Resources, Inc. | 12132 | 1308436 |
| Expand Energy Corp. | 3423 | 417366 |
| Exxon Mobil Corp. <sup>(b)</sup> | 46130 | 5347390 |
| Kinder Morgan, Inc. | 4701 | 128431 |
| Occidental Petroleum Corp. | 14814 | 622188 |
| ONEOK, Inc. | 6669 | 485637 |
| Targa Resources Corp. | 3359 | 588866 |
| Texas Pacific Land Corp. | 132 | 114086 |
| Valero Energy Corp. | 719 | 127091 |
| Williams Cos., Inc. | 4788 | 291733 |
|  |  | 17690430 |
| **Personal Care Products — 0.1%** |  |  |
| Kenvue, Inc. | 7603 | 131912 |
| **Pharmaceuticals — 11.5%** |  |  |
| Bristol-Myers Squibb Co. | 42368 | 2084506 |
| Johnson & Johnson <sup>(b)</sup> | 23700 | 4904004 |
| Merck & Co., Inc. | 56497 | 5922580 |
| Pfizer, Inc. | 36727 | 945353 |
| Zoetis, Inc. | 5915 | 758185 |
|  |  | 14614628 |
| **Professional Services — 2.0%** |  |  |
| Automatic Data Processing, Inc. | 5640 | 1439892 |

---

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Broadridge Financial Solutions, Inc. | 1438 | $327994 |
| Paychex, Inc. | 6722 | 750780 |
|  |  | 2518666 |
| **Semiconductors & Semiconductor Equipment — 11.8%** |  |  |
| Analog Devices, Inc. | 6218 | 1649884 |
| Applied Materials, Inc. | 8212 | 2071477 |
| KLA Corp. | 1233 | 1449355 |
| Lam Research Corp. | 10093 | 1574508 |
| NXP Semiconductors NV | 4284 | 835123 |
| QUALCOMM, Inc. | 25929 | 4358406 |
| Skyworks Solutions, Inc. | 13935 | 919013 |
| Texas Instruments, Inc. | 12897 | 2170178 |
|  |  | 15027944 |
| **Specialty Retail — 3.3%** |  |  |
| Best Buy Co., Inc. | 1612 | 127799 |
| Home Depot, Inc. | 5865 | 2093336 |
| Lowe's Cos., Inc. | 4334 | 1050908 |
| TJX Cos., Inc. | 4680 | 710986 |
| Williams-Sonoma, Inc. | 1373 | 247154 |
|  |  | 4230183 |
| **Technology Hardware, Storage & Peripherals — 1.7%** |  |  |
| HP, Inc. | 42368 | 1034627 |
| NetApp, Inc. | 9715 | 1083805 |
|  |  | 2118432 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
| NIKE, Inc. - Class B | 2948 | 190529 |
| Ralph Lauren Corp. | 393 | 144361 |
| Tapestry, Inc. | 1140 | 124579 |
|  |  | 459469 |
| **Tobacco — 4.0%** |  |  |
| Altria Group, Inc. | 42247 | 2492995 |
| Philip Morris International, Inc. | 16774 | 2641570 |
|  |  | 5134565 |
| **Trading Companies & Distributors — 0.6%** |  |  |
| Fastenal Co. | 14227 | 574771 |
| WW Grainger, Inc. | 263 | 249489 |
|  |  | 824260 |
| **Wireless Telecommunication Services — 2.6%** |  |  |
| T-Mobile US, Inc. | 16067 | 3358164 |
| **TOTAL COMMON STOCKS (**Cost $121,040,500) |  | 126434924 |

---

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(a)</sup> | 246449 | $246449 |
| **TOTAL MONEY MARKET FUNDS (**Cost $246,449) |  | 246449 |
| **TOTAL INVESTMENTS — 99.7% (**Cost $121,286,949) |  | **126681373** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | 317713 |
| **TOTAL NET ASSETS — 100.0%** |  | $**126999086** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $16,130,717.

See accompanying notes to financial statements.

**Horizon Dividend Income ETF<br> Schedule of Written Options<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.1)%** |  |  |  |
| **Call Options — (0.1)%** |  |  |  |
| SPDR S&P 500 ETF Trust, Expiration: 12/02/2025; Exercise Price: $682.92 <sup>(a)(b)</sup> | $(27882312) | (408) | $(110429) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $35,386) |  |  | $(110429) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments**

