# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-25-014779
**Filing Date:** 2025-8
**Character Count:** 485698
**Document Hash:** 5c1136529367a526f854e702d0d01323
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-014779.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001398344-25-014779

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 251196681

**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 |  |

?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>May 31, 2025</u>**

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

(a) ### Horizon Active Asset Allocation Fund

### Advisor Class
*Ticker: HASAX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $68.50 | 1.39% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $734052957 |
| Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate (%) | 54% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 99.2% |
| Technology | 0.5% |
| Communications | 0.2% |
| Consumer Discretionary | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 100.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 94.2% |
| Short-Term Investments | 4.6% |
| Common Stocks | 1.1% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $56.22 | 1.14% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $734052957 |
| Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate (%) | 54% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 99.2% |
| Technology | 0.5% |
| Communications | 0.2% |
| Consumer Discretionary | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 100.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 94.2% |
| Short-Term Investments | 4.6% |
| Common Stocks | 1.1% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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

### Investor Class
*Ticker: AAANX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $61.15 | 1.24% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $734052957 |
| Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate (%) | 54% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 99.2% |
| Technology | 0.5% |
| Communications | 0.2% |
| Consumer Discretionary | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 100.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 94.2% |
| Short-Term Investments | 4.6% |
| Common Stocks | 1.1% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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 Risk Assist Fund

### Advisor Class
*Ticker: ARAAX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $65.83 | 1.34% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1306210969 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate (%) | 160% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 95.5% |
| Technology | 2.7% |
| Communications | 0.8% |
| Consumer Discretionary | 0.5% |
| Industrials | 0.2% |
| Health Care | 0.2% |
| Utilities | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 99.7% |
| Germany | 0.2% |
| China | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 84.0% |
| Short-Term Investments | 11.1% |
| Common Stocks | 4.5% |
| Purchased Put Options | 0.3% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $54.06 | 1.10% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1306210969 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate (%) | 160% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 95.5% |
| Technology | 2.7% |
| Communications | 0.8% |
| Consumer Discretionary | 0.5% |
| Industrials | 0.2% |
| Health Care | 0.2% |
| Utilities | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 99.7% |
| Germany | 0.2% |
| China | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 84.0% |
| Short-Term Investments | 11.1% |
| Common Stocks | 4.5% |
| Purchased Put Options | 0.3% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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

### Investor Class
*Ticker: ARANX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $58.97 | 1.20% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $1306210969 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate (%) | 160% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Cash & Other | 95.5% |
| Technology | 2.7% |
| Communications | 0.8% |
| Consumer Discretionary | 0.5% |
| Industrials | 0.2% |
| Health Care | 0.2% |
| Utilities | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** | **% of Total Investments** |
| United States | 99.7% |
| Germany | 0.2% |
| China | 0.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 84.0% |
| Short-Term Investments | 11.1% |
| Common Stocks | 4.5% |
| Purchased Put Options | 0.3% |
| Purchased Call Options | 0.1% |
|  | 100.0% |

---

#### 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 Income Fund

### Advisor Class
*Ticker: AIHAX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $58.48 | 1.18% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $266440497 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate (%) | 94% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 86.5% |
| Short-Term Investments | 13.5% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $46.11 | 0.93% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $266440497 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate (%) | 94% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 86.5% |
| Short-Term Investments | 13.5% |
|  | 100.0% |

---

#### 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

### Investor Class
*Ticker: AIMNX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $51.08 | 1.03% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $266440497 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate (%) | 94% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 86.5% |
| Short-Term Investments | 13.5% |
|  | 100.0% |

---

#### 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 Equity Premium Income Fund

### Investor Class
*Ticker: HNDDX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $54.00 | 1.09% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $122948879 |
| Number of Portfolio Holdings | 202 |
| Portfolio Turnover Rate (%) | 5% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 30.1% |
| Financials | 15.5% |
| Communications | 11.1% |
| Health Care | 10.1% |
| Consumer Discretionary | 9.2% |
| Industrials | 8.5% |
| Consumer Staples | 7.4% |
| Energy | 3.2% |
| Utilities | 2.8% |
| Cash & Other | 2.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.5% |
| Short-Term Investments | 0.5% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $61.41 | 1.24% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $122948879 |
| Number of Portfolio Holdings | 202 |
| Portfolio Turnover Rate (%) | 5% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 30.1% |
| Financials | 15.5% |
| Communications | 11.1% |
| Health Care | 10.1% |
| Consumer Discretionary | 9.2% |
| Industrials | 8.5% |
| Consumer Staples | 7.4% |
| Energy | 3.2% |
| Utilities | 2.8% |
| Cash & Other | 2.1% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.5% |
| Short-Term Investments | 0.5% |
|  | 100.0% |

---

#### 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 Defined Risk Fund

### Investor Class
*Ticker: HNDRX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $51.21 | 1.02% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $764654287 |
| Number of Portfolio Holdings | 521 |
| Portfolio Turnover Rate (%) | 1% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 31.2% |
| Financials | 14.7% |
| Communications | 10.7% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.6% |
| Industrials | 8.4% |
| Consumer Staples | 5.9% |
| Cash & Other | 3.8% |
| Energy | 3.1% |
| Utilities | 2.5% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 97.6% |
| Short-Term Investments | 1.4% |
| Purchased Put Options | 1.0% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $58.72 | 1.17% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $764654287 |
| Number of Portfolio Holdings | 521 |
| Portfolio Turnover Rate (%) | 1% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 31.2% |
| Financials | 14.7% |
| Communications | 10.7% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.6% |
| Industrials | 8.4% |
| Consumer Staples | 5.9% |
| Cash & Other | 3.8% |
| Energy | 3.1% |
| Utilities | 2.5% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 97.6% |
| Short-Term Investments | 1.4% |
| Purchased Put Options | 1.0% |
|  | 100.0% |

---

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

### Advisor Class
*Ticker: USRTX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $57.97 | 1.17% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $618402704 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate (%) | 51% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 24.4% |
| Financials | 19.6% |
| Communications | 12.8% |
| Health Care | 11.5% |
| Consumer Staples | 9.7% |
| Industrials | 6.6% |
| Consumer Discretionary | 4.9% |
| Cash & Other | 4.6% |
| Utilities | 3.0% |
| Energy | 2.9% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.8% |
| Short-Term Investments | 0.2% |
|  | 100.0% |

---

#### 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

### Investor Class
*Ticker: USRAX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $50.53 | 1.06% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $618402704 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate (%) | 51% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 24.4% |
| Financials | 19.6% |
| Communications | 12.8% |
| Health Care | 11.5% |
| Consumer Staples | 9.7% |
| Industrials | 6.6% |
| Consumer Discretionary | 4.9% |
| Cash & Other | 4.6% |
| Utilities | 3.0% |
| Energy | 2.9% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.8% |
| Short-Term Investments | 0.2% |
|  | 100.0% |

---

#### 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 Defensive Core Fund

### Advisor Class
*Ticker: HESAX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2024 to May 31, 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.

#### What were the Fund costs for the last six months?
*(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 | $50.34 | 1.06% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $472896858 |
| Number of Portfolio Holdings | 300 |
| Portfolio Turnover Rate (%) | 175% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 29.3% |
| Cash & Other | 13.5% |
| Financials | 12.0% |
| Communications | 11.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 7.5% |
| Consumer Staples | 6.1% |
| Industrials | 5.4% |
| Utilities | 2.1% |
| Real Estate | 2.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 90.1% |
| Investment Companies | 9.6% |
| Short-Term Investments | 0.3% |
|  | 100.0% |

---

#### 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

### Investor Class
*Ticker: HESGX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2024 to May 31, 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.

#### What were the Fund costs for the last six months?
*(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 | $43.23 | 0.91% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $472896858 |
| Number of Portfolio Holdings | 300 |
| Portfolio Turnover Rate (%) | 175% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Technology | 29.3% |
| Cash & Other | 13.5% |
| Financials | 12.0% |
| Communications | 11.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 7.5% |
| Consumer Staples | 6.1% |
| Industrials | 5.4% |
| Utilities | 2.1% |
| Real Estate | 2.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 90.1% |
| Investment Companies | 9.6% |
| Short-Term Investments | 0.3% |
|  | 100.0% |

---

#### 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 Tactical Fixed Income Fund

### Investor Class
*Ticker: HTFNX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $42.02 | 0.86% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $175874885 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate (%) | 328% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 80.0% |
| Short-Term Investments | 20.0% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $49.33 | 1.01% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $175874885 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate (%) | 328% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Investment Companies | 80.0% |
| Short-Term Investments | 20.0% |
|  | 100.0% |

---

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

### Investor Class
*Ticker: HSMNX* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $50.53 | 1.06% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $455267783 |
| Number of Portfolio Holdings | 308 |
| Portfolio Turnover Rate (%) | 89% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Financials | 22.5% |
| Industrials | 15.4% |
| Consumer Discretionary | 14.0% |
| Health Care | 10.4% |
| Technology | 8.6% |
| Consumer Staples | 7.7% |
| Real Estate | 6.9% |
| Materials | 6.3% |
| Cash & Other | 4.3% |
| Energy | 3.9% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.5% |
| Short-Term Investments | 0.5% |
|  | 100.0% |

---

#### 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* 

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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 | $57.66 | 1.21% |

---

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $455267783 |
| Number of Portfolio Holdings | 308 |
| Portfolio Turnover Rate (%) | 89% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Sector Breakdown** | **% of Total Investments** |
| Financials | 22.5% |
| Industrials | 15.4% |
| Consumer Discretionary | 14.0% |
| Health Care | 10.4% |
| Technology | 8.6% |
| Consumer Staples | 7.7% |
| Real Estate | 6.9% |
| Materials | 6.3% |
| Cash & Other | 4.3% |
| Energy | 3.9% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.5% |
| Short-Term Investments | 0.5% |
|  | 100.0% |

---

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

*Exchange: NYSE ARCA*

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Expedition Plus ETF (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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> | $29.34 | 0.85% |

---

<sup>1</sup> *The Fund commenced operations January 22, 2025. Expenses for a full reporting period would be higher than the figures shown.*

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $30356781 |
| Number of Portfolio Holdings | 205 |
| Portfolio Turnover Rate (%) | 0% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Common Stocks | 99.5% |
| Purchased Put Options | 0.4% |
| Short-Term Investments | 0.1% |
|  | 100.0% |

---

#### 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 Landmark ETF
*Ticker: BENJ*

*Exchange: NYSE ARCA*

### Semi-Annual Shareholder Report
May 31, 2025

This semi-annual shareholder report contains important information about Horizon Landmark ETF (the "Fund") for the period of December 1, 2024 to May 31, 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 six months?
*(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> | $14.34 | 0.40% |

---

<sup>1</sup> *The Fund commenced operations January 22, 2025. Expenses for a full reporting period would be higher than the figures shown.*

#### What are some key Fund statistics?
*(as of May 31, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $38521532 |
| Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate (%) | 0% |

---

#### What did the Fund invest in?
*(as of May 31, 2025)*

#### Portfolio Composition

---

| | |
|:---|:---|
| **Type of Security** | **% of Total Investments** |
| Purchased Call Options | 43.8% |
| Purchased Put Options | 55.2% |
| Short-Term Investments | 1.0% |
|  | 100.0% |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

Not applicable for semi-annual reports.

 

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

Not applicable for semi-annual reports.

 

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

Not applicable for semi-annual reports.

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

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** |

---

---

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

---

---

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

---

---

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

---

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

Horizon Multi-Factor Small/Mid Cap Fund <br> <u> Investor Class Advisor Class</u> <u> Shares Shares</u> <u> HSMNX HSMBX</u>

**May 31, 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 HORIZON ACTIVE ASSET ALLOCATION FUND, HORIZON ACTIVE RISK ASSIST<sup>®</sup> FUND, HORIZON ACTIVE INCOME FUND, HORIZON EQUITY PREMIUM INCOME FUND, HORIZON DEFINED RISK FUND, HORIZON MULTI - FACTOR U.S. EQUITY FUND, HORIZON DEFENSIVE CORE FUND, HORIZON TACTICAL FIXED INCOME FUND and HORIZON MULTI - FACTOR SMALL/MID CAP 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  | 1 |
| Statements of Assets and Liabilities  | 59 |
| Statements of Operations  | 62 |
| Statements of Changes in Net Assets  | 65 |
| Financial Highlights  | 74 |
| Notes to Financial Statements  | 95 |
| Additional Information  | 115 |
| Privacy Notice  | 117 |

---

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Unaudited)** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **EXCHANGE TRADED FUNDS — 99.0%** |  |  |
|  Communication Services Select Sector SPDR Fund  | 476 | $48266 |
|  Consumer Discretionary Select Sector SPDR Fund  | 285 | 60933 |
|  Energy Select Sector SPDR Fund  | 749 | 61066 |
|  Goldman Sachs Equal Weight US Large Cap Equity ETF <sup>(a)</sup> | 186758 | 14692252 |
|  Health Care Select Sector SPDR Fund  | 274 | 36343 |
|  Invesco KBW Bank ETF <sup>(a)</sup> | 349309 | 22918164 |
|  Invesco QQQ Trust Series 1  | 253 | 131335 |
|  Invesco S&P 500 Equal Weight ETF  | 410330 | 72394522 |
|  iShares Bitcoin Trust ETF <sup>(b)</sup> | 134124 | 7975013 |
|  iShares Core Dividend Growth ETF <sup>(a)</sup> | 1146030 | 71179923 |
|  iShares Core MSCI Emerging Markets ETF  | 1010816 | 57303159 |
|  iShares Core MSCI International Developed Markets ETF  | 2105075 | 158343742 |
|  iShares Core S&P Mid-Cap ETF  | 665 | 39927 |
|  iShares MSCI EAFE ETF  | 510 | 45293 |
|  iShares MSCI Japan ETF <sup>(a)</sup> | 288369 | 21373910 |
|  iShares MSCI USA Minimum Volatility ETF  | 1264 | 118197 |
|  iShares MSCI USA Quality Factor ETF  | 472 | 83572 |
|  iShares MSCI USA Value Factor ETF  | 269991 | 28886337 |
|  iShares U.S. Aerospace & Defense ETF <sup>(a)</sup> | 291 | 51577 |
|  JPMorgan BetaBuilders Europe ETF <sup>(a)</sup> | 322112 | 21604052 |
|  SPDR Portfolio Emerging Markets ETF  | 696282 | 28464008 |
|  SPDR Portfolio S&P 500 Growth ETF <sup>(g)</sup> | 1581488 | 141843659 |
|  SPDR Portfolio S&P 500 Value ETF  | 1542797 | 78188952 |
|  SPDR S&P Regional Banking ETF  | 935 | 53183 |
|  Technology Select Sector SPDR Fund  | 362 | 83589 |
|  VanEck Semiconductor ETF <sup>(a)(b)</sup> | 212 | 50827 |
|  WisdomTree Japan Hedged Equity Fund  | 241 | 27397 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $695,973,290) |  | 726059198 |
|  **COMMON STOCKS — 1.0%** |  |  |
|  **Health Care — 0.0%<sup>(c)</sup>** |  |  |
|  Danaher Corp.  | 461 | 87544 |
|  Eli Lilly & Co.  | 173 | 127617 |
|  Intuitive Surgical, Inc. <sup>(b)</sup> | 185 | 102183 |
|  |  | 317344 |
|  **Industrial Products — 0.0%<sup>(c)</sup>** |  |  |
|  Amphenol Corp. - Class A  | 1639 | 147395 |
|  Eaton Corp. PLC  | 143 | 45789 |
|  GE Vernova, Inc.  | 257 | 121556 |
|  Trane Technologies PLC  | 114 | 49051 |
|  |  | 363791 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Industrial Services — 0.0%<sup>(c)</sup>** |  |  |
|  Quanta Services, Inc.  | 159 | $54467 |
|  **Media — 0.2%** |  |  |
|  Alphabet, Inc. - Class A  | 1845 | 316860 |
|  GoDaddy, Inc. - Class A <sup>(b)</sup> | 579 | 105465 |
|  Meta Platforms, Inc. - Class A  | 760 | 492092 |
|  Netflix, Inc. <sup>(b)</sup> | 113 | 136417 |
|  Tencent Holdings Ltd. - ADR  | 1287 | 80798 |
|  Uber Technologies, Inc. <sup>(b)</sup> | 1520 | 127923 |
|  |  | 1259555 |
|  **Retail & Wholesale - Discretionary — 0.1%** |  |  |
|  Alibaba Group Holding Ltd. - ADR  | 1202 | 136836 |
|  Amazon.com, Inc. <sup>(b)</sup> | 3086 | 632661 |
|  |  | 769497 |
|  **Software & Tech Services — 0.3%** |  |  |
|  Adobe, Inc. <sup>(b)</sup> | 243 | 100867 |
|  Autodesk, Inc. <sup>(b)</sup> | 355 | 105123 |
|  Cadence Design Systems, Inc. <sup>(b)</sup> | 435 | 124875 |
|  Cognizant Technology Solutions Corp., Class A - Class A  | 1847 | 149589 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | 272 | 128213 |
|  Fortinet, Inc. <sup>(b)</sup> | 889 | 90482 |
|  Genpact Ltd.  | 2218 | 95485 |
|  Intuit, Inc.  | 177 | 133364 |
|  Microsoft Corp.  | 1004 | 462201 |
|  Oracle Corp.  | 1309 | 216679 |
|  Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 1230 | 162089 |
|  Palo Alto Networks, Inc. <sup>(b)</sup> | 574 | 110449 |
|  Paycom Software, Inc.  | 352 | 91200 |
|  Qualys, Inc. <sup>(b)</sup> | 896 | 124141 |
|  Salesforce, Inc.  | 537 | 142504 |
|  SAP SE - ADR <sup>(a)</sup> | 699 | 211699 |
|  ServiceNow, Inc. <sup>(b)</sup> | 173 | 174919 |
|  Synopsys, Inc. <sup>(b)</sup> | 232 | 107643 |
|  Workday, Inc. - Class A <sup>(b)</sup> | 462 | 114442 |
|  |  | 2845964 |
|  **Tech Hardware & Semiconductors — 0.3%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(b)</sup> | 1274 | 141070 |
|  Analog Devices, Inc.  | 449 | 96077 |
|  Apple, Inc.  | 1293 | 259699 |
|  Applied Materials, Inc.  | 779 | 122108 |
|  Arista Networks, Inc. <sup>(b)</sup> | 1410 | 122162 |
|  ARM Holdings PLC - ADR <sup>(b)</sup> | 641 | 79830 |
|  Broadcom, Inc.  | 1258 | 304524 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Dell Technologies, Inc. - Class C  | 1078 | $119949 |
|  Intel Corp.  | 5397 | 105511 |
|  KLA Corp.  | 155 | 117316 |
|  Lam Research Corp.  | 1434 | 115853 |
|  Micron Technology, Inc.  | 1253 | 118358 |
|  NVIDIA Corp.  | 4468 | 603761 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 548 | 105939 |
|  |  | 2412157 |
|  **Telecommunications — 0.1%** |  |  |
|  Deutsche Telekom AG - ADR  | 5134 | 194322 |
|  **Utilities — 0.0%<sup>(c)</sup>** |  |  |
|  Constellation Energy Corp.  | 259 | 79293 |
|  Vistra Corp.  | 489 | 78519 |
|  |  | 157812 |
|  **TOTAL COMMON STOCKS (**Cost $7,902,393) |  | 8374909 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **PURCHASED OPTIONS — 0.1%<sup>(b)</sup>** |  |  |  |
|  **Call Options — 0.1%<sup>(d)(e)</sup>** |  |  |  |
|  Consumer Staples Select Sector SPDR Fund,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $84.00  | $49698000 | 6000 | $327000 |
|  Financial Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $52.00  | 15288000 | 3000 | 94500 |
|  SPDR EURO STOXX 50 ETF  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $62.00  | 29595000 | 5000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $63.00  | 29595000 | 5000 | 25000 |
|  **TOTAL PURCHASED OPTIONS (**Cost $628,831) |  |  | 496500 |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 4.9%** |  |  |
|  **Investments Purchased with Proceeds from Securities Lending — 4.7%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(f)</sup> | 34305821 | $34305821 |
|  **Money Market Funds — 0.2%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(f)</sup> | 1513151 | 1513151 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $35,818,972) |  | 35818972 |
|  **TOTAL INVESTMENTS — 105.0% (**Cost $740,323,486) |  | **770749579** |
|  **Liabilities in Excess of Other Assets — (5.0)%** |  | (36696622) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**734052957** |

---

Percentages are stated as a percent of net assets.

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 May 31, 2025. The fair value of these securities was $33,542,501 which represented 4.6% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05%
 of net assets.

&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 effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) All or a portion of security
 has been pledged as collateral for written options. The total value of assets committed as collateral as of May 31, 2025 is $9,865,900,
 which is 1.34% of total net assets.

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**SCHEDULE OF WRITTEN OPTIONS (** **Unaudited) May 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — (0.2)%** |  |  |  |
|  **Call Options — (0.2)%** |  |  |  |
|  Consumer Staples Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $81.00 <sup>(a)(b)</sup> | $(49698000) | (6000) | $(1539000) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $591,624) |  |  | $(1539000) |

---

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 Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments (** **Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **EXCHANGE TRADED FUNDS — 94.8%** |  |  |
|  Invesco S&P 500 Equal Weight ETF <sup>(a)</sup> | 797227 | $140654760 |
|  iShares Bitcoin Trust ETF <sup>(b)</sup> | 219168 | 13031729 |
|  iShares Core MSCI International Developed Markets ETF <sup>(a)</sup> | 2115591 | 159134755 |
|  iShares MSCI USA Minimum Volatility ETF  | 973684 | 91049191 |
|  iShares MSCI USA Quality Factor ETF  | 291343 | 51585192 |
|  SPDR Portfolio Developed World ex-US ETF  | 5006187 | 199296304 |
|  SPDR Portfolio Emerging Markets ETF <sup>(a)</sup> | 3434502 | 140402442 |
|  SPDR Portfolio S&P 500 Growth ETF <sup>(i)</sup>  | 3218679 | 288683320 |
|  SPDR Portfolio S&P 500 Value ETF <sup>(a)(i)</sup> | 3032485 | 153686340 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,156,632,968) |  | 1237524033 |
|  **COMMON STOCKS — 5.1%** |  |  |
|  **Health Care — 0.1%** |  |  |
|  ABIOMED INC <sup>(b)(c)</sup> | 113 | 0 |
|  Danaher Corp.  | 3305 | 627619 |
|  Eli Lilly & Co.  | 1239 | 913973 |
|  Intuitive Surgical, Inc. <sup>(b)</sup> | 1330 | 734612 |
|  |  | 2276204 |
|  **Industrial Products — 0.2%** |  |  |
|  Amphenol Corp. - Class A  | 15424 | 1387080 |
|  Eaton Corp. PLC  | 1028 | 329166 |
|  GE Vernova, Inc.  | 1863 | 881162 |
|  Trane Technologies PLC  | 822 | 353682 |
|  |  | 2951090 |
|  **Industrial Services — 0.0%<sup>(d)</sup>** |  |  |
|  Quanta Services, Inc.  | 1134 | 388463 |
|  **Media — 0.8%** |  |  |
|  Alphabet, Inc. - Class A  | 13257 | 2276757 |
|  GoDaddy, Inc. - Class A <sup>(b)</sup> | 4146 | 755194 |
|  Meta Platforms, Inc. - Class A  | 5483 | 3550188 |
|  Netflix, Inc. <sup>(b)</sup> | 811 | 979064 |
|  Tencent Holdings Ltd. - ADR  | 9263 | 581531 |
|  Uber Technologies, Inc. <sup>(b)</sup> | 14314 | 1204666 |
|  |  | 9347400 |
|  **Retail & Wholesale - Discretionary — 0.6%** |  |  |
|  Alibaba Group Holding Ltd. - ADR  | 8694 | 989725 |
|  Amazon.com, Inc. <sup>(b)</sup> | 29087 | 5963126 |
|  |  | 6952851 |
|  **Software & Tech Services — 1.7%** |  |  |
|  Adobe, Inc. <sup>(b)</sup> | 1742 | 723087 |
|  Autodesk, Inc. <sup>(b)</sup> | 2554 | 756290 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Cadence Design Systems, Inc. <sup>(b)</sup> | 3129 | $898242 |
|  Cognizant Technology Solutions Corp., Class A - Class A  | 17377 | 1407363 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup> | 1970 | 928599 |
|  Fortinet, Inc. <sup>(b)</sup> | 6417 | 653122 |
|  Genpact Ltd.  | 20815 | 896086 |
|  Intuit, Inc.  | 1277 | 962181 |
|  Microsoft Corp.  | 7222 | 3324720 |
|  Oracle Corp.  | 9496 | 1571873 |
|  Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 8953 | 1179826 |
|  Palo Alto Networks, Inc. <sup>(b)</sup> | 4146 | 797773 |
|  Paycom Software, Inc.  | 2536 | 657052 |
|  Qualys, Inc. <sup>(b)</sup> | 6431 | 891015 |
|  Salesforce, Inc.  | 3884 | 1030697 |
|  SAP SE - ADR <sup>(a)</sup> | 5030 | 1523386 |
|  ServiceNow, Inc. <sup>(b)</sup> | 1248 | 1261840 |
|  Synopsys, Inc. <sup>(b)</sup> | 1677 | 778094 |
|  Workday, Inc. - Class A <sup>(b)</sup> | 3312 | 820416 |
|  |  | 21061662 |
|  **Tech Hardware & Semiconductors — 1.6%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(b)</sup> | 9166 | 1014951 |
|  Analog Devices, Inc.  | 3208 | 686448 |
|  Apple, Inc.  | 9277 | 1863285 |
|  Applied Materials, Inc.  | 5581 | 874822 |
|  Arista Networks, Inc. <sup>(b)</sup> | 13251 | 1148067 |
|  ARM Holdings PLC - ADR <sup>(b)</sup> | 4635 | 577243 |
|  Broadcom, Inc.  | 9113 | 2205984 |
|  Dell Technologies, Inc. - Class C  | 7767 | 864234 |
|  Intel Corp. <sup>(e)</sup> | 51349 | 1003873 |
|  KLA Corp.  | 1109 | 839380 |
|  Lam Research Corp.  | 13438 | 1085656 |
|  Micron Technology, Inc.  | 9041 | 854013 |
|  NVIDIA Corp.  | 42157 | 5696675 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 3944 | 762454 |
|  |  | 19477085 |
|  **Telecommunications — 0.1%** |  |  |
|  Deutsche Telekom AG - ADR <sup>(a)</sup> | 48262 | 1826717 |
|  **Utilities — 0.0%<sup>(d)</sup>** |  |  |
|  Constellation Energy Corp.  | 1860 | 569439 |
|  Vistra Corp.  | 3540 | 568418 |
|  |  | 1137857 |
|  **TOTAL COMMON STOCKS** (Cost $59,808,284) |  | 65419329 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **PURCHASED OPTIONS — 0.3%<sup>(b)(f)(g)</sup>** |  |  |  |
|  **Call Options — 0.1%** |  |  |  |
|  Consumer Staples Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $84.00  | $82830000 | 10000 | $545000 |
|  Financial Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $52.00  | 25480000 | 5000 | 157500 |
|  Intel Corp., Expiration: 12/19/2025; Exercise Price: $35.00  | 2932500 | 1500 | 48000 |
|  Materials Select Sector SPDR Fund, Expiration: 09/19/2025; Exercise Price: $95.00  | 107925000 | 12500 | 937500 |
|  SPDR EURO STOXX 50 ETF  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $62.00  | 59190000 | 10000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $63.00  | 59190000 | 10000 | 50000 |
|  Xtrackers Harvest CSI 300 China A-Shares ETF, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $28.00  | 31608000 | 12000 | 96000 |
|  **Put Options — 0.2%** |  |  |  |
|  CBOE Volatility Index, Expiration: 07/16/2025; Exercise Price: $17.00  | 11142000 | 6000 | 273000 |
|  Financial Select Sector SPDR Fund  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $47.00  | 15288000 | 3000 | 33000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $48.00  | 20384000 | 4000 | 238000 |
|  SPDR EURO STOXX 50 ETF  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $55.00  | 20716500 | 3500 | 218750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $54.00  | 20716500 | 3500 | 271250 |
|  SPDR S&P 500 ETF Trust  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $540.00  | 412573000 | 7000 | 672000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $500.00  | 412573000 | 7000 | 206500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $550.00  | 147347500 | 2500 | 1130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $540.00  | 147347500 | 2500 | 870000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $505.00  | 147347500 | 2500 | 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $460.00  | 147347500 | 2500 | 157500 |
|  **TOTAL PURCHASED OPTIONS** (Cost $20,691,542) |  |  | 6374000 |

---

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 12.5%** |  |  |
|  **Investments Purchased with Proceeds from Securities Lending — 12.5%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(h)</sup> | 163342781 | $163342781 |
|  **Money Market Funds — 0.0%<sup>(d)</sup>** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(h)</sup> | 328 | 328 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $163,343,109) |  | 163343109 |
|  **TOTAL INVESTMENTS — 112.7% (**Cost $1,400,475,903) |  | **1472660471** |
|  **Liabilities in Excess of Other Assets — (12.7)%** |  | (166449502) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**1306210969** |

---

Percentages are stated as a percent of net assets.

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 May 31, 2025. The fair value of these securities was $159,371,278 which represented 12.2% of net assets.

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

&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 May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Held in connection with
 written option contracts. See Schedule of Written Options for further information.

&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 effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of this
 security has been pledged as collateral for written options. The total value of assets committed as collateral as of May 31, 2025 is $160,642,000,
 which is 12.3% of total net assets.

See accompanying notes to financial statements.

**Horizon Active Risk Assist<sup>®</sup>** **Fund**<br> **Schedule of Written Options** **(Unaudited)<br> May 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — (0.5)% <sup>(a)(b)</sup>** |  |  |  |
|  **Call Options — (0.2)%** |  |  |  |
|  Consumer Staples Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $81.00 | $(82830000) | (10000) | $(2565000) |
|  Intel Corp., Expiration: 12/19/2025; Exercise Price: $45.00 | (5865000) | (3000) | (60000) |
|  Materials Select Sector SPDR Fund, Expiration: 06/20/2025; Exercise Price: $95.00 | (64755000) | (7500) | (75000) |
|  **Total Call Options** |  |  | (2700000) |
|  **Put Options — (0.3)%** |  |  |  |
|  CBOE Volatility Index, Expiration: 08/20/2025; Exercise Price: $16.00 | (11142000) | (6000) | (216000) |
|  Financial Select Sector SPDR Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $44.00 | (27518400) | (5400) | (32400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $45.00 | (40768000) | (8000) | (152000) |
|  SPDR EURO STOXX 50 ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $51.00 | (41433000) | (7000) | (192500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $50.00 | (41433000) | (7000) | (262500) |
|  SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $520.00 | (825146000) | (14000) | (679000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $535.00 | (147347500) | (2500) | (765000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $520.00 | (147347500) | (2500) | (525000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $500.00 | (294695000) | (5000) | (660000) |
|  **Total Put Options** |  |  | (3484400) |
|  **TOTAL WRITTEN OPTIONS (**Premiums received $15,771,364) |  |  | $(6184400) |

---

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 Active Income Fund**<br> **Schedule of Investments (** **Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **EXCHANGE TRADED FUNDS — 99.4%** |  |  |
|  iShares 10+ Year Investment Grade Corporate Bond ETF <sup>(a)</sup> | 486535 | $23840215 |
|  iShares 1-3 Year Treasury Bond ETF  | 497 | 41077 |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF  | 1002 | 52555 |
|  iShares 20+ Year Treasury Bond ETF  | 91961 | 7934395 |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 1005309 | 52788776 |
|  iShares 7-10 Year Treasury Bond ETF  | 1627 | 153865 |
|  iShares iBoxx Investment Grade Corporate Bond ETF <sup>(a)</sup> | 1428 | 153896 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF <sup>(a)</sup> | 354 | 32072 |
|  iShares TIPS Bond ETF  | 120927 | 13216112 |
|  Janus Henderson AAA CLO ETF <sup>(a)</sup> | 1011 | 51308 |
|  Janus Henderson B-BBB CLO ETF  | 213 | 10343 |
|  Janus Henderson Mortgage-Backed Securities ETF <sup>(a)</sup> | 476902 | 21188756 |
|  PIMCO Active Bond Exchange-Traded Fund <sup>(c)</sup>  | 144791 | 13177429 |
|  PIMCO Multisector Bond Active ETF <sup>(a)</sup> | 1507157 | 39517657 |
|  Simplify MBS ETF <sup>(a)</sup> | 265324 | 13165377 |
|  SPDR Blackstone Senior Loan ETF  | 1222 | 50579 |
|  SPDR Doubleline Total Return Tactical ETF <sup>(a)</sup> | 795632 | 31610459 |
|  SPDR Portfolio Intermediate Term Corporate Bond ETF  | 1578 | 52484 |
|  SPDR Portfolio Long Term Treasury ETF  | 2992 | 77822 |
|  SPDR Portfolio Short Term Corporate Bond ETF  | 699972 | 21048158 |
|  VanEck Fallen Angel High Yield Bond ETF  | 3601 | 103349 |
|  VanEck J. P. Morgan EM Local Currency Bond ETF  | 1639 | 40450 |
|  Vanguard Total International Bond ETF <sup>(a)</sup> | 532534 | 26333806 |
|  Xtrackers USD High Yield Corporate Bond ETF  | 1753 | 63914 |
|  **TOTAL EXCHANGE TRADED FUNDS (**Cost $266,061,470) |  | 264704854 |

---

See accompanying notes to financial statements.

