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 811-23063

Horizon Funds
(Exact name of registrant as specified in charter)

6210 Ardrey Kell Road, Suite 300

Charlotte, North Carolina 28277
(Address of principal executive offices) (Zip code)

Matthew Chambers

Horizon Funds

6210 Ardrey Kell Road, Suite 300

Charlotte, North Carolina 28277
(Name and address of agent for service)

(866) 371-2399

Registrant's telephone number, including area code

Date of fiscal year end: November 30, 2020

Date of reporting period: December 1, 2019 through November 30, 2020

Item 1. Reports to Stockholders.

HORIZON FUNDS Annual Report

Horizon Active Asset Allocation Fund			Horizon Active Risk Assist® Fund
Investor Class Advisor Class Institutional Class	Shares Shares Shares	AAANX HASAX HASIX	Investor Class Advisor Class Institutional Class	Shares Shares Shares	ARANX ARAAX ACRIX

Horizon Active Income Fund			Horizon Active Dividend Fund
Investor Class Advisor Class Institutional Class	Shares Shares Shares	AIMNX AIHAX AIRIX	Investor Class Advisor Class	Shares Shares	HNDDX HADUX

Horizon Defined Risk Fund			Horizon Defensive Multi-Factor Fund
Investor Class Advisor Class	Shares Shares	HNDRX HADRX	Investor Class Advisor Class	Shares Shares	USRAX USRTX

Horizon ESG Defensive Core Fund
Investor Class Advisor Class	Shares Shares	HESGX HESAX

November 30, 2020

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^® FUND, HORIZON ACTIVE INCOME FUND, HORIZON ACTIVE DIVIDEND FUND, HORIZON DEFINED RISK FUND, HORIZON DEFENSIVE MULTI-FACTOR FUND and HORIZON ESG DEFENSIVE CORE FUND. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically from the Funds by calling 1-855-754-7932 or by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies of your shareholder reports by contacting your financial intermediary or, if you invest directly with a Fund, calling 1-855-754-7932 to let the Fund know of your request. Your election to receive in paper will apply to all funds held in your account.

Horizon Funds

Table of Contents
Letter to Shareholders	1
Portfolio Review	7
Portfolio Composition	14
Portfolio of Investments	16
Statements of Assets and Liabilities	63
Statements of Operations	65
Statements of Changes in Net Assets	67
Financial Highlights	74
Notes to Financial Statements	91
Report of Independent Registered Public Accounting Firm	111
Disclosure of Fund Expenses	113
Approval of the Management Agreements	114
Additional Information	116
Privacy Notice	120

Horizon Funds

Letter to Shareholders

November 30, 2020

Dear Shareholder:

In the following paragraphs we will recap the key factors affecting broad markets and the Horizon Funds through the fiscal year ended November 30, 2020.

Horizon Active Asset Allocation Fund

The Horizon Active Asset Allocation Fund (Investor Class) (the Fund) returned 12.32% for the fiscal year ended November 30, 2020. Domestic equities (as measured by the S&P 500 Index) returned 17.42%, while international equities returned 10.86% (as measured by the S&P Global BMI ex-US Index) over the same period.

It was a year characterized by extreme price movements and position crowding against a backdrop of the record high economic volatility. Market leadership, both at a regional and style level, varied dramatically throughout the year. The expected cyclical upswing after the relaxation of trade tensions between the U.S. and China at the beginning of the year gave way to a sudden economic stop to stem the spread of a global pandemic. As the economy and markets recovered, focus shifted to the outlook for therapeutics and vaccines to combat Covid-19 and the U.S. election. Throughout most of the year, U.S. equities, and especially growth stocks, led other market segments, although this leadership was challenged in a few sharp positioning rotations, a reflection of investor crowding in the style and factor space. Toward the end of the year, the passing of the event risk around the U.S. election and positive vaccine news caused another regional and style shift in favor of the year’s laggards. Navigating these rotations was a key factor in the Fund’s performance throughout the year. The Fund began the year overweight foreign stocks but quickly increased domestic and large-cap growth positioning as the pandemic roiled the global economy. The Fund maintained this positioning through the equity market sell-off and initial phases of the recovery. As valuations and positioning metrics became more stretched in the back half of the year, the Fund increased its international allocation and moved down the capitalization spectrum, two areas that had lagged the domestic large-cap growth segment. Following the positive vaccine developments at the end of the year, the Fund shifted further down the capitalization spectrum, adding direct exposure to small-caps, and increased exposure to Asian equities.

The key driver of Fund performance was U.S. positioning, specifically allocations to large cap growth and technology shares whose business models were robust to an economic slowdown and whose balance sheets were perceived as high quality. Key detractors include European exposure and a systematic option program designed for portfolio enhancement. Emerging market equity exposure also lagged, although it did contribute strongly to returns at certain parts of the year.

Horizon Active Risk Assist Fund

The Horizon Active Risk Assist Fund (Investor Class) (the Fund) realized a return of 2.71% for the fiscal year ended November 30, 2020, which trailed domestic and international equities. Domestic equities (as measured by the S&P 500 Index) returned 17.46%, while international equities returned 10.86% (as measured by the S&P Global BMI ex-US Index) over the same period. The Fund exhibited an average beta of 0.37 to the S&P 500 Index over the period.

As a risk mitigation strategy, the Fund performed in line with expectations in a difficult market environment. The Fund’s realized volatility for the period was 20.89%, around 50% of that of domestic equities and about 75% of that of international equities (realized volatilities for the period of 41.51% and 27.86% respectively). The Fund also realized a maximum drawdown of 20.13%, which was substantially less than the 33.79% drawdown experienced by the S&P 500 and the 34.83% drawdown of the S&P Global BMI ex-US.

The Fund began the year with a slight overweight to international markets and a preference for value over growth domestically. As risks to the global outlook increased early in the year, the Fund moved toward U.S., and especially large-cap growth and technology, stocks. The Fund maintained this positioning through the equity market sell-off and initial phases of the recovery, a period during which the Risk Assist algorithm was engaged. Near the end of the year,

1

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2020

the Fund added smaller cap exposure and moved away from its strong preference for domestic large-cap growth. In terms of performance of the underlying allocations, large-cap domestic growth and technology holdings contributed the most to the Fund’s return, while allocations towards domestic large-cap value and international developed markets detracted the most from the Fund’s return over the fiscal year.

The Fund had meaningful de-risking activity throughout the fiscal year in an environment that was quick to sell off and quick to recover (“de-risk” meaning a partial re-allocation of Fund assets away from global equities and towards U.S. Treasury-related securities). The Fund began the year fully invested, and after the equity market peak in mid-February, the speed and magnitude of the equity sell-off drove the Fund to de-risk rapidly, ending March with 90% of the Fund’s assets in short-term U.S. government securities. The speed of the equity rebound from late March caused a drag on Fund performance as assets were systematically reinvested in global equities. A brief sell-off in June caused some de-risking activity, while by July the Fund was fully invested in global equities and captured the equity market gains through the rest of the year. The speed of the drawdowns and recoveries throughout this past fiscal year was a challenging environment for the Risk Assist strategy. While the Risk Assist algorithm mitigated drawdowns relative to global equity markets throughout the year, these de-risking and re-risking activities were the biggest detractors to relative performance in the period.

Horizon Active Income Fund

The Horizon Active Income Fund (Investor Class) (the Fund) was up 7.29% for the fiscal year ended November 30, 2020, matching the 7.28% return for the broader bond market (as measured by Bloomberg Barclays U.S. Aggregate Bond Index). The Fund experienced higher volatility and a larger maximum drawdown than the benchmark during the period due to dislocations in the fixed income market in the first half of the year and the opportunistic use of fixed income market segments not in the benchmark.

As a flexible fixed income strategy designed to opportunistically navigate through non-traditional fixed income market segments to improve the risk/reward of traditional core fixed income, relative performance for the year was volatile. At the beginning of the year, the Fund faced a mixed market pricing backdrop. Optimism was reflected by the historically tight spreads on corporate debt, while the flatness of the government yield curve expressed skepticism around a synchronized global economic upswing. The sudden stop of global economic activity in February and March caused extreme volatility and illiquidity across all fixed income markets. The Federal Reserve Board and other global central banks responded by cutting rates rapidly and instituting large-scale asset purchase programs to restore market function. This intervention was largely successful, causing a sharp contraction in credit spreads in April followed by a gradual tightening throughout the rest of the year, as well as a steepening trend in government bond markets. The Fund was active throughout the period, initially positioning with a long duration profile and a diversified set of non-traditional fixed income risk exposures. As markets experienced difficulty early in the year, the Fund actively de-risked some of its more volatile holdings and increased duration, primarily through government bonds. The rebound in fixed income markets from April onwards saw an increase in Fund risk via convertible bonds, preferred equities, high-yield corporate and emerging market debt, a steady decrease in duration exposure, and an overweight to investment grade corporate debt.

The key drivers of Fund performance include long duration positioning in both the government and investment grade sectors and the opportunistic use of ETF holding convertible bonds. Despite the fact that these allocations added considerable value at times throughout the fiscal year, high-yield corporate bonds and emerging market U.S. dollar debt were the biggest detractors to performance over the period. Another key detractor of performance was a systematic option program designed for portfolio enhancement.

2

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2020

Defined Risk Fund

The objective of the Defined Risk Fund (the Fund) is to invest in a basket of equities that track the S&P 500 Index, while seeking to generate income, hedge volatility, and reduce downside risk by buying and selling put and call options . In terms of expectations versus the S&P 500 Index, the Fund should outperform the Index when it is down and underperform it when it is up, while exhibiting less volatility than the Index across all market conditions.

The Defined Risk Fund (Investor Class) returned 5.93% for the year ended November 30, 2020, while realizing a volatility of 22.56%. The return on the S&P 500 Index for the same period was 17.42%, with a realized volatility of 41.51%. Over the period, the Fund exhibited a beta of 0.52 to the S&P 500 Index. The maximum drawdown for the Fund for the year ended November 30, 2020, was 20.71%, while the maximum drawdown on the S&P 500 Index over the same period was 33.79%

The Fund allows for active positioning within its options collar structure. The goal of this active positioning is to generate income, hedge volatility and reduce downside risk. This active positioning added to performance over the fiscal year.

Horizon Defensive Multi-Factor Fund

The Horizon Defensive Multi-Factor Fund (Investor Class) (the Fund) returned 3.96% for the year ended November 30, 2020, while realizing a volatility of 26.79% and a maximum drawdown of 23.39%. The return on the S&P 500 Index for the same period was 17.42%, with a realized volatility of 41.51% and a maximum drawdown of 33.79%. Over the period, the Fund exhibited an average beta of 0.57 to the S&P 500 index.

The Fund, via the Risk Assist algorithm, de-risked 80% of the equity portfolio in the drawdown during the first quarter of 2020 (“de-risk” meaning a partial re-allocation of Fund assets away from global equities and towards U.S. Treasury-related securities). This activity caused the Fund to experience lower volatility and a considerably shallower drawdown than the S&P 500 Index over this period. The stimulus provided by both fiscal and monetary authorities in March and beyond drove a strong market rally out of the drawdown. As markets rebounded, the Risk Assist algorithm systematically reinvested the equity portion of the portfolio. By early June the Fund was fully invested in the equity portion of the portfolio. The speed of the drawdown and recovery throughout this past fiscal year was a challenging environment for the Risk Assist algorithm. While the Risk Assist algorithm mitigated drawdowns relative to domestic equity markets throughout the year, these de-risking and re-risking activities were the biggest detractors to relative performance for the Fund in the period.