**November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 89.4%** |  |  |
| **Aerospace & Defense — 2.6%** |  |  |
| Boeing Co. <sup>(a)</sup> | 1817 | $343413 |
| General Dynamics Corp. | 865 | 295510 |
| General Electric Co. | 3497 | 1043679 |
| Howmet Aerospace, Inc. | 1647 | 336960 |
| L3Harris Technologies, Inc. | 549 | 153001 |
| RTX Corp. | 3900 | 682149 |
| TransDigm Group, Inc. | 152 | 206746 |
|  |  | 3061458 |
| **Air Freight & Logistics — 0.2%** |  |  |
| FedEx Corp. | 817 | 225231 |
| **Automobiles — 2.2%** |  |  |
| Ford Motor Co. | 14062 | 186743 |
| General Motors Co. | 3239 | 238131 |
| Tesla, Inc. <sup>(a)</sup> | 5016 | 2157733 |
|  |  | 2582607 |
| **Banks — 4.1%** |  |  |
| Bank of America Corp. | 20559 | 1102990 |
| Citigroup, Inc. | 5882 | 609375 |
| JPMorgan Chase & Co. | 6526 | 2043160 |
| Truist Financial Corp. | 4258 | 197997 |
| US Bancorp | 4222 | 207089 |
| Wells Fargo & Co. | 7562 | 649198 |
|  |  | 4809809 |
| **Beverages — 0.9%** |  |  |
| Coca-Cola Co. | 7178 | 524855 |
| Monster Beverage Corp. <sup>(a)</sup> | 3431 | 257291 |
| PepsiCo, Inc. | 1829 | 272045 |
|  |  | 1054191 |
| **Biotechnology — 2.1%** |  |  |
| AbbVie, Inc. | 5092 | 1159448 |
| Amgen, Inc. | 1636 | 565173 |
| Gilead Sciences, Inc. | 3558 | 447739 |
| Regeneron Pharmaceuticals, Inc. | 328 | 255902 |
|  |  | 2428262 |
| **Broadline Retail — 3.7%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 18624 | 4343489 |
| **Building Products — 0.5%** |  |  |
| Johnson Controls International PLC | 2424 | 281936 |
| Trane Technologies PLC | 592 | 249516 |
|  |  | 531452 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Continued) November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital Markets — 4.6%** |  |  |
| Bank of New York Mellon Corp. | 2558 | $286752 |
| Blackrock, Inc. | 351 | 367602 |
| Blackstone, Inc. | 1872 | 274098 |
| Charles Schwab Corp. | 4160 | 385757 |
| CME Group, Inc. | 681 | 191674 |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | 713 | 194521 |
| Goldman Sachs Group, Inc. | 1018 | 840909 |
| Interactive Brokers Group, Inc. - Class A | 2453 | 159494 |
| KKR & Co., Inc. | 2075 | 253793 |
| Moody's Corp. | 596 | 292505 |
| Morgan Stanley | 5154 | 874428 |
| MSCI, Inc. | 274 | 154459 |
| Nasdaq, Inc. | 1974 | 179476 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 3345 | 429799 |
| S&P Global, Inc. | 620 | 309275 |
| State Street Corp. | 1274 | 151631 |
|  |  | 5346173 |
| **Chemicals — 0.3%** |  |  |
| Ecolab, Inc. | 643 | 176928 |
| Sherwin-Williams Co. | 455 | 156379 |
|  |  | 333307 |
| **Commercial Services & Supplies — 0.4%** |  |  |
| Cintas Corp. | 761 | 141561 |
| Republic Services, Inc. | 624 | 135446 |
| Waste Management, Inc. | 753 | 164056 |
|  |  | 441063 |
| **Communications Equipment — 0.9%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 2355 | 307752 |
| Cisco Systems, Inc. | 9430 | 725544 |
|  |  | 1033296 |
| **Construction & Engineering — 0.4%** |  |  |
| EMCOR Group, Inc. | 244 | 150077 |
| Quanta Services, Inc. | 615 | 285901 |
|  |  | 435978 |
| **Construction Materials — 0.1%** |  |  |
| Vulcan Materials Co. | 498 | 148025 |
| **Consumer Finance — 1.2%** |  |  |
| American Express Co. | 2325 | 849253 |
| Capital One Financial Corp. | 1765 | 386658 |
| Synchrony Financial | 1941 | 150156 |
|  |  | 1386067 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Continued) November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer Staples Distribution & Retail — 2.5%** |  |  |
| Costco Wholesale Corp. | 557 | $508870 |
| Walmart, Inc. | 22071 | 2439066 |
|  |  | 2947936 |
| **Diversified Telecommunication Services — 0.4%** |  |  |
| AT&T, Inc. | 8228 | 214093 |
| Verizon Communications, Inc. | 5032 | 206865 |
|  |  | 420958 |
| **Electric Utilities — 1.2%** |  |  |
| American Electric Power Co., Inc. | 1438 | 177981 |
| Constellation Energy Corp. | 1140 | 415370 |
| Entergy Corp. | 1498 | 146085 |
| NextEra Energy, Inc. | 4761 | 410827 |
| NRG Energy, Inc. | 984 | 166778 |
| Xcel Energy, Inc. | 1687 | 138520 |
|  |  | 1455561 |
| **Electrical Equipment — 1.3%** |  |  |
| AMETEK, Inc. | 911 | 180278 |
| Eaton Corp. PLC | 1128 | 390164 |
| Emerson Electric Co. | 1815 | 242085 |
| GE Vernova, Inc. | 918 | 550589 |
| Rockwell Automation, Inc. | 517 | 204659 |
|  |  | 1567775 |
| **Electronic Equipment, Instruments & Components — 0.6%** |  |  |
| Amphenol Corp. - Class A | 2491 | 350982 |
| Corning, Inc. | 1567 | 131941 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 728 | 144108 |
| TE Connectivity PLC | 588 | 132976 |
|  |  | 760007 |
| **Energy Equipment & Services — 0.3%** |  |  |
| Baker Hughes Co. | 4108 | 206221 |
| SLB Ltd. | 4524 | 163950 |
|  |  | 370171 |
| **Entertainment — 1.3%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 8018 | 862576 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 699 | 172003 |
| Walt Disney Co. | 2827 | 295337 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 10415 | 249960 |
|  |  | 1579876 |
| **Financial Services — 1.8%** |  |  |
| Apollo Global Management, Inc. | 1475 | 194479 |
| Mastercard, Inc. - Class A | 1530 | 842311 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Continued) November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Visa, Inc. - Class A | 3269 | $1093284 |
|  |  | 2130074 |
| **Ground Transportation — 0.4%** |  |  |
| Uber Technologies, Inc. <sup>(a)</sup> | 5327 | 466326 |
| **Health Care Equipment & Supplies — 2.0%** |  |  |
| Becton Dickinson & Co. | 705 | 136784 |
| Boston Scientific Corp. <sup>(a)</sup> | 3081 | 312968 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 2095 | 181574 |
| GE HealthCare Technologies, Inc. | 1866 | 149261 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 324 | 243933 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1196 | 685882 |
| Medtronic PLC | 3342 | 352013 |
| Stryker Corp. | 725 | 269106 |
|  |  | 2331521 |
| **Health Care Providers & Services — 1.1%** |  |  |
| Cardinal Health, Inc. | 915 | 194218 |
| Cencora, Inc. | 534 | 197008 |
| CVS Health Corp. | 3036 | 243973 |
| HCA Healthcare, Inc. | 675 | 343096 |
| McKesson Corp. | 315 | 277553 |
|  |  | 1255848 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 1700 | 198883 |
| Carnival Corp. <sup>(a)</sup> | 6128 | 157980 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 1273 | 252525 |
| Expedia Group, Inc. | 648 | 165687 |
| Hilton Worldwide Holdings, Inc. | 870 | 247976 |
| Las Vegas Sands Corp. | 3102 | 211432 |
| Marriott International, Inc. - Class A | 955 | 291074 |
| McDonald's Corp. | 1061 | 330841 |
| Royal Caribbean Cruises Ltd. | 970 | 258263 |
| Starbucks Corp. | 2724 | 237288 |
| Yum! Brands, Inc. | 999 | 153057 |
|  |  | 2505006 |
| **Household Products — 0.3%** |  |  |
| Procter & Gamble Co. | 2448 | 362696 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Vistra Corp. | 1294 | 231445 |
| **Industrial Conglomerates — 0.2%** |  |  |
| 3M Co. | 1702 | 292829 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Continued) November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance — 1.0%** |  |  |
| Aflac, Inc. | 1291 | $142410 |
| Allstate Corp. | 767 | 163356 |
| Aon PLC - Class A | 402 | 142276 |
| Chubb Ltd. | 741 | 219469 |
| Hartford Insurance Group, Inc. | 1002 | 137304 |
| Marsh & McLennan Cos., Inc. | 748 | 137220 |
| Travelers Cos., Inc. | 609 | 178352 |
|  |  | 1120387 |
| **Interactive Media & Services — 6.3%** |  |  |
| Alphabet, Inc. - Class A | 16368 | 5240706 |
| Meta Platforms, Inc. - Class A | 3283 | 2127220 |
|  |  | 7367926 |
| **IT Services — 0.5%** |  |  |
| International Business Machines Corp. | 2040 | 629503 |
| **Life Sciences Tools & Services — 1.6%** |  |  |
| Agilent Technologies, Inc. | 1249 | 191721 |
| Danaher Corp. | 2160 | 489845 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 771 | 177338 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 108 | 159486 |
| Thermo Fisher Scientific, Inc. | 1178 | 695998 |
| Waters Corp. <sup>(a)</sup> | 342 | 137969 |
|  |  | 1852357 |
| **Machinery — 1.6%** |  |  |
| Caterpillar, Inc. | 1539 | 886094 |
| Cummins, Inc. | 538 | 267913 |
| Parker-Hannifin Corp. | 477 | 411031 |
| Westinghouse Air Brake Technologies Corp. | 723 | 150782 |
| Xylem, Inc. | 1061 | 149251 |
|  |  | 1865071 |
| **Metals & Mining — 0.6%** |  |  |
| Freeport-McMoRan, Inc. | 4046 | 173897 |
| Newmont Corp. | 3744 | 339693 |
| Nucor Corp. | 989 | 157736 |
|  |  | 671326 |
| **Multi-Utilities — 0.3%** |  |  |
| Dominion Energy, Inc. | 2270 | 142488 |
| Sempra | 2021 | 191429 |
|  |  | 333917 |
| **Oil, Gas & Consumable Fuels — 1.8%** |  |  |
| Diamondback Energy, Inc. | 1214 | 185244 |
| EQT Corp. | 2884 | 175520 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Continued) November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Exxon Mobil Corp. | 6563 | $760783 |
| Marathon Petroleum Corp. | 1071 | 207485 |
| Phillips 66 | 1397 | 191333 |
| Targa Resources Corp. | 964 | 168999 |
| Valero Energy Corp. | 1177 | 208047 |
| Williams Cos., Inc. | 3609 | 219896 |
|  |  | 2117307 |
| **Passenger Airlines — 0.3%** |  |  |
| Delta Air Lines, Inc. | 2542 | 162942 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 1427 | 145497 |
|  |  | 308439 |
| **Personal Care Products — 0.1%** |  |  |
| Estee Lauder Cos., Inc. - Class A | 1644 | 154651 |
| **Pharmaceuticals — 3.5%** |  |  |
| Eli Lilly & Co. | 2904 | 3123165 |
| Johnson & Johnson | 4429 | 916449 |
|  |  | 4039614 |
| **Real Estate Management & Development — 0.2%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 1218 | 197109 |
| **Semiconductors & Semiconductor Equipment — 14.3%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 4377 | 952129 |
| Analog Devices, Inc. | 566 | 150182 |
| Applied Materials, Inc. | 1677 | 423023 |
| Broadcom, Inc. <sup>(b)</sup> | 14155 | 5703899 |
| First Solar, Inc. <sup>(a)</sup> | 498 | 135914 |
| Intel Corp. <sup>(a)</sup> | 7626 | 309311 |
| KLA Corp. | 263 | 309149 |
| Lam Research Corp. | 2712 | 423072 |
| Micron Technology, Inc. | 2567 | 607044 |
| Monolithic Power Systems, Inc. | 145 | 134585 |
| NVIDIA Corp. <sup>(b)</sup> | 42038 | 7440726 |
| Teradyne, Inc. | 780 | 141874 |
|  |  | 16730908 |
| **Software — 9.1%** |  |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | 732 | 438819 |
| Autodesk, Inc. <sup>(a)</sup> | 447 | 135593 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 425 | 132532 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 428 | 217920 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 817 | 130728 |
| Fair Isaac Corp. <sup>(a)</sup> | 74 | 133631 |
| Fortinet, Inc. <sup>(a)</sup> | 1622 | 131593 |
| Intuit, Inc. | 297 | 188322 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Microsoft Corp. <sup>(b)</sup> | 11870 | $5840159 |
| Oracle Corp. | 8350 | 1686283 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 6391 | 1076564 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 704 | 133852 |
| ServiceNow, Inc. <sup>(a)</sup> | 176 | 142984 |
| Synopsys, Inc. <sup>(a)</sup> | 320 | 133763 |
| Workday, Inc. - Class A <sup>(a)</sup> | 571 | 123119 |
|  |  | 10645862 |
| **Specialty Retail — 1.1%** |  |  |
| Home Depot, Inc. | 1023 | 365129 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 2033 | 206756 |
| Ross Stores, Inc. | 1251 | 220626 |
| TJX Cos., Inc. | 3327 | 505438 |
|  |  | 1297949 |
| **Technology Hardware, Storage & Peripherals — 6.3%** |  |  |
| Apple, Inc. <sup>(b)</sup> | 25105 | 7000529 |
| Dell Technologies, Inc. - Class C | 1017 | 135617 |
| Seagate Technology Holdings PLC | 511 | 141389 |
| Western Digital Corp. | 857 | 139974 |
|  |  | 7417509 |
| **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |
| Tapestry, Inc. | 1279 | 139769 |
| **Tobacco — 0.4%** |  |  |
| Altria Group, Inc. | 2642 | 155905 |
| Philip Morris International, Inc. | 2113 | 332755 |
|  |  | 488660 |
| **Trading Companies & Distributors — 0.2%** |  |  |
| United Rentals, Inc. | 216 | 176079 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile US, Inc. | 1157 | 241825 |
| **TOTAL COMMON STOCKS (**Cost $91,813,202) |  | 104634605 |
| **EXCHANGE TRADED FUNDS — 9.2%** |  |  |
| Roundhill Magnificent Seven ETF <sup>(b)</sup> | 161061 | 10752432 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $10,107,129) |  | 10752432 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 1.2%** |  |  |
| **Health Care REITs — 0.5%** |  |  |
| Ventas, Inc. | 2014 | 162389 |
| Welltower, Inc. | 2129 | 443300 |
|  |  | 605689 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF<br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Industrial REITs — 0.4%** |  |  |
| Prologis, Inc. | 3193 | $410396 |
| **Retail REITs — 0.2%** |  |  |
| Simon Property Group, Inc. | 1249 | 232714 |
| **Specialized REITs — 0.1%** |  |  |
| Equinix, Inc. | 202 | 152169 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (**Cost $1,238,664) |  | 1400968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.2% <sup>(a)</sup>** |  |  |  |
| **Put Options — 0.2%** |  |  |  |
| SPDR S&P 500 ETF Trust <sup>(c)(d)(f)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/04/2025; Exercise Price: $650.00 | $29454109 | 431 | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/11/2025; Exercise Price: $649.66 | 29317431 | 429 | 30819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/18/2025; Exercise Price: $625.52 | 29112414 | 426 | 29594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/26/2025; Exercise Price: $660.85 | 29112414 | 426 | 173817 |
| **TOTAL PURCHASED OPTIONS (**Cost $976,984) |  |  | 238919 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(e)</sup> | 286407 | 286407 |
| **TOTAL MONEY MARKET FUNDS (**Cost $286,407) |  | 286407 |
| **TOTAL INVESTMENTS — 100.2% (**Cost $104,422,386) |  | **117313331** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | (271521) |
| **TOTAL NET ASSETS — 100.0%** |  | $**117041810** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $22,984,927.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**SCHEDULE OF WRITTEN OPTIONS** **November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.4)%** |  |  |  |
| **Put Options — (0.4)%** |  |  |  |
| SPDR S&P 500 ETF Trust <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/04/2025; Exercise Price: $665.01 | $(29454109) | (431) | $(16538) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/11/2025; Exercise Price: $666.13 | (29317431) | (429) | (84672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/18/2025; Exercise Price: $645.42 | (29112414) | (426) | (61203) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/26/2025; Exercise Price: $675.06 | (29112414) | (426) | (299759) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $1,605,953) |  |  | $(462172) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Flexible Income ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **EXCHANGE TRADED FUNDS — 97.1%** |  |  |
| State Street SPDR Portfolio High Yield Bond ETF <sup>(a)(b)</sup> | 1374490 | $32740352 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $32,585,986) |  | 32740352 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 0.1% <sup>(c)</sup>** |  |  |  |
| **Put Options — 0.1%** |  |  |  |
| SPDR S&P 500 ETF Trust, Expiration: 12/23/2025; Exercise Price: $624.12 <sup>(d)(e)(g)</sup> | $17016411 | 249 | 25816 |
| **TOTAL PURCHASED OPTIONS (**Cost $55,842) |  |  | 25816 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 1.8%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(f)</sup> | 615579 | 615579 |
| **TOTAL MONEY MARKET FUNDS (**Cost $615,579) |  | 615579 |
| **TOTAL INVESTMENTS — 99.0% (**Cost $33,257,407) |  | **33381747** |
| **Other Assets in Excess of Liabilities — 1.0%** |  | 344489 |
| **TOTAL NET ASSETS — 100.0%** |  | $**33726236** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of November 30, 2025 is $24,323,698.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Flexible Income ETF<br> Schedule of Written Options<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.3)%** |  |  |  |
| **Put Options — (0.3)%** |  |  |  |
| SPDR S&P 500 ETF Trust, Expiration: 12/23/2025; Exercise Price: $660.64 <sup>(a)(b)</sup> | $(17016411) | (249) | $(94558) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $162,779) |  |  | $(94558) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Landmark ETF<br> Schedule of Investments<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 99.3% <sup>(a)</sup>** |  |  |  |
| **Call Options — 22.6%** |  |  |  |
| SPDR S&P 500 ETF Trust, Expiration: 01/16/2026; Exercise Price: $3.00 <sup>(b)(c)</sup> | $37654789 | 551 | $37410917 |
| **Put Options — 76.7%** |  |  |  |
| SPDR S&P 500 ETF Trust, Expiration: 01/16/2026; Exercise Price: $3,003.00 <sup>(b)(c)</sup> | 37654789 | 551 | 126904221 |
| **TOTAL PURCHASED OPTIONS (**Cost $163,219,801) |  |  | 164315138 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.7%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(d)</sup> | 1158558 | 1158558 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,158,558) |  | 1158558 |
| **TOTAL INVESTMENTS — 100.0% (**Cost $164,378,359) |  | **165473696** |
| **Liabilities in Excess of Other Assets — (0.0) <sup>(e)</sup>** |  | (53120) |
| **TOTAL NET ASSETS — 100.0%** |  | $**165420576** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents less than 0.05% of net assets.