**Horizon Active Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 15.5%** |  |  |
|  **Investments Purchased with Proceeds from Securities Lending — 15.3%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(b)</sup> | 40670575 | $40670575 |
|  **Money Market Funds — 0.2%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 699373 | 699373 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $41,369,948) |  | 41369948 |
|  **TOTAL INVESTMENTS — 114.9% (**Cost $307,431,418) |  | **306074802** |
|  **Liabilities in Excess of Other Assets — (14.9)%**  |  | (39634305) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**266440497** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this
 security is on loan as of May 31, 2025. The fair value of these securities was $39,844,106 which represented 15.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this
 security has been pledged as collateral for written options. The total value of assets committed as collateral as of May 31, 2025 is $3,185,350,
 which is 1.2% of total net assets.

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments (** **Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 99.4%** |  |  |
|  **Banking — 5.7%** |  |  |
|  Bank of America Corp.  | 31144 | $1374385 |
|  Citigroup, Inc.  | 8721 | 656866 |
|  JPMorgan Chase & Co.  | 11315 | 2987160 |
|  PNC Financial Services Group, Inc.  | 1793 | 311641 |
|  Truist Financial Corp.  | 6231 | 246124 |
|  US Bancorp  | 7388 | 322043 |
|  Wells Fargo & Co.  | 14664 | 1096574 |
|  |  | 6994793 |
|  **Consumer Discretionary Products — 1.9%** |  |  |
|  DR Horton, Inc.  | 1438 | 169770 |
|  Ford Motor Co.  | 28529 | 296131 |
|  General Motors Co.  | 5148 | 255392 |
|  Lennar Corp., Class A - Class A  | 1449 | 153710 |
|  Nike, Inc. - Class B  | 7396 | 448124 |
|  Tesla, Inc. <sup>(a)</sup> | 2997 | 1038341 |
|  |  | 2361468 |
|  **Consumer Discretionary Services — 2.0%** |  |  |
|  Las Vegas Sands Corp.  | 5194 | 213785 |
|  Marriott International, Inc. - Class A  | 1229 | 324247 |
|  McDonald's Corp.  | 3623 | 1137078 |
|  Starbucks Corp.  | 6789 | 569937 |
|  Yum! Brands, Inc.  | 1881 | 270751 |
|  |  | 2515798 |
|  **Consumer Staple Products — 4.8%** |  |  |
|  Altria Group, Inc.  | 5608 | 339901 |
|  Coca-Cola Co.  | 17009 | 1226349 |
|  Colgate-Palmolive Co.  | 1186 | 110227 |
|  Constellation Brands, Inc. - Class A  | 457 | 81478 |
|  General Mills, Inc.  | 1846 | 100164 |
|  Hershey Co.  | 616 | 98985 |
|  Keurig Dr Pepper, Inc.  | 3575 | 120370 |
|  Kimberly-Clark Corp.  | 817 | 117452 |
|  Kraft Heinz Co.  | 3597 | 96148 |
|  Mondelez International, Inc. - Class A  | 3057 | 206317 |
|  PepsiCo, Inc.  | 5431 | 713905 |
|  Philip Morris International, Inc.  | 6723 | 1214106 |
|  Procter & Gamble Co.  | 8793 | 1493843 |
|  |  | 5919245 |
|  **Financial Services — 6.7%** |  |  |
|  American Express Co.  | 1871 | 550168 |
|  Ameriprise Financial, Inc.  | 258 | 131384 |
|  Bank of New York Mellon Corp.  | 2501 | 221614 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Blackrock, Inc.  | 580 | $568336 |
|  Blackstone, Inc.  | 2659 | 368963 |
|  Capital One Financial Corp.  | 974 | 184232 |
|  Charles Schwab Corp.  | 5096 | 450181 |
|  CME Group, Inc.  | 1775 | 512975 |
|  Goldman Sachs Group, Inc.  | 1254 | 752964 |
|  Intercontinental Exchange, Inc.  | 1413 | 254057 |
|  KKR & Co., Inc.  | 1325 | 160935 |
|  MasterCard, Inc. - Class A  | 1708 | 1000205 |
|  Moody's Corp.  | 313 | 150027 |
|  Morgan Stanley  | 7481 | 957792 |
|  S&P Global, Inc.  | 604 | 309767 |
|  Visa, Inc. - Class A  | 4490 | 1639703 |
|  |  | 8213303 |
|  **Health Care — 10.1%** |  |  |
|  Abbott Laboratories  | 1463 | 195427 |
|  AbbVie, Inc.  | 8906 | 1657496 |
|  Amgen, Inc.  | 2344 | 675494 |
|  Becton Dickinson & Co.  | 913 | 157575 |
|  Boston Scientific Corp. <sup>(a)</sup> | 1924 | 202520 |
|  Bristol-Myers Squibb Co.  | 11297 | 545419 |
|  Cigna Group  | 972 | 307774 |
|  CVS Health Corp.  | 6534 | 418437 |
|  Danaher Corp.  | 567 | 107673 |
|  Elevance Health, Inc.  | 671 | 257557 |
|  Eli Lilly & Co.  | 1721 | 1269530 |
|  Gilead Sciences, Inc.  | 6384 | 702751 |
|  HCA Healthcare, Inc.  | 580 | 221206 |
|  Humana, Inc.  | 300 | 69939 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 525 | 289978 |
|  Johnson & Johnson  | 11698 | 1815647 |
|  McKesson Corp.  | 219 | 157573 |
|  Medtronic PLC  | 6289 | 521861 |
|  Merck & Co., Inc.  | 10558 | 811277 |
|  Pfizer, Inc.  | 4018 | 94383 |
|  Regeneron Pharmaceuticals, Inc.  | 115 | 56382 |
|  Stryker Corp.  | 970 | 371161 |
|  Thermo Fisher Scientific, Inc.  | 634 | 255388 |
|  UnitedHealth Group, Inc.  | 3038 | 917203 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 308 | 136151 |
|  Zoetis, Inc.  | 1168 | 196960 |
|  |  | 12412762 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Industrial Products — 6.0%** |  |  |
|  3M Co.  | 2328 | $345359 |
|  Amphenol Corp. - Class A  | 5611 | 504597 |
|  Carrier Global Corp.  | 2429 | 172945 |
|  Caterpillar, Inc.  | 1516 | 527613 |
|  Deere & Co.  | 883 | 447028 |
|  Eaton Corp. PLC  | 1092 | 349658 |
|  Emerson Electric Co.  | 1904 | 227299 |
|  General Dynamics Corp.  | 971 | 270414 |
|  General Electric Co.  | 2402 | 590676 |
|  Honeywell International, Inc.  | 2437 | 552395 |
|  Illinois Tool Works, Inc.  | 1128 | 276450 |
|  Johnson Controls International PLC  | 2463 | 249674 |
|  L3Harris Technologies, Inc.  | 691 | 168839 |
|  Lockheed Martin Corp.  | 1044 | 503605 |
|  Northrop Grumman Corp.  | 506 | 245294 |
|  Otis Worldwide Corp.  | 1270 | 121094 |
|  PACCAR, Inc.  | 2674 | 250955 |
|  Parker-Hannifin Corp.  | 341 | 226663 |
|  RTX Corp.  | 5587 | 762514 |
|  TE Connectivity PLC  | 2441 | 390731 |
|  Trane Technologies PLC  | 572 | 246114 |
|  |  | 7429917 |
|  **Industrial Services — 2.4%** |  |  |
|  Automatic Data Processing, Inc.  | 1595 | 519220 |
|  Cintas Corp.  | 843 | 190940 |
|  CSX Corp.  | 5746 | 181516 |
|  FedEx Corp.  | 836 | 182332 |
|  Paychex, Inc.  | 1642 | 259288 |
|  Republic Services, Inc.  | 807 | 207633 |
|  Union Pacific Corp.  | 2378 | 527108 |
|  United Parcel Service, Inc. - Class B  | 4361 | 425372 |
|  United Rentals, Inc.  | 164 | 116174 |
|  Waste Management, Inc.  | 1185 | 285549 |
|  |  | 2895132 |
|  **Insurance — 3.1%** |  |  |
|  Aflac, Inc.  | 1739 | 180056 |
|  Allstate Corp.  | 773 | 162229 |
|  American International Group, Inc.  | 1945 | 164625 |
|  Aon PLC - Class A  | 388 | 144367 |
|  Arthur J Gallagher & Co.  | 423 | 146967 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 3229 | 1627287 |
|  Chubb Ltd.  | 1114 | 331081 |
|  Marsh & McLennan Cos., Inc.  | 1326 | 309833 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  MetLife, Inc.  | 2663 | $209259 |
|  Progressive Corp.  | 751 | 213982 |
|  Prudential Financial, Inc.  | 1492 | 155004 |
|  Travelers Cos., Inc.  | 600 | 165420 |
|  |  | 3810110 |
|  **Materials — 1.7%** |  |  |
|  Air Products & Chemicals, Inc.  | 936 | 261060 |
|  DuPont de Nemours, Inc.  | 1435 | 95858 |
|  Ecolab, Inc.  | 707 | 187793 |
|  Freeport-McMoRan, Inc.  | 3907 | 150341 |
|  Linde PLC  | 1425 | 666301 |
|  LyondellBasell Industries NV - Class A  | 1700 | 96033 |
|  Newmont Goldcorp Corp.  | 4140 | 218261 |
|  Nucor Corp.  | 699 | 76443 |
|  PPG Industries, Inc.  | 880 | 97504 |
|  Sherwin-Williams Co.  | 579 | 207751 |
|  |  | 2057345 |
|  **Media — 9.0%** |  |  |
|  Airbnb, Inc. - Class A <sup>(a)</sup> | 1659 | 214011 |
|  Alphabet, Inc. - Class A  | 23263 | 3995188 |
|  Booking Holdings, Inc.  | 105 | 579488 |
|  Comcast Corp. - Class A  | 24515 | 847483 |
|  Meta Platforms, Inc. - Class A  | 4998 | 3236155 |
|  Netflix, Inc. <sup>(a)</sup> | 979 | 1181878 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 3257 | 274109 |
|  Walt Disney Co.  | 6125 | 692370 |
|  |  | 11020682 |
|  **Oil & Gas — 3.2%** |  |  |
|  Chevron Corp.  | 7316 | 1000097 |
|  ConocoPhillips  | 2660 | 227031 |
|  EOG Resources, Inc.  | 884 | 95976 |
|  Exxon Mobil Corp.  | 18662 | 1909123 |
|  Marathon Petroleum Corp.  | 690 | 110911 |
|  Occidental Petroleum Corp.  | 1878 | 76585 |
|  ONEOK, Inc.  | 1355 | 109538 |
|  Phillips 66  | 831 | 94302 |
|  Schlumberger, Ltd.  | 2441 | 80675 |
|  Valero Energy Corp.  | 785 | 101241 |
|  Williams Cos., Inc.  | 2704 | 163619 |
|  |  | 3969098 |
|  **Real Estate — 0.0%<sup>(b)</sup>** |  |  |
|  Millrose Properties, Inc. <sup>(a)</sup> | 731 | 20373 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Retail & Wholesale - Discretionary — 5.2%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 16591 | $3401321 |
|  Home Depot, Inc.  | 4519 | 1664303 |
|  Lowe's Cos., Inc.  | 2491 | 562293 |
|  Ross Stores, Inc.  | 1633 | 228767 |
|  TJX Cos., Inc.  | 4488 | 569527 |
|  |  | 6426211 |
|  **Retail & Wholesale - Staples — 2.6%** |  |  |
|  Archer-Daniels-Midland Co.  | 1824 | 88045 |
|  Costco Wholesale Corp.  | 615 | 639711 |
|  Kroger Co.  | 2217 | 151266 |
|  Sysco Corp.  | 1606 | 117238 |
|  Target Corp.  | 838 | 78780 |
|  Walmart, Inc.  | 20832 | 2056535 |
|  |  | 3131575 |
|  **Software & Tech Services — 11.9%** |  |  |
|  Accenture PLC - Class A  | 2726 | 863651 |
|  Adobe, Inc. <sup>(a)</sup> | 1047 | 434599 |
|  International Business Machines Corp.  | 5791 | 1500217 |
|  Intuit, Inc.  | 853 | 642710 |
|  Microsoft Corp.  | 16517 | 7603766 |
|  Oracle Corp.  | 9142 | 1513275 |
|  Palo Alto Networks, Inc. <sup>(a)</sup> | 2033 | 391190 |
|  Roper Technologies, Inc.  | 601 | 342732 |
|  Salesforce, Inc.  | 2831 | 751263 |
|  ServiceNow, Inc. <sup>(a)</sup> | 539 | 544978 |
|  |  | 14588381 |
|  **Tech Hardware & Semiconductors — 18.2%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(a)</sup> | 2619 | 290002 |
|  Analog Devices, Inc.  | 2536 | 542653 |
|  Apple, Inc.  | 27825 | 5588651 |
|  Applied Materials, Inc.  | 2636 | 413193 |
|  Arista Networks, Inc. <sup>(a)</sup> | 4313 | 373678 |
|  Broadcom, Inc.  | 15357 | 3717469 |
|  Cisco Systems, Inc.  | 24493 | 1544039 |
|  Corning, Inc.  | 8371 | 415118 |
|  Garmin, Ltd.  | 1297 | 263252 |
|  Hewlett Packard Enterprise Co.  | 16351 | 282545 |
|  HP, Inc.  | 10399 | 258935 |
|  KLA Corp.  | 546 | 413257 |
|  Lam Research Corp.  | 4993 | 403384 |
|  Micron Technology, Inc.  | 3555 | 335805 |
|  Motorola Solutions, Inc.  | 1005 | 417457 |
|  NVIDIA Corp.  | 40682 | 5497359 |

---

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  QUALCOMM, Inc.  | 4833 | $701752 |
|  Texas Instruments, Inc.  | 5012 | 916444 |
|  |  | 22374993 |
|  **Telecommunications — 2.1%** |  |  |
|  T-Mobile US, Inc.  | 5157 | 1249026 |
|  Verizon Communications, Inc.  | 29749 | 1307766 |
|  |  | 2556792 |
|  **Utilities — 2.8%** |  |  |
|  American Electric Power Co., Inc.  | 2576 | 266590 |
|  Consolidated Edison, Inc.  | 1530 | 159870 |
|  Constellation Energy Corp.  | 590 | 180628 |
|  Dominion Energy, Inc.  | 4315 | 244531 |
|  Duke Energy Corp.  | 3768 | 443569 |
|  Edison International  | 1735 | 96553 |
|  Exelon Corp.  | 5001 | 219144 |
|  NextEra Energy, Inc.  | 9358 | 661049 |
|  Public Service Enterprise Group, Inc.  | 2161 | 175106 |
|  Sempra  | 2732 | 214708 |
|  Southern Co.  | 5266 | 473940 |
|  WEC Energy Group, Inc.  | 1455 | 156325 |
|  Xcel Energy, Inc.  | 2617 | 183452 |
|  |  | 3475465 |
|  **TOTAL COMMON STOCKS** (Cost $94,250,381) |  | 122173443 |
|  **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
|  **Money Market Funds — 0.5%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(c)</sup> | 657578 | 657578 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $657,578) |  | 657578 |
|  **TOTAL INVESTMENTS — 99.9% (**Cost $94,907,959) |  | **122831021** |
|  **Other Assets in Excess of Liabilities — 0.1%**  |  | 117858 |
|  **TOTAL NET ASSETS — 100.0%** |  | $**122948879** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&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) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of security
 has been pledged as collateral for written options. The total value of assets committed as collateral as of May 31, 2025 is $28,358,882,
 which is 23.0% of the total net assets.

See accompanying notes to financial statements.

**Horizon Equity Premium Income Fund**<br> **Schedule of Written Options** **(Unaudited)<br> May 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — (0.1)%** |  |  |  |
|  **Call Options — (0.1)%** |  |  |  |
|  S&P 500 Index, Expiration: 06/05/2025; Exercise Price: $6,000.00 <sup>(a)(b)</sup> | $(82763660) | (140) | $(116900) |
|  **TOTAL WRITTEN OPTIONS (**Premiums received $194,260) |  |  | $(116900) |