In terms of the underlying equity portfolio, the defensive nature of the holdings caused the Fund to slightly lag the S&P 500 Index through the rally that continued off the March equity lows. The main driver of the performance of the underlying equity portfolio is stock selection. Key highlights in the period include selection in Consumer Staples and Industrials, while selection in in Information Technology and Consumer Discretionary lagged in the period.

Horizon ESG Defensive Core Fund

The Horizon ESG Defensive Core Fund (Investor Class) (the Fund) returned 15.12% for the period December 26, 2019 to November 30, 2020, while realizing a volatility of 29.41% and a maximum drawdown of 24.43%. For the same period, the return on the MSCI USA Index was 15.55%, with a realized volatility of 43.59% and a maximum drawdown of 35.02%. The Fund exhibited an average beta of 0.61 to the S&P 500 index over the period. As the Fund was launched December 26, 2019, all the above statistics are from inception until the end of the fiscal year.

The Fund, via the Risk Assist algorithm, de-risked 80% of the equity portfolio in the drawdown during the first quarter of 2020 (“de-risk” meaning a partial re-allocation of Fund assets away from global equities and towards U.S. Treasury-related securities). This activity caused the Fund to experience lower volatility and a considerably shallower

3

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2020

drawdown than the S&P 500 Index over this period. The stimulus provided by both fiscal and monetary authorities in March and beyond drove a strong market rally out of the drawdown. By late May the Fund was fully invested in the equity portion of the portfolio. Although the Risk Assist algorithm mitigated the drawdown and volatility of the Fund relative to domestic equity markets, the speed of the rebound off the March equity lows caused a drag on Fund performance in the second quarter of 2020. Over the full period, however, this de-risking and re-risking activity was the largest contributor to relative returns versus the Fund’s benchmark.

The Fund’s investment sub-adviser, DWS Investment Management Americas, Inc., manages the equity portion of the Fund through a quantitative process while integrating stringent ESG criteria. Over the period, it has been a generally challenging time for quantitative strategies. By design, these strategies rely on back-testing and factor diversification to generate alpha . The most recent paradigm, driven by a single macro factor (Covid-19), has reduced the diversification benefits of these types of quantitative strategies, leading to a difficult performance environment. Especially challenging was the tilt toward inexpensive securities, or value stocks, that have not benefitted from the typical mean reversion in this market environment. In terms of performance of the equity portion of the portfolio, the Fund’s quantitative stock selection suffered from high factor correlation and narrow market leadership. Specifically, overweights in several back-to-normal stocks, mainly in the Energy, Industrials, Communication Services, and Consumer Discretionary sectors, had a negative impact on performance. In addition, underweights in stocks which benefited from the stay-at-home economy also added to underperformance relative to the benchmark. However, despite the aggregate underweight to stay-at-home stocks, selection in some names that disproportionally benefitted from the macro environment were the best performers during the period. The portfolio management team over the year made revisions to certain stock selection models as well as incorporated upgraded risk models to better capture the current macro environment.

Horizon Active Dividend Fund

The Horizon Active Dividend Fund (Investor Class) (the Fund) posted a total return of -3.41% for the fiscal year ended November 30, 2020. The Fund’s benchmark, the MSCI World High Dividend Yield Index , returned -0.19% over the same period.

Horizon’s Active Dividend Fund invests in high quality companies with well-supported dividend yields that are trading at a discount to their intrinsic value. Two of these factors, dividend and value, struggled over the past year, leading the Fund to underperform its benchmark. Dividend-focused companies underperformed as concerns over Covid-19 forced an economic slowdown. This slowdown prompted some companies to reduce or eliminate dividends, and spurred investor fears that dividends would be negatively impacted across a broad swath of global companies. The value factor underperformed due to its overweight to economically-sensitive companies in the Financials, Industrials, Materials, and Energy sectors at a time when the global economy was experiencing an unprecedented slowdown.

As people around the world began staying home due to Covid-19, their demand for food and household products increased. As a result, the Fund’s exposure to food companies J.M. Smucker, General Mills and Nestle as well as household products companies Procter and Gamble, Reckitt Benckiser (maker of Lysol), and Kimberly Clark (maker of Kleenex) contributed meaningfully to performance during the period. Semiconductor manufacturers also contributed positively to performance. Specifically, Qualcomm and Taiwan Semiconductor benefited from rising demand for semiconductors driven by the buildout of 5G infrastructure worldwide. Railroads also contributed to performance during the period. As Covid-19 stressed supply chains in the U.S., railroads became an integral part of getting goods to customers. Railroads benefited from a tighter truck market and demand from the parcel industry due to a surge in e-commerce.

Financials detracted most from performance during the period. The unprecedented decrease in interest rates in March, 2020, as Covid-19 forced the shutdown of economies across the globe, took its toll on the earnings power for financial companies. Global economic weakness also raised fears that credit defaults would rise, causing deterioration in

4

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2020

financial firms’ balance sheets. Real Estate exposure also detracted from performance as economic weakness spurred fears in the short-term that tenants would be unable to pay rent and called into question long-term demand for real estate once the world returns to normal.

* * * * *

We are grateful for the opportunity to manage these funds, and appreciate your continued investment in Horizon Funds.

Past performance does not guarantee future results.

The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. The S&P Global ex-US BMI (Broad Market Index) comprises the S&P Developed BMI and S&P Emerging BMI, and is a comprehensive, rules-based index measuring stock market performance globally, excluding the U.S. The Bloomberg Barclays Aggregate Bond Index tracks the U.S. fixed income markets. The index includes government securities, mortgage-backed securities, asset-backed securities and corporate securities to simulate the universe of bonds in the market. The S&P Global 100 Index measures the performance of 100 multi-national, blue-chip companies of major importance in the global equity markets, including 100 large-cap companies drawn from the S&P Global 1200 whose businesses are global in nature, a substantial portion of their operating income, assets, and employees deriving from multiple countries. The MSCI USA Index is a broad measure of the performance of the U.S. equity market, composed of over 600 constituents in the large- and mid-cap market segments. The MSCI World High Dividend Yield Index measures the performance of large- and mid-cap equities in Developed Markets that pay higher than average dividends while omitting lower quality stocks with questionable dividend-sustainability characteristics.

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

5

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2020

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

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

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

Horizon Funds are distributed by Quasar Distributors, LLC.

6

Horizon Active Asset Allocation Fund

Portfolio Review (Unaudited)

November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on January 31, 2012. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Asset Allocation Fund - Investor Class	12.32%	8.28%	8.64%
Horizon Active Asset Allocation Fund - Advisor Class	12.24%	8.19%	9.19%
Horizon Active Asset Allocation Fund - Institutional Class	12.44%	N/A	10.25%
S&P 500 Total Return Index	17.46%	13.99%	14.52%(2)
S&P Global BMI ex-US Index	10.40%	7.63%	6.37%(2)

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

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Asset Allocation Fund - Investor Class. The returns for the S&P 500 Total Return Index and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Asset Allocation Fund - Advisor Class are 15.16% and 8.20%, respectively. The returns for the S&P 500 Total Return Index and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Asset Allocation Fund - Institutional Class are 15.67% and 7.93%, respectively.

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

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

7

Horizon Active Risk Assist^® Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on August 28, 2014. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Risk Assist® Fund - Investor Class	2.71%	4.43%	3.21%
Horizon Active Risk Assist® Fund - Advisor Class	2.50%	4.32%	4.79%
Horizon Active Risk Assist® Fund - Institutional Class	2.78%	N/A	5.71%
Bloomberg Barclays Aggregate Bond Index	7.28%	4.34%	3.78%(2)
S&P 500 Total Return Index	17.46%	13.99%	12.17%(2)
S&P Global BMI ex-US Index	10.40%	7.63%	4.13%(2)

⁽¹⁾ Inception date is August 28, 2014 for Investor Class Shares, September 4, 2015 for Advisor Class Shares and September 9, 2016 for Institutional Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Risk Assist^® Fund - Investor Class. The returns for the Bloomberg Barclays Aggregate Bond Index, S&P 500 Total Return Index, and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Risk Assist^® Fund - Advisor Class are 4.16%, 15.16%, and 8.20%, respectively. The returns for the Bloomberg Barclays Aggregate Bond Index, S&P 500 Total Return Index, and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Risk Assist^® Fund - Institutional Class are 3.96%, 15.67%, and 7.93%, respectively.

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

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

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

8

Horizon Active Income Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on September 30, 2013. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Income Fund - Investor Class	7.29%	2.47%	1.91%
Horizon Active Income Fund - Advisor Class	6.96%	N/A	2.50%
Horizon Active Income Fund - Institutional Class	7.07%	N/A	2.39%
Bloomberg Barclays Aggregate Bond Index	7.28%	4.34%	3.95%(2)

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

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Income Fund - Investor Class. The returns for the Bloomberg Barclays Aggregate Bond Index since the commencement date of the Horizon Active Income Fund - Advisor Class and the Horizon Active Income Fund - Institutional Class are 4.14% and 3.96%, respectively.

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

9

Horizon Active Dividend Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on December 28, 2016. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Active Dividend Fund - Investor Class(3)	-3.41%	5.91%
Horizon Active Dividend Fund - Advisor Class(3)	-3.55%	3.90%
S&P Global 100 Index	17.87%	14.39%(2)

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

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Active Dividend Fund - Investor Class. The return for the S&P Global 100 Index since the commencement date of the Horizon Active Dividend Fund - Advisor Class is 12.92%.

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

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

10

Horizon Defined Risk Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on December 28, 2017. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Defined Risk Fund - Investor Class	5.93%	4.98%
Horizon Defined Risk Fund - Advisor Class	5.78%	4.60%
Bloomberg Barclays US Treasury 1-3 Years Index	3.33%	2.84%(2)
S&P 500 Total Return Index	17.46%	12.91%(2)

⁽¹⁾ Inception date is December 28, 2017 for Investor Class Shares and February 2, 2018 for Advisor Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Defined Risk Fund - Investor Class. The returns for the Bloomberg Barclays US Treasury 1-3 Years Index and the S&P 500 Total Return Index since the commencement date of the Horizon Defined Risk Fund - Advisor Class are 3.04%, and 12.24%, respectively.

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

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

11

Horizon Defensive Multi-Factor Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on June 26, 2019. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Defensive Multi-Factor Fund - Investor Class	3.96%	6.23%
Horizon Defensive Multi-Factor Fund - Advisor Class	N/A	3.55%
S&P 500 Total Return Index	17.46%	18.65%(2)

⁽¹⁾ Inception date is June 26, 2019 for Investor Class Shares and January 31, 2020 for Advisor Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Defensive Multi-Factor Fund - Investor Class. The returns for the S&P 500 Total Return Index since the commencement date of the Horizon Defensive Multi-Factor Fund - Advisor Class are 14.06%

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

12

Horizon ESG Defensive Core Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2020

The chart above assumes an initial gross investment of $10,000 made on December 26, 2019. The Fund’s performance figures are for the year ended November 30, 2020. The Performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Performance figures for periods greater than one year are annualized.

Average Annual Total Returns	Since Commencement of Operations (1)
Horizon ESG Defensive Core Fund - Investor Class	15.12%
Horizon ESG Defensive Core Fund - Advisor Class	14.58%
MSCI USA Index	16.26(2)

⁽¹⁾ Inception date is December 26, 2019 for Investor Class Shares and January 8, 2020 for Advisor Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon ESG Defensive Core Fund - Investor Class. The return for the MSCI USA Index since the commencement date of the Horizon ESG Defensive Core Fund - Advisor Class is 15.63%.