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 91.6%** |  |  |
| **Aerospace & Defense — 2.4%** |  |  |
| General Dynamics Corp. | 3633 | $1241142 |
| General Electric Co. | 5432 | 1621180 |
| Howmet Aerospace, Inc. | 4112 | 841274 |
| L3Harris Technologies, Inc. | 2896 | 807086 |
| Lockheed Martin Corp. | 2086 | 955096 |
| Northrop Grumman Corp. | 1928 | 1103298 |
| RTX Corp. | 9217 | 1612146 |
|  |  | 8181222 |
| **Air Freight & Logistics — 0.3%** |  |  |
| FedEx Corp. | 3079 | 848819 |
| **Automobiles — 1.5%** |  |  |
| Ford Motor Co. | 121284 | 1610651 |
| General Motors Co. | 25719 | 1890861 |
| Tesla, Inc. <sup>(a)</sup> | 4175 | 1795960 |
|  |  | 5297472 |
| **Banks — 3.0%** |  |  |
| Bank of America Corp. | 51018 | 2737116 |
| Citigroup, Inc. | 14689 | 1521780 |
| JPMorgan Chase & Co. | 9487 | 2970190 |
| PNC Financial Services Group, Inc. | 3502 | 667902 |
| US Bancorp | 15979 | 783770 |
| Wells Fargo & Co. | 17804 | 1528473 |
|  |  | 10209231 |
| **Beverages — 1.6%** |  |  |
| Coca-Cola Co. | 33889 | 2477964 |
| Monster Beverage Corp. <sup>(a)</sup> | 13616 | 1021064 |
| PepsiCo, Inc. | 12507 | 1860291 |
|  |  | 5359319 |
| **Biotechnology — 1.9%** |  |  |
| AbbVie, Inc. | 13121 | 2987652 |
| Amgen, Inc. | 2728 | 942415 |
| Gilead Sciences, Inc. | 10144 | 1276521 |
| Regeneron Pharmaceuticals, Inc. | 913 | 712313 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1200 | 520332 |
|  |  | 6439233 |
| **Broadline Retail — 1.3%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 19612 | 4573911 |
| **Building Products — 0.3%** |  |  |
| Trane Technologies PLC | 2570 | 1083204 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital Markets — 3.4%** |  |  |
| Bank of New York Mellon Corp. | 7494 | $840077 |
| Blackrock, Inc. | 1050 | 1099665 |
| Charles Schwab Corp. | 19046 | 1766136 |
| CME Group, Inc. | 3148 | 886036 |
| Goldman Sachs Group, Inc. | 1237 | 1021812 |
| Intercontinental Exchange, Inc. | 5048 | 794050 |
| Moody's Corp. | 1591 | 780831 |
| Morgan Stanley | 9047 | 1534914 |
| Nasdaq, Inc. | 8247 | 749817 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 7642 | 981921 |
| S&P Global, Inc. | 2770 | 1381759 |
|  |  | 11837018 |
| **Chemicals — 0.7%** |  |  |
| Corteva, Inc. | 10791 | 728068 |
| Linde PLC | 2259 | 926913 |
| Sherwin-Williams Co. | 2065 | 709720 |
|  |  | 2364701 |
| **Commercial Services & Supplies — 0.6%** |  |  |
| Republic Services, Inc. | 4383 | 951374 |
| Waste Management, Inc. | 4873 | 1061680 |
|  |  | 2013054 |
| **Communications Equipment — 1.0%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 9004 | 1176643 |
| Cisco Systems, Inc. | 27045 | 2080842 |
| Motorola Solutions, Inc. | 855 | 316076 |
|  |  | 3573561 |
| **Consumer Finance — 0.7%** |  |  |
| American Express Co. | 6268 | 2289512 |
| **Consumer Staples Distribution & Retail — 2.7%** |  |  |
| Costco Wholesale Corp. | 3477 | 3176552 |
| Walmart, Inc. | 53747 | 5939581 |
|  |  | 9116133 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| AT&T, Inc. | 16558 | 430839 |
| Verizon Communications, Inc. | 8576 | 352560 |
|  |  | 783399 |
| **Electric Utilities — 1.8%** |  |  |
| American Electric Power Co., Inc. | 12054 | 1491923 |
| Constellation Energy Corp. | 4090 | 1490232 |
| Duke Energy Corp. | 12255 | 1518885 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| NextEra Energy, Inc. | 18989 | $1638561 |
|  |  | 6139601 |
| **Electrical Equipment — 0.8%** |  |  |
| AMETEK, Inc. | 4086 | 808579 |
| Eaton Corp. PLC | 2053 | 710112 |
| GE Vernova, Inc. | 1785 | 1070589 |
|  |  | 2589280 |
| **Electronic Equipment, Instruments & Components — 0.5%** |  |  |
| Amphenol Corp. - Class A | 7647 | 1077462 |
| Corning, Inc. | 3958 | 333264 |
| TE Connectivity PLC | 1385 | 313218 |
|  |  | 1723944 |
| **Entertainment — 0.7%** |  |  |
| Netflix, Inc. <sup>(a)</sup> | 15740 | 1693309 |
| Walt Disney Co. | 4538 | 474085 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 14921 | 358104 |
|  |  | 2525498 |
| **Financial Services — 3.9%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 15006 | 7710233 |
| Mastercard, Inc. - Class A | 6162 | 3392366 |
| Visa, Inc. - Class A | 6739 | 2253791 |
|  |  | 13356390 |
| **Ground Transportation — 1.0%** |  |  |
| CSX Corp. | 24464 | 865047 |
| Uber Technologies, Inc. <sup>(a)</sup> | 18167 | 1590339 |
| Union Pacific Corp. | 4427 | 1026312 |
|  |  | 3481698 |
| **Health Care Equipment & Supplies — 1.8%** |  |  |
| Abbott Laboratories | 12063 | 1554921 |
| Boston Scientific Corp. <sup>(a)</sup> | 10577 | 1074412 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 4007 | 347287 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 2503 | 1435420 |
| Medtronic PLC | 10070 | 1060673 |
| Stryker Corp. | 1674 | 621355 |
|  |  | 6094068 |
| **Health Care Providers & Services — 1.9%** |  |  |
| Cardinal Health, Inc. | 1726 | 366361 |
| Cencora, Inc. | 1175 | 433493 |
| Cigna Group | 1274 | 353255 |
| CVS Health Corp. | 10365 | 832931 |
| Elevance Health, Inc. | 1704 | 576395 |
| HCA Healthcare, Inc. | 1930 | 981000 |
| McKesson Corp. | 801 | 705777 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| UnitedHealth Group, Inc. | 7237 | $2386545 |
|  |  | 6635757 |
| **Hotels, Restaurants & Leisure — 1.7%** |  |  |
| Booking Holdings, Inc. | 453 | 2226354 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 6325 | 1254690 |
| McDonald's Corp. | 8002 | 2495184 |
|  |  | 5976228 |
| **Household Products — 0.9%** |  |  |
| Procter & Gamble Co. | 21081 | 3123361 |
| **Industrial Conglomerates — 0.6%** |  |  |
| 3M Co. | 5040 | 867132 |
| Honeywell International, Inc. | 6179 | 1187542 |
|  |  | 2054674 |
| **Insurance — 2.0%** |  |  |
| Allstate Corp. | 3800 | 809324 |
| Aon PLC - Class A | 2253 | 797382 |
| Chubb Ltd. | 4604 | 1363613 |
| Hartford Insurance Group, Inc. | 5272 | 722422 |
| Marsh & McLennan Cos., Inc. | 4858 | 891200 |
| Progressive Corp. | 6436 | 1472492 |
| Travelers Cos., Inc. | 3162 | 926023 |
|  |  | 6982456 |
| **Interactive Media & Services — 9.2%** |  |  |
| Alphabet, Inc. - Class A | 82259 | 26337687 |
| Meta Platforms, Inc. - Class A | 8493 | 5503039 |
|  |  | 31840726 |
| **IT Services — 0.5%** |  |  |
| Accenture PLC - Class A | 2915 | 728750 |
| International Business Machines Corp. | 3475 | 1072316 |
|  |  | 1801066 |
| **Life Sciences Tools & Services — 0.6%** |  |  |
| Danaher Corp. | 4100 | 929798 |
| Thermo Fisher Scientific, Inc. | 2028 | 1198203 |
|  |  | 2128001 |
| **Machinery — 1.1%** |  |  |
| Caterpillar, Inc. | 2710 | 1560310 |
| Cummins, Inc. | 2124 | 1057709 |
| Parker-Hannifin Corp. | 1359 | 1171050 |
|  |  | 3789069 |
| **Media — 0.1%** |  |  |
| Comcast Corp. - Class A | 12289 | 327993 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & Mining — 0.6%** |  |  |
| Freeport-McMoRan, Inc. | 17109 | $735345 |
| Newmont Corp. | 14532 | 1318488 |
|  |  | 2053833 |
| **Oil, Gas & Consumable Fuels — 3.3%** |  |  |
| Chevron Corp. | 18027 | 2724420 |
| ConocoPhillips | 12659 | 1122727 |
| EOG Resources, Inc. | 6087 | 656483 |
| Exxon Mobil Corp. | 34567 | 4007007 |
| Kinder Morgan, Inc. | 27406 | 748732 |
| Marathon Petroleum Corp. | 3486 | 675343 |
| Valero Energy Corp. | 3589 | 634391 |
| Williams Cos., Inc. | 12532 | 763575 |
|  |  | 11332678 |
| **Pharmaceuticals — 3.9%** |  |  |
| Bristol-Myers Squibb Co. | 14794 | 727865 |
| Eli Lilly & Co. | 4351 | 4679370 |
| Johnson & Johnson | 20212 | 4182267 |
| Merck & Co., Inc. | 22117 | 2318525 |
| Pfizer, Inc. | 44408 | 1143062 |
| Zoetis, Inc. | 2709 | 347239 |
|  |  | 13398328 |
| **Professional Services — 0.2%** |  |  |
| Automatic Data Processing, Inc. | 2862 | 730669 |
| **Real Estate Management & Development — 0.2%** |  |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 4454 | 720791 |
| **Semiconductors & Semiconductor Equipment — 13.6%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 10250 | 2229683 |
| Analog Devices, Inc. | 1470 | 390050 |
| Applied Materials, Inc. | 4102 | 1034729 |
| Broadcom, Inc. | 39860 | 16061986 |
| Intel Corp. <sup>(a)</sup> | 10928 | 443240 |
| KLA Corp. | 452 | 531312 |
| Lam Research Corp. | 9092 | 1418352 |
| Micron Technology, Inc. | 8816 | 2084808 |
| NVIDIA Corp. | 118976 | 21058752 |
| QUALCOMM, Inc. | 7024 | 1180664 |
| Texas Instruments, Inc. | 2116 | 356059 |
|  |  | 46789635 |
| **Software — 9.8%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 2212 | 708128 |
| AppLovin Corp. - Class A <sup>(a)</sup> | 720 | 431626 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Autodesk, Inc. <sup>(a)</sup> | 1121 | $340044 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 1012 | 315582 |
| Intuit, Inc. | 1174 | 744410 |
| Microsoft Corp. | 46617 | 22936030 |
| Oracle Corp. | 17257 | 3485051 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 18033 | 3037659 |
| Roper Technologies, Inc. | 751 | 335111 |
| Salesforce, Inc. | 5434 | 1252754 |
| ServiceNow, Inc. <sup>(a)</sup> | 380 | 308716 |
|  |  | 33895111 |
| **Specialty Retail — 3.7%** |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 431 | 1704316 |
| Home Depot, Inc. | 8715 | 3110558 |
| Lowe's Cos., Inc. | 6524 | 1581940 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 18689 | 1900671 |
| Ross Stores, Inc. | 9770 | 1723037 |
| TJX Cos., Inc. | 17567 | 2668779 |
|  |  | 12689301 |
| **Technology Hardware, Storage & Peripherals — 4.6%** |  |  |
| Apple, Inc. | 56071 | 15635399 |
| Western Digital Corp. | 2216 | 361939 |
|  |  | 15997338 |
| **Tobacco — 0.8%** |  |  |
| Altria Group, Inc. | 21183 | 1250009 |
| Philip Morris International, Inc. | 10505 | 1654327 |
|  |  | 2904336 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| T-Mobile US, Inc. | 3760 | 785878 |
| **TOTAL COMMON STOCKS (**Cost $288,509,281) |  | 315837497 |
| **EXCHANGE TRADED FUNDS — 6.8%** |  |  |
| Roundhill Magnificent Seven ETF | 351903 | 23493044 |
| **TOTAL EXCHANGE TRADED FUNDS (**Cost $23,788,643) |  | 23493044 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON — 1.3%** |  |  |
| **Health Care REITs — 0.3%** |  |  |
| Welltower, Inc. | 5488 | 1142712 |
| **Industrial REITs — 0.4%** |  |  |
| Prologis, Inc. | 8974 | 1153428 |
| **Retail REITs — 0.2%** |  |  |
| Simon Property Group, Inc. | 4063 | 757018 |