---

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 Defined Risk Fund**<br> **Schedule of Investments (** **Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 100.4%** |  |  |
|  **Banking — 3.5%** |  |  |
|  Bank of America Corp.  | 101466 | $4477694 |
|  Citigroup, Inc.  | 28763 | 2166429 |
|  Citizens Financial Group, Inc.  | 6696 | 270184 |
|  Fifth Third Bancorp  | 10263 | 391944 |
|  Huntington Bancshares, Inc.  | 22268 | 348049 |
|  JPMorgan Chase & Co. <sup>(h)</sup> | 42845 | 11311080 |
|  KeyCorp  | 15259 | 242008 |
|  M&T Bank Corp.  | 2538 | 463540 |
|  PNC Financial Services Group, Inc.  | 6064 | 1053984 |
|  Regions Financial Corp.  | 13932 | 298702 |
|  Truist Financial Corp.  | 20156 | 796162 |
|  US Bancorp  | 23901 | 1041845 |
|  Wells Fargo & Co.  | 50396 | 3768613 |
|  |  | 26630234 |
|  **Consumer Discretionary Products — 2.6%** |  |  |
|  Aptiv PLC <sup>(a)</sup> | 3513 | 234704 |
|  Deckers Outdoor Corp. <sup>(a)</sup> | 2323 | 245123 |
|  DR Horton, Inc.  | 4342 | 512617 |
|  Ford Motor Co.  | 59646 | 619125 |
|  General Motors Co.  | 15245 | 756304 |
|  Hasbro, Inc.  | 2007 | 133887 |
|  Lennar Corp., Class A - Class A  | 3576 | 379342 |
|  Masco Corp.  | 3246 | 202615 |
|  Mohawk Industries, Inc. <sup>(a)</sup> | 799 | 80387 |
|  Nike, Inc. - Class B  | 18098 | 1096558 |
|  NVR, Inc. <sup>(a)</sup> | 40 | 284637 |
|  PulteGroup, Inc.  | 3099 | 303795 |
|  Ralph Lauren Corp., Class A  | 606 | 167747 |
|  Tapestry, Inc.  | 3170 | 249004 |
|  Tesla, Inc. <sup>(a)</sup> | 42884 | 14857591 |
|  |  | 20123436 |
|  **Consumer Discretionary Services — 1.5%** |  |  |
|  Caesars Entertainment, Inc. <sup>(a)</sup> | 3255 | 87494 |
|  Carnival Corp. <sup>(a)</sup> | 16052 | 372727 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 20768 | 1040061 |
|  Darden Restaurants, Inc.  | 1790 | 383436 |
|  Domino's Pizza, Inc.  | 526 | 249229 |
|  Hilton Worldwide Holdings, Inc.  | 3684 | 915253 |
|  Las Vegas Sands Corp.  | 5262 | 216584 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup> | 2399 | 329119 |
|  Marriott International, Inc. - Class A  | 3504 | 924460 |
|  McDonald's Corp.  | 10977 | 3445132 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  MGM Resorts International <sup>(a)</sup> | 3427 | $108465 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 6744 | 119032 |
|  Royal Caribbean Cruises Ltd.  | 3789 | 973659 |
|  Starbucks Corp.  | 17402 | 1460898 |
|  TKO Group Holdings, Inc.  | 1014 | 160019 |
|  Wynn Resorts Ltd.  | 1370 | 124040 |
|  Yum! Brands, Inc.  | 4273 | 615056 |
|  |  | 11524664 |
|  **Consumer Staple Products — 3.7%** |  |  |
|  Altria Group, Inc.  | 25966 | 1573799 |
|  Brown-Forman Corp. - Class B  | 2788 | 92952 |
|  Church & Dwight Co., Inc.  | 3767 | 370334 |
|  Clorox Co.  | 1886 | 248726 |
|  Coca-Cola Co.  | 59330 | 4277693 |
|  Colgate-Palmolive Co.  | 12434 | 1155616 |
|  Conagra Brands, Inc.  | 7312 | 167372 |
|  Constellation Brands, Inc. - Class A  | 2378 | 423974 |
|  Estee Lauder Cos., Inc. - Class A  | 3573 | 239177 |
|  General Mills, Inc.  | 8444 | 458171 |
|  Hershey Co.  | 2261 | 363320 |
|  Hormel Foods Corp.  | 4449 | 136495 |
|  J M Smucker Co.  | 1626 | 183104 |
|  Kellanova  | 4118 | 340270 |
|  Kenvue, Inc.  | 29389 | 701515 |
|  Keurig Dr Pepper, Inc.  | 18293 | 615925 |
|  Kimberly-Clark Corp.  | 5080 | 730301 |
|  Kraft Heinz Co.  | 13365 | 357246 |
|  Lamb Weston Holdings, Inc.  | 2182 | 121712 |
|  McCormick & Co., Inc.  | 3862 | 280883 |
|  Molson Coors Brewing Co. - Class B  | 2634 | 141156 |
|  Mondelez International, Inc. - Class A  | 19821 | 1337719 |
|  Monster Beverage Corp. <sup>(a)</sup> | 10727 | 685992 |
|  PepsiCo, Inc.  | 21010 | 2761765 |
|  Philip Morris International, Inc.  | 23822 | 4302015 |
|  Procter & Gamble Co. <sup>(h)</sup> | 35930 | 6104148 |
|  The Campbell's Co.  | 3009 | 102426 |
|  Tyson Foods, Inc., Class A - Class A  | 4378 | 245869 |
|  |  | 28519675 |
|  **Financial Services — 7.1%** |  |  |
|  American Express Co.  | 8500 | 2499425 |
|  Ameriprise Financial, Inc.  | 1471 | 749092 |
|  Apollo Global Management, Inc.  | 6847 | 894835 |
|  Bank of New York Mellon Corp.  | 10994 | 974178 |
|  Blackrock, Inc.  | 2226 | 2181235 |
|  Blackstone, Inc.  | 11213 | 1555916 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Broadridge Financial Solutions, Inc.  | 1789 | $434423 |
|  Capital One Financial Corp.  | 9754 | 1844969 |
|  CBOE Global Markets, Inc.  | 1601 | 366821 |
|  Charles Schwab Corp.  | 26110 | 2306557 |
|  CME Group, Inc.  | 5518 | 1594702 |
|  Coinbase Global, Inc. - Class A <sup>(a)</sup> | 3434 | 846893 |
|  Corpay, Inc. <sup>(a)</sup> | 1064 | 345917 |
|  Equifax, Inc.  | 1899 | 501697 |
|  FactSet Research Systems, Inc.  | 577 | 264416 |
|  Fair Isaac Corp. <sup>(a)</sup> | 370 | 638724 |
|  Fidelity National Information Services, Inc.  | 8114 | 645956 |
|  Fiserv, Inc. <sup>(a)</sup> | 8714 | 1418552 |
|  Franklin Resources, Inc.  | 4738 | 102530 |
|  Global Payments, Inc.  | 3792 | 286713 |
|  Goldman Sachs Group, Inc.  | 4783 | 2871952 |
|  Intercontinental Exchange, Inc.  | 8798 | 1581880 |
|  Invesco, Ltd.  | 6863 | 99239 |
|  Jack Henry & Associates, Inc.  | 1113 | 201642 |
|  KKR & Co., Inc.  | 10340 | 1255896 |
|  MarketAxess Holdings, Inc.  | 573 | 124003 |
|  MasterCard, Inc. - Class A <sup>(h)</sup> | 12478 | 7307117 |
|  Moody's Corp.  | 2373 | 1137426 |
|  Morgan Stanley  | 18958 | 2427193 |
|  MSCI, Inc.  | 1188 | 670056 |
|  Nasdaq, Inc.  | 6341 | 529727 |
|  Northern Trust Corp.  | 3001 | 320327 |
|  PayPal Holdings, Inc. <sup>(a)</sup> | 15157 | 1065234 |
|  Raymond James Financial, Inc.  | 2822 | 414778 |
|  S&P Global, Inc.  | 4824 | 2474037 |
|  State Street Corp.  | 4418 | 425365 |
|  Synchrony Financial  | 5952 | 343133 |
| T. Rowe Price Group, Inc.  | 3403 | 318487 |
|  Verisk Analytics, Inc.  | 2160 | 678542 |
|  Visa, Inc. - Class A <sup>(h)</sup> | 26404 | 9642477 |
|  |  | 54342062 |
|  **Health Care — 9.7%** |  |  |
|  Abbott Laboratories  | 26576 | 3550022 |
|  AbbVie, Inc. <sup>(h)</sup> | 27048 | 5033903 |
|  ABIOMED INC <sup>(a)(b)</sup> | 495 | 0 |
|  Agilent Technologies, Inc.  | 4370 | 489090 |
|  Align Technology, Inc. <sup>(a)</sup> | 1071 | 193787 |
|  Amgen, Inc.  | 8229 | 2371433 |
|  Baxter International, Inc.  | 7822 | 238571 |
|  Becton Dickinson & Co.  | 4397 | 758878 |
|  Biogen, Inc. <sup>(a)</sup> | 2239 | 290600 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Bio-Techne Corp.  | 2419 | $117080 |
|  Boston Scientific Corp. <sup>(a)</sup> | 22581 | 2376876 |
|  Bristol-Myers Squibb Co.  | 31090 | 1501025 |
|  Cardinal Health, Inc.  | 3700 | 571428 |
|  Cencora, Inc.  | 2642 | 769456 |
|  Centene Corp. <sup>(a)</sup> | 7597 | 428775 |
|  Charles River Laboratories International, Inc. <sup>(a)</sup> | 782 | 106063 |
|  Cigna Group  | 4193 | 1327672 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 3050 | 208254 |
|  CVS Health Corp.  | 19317 | 1237061 |
|  Danaher Corp.  | 9805 | 1861970 |
|  DaVita, Inc. <sup>(a)</sup> | 671 | 91431 |
|  Dexcom, Inc. <sup>(a)</sup> | 5982 | 513256 |
|  Edwards Lifesciences Corp. <sup>(a)</sup> | 9036 | 706796 |
|  Elevance Health, Inc.  | 3550 | 1362632 |
|  Eli Lilly & Co. <sup>(h)</sup> | 12072 | 8905152 |
|  GE HealthCare Technologies, Inc.  | 6999 | 493709 |
|  Gilead Sciences, Inc.  | 19094 | 2101868 |
|  HCA Healthcare, Inc.  | 2738 | 1044246 |
|  Henry Schein, Inc. <sup>(a)</sup> | 1909 | 133611 |
|  Hologic, Inc. <sup>(a)</sup> | 3437 | 213678 |
|  Humana, Inc.  | 1841 | 429192 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup> | 1252 | 642727 |
|  Incyte Corp. <sup>(a)</sup> | 2447 | 159202 |
|  Insulet Corp. <sup>(a)</sup> | 1071 | 348107 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 5462 | 3016881 |
|  IQVIA Holdings, Inc. <sup>(a)</sup> | 2560 | 359245 |
|  Johnson & Johnson <sup>(h)</sup>  | 36890 | 5725697 |
|  Labcorp Holdings, Inc.  | 1273 | 316939 |
|  McKesson Corp.  | 1918 | 1380020 |
|  Medtronic PLC  | 19646 | 1630225 |
|  Merck & Co., Inc. <sup>(h)</sup> | 38760 | 2978318 |
|  Mettler-Toledo International, Inc. <sup>(a)</sup> | 315 | 363989 |
|  Moderna, Inc. <sup>(a)</sup> | 5188 | 137793 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 848 | 258674 |
|  Pfizer, Inc.  | 86839 | 2039848 |
|  Quest Diagnostics, Inc.  | 1696 | 293985 |
|  Regeneron Pharmaceuticals, Inc.  | 1607 | 787880 |
|  ResMed, Inc.  | 2246 | 549798 |
|  Revvity, Inc.  | 1860 | 168181 |
|  Solventum Corp. <sup>(a)</sup> | 2113 | 154439 |
|  STERIS PLC  | 1502 | 368305 |
|  Stryker Corp.  | 5258 | 2011921 |
|  Thermo Fisher Scientific, Inc.  | 5857 | 2359317 |
|  UnitedHealth Group, Inc. <sup>(h)</sup> | 14097 | 4256025 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Universal Health Services, Inc. - Class B  | 896 | $170554 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 3931 | 1737699 |
|  Viatris, Inc.  | 18282 | 160699 |
|  Waters Corp. <sup>(a)</sup> | 906 | 316411 |
|  West Pharmaceutical Services, Inc.  | 1105 | 232989 |
|  Zimmer Biomet Holdings, Inc.  | 3049 | 281026 |
|  Zoetis, Inc.  | 6861 | 1156970 |
|  |  | 73791379 |
|  **Industrial Products — 6.1%** |  |  |
|  3M Co.  | 8316 | 1233679 |
|  Allegion PLC  | 1327 | 189363 |
|  AMETEK, Inc.  | 3542 | 633097 |
|  Amphenol Corp. - Class A  | 18556 | 1668741 |
|  AO Smith Corp.  | 1807 | 116208 |
|  Axon Enterprise, Inc. <sup>(a)</sup> | 1104 | 828397 |
|  Boeing Co. <sup>(a)</sup> | 11492 | 2382521 |
|  Carrier Global Corp.  | 12373 | 880958 |
|  Caterpillar, Inc.  | 7319 | 2547232 |
|  Cummins, Inc.  | 2102 | 675751 |
|  Deere & Co.  | 3877 | 1962770 |
|  Dover Corp.  | 2098 | 372919 |
|  Eaton Corp. PLC <sup>(c)</sup> | 6053 | 1938171 |
|  Emerson Electric Co.  | 8639 | 1031324 |
|  Fortive Corp.  | 5228 | 366953 |
|  GE Vernova, Inc.  | 4225 | 1998340 |
|  Generac Holdings, Inc. <sup>(a)</sup> | 908 | 110894 |
|  General Dynamics Corp.  | 3885 | 1081934 |
|  General Electric Co.  | 16445 | 4043990 |
|  Honeywell International, Inc.  | 9959 | 2257407 |
|  Howmet Aerospace, Inc.  | 6201 | 1053488 |
|  Hubbell, Inc.  | 818 | 318676 |
|  Huntington Ingalls Industries, Inc.  | 596 | 132944 |
|  IDEX Corp.  | 1158 | 209494 |
|  Illinois Tool Works, Inc.  | 4092 | 1002867 |
|  Ingersoll Rand, Inc.  | 6170 | 503719 |
|  Johnson Controls International PLC  | 10113 | 1025155 |
|  Keysight Technologies, Inc. <sup>(a)</sup> | 2645 | 415371 |
|  L3Harris Technologies, Inc.  | 2883 | 704432 |
|  Lennox International, Inc.  | 487 | 274887 |
|  Lockheed Martin Corp.  | 3209 | 1547957 |
|  Nordson Corp.  | 829 | 175740 |
|  Northrop Grumman Corp.  | 2082 | 1009291 |
|  Otis Worldwide Corp.  | 6075 | 579251 |
|  PACCAR, Inc.  | 8033 | 753897 |
|  Parker-Hannifin Corp.  | 1970 | 1309459 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Pentair PLC  | 2529 | $250826 |
|  Rockwell Automation, Inc.  | 1728 | 545270 |
|  RTX Corp.  | 20410 | 2785557 |
|  Snap-on, Inc.  | 799 | 256279 |
|  Stanley Black & Decker, Inc.  | 2361 | 154480 |
|  TE Connectivity PLC  | 4569 | 731360 |
|  Textron, Inc.  | 2794 | 206840 |
|  Trane Technologies PLC  | 3434 | 1477547 |
|  TransDigm Group, Inc.  | 856 | 1256976 |
|  Trimble, Inc. <sup>(a)</sup> | 3765 | 268332 |
|  Veralto Corp.  | 3785 | 382399 |
|  Wabtec Corp.  | 2617 | 529471 |
|  Xylem, Inc.  | 3717 | 468491 |
|  |  | 46651105 |
|  **Industrial Services — 2.3%** |  |  |
|  Automatic Data Processing, Inc.  | 6230 | 2028052 |
|  CH Robinson Worldwide, Inc.  | 1809 | 173610 |
|  Cintas Corp.  | 5252 | 1189578 |
|  CSX Corp.  | 29547 | 933390 |
|  Delta Air Lines, Inc.  | 9830 | 475674 |
|  Expeditors International of Washington, Inc.  | 2141 | 241355 |
|  Fastenal Co.  | 17561 | 725972 |
|  FedEx Corp.  | 3393 | 740013 |
|  Jacobs Solutions, Inc.  | 1876 | 236939 |
|  JB Hunt Transport Services, Inc.  | 1214 | 168564 |
|  Norfolk Southern Corp.  | 3465 | 856271 |
|  Old Dominion Freight Line, Inc.  | 2875 | 460489 |
|  Paychex, Inc.  | 4907 | 774864 |
|  Quanta Services, Inc.  | 2257 | 773158 |
|  Republic Services, Inc.  | 3107 | 799400 |
|  Rollins, Inc.  | 4302 | 246290 |
|  Southwest Airlines Co.  | 9080 | 303090 |
|  Union Pacific Corp.  | 9255 | 2051463 |
|  United Airlines Holdings, Inc. <sup>(a)</sup> | 5038 | 400244 |
|  United Parcel Service, Inc. - Class B  | 11204 | 1092838 |
|  United Rentals, Inc.  | 993 | 703421 |
|  Waste Management, Inc.  | 5591 | 1347263 |
|  WW Grainger, Inc.  | 675 | 734103 |
|  |  | 17456041 |
|  **Insurance — 4.1%** |  |  |
|  Aflac, Inc.  | 7582 | 785040 |
|  Allstate Corp.  | 4057 | 851443 |
|  American International Group, Inc.  | 9090 | 769378 |
|  Aon PLC - Class A  | 3308 | 1230841 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Arch Capital Group Ltd.  | 5742 | $545720 |
|  Arthur J Gallagher & Co.  | 3892 | 1352236 |
|  Assurant, Inc.  | 784 | 159136 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)(h)</sup> | 28085 | 14153717 |
|  Brown & Brown, Inc.  | 3631 | 409940 |
|  Chubb Ltd.  | 5709 | 1696715 |
|  Cincinnati Financial Corp.  | 2393 | 360912 |
|  Erie Indemnity Co. - Class A  | 380 | 136234 |
|  Everest Group Ltd.  | 654 | 227062 |
|  Globe Life, Inc.  | 1282 | 156237 |
|  Hartford Insurance Group, Inc.  | 4404 | 571815 |
|  Loews Corp.  | 2705 | 241529 |
|  Marsh & McLennan Cos., Inc.  | 7523 | 1757824 |
|  MetLife, Inc.  | 8866 | 696690 |
|  Principal Financial Group, Inc.  | 3221 | 250884 |
|  Progressive Corp.  | 8974 | 2556962 |
|  Prudential Financial, Inc.  | 5423 | 563395 |
|  Travelers Cos., Inc.  | 3471 | 956955 |
|  Willis Towers Watson PLC  | 1527 | 483372 |
|  WR Berkley Corp.  | 4597 | 343350 |
|  |  | 31257387 |
|  **Materials — 1.9%** |  |  |
|  Air Products & Chemicals, Inc.  | 3405 | 949689 |
|  Albemarle Corp. <sup>(c)</sup> | 1798 | 100256 |
|  Amcor PLC  | 22147 | 201759 |
|  Avery Dennison Corp.  | 1227 | 218075 |
|  Ball Corp.  | 4573 | 245021 |
|  CF Industries Holdings, Inc.  | 2663 | 241561 |
|  Corteva, Inc.  | 10501 | 743471 |
|  Dow, Inc.  | 10781 | 299065 |
|  DuPont de Nemours, Inc.  | 6403 | 427720 |
|  Eastman Chemical Co.  | 1762 | 138088 |
|  Ecolab, Inc.  | 3858 | 1024762 |
|  Freeport-McMoRan, Inc.  | 22018 | 847253 |
|  International Flavors & Fragrances, Inc.  | 3914 | 299656 |
|  International Paper Co.  | 8075 | 386066 |
|  Linde PLC  | 7293 | 3410061 |
|  LyondellBasell Industries NV - Class A  | 3968 | 224152 |
|  Martin Marietta Materials, Inc.  | 932 | 510317 |
|  Mosaic Co.  | 4867 | 175893 |
|  Newmont Goldcorp Corp.  | 17443 | 919595 |
|  Nucor Corp.  | 3597 | 393368 |
|  Packaging Corp. of America  | 1361 | 262904 |
|  PPG Industries, Inc.  | 3550 | 393340 |
|  Sherwin-Williams Co.  | 3547 | 1272699 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Smurfit WestRock PLC  | 7573 | $328138 |
|  Steel Dynamics, Inc.  | 2167 | 266693 |
|  Vulcan Materials Co.  | 2020 | 535441 |
|  |  | 14815043 |
|  **Media — 9.7%** |  |  |
|  Airbnb, Inc. - Class A <sup>(a)</sup> | 6629 | 855141 |
|  Alphabet, Inc. - Class A <sup>(h)</sup> | 89387 | 15351323 |
|  Alphabet, Inc. - Class C <sup>(h)</sup> | 72440 | 12521254 |
|  Booking Holdings, Inc.  | 502 | 2770503 |
|  Charter Communications, Inc. - Class A <sup>(a)</sup> | 1475 | 584498 |
|  Comcast Corp. - Class A  | 57792 | 1997869 |
|  DoorDash, Inc. - Class A <sup>(a)</sup> | 5190 | 1082894 |
|  Electronic Arts, Inc.  | 3635 | 522640 |
|  Expedia Group, Inc.  | 1888 | 314824 |
|  Fox Corp. - Class A  | 3335 | 183225 |
|  Fox Corp. - Class B  | 2017 | 101415 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup> | 2160 | 393444 |
|  Interpublic Group of Cos., Inc.  | 5709 | 136788 |
|  Match Group, Inc.  | 3847 | 115179 |
|  Meta Platforms, Inc. - Class A <sup>(h)</sup> | 33554 | 21725879 |
|  Netflix, Inc. <sup>(a)</sup> | 6550 | 7907357 |
|  News Corp., Class A - Class A  | 5788 | 163453 |
|  News Corp., Class B - Class B  | 1707 | 55853 |
|  Omnicom Group, Inc.  | 3008 | 220908 |
|  Paramount Global - Class B  | 9107 | 110195 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup> | 2512 | 568415 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 32010 | 2693962 |
|  VeriSign, Inc.  | 1245 | 339225 |
|  Walt Disney Co.  | 27698 | 3130982 |
|  Warner Bros Discovery, Inc. <sup>(a)</sup> | 34221 | 341183 |
|  |  | 74188409 |
|  **Oil & Gas — 3.0%** |  |  |
|  APA Corp.  | 5663 | 96328 |
|  Baker Hughes & GE Co., Class A  | 15167 | 561937 |
|  Chevron Corp.  | 25607 | 3500477 |
|  ConocoPhillips  | 19549 | 1668507 |
|  Coterra Energy, Inc.  | 11276 | 274120 |
|  Devon Energy Corp.  | 10066 | 304597 |
|  Diamondback Energy, Inc.  | 2861 | 384948 |
|  EOG Resources, Inc.  | 8614 | 935222 |
|  EQT Corp.  | 9139 | 503833 |
|  Expand Energy Corp.  | 3272 | 379977 |
|  Exxon Mobil Corp. <sup>(h)</sup> | 66704 | 6823819 |
|  Halliburton Co.  | 13300 | 260547 |
|  Hess Corp.  | 4232 | 559428 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Kinder Morgan, Inc.  | 29628 | $830769 |
|  Marathon Petroleum Corp.  | 4839 | 777821 |
|  Occidental Petroleum Corp.  | 10346 | 421910 |
|  ONEOK, Inc.  | 9505 | 768384 |
|  Phillips 66  | 6324 | 717648 |
|  Schlumberger, Ltd.  | 21466 | 709451 |
|  Targa Resources Corp.  | 3337 | 527012 |
|  Texas Pacific Land Corp.  | 283 | 315270 |
|  Valero Energy Corp.  | 4846 | 624989 |
|  Williams Cos., Inc.  | 18676 | 1130085 |
|  |  | 23077079 |
|  **Real Estate — 2.2%** |  |  |
|  Alexandria Real Estate Equities, Inc.  | 2360 | 165648 |
|  American Tower Corp.  | 7158 | 1536465 |
|  AvalonBay Communities, Inc.  | 2174 | 449518 |
|  BXP, Inc.  | 2226 | 149877 |
|  Camden Property Trust  | 1629 | 191391 |
|  CBRE Group, Inc. - Class A <sup>(a)</sup> | 4528 | 566091 |
|  CoStar Group, Inc. <sup>(a)</sup> | 6458 | 475050 |
|  Crown Castle, Inc.  | 6654 | 667729 |
|  Digital Realty Trust, Inc.  | 4844 | 830843 |
|  Equinix, Inc.  | 1488 | 1322564 |
|  Equity Residential  | 5230 | 366832 |
|  Essex Property Trust, Inc.  | 980 | 278222 |
|  Extra Space Storage, Inc.  | 3243 | 490179 |
|  Federal Realty Investment Trust  | 1178 | 112475 |
|  Healthpeak Properties, Inc.  | 10718 | 186600 |
|  Host Hotels & Resorts, Inc.  | 10715 | 165975 |
|  Invitation Homes, Inc.  | 8732 | 294268 |
|  Iron Mountain, Inc.  | 4494 | 443603 |
|  Kimco Realty Corp.  | 10408 | 221274 |
|  Mid-America Apartment Communities, Inc.  | 1787 | 279934 |
|  Prologis, Inc.  | 14196 | 1541686 |
|  Public Storage  | 2412 | 743885 |
|  Realty Income Corp.  | 13407 | 759104 |
|  Regency Centers Corp.  | 2498 | 180231 |
|  SBA Communications Corp.  | 1644 | 381227 |
|  Simon Property Group, Inc.  | 4696 | 765777 |
|  UDR, Inc.  | 4602 | 190661 |
|  Ventas, Inc.  | 6695 | 430355 |
|  VICI Properties, Inc.  | 16157 | 512338 |
|  Welltower, Inc.  | 9332 | 1439741 |
|  Weyerhaeuser Co.  | 11115 | 287990 |
|  |  | 16427533 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Renewable Energy — 0.0%<sup>(d)</sup>** |  |  |
|  Enphase Energy, Inc. <sup>(a)</sup> | 2027 | $83897 |
|  First Solar, Inc. <sup>(a)</sup> | 1636 | 258619 |
|  |  | 342516 |
|  **Retail & Wholesale - Discretionary — 6.0%** |  |  |
|  Amazon.com, Inc. <sup>(a)(h)</sup> | 144534 | 29630915 |
|  AutoZone, Inc. <sup>(a)</sup> | 253 | 944459 |
|  Best Buy Co., Inc.  | 2976 | 197249 |
|  Builders FirstSource, Inc. <sup>(a)</sup> | 1761 | 189625 |
|  CarMax, Inc. <sup>(a)</sup> | 2355 | 151803 |
|  Copart, Inc. <sup>(a)</sup> | 13437 | 691737 |
|  eBay, Inc.  | 7339 | 536995 |
|  Genuine Parts Co.  | 2127 | 269108 |
|  Home Depot, Inc. <sup>(h)</sup> | 15218 | 5604637 |
|  LKQ Corp.  | 3981 | 161111 |
|  Lowe's Cos., Inc.  | 8649 | 1952339 |
|  Lululemon Athletica, Inc. <sup>(a)</sup> | 1717 | 543722 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup> | 877 | 1199298 |
|  Pool Corp.  | 578 | 173741 |
|  Ross Stores, Inc.  | 5055 | 708155 |
|  TJX Cos., Inc.  | 17222 | 2185472 |
|  Tractor Supply Co.  | 8185 | 396154 |
|  Ulta Beauty, Inc. <sup>(a)</sup> | 707 | 333322 |
|  Williams-Sonoma, Inc.  | 1886 | 305079 |
|  |  | 46174921 |
|  **Retail & Wholesale - Staples — 2.2%** |  |  |
|  Archer-Daniels-Midland Co.  | 7329 | 353771 |
|  Bunge Global SA  | 2041 | 159504 |
|  Costco Wholesale Corp.  | 6798 | 7071144 |
|  Dollar General Corp.  | 3368 | 327538 |
|  Dollar Tree, Inc. <sup>(a)</sup> | 3092 | 279084 |
|  Kroger Co.  | 10201 | 696014 |
|  Sysco Corp.  | 7493 | 546989 |
|  Target Corp.  | 7018 | 659762 |
|  Walgreens Boots Alliance, Inc.  | 10979 | 123514 |
|  Walmart, Inc.  | 66465 | 6561425 |
|  |  | 16778745 |
|  **Software & Tech Services — 12.3%** |  |  |
|  Accenture PLC - Class A  | 9580 | 3035136 |
|  Adobe, Inc. <sup>(a)</sup> | 6667 | 2767405 |
|  Akamai Technologies, Inc. <sup>(a)</sup> | 2300 | 174639 |
|  Amentum Holdings, Inc. <sup>(a)</sup> | 113 | 2343 |
|  ANSYS, Inc. <sup>(a)</sup> | 1336 | 441975 |
|  Autodesk, Inc. <sup>(a)</sup> | 3290 | 974235 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Cadence Design Systems, Inc. <sup>(a)</sup> | 4199 | $1205407 |
|  CDW Corp./DE  | 2036 | 367213 |
|  Cognizant Technology Solutions Corp., Class A - Class A  | 7576 | 613580 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 3772 | 1778008 |
|  Dayforce, Inc. <sup>(a)</sup> | 2432 | 143682 |
|  EPAM Systems, Inc. <sup>(a)</sup> | 865 | 150934 |
|  Fortinet, Inc. <sup>(a)</sup> | 9745 | 991846 |
|  Gartner, Inc. <sup>(a)</sup> | 1173 | 511921 |
|  Gen Digital, Inc.  | 8311 | 236697 |
|  International Business Machines Corp.  | 14165 | 3669585 |
|  Intuit, Inc.  | 4286 | 3229372 |
|  Leidos Holdings, Inc.  | 2008 | 298228 |
|  Microsoft Corp. <sup>(h)</sup> | 113915 | 52441909 |
|  Oracle Corp.  | 24855 | 4114248 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 31408 | 4138946 |
|  Palo Alto Networks, Inc. <sup>(a)</sup> | 10142 | 1951524 |
|  Paycom Software, Inc.  | 720 | 186545 |
|  PTC, Inc. <sup>(a)</sup> | 1837 | 309204 |
|  Roper Technologies, Inc.  | 1637 | 933532 |
|  Salesforce, Inc.  | 14661 | 3890590 |
|  ServiceNow, Inc. <sup>(a)</sup> | 3152 | 3186956 |
|  Synopsys, Inc. <sup>(a)</sup> | 2366 | 1097777 |
|  Tyler Technologies, Inc. <sup>(a)</sup> | 651 | 375620 |
|  Workday, Inc. - Class A <sup>(a)</sup> | 3274 | 811002 |
|  |  | 94030059 |
|  **Tech Hardware & Semiconductors — 19.0%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(a)</sup> | 24827 | 2749094 |
|  Analog Devices, Inc.  | 7599 | 1626034 |
|  Apple, Inc. <sup>(h)</sup> | 230198 | 46235268 |
|  Applied Materials, Inc.  | 12450 | 1951537 |
|  Arista Networks, Inc. <sup>(a)</sup> | 15828 | 1371338 |
|  Broadcom, Inc. <sup>(h)</sup> | 71826 | 17386920 |
|  Cisco Systems, Inc.  | 61028 | 3847205 |
|  Corning, Inc.  | 11810 | 585658 |
|  Dell Technologies, Inc. - Class C  | 4777 | 531537 |
|  F5, Inc. <sup>(a)</sup> | 881 | 251420 |
|  Garmin, Ltd.  | 2355 | 477994 |
|  Hewlett Packard Enterprise Co.  | 20123 | 347725 |
|  HP, Inc.  | 14370 | 357813 |
|  Intel Corp.  | 66349 | 1297123 |
|  Jabil, Inc.  | 1675 | 281417 |
|  Juniper Networks, Inc.  | 5073 | 182273 |
|  KLA Corp.  | 2033 | 1538737 |
|  Lam Research Corp.  | 19667 | 1588897 |
|  Microchip Technology, Inc.  | 8229 | 477611 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Micron Technology, Inc.  | 17069 | $1612338 |
|  Monolithic Power Systems, Inc.  | 730 | 483187 |
|  Motorola Solutions, Inc.  | 2556 | 1061711 |
|  NetApp, Inc.  | 3114 | 308784 |
|  NVIDIA Corp. <sup>(h)</sup> | 375282 | 50711857 |
|  NXP Semiconductors NV  | 3889 | 743304 |
|  ON Semiconductor Corp. <sup>(a)</sup> | 6457 | 271323 |
|  QUALCOMM, Inc.  | 16945 | 2460414 |
|  Seagate Technology Holdings PLC  | 3239 | 382008 |
|  Skyworks Solutions, Inc.  | 2457 | 169607 |
|  Super Micro Computer, Inc. <sup>(a)</sup> | 7717 | 308834 |
|  Teledyne Technologies, Inc. <sup>(a)</sup> | 709 | 353692 |
|  Teradyne, Inc.  | 2493 | 195950 |
|  Texas Instruments, Inc.  | 13947 | 2550209 |
|  Western Digital Corp. <sup>(a)</sup> | 5325 | 274504 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup> | 785 | 227469 |
|  |  | 145200792 |
|  **Telecommunications — 1.0%** |  |  |
|  AT&T, Inc.  | 110003 | 3058083 |
|  T-Mobile US, Inc.  | 7344 | 1778717 |
|  Verizon Communications, Inc.  | 64506 | 2835684 |
|  |  | 7672484 |
|  **Utilities — 2.5%** |  |  |
|  AES Corp.  | 10896 | 109941 |
|  Alliant Energy Corp.  | 3925 | 244253 |
|  Ameren Corp.  | 4132 | 400308 |
|  American Electric Power Co., Inc.  | 8161 | 844582 |
|  American Water Works Co., Inc.  | 2984 | 426622 |
|  Atmos Energy Corp.  | 2428 | 375563 |
|  CenterPoint Energy, Inc.  | 9986 | 371879 |
|  CMS Energy Corp.  | 4578 | 321513 |
|  Consolidated Edison, Inc.  | 5307 | 554528 |
|  Constellation Energy Corp.  | 4791 | 1466765 |
|  Dominion Energy, Inc.  | 12869 | 729286 |
|  DTE Energy Co.  | 3171 | 433317 |
|  Duke Energy Corp.  | 11888 | 1399455 |
|  Edison International  | 5930 | 330004 |
|  Entergy Corp.  | 6567 | 546900 |
|  Evergy, Inc.  | 3522 | 233896 |
|  Eversource Energy  | 5613 | 363779 |
|  Exelon Corp.  | 15403 | 674959 |
|  FirstEnergy Corp.  | 7859 | 329606 |
|  NextEra Energy, Inc.  | 31507 | 2225654 |
|  NiSource, Inc.  | 7198 | 284609 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**<br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  NRG Energy, Inc.  | 3101 | $483446 |
|  PG&E Corp.  | 33612 | 567371 |
|  Pinnacle West Capital Corp.  | 1739 | 158649 |
|  PPL Corp.  | 11309 | 392988 |
|  Public Service Enterprise Group, Inc.  | 7631 | 618340 |
|  Sempra  | 9703 | 762559 |
|  Southern Co.  | 16788 | 1510920 |
|  Vistra Corp.  | 5208 | 836249 |
|  WEC Energy Group, Inc.  | 4863 | 522481 |
|  Xcel Energy, Inc.  | 8799 | 616810 |
|  |  | 19137232 |
|  **TOTAL COMMON STOCKS** (Cost $554,452,240) |  | 768140796 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **PURCHASED OPTIONS — 1.0%<sup>(a)</sup>** |  |  |  |
|  **Put Options — 1.0%** |  |  |  |
|  S&P 500 Index <sup>(e)(f)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $5,625.00  | $236467600 | 400 | $890000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $5,250.00  | 135968870 | 230 | 516350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $5,200.00  | 118233800 | 200 | 397000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $5,850.00  | 212820840 | 360 | 5104800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $5,600.00  | 59116900 | 100 | 853500 |
|  **TOTAL PURCHASED OPTIONS (**Cost $22,841,574) |  |  | 7761650 |

---

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
|  **Investments Purchased with Proceeds from Securities Lending — 0.1%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(g)</sup> | 1032540 | $1032540 |
|  **Money Market Funds — 1.4%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(g)</sup> | 10224413 | 10224413 |
|  **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,256,953) |  | 11256953 |
|  **TOTAL INVESTMENTS — 102.9% (**Cost $588,550,767) |  | **787159399** |
|  **Liabilities in Excess of Other Assets — (2.9)%** |  | (22505112) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**764654287** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this
 security is on loan as of May 31, 2025. The fair value of these securities was $995,590 which represented 0.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05%
 of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) All or portion of the security
 is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $259,923,861,
 which is 34.0% of total net assets.

See accompanying notes to financial statements.

**Horizon Defined Risk Fund**<br> **Schedule of Written Options** **(Unaudited)<br> May 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — (2.7)%** |  |  |  |
|  **Call Options — (2.3)%** |  |  |  |
|  S&P 500 Index <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $5,975.00 | $(236467600) | (400) | $(2164000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $5,725.00 | (118233800) | (200) | (5651000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $5,700.00 | (135968870) | (230) | (6959800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $6,175.00 | (271937740) | (460) | (3029100) |
|  **Total Call Options** |  |  | (17803900) |
|  **Put Options — (0.4)%** |  |  |  |
|  S&P 500 Index <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $5,175.00 | (236467600) | (400) | (162000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $4,425.00 | (118233800) | (200) | (92000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $4,625.00 | (135968870) | (230) | (143750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $5,050.00 | (59116900) | (100) | (287000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/15/2025; Exercise Price: $5,350.00 | (212820840) | (360) | (1854000) |
|  **Total Put Options** |  |  | (2538750) |
|  **TOTAL WRITTEN OPTIONS (**Premiums received $19,844,893) |  |  | $(20342650) |