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

13

Horizon Funds

Portfolio Composition (Unaudited)

November 30, 2020

Horizon Active Asset Allocation Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Investment Companies	75.5%
Purchased Call Options	0.0%(a)
Short Term Investments	0.0%(a)
Investments Purchased With Proceeds From Securities Lending	24.5%
	100.0%

Horizon Active Risk Assist^® Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Investment Companies	78.2%
Common Stocks	1.3%
Purchased Call Options	0.0%(a)
Purchased Put Options	0.2%
Short Term Investments	0.1%
Investments Purchased With Proceeds From Securities Lending	20.2%
	100.0%

Horizon Active Income Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Investment Companies	81.1%
Short Term Investments	0.6%
Investments Purchased With Proceeds From Securities Lending	18.3%
	100.0%

Horizon Active Dividend Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Common Stocks	81.6%
Convertible Preferred Stocks	0.4%
Preferred Stocks	0.2%
Purchased Put Options	0.0%(a)
Short Term Investments	1.3%
Investments Purchased With Proceeds From Securities Lending	16.5%
	100.0%

14

Horizon Funds
PORTFOLIO COMPOSITION (Unaudited) (Continued)
November 30, 2020

Horizon Defined Risk Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Common Stocks	92.9%
Warrants	0.0%(a)
Purchased Put Options	1.2%
Short Term Investments	0.1%
Investments Purchased With Proceeds From Securities Lending	5.8%
	100.0%

Horizon Defensive Multi-Factor Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Common Stocks	97.7%
Short Term Investments	0.3%
Investments Purchased With Proceeds From Securities Lending	2.0%
	100.0%

Horizon ESG Defensive Core Fund Portfolio Composition as of November 30, 2020:

	% of Total Investments
Common Stocks	96.0%
Rights	0.0%(a)
Short Term Investments	2.0%
Investments Purchased With Proceeds From Securities Lending	2.0%
	100.0%

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

^(a) Less than 0.1%.

15

Horizon Active Asset Allocation Fund

Portfolio of Investments

November 30, 2020

Shares					Value
		INVESTMENT COMPANIES - 99.0%
		Exchange Traded Funds - 99.0%
	160,104	Invesco QQQ Trust Series 1 (a)			$	47,970,361
	348,408	Invesco S&P 500 Equal Weight ETF (a)				42,812,375
	237,680	iShares Core S&P Mid-Cap ETF				51,462,473
	305,950	iShares MSCI All Country Asia ex Japan ETF (a)				25,993,512
	801,605	iShares MSCI Japan ETF (a)				51,615,346
	540,497	iShares MSCI USA Quality Factor ETF				60,784,293
	240,627	iShares Russell 2000 ETF (a)				43,558,299
	340,984	iShares Select Dividend ETF				32,008,168
	112,690	Janus Henderson Small/Mid Cap Growth Alpha ETF (a)				6,608,142
	264,475	Schwab U.S. Large-Cap Value ETF (a)				15,305,168
	1,292,641	SPDR Portfolio Emerging Markets ETF				51,990,021
	493,864	SPDR Portfolio S&P 500 Growth ETF				26,322,951
	797,346	SPDR Portfolio S&P 500 Value ETF				26,687,171
	318,320	SPDR S&P Kensho New Economies Composite ETF				16,804,113
	656,365	Xtrackers MSCI USA ESG Leaders Equity ETF				21,651,184
	207,495	Xtrackers S&P 500 ESG ETF (a)				6,612,866
		TOTAL INVESTMENT COMPANIES (Cost - $482,440,817)				528,186,443
Contracts			Notional Amount
		PURCHASED OPTIONS - 0.1% (b)(e)
		PURCHASED CALL OPTIONS - 0.1%
		iShares China Large-Cap ETF
	4,000	Expiration: January 2021, Exercise Price: $51	$	18,800,000		100,000
		iShares MSCI EAFE ETF
	3,000	Expiration: January 2021, Exercise Price: $75		21,045,000		55,500
		iShares MSCI Emerging Markets ETF
	4,000	Expiration: January 2021, Exercise Price: $52		19,492,000		118,000
		TOTAL PURCHASED OPTIONS (Cost - $485,197)				273,500

See accompanying notes to financial statements.

16

Horizon Active Asset Allocation Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		SHORT TERM INVESTMENTS - 0.0% (c)
		Money Market Funds - 0.0% (c)
	213	First American Treasury Obligations Fund, Class X, 0.05% (d)	$	213
		TOTAL SHORT TERM INVESTMENTS (Cost - $213)		213
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 32.1%
	171,201,918	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (d)		171,201,918
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $171,201,918)		171,201,918
		TOTAL INVESTMENTS - 131.2% (Cost - $654,128,145)		699,662,074
		Liabilities in Excess of Other Assets - (31.2)%		(166,401,381	)
		NET ASSETS - 100.0%	$	533,260,693

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is out on loan as of November 30, 2020.

(b) Each option is exercisable into 100 shares of the underlying security.

(c) Less than 0.1%.

(d) Interest rate reflects the seven-day yield on November 30, 2020.

(e) Non-income producing security.

See accompanying notes to financial statements.

17

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		INVESTMENT COMPANIES - 98.2%
		Exchange Traded Funds - 98.2%
	162,950	Invesco QQQ Trust Series 1 (f)	$	48,823,079
	403,261	Invesco S&P 500 Equal Weight ETF (f)		49,552,712
	370,594	iShares Core S&P Mid-Cap ETF (f)		80,241,013
	558,608	iShares MSCI EAFE Minimum Volatility Factor ETF		39,800,820
	882,960	iShares MSCI Japan ETF (f)		56,853,794
	1,072,783	iShares MSCI USA Minimum Volatility ETF (f)		71,500,987
	132,676	iShares MSCI USA Momentum Factor ETF (f)		20,729,298
	719,063	iShares MSCI USA Quality Factor ETF		80,865,825
	140,775	iShares Russell 2000 ETF (f)		25,483,091
	266,244	iShares Select Dividend ETF		24,992,324
	947,486	Principal U.S. Mega-Cap ETF		32,634,924
	1,996,372	SPDR Portfolio Emerging Markets ETF (f)(e)		80,294,082
	734,464	SPDR Portfolio S&P 500 Growth ETF (f)		39,146,931
	1,184,835	SPDR Portfolio S&P 500 Value ETF (f)		39,656,427
	328,805	SPDR S&P Kensho New Economies Composite ETF (f)		17,357,616
	1,474,757	Xtrackers MSCI USA ESG Leaders Equity ETF		48,647,072
	437,287	Xtrackers Russell 1000 Comprehensive Factor ETF (g)		16,316,752
	500,201	Xtrackers Russell 1000 U.S. QARP ETF (g)		16,347,369
	255,849	Xtrackers S&P 500 ESG ETF (f)		8,153,908
		TOTAL INVESTMENT COMPANIES (Cost - $731,048,263)		797,398,024
		COMMON STOCKS - 1.6%
		Advertising - 0.0% (b)
	4,820	Interpublic Group of Cos., Inc. (f)		107,390
	978	Omnicom Group, Inc. (f)		61,614
				169,004
		Aerospace/Defense - 0.0% (b)
	36	General Dynamics Corp.		5,377
	1,614	Howmet Aerospace, Inc.		37,864
	30	L3Harris Technologies, Inc.		5,760
	54	Teledyne Technologies, Inc. (a)		20,409
	16	TransDigm Group, Inc. (f)		9,267
				78,677
		Agriculture - 0.0% (b)
	550	Archer-Daniels-Midland Co.		27,373
		Airlines - 0.0% (b)
	1,181	Alaska Air Group, Inc.		60,196
	2,641	American Airlines Group, Inc. (f)		37,317
	353	Delta Air Lines, Inc.		14,208
	240	Southwest Airlines Co.		11,122

See accompanying notes to financial statements.

18

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	601	United Airlines Holdings, Inc. (a)	$	27,075
				149,918
		Apparel - 0.1%
	2,295	Hanesbrands, Inc. (f)		32,589
	760	Nike, Inc., Class B		102,372
	699	PVH Corp. (f)		55,564
	503	Ralph Lauren Corp. (f)		43,132
	2,612	Tapestry, Inc.		73,972
	3,870	Under Armour, Inc., Class A (a)(f)		64,126
	105	VF Corp. (f)		8,757
				380,512
		Auto Manufacturers - 0.0% (b)
	128	Cummins, Inc.		29,590
	1,086	Ford Motor Co.		9,861
	160	General Motors Co.		7,014
	85	PACCAR, Inc. (f)		7,400
				53,865
		Auto Parts & Equipment - 0.0% (b)
	261	Aptiv PLC		30,981
	678	BorgWarner, Inc. (f)		26,340
				57,321
		Banks - 0.1%
	199	Bank of New York Mellon Corp.		7,785
	777	Citizens Financial Group, Inc.		25,377
	1,032	Comerica, Inc.		50,774
	686	Fifth Third Bancorp		17,383
	215	First Republic Bank		27,855
	2,458	Huntington Bancshares, Inc.		29,693
	1,465	KeyCorp (f)		22,649
	180	M&T Bank Corp.		20,968
	464	Morgan Stanley (f)		28,689
	159	Northern Trust Corp.		14,806
	42	PNC Financial Services Group, Inc.		5,799
	1,702	Regions Financial Corp.		25,990
	163	State Street Corp.		11,488
	123	SVB Financial Group (a)		42,418
	111	Truist Financial Corp.		5,153
	1,454	Zions Bancorp NA		56,110
				392,937
		Beverages - 0.0% (b)
	85	Brown-Forman Corp., Class B		6,856
	35	Constellation Brands, Inc., Class A		7,204
	926	Molson Coors Brewing Co., Class B (f)		42,596

See accompanying notes to financial statements.

19

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	307	Monster Beverage Corp. (a)	$	26,028
				82,684
		Biotechnology - 0.0% (b)
	92	Alexion Pharmaceuticals, Inc. (a)		11,234
	22	Biogen, Inc. (a)		5,284
	60	Bio-Rad Laboratories, Inc., Class A (a)		32,310
	854	Corteva, Inc.		32,725
	23	Illumina, Inc. (a)		7,408
	164	Incyte Corp. (a)		13,865
	8	Regeneron Pharmaceuticals, Inc. (a)(f)		4,128
	15	Vertex Pharmaceuticals, Inc. (a)		3,416
				110,370
		Building Materials - 0.0% (b)
	254	Carrier Global Corp.		9,670
	372	Fortune Brands Home & Security, Inc.		31,062
	158	Johnson Controls International PLC		7,274
	65	Martin Marietta Materials, Inc. (f)		17,266
	247	Masco Corp.		13,257
	91	Vulcan Materials Co.		12,708
				91,237
		Chemicals - 0.1%
	359	Albemarle Corp.		48,813
	144	Celanese Corp. (f)		18,624
	954	CF Industries Holdings, Inc.		35,584
	492	Dow, Inc. (f)		26,081
	88	DuPont de Nemours, Inc. (f)		5,583
	239	Eastman Chemical Co.		23,279
	136	FMC Corp.		15,777
	124	International Flavors & Fragrances, Inc. (f)		13,900
	168	Linde PLC		43,079
	115	LyondellBasell Industries NV, Class A (f)		9,786
	1,529	Mosaic Co.		33,577
	186	PPG Industries, Inc. (f)		27,299
				301,382
		Commercial Services - 0.1%
	65	Automatic Data Processing, Inc.		11,302
	90	Cintas Corp.		31,977
	69	Equifax, Inc. (f)		11,516
	107	FleetCor Technologies, Inc. (a)		28,377
	352	Gartner, Inc. (a)		53,504
	52	Global Payments, Inc.		10,150
	4,870	H&R Block, Inc. (f)		91,556
	82	IHS Markit, Ltd.		8,156
	51	MarketAxess Holdings, Inc.		27,498

See accompanying notes to financial statements.