---

See accompanying notes to financial statements.

**Horizon Managed Risk ETF <br> Schedule of Investments (Continued)<br> November 30, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs — 0.4%** |  |  |
| American Tower Corp. | 4114 | $745745 |
| Equinix, Inc. | 975 | 734477 |
|  |  | 1480222 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (**Cost $4,361,432) |  | 4533380 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(b)</sup> | 1112682 | 1112682 |
| **TOTAL MONEY MARKET FUNDS (**Cost $1,112,682) |  | 1112682 |
| **TOTAL INVESTMENTS — 100.0% (**Cost $317,772,038) |  | **344976603** |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(c)</sup>** |  | 113958 |
| **TOTAL NET ASSETS — 100.0%** |  | $**345090561** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net assets.

See accompanying notes to financial statements.

**Horizon Nasdaq-100 Defined Risk ETF <br> Schedule of Investments<br> November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **PURCHASED OPTIONS — 100.6% <sup>(a)</sup>** |  |  |  |
| **Call Options — 99.8%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 01/15/2026; Exercise Price: $3.00 <sup>(b)(c)(f)</sup> | $79140150 | 1278 | $78647813 |
| **Put Options — 0.8%** |  |  |  |
| Invesco QQQ Trust Series 1 <sup>(b)(c)(f)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/18/2025; Exercise Price: $566.30 | 26565825 | 429 | 56276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/15/2026; Exercise Price: $580.81 | 26565825 | 429 | 257761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/12/2026; Exercise Price: $556.39 | 26565825 | 429 | 262818 |
| **Total Put Options** |  |  | 576855 |
| **TOTAL PURCHASED OPTIONS (**Cost $79,335,340) |  |  | 79224668 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS — 0.0% <sup>(d)</sup>** |  |  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(e)</sup> | 12484 | 12484 |
| **TOTAL MONEY MARKET FUNDS (**Cost $12,484) |  | 12484 |
| **TOTAL INVESTMENTS — 100.6% (**Cost $79,347,824) |  | **79237152** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | (435159) |
| **TOTAL NET ASSETS — 100.0%** |  | $**78801993** |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Held in connection with written option contracts. See Schedule of Written Options for further information.

See accompanying notes to financial statements.

**Horizon Nasdaq-100 Defined Risk ETF SCHEDULE OF WRITTEN OPTIONS November 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
| **WRITTEN OPTIONS — (0.4)%** |  |  |  |
| **Call Options — (0.2)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 12/04/2025; Exercise Price: $624.16 <sup>(a)(b)</sup> | $(39570075) | (639) | $(154306) |
| **Put Options — (0.2)%** |  |  |  |
| Invesco QQQ Trust Series 1 <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/18/2025; Exercise Price: $506.69 | (26565825) | (429) | (12818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/15/2026; Exercise Price: $519.67 | (26565825) | (429) | (67855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 02/12/2026; Exercise Price: $497.82 | (26565825) | (429) | (97516) |
| **Total Put Options** |  |  | (178189) |
| **TOTAL WRITTEN OPTIONS (**Premiums received $746,061) |  |  | $(332495) |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities**

**November 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Horizon Core <br> Bond ETF** | **Horizon Core <br> Equity ETF** | **Horizon Digital <br> Frontier ETF** | **Horizon Dividend <br> Income ETF** | **Horizon <br> Expedition <br> Plus ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $185288011 | $87020038 | $60212000 | $126681373 | $117313331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | 722279 |  |  | 230734 | 200231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 12320 | 63787 | 24921 | 268304 | 71104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  | 46 | 58 | 874 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 186022610 | 87083871 | 60236979 | 127181285 | 117584751 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option, at value | 221643 | 45154 | 261858 | 110429 | 462172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 98354 | 39046 | 36682 | 71770 | 80769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 319997 | 84200 | 298540 | 182199 | 542941 |
| **NET ASSETS** | $185702613 | $86999671 | $59938439 | $126999086 | $117041810 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $179406046 | $81848966 | $56530127 | $121912974 | $102690046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 6296567 | 5150705 | 3408312 | 5086112 | 14351764 |
| **Total net assets** | $185702613 | $86999671 | $59938439 | $126999086 | $117041810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $185702613 | $86999671 | $59938439 | $126999086 | $117041810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 7100000 | 3060000 | 2090000 | 4770000 | 4020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $26.16 | $28.43 | $28.68 | $26.62 | $29.11 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $181618816 | $81426833 | $56059814 | $121286949 | $104422386 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options premium received | $1042522 | $366596 | $138070 | $35386 | $1605953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited shares authorized.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities** **(Continued)** 

**November 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon<br> Flexible <br> Income ETF** | **Horizon <br> Landmark <br> ETF** | **Horizon <br> Managed <br> Risk ETF** | **Horizon <br> Nasdaq-100 <br> Defined Risk ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $33381747 | $165473696 | $344976603 | $79237152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | 459058 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 1884 | 826 | 328197 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  |  | 246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 33842689 | 165474522 | 345305046 | 79237289 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option, at value | 94558 |  |  | 332495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 21895 | 53946 | 214485 | 54747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  |  |  | 48054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 116453 | 53946 | 214485 | 435296 |
| **NET ASSETS** | $33726236 | $165420576 | $345090561 | $78801993 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $32843119 | $164560287 | $322169264 | $78720592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 883117 | 860289 | 22921297 | 81401 |
| **Total net assets** | $33726236 | $165420576 | $345090561 | $78801993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $33726236 | $165420576 | $345090561 | $78801993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding <sup>(a)</sup> | 1300000 | 3200000 | 12200000 | 2880000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $25.94 | $51.69 | $28.29 | $27.36 |
| **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $33257407 | $164378359 | $317772038 | $79347824 |
| **PROCEEDS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options premium received | $162779 | $— | $— | $746061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited shares authorized.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations**