---

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 U.S. Equity Fund**<br> **Schedule of Investments** **(Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 99.7%** |  |  |
|  **Banking — 4.6%** |  |  |
|  JPMorgan Chase & Co.  | 77241 | $20391624 |
|  M&T Bank Corp.  | 3288 | 600520 |
|  PNC Financial Services Group, Inc.  | 6501 | 1129939 |
|  Wells Fargo & Co.  | 87366 | 6533230 |
|  |  | 28655313 |
|  **Consumer Discretionary Products — 0.7%** |  |  |
|  DR Horton, Inc.  | 6603 | 779550 |
|  General Motors Co.  | 16016 | 794554 |
|  Masco Corp.  | 11377 | 710152 |
|  NVR, Inc. <sup>(a)</sup> | 130 | 925071 |
|  PulteGroup, Inc.  | 8686 | 851489 |
|  |  | 4060816 |
|  **Consumer Discretionary Services — 1.0%** |  |  |
|  Darden Restaurants, Inc.  | 3921 | 839917 |
|  McDonald's Corp.  | 6622 | 2078315 |
|  Royal Caribbean Cruises Ltd.  | 3916 | 1006294 |
|  Yum! Brands, Inc.  | 14221 | 2046971 |
|  |  | 5971497 |
|  **Consumer Staple Products — 6.6%** |  |  |
|  Altria Group, Inc.  | 65387 | 3963106 |
|  Coca-Cola Co.  | 180880 | 13041448 |
|  Colgate-Palmolive Co.  | 30747 | 2857626 |
|  Hormel Foods Corp.  | 20700 | 635076 |
|  Kimberly-Clark Corp.  | 17293 | 2486042 |
|  PepsiCo, Inc.  | 20301 | 2668566 |
|  Philip Morris International, Inc.  | 77464 | 13989224 |
|  Tyson Foods, Inc., Class A - Class A  | 21962 | 1233386 |
|  |  | 40874474 |
|  **Financial Services — 7.1%** |  |  |
|  Broadridge Financial Solutions, Inc.  | 6756 | 1640560 |
|  CBOE Global Markets, Inc.  | 2793 | 639932 |
|  CME Group, Inc.  | 12646 | 3654694 |
|  Fair Isaac Corp. <sup>(a)</sup> | 664 | 1146250 |
|  Fiserv, Inc. <sup>(a)</sup> | 13423 | 2185130 |
|  Intercontinental Exchange, Inc.  | 23719 | 4264676 |
|  MasterCard, Inc. - Class A  | 37475 | 21945360 |
|  Nasdaq, Inc.  | 12957 | 1082428 |
|  Raymond James Financial, Inc.  | 4566 | 671111 |
|  S&P Global, Inc.  | 11862 | 6083545 |
|  Synchrony Financial  | 10791 | 622101 |
|  |  | 43935787 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Health Care — 11.4%** |  |  |
|  Abbott Laboratories  | 32698 | $4367799 |
|  Agilent Technologies, Inc.  | 4972 | 556466 |
|  Amgen, Inc.  | 13873 | 3997921 |
|  Becton Dickinson & Co.  | 10262 | 1771119 |
|  Biogen, Inc. <sup>(a)</sup> | 7600 | 986404 |
|  Boston Scientific Corp. <sup>(a)</sup> | 47542 | 5004271 |
|  Cardinal Health, Inc.  | 11447 | 1767875 |
|  Cigna Group  | 8311 | 2631595 |
|  Gilead Sciences, Inc.  | 62908 | 6924913 |
|  HCA Healthcare, Inc.  | 7951 | 3032432 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 5553 | 3067144 |
|  Johnson & Johnson  | 89294 | 13859322 |
|  Medtronic PLC  | 49497 | 4107261 |
|  Merck & Co., Inc.  | 123412 | 9482978 |
|  Pfizer, Inc.  | 135974 | 3194029 |
|  Quest Diagnostics, Inc.  | 4072 | 705840 |
|  Regeneron Pharmaceuticals, Inc.  | 1007 | 493712 |
|  STERIS PLC  | 3548 | 870005 |
|  Stryker Corp.  | 2766 | 1058382 |
|  Thermo Fisher Scientific, Inc.  | 4714 | 1898893 |
|  Universal Health Services, Inc. - Class B  | 4891 | 931002 |
|  |  | 70709363 |
|  **Industrial Products — 4.2%** |  |  |
|  Allegion PLC  | 5577 | 795838 |
|  AMETEK, Inc.  | 9846 | 1759874 |
|  Axon Enterprise, Inc. <sup>(a)</sup> | 1214 | 910937 |
|  Cummins, Inc.  | 4400 | 1414512 |
|  Dover Corp.  | 3244 | 576621 |
|  Generac Holdings, Inc. <sup>(a)</sup> | 4416 | 539326 |
|  General Dynamics Corp.  | 8200 | 2283618 |
|  L3Harris Technologies, Inc.  | 3464 | 846394 |
|  Northrop Grumman Corp.  | 7262 | 3520400 |
|  Parker-Hannifin Corp.  | 1240 | 824228 |
|  Pentair PLC  | 6598 | 654389 |
|  RTX Corp.  | 38333 | 5231688 |
|  Snap-on, Inc.  | 1849 | 593067 |
|  TE Connectivity PLC  | 9215 | 1475045 |
|  Trane Technologies PLC  | 4034 | 1735709 |
|  Veralto Corp.  | 12523 | 1265199 |
|  Wabtec Corp.  | 8300 | 1679256 |
|  |  | 26106101 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Industrial Services — 2.4%** |  |  |
|  CSX Corp.  | 48746 | $1539886 |
|  Republic Services, Inc.  | 16234 | 4176846 |
|  Union Pacific Corp.  | 13590 | 3012359 |
|  United Airlines Holdings, Inc. <sup>(a)</sup> | 17733 | 1408798 |
|  Waste Management, Inc.  | 19313 | 4653854 |
|  |  | 14791743 |
|  **Insurance — 7.9%** |  |  |
|  Allstate Corp.  | 10368 | 2175932 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 57141 | 28796778 |
|  Chubb Ltd.  | 17456 | 5187923 |
|  Globe Life, Inc.  | 4625 | 563649 |
|  Hartford Insurance Group, Inc.  | 10574 | 1372928 |
|  Progressive Corp.  | 27154 | 7736989 |
|  Travelers Cos., Inc.  | 9408 | 2593786 |
|  Willis Towers Watson PLC  | 1783 | 564409 |
|  |  | 48992394 |
|  **Materials — 2.3%** |  |  |
|  Avery Dennison Corp.  | 4262 | 757485 |
|  CF Industries Holdings, Inc.  | 8053 | 730488 |
|  DuPont de Nemours, Inc.  | 10082 | 673478 |
|  Ecolab, Inc.  | 12191 | 3238173 |
|  Freeport-McMoRan, Inc.  | 61902 | 2381989 |
|  Linde PLC  | 4708 | 2201367 |
|  Newmont Goldcorp Corp.  | 59360 | 3129459 |
|  Packaging Corp. of America  | 3270 | 631666 |
|  Steel Dynamics, Inc.  | 4699 | 578306 |
|  |  | 14322411 |
|  **Media — 11.2%** |  |  |
|  Booking Holdings, Inc.  | 1294 | 7141496 |
|  Comcast Corp. - Class A  | 147698 | 5105920 |
|  DoorDash, Inc. - Class A <sup>(a)</sup> | 11488 | 2396971 |
|  Expedia Group, Inc.  | 7331 | 1222444 |
|  Fox Corp. - Class A  | 19946 | 1095833 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup> | 7671 | 1397273 |
|  Meta Platforms, Inc. - Class A  | 48029 | 31098297 |
|  Netflix, Inc. <sup>(a)</sup> | 11371 | 13727412 |
|  News Corp., Class A - Class A  | 28650 | 809076 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 39761 | 3346286 |
|  VeriSign, Inc.  | 7173 | 1954427 |
|  |  | 69295435 |
|  **Oil & Gas — 2.9%** |  |  |
|  ConocoPhillips  | 43989 | 3754461 |
|  Devon Energy Corp.  | 29245 | 884954 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  EOG Resources, Inc.  | 10988 | $1192967 |
|  Exxon Mobil Corp.  | 90678 | 9276359 |
|  Kinder Morgan, Inc.  | 61863 | 1734639 |
|  Targa Resources Corp.  | 6417 | 1013437 |
|  |  | 17856817 |
|  **Real Estate — 2.1%** |  |  |
|  American Tower Corp.  | 17692 | 3797588 |
|  Camden Property Trust  | 5239 | 615530 |
|  CBRE Group, Inc. - Class A <sup>(a)</sup> | 9841 | 1230322 |
|  Equity Residential  | 11714 | 821620 |
|  Essex Property Trust, Inc.  | 3315 | 941129 |
|  Extra Space Storage, Inc.  | 7267 | 1098407 |
|  Invitation Homes, Inc.  | 23035 | 776279 |
|  Kimco Realty Corp.  | 32266 | 685975 |
|  Mid-America Apartment Communities, Inc.  | 3700 | 579605 |
|  Regency Centers Corp.  | 8340 | 601731 |
|  VICI Properties, Inc.  | 18924 | 600080 |
|  Welltower, Inc.  | 9473 | 1461494 |
|  |  | 13209760 |
|  **Retail & Wholesale - Discretionary — 3.2%** |  |  |
|  AutoZone, Inc. <sup>(a)</sup> | 788 | 2941636 |
|  Home Depot, Inc.  | 17766 | 6543040 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup> | 2607 | 3565072 |
|  TJX Cos., Inc.  | 44590 | 5658471 |
|  Ulta Beauty, Inc. <sup>(a)</sup> | 1633 | 769894 |
|  |  | 19478113 |
|  **Retail & Wholesale - Staples — 3.1%** |  |  |
|  Costco Wholesale Corp.  | 5907 | 6144343 |
|  Dollar General Corp.  | 10725 | 1043006 |
|  Walmart, Inc.  | 120712 | 11916689 |
|  |  | 19104038 |
|  **Software & Tech Services — 5.0%** |  |  |
|  Accenture PLC - Class A  | 8551 | 2709128 |
|  Intuit, Inc.  | 2997 | 2258150 |
|  Leidos Holdings, Inc.  | 5080 | 754482 |
|  Microsoft Corp.  | 46469 | 21392469 |
|  Roper Technologies, Inc.  | 3579 | 2040996 |
|  Salesforce, Inc.  | 7074 | 1877227 |
|  |  | 31032452 |
|  **Tech Hardware & Semiconductors — 19.4%** |  |  |
|  Apple, Inc.  | 135075 | 27129814 |
|  Applied Materials, Inc.  | 10293 | 1613428 |
|  Broadcom, Inc.  | 113838 | 27556765 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor U.S. Equity Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Cisco Systems, Inc.  | 163385 | $10299790 |
|  F5, Inc. <sup>(a)</sup> | 4641 | 1324448 |
|  KLA Corp.  | 2708 | 2049631 |
|  Lam Research Corp.  | 34162 | 2759948 |
|  Micron Technology, Inc.  | 13735 | 1297408 |
|  Motorola Solutions, Inc.  | 5678 | 2358528 |
|  NVIDIA Corp.  | 249371 | 33697503 |
|  QUALCOMM, Inc.  | 50602 | 7347410 |
|  Teledyne Technologies, Inc. <sup>(a)</sup> | 3017 | 1505061 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup> | 3401 | 985508 |
|  |  | 119925242 |
|  **Telecommunications — 1.6%** |  |  |
|  AT&T, Inc.  | 347558 | 9662112 |
|  **Utilities — 3.0%** |  |  |
|  American Electric Power Co., Inc.  | 22055 | 2282472 |
|  CMS Energy Corp.  | 8897 | 624836 |
|  Consolidated Edison, Inc.  | 16959 | 1772046 |
|  Constellation Energy Corp.  | 6613 | 2024570 |
|  DTE Energy Co.  | 9493 | 1297218 |
|  Duke Energy Corp.  | 35283 | 4153515 |
|  Evergy, Inc.  | 12586 | 835836 |
|  Exelon Corp.  | 54158 | 2373204 |
|  Vistra Corp.  | 19298 | 3098680 |
|  |  | 18462377 |
|  **TOTAL COMMON STOCKS** (Cost $574,764,952) |  | 616446245 |
|  **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
|  **Money Market Funds — 0.2%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 1343611 | 1343611 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $1,343,611) |  | 1343611 |
|  **TOTAL INVESTMENTS — 99.9% (**Cost $576,108,563) |  | **617789856** |
|  **Other Assets in Excess of Liabilities — 0.1%** |  | 612848 |
|  **TOTAL NET ASSETS — 100.0%** |  | $**618402704** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 90.1%** |  |  |
|  **Banking — 3.1%** |  |  |
|  Bank of America Corp.  | 70649 | $3117740 |
|  Fifth Third Bancorp  | 10340 | 394885 |
|  JPMorgan Chase & Co.  | 26604 | 7023456 |
|  M&T Bank Corp.  | 2274 | 415323 |
|  PNC Financial Services Group, Inc.  | 2924 | 508220 |
|  Regions Financial Corp.  | 18640 | 399642 |
|  US Bancorp  | 11753 | 512313 |
|  Wells Fargo & Co.  | 29793 | 2227921 |
|  |  | 14599500 |
|  **Consumer Discretionary Products — 3.0%** |  |  |
|  Aptiv PLC <sup>(a)</sup> | 6806 | 454709 |
|  Deckers Outdoor Corp. <sup>(a)</sup> | 3557 | 375335 |
|  DR Horton, Inc.  | 3169 | 374132 |
|  Ford Motor Co.  | 40238 | 417670 |
|  General Motors Co.  | 8545 | 423917 |
|  Lennar Corp., Class A - Class A  | 3510 | 372341 |
|  Masco Corp.  | 5784 | 361037 |
|  Nike, Inc. - Class B  | 11999 | 727019 |
|  NVR, Inc. <sup>(a)</sup> | 50 | 355797 |
|  Tesla, Inc. <sup>(a)</sup> | 30601 | 10602023 |
|  |  | 14463980 |
|  **Consumer Discretionary Services — 1.2%** |  |  |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 9617 | 481619 |
|  Darden Restaurants, Inc.  | 1930 | 413425 |
|  Domino's Pizza, Inc.  | 863 | 408907 |
|  Hilton Worldwide Holdings, Inc.  | 1774 | 440733 |
|  Las Vegas Sands Corp.  | 10226 | 420902 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup> | 3063 | 420213 |
|  McDonald's Corp.  | 6254 | 1962818 |
|  Starbucks Corp.  | 9135 | 766883 |
|  Yum! Brands, Inc.  | 2534 | 364744 |
|  |  | 5680244 |
|  **Consumer Staple Products — 3.4%** |  |  |
|  Altria Group, Inc.  | 12863 | 779626 |
|  Church & Dwight Co., Inc.  | 3629 | 356767 |
|  Clorox Co.  | 2710 | 357395 |
|  Coca-Cola Co.  | 37530 | 2705913 |
|  Colgate-Palmolive Co.  | 5865 | 545093 |
|  Constellation Brands, Inc. - Class A  | 2167 | 386354 |
|  General Mills, Inc.  | 6655 | 361100 |
|  Hershey Co.  | 2350 | 377622 |
|  Keurig Dr Pepper, Inc.  | 11548 | 388821 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Kimberly-Clark Corp.  | 2797 | $402097 |
|  McCormick & Co., Inc.  | 4874 | 354486 |
|  Mondelez International, Inc. - Class A  | 9678 | 653168 |
|  Monster Beverage Corp. <sup>(a)</sup> | 6824 | 436395 |
|  PepsiCo, Inc.  | 11809 | 1552293 |
|  Philip Morris International, Inc.  | 13362 | 2413044 |
|  Procter & Gamble Co.  | 20697 | 3516213 |
|  Tyson Foods, Inc., Class A - Class A  | 6311 | 354426 |
|  |  | 15940813 |
|  **Financial Services — 5.1%** |  |  |
|  American Express Co.  | 6254 | 1838989 |
|  Blackrock, Inc.  | 1344 | 1316972 |
|  Blackstone, Inc.  | 6115 | 848517 |
|  Broadridge Financial Solutions, Inc.  | 1644 | 399213 |
|  CBOE Global Markets, Inc.  | 1774 | 406459 |
|  CME Group, Inc.  | 2806 | 810934 |
|  Corpay, Inc. <sup>(a)</sup> | 1147 | 372901 |
|  FactSet Research Systems, Inc.  | 877 | 401894 |
|  Fair Isaac Corp. <sup>(a)</sup> | 217 | 374603 |
|  Global Payments, Inc.  | 4080 | 308489 |
|  Intercontinental Exchange, Inc.  | 4655 | 836969 |
|  MasterCard, Inc. - Class A  | 8323 | 4873949 |
|  Moody's Corp.  | 1377 | 660024 |
|  MSCI, Inc.  | 703 | 396506 |
|  Nasdaq, Inc.  | 5288 | 441759 |
|  PayPal Holdings, Inc. <sup>(a)</sup> | 7645 | 537291 |
|  S&P Global, Inc.  | 2648 | 1358053 |
|  Synchrony Financial  | 7659 | 441541 |
| T. Rowe Price Group, Inc.  | 4358 | 407865 |
|  Verisk Analytics, Inc.  | 1344 | 422204 |
|  Visa, Inc. - Class A  | 17875 | 6527771 |
|  |  | 23982903 |
|  **Health Care — 7.5%** |  |  |
|  Abbott Laboratories  | 14530 | 1940918 |
|  AbbVie, Inc.  | 15276 | 2843016 |
|  ABIOMED INC <sup>(a)(b)</sup> | 239 | 0 |
|  Agilent Technologies, Inc.  | 3463 | 387579 |
|  Becton Dickinson & Co.  | 2046 | 353119 |
|  Biogen, Inc. <sup>(a)</sup> | 2929 | 380155 |
|  Boston Scientific Corp. <sup>(a)</sup> | 12712 | 1338065 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 4855 | 331500 |
|  Danaher Corp.  | 6227 | 1182507 |
|  Dexcom, Inc. <sup>(a)</sup> | 5982 | 513256 |
|  Edwards Lifesciences Corp. <sup>(a)</sup> | 5577 | 436233 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Elevance Health, Inc.  | 1766 | $677862 |
|  Eli Lilly & Co.  | 8913 | 6574853 |
|  Gilead Sciences, Inc.  | 10137 | 1115881 |
|  HCA Healthcare, Inc.  | 1818 | 693367 |
|  Hologic, Inc. <sup>(a)</sup> | 6504 | 404354 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup> | 950 | 487692 |
|  Insulet Corp. <sup>(a)</sup> | 1529 | 496971 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 3189 | 1761412 |
|  IQVIA Holdings, Inc. <sup>(a)</sup> | 2289 | 321215 |
|  Johnson & Johnson  | 22300 | 3461183 |
|  Medtronic PLC  | 10272 | 852371 |
|  Merck & Co., Inc.  | 22043 | 1693784 |
|  Mettler-Toledo International, Inc. <sup>(a)</sup> | 341 | 394032 |
|  Quest Diagnostics, Inc.  | 2355 | 408216 |
|  Regeneron Pharmaceuticals, Inc.  | 807 | 395656 |
|  ResMed, Inc.  | 1804 | 441601 |
|  STERIS PLC  | 1766 | 433041 |
|  Stryker Corp.  | 3149 | 1204933 |
|  Thermo Fisher Scientific, Inc.  | 3393 | 1366768 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 2167 | 957922 |
|  Waters Corp. <sup>(a)</sup> | 1096 | 382767 |
|  West Pharmaceutical Services, Inc.  | 1793 | 378054 |
|  Zimmer Biomet Holdings, Inc.  | 3548 | 327019 |
|  Zoetis, Inc.  | 3240 | 546361 |
|  |  | 35483663 |
|  **Industrial Products — 3.4%** |  |  |
|  AMETEK, Inc.  | 2331 | 416643 |
|  Amphenol Corp. - Class A  | 9408 | 846061 |
|  Axon Enterprise, Inc. <sup>(a)</sup> | 755 | 566522 |
|  Caterpillar, Inc.  | 4232 | 1472863 |
|  Cummins, Inc.  | 1288 | 414066 |
|  Dover Corp.  | 2282 | 405626 |
|  Eaton Corp. PLC  | 3307 | 1058901 |
|  Fortive Corp.  | 5477 | 384431 |
|  General Dynamics Corp.  | 1959 | 545562 |
|  Honeywell International, Inc.  | 5439 | 1232858 |
|  Howmet Aerospace, Inc.  | 3091 | 525130 |
|  Hubbell, Inc.  | 1219 | 474898 |
|  IDEX Corp.  | 2212 | 400173 |
|  Illinois Tool Works, Inc.  | 2233 | 547264 |
|  Ingersoll Rand, Inc.  | 5035 | 411057 |
|  Keysight Technologies, Inc. <sup>(a)</sup> | 2672 | 419611 |
|  L3Harris Technologies, Inc.  | 1906 | 465712 |
|  PACCAR, Inc.  | 4130 | 387600 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Parker-Hannifin Corp.  | 1026 | $681982 |
|  Pentair PLC  | 4608 | 457021 |
|  Snap-on, Inc.  | 1189 | 381372 |
|  TE Connectivity PLC  | 2828 | 452678 |
|  Trane Technologies PLC  | 1755 | 755124 |
|  TransDigm Group, Inc.  | 416 | 610867 |
|  Trimble, Inc. <sup>(a)</sup> | 6167 | 439522 |
|  Veralto Corp.  | 4094 | 413617 |
|  Wabtec Corp.  | 2199 | 444902 |
|  Xylem, Inc.  | 3354 | 422738 |
|  |  | 16034801 |
|  **Industrial Services — 2.0%** |  |  |
|  Automatic Data Processing, Inc.  | 3299 | 1073923 |
|  Cintas Corp.  | 3044 | 689466 |
|  CSX Corp.  | 13654 | 431330 |
|  Expeditors International of Washington, Inc.  | 3290 | 370882 |
|  Fastenal Co.  | 10404 | 430101 |
|  FedEx Corp.  | 1658 | 361610 |
|  JB Hunt Transport Services, Inc.  | 2723 | 378089 |
|  Old Dominion Freight Line, Inc.  | 2417 | 387131 |
|  Quanta Services, Inc.  | 1582 | 541930 |
|  Republic Services, Inc.  | 2254 | 579932 |
|  Rollins, Inc.  | 7393 | 423249 |
|  Union Pacific Corp.  | 5046 | 1118496 |
|  United Airlines Holdings, Inc. <sup>(a)</sup> | 6098 | 484456 |
|  United Parcel Service, Inc. - Class B  | 6789 | 662199 |
|  United Rentals, Inc.  | 640 | 453363 |
|  Waste Management, Inc.  | 3082 | 742669 |
|  WW Grainger, Inc.  | 402 | 437199 |
|  |  | 9566025 |
|  **Insurance — 3.8%** |  |  |
|  Allstate Corp.  | 1921 | 403160 |
|  Aon PLC - Class A  | 1644 | 611700 |
|  Arch Capital Group Ltd.  | 4185 | 397742 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 20138 | 10148747 |
|  Brown & Brown, Inc.  | 3222 | 363764 |
|  Chubb Ltd.  | 3198 | 950446 |
|  Cincinnati Financial Corp.  | 2727 | 411286 |
|  Erie Indemnity Co. - Class A  | 959 | 343811 |
|  Everest Group Ltd.  | 1100 | 381909 |
|  Hartford Insurance Group, Inc.  | 3237 | 420292 |
|  Marsh & McLennan Cos., Inc.  | 3912 | 914078 |
|  Progressive Corp.  | 4784 | 1363105 |
|  Travelers Cos., Inc.  | 1552 | 427886 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Willis Towers Watson PLC  | 1183 | $374479 |
|  WR Berkley Corp.  | 5654 | 422297 |
|  |  | 17934702 |
|  **Materials — 1.8%** |  |  |
|  Air Products & Chemicals, Inc.  | 1601 | 446535 |
|  Avery Dennison Corp.  | 2246 | 399182 |
|  Corteva, Inc.  | 6369 | 450925 |
|  DuPont de Nemours, Inc.  | 5393 | 360252 |
|  Ecolab, Inc.  | 2067 | 549037 |
|  Freeport-McMoRan, Inc.  | 10911 | 419855 |
|  Linde PLC  | 4094 | 1914273 |
|  Martin Marietta Materials, Inc.  | 844 | 462132 |
|  Newmont Goldcorp Corp.  | 8212 | 432937 |
|  Nucor Corp.  | 3325 | 363622 |
|  Packaging Corp. of America  | 2023 | 390783 |
|  PPG Industries, Inc.  | 3674 | 407079 |
|  Sherwin-Williams Co.  | 1906 | 683892 |
|  Smurfit WestRock PLC  | 8968 | 388583 |
|  Steel Dynamics, Inc.  | 3216 | 395793 |
|  Vulcan Materials Co.  | 1726 | 457511 |
|  |  | 8522391 |
|  **Media — 10.7%** |  |  |
|  Airbnb, Inc. - Class A <sup>(a)</sup> | 5033 | 649257 |
|  Alphabet, Inc. - Class A  | 120219 | 20646411 |
|  Booking Holdings, Inc.  | 288 | 1589452 |
|  Comcast Corp. - Class A  | 32020 | 1106932 |
|  Electronic Arts, Inc.  | 2756 | 396258 |
|  Expedia Group, Inc.  | 2427 | 404702 |
|  Fox Corp. - Class A  | 7180 | 394469 |
|  Meta Platforms, Inc. - Class A  | 24930 | 16141926 |
|  Netflix, Inc. <sup>(a)</sup> | 4075 | 4919462 |
|  News Corp., Class A - Class A  | 14829 | 418771 |
|  Omnicom Group, Inc.  | 5015 | 368302 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 18157 | 1528093 |
|  VeriSign, Inc.  | 1554 | 423418 |
|  Walt Disney Co.  | 15975 | 1805814 |
|  |  | 50793267 |
|  **Oil & Gas — 1.8%** |  |  |
|  Baker Hughes & GE Co., Class A  | 9074 | 336192 |
|  ConocoPhillips  | 10305 | 879532 |
|  Coterra Energy, Inc.  | 13793 | 335308 |
|  Devon Energy Corp.  | 10710 | 324084 |
|  Diamondback Energy, Inc.  | 2496 | 335837 |
|  EOG Resources, Inc.  | 4056 | 440360 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Exxon Mobil Corp.  | 39392 | $4029801 |
|  Halliburton Co.  | 15781 | 309150 |
|  Schlumberger, Ltd.  | 9557 | 315859 |
|  Targa Resources Corp.  | 2012 | 317755 |
|  Texas Pacific Land Corp.  | 302 | 336437 |
|  Williams Cos., Inc.  | 8990 | 543985 |
|  |  | 8504300 |
|  **Real Estate — 2.0%** |  |  |
|  Alexandria Real Estate Equities, Inc.  | 4391 | 308204 |
|  American Tower Corp.  | 3529 | 757500 |
|  AvalonBay Communities, Inc.  | 1872 | 387073 |
|  CBRE Group, Inc. - Class A <sup>(a)</sup> | 3091 | 386437 |
|  CoStar Group, Inc. <sup>(a)</sup> | 5075 | 373317 |
|  Equinix, Inc.  | 750 | 666615 |
|  Equity Residential  | 5629 | 394818 |
|  Essex Property Trust, Inc.  | 1309 | 371625 |
|  Extra Space Storage, Inc.  | 2713 | 410070 |
|  Healthpeak Properties, Inc.  | 19889 | 346267 |
|  Invitation Homes, Inc.  | 11605 | 391089 |
|  Kimco Realty Corp.  | 18956 | 403005 |
|  Mid-America Apartment Communities, Inc.  | 2406 | 376900 |
|  Prologis, Inc.  | 7358 | 799079 |
|  Public Storage  | 1345 | 414811 |
|  Regency Centers Corp.  | 5458 | 393795 |
|  SBA Communications Corp.  | 1823 | 422735 |
|  Simon Property Group, Inc.  | 2417 | 394140 |
|  UDR, Inc.  | 8925 | 369763 |
|  VICI Properties, Inc.  | 12423 | 393933 |
|  Welltower, Inc.  | 4931 | 760755 |
|  |  | 9521931 |
|  **Retail & Wholesale - Discretionary — 6.3%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup> | 104745 | 21473772 |
|  Builders FirstSource, Inc. <sup>(a)</sup> | 3202 | 344791 |
|  Copart, Inc. <sup>(a)</sup> | 7095 | 365251 |
|  Genuine Parts Co.  | 3403 | 430548 |
|  Home Depot, Inc.  | 8891 | 3274466 |
|  Lululemon Athletica, Inc. <sup>(a)</sup> | 1406 | 445238 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup> | 411 | 562042 |
|  Ross Stores, Inc.  | 3096 | 433719 |
|  TJX Cos., Inc.  | 9130 | 1158597 |
|  Tractor Supply Co.  | 7302 | 353417 |
|  Ulta Beauty, Inc. <sup>(a)</sup> | 1072 | 505405 |
|  Williams-Sonoma, Inc.  | 2534 | 409900 |
|  |  | 29757146 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Retail & Wholesale - Staples — 2.7%** |  |  |
|  Archer-Daniels-Midland Co.  | 8376 | $404310 |
|  Costco Wholesale Corp.  | 3901 | 4057742 |
|  Dollar Tree, Inc. <sup>(a)</sup> | 5252 | 474046 |
|  Sysco Corp.  | 5320 | 388360 |
|  Target Corp.  | 3792 | 356486 |
|  Walmart, Inc.  | 70484 | 6958180 |
|  |  | 12639124 |
|  **Software & Tech Services — 11.0%** |  |  |
|  Adobe, Inc. <sup>(a)</sup> | 3901 | 1619266 |
|  Autodesk, Inc. <sup>(a)</sup> | 1524 | 451287 |
|  Cadence Design Systems, Inc. <sup>(a)</sup> | 2085 | 598541 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 2009 | 946982 |
|  Fortinet, Inc. <sup>(a)</sup> | 6057 | 616481 |
|  Intuit, Inc.  | 2393 | 1803054 |
|  Leidos Holdings, Inc.  | 2988 | 443778 |
|  Microsoft Corp.  | 71689 | 33002748 |
|  Oracle Corp.  | 26854 | 4445143 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 22536 | 2969794 |
|  Roper Technologies, Inc.  | 742 | 423140 |
|  Salesforce, Inc.  | 8920 | 2367100 |
|  ServiceNow, Inc. <sup>(a)</sup> | 1846 | 1866472 |
|  Synopsys, Inc. <sup>(a)</sup> | 1176 | 545641 |
|  |  | 52099427 |
|  **Tech Hardware & Semiconductors — 18.3%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(a)</sup> | 14994 | 1660286 |
|  Apple, Inc.  | 140042 | 28127436 |
|  Applied Materials, Inc.  | 6981 | 1094272 |
|  Arista Networks, Inc. <sup>(a)</sup> | 10623 | 920377 |
|  Broadcom, Inc.  | 47008 | 11379226 |
|  Cisco Systems, Inc.  | 35176 | 2217495 |
|  F5, Inc. <sup>(a)</sup> | 1495 | 426643 |
|  Garmin, Ltd.  | 1864 | 378336 |
|  KLA Corp.  | 1090 | 824999 |
|  Lam Research Corp.  | 10745 | 868088 |
|  Micron Technology, Inc.  | 9390 | 886979 |
|  Monolithic Power Systems, Inc.  | 693 | 458697 |
|  Motorola Solutions, Inc.  | 1198 | 497625 |
|  NetApp, Inc.  | 4500 | 446220 |
|  NVIDIA Corp.  | 241947 | 32694298 |
|  NXP Semiconductors NV  | 2143 | 409592 |
|  QUALCOMM, Inc.  | 9887 | 1435592 |
|  Super Micro Computer, Inc. <sup>(a)</sup> | 11526 | 461270 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Teledyne Technologies, Inc. <sup>(a)</sup> | 803 | $400585 |
|  Teradyne, Inc.  | 4916 | 386398 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup> | 1406 | 407417 |
|  |  | 86381831 |
|  **Telecommunications — 0.9%** |  |  |
|  AT&T, Inc.  | 60236 | 1674561 |
|  T-Mobile US, Inc.  | 10067 | 2438227 |
|  |  | 4112788 |
|  **Utilities — 2.1%** |  |  |
|  Ameren Corp.  | 3983 | 385873 |
|  American Electric Power Co., Inc.  | 3683 | 381154 |
|  American Water Works Co., Inc.  | 2721 | 389021 |
|  Atmos Energy Corp.  | 2594 | 401240 |
|  CMS Energy Corp.  | 5344 | 375309 |
|  Consolidated Edison, Inc.  | 3628 | 379090 |
|  Constellation Energy Corp.  | 2427 | 743026 |
|  DTE Energy Co.  | 2906 | 397105 |
|  Duke Energy Corp.  | 5793 | 681952 |
|  Edison International  | 6791 | 377919 |
|  Evergy, Inc.  | 5830 | 387170 |
|  Exelon Corp.  | 8706 | 381497 |
|  NextEra Energy, Inc.  | 16860 | 1190990 |
|  NRG Energy, Inc.  | 4155 | 647765 |
|  PG&E Corp.  | 23271 | 392814 |
|  PPL Corp.  | 11130 | 386768 |
|  Southern Co.  | 8368 | 753120 |
|  Vistra Corp.  | 3388 | 544011 |
|  WEC Energy Group, Inc.  | 3670 | 394305 |
|  Xcel Energy, Inc.  | 5679 | 398098 |
|  |  | 9988227 |
|  **TOTAL COMMON STOCKS** (Cost $404,541,274) |  | 426007063 |

---

See accompanying notes to financial statements.

**Horizon Defensive Core Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **EXCHANGE TRADED FUNDS — 9.6%** |  |  |
|  SPDR Bloomberg 1-3 Month T-Bill ETF  | 494860 | $45398457 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $45,279,690) |  | 45398457 |
|  **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
|  **Money Market Funds — 0.3%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(c)</sup> | 1610216 | 1610216 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $1,610,216) |  | 1610216 |
|  **TOTAL INVESTMENTS — 100.0% (**Cost $451,431,180) |  | **473015736** |
|  **Liabilities in Excess of Other Assets — (0.0)% <sup>(d)</sup>** |  | (118878) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**472896858** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05%
 of net assets.

See accompanying notes to financial statements.

**Horizon Tactical Fixed Income Fund**<br> **Schedule of Investments** **(Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **EXCHANGE TRADED FUNDS — 100.7%** |  |  |
|  iShares 7-10 Year Treasury Bond ETF  | 91707 | $8672731 |
|  iShares iBoxx Investment Grade Corporate Bond ETF  | 91380 | 9848023 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF <sup>(a)</sup> | 252421 | 22869343 |
|  SPDR Blackstone Senior Loan ETF <sup>(a)(b)</sup> | 1206543 | 49938815 |
|  SPDR Bloomberg Convertible Securities ETF  | 85537 | 6823286 |
|  VanEck Fallen Angel High Yield Bond ETF  | 758323 | 21763870 |
|  Vanguard Total International Bond ETF <sup>(a)</sup> | 533681 | 26390525 |
|  Xtrackers USD High Yield Corporate Bond ETF  | 842587 | 30720722 |
|  **TOTAL EXCHANGE TRADED FUNDS (**Cost $175,567,315) |  | 177027315 |
|  **SHORT-TERM INVESTMENTS — 25.2%** |  |  |
|  **Investments Purchased with Proceeds from Securities Lending — 25.1%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(b)(c)</sup> | 44142677 | 44142677 |
|  **Money Market Funds — 0.1%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(c)</sup> | 231158 | 231158 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $44,373,835) |  | 44373835 |
|  **TOTAL INVESTMENTS — 125.9% (**Cost $219,941,150) |  | **221401150** |
|  **Liabilities in Excess of Other Assets — (25.9)%** |  | (45526265) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**175874885** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this
 security is on loan as of May 31, 2025. The fair value of these securities was $43,239,739 which represented 24.6% of net assets.

&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 effective yield as of May 31, 2025.