20

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	14	Moody’s Corp.	$	3,953
	2,966	Nielsen Holdings PLC (f)		47,960
	414	PayPal Holdings, Inc. (a)		88,646
	759	Quanta Services, Inc.		51,870
	632	Robert Half International, Inc. (f)		40,562
	65	S&P Global, Inc.		22,866
	172	United Rentals, Inc. (a)(f)		39,040
	38	Verisk Analytics, Inc.		7,536
				576,469
		Computers - 0.1%
	1,716	Apple, Inc.		204,290
	198	Cognizant Technology Solutions Corp., Class A		15,470
	7,007	DXC Technology Co.		153,523
	221	Fortinet, Inc. (a)		27,234
	4,488	Hewlett Packard Enterprise Co.		49,547
	1,070	HP, Inc.		23,465
	38	International Business Machines Corp. (f)		4,694
	424	Leidos Holdings, Inc.		42,697
	1,271	NetApp, Inc.		67,757
	842	Seagate Technology PLC (f)		49,518
	1,172	Western Digital Corp.		52,599
				690,794
		Cosmetics/Personal Care - 0.0% (b)
	294	Colgate-Palmolive Co.		25,178
	18,481	Coty, Inc., Class A (f)		132,878
	180	Estee Lauder Cos., Inc., Class A		44,158
	680	Procter & Gamble Co.		94,432
				296,646
		Distribution/Wholesale - 0.0% (b)
	256	Copart, Inc. (a)		29,555
	171	Fastenal Co.		8,456
	819	LKQ Corp. (a)		28,845
	32	WW Grainger, Inc. (f)		13,386
				80,242
		Diversified Financial Services - 0.1%
	149	Ameriprise Financial, Inc.		27,601
	50	BlackRock, Inc.		34,917
	91	Capital One Financial Corp.		7,793
	224	CBOE Global Markets, Inc. (f)		20,456
	127	Charles Schwab Corp.		6,195
	409	Discover Financial Services (f)		31,154
	1,029	Franklin Resources, Inc. (f)		22,628
	4,635	Invesco, Ltd.		75,226

See accompanying notes to financial statements.

21

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	178	Nasdaq, Inc.	$	22,782
	293	Raymond James Financial, Inc.		26,648
	525	Synchrony Financial		15,997
	169	T. Rowe Price Group, Inc.		24,236
	2,503	Western Union Co. (f)		56,468
				372,101
		Electric - 0.1%
	1,578	AES Corp.		32,254
	522	Alliant Energy Corp.		27,457
	135	Ameren Corp. (f)		10,500
	61	American Electric Power Co., Inc.		5,178
	1,003	CenterPoint Energy, Inc. (f)		23,260
	377	CMS Energy Corp.		23,201
	108	Consolidated Edison, Inc.		8,235
	185	DTE Energy Co.		23,275
	203	Edison International		12,456
	105	Entergy Corp.		11,429
	91	Eversource Energy		7,963
	163	Exelon Corp.		6,694
	448	FirstEnergy Corp.		11,899
	726	NextEra Energy, Inc. (f)		53,426
	960	NRG Energy, Inc.		31,440
	335	Pinnacle West Capital Corp.		27,420
	374	PPL Corp.		10,629
	139	Public Service Enterprise Group, Inc. (f)		8,101
	49	Sempra Energy (f)		6,247
	222	WEC Energy Group, Inc.		21,079
	318	Xcel Energy, Inc. (f)		21,421
				383,564
		Electrical Components & Equipment - 0.0% (b)
	92	AMETEK, Inc.		10,905
	79	Emerson Electric Co.		6,069
				16,974
		Electronics - 0.1%
	302	Agilent Technologies, Inc.		35,304
	229	Allegion PLC		26,115
	309	Amphenol Corp., Class A		40,420
	3,090	FLIR Systems, Inc.		118,162
	112	Fortive Corp.		7,855
	116	Garmin, Ltd.		13,544
	279	Keysight Technologies, Inc. (a)		33,491
	32	Mettler-Toledo International, Inc. (a)		36,801
	289	PerkinElmer, Inc.		38,437
	13	Roper Technologies, Inc. (f)		5,551

See accompanying notes to financial statements.

22

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	164	TE Connectivity, Ltd.	$	18,691
	44	Vontier Corp. (a)		1,460
	114	Waters Corp. (a)		26,449
				402,280
		Engineering & Construction - 0.0% (b)
	185	Jacobs Engineering Group, Inc.		19,950
		Entertainment - 0.0% (b)
	870	Live Nation Entertainment, Inc. (a)(f)		57,116
		Environmental Control - 0.0% (b)
	820	Pentair PLC		42,492
	71	Republic Services, Inc.		6,867
	37	Waste Management, Inc.		4,408
				53,767
		Food - 0.0% (b)
	352	Campbell Soup Co. (f)		17,607
	728	Conagra Brands, Inc.		26,616
	107	General Mills, Inc.		6,508
	57	Hershey Co.		8,430
	177	Hormel Foods Corp. (f)		8,351
	162	J.M. Smucker Co. (f)		18,986
	169	Kellogg Co. (f)		10,801
	215	Kraft Heinz Co. (f)		7,082
	257	Kroger Co. (f)		8,481
	380	Lamb Weston Holdings, Inc.		27,504
	46	McCormick & Co., Inc., non-voting shares		8,601
	113	Sysco Corp.		8,056
	182	Tyson Foods, Inc., Class A		11,866
				168,889
		Forest Products & Paper - 0.0% (b)
	310	International Paper Co.		15,339
		Gas - 0.0% (b)
	181	Atmos Energy Corp. (f)		17,356
	1,068	NiSource, Inc.		25,846
				43,202
		Hand/Machine Tools - 0.0% (b)
	177	Snap-on, Inc. (f)		31,126
	49	Stanley Black & Decker, Inc. (f)		9,031
				40,157
		Healthcare Products - 0.1%
	136	ABIOMED, Inc. (a)		37,278

See accompanying notes to financial statements.

23

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	93	Align Technology, Inc. (a)	$	44,760
	82	Baxter International, Inc.		6,238
	127	Boston Scientific Corp. (a)		4,210
	44	Cooper Cos., Inc.		14,750
	377	Danaher Corp.		84,686
	626	Dentsply Sirona, Inc.		31,857
	72	Edwards Lifesciences Corp. (a)		6,040
	467	Hologic, Inc. (a)		32,284
	83	IDEXX Laboratories, Inc. (a)		38,261
	54	Intuitive Surgical, Inc. (a)		39,207
	62	ResMed, Inc.		12,995
	178	STERIS PLC		34,498
	51	Teleflex, Inc. (f)		19,520
	207	Thermo Fisher Scientific, Inc.		96,251
	114	West Pharmaceutical Services, Inc.		31,368
	70	Zimmer Biomet Holdings, Inc.		10,438
				544,641
		Healthcare Services - 0.0% (b)
	17	Anthem, Inc.		5,296
	153	Centene Corp. (a)		9,432
	421	DaVita, Inc. (a)		46,247
	56	HCA Healthcare, Inc.		8,406
	14	Humana, Inc.		5,607
	60	IQVIA Holdings, Inc. (a)		10,139
	82	Laboratory Corp. of America Holdings (a)		16,387
	153	Quest Diagnostics, Inc.		18,969
	282	Universal Health Services, Inc., Class B		36,824
				157,307
		Home Builders - 0.0% (b)
	344	DR Horton, Inc.		25,628
	302	Lennar Corp., Class A		22,910
	10	NVR, Inc. (a)		39,972
	358	PulteGroup, Inc.		15,619
				104,129
		Home Furnishings - 0.0% (b)
	861	Leggett & Platt, Inc.		37,109
	172	Whirlpool Corp. (f)		33,473
				70,582
		Household Products/Wares - 0.0% (b)
	163	Avery Dennison Corp.		24,342
	283	Church & Dwight Co., Inc.		24,839
	40	Clorox Co. (f)		8,118
	31	Kimberly-Clark Corp. (f)		4,319
				61,618

See accompanying notes to financial statements.

24

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Housewares - 0.0% (b)
	1,591	Newell Brands, Inc.	$	33,825
		Insurance - 0.1%
	210	Aflac, Inc.		9,225
	76	Allstate Corp.		7,779
	312	American International Group, Inc.		11,993
	22	Aon PLC, Class A (f)		4,508
	220	Arthur J Gallagher & Co.		25,390
	312	Assurant, Inc.		40,285
	32	Chubb Ltd.		4,730
	208	Cincinnati Financial Corp.		15,881
	123	Everest Re Group Ltd.		27,962
	297	Globe Life, Inc.		27,651
	431	Hartford Financial Services Group, Inc.		19,050
	1,060	Lincoln National Corp.		50,053
	597	Loews Corp.		25,020
	162	MetLife, Inc.		7,479
	478	Principal Financial Group, Inc. (f)		23,800
	270	Progressive Corp.		23,520
	126	Prudential Financial, Inc.		9,528
	178	Travelers Cos., Inc.		23,078
	3,507	Unum Group		77,961
	457	WR Berkley Corp.		29,764
				464,657
		Internet - 0.1%
	65	Amazon.com, Inc. (a)		205,923
	281	CDW Corp.		36,668
	484	eBay, Inc. (f)		24,408
	277	Expedia Group, Inc.		34,484
	562	F5 Networks, Inc. (a)		91,499
	744	Facebook, Inc., Class A (a)		206,066
	1,924	NortonLifeLock, Inc.		35,074
	938	Twitter, Inc. (a)		43,626
	102	VeriSign, Inc. (a)		20,473
				698,221
		Iron/Steel - 0.0% (b)
	316	Nucor Corp.		16,969
		Leisure Time - 0.0% (b)
	1,633	Carnival Corp.		32,627
	3,163	Norwegian Cruise Line Holdings Ltd. (a)(f)		72,338
	243	Royal Caribbean Cruises Ltd. (f)		19,151
				124,116

See accompanying notes to financial statements.