**For the Period Ended November 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Horizon Core <br> Bond ETF<sup>(a)</sup>** | **Horizon Core <br> Equity ETF<sup>(b)</sup>** | **Horizon Digital <br> Frontier ETF<sup>(c)</sup>** | **Horizon Dividend <br> Income ETF<sup>(b)</sup>** | **Horizon <br> Expedition <br> Plus ETF<sup>(d)</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2395220 | $245681 | $84466 | $1186952 | $393553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  |  | (1394) | (349) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees |  |  | (99) | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 2395220 | 245681 | 82973 | 1186583 | 393553 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee | 384202 | 148324 | 141449 | 280043 | 397811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 125 | 50 | 19 | 18 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 384327 | 148374 | 141468 | 280061 | 398025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 2010893 | 97307 | (58495) | 906522 | (4472) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (200878) | (1620215) | (546967) | (1048663) | (5227322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1860299 | 867526 | 1112741 | 1452284 | 3324030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts expired or closed | 554478 | 758966 | (13115) | 198669 | 5875496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  |  | (18237) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2213899 | 6277 | 534422 | 602290 | 3972204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3669195 | 5593205 | 4152186 | 5394424 | 12890945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | 820879 | 321442 | (123788) | (75043) | 1143781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4490074 | 5914647 | 4028398 | 5319381 | 14034726 |
| **Net realized and unrealized gain (loss)** | **6703973** | **5920924** | **4562820** | **5921671** | **18006930** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**8714866** | $**6018231** | $**4504325** | $**6828193** | $**18002458** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception date of the Fund was July 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Inception date of the Fund was January 22, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations** **(Continued)** 

**For the Period Ended November 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon <br> Flexible Income <br> ETF<sup>(a)</sup>** | **Horizon <br> Landmark <br> ETF<sup>(b)</sup>** | **Horizon <br> Managed <br> Risk ETF<sup>(c)</sup>** | **Horizon <br> Nasdaq-100 <br> Defined Risk ETF<sup>(d)</sup>** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $794216 | $8744 | $1251257 | $25918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 794216 | 8744 | 1251257 | 25918 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee | 86221 | 247631 | 826752 | 211965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 60 | 625 |  | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 86281 | 248256 | 826752 | 212307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 707935 | (239512) | 424505 | (186389) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (96166) | 4896 | (4707773) | (1154314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 181073 | 1642030 | 4706654 | 5811076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts expired or closed | 273190 | (433) |  | 1119210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 358097 | 1646493 | (1119) | 5775972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 124340 | 1095337 | 27204565 | (110672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | 68221 |  |  | 413566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 192561 | 1095337 | 27204565 | 302894 |
| **Net realized and unrealized gain (loss)** | **550658** | **2741830** | **27203446** | **6078866** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**1258593** | $**2502318** | $**27627951** | $**5892477** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception date of the Fund was January 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Inception date of the Fund was July 9, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Core <br> Bond ETF** | **Horizon Core <br> Equity ETF** | **Horizon Digital <br> Frontier ETF** | **Horizon Dividend <br> Income ETF** |
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(b)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(c)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2010893 | $97307 | $(58495) | $906522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2213899 | 6277 | 534422 | 602290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4490074 | 5914647 | 4028398 | 5319381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 8714866 | 6018231 | 4504325 | 6828193 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings | (537095) |  |  | (289797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (537095) |  |  | (289797) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 180082028 | 90836284 | 64206266 | 138104241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2557186) | (9854844) | (8772152) | (17643551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 177524842 | 80981440 | 55434114 | 120460690 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 185702613 | 86999671 | 59938439 | 126999086 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $185702613 | $86999671 | $59938439 | $126999086 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7200000 | 3420000 | 2400000 | 5460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (100000) | (360000) | (310000) | (690000) |
| **Total increase (decrease) in shares outstanding** | 7100000 | 3060000 | 2090000 | 4770000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception date of the Fund was July 9, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Changes in Net Assets** **(Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Expedition <br> Plus ETF** | **Horizon Flexible <br> Income ETF** | **Horizon <br> Landmark ETF** | **Horizon Managed <br> Risk ETF** |
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(b)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** | **Period ended <br> November 30, <br> 2025<sup>(c)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(4472) | $707935 | $(239512) | $424505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3972204 | 358097 | 1646493 | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 14034726 | 192561 | 1095337 | 27204565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 18002458 | 1258593 | 2502318 | 27627951 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From earnings |  | (186687) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (186687) |  |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 110850378 | 33422378 | 170554157 | 357571504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11811026) | (768048) | (7635899) | (40108894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 99039352 | 32654330 | 162918258 | 317462610 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 117041810 | 33726236 | 165420576 | 345090561 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $117041810 | $33726236 | $165420576 | $345090561 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4440000 | 1330000 | 3350000 | 13650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (420000) | (30000) | (150000) | (1450000) |
| **Total increase (decrease) in shares outstanding** | 4020000 | 1300000 | 3200000 | 12200000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was January 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Inception date of the Fund was June 25, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Changes in Net Assets** **(Continued)**

---

| | |
|:---|:---|
|  | **Horizon <br> Nasdaq-100 <br> Defined Risk ETF** |
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(186389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5775972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 302894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 5892477 |
| **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 76068372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3158856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 72909516 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 78801993 |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $78801993 |
| **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (120000) |
| **Total increase (decrease) in shares outstanding** | 2880000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 9, 2025.

See accompanying notes to financial statements.

**Horizon Core Bond ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $24.98 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.35 |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 0.91 |
| **Total from investment operations** | 1.26 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.08) |
| Total distributions | (0.08) |
| **Net asset value, end of period** | $26.16 |
| **TOTAL RETURN** <sup>(d)</sup> | 5.02% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $185703 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(f)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(f)</sup> | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 3.40% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(h)</sup> | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Core Equity ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $24.99 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.05 |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 3.39 |
| **Total from investment operations** | 3.44 |
| **Net asset value, end of period** | $28.43 |
| **TOTAL RETURN** <sup>(d)</sup> | 13.77% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $87000 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(f)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(f)</sup> | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 0.46% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(h)</sup> | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Digital Frontier ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.28 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment loss<sup>(b)</sup> | (0.03) |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 3.43 |
| **Total from investment operations** | 3.40 |
| **Net asset value, end of period** | $28.68 |
| **TOTAL RETURN** <sup>(d)</sup> | 13.44% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $59938 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(e)</sup> | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(e)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)</sup> | (0.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(g)</sup> | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Dividend Income ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $24.81 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.25 |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 1.62 |
| **Total from investment operations** | 1.87 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.06) |
| Total distributions | (0.06) |
| **Net asset value, end of period** | $26.62 |
| **TOTAL RETURN** <sup>(d)</sup> | 7.57% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $126999 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(e)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(e)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)</sup> | 2.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(g)</sup> | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.27 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment loss<sup>(b)</sup> | (0.00)<sup>(c)</sup> |
| Net realized and unrealized gain (loss) on investments <sup>(d)</sup> | 3.84 |
| **Total from investment operations** | 3.84 |
| **Net asset value, end of period** | $29.11 |
| **TOTAL RETURN** <sup>(e)</sup> | 15.22% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(f)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $117042 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(g)</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(g)</sup> | 0.00 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(g)</sup> | (0.01)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(e)(i)</sup> | 92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was January 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Flexible Income ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.05 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.68 |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 0.36 |
| **Total from investment operations** | 1.04 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.15) |
| Total distributions | (0.15) |
| **Net asset value, end of period** | $25.94 |
| **TOTAL RETURN** <sup>(d)</sup> | 4.16% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $33726 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(f)</sup> | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(f)</sup> | 0.00 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 6.57% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(h)</sup> | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Landmark ETF** <br> **FINANCIAL HIGHLIGHTS**<br>

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $50.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment loss<sup>(b)</sup> | (0.17) |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 1.86 |
| **Total from investment operations** | 1.69 |
| **Net asset value, end of period** | $51.69 |
| **TOTAL RETURN** <sup>(d)</sup> | 3.39% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $165421 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(e)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(e)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)</sup> | (0.39)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(g)</sup> | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was January 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Managed Risk ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.05 |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 3.24 |
| **Total from investment operations** | 3.29 |
| **Net asset value, end of period** | $28.29 |
| **TOTAL RETURN** <sup>(d)</sup> | 13.14% |
| **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $345091 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(f)</sup> | 0.77% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(g)</sup> | 23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Nasdaq-100 Defined Risk ETF** 

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Period ended <br> November 30, <br> 2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $25.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment loss<sup>(b)</sup> | (0.08) |
| Net realized and unrealized gain (loss) on investments <sup>(c)</sup> | 2.44 |
| **Total from investment operations** | 2.36 |
| **Net asset value, end of period** | $27.36 |
| **TOTAL RETURN** <sup>(d)</sup> | 9.45% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $78802 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets <sup>(e)</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(e)</sup> | 0.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)</sup> | (0.75)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate <sup>(d)(g)</sup> | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund was July 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount represents less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Funds** 

**Notes to Financial Statements**

**November 30, 2025**

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

Horizon Core Bond ETF, Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Dividend Income ETF, Horizon Expedition Plus ETF, Horizon Flexible Income ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, and Horizon Nasdaq-100 Defined Risk ETF (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 Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). Each Fund is a diversified series of the Trust, except the Horizon Digital Frontier ETF, which is a non-diversified series of the Trust. The investment objectives of Horizon Core Bond ETF, Horizon Expedition Plus ETF and Horizon Landmark ETF are to seek total return. The investment objectives of Horizon Core Equity ETF and Horizon Digital Frontier are to seek capital appreciation. The investment objective of Horizon Dividend Income ETF is to seek capital appreciation and current income. The investment objective of Horizon Flexible Income ETF is to seek current income. The investment objective of Horizon Managed Risk ETF seeks to capture the majority of U.S. large-cap equity market returns while mitigating downside risk through a "Risk Assist<sup>®</sup>" strategy. The investment objective of Horizon Nasdaq-100 Defined Risk ETF is to seek capital appreciation and capital preservation.