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited)<br> May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 99.2%** |  |  |
|  **Banking — 6.6%** |  |  |
|  Ameris Bancorp  | 21532 | $1323572 |
|  Axos Financial, Inc. <sup>(a)</sup> | 24899 | 1731476 |
|  BancFirst Corp.  | 5927 | 733199 |
|  BankUnited, Inc.  | 31922 | 1084710 |
|  Banner Corp.  | 9929 | 612123 |
|  Cathay General Bancorp  | 13118 | 562172 |
|  Central Pacific Financial Corp.  | 17013 | 454247 |
|  Commerce Bancshares, Inc./MO  | 38177 | 2405533 |
|  First BanCorp/Puerto Rico  | 70180 | 1402196 |
|  First Financial Bancorp  | 30306 | 732193 |
|  First Horizon Corp.  | 184413 | 3666130 |
|  Fulton Financial Corp.  | 71033 | 1225319 |
|  Hancock Whitney Corp.  | 31455 | 1719645 |
|  Hanmi Financial Corp.  | 18987 | 435182 |
|  Hilltop Holdings, Inc.  | 25068 | 747528 |
|  International Bancshares Corp.  | 25978 | 1627002 |
|  OFG Bancorp  | 15122 | 622119 |
|  Pathward Financial, Inc.  | 9714 | 758178 |
|  Provident Financial Services, Inc.  | 56819 | 948877 |
|  S&T Bancorp, Inc.  | 13732 | 503415 |
|  Tompkins Financial Corp.  | 7274 | 446624 |
|  TrustCo Bank Corp. NY  | 14343 | 445207 |
|  Veritex Holdings, Inc.  | 18760 | 453992 |
|  Webster Financial Corp.  | 39885 | 2053280 |
|  Westamerica BanCorp  | 9066 | 435621 |
|  Zions Bancorp NA  | 62721 | 2970467 |
|  |  | 30100007 |
|  **Consumer Discretionary Products — 4.5%** |  |  |
|  Armstrong World Industries, Inc.  | 17484 | 2721035 |
|  Autoliv, Inc.  | 13555 | 1393725 |
|  BorgWarner, Inc.  | 30815 | 1019668 |
|  Cavco Industries, Inc. <sup>(a)</sup> | 1755 | 760959 |
|  Crocs, Inc. <sup>(a)</sup> | 8925 | 910350 |
|  Dorman Products, Inc. <sup>(a)</sup> | 6900 | 892239 |
|  Green Brick Partners, Inc. <sup>(a)</sup> | 9931 | 580467 |
|  Griffon Corp.  | 12955 | 890656 |
|  HNI Corp.  | 12863 | 598515 |
|  Interface, Inc.  | 23020 | 462472 |
|  KB Home  | 8108 | 418211 |
|  LCI Industries  | 5659 | 493125 |
|  M/I Homes, Inc. <sup>(a)</sup> | 6486 | 691472 |
|  Mattel, Inc. <sup>(a)</sup> | 69168 | 1310042 |
|  Meritage Homes Corp.  | 6514 | 414356 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Phinia, Inc.  | 10595 | $459823 |
|  Standard Motor Products, Inc.  | 15892 | 481528 |
|  Sturm Ruger & Co., Inc.  | 12843 | 464917 |
|  Taylor Morrison Home Corp. <sup>(a)</sup> | 36703 | 2065645 |
|  Toll Brothers, Inc.  | 14822 | 1545193 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup> | 38931 | 1147686 |
|  Visteon Corp. <sup>(a)</sup> | 7144 | 603132 |
|  |  | 20325216 |
|  **Consumer Discretionary Services — 4.2%** |  |  |
|  Adtalem Global Education, Inc. <sup>(a)</sup> | 10051 | 1327034 |
|  Boyd Gaming Corp.  | 28922 | 2168282 |
|  Brinker International, Inc. <sup>(a)</sup> | 20177 | 3483156 |
|  Graham Holdings Co. - Class B  | 2104 | 2008079 |
|  Grand Canyon Education, Inc. <sup>(a)</sup> | 12309 | 2435274 |
|  Madison Square Garden Sports Corp. <sup>(a)</sup> | 5095 | 967490 |
|  Monarch Casino & Resort, Inc.  | 7054 | 590702 |
|  Perdoceo Education Corp.  | 15252 | 519178 |
|  PROG Holdings, Inc.  | 16469 | 474801 |
|  Strategic Education, Inc.  | 5289 | 482516 |
|  Stride, Inc. <sup>(a)</sup> | 4001 | 605711 |
|  Texas Roadhouse, Inc.  | 19245 | 3756816 |
|  Upbound Group, Inc.  | 18509 | 424596 |
|  |  | 19243635 |
|  **Consumer Staple Products — 4.8%** |  |  |
|  BellRing Brands, Inc. <sup>(a)</sup> | 51572 | 3246457 |
|  Cal-Maine Foods, Inc.  | 22119 | 2121876 |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup> | 25357 | 810663 |
|  Fresh Del Monte Produce, Inc.  | 14704 | 519345 |
|  Ingredion, Inc.  | 27452 | 3819122 |
|  Pilgrim's Pride Corp.  | 133730 | 6574167 |
|  Post Holdings, Inc. <sup>(a)</sup> | 24007 | 2654934 |
|  Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 6695 | 573561 |
|  Simply Good Foods Co. <sup>(a)</sup> | 17943 | 619213 |
|  Universal Corp./VA  | 7928 | 518412 |
|  USANA Health Sciences, Inc. <sup>(a)</sup> | 15571 | 465106 |
|  |  | 21922856 |
|  **Financial Services — 9.4%** |  |  |
|  Acadian Asset Management, Inc.  | 15791 | 475467 |
|  Affiliated Managers Group, Inc.  | 5033 | 885808 |
|  BGC Group, Inc. - Class A  | 164288 | 1524593 |
|  Enova International, Inc. <sup>(a)</sup> | 12786 | 1184879 |
|  Essent Group Ltd.  | 47706 | 2766948 |
|  Euronet Worldwide, Inc. <sup>(a)</sup> | 13989 | 1514729 |
|  EVERTEC, Inc.  | 24434 | 885244 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  EZCORP, Inc. - Class A <sup>(a)</sup> | 28553 | $384038 |
|  Federated Investors, Inc.  | 36399 | 1536038 |
|  Fidelity National Financial, Inc.  | 134297 | 7355447 |
|  Houlihan Lokey, Inc.  | 18908 | 3302849 |
|  Interactive Brokers Group, Inc. - Class A  | 46662 | 9784088 |
|  Janus Henderson Group PLC  | 58318 | 2118693 |
|  MGIC Investment Corp.  | 111038 | 2936955 |
|  Piper Sandler Cos.  | 4300 | 1081235 |
|  PJT Partners, Inc. - Class A  | 3287 | 495219 |
|  SEI Investments Co.  | 36154 | 3082490 |
|  Virtu Financial, Inc. - Class A  | 39455 | 1585696 |
|  |  | 42900416 |
|  **Health Care — 10.4%** |  |  |
|  ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 30013 | 647380 |
|  Addus HomeCare Corp. <sup>(a)</sup> | 4215 | 467486 |
|  ADMA Biologics, Inc. <sup>(a)</sup> | 33758 | 669759 |
|  Alkermes PLC <sup>(a)</sup> | 41071 | 1257183 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 20592 | 1195777 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 47855 | 1194461 |
|  Chemed Corp.  | 5731 | 3294408 |
|  CorVel Corp. <sup>(a)</sup> | 9917 | 1103464 |
|  Encompass Health Corp.  | 47619 | 5757137 |
|  Ensign Group, Inc.  | 3418 | 503335 |
|  Exelixis, Inc. <sup>(a)</sup> | 96344 | 4146646 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup> | 6160 | 364549 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup> | 27728 | 1554709 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 14810 | 510945 |
|  Innoviva, Inc. <sup>(a)</sup> | 23559 | 461050 |
|  Jazz Pharmaceuticals PLC <sup>(a)</sup> | 27883 | 3013316 |
|  LivaNova PLC <sup>(a)</sup> | 11923 | 515670 |
|  Merit Medical Systems, Inc. <sup>(a)</sup> | 4695 | 446166 |
|  National HealthCare Corp.  | 4703 | 489770 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup> | 9354 | 1150729 |
|  Option Care Health, Inc. <sup>(a)</sup> | 63312 | 2069036 |
|  Pediatrix Medical Group, Inc. <sup>(a)</sup> | 34446 | 487411 |
|  Penumbra, Inc. <sup>(a)</sup> | 5474 | 1461394 |
|  Progyny, Inc. <sup>(a)</sup> | 20697 | 444985 |
|  Protagonist Therapeutics, Inc. <sup>(a)</sup> | 21657 | 1028058 |
|  Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 13498 | 427887 |
|  Teleflex, Inc.  | 3499 | 427823 |
|  Tenet Healthcare Corp. <sup>(a)</sup> | 40108 | 6769027 |
|  United Therapeutics Corp. <sup>(a)</sup> | 16744 | 5338824 |
|  |  | 47198385 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Industrial Products — 8.3%** |  |  |
|  Acuity, Inc.  | 2840 | $738088 |
|  Alamo Group, Inc.  | 2586 | 512131 |
|  Albany International Corp. - Class A  | 7053 | 465992 |
|  Astec Industries, Inc.  | 11566 | 454428 |
|  Badger Meter, Inc.  | 4193 | 1040786 |
|  Crane Co.  | 11704 | 2006066 |
|  Curtiss-Wright Corp.  | 13530 | 5954688 |
|  Donaldson Co., Inc.  | 10730 | 746271 |
|  ESCO Technologies, Inc.  | 7472 | 1354225 |
|  Franklin Electric Co., Inc.  | 5281 | 456226 |
|  Gibraltar Industries, Inc. <sup>(a)</sup> | 7865 | 460732 |
|  Graco, Inc.  | 43758 | 3704552 |
|  Insteel Industries, Inc.  | 12993 | 455015 |
|  Itron, Inc. <sup>(a)</sup> | 10517 | 1215765 |
|  ITT, Inc.  | 17677 | 2661096 |
|  Lindsay Corp.  | 3383 | 471590 |
|  Mueller Industries, Inc.  | 37251 | 2900735 |
|  Mueller Water Products, Inc. - Class A  | 17648 | 432905 |
|  National Presto Industries, Inc.  | 5147 | 440841 |
|  NEXTracker, Inc. - Class A <sup>(a)</sup> | 28856 | 1635847 |
|  Proto Labs, Inc. <sup>(a)</sup> | 11625 | 429892 |
|  SPX Technologies, Inc. <sup>(a)</sup> | 9710 | 1476794 |
|  Toro Co.  | 15038 | 1139580 |
|  Valmont Industries, Inc.  | 8751 | 2783168 |
|  Vontier Corp.  | 35096 | 1254682 |
|  Watts Water Technologies, Inc. - Class A  | 10224 | 2475435 |
|  |  | 37667530 |
|  **Industrial Services — 7.1%** |  |  |
|  Alarm.com Holdings, Inc. <sup>(a)</sup> | 8164 | 468614 |
|  Alaska Air Group, Inc. <sup>(a)</sup> | 19115 | 973527 |
|  Applied Industrial Technologies, Inc.  | 8013 | 1815105 |
|  Brady Corp. - Class A  | 20246 | 1412563 |
|  Comfort Systems USA, Inc.  | 8419 | 4026218 |
|  CoreCivic, Inc. <sup>(a)</sup> | 42382 | 930709 |
|  CSG Systems International, Inc.  | 10530 | 695612 |
|  Dorian LPG Ltd.  | 20459 | 438027 |
|  Dycom Industries, Inc. <sup>(a)</sup> | 5252 | 1207540 |
|  EMCOR Group, Inc.  | 14265 | 6731083 |
|  Frontdoor, Inc. <sup>(a)</sup> | 19559 | 1075941 |
|  H&R Block, Inc.  | 37125 | 2114269 |
|  Healthcare Services Group, Inc. <sup>(a)</sup> | 30457 | 429444 |
|  Heartland Express, Inc.  | 59089 | 528847 |
|  Heidrick & Struggles International, Inc.  | 11138 | 486285 |
|  Hub Group, Inc. - Class A  | 13570 | 457445 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  International Seaways, Inc.  | 12922 | $478760 |
|  Kirby Corp. <sup>(a)</sup> | 11468 | 1268819 |
|  Korn Ferry  | 10179 | 692274 |
|  Matson, Inc.  | 10440 | 1178154 |
|  Ryder System, Inc.  | 9504 | 1398323 |
|  SkyWest, Inc. <sup>(a)</sup> | 16447 | 1668548 |
|  Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 41649 | 482295 |
|  UniFirst Corp./MA  | 7306 | 1377619 |
|  |  | 32336021 |
|  **Insurance — 6.4%** |  |  |
|  CNO Financial Group, Inc.  | 42239 | 1603393 |
|  Equitable Holdings, Inc.  | 150419 | 7952653 |
|  Genworth Financial, Inc. <sup>(a)</sup> | 180328 | 1271312 |
|  Hanover Insurance Group, Inc.  | 13497 | 2375202 |
|  Horace Mann Educators Corp.  | 18133 | 787516 |
|  Mercury General Corp.  | 26184 | 1688344 |
|  NMI Holdings, Inc. - Class A <sup>(a)</sup> | 33498 | 1330541 |
|  Old Republic International Corp.  | 111733 | 4223507 |
|  Safety Insurance Group, Inc.  | 5821 | 478137 |
|  United Fire Group, Inc.  | 15854 | 451046 |
|  Unum Group  | 87615 | 7159022 |
|  |  | 29320673 |
|  **Materials — 6.2%** |  |  |
|  AptarGroup, Inc.  | 7280 | 1153152 |
|  Axalta Coating Systems Ltd. <sup>(a)</sup> | 72235 | 2224838 |
|  Balchem Corp.  | 10168 | 1695006 |
|  Cabot Corp.  | 7080 | 528805 |
|  Crown Holdings, Inc.  | 42637 | 4199744 |
|  Element Solutions, Inc.  | 21152 | 452230 |
|  Greif, Inc. - Class A  | 8418 | 468041 |
|  Koppers Holdings, Inc.  | 17583 | 540150 |
|  Louisiana-Pacific Corp.  | 24980 | 2249949 |
|  NewMarket Corp.  | 4261 | 2744340 |
|  Owens Corning  | 25820 | 3458589 |
|  Reliance, Inc.  | 9235 | 2704193 |
|  Royal Gold, Inc.  | 16751 | 2983688 |
|  Sensient Technologies Corp.  | 10061 | 951066 |
|  Silgan Holdings, Inc.  | 21761 | 1198378 |
|  SunCoke Energy, Inc.  | 49186 | 400374 |
|  Sylvamo Corp.  | 8323 | 440869 |
|  |  | 28393412 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **Media — 1.5%** |  |  |
|  Cargurus, Inc. <sup>(a)</sup> | 15643 | $490252 |
|  Cars.com, Inc. <sup>(a)</sup> | 37366 | 383001 |
|  HealthStream, Inc.  | 13030 | 365101 |
|  New York Times Co. - Class A  | 45529 | 2600616 |
|  Nexstar Media Group, Inc.  | 9672 | 1648302 |
|  TEGNA, Inc.  | 62288 | 1041455 |
|  Yelp, Inc. <sup>(a)</sup> | 13363 | 510066 |
|  |  | 7038793 |
|  **Oil & Gas — 3.7%** |  |  |
|  Antero Midstream Corp.  | 184706 | 3468779 |
|  Antero Resources Corp. <sup>(a)</sup> | 54655 | 2046830 |
|  Archrock, Inc.  | 52384 | 1304362 |
|  California Resources Corp.  | 12547 | 554201 |
|  Chord Energy Corp.  | 6523 | 587070 |
|  DNOW, Inc. <sup>(a)</sup> | 37814 | 545278 |
|  DT Midstream, Inc.  | 32132 | 3365506 |
|  Innovex International, Inc. <sup>(a)</sup> | 28848 | 398102 |
|  Magnolia Oil & Gas Corp. - Class A  | 20981 | 451091 |
|  Murphy USA, Inc.  | 4674 | 1994816 |
|  NOV, Inc.  | 36868 | 442416 |
|  Ovintiv, Inc.  | 21358 | 765044 |
|  Permian Resources Corp.  | 53934 | 680108 |
|  Viper Energy, Inc.  | 10673 | 423611 |
|  |  | 17027214 |
|  **Real Estate — 6.9%** |  |  |
|  Alexander & Baldwin, Inc.  | 25321 | 453499 |
|  American Homes 4 Rent - Class A  | 60196 | 2278419 |
|  Brixmor Property Group, Inc.  | 105878 | 2690360 |
|  CareTrust REIT, Inc.  | 52236 | 1502307 |
|  COPT Defense Properties  | 28988 | 795721 |
|  Cousins Properties, Inc.  | 21341 | 599042 |
|  EastGroup Properties, Inc.  | 9515 | 1613268 |
|  Elme Communities  | 27853 | 447319 |
|  EPR Properties  | 8893 | 495251 |
|  Equity LifeStyle Properties, Inc.  | 66170 | 4206427 |
|  Essential Properties Realty Trust, Inc.  | 24838 | 807235 |
|  First Industrial Realty Trust, Inc.  | 42929 | 2121980 |
|  Jones Lang LaSalle, Inc. <sup>(a)</sup> | 12176 | 2711595 |
|  LTC Properties, Inc.  | 12360 | 437420 |
|  NNN REIT, Inc.  | 44970 | 1877947 |
|  Omega Healthcare Investors, Inc.  | 99263 | 3672731 |
|  Phillips Edison & Co., Inc.  | 14372 | 509631 |
|  Rayonier, Inc.  | 32937 | 780607 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Sabra Health Care REIT, Inc.  | 41116 | $718708 |
|  St Joe Co.  | 10125 | 452689 |
|  STAG Industrial, Inc.  | 23738 | 844598 |
|  Universal Health Realty Income Trust  | 11420 | 453488 |
|  Urban Edge Properties  | 29160 | 529546 |
|  Whitestone REIT  | 35086 | 432260 |
|  |  | 31432048 |
|  **Renewable Energy — 0.2%** |  |  |
|  EnerSys  | 9087 | 759946 |
|  **Retail & Wholesale - Discretionary — 5.3%** |  |  |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup> | 6301 | 494566 |
|  Asbury Automotive Group, Inc. <sup>(a)</sup> | 2001 | 456048 |
|  AutoNation, Inc. <sup>(a)</sup> | 12077 | 2220357 |
|  Bath & Body Works, Inc.  | 80832 | 2272996 |
|  Buckle, Inc.  | 12460 | 530921 |
|  Chewy, Inc. - Class A <sup>(a)</sup> | 145921 | 6602925 |
|  ePlus, Inc. <sup>(a)</sup> | 7024 | 501303 |
|  Ethan Allen Interiors, Inc.  | 15294 | 399632 |
|  FirstCash Holdings, Inc.  | 21869 | 2797264 |
|  Gap, Inc.  | 110440 | 2463916 |
|  G-III Apparel Group Ltd. <sup>(a)</sup> | 17363 | 504395 |
|  Lithia Motors, Inc.  | 4673 | 1480920 |
|  PC Connection, Inc.  | 6655 | 435237 |
|  Sonic Automotive, Inc. - Class A  | 7188 | 502657 |
|  Urban Outfitters, Inc. <sup>(a)</sup> | 32007 | 2237289 |
|  |  | 23900426 |
|  **Retail & Wholesale - Staples — 2.9%** |  |  |
|  Albertsons Cos., Inc. - Class A  | 246310 | 5475471 |
|  SpartanNash Co.  | 22562 | 439057 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup> | 38399 | 6637651 |
|  United Natural Foods, Inc. <sup>(a)</sup> | 16130 | 493094 |
|  |  | 13045273 |
|  **Software & Tech Services — 4.5%** |  |  |
|  ACI Worldwide, Inc. <sup>(a)</sup> | 43128 | 1995101 |
|  Adeia, Inc.  | 35453 | 455217 |
|  Clear Secure, Inc. - Class A  | 17999 | 445475 |
|  DoubleVerify Holdings, Inc. <sup>(a)</sup> | 32837 | 451180 |
|  Doximity, Inc. - Class A <sup>(a)</sup> | 24609 | 1281883 |
|  Dropbox, Inc. - Class A <sup>(a)</sup> | 50020 | 1443577 |
|  Duolingo, Inc. <sup>(a)</sup> | 2950 | 1532850 |
|  Dynatrace, Inc. <sup>(a)</sup> | 24289 | 1311849 |
|  ExlService Holdings, Inc. <sup>(a)</sup> | 54089 | 2487553 |
|  Genpact Ltd.  | 66086 | 2845002 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  LiveRamp Holdings, Inc. <sup>(a)</sup> | 16733 | $545161 |
|  Maximus, Inc.  | 21995 | 1594857 |
|  Paylocity Holding Corp. <sup>(a)</sup> | 21723 | 4146921 |
|  |  | 20536626 |
|  **Tech Hardware & Semiconductors — 4.1%** |  |  |
|  A10 Networks, Inc.  | 27534 | 475237 |
|  Amkor Technology, Inc.  | 24564 | 442643 |
|  Cirrus Logic, Inc. <sup>(a)</sup> | 15927 | 1566580 |
|  CTS Corp.  | 11373 | 462767 |
|  Dolby Laboratories, Inc. - Class A  | 17603 | 1307199 |
|  Fabrinet <sup>(a)</sup> | 7498 | 1746059 |
|  Flex Ltd. <sup>(a)</sup> | 126449 | 5348793 |
|  FormFactor, Inc. <sup>(a)</sup> | 15076 | 450019 |
|  Harmonic, Inc. <sup>(a)</sup> | 49022 | 442178 |
|  InterDigital, Inc.  | 2139 | 464719 |
|  MKS, Inc.  | 5928 | 487222 |
|  NetScout Systems, Inc. <sup>(a)</sup> | 20823 | 475597 |
|  Onto Innovation, Inc. <sup>(a)</sup> | 3503 | 322066 |
|  Photronics, Inc. <sup>(a)</sup> | 23464 | 392084 |
|  Plexus Corp. <sup>(a)</sup> | 10008 | 1313650 |
|  Power Integrations, Inc.  | 8801 | 437674 |
|  Qorvo, Inc. <sup>(a)</sup> | 6164 | 468587 |
|  Rambus, Inc. <sup>(a)</sup> | 8828 | 472033 |
|  Sanmina Corp. <sup>(a)</sup> | 5640 | 477652 |
|  TTM Technologies, Inc. <sup>(a)</sup> | 18403 | 549514 |
|  Universal Display Corp.  | 3098 | 444098 |
|  |  | 18546371 |
|  **Telecommunications — 0.2%** |  |  |
|  Lumen Technologies, Inc. <sup>(a)</sup> | 123447 | 483912 |
|  Telephone and Data Systems, Inc.  | 12662 | 435067 |
|  |  | 918979 |
|  **Utilities — 2.0%** |  |  |
|  American States Water Co.  | 6756 | 532846 |
|  Avista Corp.  | 33485 | 1289507 |
|  Black Hills Corp.  | 18377 | 1074503 |
|  Chesapeake Utilities Corp.  | 4213 | 514786 |
|  New Jersey Resources Corp.  | 27424 | 1258487 |
|  Northwestern Energy Group, Inc.  | 22103 | 1222959 |
|  OGE Energy Corp.  | 47731 | 2122598 |
|  Spire, Inc.  | 9517 | 716440 |
|  UGI Corp.  | 13379 | 482447 |
|  |  | 9214573 |
|  **TOTAL COMMON STOCKS** (Cost $446,297,813) |  | 451828400 |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund**<br> **Schedule of Investments** **(Unaudited) (Continued) May 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
|  **Money Market Funds — 0.5%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 2298917 | $2298917 |
|  **TOTAL SHORT-TERM INVESTMENTS (**Cost $2,298,917) |  | 2298917 |
|  **TOTAL INVESTMENTS — 99.7% (**Cost $448,596,730) |  | **454127317** |
|  **Other Assets in Excess of Liabilities — 0.3%**  |  | 1140466 |
|  **TOTAL NET ASSETS — 100.0%** |  | $**455267783** |

---

Percentages are stated as a percent of net assets.

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 effective yield as of May 31, 2025.

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** | **Horizon Active <br> Income Fund** |
|  **Assets:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Cost | $740323486 | $1400475903 | $307431418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value <sup>(a)</sup> | $770749579 | $1472660471 | $306074802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  | 4478441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 819600 | 914634 | 1487995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable  | 21799 | 92497 | 15702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Reclaims | 823 | 1436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses and Other Assets | 71667 | 93764 | 48484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 771663468 | 1478241243 | 307626983 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written, at Value (Premiums received $591,624, $15,771,364, and $0) | 1539000 | 6184400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Received for Securities Loaned (Note 5) | 34305821 | 163342781 | 40670575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 636000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 790369 | 280775 | 223267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Advisory Fees | 612171 | 1087929 | 166272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Administration Fees | 132057 | 171402 | 37771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Custodian Fees | 11902 | 16230 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Legal Fees | 21892 | 28717 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees (12b-1) - Advisor Class | 1315 |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Shareholder Servicing Fees - Investor Class | 26646 | 74698 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees Fees |  | 29506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses and Other Liabilities | 169338 | 177836 | 74877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 37610511 | 172030274 | 41186486 |
|  **Net Assets** | $734052957 | $1306210969 | $266440497 |
|  **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | $702474961 | $1203435448 | $356045344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings/(Accumulated Deficit) | 31577996 | 102775521 | (89604847) |
|  **Net Assets** | $734052957 | $1306210969 | $266440497 |
|  **Investor Class Shares:**  |  |  |  |
|  **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $696316329 | $1296684776 | $263834741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 52020110 | 53733631 | 33280475 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $13.39 | $24.13 | $7.93 |
|  **Advisor Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $767945 | $949623 | $214908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 57679 | 39477 | 26864 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $13.31 | $24.06 | $8.00 |
|  **Institutional Class Shares:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $36968683 | $8576570 | $2390848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 2750866 | 354098 | 303022 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) <br> Offering and Redemption Price Per Share** | $13.44 | $24.22 | $7.89 |
|  <sup>(a)</sup> Includes loaned securities with a value of: | $33542501 | $159371278 | $39844106 |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> May 31, 2025 (Unaudited)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Equity <br> Premium <br> Income Fund** | **Horizon Defined <br> Risk Fund** | **Horizon Multi-<br> Factor U.S. <br> Equity Fund** |
|  **Assets:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Cost | $94907959 | $588550767 | $576108563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value <sup>(a)</sup> | $122831021 | $787159399 | $617789856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 7 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 162450 | 1345847 | 807391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable  | 175011 | 847507 | 680993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Reclaims | 73983 | 1615 | 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses and Other Assets | 38633 | 84801 | 90077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 123281105 | 789439169 | 619372749 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written, at Value (Premiums received $194,260, $19,844,893 and $0) | 116900 | 20342650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Received for Securities Loaned (Note 5) |  | 1032540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 2002821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 32594 | 644190 | 379095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Administration Fees | 20778 | 85781 | 59130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Advisory Fees | 72601 | 525528 | 409396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Audit Fees | 10073 | 11694 | 10988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Custodian Fees | 3715 | 18377 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Legal Fees | 1251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Registration Fees | 769 |  | 7422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees (12b-1) - Investor Class | 16086 | 72432 | 68151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees (12b-1) - Advisor Class | 1099 | 6144 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Transfer Agent Fees | 13671 | 26207 | 22571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Printing and Mailing Fees | 8735 | 1342 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses and Other Liabilities | 33954 | 15176 | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 332226 | 24784882 | 970045 |
|  **Net Assets** | $122948879 | $764654287 | $618402704 |
|  **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | $105992220 | $585152496 | $564891727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings/(Accumulated Deficit) | 16956659 | 179501791 | 53510977 |
|  **Net Assets** | $122948879 | $764654287 | $618402704 |
|  **Investor Class Shares:** |  |  |  |
|  **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $121104536 | $750814465 | $609387159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 1729265 | 9504234 | 19453062 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $70.03 | $79.00 | $31.33 |
|  **Advisor Class Shares**: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1844343 | $13839822 | $9015545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 26316 | 175237 | 287543 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $70.08 | $78.98 | $31.35 |
|  <sup>(a)</sup> Includes loaned securities with a value of: | $— | $995590 | $— |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF ASSETS AND LIABILITIES (Continued)<br> May 31, 2025 (Unaudited)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Defensive <br> Core Fund** | **Horizon Tactical <br> Fixed Income Fund** | **Horizon Multi-<br> Factor Small/<br> Mid Cap Fund** |
|  **Assets:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Cost | $451431180 | $219941150 | $448596730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value <sup>(a)</sup> | $473015736 | $221401150 | $454127317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold |  | 9838958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 407263 | 137639 | 1278413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable  | 322521 | 13468 | 263814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Reclaims | 2326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses and Other Assets | 87491 | 90706 | 159206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 473835337 | 231481921 | 455828750 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Received for Securities Loaned (Note 5) |  | 44142677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased |  | 9833402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 383902 | 1352986 | 105581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Administration Fees | 53079 | 40313 | 34250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Advisory Fees | 268444 | 95146 | 294278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Audit Fees | 10196 | 10138 | 9516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Custodian Fees | 11249 | 1700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Registration Fees | 4 |  | 28170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees (12b-1) - Investor Class | 69651 | 101431 | 66705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees (12b-1) - Advisor Class | 99985 | 3467 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Transfer Agent Fees | 21730 | 20262 | 15354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses and Other Liabilities | 20239 | 5514 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 938479 | 55607036 | 560967 |
|  **Net Assets** | $472896858 | $175874885 | $455267783 |
|  **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | $411718485 | $191386404 | $462002257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings/(Accumulated Deficit) | 61178373 | (15511519) | (6734474) |
|  **Net Assets** | $472896858 | $175874885 | $455267783 |
|  **Investor Class Shares:**  |  |  |  |
|  **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $419728577 | $167755067 | $452337716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 10101334 | 3710306 | 12537191 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $41.55 | $45.21 | $36.08 |
|  **Advisor Class Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $53168281 | $8119818 | $2930067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Beneficial Interest Outstanding | 1284677 | 179625 | 81380 |
|  **Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share** | $41.39 | $45.20 | $36.00 |
|  <sup>(a)</sup> Includes loaned securities with a value of: | $— | $43239739 | $— |

---

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations**

**For the Period Ended May 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist<sup>®</sup>** **Fund** | **Horizon Active <br> Income Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income from Securities (net of foreign withholdings tax of $2,020, $3,266, and $0) | $7941146 | $11440353 | $6185875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 23535 | 76920 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 7964681 | 11517273 | 6210837 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 3869581 | 6430704 | 908591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees - Investor Class | 371949 | 644714 | 116602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative & Accounting Service Fees | 182339 | 251950 | 55635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 130170 | 81979 | 38286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 51509 | 66575 | 13436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses | 40264 | 62438 | 10588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 57713 | 79940 | 33793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer & Compliance Fees | 17719 | 26856 | 5193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Postage Expenses | 29718 | 28961 | 8586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 24321 | 34935 | 5524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 8835 | 9114 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 11840 | 11911 | 10793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | 12699 | 16968 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 29980 | 10723 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (12b-1) - Advisor Class | 1298 | 1605 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 4839935 | 7759373 | 1215465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Lending Expense Offset | (126440) | (87455) | (108415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 4713495 | 7671918 | 1107050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | 3251186 | 3845355 | 5103787 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 6133884 | 50058874 | (3215569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | (4914294) | 20835576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 3288985 | (19730422) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (29187020) | (90877961) | (4658292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 500823 | (14576322) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (1002748) | 12857961 |  |
|  **Net Realized and Unrealized Loss on Investments** | **(25180370)** | **(41432294)** | **(7873861)** |
|  **Net Decrease in Net Assets Resulting From Operations** | $**(21929184)** | $**(37586939)** | $**(2770074)** |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Period Ended May 31, 2025 (Unaudited)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Equity <br> Premium <br> Income Fund** | **Horizon Defined <br> Risk Fund** | **Horizon Multi-<br> Factor U.S. <br> Equity Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income from Securities (net of foreign withholdings tax of $0, $1,078 and $0) | $1063148 | $4663443 | $4491678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 13044 | 124915 | 53441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 1076192 | 4788358 | 4545119 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 454601 | 2842925 | 2333385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative & Accounting Service Fees | 38323 | 145619 | 115580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 20374 | 41176 | 37088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses | 5728 | 32333 | 27343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 6514 | 35332 | 26771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 28420 | 50376 | 68730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer & Compliance Fees | 3082 | 14069 | 12132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Postage Expenses | 9584 | 26202 | 17405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 12307 | 51480 | 27681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 6510 | 4929 | 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 10798 | 10661 | 11641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 910 | 4735 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | 1459 | 8077 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (12b-1) - Advisor Class | 2811 | 18013 | 12032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (12b-1) - Investor Class | 59489 | 348161 | 286860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 660910 | 3634088 | 2989562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Lending Expense Offset | (3) | (384) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Recouped by the Adviser | 2826 | 77641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser | (480) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 663253 | 3711345 | 2989520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | 412939 | 1077013 | 1555599 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1270505 | 2643647 | 11499419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options |  | 7017039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 260702 | 22470050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4158335) | (14529411) | (20155213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Options |  | (5432111) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 179613 | (2944700) |  |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | **(2447515)** | **9224514** | **(8655794)** |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(2034576)** | $**10301527** | $**(7100195)** |

---

See accompanying notes to financial statements.

**Horizon Funds<br> STATEMENTS OF OPERATIONS (Continued)<br> For the Period Ended May 31, 2025 (Unaudited)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Horizon Defensive <br> Core Fund** | **Horizon <br> Tactical Fixed <br> Income Fund** | **Horizon Multi-<br> Factor Small/<br> Mid Cap Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income from Securities (net of foreign withholdings tax of $4,098, $0 and $2,301) | $3345344 | $6557936 | $3331728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income | 56289 | 21917 | 67600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 3401633 | 6579853 | 3399328 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 1557079 | 643861 | 1374913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative & Accounting Service Fees | 97572 | 57220 | 69651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 34806 | 30745 | 24328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses | 21522 | 10325 | 14030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 16075 | 7773 | 10865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 48835 | 29946 | 76236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer & Compliance Fees | 9741 | 5012 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Postage Expenses | 15675 | 8702 | 6627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 26630 | 4773 | 54490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 3688 | 2232 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 10832 | 10860 | 11799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 123 | 1709 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | 4518 | 2519 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (12b-1) - Advisor Class | 70081 | 10147 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees (12b-1) - Investor Class | 200950 | 103251 | 170327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 2118127 | 929075 | 1828136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Lending Expense Offset |  | (92150) | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Recouped by the Adviser |  |  | 51320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser |  |  | (2609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 2118127 | 836925 | 1876490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | 1283506 | 5742928 | 1522838 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 47473336 | (12269359) | (13508263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (93785581) | (2952237) | (13359690) |
|  **Net Realized and Unrealized Loss on Investments** | **(46312245)** | **(15221596)** | **(26867953)** |
|  **Net Decrease in Net Assets Resulting From Operations** | $**(45028739)** | $**(9478668)** | $**(25345115)** |

---

See accompanying notes to financial statements.