25

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Lodging - 0.0% (b)
	101	Hilton Worldwide Holdings, Inc. (f)	$	10,467
	122	Las Vegas Sands Corp.		6,797
	67	Marriott International, Inc., Class A		8,500
	861	MGM Resorts International (f)		24,323
	344	Wynn Resorts Ltd. (f)		34,572
				84,659
		Machinery - Construction & Mining - 0.0% (b)
	235	Caterpillar, Inc.		40,794
		Machinery - Diversified - 0.0% (b)
	181	Deere & Co.		47,353
	119	Dover Corp.		14,522
	1,894	Flowserve Corp. (f)		64,547
	82	IDEX Corp.		15,838
	378	Ingersoll Rand, Inc. (a)		16,734
	120	Otis Worldwide Corp.		8,033
	37	Rockwell Automation, Inc. (f)		9,456
	276	Wabtec Corp.		20,231
	321	Xylem, Inc. (f)		30,806
				227,520
		Media - 0.0% (b)
	66	Charter Communications, Inc., Class A (a)(f)		43,031
	2,226	Discovery, Inc., Class A (a)(f)		59,902
	1,124	DISH Network Corp., Class A (a)		40,318
	1,204	Fox Corp., Class A (f)		34,723
	4,840	News Corp., Class A		85,426
	960	ViacomCBS, Inc., Class B (f)		33,869
				297,269
		Mining - 0.0% (b)
	1,773	Freeport-McMoRan, Inc.		41,470
	63	Newmont Goldcorp Corp.		3,706
				45,176
		Miscellaneous Manufacturing - 0.0% (b)
	440	AO Smith Corp.		24,777
	251	Eaton Corp PLC (f)		30,399
	113	Parker-Hannifin Corp.		30,200
	704	Textron, Inc.		31,750
	222	Trane Technologies PLC		32,465
				149,591
		Office/Business Equipment - 0.0% (b)
	7,129	Xerox Holdings Corp.		156,054

See accompanying notes to financial statements.

26

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	145	Zebra Technologies Corp., Class A (a)	$	54,871
				210,925
		Oil & Gas - 0.1%
	4,285	Apache Corp. (f)		55,234
	1,758	Cabot Oil & Gas Corp.		30,800
	431	Concho Resources, Inc.		24,774
	137	ConocoPhillips (f)		5,420
	5,419	Devon Energy Corp.		75,812
	1,114	Diamondback Energy, Inc. (f)		44,515
	206	EOG Resources, Inc. (f)		9,657
	343	Hess Corp. (f)		16,183
	2,487	HollyFrontier Corp.		58,171
	11,221	Marathon Oil Corp. (f)		66,428
	627	Marathon Petroleum Corp. (f)		24,378
	1,562	Occidental Petroleum Corp.		24,617
	133	Phillips 66		8,057
	252	Pioneer Natural Resources Co.		25,346
	196	Valero Energy Corp. (f)		10,539
				479,931
		Oil & Gas Services - 0.0% (b)
	1,969	Baker Hughes & GE Co.		36,860
	1,955	Halliburton Co. (f)		32,433
	3,920	National Oilwell Varco, Inc.		48,059
	420	Schlumberger, Ltd.		8,732
	8,886	TechnipFMC PLC		73,843
				199,927
		Packaging & Containers - 0.0% (b)
	1,078	Amcor PLC		12,214
	334	Ball Corp.		32,067
	185	Packaging Corp of America		24,050
	1,159	Sealed Air Corp.		52,225
	668	Westrock Co. (f)		28,196
				148,752
		Pharmaceuticals - 0.0% (b)
	142	AmerisourceBergen Corp.		14,642
	18	Becton Dickinson & Co.		4,227
	413	Cardinal Health, Inc.		22,546
	27	Cigna Corp.		5,647
	18	DexCom, Inc. (a)		5,754
	534	Henry Schein, Inc. (a)		34,341
	73	McKesson Corp.		13,133
	910	Perrigo Co. PLC		43,880
	2,395	Viatris, Inc. (a)		40,284

See accompanying notes to financial statements.

27

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	212	Zoetis, Inc.	$	34,001
				218,455
		Pipelines - 0.0% (b)
	478	Kinder Morgan, Inc.		6,874
	609	ONEOK, Inc.		21,845
	972	Williams Cos., Inc.		20,392
				49,111
		Real Estate - 0.0% (b)
	494	CBRE Group, Inc., Class A (a)		30,203
		Real Estate Investment Trusts - 0.1%
	63	Alexandria Real Estate Equities, Inc.		10,315
	1,432	Apartment Investment & Management Co., Class A (f)		43,461
	63	AvalonBay Communities, Inc.		10,495
	196	Boston Properties, Inc. (f)		19,239
	36	Digital Realty Trust, Inc. (f)		4,851
	691	Duke Realty Corp.		26,299
	28	Equinix, Inc.		19,538
	197	Equity Residential (f)		11,410
	71	Essex Property Trust, Inc.		17,457
	246	Extra Space Storage, Inc.		27,732
	486	Federal Realty Investment Trust (f)		42,389
	527	Healthpeak Properties, Inc.		15,209
	2,609	Host Hotels & Resorts, Inc. (f)		36,604
	945	Iron Mountain, Inc. (f)		25,988
	3,685	Kimco Realty Corp.		53,211
	133	Mid-America Apartment Communities, Inc.		16,779
	199	Prologis, Inc.		19,910
	102	Public Storage		22,895
	160	Realty Income Corp. (f)		9,595
	834	Regency Centers Corp.		38,014
	19	SBA Communications Corp.		5,456
	156	Simon Property Group, Inc. (f)		12,881
	1,295	SL Green Realty Corp. (f)		74,981
	631	UDR, Inc.		24,275
	556	Ventas, Inc.		26,638
	936	Vornado Realty Trust		36,420
	164	Welltower, Inc.		10,329
	792	Weyerhaeuser Co.		23,000
				685,371
		Retail - 0.1%
	130	Advance Auto Parts, Inc. (f)		19,201
	7	AutoZone, Inc. (a)		7,964
	255	Best Buy Co., Inc. (f)		27,744

See accompanying notes to financial statements.

28

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	122	CarMax, Inc. (a)	$	11,405
	24	Chipotle Mexican Grill, Inc. (a)		30,946
	153	Costco Wholesale Corp.		59,941
	171	Darden Restaurants, Inc.		18,465
	123	Dollar General Corp. (f)		26,885
	109	Dollar Tree, Inc. (a)		11,907
	28	Domino’s Pizza, Inc. (f)		10,992
	2,474	Gap, Inc. (f)		51,855
	150	Genuine Parts Co.		14,756
	3,014	Kohl’s Corp. (f)		97,051
	1,177	L Brands, Inc.		45,679
	310	Lowe’s Cos., Inc.		48,304
	14	O’Reilly Automotive, Inc. (a)(f)		6,194
	69	Ross Stores, Inc.		7,419
	246	Target Corp.		44,164
	188	Tractor Supply Co.		26,472
	71	Ulta Beauty, Inc. (a)(f)		19,553
	644	Walmart, Inc.		98,397
	80	Yum! Brands, Inc.		8,464
				693,758
		Savings & Loans - 0.0% (b)
	4,537	People’s United Financial, Inc.		56,259
		Semiconductors - 0.1%
	712	Advanced Micro Devices, Inc. (a)		65,974
	102	Analog Devices, Inc. (f)		14,186
	158	Applied Materials, Inc.		13,032
	413	IPG Photonics Corp. (a)(f)		85,495
	92	KLA Corp.		23,181
	97	Lam Research Corp. (f)		43,908
	199	Microchip Technology, Inc. (f)		26,744
	178	Micron Technology, Inc. (a)		11,408
	326	NVIDIA Corp.		174,756
	257	Qorvo, Inc. (a)		40,267
	609	QUALCOMM, Inc.		89,626
	155	Skyworks Solutions, Inc.		21,881
	357	Texas Instruments, Inc.		57,566
	203	Xilinx, Inc.		29,547
				697,571
		Shipbuilding - 0.0% (b)
	242	Huntington Ingalls Industries, Inc.		38,766
		Software - 0.1%
	101	Activision Blizzard, Inc.		8,027

See accompanying notes to financial statements.

29

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	242	Akamai Technologies, Inc. (a)(f)	$	25,049
	59	ANSYS, Inc. (a)		19,946
	163	Autodesk, Inc. (a)		45,677
	252	Broadridge Financial Solutions, Inc.		37,014
	359	Cadence Design Systems, Inc. (a)		41,752
	183	Cerner Corp. (f)		13,696
	215	Citrix Systems, Inc. (f)		26,643
	105	Electronic Arts, Inc. (f)		13,414
	37	Fidelity National Information Services, Inc.		5,491
	73	Fiserv, Inc. (a)		8,408
	19	Intuit, Inc.		6,688
	247	Jack Henry & Associates, Inc.		39,732
	58	MSCI, Inc.		23,746
	230	Paychex, Inc.		21,424
	159	Paycom Software, Inc. (a)		66,316
	377	salesforce.com, Inc. (a)		92,667
	101	ServiceNow, Inc. (a)		53,990
	188	Synopsys, Inc. (a)		42,770
	251	Take-Two Interactive Software, Inc. (a)		45,308
	106	Tyler Technologies, Inc. (a)		45,326
				683,084
		Telecommunications - 0.0% (b)
	162	Arista Networks, Inc. (a)(f)		43,854
	4,514	CenturyLink, Inc. (f)		47,171
	1,177	Corning, Inc. (f)		44,043
	3,069	Juniper Networks, Inc. (f)		66,812
	121	Motorola Solutions, Inc.		20,755
	416	T-Mobile US, Inc. (a)		55,303
				277,938
		Textiles - 0.0% (b)
	303	Mohawk Industries, Inc. (a)		38,126
		Toys/Games/Hobbies - 0.0% (b)
	248	Hasbro, Inc. (f)		23,071
		Transportation - 0.0% (b)
	294	CH Robinson Worldwide, Inc.		27,627
	148	Expeditors International of Washington, Inc.		13,227
	164	FedEx Corp. (f)		46,999
	111	JB Hunt Transport Services, Inc.		15,016
	138	Old Dominion Freight Line, Inc.		28,064
	461	United Parcel Service, Inc., Class B		78,863
				209,796

See accompanying notes to financial statements.

30

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares					Value
		Water - 0.0% (b)
	180	American Water Works Co., Inc. (f)			$	27,608
		TOTAL COMMON STOCKS (Cost - $11,722,938)				13,002,496
Contracts			Notional Amount
		PURCHASED OPTIONS - 0.3% (a)(c)
		PURCHASED CALL OPTIONS - 0.1%
		iShares China Large-Cap ETF
	6,000	Expiration: January 2021, Exercise Price: $51	$	28,200,000		150,000
		iShares MSCI EAFE ETF
	4,000	Expiration: January 2021, Exercise Price: $75		28,060,000		74,000
		iShares MSCI Emerging Markets ETF
	7,000	Expiration: January 2021, Exercise Price: $52		34,111,000		206,500
		TOTAL PURCHASED CALL OPTIONS (Cost - $759,482)				430,500
		PURCHASED PUT OPTIONS - 0.2%
	3,750	CBOE Volatility Index
		Expiration: December 2020, Exercise Price $22		7,713,750		637,500
		iPath Series B S&P 500 VIX Short-Term Futures ETN
	3,000	Expiration: January 2021, Exercise Price: $15 (h)		5,154,000		273,000
	5,000	Expiration: January 2021, Exercise Price: $17 (h)		8,590,000		1,027,500
		SPDR Gold Shares
	5,000	Expiration: December 2020, Exercise Price: $150		83,335,000		107,500
	5,000	Expiration: December 2020, Exercise Price: $155		83,335,000		222,500
		TOTAL PURCHASED PUT OPTIONS (Cost - $1,617,640)				2,268,000
		TOTAL PURCHASED OPTIONS (Cost - $2,377,122)				2,698,500
Shares
		SHORT TERM INVESTMENTS - 0.1%
		Money Market Funds - 0.1%
	703,675	First American Treasury Obligations Fund, Class X, 0.05% (d)				703,675
		TOTAL SHORT TERM INVESTMENTS (Cost - $703,675)				703,675
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 25.5%
	206,423,075	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (d)				206,423,075
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $206,423,075)				206,423,075
		TOTAL INVESTMENTS - 125.7% (Cost - $952,275,073)				1,020,225,770
		Liabilities in Excess of Other Assets - (25.7)%				(208,489,862	)
		NET ASSETS - 100.0%			$	811,735,908

See accompanying notes to financial statements.