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"), Nasdaq Stock Market LLC ("Nasdaq"), or the NYSE Arca, Inc. ("NYSE"). Market prices for the Shares may be different from their net asset value ("NAV"). Each Fund issues and redeems Shares on a continuous basis at NAV, called "Creation Units", which generally consist of shares listed in the table below. Creation Units are issued and redeemed primarily in-kind for securities included in a specified index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Quasar Distributors, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order, or another party, such as Horizon Investments, LLC (the "Adviser" or "Horizon"), has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable fees, if any, received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of <br> Operations** | **Exchange** | **Transaction <br> Fees** | **Creation Units** |
| Horizon Core Bond ETF | BNDY | July 2, 2025 | CBOE | $300 | 10000 |
| Horizon Core Equity ETF | STOX | June 25, 2025 | CBOE | $500 | 20000 |
| Horizon Digital Frontier ETF | YNOT | July 9, 2025 | NASDAQ | $300 | 10000 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of <br> Operations** | **Exchange** | **Transaction <br> Fees** | **Creation Units** |
| Horizon Dividend Income ETF | DIVN | June 25, 2025 | CBOE | $500 | 10000 |
| Horizon Expedition Plus ETF | HBTA | January 22, 2025 | NYSE | $500 | 20000 |
| Horizon Flexible Income ETF | FLXN | July 2, 2025 | CBOE | $300 | 10000 |
| Horizon Landmark ETF | BENJ | January 22, 2025 | NYSE | $300 | 10000 |
| Horizon Managed Risk ETF | SFTY | June 25, 2025 | CBOE | $500 | 10000 |
| Horizon Nasdaq-100 Defined Risk ETF | QGRD | July 9, 2025 | NASDAQ | $300 | 30000 |

---

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.** **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 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 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 (other than Flexible Exchange Options ("Flex 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. FLEX Options listed on an exchange (e.g., Cboe) generally are valued using a model-based price provided by the exchange at the official close of that exchange's trading day. The close of trading for some options exchanges may occur later than the closing of the NYSE. However, on days when a trade in the FLEX Options held by the Fund occurs, the same-day

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

market trade price will be used to value such FLEX Options in lieu of the model-based price. If there is no same-day market trade price for the FLEX Options and/or the exchange is unable to provide a model price, or if such prices are deemed by the Adviser, in its judgment, to be unreliable, the value of the FLEX Options may be priced at fair value as determined in accordance with valuation procedures approved by the Board and the requirements of the 1940 Act.

Other securities and assets for which market quotations are not readily available or for which a 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 a 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.

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, 2025, for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $181450731 | $— | $— | $**181450731** |
| Purchased Options |  | 40262 |  | **40262** |
| Money Market Funds | 3797018 |  |  | **3797018** |
| **Total** | $**185247749** | $**40262** | $**—** | $**185288011** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(221643) | $— | $**(221643)** |
| **Total** | $**—** | $**(221643)** | $**—** | $**(221643)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $79830593 | $— | $— | $**79830593** |
| Exchange Traded Funds | 5927620 |  |  | **5927620** |
| Real Estate Investment Trusts - Common | 1159734 |  |  | **1159734** |
| Purchased Options |  | 20319 |  | **20319** |
| Money Market Funds | 81772 |  |  | **81772** |
| **Total** | $**86999719** | $**20319** | $**—** | $**87020038** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(45154) | $— | $**(45154)** |
| **Total** | $**—** | $**(45154)** | $**—** | $**(45154)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $59654907 | $— | $— | $**59654907** |
| Real Estate Investment Trusts - Common | 155477 |  |  | **155477** |
| Purchased Options |  | 19620 |  | **19620** |
| Money Market Funds | 381996 |  |  | **381996** |
| **Total** | $**60192380** | $**19620** | $**—** | $**60212000** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(261858) | $— | $**(261858)** |
| **Total** | $**—** | $**(261858)** | $**—** | $**(261858)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $126434924 | $— | $— | $**126434924** |
| Money Market Funds | 246449 |  |  | **246449** |
| **Total** | $**126681373** | $**—** | $**—** | $**126681373** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(110429) | $— | $**(110429)** |
| **Total** | $**—** | $**(110429)** | $**—** | $**(110429)** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $104634605 | $— | $— | $**104634605** |
| Exchange Traded Funds | 10752432 |  |  | **10752432** |
| Real Estate Investment Trusts - Common | 1400968 |  |  | **1400968** |
| Purchased Options |  | 238919 |  | **238919** |
| Money Market Funds | 286407 |  |  | **286407** |
| **Total** | $**117074412** | $**238919** | $**—** | $**117313331** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(462172) | $— | $**(462172)** |
| **Total** | $**—** | $**(462172)** | $**—** | $**(462172)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $32740352 | $— | $— | $**32740352** |
| Purchased Options |  | 25816 |  | **25816** |
| Money Market Funds | 615579 |  |  | **615579** |
| **Total** | $**33355931** | $**25816** | $**—** | $**33381747** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(94558) | $— | $**(94558)** |
| **Total** | $**—** | $**(94558)** | $**—** | $**(94558)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Landmark ETF** | **Horizon Landmark ETF** | **Horizon Landmark ETF** | **Horizon Landmark ETF** | **Horizon Landmark ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $164315138 | $— | $**164315138** |
| Money Market Funds | 1158558 |  |  | **1158558** |
| **Total** | $**1158558** | $**164315138** | $**—** | $**165473696** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** | **Horizon Managed Risk ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $315837497 | $— | $— | $**315837497** |
| Exchange Traded Funds | 23493044 |  |  | **23493044** |
| Real Estate Investment Trusts - Common | 4533380 |  |  | **4533380** |
| Money Market Funds | 1112682 |  |  | **1112682** |
| **Total** | $**344976603** | $**—** | $**—** | $**344976603** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Options | $— | $79224668 | $— | $79224668 |
| Money Market Funds | 12484 |  |  | **12484** |
| **Total** | $**12484** | $**79224668** | $**—** | $**79237152** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(332495) | $— | $**(332495)** |
| **Total** | $**—** | $**(332495)** | $**—** | $**(332495)** |

---

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

<sup>(a)</sup> Amount is less than $0.50.

*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 at 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 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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

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 Funds' options transactions include investments in FLEX Options, including both purchased and written put and call options (as further described below). FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.

Each FLEX Option contract entitles the holder thereof (i.e. the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts.

The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, "Corporate Actions") specified in the OCC's by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC's by-laws, the nature and extent of any such adjustment is to be determined by the OCC's Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.

The average quarterly value outstanding of purchased and written options during the period ended November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Core <br> Bond ETF** | **Horizon Core <br> Equity ETF** | **Horizon Digital <br> Frontier ETF** | **Horizon <br> Dividend <br> Income ETF** |
| Purchased Options | $63224 | $51123 | $13617 | $0 |
| Written Options | $271236 | $98797 | $210099 | $55799 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon <br> Expedition Plus <br> ETF** | **Horizon <br> Flexible Income <br> ETF** | **Horizon <br> Landmark ETF** | **Horizon <br> Nasdaq-100 <br> Defined Risk <br> ETF** |
| Purchased Options | $194250 | $36757 | $80431357 | $76424542 |
| Written Options | $363614 | $116912 | $50 | $323157 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **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 Core Bond ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Core Equity ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Digital Frontier ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Dividend Income ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Expedition Plus ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Landmark ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Nasdaq-100 Defined Risk ETF | Equity Risk Contracts | Investments, at value | Written option, at value |

---

---

| | |
|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $40262 |
| Written Options | $221643 |

---

---

| | |
|:---|:---|
| **Horizon Core Equity ETF** | **Horizon Core Equity ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $20319 |
| Written Options | $45154 |

---

---

| | |
|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $19620 |
| Written Options | $261858 |

---

---

| | |
|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $— |
| Written Options | $110429 |

---

---

| | |
|:---|:---|
| **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $238919 |
| Written Options | $462172 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | |
|:---|:---|
| **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $25816 |
| Written Options | $94558 |

---

---

| | |
|:---|:---|
| **Horizon Landmark ETF** | **Horizon Landmark ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $164315138 |
| Written Options | $— |

---

---

| | |
|:---|:---|
| **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
| Purchased Options | $79224668 |
| Written Options | $332495 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended November 30, 2025:

---

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

---

---

| | |
|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| 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 | $(200878) |
| Written Options | 554478 |
|  | $353600 |

---

---

| | |
|:---|:---|
| 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 | $(306305) |
| Written Options | 820879 |
|  | $514574 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | |
|:---|:---|
| **Horizon Core Equity ETF** | **Horizon Core Equity ETF** |
| 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 | $(547181) |
| Written Options | 758966 |
|  | $211785 |

---

---

| | |
|:---|:---|
| 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 | $(206447) |
| Written Options | 321442 |
|  | $114995 |

---

---

| | |
|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| 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 | $(122006) |
| Written Options | (13115) |
|  | $(135121) |

---

---

| | |
|:---|:---|
| 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 | $(110237) |
| Written Options | (123788) |
|  | $(234025) |

---

---

| | |
|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| 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 | $(3450) |
| Written Options | 198669 |
|  | $195219 |

---

---

| | |
|:---|:---|
| 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 | $— |
| Written Options | (75043) |
|  | $(75043) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | |
|:---|:---|
| **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** |
| 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 | $(4272779) |
| Written Options | 5875496 |
|  | $1602716 |

---

---

| | |
|:---|:---|
| 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 | $(738065) |
| Written Options | 1143781 |
|  | $405716 |

---

---

| | |
|:---|:---|
| **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** |
| 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 | $(96166) |
| Written Options | 273190 |
|  | $177024 |

---

---

| | |
|:---|:---|
| 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 | $(30027) |
| Written Options | 68221 |
|  | $38194 |

---

---

| | |
|:---|:---|
| **Horizon Landmark ETF** | **Horizon Landmark ETF** |
| 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 | $4896 |
| Written Options | (433) |
|  | $4463 |

---

---

| | |
|:---|:---|
| 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 | $1095337 |
| Written Options |  |
|  | $1095337 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | |
|:---|:---|
| **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** |
| 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 | $(1154301) |
| Written Options | 1119210 |
|  | $(35091) |

---

---

| | |
|:---|:---|
| 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 | $(110672) |
| Written Options | 413566 |
|  | $302894 |

---

**Offsetting of Financial Assets and Derivative Liabilities** 

The following table presents the Funds' liability derivatives and collateral pledged for the Funds as November 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** | **Horizon Core Bond ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $221643<sup>(1)</sup> | $— | $221643 | $(221643)<sup>(2)</sup> | $— | $— |
| Total | $221643 | $— | $221643 | $(221643) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** | **Horizon Core Equity ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $45154<sup>(1)</sup> | $— | $45154 | $(45154)<sup>(2)</sup> | $— | $— |
| Total | $45154 | $— | $45154 | $(45154) | $— | $— |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $261858<sup>(1)</sup> | $— | $261858 | $(261858)<sup>(2)</sup> | $— | $— |
| Total | $261858 | $— | $261858 | $(261858) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** | **Horizon Dividend Income ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $110429<sup>(1)</sup> | $— | $110429 | $(110429)<sup>(2)</sup> | $— | $— |
| Total | $110429 | $— | $110429 | $(110429) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $462172<sup>(1)</sup> | $— | $462172 | $(462172)<sup>(2)</sup> | $— | $— |
| Total | $462172 | $— | $462172 | $(462172) | $— | $— |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** | **Horizon Flexible Income ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $94558<sup>(1)</sup> | $— | $94558 | $(94558)<sup>(2)</sup> | $— | $— |
| Total | $94558 | $— | $94558 | $(94558) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** | **Horizon Nasdaq-100 Defined Risk ETF** |
| <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 | Collateral <br> Pledged/<br> Received | Net Amount |
| Written Option Contracts | $332495<sup>(1)</sup> | $— | $332495 | $(332495)<sup>(2)</sup> | $— | $— |
| Total | $332495 | $— | $332495 | $(332495) | $— | $— |

---

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

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

*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 is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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 http://www.sec.gov. 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: publicinfo@sec.gov.