**Horizon Active Asset Allocation Fund** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3251186 | $6909047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 4508575 | 186296979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (29688945) | 13012698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (21929184) | 206218724 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (128368773) | (7200339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (192917) | (12047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6290315) | (275154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (134852005) | (7487540) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 96618440 | 225717272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 21830 | 509048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3551793 | 9632964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 121801059 | 6993420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 144427 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6287070 | 274852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (236034711) | (433669385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (531893) | (1380629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7640657) | (5223717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Beneficial Interest Transactions** | (15782642) | (197138945) |
|  **Increase (Decrease) in Net Assets** | (172563831) | 1592239 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 906616788 | 905024549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $734052957 | $906616788 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 7229973 | 15223256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 9213393 | 504575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (17639024) | (28180329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (1195658) | (12452498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 1679 | 36086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 10975 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (39939) | (95915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (27285) | (59305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 261562 | 646179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 473781 | 19759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (569805) | (344495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 165538 | 321443 |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3845355 | $6296735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | 51164028 | 193556262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (92596322) | 88300936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (37586939) | 288153933 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (123509333) | (10144000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (125157) | (8290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (781418) | (308627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (124415908) | (10460917) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 164948807 | 283402653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 95139 | 406846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 802627 | 3492008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 121082391 | 10030004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 94423 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 779452 | 308397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (198860882) | (354356811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (564059) | (720865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (592147) | (31925713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions** | 87785751 | (89358494) |
|  **Increase (Decrease) in Net Assets** | (74217096) | 188334522 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 1380428065 | 1192093543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $1306210969 | $1380428065 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 6935167 | 11228946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 5045100 | 432701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (8213468) | (14167655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | 3766799 | (2506008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 3903 | 16173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 3944 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (23446) | (29023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (15599) | (12635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 32651 | 142097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 32369 | 13282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (24691) | (1304590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | 40329 | (1149211) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $5103787 | $9273784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments | (3215569) | (6030701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (4658292) | 14074654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (2770074) | 17317737 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (7377979) | (9375498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (11689) | (19378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (79269) | (73007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (7468937) | (9467883) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 67026023 | 53358313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 51 | 490219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 84469 | 1185668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 7222533 | 9213903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 11690 | 14849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 79269 | 73007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (34750689) | (81445742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (314213) | (674178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (268735) | (431936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions** | 39090398 | (18215897) |
|  **Increase (Decrease) in Net Assets** | 28851387 | (10366043) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 237589110 | 247955153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $266440497 | $237589110 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 8356817 | 6556398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 909271 | 1134256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (4324465) | (9921423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | 4941623 | (2230769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 6 | 60411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 1456 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (38737) | (81540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (37275) | (19315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 10524 | 144358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 10024 | 9023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (33551) | (52936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | (13003) | 100445 |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $412939 | $535334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 1531207 | 2054334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (3978722) | 26014790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (2034576) | 28604458 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (7742160) | (872994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (157984) | (25869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (2552119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class |  | (70453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (7900144) | (3521435) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 23390124 | 27015783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 341969 | 507891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 7735616 | 3425001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 157984 | 95509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (20998374) | (26402915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1659909) | (1573420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 8967410 | 3067849 |
|  **Increase (Decrease) in Net Assets** | (967310) | 28150872 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 123916189 | 95765317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $122948879 | $123916189 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 329933 | 393608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 110579 | 52051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (304742) | (390049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 135770 | 55610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 4771 | 7383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 2250 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (22943) | (23916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (15922) | (15080) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1077013 | $419751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | 32130736 | (44400412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (22906222) | 147370616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | 10301527 | 103389955 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (631762) | (1033525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3213) | (16068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (634975) | (1049593) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 157286969 | 201641669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1791718 | 5105659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 630084 | 1030080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 3155 | 15796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (89556948) | (117926837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5139353) | (11193950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 65015625 | 78672417 |
|  **Increase in Net Assets** | 74682177 | 181012779 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 689972110 | 508959331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $764654287 | $689972110 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 2030608 | 2820414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 8183 | 15395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1160814) | (1647687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 877977 | 1188122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 23298 | 71557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 41 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (66286) | (153491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (42947) | (81698) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1555599 | $1723289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | 11499419 | 50590013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (20155213) | 45482540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (7100195) | 97795842 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (45246842) | (7458860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (786434) | (210698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (46033276) | (7669558) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 133750928 | 345675096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1891947 | 4123266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 45236126 | 7457396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 780312 | 209590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (105626846) | (114456343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3374638) | (3300934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 72657829 | 239708071 |
|  **Increase in Net Assets** | 19524358 | 329834355 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 598878346 | 269043991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $618402704 | $598878346 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 4344096 | 11002570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 1497389 | 269220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3476999) | (3669330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 2364486 | 7602460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 61456 | 132622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 25796 | 7561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (111073) | (102477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | (23821) | 37706 |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1283506 | $1113781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 47473336 | 5311971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (93785581) | 86019925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (45028739) | 92445677 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (1151819) | (1193042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (73818) | (229487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (1225637) | (1422529) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 95129289 | 200270247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 8349477 | 15458117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1150129 | 1189464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 71281 | 225515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (42360146) | (62545077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (10301951) | (16667180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 52038079 | 137931086 |
|  **Increase in Net Assets** | 5783703 | 228954234 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 467113155 | 238158921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $472896858 | $467113155 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 2249505 | 4892983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 25863 | 32858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1000912) | (1534357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 1274456 | 3391484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 195475 | 381544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 1608 | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (240694) | (410240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease** | (43611) | (22446) |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $5742928 | $10185413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (12269359) | 199882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (2952237) | 1704208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (9478668) | 12089503 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (8223049) | (8951302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (325937) | (338600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (8548986) | (9289902) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 20884660 | 86820386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1839572 | 1759472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 8221468 | 8950098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 325214 | 338576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (63275243) | (37125171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1545730) | (2160424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions** | (33550059) | 58582937 |
|  **Increase (Decrease) in Net Assets** | (51577713) | 61382538 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 227452598 | 166070060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $175874885 | $227452598 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 443656 | 1782214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 176969 | 185534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1375318) | (769167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | (754693) | 1198581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 39544 | 36577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 7019 | 7013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (33183) | (44507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | 13380 | (917) |

---

See accompanying notes to financial statements.

**Horizon Multi-Factor Small/Mid Cap Fund<br> STATEMENTS OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> May 31, 2025<br> (Unaudited)** | **For the <br> Year Ended <br> November 30, <br> 2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1522838 | $244967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | (13508263) | 4662566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (13359690) | 18226264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | (25345115) | 23133797 |
|  **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4757825) | (100238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (58522) | (3296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders** | (4816347) | (103534) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Shares Issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 266402427 | 228109162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 325684 | 3055435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 4756574 | 100237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 58400 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (40901037) | (11273795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (492547) | (653261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Beneficial Interest Transactions** | 230149501 | 219341074 |
|  **Increase in Net Assets** | 199988039 | 242371337 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period/Year | 255279744 | 12908407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Period/Year | $455267783 | $255279744 |
|  **Share Activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 7336086 | 6115088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 130353 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1169719) | (317921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase** | 6296720 | 5800438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Issued | 8950 | 88111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Reinvested | 1602 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (13798) | (18658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease)** | (3246) | 69561 |

---

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $16.22 | $13.29 | $12.71 | $16.17 | $14.07 | $12.61 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.06 | 0.10 | 0.08 | 0.15 | 0.06 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (1.21) | 2.94 | 0.63 | (1.42) | 2.96 | 1.46 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.15) | 3.04 | 0.71 | (1.27) | 3.02 | 1.55 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.11) | (0.13) | (0.10) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.58) |  |  | (2.09) | (0.85) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (1.68) | (0.11) | (0.13) | (2.19) | (0.92) | (0.09) |
|  **Net Asset Value, End of Period/Year** | $13.39 | $16.22 | $13.29 | $12.71 | $16.17 | $14.07 |
|  **Total Return** | (2.20)%<sup>(g)</sup> | 23.00% | 5.69% | (9.63)% | 22.63% | 12.32% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $696316 | $863138 | $872904 | $761418 | $729517 | $521477 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.24 %<sup>(f)</sup> | 1.21% | 1.22% | 1.21% | 1.23% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.21 %<sup>(f)</sup> | 1.19% | 1.18% | 1.14% | 1.14% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.83 %<sup>(f)</sup> | 0.67% | 0.62% | 1.15% | 0.35% | 0.75% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54 %<sup>(g)</sup> | 198% | 247% | 139% | 142% | 208% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $16.14 | $13.22 | $12.64 | $16.10 | $14.01 | $12.55 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.05 | 0.10 | 0.05 | 0.14 | 0.03 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (1.22) | 2.91 | 0.62 | (1.42) | 2.95 | 1.45 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.17) | 3.01 | 0.67 | (1.28) | 2.98 | 1.53 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.09) | (0.09) | (0.09) | (0.09) | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.57) |  |  | (2.09) | (0.85) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (1.66) | (0.09) | (0.09) | (2.18) | (0.89) | (0.07) |
|  **Net Asset Value, End of Period/Year** | $13.31 | $16.14 | $13.22 | $12.64 | $16.10 | $14.01 |
|  **Total Return** | (2.35)%<sup>(g)</sup> | 22.86% | 5.44% | (9.76)% | 22.43% | 12.24% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $768 | $1371 | $1907 | $2126 | $3893 | $10052 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.39 %<sup>(f)</sup> | 1.36% | 1.42% | 1.36% | 1.38% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.36 %<sup>(f)</sup> | 1.33% | 1.38% | 1.28% | 1.29% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.80 %<sup>(f)</sup> | 0.69% | 0.46% | 1.11% | 0.21% | 0.63% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54 %<sup>(g)</sup> | 198% | 247% | 139% | 142% | 208% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $16.29 | $13.35 | $12.76 | $16.23 | $14.11 | $12.64 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.06 | 0.11 | 0.09 | 0.14 | 0.08 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (1.21) | 2.95 | 0.64 | (1.40) | 2.97 | 1.44 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.15) | 3.06 | 0.73 | (1.26) | 3.05 | 1.56 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.12) | (0.14) | (0.12) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.58) |  |  | (2.09) | (0.85) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (1.70) | (0.12) | (0.14) | (2.21) | (0.93) | (0.09) |
|  **Net Asset Value, End of Period/Year** | $13.44 | $16.29 | $13.35 | $12.76 | $16.23 | $14.11 |
|  **Total Return** | (2.19)%<sup>(g)</sup> | 23.08% | 5.86% | (9.57)% | 22.82% | 12.44% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $36969 | $42108 | $30215 | $25595 | $8894 | $1732 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.14 %<sup>(f)</sup> | 1.12% | 1.12% | 1.11% | 1.13% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.11 %<sup>(f)</sup> | 1.09% | 1.08% | 1.04% | 1.05% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.89 %<sup>(f)</sup> | 0.71% | 0.71% | 1.10% | 0.47% | 1.01% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54 %<sup>(g)</sup> | 198% | 247% | 139% | 142% | 208% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $27.42 | $22.07 | $20.71 | $26.13 | $21.74 | $21.38 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.07 | 0.12 | 0.18 | 0.13 | 0.08 | 0.16 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.22) | 5.42 | 1.29 | (3.48) | 4.39 | 0.42 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.15) | 5.54 | 1.47 | (3.35) | 4.47 | 0.58 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.19) | (0.11) | (0.17) | (0.08) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.90) |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.14) | (0.19) | (0.11) | (2.07) | (0.08) | (0.22) |
|  **Net Asset Value, End of Period/Year** | $24.13 | $27.42 | $22.07 | $20.71 | $26.13 | $21.74 |
|  **Total Return** | (2.89)%<sup>(h)</sup> | 25.28% | 7.13% | (14.24)% | 20.64% | 2.71% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $1296685 | $1370291 | $1158227 | $1238187 | $1156627 | $764775 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.20 %<sup>(g)</sup> | 1.21% | 1.21% | 1.19% | 1.22% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.18 %<sup>(g)</sup> | 1.20% | 1.19% | 1.17% | 1.16% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.59 %<sup>(g)</sup> | 0.48% | 0.83% | 0.58% | 0.34% | 0.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 160 %<sup>(h)</sup> | 66% | 176% | 366% | 108% | 462% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.02%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $27.36 | $21.99 | $20.66 | $26.08 | $21.73 | $21.36 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (b,e) | 0.06 | 0.09 | 0.16 | 0.12 | 0.05 | (0.04)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.22) | 5.40 | 1.27 | (3.49) | 4.37 | 0.57 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.16) | 5.49 | 1.43 | (3.37) | 4.42 | 0.53 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.12) | (0.10) | (0.15) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.90) |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.14) | (0.12) | (0.10) | (2.05) | (0.07) | (0.16) |
|  **Net Asset Value, End of Period/Year** | $24.06 | $27.36 | $21.99 | $20.66 | $26.08 | $21.73 |
|  **Total Return** | (2.95)%<sup>(h)</sup> | 25.08% | 6.98% | (14.34)% | 20.41% | 2.50% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $950 | $1507 | $1489 | $4472 | $8312 | $6399 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.34 %<sup>(g)</sup> | 1.36% | 1.36% | 1.34% | 1.37% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.33 %<sup>(g)</sup> | 1.35% | 1.33% | 1.31% | 1.31% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.47 %<sup>(g)</sup> | 0.37% | 0.75% | 0.53% | 0.21% | (0.18)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 160 %<sup>(h)</sup> | 66% | 176% | 366% | 108% | 462% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.02%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $27.51 | $22.13 | $20.76 | $26.19 | $21.79 | $21.43 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.08 | 0.23 | 0.19 | 0.16 | 0.13 | 0.23 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.23) | 5.37 | 1.31 | (3.50) | 4.37 | 0.36 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.15) | 5.60 | 1.50 | (3.34) | 4.50 | 0.59 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.22) | (0.13) | (0.19) | (0.10) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.90) |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.14) | (0.22) | (0.13) | (2.09) | (0.10) | (0.23) |
|  **Net Asset Value, End of Period/Year** | $24.22 | $27.51 | $22.13 | $20.76 | $26.19 | $21.79 |
|  **Total Return** | (2.87)%<sup>(h)</sup> | 25.47% | 7.27% | (14.17)% | 20.75% | 2.78% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $8577 | $8630 | $32378 | $30798 | $34320 | $40562 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.10 %<sup>(g)</sup> | 1.11% | 1.11% | 1.09% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.08 %<sup>(g)</sup> | 1.11% | 1.09% | 1.06% | 1.06% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e) | 0.67 %<sup>(g)</sup> | 0.92% | 0.90% | 0.70% | 0.54% | 1.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 160 %<sup>(h)</sup> | 66% | 176% | 366% | 108% | 462% |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.02%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $8.27 | $8.03 | $8.24 | $9.72 | $9.90 | $9.44 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.18 | 0.33 | 0.26 | 0.13 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (0.27) | 0.25 | (0.23) | (1.48) | (0.18) | 0.50 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.09) | 0.58 | 0.03 | (1.35) | 0.01 | 0.68 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.34) | (0.24) | (0.13) | (0.19) | (0.22) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.25) | (0.34) | (0.24) | (0.13) | (0.19) | (0.22) |
|  **Net Asset Value, End of Period/Year** | $7.93 | $8.27 | $8.03 | $8.24 | $9.72 | $9.90 |
|  **Total Return** | (1.08)%<sup>(g)</sup> | 7.41% | 0.38% | (14.04)% | 0.11% | 7.29% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $263835 | $234451 | $245555 | $439460 | $432982 | $430958 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.03 %<sup>(f)</sup> | 1.03% | 1.01% | 0.99% | 1.03% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 0.94 %<sup>(f)</sup> | 0.91% | 0.95% | 0.89% | 0.95% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 4.32 %<sup>(f)</sup> | 4.06% | 3.20% | 1.47% | 1.98% | 1.87% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 94 %<sup>(g)</sup> | 90% | 175% | 110% | 93% | 225% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $8.34 | $8.09 | $8.29 | $9.77 | $9.95 | $9.47 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.19 | 0.33 | 0.24 | 0.12 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (0.39) | 0.25 | (0.22) | (1.49) | (0.18) | 0.47 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.20) | 0.58 | 0.02 | (1.37) | (0.00) | 0.65 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.33) | (0.22) | (0.11) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.14) | (0.33) | (0.22) | (0.11) | (0.18) | (0.17) |
|  **Net Asset Value, End of Period/Year** | $8.00 | $8.34 | $8.09 | $8.29 | $9.77 | $9.95 |
|  **Total Return** | (1.21)%<sup>(g)</sup> | 7.31% | 0.26% | (14.12)% | (0.05)% | 6.96% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $215 | $535 | $675 | $1960 | $4391 | $3896 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 1.18 %<sup>(f)</sup> | 1.17% | 1.16% | 1.14% | 1.18% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 1.08 %<sup>(f)</sup> | 1.05% | 1.10% | 1.03% | 1.10% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 4.75 %<sup>(f)</sup> | 4.06% | 3.02% | 1.31% | 1.82% | 1.90% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 94 %<sup>(g)</sup> | 90% | 175% | 110% | 93% | 225% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $8.24 | $8.00 | $8.21 | $9.68 | $9.86 | $9.43 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,e) | 0.18 | 0.33 | 0.26 | 0.14 | 0.17 | 0.49 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (0.27) | 0.26 | (0.22) | (1.47) | (0.15) | 0.17 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.09) | 0.59 | 0.04 | (1.33) | 0.02 | 0.66 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.26) | (0.35) | (0.25) | (0.14) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.26) | (0.35) | (0.25) | (0.14) | (0.20) | (0.23) |
|  **Net Asset Value, End of Period/Year** | $7.89 | $8.24 | $8.00 | $8.21 | $9.68 | $9.86 |
|  **Total Return** | (1.13)%<sup>(h)</sup> | 7.55% | 0.49% | (13.90)% | 0.20% | 7.07% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $2391 | $2603 | $1725 | $1704 | $1840 | $184 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,d) | 0.93 %<sup>(g)</sup> | 0.93% | 0.91% | 0.89% | 0.94% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (a,c) | 0.84 %<sup>(g)</sup> | 0.80% | 0.84% | 0.79% | 0.85% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e) | 4.56 %<sup>(g)</sup> | 4.05% | 3.27% | 1.57% | 1.74% | 5.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 94 %<sup>(h)</sup> | 90% | 175% | 110% | 93% | 225% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $75.75 | $60.03 | $61.62 | $63.02 | $55.01 | $58.58 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.24 | 0.34 | 1.06 | 1.23 | 1.03 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (1.29) | 17.65 | (1.42) | 0.02 <sup>(c)</sup> | 8.02 | (3.25) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.05) | 17.99 | (0.36) | 1.25 | 9.05 | (2.06) |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4.67) | (0.58) | (1.23) | (1.16) | (1.04) | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  | (1.69) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.49) |  | (0.22) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (4.67) | (2.27) | (1.23) | (2.65) | (1.04) | (1.51) |
|  **Net Asset Value, End of Period/Year** | $70.03 | $75.75 | $60.03 | $61.62 | $63.02 | $55.01 |
|  **Total Return** | (1.27)%<sup>(g)</sup> | 30.56% | (0.51)% | 1.90% | 16.58% | (3.41)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $121105 | $120714 | $92322 | $102135 | $123269 | $104774 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(b)</sup> | 1.09 %<sup>(f)</sup> | 1.26% | 1.13% | 1.10% | 1.06% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(d)</sup> | 1.09 %<sup>(f)</sup> | 1.25% | 1.12% | 1.09% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.69 %<sup>(f)</sup> | 0.50% | 1.80% | 2.03% | 1.67% | 2.28% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 5 %<sup>(g)</sup> | 23% | 4 %<sup>(e)</sup> | 150% | 222% | 376% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.16%, 0.06%, 0.02%, 0.00% and 0.00%, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $75.80 | $60.07 | $61.66 | $63.04 | $54.99 | $58.56 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.17 | 0.23 | 0.97 | 1.09 | 0.95 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (1.28) | 17.67 | (1.43) | 0.06 <sup>(c)</sup> | 8.04 | (3.28) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.11) | 17.90 | (0.46) | 1.15 | 8.99 | (2.15) |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4.61) | (0.58) | (1.13) | (1.04) | (0.94) | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  | (1.59) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.49) |  | (0.21) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (4.61) | (2.17) | (1.13) | (2.53) | (0.94) | (1.42) |
|  **Net Asset Value, End of Period/Year** | $70.08 | $75.80 | $60.07 | $61.66 | $63.04 | $54.99 |
|  **Total Return** | (1.36)%<sup>(g)</sup> | 30.35% | (0.68)% | 1.73% | 16.45% | (3.55)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $1844 | $3202 | $3443 | $4834 | $10941 | $8781 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(b)</sup> | 1.24 %<sup>(f)</sup> | 1.42% | 1.28% | 1.23% | 1.21% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(d)</sup> | 1.24 %<sup>(f)</sup> | 1.41% | 1.29% | 1.25% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.48 %<sup>(f)</sup> | 0.34% | 1.63% | 1.76% | 1.52% | 2.17% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 5 %<sup>(g)</sup> | 23% | 4 %<sup>(e)</sup> | 150% | 222% | 376% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.17%, 0.05%, 0.01%, 0.00% and 0.00%, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

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

See accompanying notes to financial statements.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $78.01 | $65.77 | $61.16 | $63.49 | $56.98 | $54.09 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.12 | 0.06 | 0.16 | 0.26 | 0.22 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | 0.94 | 12.32 | 5.39 | (2.41) | 6.62 | 2.82 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.06 | 12.38 | 5.55 | (2.15) | 6.84 | 3.19 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.14) | (0.21) | (0.18) | (0.33) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.73) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.07) | (0.14) | (0.94) | (0.18) | (0.33) | (0.30) |
|  **Net Asset Value, End of Period/Year** | $79.00 | $78.01 | $65.77 | $61.16 | $63.49 | $56.98 |
|  **Total Return** | 1.36 %<sup>(e)</sup> | 18.85% | 9.26% | (3.40)% | 12.06% | 5.93% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $750814 | $672955 | $489234 | $359743 | $247061 | $210993 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(b)</sup> | 1.02 %<sup>(d)</sup> | 1.32% | 1.44% | 1.12% | 1.11% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(c)</sup> | 1.04 %<sup>(d)</sup> | 1.33% | 1.44% | 1.12% | 1.05% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.31 %<sup>(d)</sup> | 0.08% | 0.25% | 0.43% | 0.35% | 0.70% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 1 %<sup>(e)</sup> | 8% | 3% | 15% | 27% | 28% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.29%, 0.40%, 0.08%, 0.01% and 0.00%, respectively.

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

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

See accompanying notes to financial statements.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30,<br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $77.99 | $65.78 | $61.11 | $63.45 | $56.93 | $54.06 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(a)</sup>  | 0.06 | (0.07) | 0.07 | 0.13 | 0.13 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | 0.94 | 12.34 | 5.40 | (2.39) | 6.62 | 2.82 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.00 | 12.27 | 5.47 | (2.26) | 6.75 | 3.11 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (0.06) | (0.07) | (0.08) | (0.23) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.73) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.01) | (0.06) | (0.80) | (0.08) | (0.23) | (0.24) |
|  **Net Asset Value, End of Period/Year** | $78.98 | $77.99 | $65.78 | $61.11 | $63.45 | $56.93 |
|  **Total Return**  | 1.29 %<sup>(e)</sup> | 18.66% | 9.12% | (3.57)% | 11.90% | 5.78% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $13840 | $17017 | $19725 | $12227 | $19816 | $24804 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(b)</sup> | 1.17 %<sup>(d)</sup> | 1.49% | 1.60% | 1.26% | 1.26% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(c)</sup> | 1.19 %<sup>(d)</sup> | 1.50% | 1.60% | 1.26% | 1.20% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset | 0.15 %<sup>(d)</sup> | (0.09)% | 0.11% | 0.20% | 0.21% | 0.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 1 %<sup>(e)</sup> | 8% | 3% | 15% | 27% | 28% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The ratio of expenses to
 average net assets includes interest expense which was 0.00%, 0.31%, 0.41%, 0.07%, 0.01% and 0.00%, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Year Ended <br> November 30, <br> 2020** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $34.42 | $27.57 | $26.34 | $33.53 | $27.19 | $26.22 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(a)</sup> | 0.08 | 0.13 | 0.18 | 0.22 | 0.15 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (0.78) | 7.50 | 1.25 | (0.29) | 6.27 | 0.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.70) | 7.63 | 1.43 | (0.07) | 6.42 | 1.03 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.11) | (0.14) | (0.20) | (0.18) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.28) | (0.64) |  | (6.94) |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (2.39) | (0.78) | (0.20) | (7.12) | (0.08) | (0.06) |
|  **Net Asset Value, End of Period/Year** | $31.33 | $34.42 | $27.57 | $26.34 | $33.53 | $27.19 |
|  **Total Return** | (1.17)%<sup>(e)</sup> | 28.35% | 5.51% | (1.62)% | 23.70% | 3.96% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $609387 | $588165 | $261501 | $143236 | $128449 | $205886 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(b)</sup> | 1.02 %<sup>(d)</sup> | 1.04% | 1.07% | 1.12% | 1.17% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(c)</sup> | 1.02 %<sup>(d)</sup> | 1.08% | 1.09% | 1.11% | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.54 %<sup>(d)</sup> | 0.43% | 0.68% | 0.83% | 0.50% | 0.49% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51 %<sup>(e)</sup> | 164% | 238% | 197% | 218% | 325% |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $34.41 | $27.56 | $26.27 | $33.46 | $27.16 | $26.23 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(b)</sup> | 0.06 | 0.10 | 0.14 | 0.14 | 0.10 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (0.79) | 7.50 | 1.26 | (0.26) | 6.27 | 0.89 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.73) | 7.60 | 1.40 | (0.12) | 6.37 | 0.93 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.11) | (0.11) | (0.13) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (2.28) | (0.64) |  | (6.94) |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (2.33) | (0.75) | (0.11) | (7.07) | (0.07) |  |
|  **Net Asset Value, End of Period/Year** | $31.35 | $34.41 | $27.56 | $26.27 | $33.46 | $27.16 |
|  **Total Return** | (1.26)%<sup>(f)</sup> | 28.24% | 5.38% | (1.79)% | 23.53% | 3.55 %<sup>(f)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $9016 | $10714 | $7543 | $189 | $544 | $730 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(c)</sup> | 1.17 %<sup>(e)</sup> | 1.19% | 1.21% | 1.27% | 1.32% | 1.30 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(d)</sup> | 1.17 %<sup>(e)</sup> | 1.19% | 1.22% | 1.25% | 1.24% | 1.24 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 0.38 %<sup>(e)</sup> | 0.32% | 0.52% | 0.52% | 0.34% | 0.17 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51 %<sup>(f)</sup> | 164% | 238% | 197% | 218% | 325 %<sup>(f)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since February 2, 2020 (Commencement
 of Operations).

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

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

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

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

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $46.03 | $35.13 | $30.99 | $36.09 | $28.78 | $25.00 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,g) | 0.12 | 0.15 | 0.28 | 0.11 | 0.11 | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (4.47) | 10.97 | 4.01 | (4.29) | 8.01 | 3.59 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (4.35) | 11.12 | 4.29 | (4.18) | 8.12 | 3.78 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.22) | (0.15) | (0.08) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.84) | (0.71) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.13) | (0.22) | (0.15) | (0.92) | (0.81) |  |
|  **Net Asset Value, End of Period/Year** | $41.55 | $46.03 | $35.13 | $30.99 | $36.09 | $28.78 |
|  **Total Return** | (9.47)%<sup>(i)</sup> | 31.82% | 13.95% | (11.99)% | 28.91% | 15.12 %<sup>(i)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $419729 | $406274 | $190927 | $148912 | $120315 | $3985 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,f) | 0.91 %<sup>(h)</sup> | 0.92% | 0.97% | 1.04% | 1.09% | 6.24 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (e,f) | 0.91 %<sup>(h)</sup> | 0.95% | 0.98% | 1.03% | 1.04% | 1.04 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g) | 0.58 %<sup>(h)</sup> | 0.35% | 0.89% | 0.36% | 0.32% | 0.73 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 175 %<sup>(i)</sup> | 9% | 139% | 270% | 29% | 81 %<sup>(i)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized.

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

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 period/year.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Year Ended <br> November 30, <br> 2023** | **For the <br> Year Ended <br> November 30, <br> 2022** | **For the <br> Year Ended <br> November 30, <br> 2021** | **For the <br> Period Ended <br> November 30, <br> 2020 (a)** |
|  | (Unaudited) |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $45.80 | $34.97 | $30.85 | $35.95 | $28.69 | $25.04 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,g) | 0.09 | 0.07 | 0.23 | 0.06 | 0.07 | 0.13 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (4.45) | 10.93 | 3.99 | (4.27) | 7.97 | 3.52 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (4.36) | 11.00 | 4.22 | (4.21) | 8.04 | 3.65 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.17) | (0.10) | (0.05) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.84) | (0.71) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.05) | (0.17) | (0.10) | (0.89) | (0.78) |  |
|  **Net Asset Value, End of Period/Year** | $41.39 | $45.80 | $34.97 | $30.85 | $35.95 | $28.69 |
|  **Total Return** | (9.52)%<sup>(i)</sup> | 31.59% | 13.76% | (12.11)% | 28.69% | 14.58 %<sup>(i)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $53168 | $60839 | $47232 | $33632 | $35205 | $4283 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,f) | 1.06 %<sup>(h)</sup> | 1.07% | 1.12% | 1.18% | 1.28% | 4.56 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (e,f) | 1.06 %<sup>(h)</sup> | 1.12% | 1.13% | 1.18% | 1.19% | 1.19 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g) | 0.42 %<sup>(h)</sup> | 0.18% | 0.72% | 0.17% | 0.19% | 0.52 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 175 %<sup>(i)</sup> | 9% | 139% | 270% | 29% | 81 %<sup>(i)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30,<br> 2024** | **For the <br> Period Ended <br> November 30,<br> 2023 (a)** |
|  | (Unaudited) |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $49.11 | $48.37 | $50.00 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,f) | 1.26 | 2.35 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.21) | 0.59 | (2.68) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.95) | 2.94 | (0.80) |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.95) | (2.20) | (0.83) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (1.95) | (2.20) | (0.83) |
|  **Net Asset Value, End of Period/Year** | $45.21 | $49.11 | $48.37 |
|  **Total Return** | (4.03)%<sup>(h)</sup> | 6.22% | (1.63)%<sup>(h)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $167755 | $219292 | $157988 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,e) | 0.86 %<sup>(g)</sup> | 0.86% | 0.90 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (d,e) | 0.77 %<sup>(g)</sup> | 0.79% | 0.84 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement (recapture) and securities lending expense offset | 5.36 %<sup>(g)</sup> | 4.87% | 4.13 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 328 %<sup>(h)</sup> | 316% | 638 %<sup>(h)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 20, 2022
 (Commencement of Operations).

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.* 

---

| | | | |
|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30,<br> 2024** | **For the <br> Period Ended <br> November 30,<br> 2023 (a)** |
|  | (Unaudited) |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $49.09 | $48.35 | $49.48 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (b,f) | 1.18 | 2.32 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.17) | 0.55 | (1.45) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.99) | 2.87 | (0.55) |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.90) | (2.13) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (1.90) | (2.13) | (0.58) |
|  **Net Asset Value, End of Period/Year** | $45.20 | $49.09 | $48.35 |
|  **Total Return** | (4.12)%<sup>(h)</sup> | 6.08% | (1.10)%<sup>(h)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $8120 | $8160 | $8082 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses (c,e) | 1.01 %<sup>(g)</sup> | 1.01% | 1.16 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (d,e) | 0.93 %<sup>(g)</sup> | 0.94% | 0.96 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement and securities lending expense offset | 5.06 %<sup>(g)</sup> | 4.81% | 2.58 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 328 %<sup>(h)</sup> | 316% | 638 %<sup>(h)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since March 7, 2023 (Commencement
 of Operations).