31

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Contracts			Notional Value		Value
		SCHEDULE OF WRITTEN OPTIONS - (0.1)% (a)(c)
		SCHEDULE OF WRITTEN PUT OPTIONS - (0.1)%
		iPath Series B S&P 500 VIX Short-Term Futures ETN
	5,000	Expiration: December 2020, Exercise Price $17	$	8,590,000	$	605,000
	3,000	Expiration: December 2020, Exercise Price $15		5,154,000		112,500
	3,000	Expiration: January 2021, Exercise Price $14		5,154,000		150,000
		TOTAL WRITTEN PUT OPTIONS (Premiums Received $513,987)				867,500
		TOTAL WRITTEN OPTIONS (Premiums Received $513,987)			$	867,500

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.1%.

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

(d) Interest rate reflects the seven-day yield on November 30, 2020.

(e) All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $20,110,000, which is 2.5% of total net assets.

(f) All or a portion of this security is out on loan as of November 30, 2020.

(g) Affiliated Security; please refer to Note 9 of the Notes to Financial Statements

(h) Held in connection with a written option, see Schedule of Written Options for more details.

See accompanying notes to financial statements.

32

Horizon Active Income Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		INVESTMENT COMPANIES - 99.4%
		Exchange Traded Funds - 99.4%
	406,557	Columbia Diversified Fixed Income Allocation ETF (b)	$	8,919,861
	932,691	First Trust TCW Opportunistic Fixed Income ETF		51,596,466
	2,558,917	Invesco Preferred ETF		38,460,523
	232,326	iShares 7-10 Year Treasury Bond ETF (b)		27,969,727
	120,987	iShares 20+ Year Treasury Bond ETF (b)		19,360,340
	545,837	iShares Core U.S. Aggregate Bond ETF		64,638,018
	125,229	iShares iBoxx Investment Grade Corporate Bond ETF (b)		17,341,712
	113,144	iShares JP Morgan USD Emerging Markets Bond ETF (b)		12,926,702
	700,262	iShares Trust iShares 5-10 Year Investment Grade Corporate Bond ETF (b)		43,220,171
	275,698	Janus Henderson Mortgage-Backed Securities ETF (b)		14,793,955
	97,542	Overlay Shares Core Bond ETF		2,581,088
	668,729	SPDR Blackstone / GSO Senior Loan ETF (b)		30,173,052
	515,608	SPDR Bloomberg Barclays Convertible Securities ETF (b)		40,361,794
	553,711	VanEck Vectors Fallen Angel High Yield Bond ETF		17,430,822
	399,156	WisdomTree Yield Enhanced U.S. Aggregate Bond Fund		21,526,483
	168,337	X-Trackers Short Duration High Yield Bond ETF (b)(c)		7,939,614
	261,904	X-Trackers USD High Yield Corporate Bond ETF		12,969,486
		TOTAL INVESTMENT COMPANIES (Cost - $420,796,525)		432,209,814
		SHORT TERM INVESTMENTS - 0.7%
		Money Market Funds - 0.7%
	2,909,196	First American Treasury Obligations Fund, Class X, 0.05% (a)		2,909,196
		TOTAL SHORT TERM INVESTMENTS (Cost - $2,909,196)		2,909,196
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.4%
	97,650,825	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (a)		97,650,825
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $97,650,825)		97,650,825
		TOTAL INVESTMENTS - 122.5% (Cost - $521,356,546)		532,769,835
		Liabilities in Excess of Other Assets - (22.5)%		(97,731,836	)
		NET ASSETS - 100.0%	$	435,037,999

Percentages are stated as a percent of net assets.

(a) Interest rate reflects seven-day yield on November 30, 2020.

(b) All or a portion of this security is out on loan as of November 30, 2020.

(c) Affiliated Security. Please refer to Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

33

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		COMMON STOCKS - 97.8%
		Aerospace/Defense - 1.9%
	6,971	Northrop Grumman Corp. (e)	$	2,107,055
		Apparel - 2.0%
	27,276	VF Corp. (e)		2,274,818
		Banks - 8.2%
	96,033	Bank of America Corp.		2,704,289
	24,912	JPMorgan Chase & Co.		2,936,627
	14,704	PNC Financial Services Group, Inc.		2,030,181
	58,103	Wells Fargo & Co.		1,589,117
				9,260,214
		Beverages - 2.7%
	21,505	PepsiCo, Inc.		3,101,666
		Biotechnology - 2.3%
	6,464	Amgen, Inc.		1,435,266
	19,052	Gilead Sciences, Inc.		1,155,885
				2,591,151
		Chemicals - 3.4%
	25,209	LyondellBasell Industries NV, Class A (e)		2,145,286
	35,007	Nutrien, Ltd.		1,724,795
				3,870,081
		Commercial Services - 1.1%
	20,200	Robert Half International, Inc. (e)		1,296,436
		Computers - 2.9%
	4,934	Accenture PLC, Class A		1,229,010
	25,625	Cognizant Technology Solutions Corp., Class A		2,002,081
				3,231,091
		Cosmetics/Personal Care - 6.1%
	13,069	Colgate-Palmolive Co.		1,119,229
	24,090	Procter & Gamble Co.		3,345,378
	40,879	Unilever PLC, ADR (e)		2,496,072
				6,960,679
		Electrical Components & Equipment - 1.7%
	24,361	Emerson Electric Co.		1,871,412
		Electronics - 4.8%
	47,735	Corning, Inc. (e)		1,786,244
	17,896	Honeywell International, Inc.		3,649,352
				5,435,596

See accompanying notes to financial statements.

34

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Environmental Control - 1.6%
	15,649	Waste Management, Inc.	$	1,864,265
		Finance and Insurance - 5.2%
	23,015	Royal Bank of Canada		1,886,770
	39,188	Sun Life Financial, Inc.		1,743,474
	48,032	Truist Financial Corp.		2,229,645
				5,859,889
		Food - 1.1%
	10,401	J.M. Smucker Co. (e)		1,218,997
		Hand/Machine Tools - 1.6%
	10,123	Snap-on, Inc. (e)		1,780,130
		Healthcare Services - 1.2%
	4,463	Anthem, Inc.		1,390,314
		Household Products/Wares - 1.0%
	5,414	Clorox Co. (e)		1,098,826
		Insurance - 2.0%
	22,196	Allstate Corp.		2,271,761
		Iron/Steel - 1.6%
	33,900	Nucor Corp.		1,820,430
		Manufacturing - 6.6%
	38,231	Bunge Ltd.		2,251,424
	11,095	Hubbell, Inc.		1,792,841
	14,759	Reliance Steel & Aluminum Co.		1,738,610
	48,072	Steel Dynamics, Inc.		1,740,687
				7,523,562
		Media - 3.0%
	67,183	Comcast Corp., Class A (e)		3,375,274
		Mining - 1.0%
	19,507	Newmont Corp.		1,147,402
		Mining, Quarrying, and Oil and Gas Extraction - 1.0%
	17,735	Agnico Eagle Mines Ltd.		1,168,205
		Miscellaneous Manufacturing - 3.1%
	20,540	3M Co.		3,547,874

See accompanying notes to financial statements.

35

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Oil & Gas - 1.5%
	43,993	Exxon Mobil Corp.	$	1,677,453
		Packaging & Containers - 1.1%
	9,575	Packaging Corp of America		1,244,750
		Pharmaceuticals - 9.3%
	7,990	Eli Lilly & Co.		1,163,743
	24,298	Johnson & Johnson		3,515,435
	15,481	McKesson Corp.		2,785,187
	38,641	Merck & Co., Inc.		3,106,350
				10,570,715
		Real Estate Investment Trusts - 1.3%
	36,337	Gaming and Leisure Properties, Inc. (e)		1,509,439
		Retail - 5.0%
	20,508	Starbucks Corp.		2,010,194
	24,118	Walmart, Inc.		3,684,989
				5,695,183
		Semiconductors - 3.8%
	36,260	Intel Corp.		1,753,171
	16,055	Texas Instruments, Inc.		2,588,869
				4,342,040
		Software - 1.9%
	37,490	Oracle Corp.		2,163,923
		Telecommunications - 2.0%
	29,386	Cisco Systems, Inc.		1,264,186
	46,941	Juniper Networks, Inc. (e)		1,021,905
				2,286,091
		Transportation - 1.9%
	3,716	Norfolk Southern Corp. (e)		880,766
	6,457	Union Pacific Corp. (e)		1,317,745
				2,198,511
		Transportation and Warehousing - 1.0%
	10,701	Canadian National Railway Co.		1,145,542
		Wholesale Trade - 1.9%
	33,573	DuPont de Nemours, Inc. (e)		2,129,871
		TOTAL COMMON STOCKS (Cost - $100,499,011)		111,030,646

See accompanying notes to financial statements.

36

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares					Value
		CONVERTIBLE PREFERRED STOCKS - 0.5%
		Manufacturing - 0.4%
	2,600	Energizer Holdings, Inc., Series A, 7.5%			$	234,780
	5,150	International Flavors & Fragrances, Inc., 6.0%				212,592
						447,372
		Mining, Quarrying, and Oil and Gas Extraction - 0.1%
	8,735	Chesapeake Energy Corp., 4.5%				4,105
	12,483	Nabors Industries, Ltd., Series A, 6.0%				100,239
						104,344
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost - $911,367)				551,716
		PREFERRED STOCKS - 0.2%
		Manufacturing - 0.2%
	9,473	Pitney Bowes, Inc., 6.7%				200,922
		Real Estate Investment Trusts - 0.0% (b)
	21,147	CBL & Associates Properties, Inc. Series E, 6.6%				8,249
		TOTAL PREFERRED STOCKS (Cost - $339,203)				209,171
Contracts			Notional Amount
		PURCHASED OPTIONS - 0.0% (a)(b)(c)
		PURCHASED PUT OPTIONS - 0.0% (b)
		SPDR S&P 500 ETF Trust
	200	Expiration: December 2020, Exercise Price: $346	$	7,241,200		11,200
		TOTAL PURCHASED OPTIONS (Cost - $116,492)				11,200
		SHORT TERM INVESTMENTS - 1.5%
		Money Market Funds - 1.5%
	1,745,150	First American Treasury Obligations Fund, Class X, 0.05% (d)				1,745,150
		TOTAL SHORT TERM INVESTMENTS (Cost - $1,745,150)				1,745,150

See accompanying notes to financial statements.

37

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.8%
	22,446,600	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (d)	$	22,446,600
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $22,446,600)		22,446,600
		TOTAL INVESTMENTS - 119.8% (Cost - $126,057,823)		135,994,483
		Liabilities in Excess of Other Assets - (19.8)%		(22,439,054	)
		NET ASSETS - 100.0%	$	113,555,429

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.1%.

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

(d) Interest rate reflects seven-day yield on November 30, 2020.

(e) All or a portion of this security is out on loan as of November 30, 2020.

ADR - American Depositary Receipt

See accompanying notes to financial statements.