*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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

on returns filed for open tax years or expected to be taken on the Funds' 2025 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 Statement of Operations.

*Distributions to Shareholders* – Distributions from investment income, if any, are declared and paid at least quarterly for Horizon Core Bond ETF, Horizon Dividend Income Fund, and Horizon Flexible Income Fund and annually for Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Expedition Plus ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, and Horizon Nasdaq-100 Defined Risk ETF. Each are recorded on the declaration 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.

*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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **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. Under the terms of the Advisory Agreement, Horizon has agreed to pay all expenses of the Funds, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) internal expenses of pooled investment vehicles in which the Fund may invest (acquired fund fees and expenses); (iii) distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iv) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (v) any fees and expense related to the provision of securities lending services; (vi) the advisory fee payable to the Adviser hereunder; (vii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; and (viii) other extraordinary expenses (in each case as determined by a majority of the independent trustees). The internal expenses of pooled investment vehicles in which a Fund may invest (acquired fund fees and expenses) are not expenses of a Fund and are not paid by the Adviser. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund Name** | **Annual Rate of <br> Average Daily Net <br> Assets** |
| Horizon Core Bond ETF | 0.65% |
| Horizon Core Equity ETF | 0.70% |
| Horizon Digital Frontier ETF | 0.75% |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

---

| | |
|:---|:---|
| **Fund Name** | **Annual Rate of <br> Average Daily Net <br> Assets** |
| Horizon Dividend Income ETF | 0.70% |
| Horizon Expedition Plus ETF | 0.85% |
| Horizon Flexible Income ETF | 0.80% |
| Horizon Landmark ETF | 0.40% |
| Horizon Managed Risk ETF | 0.77% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.85% |

---

Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser"), the Sub-Adviser is responsible for trading portfolio securities for each Fund, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser from its management fee, which fee is calculated and paid monthly, at an annual rate based on average daily net assets of each Fund.

Quasar Distributors, LLC (the "Distributor"), serves as the distributor in connection with the continuous offering of the Funds' shares only in Creation Units. The Distributor will not distribute shares in amounts less than a Creation Unit and does not maintain a secondary market in shares. Currently, Horizon compensates the Distributor for services that the Distributor provides to each Fund.

U.S. Bank Global Fund Services, a subsidiary of U.S. Bancorp, serves as the Funds' fund accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp, serves as the Funds' custodian pursuant to a custody agreement. Under the terms of these agreements, the Adviser pays the Funds' accounting, administrative, custody, and transfer agency fees.

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

For the period ended November 30, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, and the in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **In-Kind Purchases** | **In-Kind Sales** |
| Horizon Core Bond ETF | $— | $— | $179469574 | $2020219 |
| Horizon Core Equity ETF | 12743265 | 12479861 | 90275479 | 9204014 |
| Horizon Digital Frontier ETF | 11886710 | 10539589 | 61730334 | 8216112 |
| Horizon Dividend Income ETF | 13964755 | 13294485 | 137044652 | 17070965 |
| Horizon Expedition Plus ETF | 56250772 | 54224142 | 110224869 | 11428004 |
| Horizon Flexible Income ETF |  |  | 33337092 | 758296 |
| Horizon Landmark ETF |  |  |  |  |
| Horizon Managed Risk ETF | 64887665 | 63138550 | 355300596 | 40343135 |
| Horizon Nasdaq-100 Defined Risk ETF |  |  |  |  |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the period ended November 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| <br>**Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Return of <br> Capital** | **Total** |
| Horizon Core Bond ETF | $537095 | $— | $— | $537095 |
| Horizon Core Equity ETF |  |  |  |  |
| Horizon Digital Frontier ETF |  |  |  |  |
| Horizon Dividend Income ETF | 289797 |  |  | 289797 |
| Horizon Expedition Plus ETF |  |  |  |  |
| Horizon Flexible Income ETF | 186687 |  |  | 186687 |
| Horizon Landmark ETF |  |  |  |  |
| Horizon Managed Risk ETF |  |  |  |  |
| Horizon Nasdaq-100 Defined Risk ETF |  |  |  |  |

---

On December 26, 2025, the Funds paid the following per share income distributions:

---

| | |
|:---|:---|
| **Fund** | |
| Horizon Core Bond ETF | $0.36341554 |
| Horizon Core Equity ETF | 0.05374653 |
| Horizon Digital Frontier ETF |  |
| Horizon Dividend Income ETF | 0.32913092 |
| Horizon Expedition Plus ETF | 0.00726628 |
| Horizon Flexible Income ETF | 0.62331233 |
| Horizon Landmark ETF |  |
| Horizon Managed Risk ETF | 0.05299336 |
| Horizon Nasdaq-100 Defined Risk ETF |  |

---

<sup>(1)</sup> All or a portion of this distribution was determined to be a return of capital.

On December 26, 2025, the Funds paid the following per share capital gains distributions from each class:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term\*** | **Long-Term** |
| Horizon Core Bond ETF | $0.04615 | $— |
| Horizon Core Equity ETF |  |  |
| Horizon Digital Frontier ETF |  |  |
| Horizon Dividend Income ETF |  |  |
| Horizon Expedition Plus ETF | 0.17732 |  |
| Horizon Flexible Income ETF | 0.11597 |  |
| Horizon Landmark ETF |  |  |
| Horizon Managed Risk ETF |  |  |
| Horizon Nasdaq-100 Defined Risk ETF | 0.41769 |  |

---

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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2025, 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 Core Bond ETF | $180576294 | $4796379 | $(306305) | $4490074 |
| Horizon Core Equity ETF | 81060237 | 7537902 | (1623256) | 5914646 |
| Horizon Digital Frontier ETF | 55713321 | 6713653 | (2476832) | 4236821 |
| Horizon Dividend Income ETF | 121251563 | 8982089 | (3662708) | 5319381 |
| Horizon Expedition Plus ETF | 103109373 | 16438273 | (2696487) | 13741786 |
| Horizon Flexible Income ETF | 33094628 | 226818 | (34256) | 192562 |
| Horizon Landmark ETF | 164378359 | 1229798 | (134461) | 1095337 |
| Horizon Managed Risk ETF | 317772038 | 35040275 | (7835710) | 27204565 |
| Horizon Nasdaq-100 Defined Risk ETF | 78601763 | 1501935 | (1199041) | 302894 |

---

As of November 30, 2025, 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** | **Unrealized <br> Appreciation/ <br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/<br> (Deficits)** |
| Horizon Core Bond ETF | $1806493 | $– $|  | $4490074 | $6296567 |
| Horizon Core Equity ETF | 97308 | – | (861249) | 5914646 | 5150705 |
| Horizon Digital Frontier ETF |  | – | (828509) | 4236821 | 3408312 |
| Horizon Dividend Income ETF | 616725 | – | (849994) | 5319381 | 5086112 |
| Horizon Expedition Plus ETF | 609978 | – |  | 13741786 | 14351764 |
| Horizon Flexible Income ETF | 690556 | – | (1) | 192562 | 883117 |
| Horizon Landmark ETF |  | – | (235048) | 1095337 | 860289 |
| Horizon Managed Risk ETF | 424505 | – | (4707773) | 27204565 | 22921297 |
| Horizon Nasdaq-100 Defined Risk ETF |  | – | (221493) | 302894 | 81401 |

---

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, 2025, Horizon Digital Frontier ETF, Horizon Landmark ETF, and Horizon Nasdaq-100 Defined Risk ETF deferred, on a tax basis, late year ordinary losses of $57,189, $235,048, and $186,389, respectively.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

At November 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | **Non-Expiring** |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** |
| Horizon Core Bond ETF | $— | $— | $— |
| Horizon Core Equity ETF | 861249 |  | 861249 |
| Horizon Digital Frontier ETF | 550195 | 221125 | 771320 |
| Horizon Dividend Income ETF | 849994 |  | 849994 |
| Horizon Expedition Plus ETF |  |  |  |
| Horizon Flexible Income ETF |  |  |  |
| Horizon Landmark ETF |  |  |  |
| Horizon Managed Risk ETF | 4707773 |  | 4707773 |
| Horizon Nasdaq-100 Defined Risk ETF | 35104 |  | 35104 |

---

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 due to the use of deemed distributions on shareholder redemptions and redemptions in-kind. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the period ended November 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable <br> Earnings/<br> (Accumulated <br> Deficit)** | **Paid In<br> Capital** |
| Horizon Core Bond ETF | $(1881204) | $1881204 |
| Horizon Core Equity ETF | (867526) | 867526 |
| Horizon Digital Frontier ETF | (1096013) | 1096013 |
| Horizon Dividend Income ETF | (1452284) | 1452284 |
| Horizon Expedition Plus ETF | (3650694) | 3650694 |
| Horizon Flexible Income ETF | (188789) | 188789 |
| Horizon Landmark ETF | (1642029) | 1642029 |
| Horizon Managed Risk ETF | (4706654) | 4706654 |
| Horizon Nasdaq-100 Defined Risk ETF | (5811076) | 5811076 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Continued)<br> November 30, 2025**

**6. SIGNIFICANT ACCOUNTING Pronouncements**

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Trust's Treasurer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **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.