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Period Ended <br> November 30, <br> 2023 <sup>(a)</sup>** |
|  | (Unaudited) |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $40.36 | $28.36 | $25.00 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(b)</sup> | 0.16 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.74) | 12.07 | 3.22 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.58) | 12.23 | 3.36 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.65) | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.70) | (0.23) |  |
|  **Net Asset Value, End of Period/Year** | $36.08 | $40.36 | $28.36 |
|  **Total Return** | (8.79)%<sup>(f)</sup> | 43.33% | 13.48 %<sup>(f)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $452338 | $251872 | $12482 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(c)</sup> | 1.06 %<sup>(e)</sup> | 1.29% | 3.38 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(d)</sup> | 1.09 %<sup>(e)</sup> | 1.09% | 1.09 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement and securities lending expense offset | 0.89 %<sup>(e)</sup> | 0.43% | 0.53 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 89 %<sup>(f)</sup> | 107% | 179 %<sup>(f)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 20, 2022
 (Commencement of Operations).

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.* 

---

| | | | |
|:---|:---|:---|:---|
|  | Advisor Class | Advisor Class | Advisor Class |
|  | **For the <br> Period Ended <br> May 31, <br> 2025** | **For the <br> Year Ended <br> November 30, <br> 2024** | **For the <br> Period Ended <br> November 30, <br> 2023 <sup>(a)</sup>** |
|  | (Unaudited) |  |  |
|  **Net Asset Value, Beginning of Period/Year** | $40.26 | $28.34 | $26.88 |
| &nbsp;&nbsp;&nbsp; Income From Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>(b)</sup> | 0.12 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from investments (both realized and unrealized) | (3.72) | 12.07 | 1.37 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.60) | 12.15 | 1.46 |
| &nbsp;&nbsp;&nbsp; Less Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.65) | (0.16) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.66) | (0.23) |  |
|  **Net Asset Value, End of Period/Year** | $36.00 | $40.26 | $28.34 |
|  **Total Return** | (8.87)%<sup>(f)</sup> | 43.10% | 5.43 %<sup>(f)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period/year (in 000's) | $2930 | $3407 | $427 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross expenses <sup>(c)</sup> | 1.21 %<sup>(e)</sup> | 1.46% | 3.64 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses <sup>(d)</sup> | 1.24 %<sup>(e)</sup> | 1.24% | 1.24 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income net of reimbursement and securities lending expense offset | 0.70 %<sup>(e)</sup> | 0.24% | 0.43 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 89 %<sup>(f)</sup> | 107% | 179 %<sup>(f)</sup> |

---

Portfolio turnover is calculated for the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since March 7, 2023 (Commencement
 of Operations).

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

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

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

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

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

See accompanying notes to financial statements.

**Horizon Funds** 

**Notes to Financial Statements** **(Unaudited)** 

**May 31, 2025**

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

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap 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 Horizon Active Asset Allocation Fund is capital appreciation. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on January 31, 2012, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Risk Assist<sup>®</sup> Fund is to capture the majority of the returns associated with equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on August 29, 2014, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Income Fund is income. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on September 30, 2013, February 8, 2016 and September 9, 2016, respectively. The investment objective of the Horizon 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 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 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 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 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 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.

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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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

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

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

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

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

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

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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 May 31, 2025, for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Exchange Traded Funds | $726059198 | $— | $— | $**726059198** |
|  Common Stocks | 8374909 |  |  | **8374909** |
|  Purchased Options |  | 496500 |  | **496500** |
|  Investments Purchased With Proceeds From Securities Lending  | 34305821 |  |  | **34305821** |
|  Money Market Funds | 1513151 |  |  | **1513151** |
|  **Total** | $**770253079** | $**496500** | $**—** | $**770749579** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $(1539000) | $— | $**(1539000)** |
|  **Total** | $**—** | $**(1539000)** | $**—** | $**(1539000)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $1237524033 | $— | $— | $**1237524033** |
|  Common Stocks | 65419329 |  | 0 <sup>(a)</sup> | **65419329** |
|  Purchased Options |  | 6374000 |  | **6374000** |
|  Investments Purchased With Proceeds From Securities Lending | 163342781 |  |  | **163342781** |
|  Money Market Funds | 328 |  |  | **328** |
|  **Total** | $**1466286471** | $**6374000** | $**—** | $**1472660471** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $(6184400) | $— | $**(6184400)** |
|  **Total** | $**—** | $**(6184400)** | $**—** | $**(6184400)** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $264704854 | $— | $— | $**264704854** |
|  Investments Purchased With Proceeds From Securities Lending | 40670575 |  |  | **40670575** |
|  Money Market Funds | 699373 |  |  | **699373** |
|  **Total** | $**306074802** | $**—** | $**—** | $**306074802** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $122173443 | $— | $— | $**122173443** |
|  Money Market Funds | 657578 |  |  | **657578** |
|  **Total** | $**122831021** | $**—** | $**—** | $**122831021** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $(116900) | $— | $**(116900)** |
|  **Total** | $**—** | $**(116900)** | $**—** | $**(116900)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $768140796 | $— | $0 <sup>(a)</sup> | $**768140796** |
|  Purchased Options |  | 7761650 |  | **7761650** |
|  Investments Purchased With Proceeds From Securities Lending | 1032540 |  |  | **1032540** |
|  Money Market Funds | 10224413 |  |  | **10224413** |
|  **Total** | $**779397749** | $**7761650** | $**—** | $**787159399** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $(20342650) | $— | $**(20342650)** |
|  **Total** | $**—** | $**(20342650)** | $**—** | $**(20342650)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $616446245 | $— | $— | $**616446245** |
|  Money Market Funds | 1343611 |  |  | **1343611** |
|  **Total** | $**617789856** | $**—** | $**—** | $**617789856** |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 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 | $426007063 | $— | $0 <sup>(a)</sup> | **426007063** |
|  Exchange Traded Funds | 45398457 |  |  | **45398457** |
|  Money Market Funds | 1610216 |  |  | **1610216** |
|  **Total** | $**473015736** | $**—** | $**—** | $**473015736** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $177027315 |  |  | $**177027315** |
|  Investments Purchased With Proceeds From Securities Lending | 44142677 |  |  | **44142677** |
|  Money Market Funds | 231158 |  |  | **231158** |
|  **Total** | $**221401150** | $**—** | $**—** | $**221401150** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $451828400 | $— | $— | $**451828400** |
|  Money Market Funds | 2298917 |  |  | **2298917** |
|  **Total** | $**454127317** | $**—** | $**—** | $**454127317** |

---

\* 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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Horizon Active <br> Asset Allocation <br> Fund** | **Horizon Active <br> Risk Assist**<sup>®</sup> **<br> Fund** | **Horizon Equity <br> Premium <br> Income Fund** | **Horizon <br> Defined Risk <br> Fund** |
|  Purchased Options | $1361250 | $7870500 | $0 | $11493900 |
|  Written Options | $1947000 | $5903950 | $202300 | $13853075 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of May 31, 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 Active Asset Allocation Fund | Equity Risk Contracts | Investments in Securities, at Value | Options Written, at Value |
|  Horizon Active Risk Assist<sup>®</sup> Fund | Equity Risk Contracts | Investments in Securities, at Value | Options Written, at Value |
|  Horizon Equity Premium Income Fund | Equity Risk Contracts | Investments in Securities, at Value | Options Written, at Value |
|  Horizon Defined Risk Fund | Equity Risk Contracts | Investments in Securities, at Value | Options Written, at Value |

---

---

| | |
|:---|:---|
|  **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $496500 |
|  Written Options | $1539000 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

---

| | |
|:---|:---|
|  **Horizon Active Risk Assist**<sup>®</sup> **Fund** | **Horizon Active Risk Assist**<sup>®</sup> **Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $6374000 |
|  Written Options | $6184400 |

---

---

| | |
|:---|:---|
|  **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $0 |
|  Written Options | $116900 |

---

---

| | |
|:---|:---|
|  **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $7761650 |
|  Written Options | $20342650 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended May 31, 2025:

---

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

---

---

| | |
|:---|:---|
|  **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation Fund** |
| Realized gain (loss) on derivatives recognized in the Statements of Operations | Realized gain (loss) on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $(4914294) |
| Written Options | 3288985 |
|  | $(1625309) |

---

---

| | |
|:---|:---|
| 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 | $500823 |
| Written Options | (1002748) |
|  | $(501925) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

---

| | |
|:---|:---|
| **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 | $20835576 |
| Written Options | (19730422) |
|  | $1105154 |

---

---

| | |
|:---|:---|
| 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 | $(14576322) |
| Written Options | 12857961 |
|  | $(1718361) |

---

---

| | |
|:---|:---|
|  **Horizon Equity Premium Income Fund** | **Horizon Equity Premium Income Fund** |
| Realized gain on derivatives recognized in the Statements of Operations | Realized gain on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $— |
| Written Options | 260702 |
|  | $260702 |

---

---

| | |
|:---|:---|
| Changes in unrealized appreciation on derivatives recognized in the Statements of Operations | Changes in unrealized appreciation on derivatives recognized in the Statements of Operations |
| Purchased Options | $— |
| Written Options | 179613 |
|  | $179613 |

---

---

| | |
|:---|:---|
|  **Horizon Defined Risk Fund** | **Horizon Defined Risk Fund** |
| Realized gain on derivatives recognized in the Statements of Operations | Realized gain on derivatives recognized in the Statements of Operations |
| Derivative Investment Type |  |
| Purchased Options | $7017039 |
| Written Options | 22470050 |
|  | $29487089 |

---

---

| | |
|:---|:---|
| Changes in unrealized depreciation on derivatives recognized in the Statements of Operations | Changes in unrealized depreciation on derivatives recognized in the Statements of Operations |
| Purchased Options | $(5432111) |
| Written Options | (2944700) |
|  | $(8376811) |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

**Offsetting of Financial Assets and Derivative Liabilities** 

The following table presents the Funds' liability derivatives and collateral pledged for the Funds as of May 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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** | **Horizon Active Asset Allocation Fund** | **Horizon Active Asset Allocation 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 | $1539000<sup>(1)</sup> | $— | $1539000 | $(1539000)<sup>(2)</sup> | $— | $— |
|  Total | $1539000 | $— | $1539000 | $(1539000) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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 | $6184400<sup>(1)</sup> | $— | $6184400 | $(6184400)<sup>(2)</sup> | $— | $— |
|  Total | $6184400 | $— | $6184400 | $(6184400) | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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 | $116900<sup>(1)</sup> | $— | $116900 | $(116900)<sup>(2)</sup> | $— | $— |
|  Total | $116900 | $— | $116900 | $(116900) | $— | $— |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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 | $20342650<sup>(1)</sup> | $— | $20342650 | $(20342650)<sup>(2)</sup> | $— | $— |
|  Total | $20342650 | $— | $20342650 | $(20342650) | $— | $— |

---

&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 5 for collateral related to securities on loan.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income and expense is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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' 2024 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 (Unaudited) (Continued)<br> May 31, 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 Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, and Horizon Multi-Factor Small/Mid Cap Fund and quarterly for the Horizon Active Income Fund, Horizon Equity Premium Income Fund, and Horizon Tactical Fixed Income Fund and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

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

*Rule 12b-1* – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, the Horizon Multi-Factor U.S. Equity Fund, the Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap 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, 2024 the distribution fees accrued for the Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets, respectively.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

During the period ended May 31, 2025, the Funds' incurred fees pursuant to the 12b-1 Plan as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Advisor Class** |
|  Horizon Active Asset Allocation Fund | $— | $1298 |
|  Horizon Active Risk Assist<sup>®</sup> Fund |  | 1605 |
|  Horizon Active Income Fund |  | 392 |
|  Horizon Equity Premium Income Fund | 59489 | 2811 |
|  Horizon Defined Risk Fund | 348161 | 18013 |
|  Horizon Multi-Factor U.S. Equity Fund | 286860 | 12032 |
|  Horizon Defensive Core Fund | 200950 | 70081 |
|  Horizon Tactical Fixed Income Fund | 103251 | 10147 |
|  Horizon Multi-Factor Small/Mid Cap Fund  | 170327 | 3843 |

---

Investor Class shares of the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund and Horizon Active Income Fund and Institutional Class shares of all Funds do not pay any 12b-1 distribution fees.

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

&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 Investments, LLC (the "Adviser"). Under the terms of the Advisory Agreements, the Adviser receives monthly fees calculated at an annual rate of 0.99% of the average daily net assets of the Horizon Active Asset Allocation Fund, 0.99% of the average daily net assets of the Horizon Active Risk Assist<sup>®</sup> Fund, 0.77% of the average daily net assets of the Horizon Active Income Fund, 0.75% of the average daily net assets of the Horizon Equity Premium Income Fund, 0.80% of the average daily net assets of the Horizon Defined Risk Fund, 0.80% of the average daily net assets of the Horizon Multi-Factor U.S. Equity Fund, 0.68% of the average daily net assets of the Horizon Defensive Core Fund, 0.60% of the average daily net assets of the Horizon Tactical Fixed Income Fund, and 0.80% of the average daily net assets of the Horizon Multi-Factor Small/Mid Cap Fund

Pursuant to the Expense Limitation Agreement (the "Waiver Agreement"), the Adviser has agreed, until March 31, 2026 for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund to waive a portion of the Fund's advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust's Rule 12b-1 Distribution Plan; payments by the Fund, if any, under the Trust's Shareholder Services Plan;

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor** | **Advisor** | **Institutional** |
|  Horizon Active Asset Allocation Fund | 1.17% | 1.17% | 1.17% |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 1.17% | 1.17% | 1.17% |
|  Horizon Active Income Fund | 0.99% | 0.99% | 0.99% |
|  Horizon Equity Premium Income Fund | 0.99% | 0.99% | 0.99% |
|  Horizon Defined Risk Fund | 0.94% | 0.94% | 0.94% |
|  Horizon Multi-Factor U.S. Equity Fund | 0.99% | 0.99% | 0.99% |
|  Horizon Defensive Core Fund | 0.87% | 0.87% | 0.87% |
|  Horizon Tactical Fixed Income Fund | 0.80% | 0.80% | 0.80% |
|  Horizon Multi-Factor Small/Mid Cap Fund | 0.99% | 0.99% | 0.99% |

---

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 period ended May 31, 2025, the Adviser recouped from Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup> Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, the Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund $0, $0, $0, $1,879, $77,641, $0, $0, $0, and $48,711 respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **2025** | **2026** | **2027** | **2028** | **Total** |
|  Horizon Active Asset Allocation Fund | $— | $— | $— | $— | $— |
|  Horizon Active Risk Assist<sup>®</sup> Fund |  |  |  |  |  |
|  Horizon Active Income Fund |  |  |  |  |  |
|  Horizon Equity Premium Income Fund |  |  | 186 | 14 | 200 |
|  Horizon Defined Risk Fund | 88 | 39753 | 24915 |  | 64756 |
|  Horizon Multi-Factor U.S. Equity Fund |  |  |  |  |  |
|  Horizon Defensive Core Fund |  |  |  |  |  |
|  Horizon Tactical Fixed Income Fund |  |  |  |  |  |
|  Horizon Multi-Factor Small/Mid Cap Fund |  | 69265 | 119416 | 2609 | 191290 |

---

*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 each quarterly board meeting. Prior to January 1, 2025, the Trust paid each Trustee of the Trust who is not an interested person an annual retainer of $85,000 for each fiscal year plus $10,000 for attendance at each quarterly board meeting. In every instance, the cost of the fees are to be allocated among the participating Funds in accordance with a formula that takes into account the overall asset size of each affected Fund.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 and, effective May 1, 2025, 50% of the Chief Compliance Officer's targeted bonus, with the portion paid by the Horizon Funds allocated among the Funds in accordance with their relative net assets.

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

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Horizon Active Asset Allocation Fund | $426418801 | $583890664 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 2085702903 | 2120637358 |
|  Horizon Active Income Fund | 260388333 | 223339067 |
|  Horizon Equity Premium Income Fund | 7891292 | 5952751 |
|  Horizon Defined Risk Fund | 92580853 | 7339499 |
|  Horizon Multi-Factor U.S. Equity Fund | 331564348 | 298608612 |
|  Horizon Defensive Core Fund | 857044212 | 804231063 |
|  Horizon Tactical Fixed Income Fund | 702766910 | 736540005 |
|  Horizon Multi-Factor Small/Mid Cap Fund | 540006437 | 310395697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **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 period ended May 31, 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,

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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.

As of the period ended May 31, 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 | $33542501 | $34305821 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 159371278 | 163342781 |
|  Horizon Active Income Fund | 39844106 | 40670575 |
|  Horizon Equity Premium Income Fund |  |  |
|  Horizon Defined Risk Fund | 995590 | 1032540 |
|  Horizon Multi-Factor U.S. Equity Fund |  |  |
|  Horizon Defensive Core Fund |  |  |
|  Horizon Tactical Fixed Income Fund | 43239739 | 44142677 |
|  Horizon Multi-Factor Small/Mid Cap Fund |  |  |

---

\* The cash collateral received was invested in the First American Government Obligations Fund, Class X, with an overnight and continuous maturity, as shown on the 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;**6.** **LINE OF CREDIT ARRANGEMENT** 

Throughout the period ended May 31, 2025, and renewed effective February 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 6, 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 7.50% as of May 31, 2025, if they borrow.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

For the period ended May 31, 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 | $848275 | 7.53% | $14399000 | December 23, 2024 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 288863 | 7.52% | 20649000 | December 23, 2024 |
|  Horizon Active Income Fund | 30121 | 7.50% | 2681000 | April 9, 2025 |
|  Horizon Equity Premium Income Fund | 28742 | 7.50% | 2870000 | April 9, 2025 |
|  Horizon Defined Risk Fund | 124890 | 7.50% | 4600000 | December 23, 2024 |
|  Horizon Multi-Factor U.S. Equity Fund | 138516 | 7.50% | 5587000 | January 13, 2025 |
|  Horizon Defensive Core Fund | 22940 | 7.50% | 1195000 | May 10, 2025 |
|  Horizon Tactical Fixed Income Fund | 45066 | 7.50% | 2467000 | December 23, 2024 |
|  Horizon Multi-Factor Small/Mid Cap Fund  | 27523 | 7.50% | 3210000 | April 7, 2025 |

---

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

The tax character of fund distributions paid for the years ended November 30, 2024 and November 30, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 Risk Assist<sup>®</sup> Fund | 9998226 | 462691 |  | 10460917 |
|  Horizon Active Income Fund | 9467883 |  |  | 9467883 |
|  Horizon Equity Premium Income Fund | 898863 |  | 2622572 | 3521435 |
|  Horizon Defined Risk Fund | 1049593 |  |  | 1049593 |
|  Horizon Multi-Factor U.S. Equity Fund | 6369413 | 1300145 |  | 7669558 |
|  Horizon Defensive Core Fund | 1422529 |  |  | 1422529 |
|  Horizon Tactical Fixed Income Fund | 9289902 |  |  | 9289902 |
|  Horizon Multi-Factor Small/Mid Cap Fund | 102289 | 1245 |  | 103534 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year or period ended November 30, 2023** | **For the year or period ended November 30, 2023** | **For the year or period ended November 30, 2023** | **For the year or period ended November 30, 2023** |
| <br>**Fund** | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Return of Capital** | **Total** |
|  Horizon Active Asset Allocation Fund | $8061173 | $— | $— | $8061173 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 6611047 |  |  | 6611047 |
|  Horizon Active Income Fund | 10979745 |  |  | 10979745 |
|  Horizon Equity Premium Income Fund | 2067141 |  |  | 2067141 |
|  Horizon Defined Risk Fund | 1287488 | 4517074 |  | 5804562 |
|  Horizon Multi-Factor U.S. Equity Fund | 1076898 |  |  | 1076898 |
|  Horizon Defensive Core Fund | 862023 |  |  | 862023 |
|  Horizon Tactical Fixed Income Fund | 1311200 |  |  | 1311200 |
|  Horizon Multi-Factor Small/Mid Cap Fund |  |  |  |  |

---

On December 19, 2024, the Funds paid the following per share income distributions:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor <br> Class** | **Advisor <br> Class** | **Institutional <br> Class** |
|  Horizon Active Asset Allocation Fund | $0.10510174 | $0.08654706 | $0.12455407 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 0.14004634 | 0.13628563 | 0.14238081 |
|  Horizon Active Income Fund | 0.14757227 | 0.14261381 | 0.15070144 |
|  Horizon Equity Premium Income Fund | 2.39632398<sup>(1)</sup> | 2.38672013<sup>(1)</sup> |  |
|  Horizon Defined Risk Fund | 0.07259315 | 0.01510547 |  |
|  Horizon Multi-Factor U.S. Equity Fund | 0.11163695 | 0.05253666 |  |
|  Horizon Defensive Core Fund | 0.12908752 | 0.05536235 |  |
|  Horizon Tactical Fixed Income Fund | 1.00598561 | 0.97822728 |  |
|  Horizon Multi-Factor Small/Mid Cap Fund | 0.05095695 | 0.00859183 |  |

---

<sup>(1)</sup> All or a portion of this distribution was determined to be a return of capital.

On December 19, 2024, the Funds paid the following per share capital gains distributions from each class:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term\*** | **Long-Term** |
|  Horizon Active Asset Allocation Fund | $1.57533 | $0.76122 |
|  Horizon Active Risk Assist<sup>®</sup> Fund |  |  |
|  Horizon Active Income Fund |  |  |
|  Horizon Equity Premium Income Fund |  |  |
|  Horizon Defined Risk Fund |  |  |
|  Horizon Multi-Factor U.S. Equity Fund | 2.27634 | 0.20404 |
|  Horizon Defensive Core Fund |  |  |
|  Horizon Tactical Fixed Income Fund |  |  |
|  Horizon Multi-Factor Small/Mid Cap Fund | 0.65417 | 0.03382 |

---

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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of <br> Investments, <br> Purchased Options <br> and Written <br> Options** | **Gross Tax <br> Unrealized <br> Appreciation**  | **Gross Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Horizon Active Asset Allocation Fund | $898346159 | $66918519 | $(8510280) | $54408239 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 1228031594 | 183008611 | (23775718) | 159232893 |
|  Horizon Active Income Fund | 247145368 | 4077295 | (2510507) | 1566788 |
|  Horizon Equity Premium Income Fund | 91859378 | 33081264 | (1206171) | 31875093 |
|  Horizon Defined Risk Fund | 466632607 | 242900322 | (18353067) | 224547255 |
|  Horizon Multi-Factor U.S. Equity Fund | 533089413 | 65823474 | (4855319) | 60968155 |
|  Horizon Defensive Core Fund | 359029885 | 121880437 | (13923365) | 107957072 |
|  Horizon Tactical Fixed Income Fund | 276271609 | 4859046 | (1106590) | 3752456 |
|  Horizon Multi-Factor Small/Mid Cap Fund | 231731244 | 20383970 | (1684681) | 18699289 |

---

As of November 30, 2024, 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 Active Asset Allocation Fund | $87924067 | $42026882 | $(3) | $58408239 | $188359185 |
|  Horizon Active Risk Assist<sup>®</sup> Fund |  | 117403564 | (11858089) | 159232893 | 264778368 |
|  Horizon Active Income Fund | 2359697 |  | (83292321) | 1566788 | (79365836) |
|  Horizon Equity Premium Income Fund |  |  | (4983714) | 31875093 | 26891379 |
|  Horizon Defined Risk Fund | 412765 |  | (55124781) | 224547255 | 169835239 |
|  Horizon Multi-Factor U.S. Equity Fund | 42074104 | 3622853 | (20666) | 60968155 | 106644446 |
|  Horizon Defensive Core Fund | 1080134 |  | (1604457) | 107957072 | 107432749 |
|  Horizon Tactical Fixed Income Fund | 2765010 |  | (4001331) | 3752456 | 2516135 |
|  Horizon Multi-Factor Small/Mid Cap Fund | 4507117 | 220582 |  | 18699289 | 23426988 |

---

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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

At November 30, 2024, 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 Active Asset Allocation Fund | $— | $— | $— |
|  Horizon Active Risk Assist<sup>®</sup> Fund |  |  |  |
|  Horizon Active Income Fund | 42332318 | 40960003 | 83292321 |
|  Horizon Equity Premium Income Fund | 3445219 | 1521571 | 4966790 |
|  Horizon Defined Risk Fund | 31035749 | 24079368 | 55115117 |
|  Horizon Multi-Factor U.S. Equity Fund |  |  |  |
|  Horizon Defensive Core Fund | 1603708 |  | 1603708 |
|  Horizon Tactical Fixed Income Fund | 4001331 |  | 4001331 |
|  Horizon Multi-Factor Small/Mid Cap Fund |  |  |  |

---

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist<sup>®</sup>, Horizon Equity Premium Income Fund, Horizon Defensive Core Fund, and Horizon Tactical Fixed Income Fund utilized capital loss carry forwards of $30,231,232, $56,558,742, $2,565,862, $5,044,885 and $289,045, 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. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the year ended November 30, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable <br> Earnings/<br> (Accumulated <br> Deficit)** | **Paid In<br> Capital** |
|  Horizon Active Asset Allocation Fund | $(24195843) | $24195843 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | (3319339) | 3319339 |
|  Horizon Active Income Fund | 4861 | (4861) |
|  Horizon Equity Premium Income Fund |  |  |
|  Horizon Defined Risk Fund | 582 | (582) |
|  Horizon Multi-Factor U.S. Equity Fund | (6251980) | 6251980 |
|  Horizon Defensive Core Fund |  |  |
|  Horizon Tactical Fixed Income | 1745 | (1745) |
|  Horizon Multi-Factor Small/Mid Cap Fund | (358249) | 358249 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **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 May 31, 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.

**9. SIGNIFICANT ACCOUNTING PRONOUNCEMENTS** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **OTHER INFORMATION** 

**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.** This disclosure was included in the Form N-CSR for the year ended November 30, 2024.

**Horizon Funds** 

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

**May 31, 2025**

*Qualified Dividend Income/Dividends Received Deduction* 

For the fiscal year ended November 30, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Qualified Dividend Income** |
|  Horizon Active Asset Allocation Fund | 30.97% |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 100.00% |
|  Horizon Active Income Fund | 0.55% |
|  Horizon Equity Premium Income Fund | 100.00% |
|  Horizon Defined Risk Fund | 100.00% |
|  Horizon Multi-Factor U.S. Equity Fund | 47.47% |
|  Horizon Defensive Core Fund | 100.00% |
|  Horizon Tactical Fixed Income Fund | 0.00% |
|  Horizon Multi-Factor Small/Mid Cap Fund | 64.90% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2024 was as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Received Deduction** |
|  Horizon Active Asset Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 1.85% |
|  Horizon Active Income Fund | 4.53% |
|  Horizon Equity Premium Income Fund | 100.00% |
|  Horizon Defined Risk Fund | 100.00% |
|  Horizon Multi-Factor U.S. Equity Fund | 47.02% |
|  Horizon Defensive Core Fund | 100.00% |
|  Horizon Tactical Fixed Income Fund | 0.00% |
|  Horizon Multi-Factor Small/Mid Cap Fund | 0.75% |

---

*Foreign Tax Credit* 

For the year ended November 30, 2024, the Horizon Active Asset Allocation Fund and Horizon Active Risk Assist<sup>®</sup> Fund earned foreign source income and paid foreign taxes, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign Source <br> Income Earned** | **Foreign <br> Taxes Paid** |
|  Horizon Active Asset Allocation Fund | $7232699 | $796018 |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 9719157 | 831190 |
|  Horizon Active Income Fund | 793026 | 6482 |
|  Horizon Tactical Fixed Income Fund | 466548 | 1123 |

---

**Horizon Funds** 

**Additional Information** **(Unaudited) (Continued) May 31, 2025**

*Short Term Capital Gains* 

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

---

| | |
|:---|:---|
| **Fund Name** | **Short-Term** |
|  Horizon Active Asset Allocation Fund | 0.00% |
|  Horizon Active Risk Assist<sup>®</sup> Fund | 0.00% |
|  Horizon Active Income Fund | 0.00% |
|  Horizon Equity Premium Income Fund | 0.00% |
|  Horizon Defined Risk Fund | 0.00% |
|  Horizon Multi-Factor U.S. Equity Fund | 78.71% |
|  Horizon Defensive Core Fund | 0.00% |
|  Horizon Tactical Fixed Income Fund | 0.00% |
|  Horizon Multi-Factor Small/Mid Cap Fund | 68.10% |

---

*PRIVACY NOTICE (Unaudited)* 

February 2016

---

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

---

---

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

---

---

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

---

***Investment Adviser*** Horizon Investments, LLC

6210 Ardrey Kell Road, Suite 300

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

**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.

---

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

---

Horizon Expedition Plus ETF Horizon Landmark ETF <br> <u> HBTA</u> <u> BENJ</u>

**May 31, 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 HORIZON EXPEDITION PLUS ETF and HORIZON LANDMARK ETF. 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  | 1 |
| Statements of Assets and Liabilities  | 11 |
| Statements of Operations  | 12 |
| Statement of Changes in Net Assets  | 13 |
| Financial Highlights  | 15 |
| Notes to Financial Statements  | 17 |
| Privacy Notice  | 28 |