38

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		COMMON STOCKS - 100.1%
		Aerospace/Defense - 1.3%
	4,374	Boeing Co. (e)	$	921,645
	2,226	General Dynamics Corp.		332,453
	1,680	L3Harris Technologies, Inc.		322,543
	2,177	Lockheed Martin Corp.		794,605
	1,295	Northrop Grumman Corp.		391,427
	332	Teledyne Technologies, Inc. (a)		125,476
	420	TransDigm Group, Inc. (f)		243,260
				3,131,409
		Agriculture - 0.7%
	14,434	Altria Group, Inc.		574,906
	4,322	Archer-Daniels-Midland Co.		215,106
	12,150	Philip Morris International, Inc. (e)		920,363
				1,710,375
		Airlines - 0.2%
	4,920	Delta Air Lines, Inc.		198,030
	4,544	Southwest Airlines Co.		210,569
				408,599
		Apparel - 0.8%
	12,221	Nike, Inc., Class B (e)		1,646,169
	3,054	VF Corp. (f)		254,703
				1,900,872
		Auto Manufacturers - 0.5%
	1,151	Cummins, Inc.		266,077
	30,868	Ford Motor Co.		280,281
	11,221	General Motors Co.		491,929
	2,692	PACCAR, Inc.		234,365
				1,272,652
		Auto Parts & Equipment - 0.1%
	2,108	Aptiv PLC		250,220
		Banks - 4.3%
	66,961	Bank of America Corp. (e)		1,885,622
	6,845	Bank of New York Mellon Corp.		267,776
	16,163	Citigroup, Inc. (e)		890,096
	5,505	Fifth Third Bancorp		139,497
	1,328	First Republic Bank		172,056
	2,795	Goldman Sachs Group, Inc.		644,471
	23,637	JPMorgan Chase & Co. (e)		2,786,329
	1,126	M&T Bank Corp.		131,168
	14,096	Morgan Stanley		871,556
	1,580	Northern Trust Corp.		147,129

See accompanying notes to financial statements.

39

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	3,280	PNC Financial Services Group, Inc.	$	452,870
	2,743	State Street Corp.		193,327
	400	SVB Financial Group (a)		137,944
	10,415	Truist Financial Corp.		483,464
	32,034	Wells Fargo & Co. (e)		876,130
				10,079,435
		Beverages - 1.7%
	33,510	Coca-Cola Co. (e)		1,729,116
	1,515	Constellation Brands, Inc., Class A		311,847
	4,122	Monster Beverage Corp. (a)		349,463
	10,755	PepsiCo, Inc. (e)		1,551,194
				3,941,620
		Biotechnology - 1.6%
	1,720	Alexion Pharmaceuticals, Inc. (a)		210,029
	4,560	Amgen, Inc. (e)		1,012,502
	1,230	Biogen, Inc. (a)		295,409
	5,795	Corteva, Inc.		222,064
	9,737	Gilead Sciences, Inc.		590,744
	1,144	Illumina, Inc. (a)		368,471
	1,692	Incyte Corp. (a)		143,042
	829	Regeneron Pharmaceuticals, Inc. (a)		427,789
	2,046	Vertex Pharmaceuticals, Inc. (a)		465,977
				3,736,027
		Building Materials - 0.4%
	6,708	Carrier Global Corp.		255,373
	5,803	Johnson Controls International PLC		267,170
	482	Martin Marietta Materials, Inc. (f)		128,034
	2,040	Masco Corp.		109,487
	1,028	Vulcan Materials Co.		143,560
				903,624
		Chemicals - 1.5%
	1,727	Air Products & Chemicals, Inc.		483,802
	960	Celanese Corp.		124,157
	5,757	Dow, Inc. (f)		305,179
	5,722	DuPont de Nemours, Inc. (e) (f)		363,004
	1,050	FMC Corp.		121,810
	4,089	Linde PLC		1,048,501
	2,600	LyondellBasell Industries NV, Class A (f)		221,260
	1,844	PPG Industries, Inc. (f)		270,644
	707	Sherwin-Williams Co.		528,574
				3,466,931

See accompanying notes to financial statements.

40

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Commercial Services - 2.5%
	3,353	Automatic Data Processing, Inc.	$	583,020
	815	Cintas Corp.		289,570
	2,227	Ecolab, Inc.		494,728
	944	Equifax, Inc.		157,554
	2,339	Global Payments, Inc.		456,549
	3,101	IHS Markit, Ltd.		308,425
	296	MarketAxess Holdings, Inc.		159,597
	1,460	Moody’s Corp.		412,216
	9,171	PayPal Holdings, Inc. (a) (e)		1,963,695
	2,559	Rollins, Inc. (f)		146,324
	1,879	S&P Global, Inc.		660,995
	597	United Rentals, Inc. (a)		135,507
	1,266	Verisk Analytics, Inc.		251,060
				6,019,240
		Computers - 7.8%
	4,967	Accenture PLC, Class A		1,237,230
	132,569	Apple, Inc. (e)		15,782,340
	4,246	Cognizant Technology Solutions Corp., Class A		331,740
	10,708	HP, Inc.		234,826
	6,987	International Business Machines Corp. (e)		863,034
				18,449,170
		Cosmetics/Personal Care - 1.7%
	6,668	Colgate-Palmolive Co.		571,048
	2,795	Estee Lauder Cos., Inc., Class A		685,669
	19,304	Procter & Gamble Co. (e)		2,680,746
				3,937,463
		Distribution/Wholesale - 0.2%
	1,848	Copart, Inc. (a)		213,352
	4,490	Fastenal Co.		222,030
	417	WW Grainger, Inc. (f)		174,431
				609,813
		Diversified Financial Services - 4.5%
	6,276	American Express Co. (f)		744,271
	933	Ameriprise Financial, Inc.		172,829
	1,197	BlackRock, Inc. (e)		835,925
	3,572	Capital One Financial Corp.		305,906
	14,606	Charles Schwab Corp.		712,481
	2,786	CME Group, Inc.		487,634
	2,397	Discover Financial Services (f)		182,579
	4,236	Intercontinental Exchange, Inc.		446,940
	7,818	MasterCard, Inc., Class A (e)		2,630,835
	1,285	Nasdaq, Inc.		164,467

See accompanying notes to financial statements.

41

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	4,579	Synchrony Financial	$	139,522
	1,770	T. Rowe Price Group, Inc.		253,836
	17,179	Visa, Inc., Class A (e) (f)		3,613,603
				10,690,828
		Electric - 2.6%
	5,652	AES Corp.		115,527
	2,039	Alliant Energy Corp.		107,251
	1,908	Ameren Corp.		148,404
	3,863	American Electric Power Co., Inc.		327,930
	2,217	CMS Energy Corp.		136,434
	2,588	Consolidated Edison, Inc.		197,335
	6,509	Dominion Energy, Inc.		510,892
	1,490	DTE Energy Co.		187,457
	5,711	Duke Energy Corp.		529,181
	2,925	Edison International		179,478
	1,554	Entergy Corp.		169,153
	2,039	Evergy, Inc.		112,981
	2,644	Eversource Energy		231,377
	7,560	Exelon Corp.		310,489
	4,204	FirstEnergy Corp.		111,658
	15,302	NextEra Energy, Inc. (f)		1,126,074
	5,961	PPL Corp.		169,412
	3,924	Public Service Enterprise Group, Inc. (f)		228,691
	2,242	Sempra Energy (f)		285,810
	8,184	Southern Co.		489,812
	2,443	WEC Energy Group, Inc.		231,963
	4,087	Xcel Energy, Inc. (f)		275,300
				6,182,609
		Electrical Components & Equipment - 0.2%
	1,792	AMETEK, Inc.		212,406
	4,671	Emerson Electric Co.		358,826
				571,232
		Electronics - 1.2%
	2,410	Agilent Technologies, Inc.		281,729
	2,335	Amphenol Corp., Class A		305,441
	2,625	Fortive Corp.		184,091
	1,492	Garmin, Ltd.		174,206
	5,471	Honeywell International, Inc.		1,115,646
	186	Mettler-Toledo International, Inc. (a)		213,908
	815	Roper Technologies, Inc. (f)		348,005
	2,574	TE Connectivity, Ltd.		293,359
				2,916,385

See accompanying notes to financial statements.

42

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Engineering & Construction - 0.1%
	1,154	Jacobs Engineering Group, Inc.	$	124,447
		Environmental Control - 0.3%
	2,477	Republic Services, Inc.		239,576
	3,294	Waste Management, Inc.		392,414
				631,990
		Food - 1.1%
	4,752	General Mills, Inc.		289,017
	1,613	Hershey Co.		238,547
	4,192	Hormel Foods Corp. (f)		197,778
	2,668	Kellogg Co. (f)		170,512
	9,516	Kraft Heinz Co.		313,457
	6,004	Kroger Co. (f)		198,132
	1,039	McCormick & Co., Inc.		194,272
	11,118	Mondelez International, Inc., Class A		638,729
	3,933	Sysco Corp.		280,384
				2,520,828
		Forest Products & Paper - 0.1%
	3,059	International Paper Co.		151,359
		Hand/Machine Tools - 0.1%
	1,242	Stanley Black & Decker, Inc. (f)		228,913
		Healthcare Products - 4.0%
	13,847	Abbott Laboratories (e)		1,498,522
	615	Align Technology, Inc. (a)		295,993
	3,946	Baxter International, Inc.		300,172
	11,091	Boston Scientific Corp. (a)		367,667
	416	Cooper Cos., Inc.		139,452
	5,524	Danaher Corp.		1,240,856
	4,859	Edwards Lifesciences Corp. (a)		407,622
	2,018	Hologic, Inc. (a)		139,504
	667	IDEXX Laboratories, Inc. (a)		307,474
	912	Intuitive Surgical, Inc. (a)		662,158
	10,442	Medtronic PLC (e)		1,187,255
	1,128	ResMed, Inc.		236,429
	2,920	Stryker Corp. (f)		681,528
	361	Teleflex, Inc. (f)		138,173
	3,096	Thermo Fisher Scientific, Inc.		1,439,578
	576	West Pharmaceutical Services, Inc.		158,492
	1,612	Zimmer Biomet Holdings, Inc.		240,381
				9,441,256

See accompanying notes to financial statements.

43

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Healthcare Services - 1.9%
	1,954	Anthem, Inc.	$	608,710
	4,500	Centene Corp. (a)		277,425
	2,634	HCA Healthcare, Inc.		395,390
	1,030	Humana, Inc.		412,535
	1,490	IQVIA Holdings, Inc. (a)		251,795
	758	Laboratory Corp. of America Holdings (a)		151,479
	7,405	UnitedHealth Group, Inc. (e)		2,490,598
				4,587,932
		Home Builders - 0.2%
	2,845	DR Horton, Inc.		211,953
	2,386	Lennar Corp., Class A		181,002
	30	NVR, Inc. (a)		119,915
				512,870
		Household Products/Wares - 0.3%
	1,931	Church & Dwight Co., Inc.		169,484
	980	Clorox Co. (f)		198,901
	2,650	Kimberly-Clark Corp. (f)		369,171
				737,556
		Insurance - 3.4%
	5,511	Aflac, Inc.		242,098
	2,439	Allstate Corp.		249,632
	6,627	American International Group, Inc.		254,742
	1,795	Aon PLC, Class A (f)		367,777
	1,486	Arthur J Gallagher & Co.		171,499
	18,546	Berkshire Hathaway, Inc., Class B (a) (e)		4,245,365
	3,443	Chubb Ltd.		508,979
	1,373	Cincinnati Financial Corp.		104,828
	2,894	Hartford Financial Services Group, Inc.		127,915
	3,928	Marsh & McLennan Cos., Inc.		450,306
	7,034	MetLife, Inc.		324,760
	4,534	Progressive Corp.		394,957
	3,065	Prudential Financial, Inc.		231,775
	1,949	Travelers Cos., Inc.		252,688
	998	Willis Towers Watson PLC		207,774
				8,135,095
		Internet - 13.2%
	5,327	Alphabet, Inc., Class A (a) (e)		9,345,689
	3,922	Amazon.com, Inc. (a) (e)		12,425,053
	317	Booking Holdings, Inc. (a)		643,019
	5,521	eBay, Inc. (f)		278,424
	1,217	Expedia Group, Inc.		151,504
	22,207	Facebook, Inc., Class A (a) (e)		6,150,673

See accompanying notes to financial statements.