**Horizon Funds** <br> **Report of Independent Registered Public Accounting Firm**<br> **November 30, 2025**<br>

To the Shareholders and Board of Trustees of

Horizon Funds

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options (as applicable), of the funds listed below (the "Funds"), each a series of Horizon Funds, as of November 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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, 2025, 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.

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| | |
|:---|:---|
| **Fund Name** | **Statement of Operations, Statement of Changes in Net Assets, and <br> Financial Highlights** |
| &nbsp;&nbsp; Horizon Core Bond ETF<br> Horizon Flexible Income ETF | &nbsp;&nbsp;For the period from July 2, 2025 (commencement of operations) to November 30, 2025 |
| &nbsp;&nbsp; Horizon Core Equity ETF<br> Horizon Dividend Income ETF<br> Horizon Managed Risk ETF | &nbsp;&nbsp;For the period from June 25, 2025 (commencement of operations) to November 30, 2025 |
| &nbsp;&nbsp; Horizon Digital Frontier ETF<br> Horizon Nasdaq-100 Defined Risk ETF | &nbsp;&nbsp;For the period from July 9, 2025 (commencement of operations) to November 30, 2025 |
| &nbsp;&nbsp; Horizon Expedition Plus ETF<br> Horizon Landmark ETF | &nbsp;&nbsp;For the period from January 22, 2025 (commencement of operations) to November 30, 2025 |

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<u>Basis for Opinion</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.

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, 2025, 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 auditor of one or more series of Horizon Funds since 2015.

![](fp0096954-44_144.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 28, 2026

**Horizon Funds** 

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

**November 30, 2025**

*Qualified Dividend Income/Dividends Received Deduction* 

For the fiscal period ended November 30, 2025, 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:

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| | |
|:---|:---|
| **Fund Name** | **Qualified Dividend Income** |
| Horizon Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 100.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 100.00% |
| Horizon Expedition Plus ETF | 36.66% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 100.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |

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For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended November 30, 2025 was as follows:

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| | |
|:---|:---|
| **Fund Name** | **Dividends Received Deduction** |
| Horizon Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 0.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 100.00% |
| Horizon Expedition Plus ETF | 0.00% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 100.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

*Foreign Tax Credit* 

For the period ended November 30, 2025, the following Funds 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:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign Source <br> Income Earned** | **Foreign <br> Taxes Paid** |
| Horizon Core Bond ETF | $– $|  |
| Horizon Core Equity ETF | – |  |
| Horizon Digital Frontier ETF | – |  |
| Horizon Dividend Income ETF | – |  |
| Horizon Expedition Plus ETF | – |  |
| Horizon Flexible Income ETF | – |  |
| Horizon Landmark ETF | – |  |
| Horizon Managed Risk ETF | – |  |
| Horizon Nasdaq-100 Defined Risk ETF | – |  |

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*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:

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| | |
|:---|:---|
| **Fund Name** | **Short-Term** |
| Horizon Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 0.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 0.00% |
| Horizon Expedition Plus ETF | 0.00% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 0.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

*Changes in and Disagreements with Accountants for Open-End Management Investment Companies.* 

There were no changes in or disagreements with accountants during the period covered by this report.

*Proxy Disclosures for Open-End Management Investment Companies.* 

There were no matters submitted to a vote of shareholders during the period covered by this report.

*Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.* 

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

*Statement Regarding Basis for Approval of Investment Advisory Contract.* 

In considering the approval of the Investment Advisory Agreements and Sub-Advisory Agreements for the Horizon Dividend Income ETF, the Horizon Core Equity ETF, the Horizon Managed Risk ETF, the Horizon Core Bond ETF, the Horizon Flexible Income ETF, the Horizon Nasdaq-100 Defined Risk ETF, and the Horizon Digital Frontier ETF (collectively, the "New ETFs") and reaching their conclusions with respect thereto, the Board reviewed and analyzed various factors that they determined were relevant, including, but not necessarily limited to: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser to the New ETFs; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationship with the New ETFs; (iii) the extent to which economies of scale will be realized as the New ETFs grow; and (iv) whether the fee levels reflect these economies of scale to the benefit of shareholders, including the following:

● The Board considered information regarding the services to be provided to the New ETFs by the Adviser and Sub-Adviser and their respective responsibilities related to the management of each of the New ETFs. The Board considered information regarding the experience, qualifications and key personnel of the Adviser and the Sub-Adviser. The Board considered the Adviser's oversight responsibilities with respect to the Sub-Adviser and the other services to be provided to the New ETFs by the Adviser. The Board also considered the Adviser's and Sub-Advisor's resources and operational structure, including information regarding their respective compliance programs, as well as their respective experience providing services to other funds. The Board concluded that the nature, overall quality, and extent of the management services to be provided supported the approval of the Investment Advisory Agreements and Sub-Advisory Agreements.

● The Board reviewed the anticipated cost of the Adviser's and Sub-Adviser's services, and the proposed structure of each New ETF's advisory fee as a unitary fee, including a comparison to fees charged by funds in the applicable Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that the Horizon Core Bond ETF's unitary fee was lower than the Peer Group average and median management fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that the Horizon Core Equity ETF's unitary fee was higher than the average management fee for the Peer Group and slightly higher than the median management fee for the Peer Group, but noted that the unitary fee was lower than the median total expense ratio for the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that the Horizon Digital Frontier ETF's unitary fee was higher than the average management fee for the Peer Group and slightly higher than the median management fee for the Peer Group. However, the Trustees noted that the unitary fee was within the Peer Group range of total expense ratios.

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) November 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that the Horizon Dividend Income ETF's unitary fee was slightly higher than the average and equal to the median management fee for the Peer Group and equal to the median total expense ratio for the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that for the Horizon Flexible Income ETF the unitary fee was higher than the average and median management fee for the Peer Group. However, the Trustees noted that the unitary fee was within the Peer Group range of total expense ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that for the Horizon Managed Risk ETF the unitary fee was higher than the average and median management fee for the Peer Group. However, the Trustees noted that the unitary fee was within the Peer Group range of management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Trustees noted that for the Horizon Nasdaq-100 Defined Risk ETF, the unitary fee was higher than the average and median management fee for the Peer Group. However, the Trustees noted that the unitary fee was within the Peer Group range of total expense ratios.

● The Board considered that the Adviser would be responsible for paying the Sub-Adviser out of the unitary fee and that the sub-advisory fee reflected an arm's-length negotiation between the Adviser and Sub-Adviser based on the nature of services to be provided. After reviewing the materials that were provided, the Board concluded that the fee to be charged to each New ETF was fair and reasonable in light of the nature, extent and quality of the services to be provided to the New ETFs. Further, the Board concluded that the Adviser's profitability in providing services under each Investment Advisory Agreement did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser.

● The Trustees considered that the Advisory Agreements incorporate a unitary fee structure and noted the ability of the New ETFs to recognize certain economies of scale through this structure. The Board noted that the unitary fee arrangement between the Adviser and the Trust with respect to each New ETF would limit the fees paid by shareholders. The Board considered that they will have the opportunity to periodically reexamine whether economies of scale have been achieved by either of the New ETFs.

After full consideration of the above factors as well as other factors, the Board unanimously determined to approve the proposed Advisory Agreement between each of the New ETFs and the Adviser and the proposed Sub-Advisory Agreement between each of the New ETFs, the Adviser and the Sub-Adviser.

*PRIVACY NOTICE (Unaudited)* 

February 2016

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| | | | |
|:---|:---|:---|:---|
| &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 |

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

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| | |
|:---|:---|
| &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.* |

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**Investment Adviser** Horizon Investments, LLC

6210 Ardrey Kell Road, Suite 300

Charlotte, NC 28277

**Distributor** Quasar Distributors, LLC

111 E. Kilbourn Ave, Suite 2200

Milwaukee, WI 53202

**Custodian** U.S. Bank N.A.

Custody Operations

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

**Transfer Agent, Fund Accountant and Fund Administrator** U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

**Independent Registered Public Accounting Firm** Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**Legal Counsel** Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

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.

(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant's nominating committee charter does not contain any procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](fp0096954-51_ex99code.htm) [(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. **Filed herewith.**](fp0096954-51_ex99code.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. **Not Applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).](fp0096954-51_ex99cert.htm) **[Filed herewith.](fp0096954-51_ex99cert.htm)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. **Not Applicable.**

 

[*(b)*](fp0096954-51_ex99906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* **Furnished herewith.**](fp0096954-51_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.

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| | |
|:---|:---|
| (Registrant) | Horizon Funds |
| By (Signature and Title)\* | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date | 2/6/2026 |

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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.

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date | 2/6/2026 |

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Stephen Terry |
|  | Stephen Terry, Principal Financial Officer |
| Date | 2/6/2026 |

---

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

## Ex-99.Code

EX.99.CODE ETH

**HORIZON FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS**

**I. Covered Officers/Purpose of the Code**

The code of ethics (this "Code") for Horizon Funds (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable
disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of
the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

Overview. A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment advisers (the "investment advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally
to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to
take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio
transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market
effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any affiliations or
other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of non-nominal gifts from affiliates
of the Fund or the Fund's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of entertainment from any company
with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment
is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting
or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter,
administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar
arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation
or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer shall become familiar with
the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer shall not knowingly misrepresent,
or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's
management and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer may, to the extent appropriate
within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer,
consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of
promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to,
the SEC and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer
to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that
the Covered Officer has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer
or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the CCO promptly if the Covered Officer
knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advice of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the CCO shall (with the assistance of Trust Counsel
if requested) take all appropriate action to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the CCO believes
that no violation has occurred, then no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the CCO believes may be a violation
shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment
Company Act, of the Trust (the "Independent Trustees");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Independent Trustees concur that a violation
may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a
review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board
of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers,
as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will,
to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment advisers' and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

**VI. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII. Confidentiality**

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: September 22, 2015

**Exhibit A**

**Effective November 15, 2021**

<u>Persons Covered by this Code of Ethics</u>

John Drahzal – President

Steve Terry - Treasurer

## 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: | 2/6/2026 | /s/ John Drahzal |
|  |  | John Drahzal<br> 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: | 2/6/2026 | /s/ Stephen Terry |
|  |  | Stephen Terry <br> 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 period ended November 30, 2025 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 |
| <br> John Drahzal<br> Principal Executive Officer, Horizon Funds<br>| <br> Stephen Terry<br> Principal Financial Officer, Horizon Funds |

---

Dated: <u>2/6/2026</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.