---

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited)** 

**May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **COMMON STOCKS — 98.5%** |  |  |
|  Banking — 4.0% |  |  |
|  Bank of America Corp. <sup>(a)</sup> | 5382 | $237507 |
|  Citigroup, Inc. <sup>(a)</sup> | 1600 | 120512 |
|  JPMorgan Chase & Co. <sup>(a)</sup> | 2184 | 576576 |
|  M&T Bank Corp. <sup>(a)</sup> | 159 | 29040 |
|  US Bancorp <sup>(a)</sup> | 1344 | 58585 |
|  Wells Fargo & Co. <sup>(a)</sup> | 2496 | 186651 |
|  |  | 1208871 |
|  **Consumer Discretionary Products — 3.4%** |  |  |
|  Deckers Outdoor Corp. <sup>(a)(b)</sup> | 128 | 13506 |
|  General Motors Co. <sup>(a)</sup> | 1280 | 63501 |
|  Tesla, Inc. <sup>(a)(b)</sup> | 2789 | 966277 |
|  |  | 1043284 |
|  **Consumer Discretionary Services — 1.1%** |  |  |
|  Carnival Corp. <sup>(a)(b)</sup> | 1216 | 28235 |
|  Chipotle Mexican Grill, Inc. <sup>(a)(b)</sup> | 1088 | 54487 |
|  Hilton Worldwide Holdings, Inc. <sup>(a)</sup> | 256 | 63601 |
|  Las Vegas Sands Corp. <sup>(a)</sup> | 704 | 28977 |
|  Live Nation Entertainment, Inc. <sup>(a)(b)</sup> | 256 | 35121 |
|  Marriott International, Inc. - Class A <sup>(a)</sup> | 226 | 59625 |
|  Royal Caribbean Cruises Ltd. <sup>(a)</sup> | 256 | 65784 |
|  |  | 335830 |
|  **Consumer Staple Products — 1.2%** |  |  |
|  Altria Group, Inc. <sup>(a)</sup> | 1216 | 73702 |
|  Coca-Cola Co. <sup>(a)</sup> | 1536 | 110745 |
|  Colgate-Palmolive Co. <sup>(a)</sup> | 384 | 35689 |
|  Philip Morris International, Inc. <sup>(a)</sup> | 768 | 138693 |
|  |  | 358829 |
|  **Financial Services — 8.1%** |  |  |
|  American Express Co. <sup>(a)</sup> | 601 | 176724 |
|  Ameriprise Financial, Inc. <sup>(a)</sup> | 113 | 57544 |
|  Apollo Global Management, Inc. <sup>(a)</sup> | 576 | 75277 |
|  Blackrock, Inc. <sup>(a)</sup> | 128 | 125426 |
|  Blackstone, Inc. <sup>(a)</sup> | 704 | 97687 |
|  Capital One Financial Corp. <sup>(a)</sup> | 320 | 60528 |
|  CME Group, Inc. <sup>(a)</sup> | 256 | 73984 |
|  Corpay, Inc. <sup>(a)(b)</sup> | 64 | 20807 |
|  Fiserv, Inc. <sup>(a)(b)</sup> | 448 | 72930 |
|  Goldman Sachs Group, Inc. <sup>(a)</sup> | 256 | 153715 |
|  KKR & Co., Inc. <sup>(a)</sup> | 832 | 101055 |
|  Mastercard, Inc. - Class A <sup>(a)</sup> | 640 | 374784 |
|  Moody's Corp. <sup>(a)</sup> | 128 | 61353 |
|  Morgan Stanley <sup>(a)</sup> | 1362 | 174377 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  MSCI, Inc. <sup>(a)</sup> | 51 | $28765 |
|  Nasdaq, Inc. <sup>(a)</sup> | 832 | 69505 |
|  PayPal Holdings, Inc. <sup>(a)(b)</sup> | 1024 | 71967 |
|  Raymond James Financial, Inc. <sup>(a)</sup> | 192 | 28220 |
|  State Street Corp. <sup>(a)</sup> | 320 | 30810 |
|  Synchrony Financial <sup>(a)</sup> | 448 | 25827 |
|  Verisk Analytics, Inc. <sup>(a)</sup> | 112 | 35184 |
|  Visa, Inc. - Class A <sup>(a)</sup> | 1472 | 537560 |
|  |  | 2454029 |
|  **Health Care — 5.5%** |  |  |
|  Abbott Laboratories <sup>(a)</sup> | 832 | 111139 |
|  AbbVie, Inc. <sup>(a)</sup> | 730 | 135860 |
|  Agilent Technologies, Inc. <sup>(a)</sup> | 192 | 21489 |
|  Becton Dickinson & Co. <sup>(a)</sup> | 128 | 22091 |
|  Boston Scientific Corp. <sup>(a)(b)</sup> | 1280 | 134733 |
|  Bristol-Myers Squibb Co. <sup>(a)</sup> | 1152 | 55619 |
|  Cencora, Inc. <sup>(a)</sup> | 128 | 37279 |
|  Danaher Corp. <sup>(a)</sup> | 256 | 48614 |
|  Edwards Lifesciences Corp. <sup>(a)(b)</sup> | 448 | 35043 |
|  Eli Lilly & Co. <sup>(a)</sup> | 561 | 413833 |
|  GE HealthCare Technologies, Inc. <sup>(a)</sup> | 384 | 27087 |
|  Gilead Sciences, Inc. <sup>(a)</sup> | 704 | 77496 |
|  HCA Healthcare, Inc. <sup>(a)</sup> | 101 | 38520 |
|  Intuitive Surgical, Inc. <sup>(a)(b)</sup> | 320 | 176749 |
|  McKesson Corp. <sup>(a)</sup> | 53 | 38134 |
|  Medtronic PLC <sup>(a)</sup> | 384 | 31864 |
|  ResMed, Inc. <sup>(a)</sup> | 128 | 31333 |
|  Stryker Corp. <sup>(a)</sup> | 256 | 97956 |
|  Thermo Fisher Scientific, Inc. <sup>(a)</sup> | 168 | 67674 |
|  Waters Corp. <sup>(a)(b)</sup> | 64 | 22351 |
|  Zoetis, Inc. <sup>(a)</sup> | 192 | 32377 |
|  |  | 1657241 |
|  **Industrial Products — 5.9%** |  |  |
|  3M Co. <sup>(a)</sup> | 448 | 66461 |
|  AMETEK, Inc. <sup>(a)</sup> | 192 | 34318 |
|  Amphenol Corp. - Class A <sup>(a)</sup> | 448 | 40289 |
|  Axon Enterprise, Inc. <sup>(a)(b)</sup> | 105 | 78788 |
|  Carrier Global Corp. <sup>(a)</sup> | 896 | 63795 |
|  Caterpillar, Inc. <sup>(a)</sup> | 320 | 111369 |
|  Cummins, Inc. <sup>(a)</sup> | 186 | 59795 |
|  Deere & Co. <sup>(a)</sup> | 128 | 64801 |
|  Dover Corp. <sup>(a)</sup> | 160 | 28440 |
|  Eaton Corp. PLC <sup>(a)</sup> | 362 | 115912 |
|  Emerson Electric Co. <sup>(a)</sup> | 512 | 61122 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  GE Vernova, Inc. <sup>(a)</sup> | 64 | $30271 |
|  General Electric Co. <sup>(a)</sup> | 856 | 210499 |
|  Honeywell International, Inc. <sup>(a)</sup> | 422 | 95655 |
|  Howmet Aerospace, Inc. <sup>(a)</sup> | 512 | 86984 |
|  Hubbell, Inc. <sup>(a)</sup> | 64 | 24933 |
|  Ingersoll Rand, Inc. <sup>(a)</sup> | 320 | 26125 |
|  Johnson Controls International PLC <sup>(a)</sup> | 768 | 77852 |
|  Keysight Technologies, Inc. <sup>(a)(b)</sup> | 192 | 30152 |
|  Lennox International, Inc. <sup>(a)</sup> | 48 | 27094 |
|  PACCAR, Inc. <sup>(a)</sup> | 576 | 54057 |
|  Parker-Hannifin Corp. <sup>(a)</sup> | 128 | 85082 |
|  RTX Corp. <sup>(a)</sup> | 768 | 104817 |
|  Trane Technologies PLC <sup>(a)</sup> | 241 | 103695 |
|  TransDigm Group, Inc. <sup>(a)</sup> | 47 | 69016 |
|  Westinghouse Air Brake Technologies Corp. <sup>(a)</sup> | 128 | 25897 |
|  |  | 1777219 |
|  **Industrial Services — 2.3%** |  |  |
|  Automatic Data Processing, Inc. <sup>(a)</sup> | 320 | 104170 |
|  Cintas Corp. <sup>(a)</sup> | 320 | 72480 |
|  CSX Corp. <sup>(a)</sup> | 960 | 30326 |
|  Delta Air Lines, Inc. <sup>(a)</sup> | 960 | 46454 |
|  Fastenal Co. <sup>(a)</sup> | 896 | 37041 |
|  FedEx Corp. <sup>(a)</sup> | 128 | 27917 |
|  Norfolk Southern Corp. <sup>(a)</sup> | 128 | 31631 |
|  Old Dominion Freight Line, Inc. <sup>(a)</sup> | 192 | 30753 |
|  Paychex, Inc. <sup>(a)</sup> | 192 | 30319 |
|  Quanta Services, Inc. <sup>(a)</sup> | 192 | 65772 |
|  Republic Services, Inc. <sup>(a)</sup> | 128 | 32933 |
|  Union Pacific Corp. <sup>(a)</sup> | 256 | 56745 |
|  United Airlines Holdings, Inc. <sup>(a)(b)</sup> | 320 | 25422 |
|  United Rentals, Inc. <sup>(a)</sup> | 41 | 29044 |
|  WW Grainger, Inc. <sup>(a)</sup> | 56 | 60903 |
|  |  | 681910 |
|  **Insurance — 1.1%** |  |  |
|  Aon PLC - Class A <sup>(a)</sup> | 171 | 63626 |
|  Arthur J Gallagher & Co. <sup>(a)</sup> | 192 | 66708 |
|  Brown & Brown, Inc. <sup>(a)</sup> | 320 | 36128 |
|  MetLife, Inc. <sup>(a)</sup> | 384 | 30175 |
|  Progressive Corp. <sup>(a)</sup> | 256 | 72942 |
|  Prudential Financial, Inc. <sup>(a)</sup> | 256 | 26596 |
|  Travelers Cos., Inc. <sup>(a)</sup> | 128 | 35289 |
|  |  | 331464 |
|  **Materials — 0.9%** |  |  |
|  Air Products and Chemicals, Inc. <sup>(a)</sup> | 98 | 27333 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Corteva, Inc. <sup>(a)</sup> | 512 | $36250 |
|  Ecolab, Inc. <sup>(a)</sup> | 128 | 33999 |
|  Freeport-McMoRan, Inc. <sup>(a)</sup> | 768 | 29553 |
|  Linde PLC <sup>(a)</sup> | 128 | 59850 |
|  Sherwin-Williams Co. <sup>(a)</sup> | 177 | 63509 |
|  Vulcan Materials Co. <sup>(a)</sup> | 128 | 33929 |
|  |  | 284423 |
|  **Media — 14.8%** |  |  |
|  Airbnb, Inc. - Class A <sup>(a)(b)</sup> | 448 | 57792 |
|  Alphabet, Inc. - Class A <sup>(a)</sup> | 10700 | 1837618 |
|  Booking Holdings, Inc. <sup>(a)</sup> | 32 | 176606 |
|  Charter Communications, Inc. - Class A <sup>(a)(b)</sup> | 64 | 25361 |
|  Expedia Group, Inc. <sup>(a)</sup> | 192 | 32016 |
|  GoDaddy, Inc. - Class A <sup>(a)(b)</sup> | 128 | 23315 |
|  Meta Platforms, Inc. - Class A <sup>(a)</sup> | 2401 | 1554624 |
|  Netflix, Inc. <sup>(a)(b)</sup> | 384 | 463576 |
|  Take-Two Interactive Software, Inc. <sup>(a)(b)</sup> | 168 | 38015 |
|  Uber Technologies, Inc. <sup>(a)(b)</sup> | 1408 | 118497 |
|  Walt Disney Co. <sup>(a)</sup> | 1472 | 166395 |
|  |  | 4493815 |
|  **Oil & Gas — 1.4%** |  |  |
|  Baker Hughes Co. <sup>(a)</sup> | 1344 | 49795 |
|  Chevron Corp. <sup>(a)</sup> | 576 | 78739 |
|  EOG Resources, Inc. <sup>(a)</sup> | 256 | 27794 |
|  EQT Corp. <sup>(a)</sup> | 576 | 31755 |
|  Hess Corp. <sup>(a)</sup> | 192 | 25380 |
|  Kinder Morgan, Inc. <sup>(a)</sup> | 2112 | 59221 |
|  ONEOK, Inc. <sup>(a)</sup> | 576 | 46564 |
|  Targa Resources Corp. <sup>(a)</sup> | 290 | 45800 |
|  Williams Cos., Inc. <sup>(a)</sup> | 1088 | 65835 |
|  |  | 430883 |
|  **Real Estate — 0.1%** |  |  |
|  CBRE Group, Inc. - Class A <sup>(a)(b)</sup> | 256 | 32005 |
|  **Retail & Wholesale - Discretionary — 8.3%** |  |  |
|  Amazon.com, Inc. <sup>(a)(b)</sup> | 9421 | 1931399 |
|  Copart, Inc. <sup>(a)(b)</sup> | 1152 | 59305 |
|  eBay, Inc. <sup>(a)</sup> | 512 | 37463 |
|  Home Depot, Inc. <sup>(a)</sup> | 535 | 197035 |
|  Lowe's Cos., Inc. <sup>(a)</sup> | 256 | 57787 |
|  Lululemon Athletica, Inc. <sup>(a)(b)</sup> | 168 | 53201 |
|  O'Reilly Automotive, Inc. <sup>(a)(b)</sup> | 51 | 69743 |
|  Ross Stores, Inc. <sup>(a)</sup> | 192 | 26897 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  TJX Cos., Inc. <sup>(a)</sup> | 768 | $97459 |
|  |  | 2530289 |
|  **Retail & Wholesale - Staples — 3.2%** |  |  |
|  Costco Wholesale Corp. <sup>(a)</sup> | 365 | 379666 |
|  Kroger Co. <sup>(a)</sup> | 576 | 39300 |
|  Walmart, Inc. <sup>(a)</sup> | 5447 | 537728 |
|  |  | 956694 |
|  **Software & Tech Services — 12.4%** |  |  |
|  ANSYS, Inc. <sup>(a)(b)</sup> | 64 | 21172 |
|  Autodesk, Inc. <sup>(a)(b)</sup> | 107 | 31685 |
|  Cadence Design Systems, Inc. <sup>(a)(b)</sup> | 102 | 29281 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)(b)</sup> | 64 | 30168 |
|  Fortinet, Inc. <sup>(a)(b)</sup> | 320 | 32570 |
|  Gartner, Inc. <sup>(a)(b)</sup> | 64 | 27931 |
|  International Business Machines Corp. <sup>(a)</sup> | 576 | 149219 |
|  Intuit, Inc. <sup>(a)</sup> | 128 | 96444 |
|  Microsoft Corp. <sup>(a)</sup> | 5068 | 2333104 |
|  Oracle Corp. <sup>(a)</sup> | 1944 | 321790 |
|  Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | 1792 | 236150 |
|  Palo Alto Networks, Inc. <sup>(a)(b)</sup> | 353 | 67924 |
|  Salesforce, Inc. <sup>(a)</sup> | 768 | 203804 |
|  ServiceNow, Inc. <sup>(a)(b)</sup> | 128 | 129420 |
|  Synopsys, Inc. <sup>(a)(b)</sup> | 64 | 29695 |
|  Workday, Inc. - Class A <sup>(a)(b)</sup> | 128 | 31707 |
|  |  | 3772064 |
|  **Tech Hardware & Semiconductors — 23.3%** |  |  |
|  Advanced Micro Devices, Inc. <sup>(a)(b)</sup> | 512 | 56694 |
|  Analog Devices, Inc. <sup>(a)</sup> | 128 | 27390 |
|  Apple, Inc. <sup>(a)</sup> | 12155 | 2441332 |
|  Applied Materials, Inc. <sup>(a)</sup> | 192 | 30096 |
|  Arista Networks, Inc. <sup>(a)(b)</sup> | 768 | 66540 |
|  Broadcom, Inc. <sup>(a)</sup> | 4087 | 989340 |
|  Cisco Systems, Inc. <sup>(a)</sup> | 2112 | 133141 |
|  Corning, Inc. <sup>(a)</sup> | 640 | 31738 |
|  Dell Technologies, Inc. - Class C <sup>(a)</sup> | 320 | 35606 |
|  Garmin Ltd. <sup>(a)</sup> | 290 | 58861 |
|  Hewlett Packard Enterprise Co. <sup>(a)</sup> | 1408 | 24330 |
|  KLA Corp. <sup>(a)</sup> | 41 | 31032 |
|  Lam Research Corp. <sup>(a)</sup> | 384 | 31023 |
|  Micron Technology, Inc. <sup>(a)</sup> | 320 | 30227 |
|  Motorola Solutions, Inc. <sup>(a)</sup> | 64 | 26584 |
|  NVIDIA Corp. <sup>(a)</sup> | 21653 | 2925970 |
|  QUALCOMM, Inc. <sup>(a)</sup> | 576 | 83635 |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Texas Instruments, Inc. <sup>(a)</sup> | 320 | $58512 |
|  |  | 7082051 |
|  **Telecommunications — 0.9%** |  |  |
|  AT&T, Inc. <sup>(a)</sup> | 2880 | 80064 |
|  T-Mobile US, Inc. <sup>(a)</sup> | 704 | 170509 |
|  Verizon Communications, Inc. <sup>(a)</sup> | 832 | 36575 |
|  |  | 287148 |
|  **Utilities — 0.6%** |  |  |
|  Constellation Energy Corp. <sup>(a)</sup> | 297 | 90926 |
|  NextEra Energy, Inc. <sup>(a)</sup> | 448 | 31647 |
|  Vistra Corp. <sup>(a)</sup> | 384 | 61659 |
|  |  | 184232 |
|  **TOTAL COMMON STOCKS** (Cost $26,044,549) |  | 29902281 |
|  **REAL ESTATE INVESTMENT TRUSTS — 1.1%** |  |  |
|  **Real Estate — 1.1%** |  |  |
|  Digital Realty Trust, Inc. <sup>(a)</sup> | 351 | 60204 |
|  Equinix, Inc. <sup>(a)</sup> | 103 | 91548 |
|  Iron Mountain, Inc. <sup>(a)</sup> | 320 | 31587 |
|  Simon Property Group, Inc. <sup>(a)</sup> | 384 | 62619 |
|  Welltower, Inc. <sup>(a)</sup> | 512 | 78991 |
|  |  | 324949 |
|  **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $286,278) |  | 324949 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&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 effective yield as of February 28, 2025.

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Schedule of Investments** **(Unaudited) (Continued) May 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **PURCHASED OPTIONS — 0.5%<sup>(b)</sup>** |  |  |  |
|  **Put Options — 0.5%** |  |  |  |
|  SPDR S&P 500 ETF Trust <sup>(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/05/2025; Exercise Price: $549.50 | $7426314 | 126 | $620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $572.00 | 7603131 | 129 | 27437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/18/2025; Exercise Price: $568.10 | 7544192 | 128 | 34570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/26/2025; Exercise Price: $573.00 | 7603131 | 129 | 67214 |
|  **TOTAL PURCHASED OPTIONS** (Cost $276,304) |  |  | 129841 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 0.0%<sup>(e)</sup>** |  |  |
|  **Money Market Funds — 0.0%<sup>(e)</sup>** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(f)</sup> | 14918 | $14918 |
|  **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,918) |  | 14918 |
|  **TOTAL INVESTMENTS — 100.1%** (Cost $26,622,049) |  | **30371989** |
|  **Liabilities in Excess of Other Assets — (0.1)% <sup>(g)</sup>** |  | (15208) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**30356781** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security
 has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2025 is $30,227,231.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes cash of $2,151
 that is pledged as collateral for written options.

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**SCHEDULE OF WRITTEN OPTIONS** **(Unaudited) May 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — (0.8)%** |  |  |  |
|  **Put Options — (0.8)%** |  |  |  |
|  SPDR S&P 500 ETF Trust <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/05/2025; Exercise Price: $564.00 | $(7426314) | (126) | $(2073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $584.90 | (7603131) | (129) | (63423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/18/2025; Exercise Price: $582.00 | (7544192) | (128) | (68113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/26/2025; Exercise Price: $587.00 | (7603131) | (129) | (115706) |
|  **Total Put Options** |  |  | (249315) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $456,285) |  |  | $(249315) |

---

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** **(Unaudited)<br> May 31, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **PURCHASED OPTIONS — 99.0%<sup>(a)</sup>** |  |  |  |
|  **Call Options — 43.8%** |  |  |  |
|  SPDR S&P 500 ETF Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $3.00 <sup>(b)(c)</sup> | $16974432 | 288 | $16889270 |
|  **Put Options — 55.2%** |  |  |  |
|  SPDR S&P 500 ETF Trust <sup>(b)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $3,003.00  | 2770133 | 47 | 11324414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $1,003.00  | 14204299 | 241 | 9933890 |
|  **TOTAL PURCHASED OPTIONS** (Cost $37,924,707) |  |  | 38147574 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
|  **Money Market Funds — 1.0%** |  |  |
|  First American Government Obligations Fund - Class X, 4.23% <sup>(d)</sup> | 385629 | $385629 |
|  **TOTAL SHORT-TERM INVESTMENTS** (Cost $385,629) |  | 385629 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $38,310,336) |  | **38533203** |
|  **Liabilities in Excess of Other Assets — (0.0)% <sup>(e)</sup>** |  | (11671) |
|  **TOTAL NET ASSETS — 100.0%** |  | $**38521532** |

---

Percentages are stated as a percent of net assets.

&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 effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents less than 0.05%
 of net assets.

See accompanying notes to financial statements.

**Horizon Landmark ETF** <br> **SCHEDULE OF WRITTEN OPTIONS** **(Unaudited) May 31, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Notional <br> Amount | Contracts | Value |
|  **WRITTEN OPTIONS — 0.0%** |  |  |  |
|  **Call Options — 0.0% <sup>(a)</sup>** |  |  |  |
|  SPDR S&P 500 ETF Trust <sup>(b)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $3,003.00 | $(2770133) | (47) | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $1,003.00 | (14204299) | (241) | 0 |
|  **Total Call Options** |  |  | 0 |
|  **Put Options — 0.0% <sup>(a)</sup>** |  |  |  |
|  SPDR S&P 500 ETF Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/12/2025; Exercise Price: $3.00 <sup>(b)(c)</sup> | (16974432) | (288) | 0 |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $323) |  |  | $0 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than 0.05%
 of net assets.

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

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

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Assets and Liabilities**

**May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Horizon <br> Expedition <br> Plus ETF** | **Horizon <br> Landmark <br> ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $30371989 | $38533203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash at broker | 238307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 16952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 38 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 30627321 | 38534592 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value | 249315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser | 21225 | 13060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 270540 | 13060 |
|  **NET ASSETS** | $30356781 | $38521532 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $26694226 | $38216324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 3662555 | 305208 |
|  **Total net assets** | $30356781 | $38521532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $30356781 | $38521532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 1280000 | 760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $23.72 | $50.69 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost | $26622049 | $38310336 |
|  **PROCEEDS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium received | $456285 | $323 |
|  <sup>(a)</sup> Unlimited shares authorized without par value. |  |  |

---

See accompanying notes to financial statements.

**Horizon Funds** 

**Statements of Operations**

**For the Period Ended May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Horizon <br> Expedition <br> Plus ETF<sup>(a)</sup>** | **Horizon <br> Landmark <br> ETF<sup>(a)</sup>** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $52460 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 346 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 52806 | 2609 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 47323 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 47387 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | 5419 | (28048) |
|  **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 | (237381) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased option contracts | (722147) | 112168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 659754 | (2102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (299774) | 110066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3896403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased option contracts | (146463) | 222867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 206970 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3956910 | 223190 |
|  **Net realized and unrealized gain (loss)** | **3657136** | **333256** |
|  **Net Increase in Net Assets Resulting From Operations** | $**3662555** | $**305208** |
|  <sup>(a)</sup> The Horizon Expedition Plus ETF and the Horizon Landmark ETF commenced operations on January 22, 2025. | <sup>(a)</sup> The Horizon Expedition Plus ETF and the Horizon Landmark ETF commenced operations on January 22, 2025. | <sup>(a)</sup> The Horizon Expedition Plus ETF and the Horizon Landmark ETF commenced operations on January 22, 2025. |

---

See accompanying notes to financial statements.

**Horizon Expedition Plus ETF** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period ended <br> May 31, 2025<sup>(a)</sup>** **<br> (Unaudited)** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (299774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3956910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3662555 |
|  **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscriptions | 27075316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (381090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26694226 |
|  **Net Increase (Decrease) in Net Assets** | 30356781 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period | $30356781 |
|  **Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscriptions | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (20000) |
|  **Total increase (decrease) in shares outstanding** | 1280000 |
|  <sup>(a)</sup> The Horizon Expedition Plus ETF commenced operations on January 22, 2025. |  |

---

See accompanying notes to financial statements.

**Horizon Landmark ETF<br> STATEMENT OF CHANGES IN NET ASSETS (Continued)**<br>

---

| | |
|:---|:---|
|  | **Period ended <br> May 31, 2025<sup>(a)</sup>** **<br> (Unaudited)** |
|  **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(28048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 110066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 223190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 305208 |
|  **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscriptions | 40232472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (2016148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 38216324 |
|  **Net Increase (Decrease) in Net Assets** | 38521532 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period | $38521532 |
|  **Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscriptions | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (40000) |
|  **Total increase (decrease) in shares outstanding** | 760000 |
|  <sup>(a)</sup> The Horizon Landmark ETF commenced operations on January 22, 2025. |  |

---

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> May 31, <br> 2025<sup>(a)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period | $25.27 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup> | 0.01 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.56) |
|  **Total from investment operations** | (1.55) |
|  **Net asset value, end of period** | $23.72 |
|  **TOTAL RETURN**<sup>(d)</sup> | (6.15)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $30357 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(e)</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp; Ratio of interest 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> | 0.10% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(g)</sup> | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was January 22, 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 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> May 31, <br> 2025<sup>(a)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment loss<sup>(b)</sup> | (0.06) |
|  Net realized and unrealized gain (loss) on investments | 0.75 |
|  **Total from investment operations** | 0.69 |
|  **Net asset value, end of period** | $50.69 |
|  **TOTAL RETURN**<sup>(c)</sup> | 1.37% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $38522 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | (0.37)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(c)(e)</sup> | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was January 22, 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) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover rate
 excludes in-kind transactions.

See accompanying notes to financial statements.

**Horizon Funds** 

**Notes to Financial Statements** **(Unaudited)** 

**May 31, 2025**

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

The Horizon Expedition Plus ETF and the Horizon Landmark 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. The investment objectives of the Horizon Expedition Plus ETF and the Horizon Landmark ETF are to seek total return.

Shares of the Funds are listed and traded on 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 20,000 shares for HBTA and 10,000 shares for BENJ. 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 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 Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, 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 3% 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** |
|  Horizon Expedition Plus ETF | HBTA | January 22, 2025 | NYSE | $500 |
|  Horizon Landmark ETF | BENJ | January 22, 2025 | NYSE | $300 |

---

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

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 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 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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

**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 May 31, 2025, for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $29902281 | $— | $— | $**29902281** |
|  Real Estate Investment Trusts | 324949 |  |  | **324949** |
|  Purchased Options |  | 129841 |  | **129841** |
|  Money Market Funds | 14918 |  |  | **14918** |
|  **Total** | $**30242148** | $**129841** | $**—** | $**30371989** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $(249315) | $— | $**(249315)** |
|  **Total** | $**—** | $**(249315)** | $**—** | $**(249315)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | $— | $38147574 | $— | **38147574** |
|  Money Market Funds | 385629 |  |  | **385629** |
|  **Total** | $**385629** | $**38147574** | $**—** | $**38533203** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Written Options | $— | $0 <sup>(a)</sup> | $— | $**0** **<sup>(a)</sup>** |
|  **Total** | $**—** | $**—** | $**—** | $**—** |

---

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

<sup>(a)</sup> Amount is less than $0.50. 

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

*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 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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Horizon <br> Expedition Plus <br> ETF** | **Horizon <br> Landmark <br> ETF**  |
|  Purchased Options | $47691 | $26081024 |
|  Written Options | $88262 | $100 |

---

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of May 31, 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 Expedition Plus ETF | Equity Risk Contracts | Investments, at value | Written option contracts, at value |
|  Horizon Landmark ETF  | Equity Risk Contracts | Investments, at value | Written option contracts, at value |

---

---

| | |
|:---|:---|
|  **Horizon Expedition Plus ETF** | **Horizon Expedition Plus ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $129841 |
|  Written Options | $249315 |

---

---

| | |
|:---|:---|
|  **Horizon Landmark ETF** | **Horizon Landmark ETF** |
| Derivatives Investment Value | Derivatives Investment Value |
|  Purchased Options | $38147574 |
|  Written Options | $0 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended May 31, 2025:

---

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

---

---

| | |
|:---|:---|
|  **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 | $(722147) |
| Written Options | 659754 |
|  | $(62393) |

---

---

| | |
|:---|:---|
| 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 | $(146463) |
| Written Options | 206970 |
|  | $60507 |

---

---

| | |
|:---|:---|
| **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 | $112168 |
| Written Options | (2102) |
|  | $110066 |

---

---

| | |
|:---|:---|
| Changes in unrealized appreciation on derivatives recognized in the Statements of Operations | Changes in unrealized appreciation on derivatives recognized in the Statements of Operations |
| Purchased Options | $222867 |
| Written Options | 323 |
|  | $223190 |

---

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

**Offsetting of Financial Assets and Derivative Liabilities** 

The following table presents the Funds' liability derivatives and collateral pledged for the Funds as of May 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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 | $249315<sup>(1)</sup> | $— | $249315 | $(249315)<sup>(2)</sup> | $— | $— |
|  Total | $249315 | $— | $249315 | $(249315) | $— | $— |

---

&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 on returns filed for open tax years or expected to be taken on the Funds' 2024 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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

*Distributions to Shareholders* – Distributions from investment income, if any, are declared and paid at least annually and 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 Investments, LLC (the "Adviser"). 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); (ii) distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (iv) any fees and expense related to the provision of securities lending services; (v) the advisory fee payable to the Adviser hereunder; (vi) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; and (vii) 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 Expedition Plus ETF | 0.85% |
|  Horizon Landmark ETF | 0.40% |

---

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 the Fund.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 May 31, 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 Expedition Plus ETF | $– $| 1161803 | $27730620 | $— |
|  Horizon Landmark ETF | – |  |  | 28483449 |

---

For the period ended May 31, 2025, short-term and long-term gains on in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
|  Horizon Expedition Plus ETF | $— | $— |
|  Horizon Landmark ETF | 110066 |  |

---

**5. SIGNIFICANT ACCOUNTING PRENOUNCEMENTS** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **OTHER INFORMATION** 

**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.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

**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 Funds and reaching their conclusions with respect thereto, the Board had 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 ETC to the Funds; (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 Funds; (iii) the extent to which economies of scale will be realized as the Funds 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 Funds by the Adviser and Sub-Adviser and their respective responsibilities related to the management of each of the Funds. 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 Funds by the Adviser. The Board also considered the Advisor'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 Fund's advisory fee as a unitary fee, including a comparison to fees charged by peer funds, as selected by the Adviser. The Trustees noted that the Horizon Landmark ETF's unitary fee was the slightly higher than the peer group median management fee and equal to the peer group average. The Trustees noted that the Horizon Expedition Plus ETF's unitary fee was higher than the peer group advisory fee median and average and the median and average of the net expense ratio for the peer group. However, the Trustees noted that the unitary fee was within the peer group range of net 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 Fund was fair and reasonable in light of the nature, extent and quality of the services to be provided to the Funds. 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 Funds 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 Fund 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 Funds.

**Horizon Funds<br> NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)<br> May 31, 2025**<br>

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 Funds and the Adviser and the proposed Sub-Advisory Agreement between each of the Funds, the Adviser and ETC.

*PRIVACY NOTICE (Unaudited)* 

February 2016

---

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

---

---

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

---

---

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

---

***Investment Adviser*** Horizon Investments, LLC

6210 Ardrey Kell Road, Suite 300

**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.

&nbsp;&nbsp;&nbsp;&nbsp;(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>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<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)* (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.* 

 

Not applicable.

 

&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)).*

 

[Filed herewith.](fp0094075-23_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 to open-end investment companies.

 

&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 to open-end investment companies.

 

*(b)* *Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* 

[Furnished herewith.](fp0094075-23_ex99906cert.htm)

 

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Horizon Funds |
| By (Signature and Title)\* | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date | August 8, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John Drahzal |
|  | John Drahzal, Principal Executive Officer |
| Date | August 8, 2025 |
| By (Signature and Title)\* | /s/ Stephen Terry |
|  | Stephen Terry, Principal Financial Officer |
| Date | August 8, 2025 |

---

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

## Ex-99.Cert

EX.99.CERT

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

I, John Drahzal, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | August 8, 2025 | /s/ John Drahzal |
|  |  | John Drahzal |
|  |  | Principal Executive Officer |

---

EX.99.CERT

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

I, Stephen Terry, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | August 8, 2025 | /s/ Stephen Terry |
|  |  | Stephen Terry |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906.CERT

**<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 May 31, 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 |
| John Drahzal | Stephen Terry |
| Principal Executive Officer, | Principal Financial Officer, |
| Horizon Funds | Horizon Funds |

---

Dated: <u>August 8, 2025</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.