44

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	3,470	Netflix, Inc. (a) (e)	$	1,702,729
	6,187	Twitter, Inc. (a)		287,757
	896	VeriSign, Inc. (a)		179,845
				31,164,693
		Iron/Steel - 0.1%
	2,351	Nucor Corp.		126,249
		Leisure Time - 0.1%
	1,850	Royal Caribbean Cruises Ltd. (f)		145,799
		Lodging - 0.4%
	2,158	Hilton Worldwide Holdings, Inc. (f)		223,634
	5,924	Las Vegas Sands Corp.		330,026
	2,531	Marriott International, Inc., Class A		321,108
				874,768
		Machinery - Construction & Mining - 0.3%
	4,219	Caterpillar, Inc.		732,376
		Machinery - Diversified - 0.7%
	2,440	Deere & Co.		638,353
	1,123	Dover Corp.		137,040
	588	IDEX Corp.		113,572
	3,252	Ingersoll Rand, Inc. (a) (f)		143,966
	3,376	Otis Worldwide Corp.		225,989
	913	Rockwell Automation, Inc.		233,326
	1,408	Xylem, Inc. (f)		135,126
				1,627,372
		Manufacturing - 0.4%
	11,892	Raytheon Technologies Corp. (e)		852,894
		Media - 2.1%
	1,847	Charter Communications, Inc., Class A (a) (f)		1,204,226
	35,509	Comcast Corp., Class A (e) (f)		1,783,972
	14,052	Walt Disney Co. (e)		2,079,836
				5,068,034
		Mining - 0.3%
	11,226	Freeport-McMoRan, Inc.		262,576
	6,227	Newmont Goldcorp Corp.		366,272
				628,848
		Miscellaneous Manufacturing - 1.2%
	4,498	3M Co. (e)		776,939
	3,121	Eaton Corp PLC (f)		377,984

See accompanying notes to financial statements.

45

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	68,104	General Electric Co.	$	693,299
	2,468	Illinois Tool Works, Inc.		520,970
	1,004	Parker-Hannifin Corp.		268,329
	1,861	Trane Technologies PLC		272,153
				2,909,674
		Oil & Gas - 1.6%
	14,948	Chevron Corp. (e)		1,303,167
	8,339	ConocoPhillips (f)		329,891
	4,515	EOG Resources, Inc. (f)		211,663
	32,773	Exxon Mobil Corp. (e)		1,249,634
	5,017	Marathon Petroleum Corp.		195,061
	3,378	Phillips 66		204,639
	1,363	Pioneer Natural Resources Co.		137,091
	3,146	Valero Energy Corp. (f)		169,160
				3,800,306
		Oil & Gas Services - 0.2%
	8,074	Baker Hughes & GE Co.		151,145
	10,782	Schlumberger, Ltd.		224,158
				375,303
		Packaging & Containers - 0.2%
	12,215	Amcor PLC		138,396
	2,548	Ball Corp.		244,634
				383,030
		Pharmaceuticals - 5.5%
	13,768	AbbVie, Inc. (e)		1,439,857
	1,596	AmerisourceBergen Corp.		164,564
	2,259	Becton Dickinson & Co.		530,504
	17,512	Bristol-Myers Squibb Co.		1,092,749
	2,839	Cigna Corp.		593,748
	10,128	CVS Health Corp.		686,577
	741	DexCom, Inc. (a)		236,883
	7,436	Eli Lilly & Co. (e)		1,083,053
	20,451	Johnson & Johnson (e)		2,958,851
	1,264	McKesson Corp.		227,406
	19,590	Merck & Co., Inc. (e)		1,574,840
	43,141	Pfizer, Inc. (e)		1,652,732
	5,352	Viatris, Inc. (a) (e)		90,021
	3,688	Zoetis, Inc., Class A		591,481
				12,923,266
		Pipelines - 0.2%
	17,500	Kinder Morgan, Inc.		251,650
	3,935	ONEOK, Inc.		141,148

See accompanying notes to financial statements.

46

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	9,410	Williams Cos., Inc.	$	197,422
				590,220
		Real Estate - 0.1%
	2,600	CBRE Group, Inc., Class A (a)		158,964
		Real Estate Investment Trusts - 2.2%
	974	Alexandria Real Estate Equities, Inc.		159,473
	3,447	American Tower Corp.		796,946
	1,089	AvalonBay Communities, Inc.		181,416
	3,259	Crown Castle International Corp. (f)		546,111
	2,153	Digital Realty Trust, Inc.		290,117
	2,916	Duke Realty Corp.		110,983
	688	Equinix, Inc.		480,080
	2,882	Equity Residential (f)		166,925
	567	Essex Property Trust, Inc.		139,414
	997	Extra Space Storage, Inc.		112,392
	4,164	Healthpeak Properties, Inc.		120,173
	957	Mid-America Apartment Communities, Inc.		120,735
	5,724	Prologis, Inc.		572,686
	1,355	Public Storage		304,143
	2,665	Realty Income Corp. (f)		159,820
	870	SBA Communications Corp.		249,847
	2,362	Simon Property Group, Inc. (f)		195,030
	2,879	Ventas, Inc.		137,933
	5,813	Weyerhaeuser Co.		168,810
	3,211	Welltower, Inc.		202,229
				5,215,263
		Retail - 6.2%
	180	AutoZone, Inc. (a)		204,777
	2,024	Best Buy Co., Inc. (f)		220,211
	1,279	CarMax, Inc. (a)		119,561
	218	Chipotle Mexican Grill, Inc. (a)		281,096
	3,445	Costco Wholesale Corp.		1,349,648
	1,159	Darden Restaurants, Inc.		125,149
	1,931	Dollar General Corp. (f)		422,078
	1,848	Dollar Tree, Inc. (a)		201,876
	304	Domino’s Pizza, Inc.		119,341
	1,128	Genuine Parts Co.		110,961
	8,405	Home Depot, Inc. (e)		2,331,631
	5,907	Lowe’s Cos., Inc.		920,429
	5,785	McDonald’s Corp. (e)		1,257,890
	576	O’Reilly Automotive, Inc. (a)		254,845
	2,770	Ross Stores, Inc.		297,830
	9,134	Starbucks Corp.		895,315

See accompanying notes to financial statements.

47

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	3,901	Target Corp.	$	700,347
	944	Tiffany & Co. (f)		124,117
	9,348	TJX Cos., Inc.		593,692
	908	Tractor Supply Co.		127,856
	480	Ulta Beauty, Inc. (a) (f)		132,192
	6,730	Walgreens Boots Alliance, Inc.		255,807
	22,022	Walmart, Inc. (e)		3,364,741
	2,343	Yum! Brands, Inc.		247,889
				14,659,279
		Retail Trade - 0.1%
	951	Etsy, Inc. (a)		152,826
		Semiconductors - 5.0%
	9,174	Advanced Micro Devices, Inc. (a)		850,063
	2,874	Analog Devices, Inc. (f)		399,716
	7,113	Applied Materials, Inc.		586,680
	3,152	Broadcom, Inc. (e)		1,265,780
	32,960	Intel Corp. (e)		1,593,616
	1,207	KLA Corp.		304,128
	1,132	Lam Research Corp.		512,411
	1,978	Microchip Technology, Inc.		265,823
	8,630	Micron Technology, Inc. (a)		553,097
	4,818	NVIDIA Corp. (e)		2,582,737
	8,773	QUALCOMM, Inc.		1,291,122
	1,306	Skyworks Solutions, Inc.		184,368
	7,130	Texas Instruments, Inc.		1,149,713
	1,900	Xilinx, Inc.		276,545
				11,815,799
		Software - 9.8%
	6,007	Activision Blizzard, Inc.		477,436
	3,750	Adobe, Inc. (a) (e)		1,794,262
	674	ANSYS, Inc. (a)		227,852
	1,717	Autodesk, Inc. (a)		481,155
	2,191	Cadence Design Systems, Inc. (a)		254,813
	2,377	Cerner Corp.		177,895
	2,258	Electronic Arts, Inc. (a)		288,460
	4,827	Fidelity National Information Services, Inc.		716,375
	5,251	Fiserv, Inc. (a)		604,810
	2,048	Intuit, Inc.		720,937
	59,066	Microsoft Corp. (e)		12,644,259
	654	MSCI, Inc.		267,761
	23,476	Oracle Corp. (e)		1,355,035
	2,812	Paychex, Inc.		261,938
	7,111	salesforce.com, Inc. (a) (e)		1,747,884

See accompanying notes to financial statements.

48

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	1,495	ServiceNow, Inc. (a)	$	799,152
	1,182	Synopsys, Inc. (a)		268,905
				23,088,929
		Telecommunications - 2.8%
	55,224	AT&T, Inc. (e)		1,587,690
	33,070	Cisco Systems, Inc. (e)		1,422,671
	5,919	Corning, Inc. (f)		221,489
	1,324	Motorola Solutions, Inc.		227,106
	9,709	T-Mobile US, Inc. (a)		1,290,715
	32,156	Verizon Communications, Inc. (e)		1,942,544
				6,692,215
		Transportation - 1.9%
	1,118	CH Robinson Worldwide, Inc. (f)		105,058
	5,991	CSX Corp. (f)		539,490
	1,311	Expeditors International of Washington, Inc.		117,164
	2,078	FedEx Corp.		595,513
	923	JB Hunt Transport Services, Inc.		124,863
	729	Kansas City Southern		135,718
	1,993	Norfolk Southern Corp.		472,381
	917	Old Dominion Freight Line, Inc.		186,481
	5,308	Union Pacific Corp.		1,083,257
	6,787	United Parcel Service, Inc., Class B		1,161,052
				4,520,977
		Water - 0.1%
	1,410	American Water Works Co., Inc. (f)		216,266
		Wholesale Trade - 0.1%
	315	Pool Corp.		109,025
		TOTAL COMMON STOCKS (Cost - $191,934,154)		236,083,125
		WARRANTS - 0.0% (b)
		Mining, Quarrying, Oil & Gas Extraction - 0.0% (b)
	758	Occidental Petroleum Corp. (a)		3,896
		TOTAL WARRANTS (Cost - $24)		3,896

See accompanying notes to financial statements.

49

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Contracts			Notional Amount		Value
		PURCHASED OPTIONS - 1.2% (a)(c)
		PURCHASED PUT OPTIONS - 1.2%
		S&P 500 Index (g)
	210	Expiration: December 2020, Exercise Price: $3,320	$	76,054,230	$	155,400
	215	Expiration: January 2021, Exercise Price: $3,440		77,865,045		950,300
	210	Expiration: February 2021, Exercise Price: $3,480		76,054,230		1,783,950
		TOTAL PURCHASED OPTIONS (Cost - $8,004,526)				2,889,650
Shares
		SHORT TERM INVESTMENTS - 0.1%
		Money Market Funds - 0.1%
	279,051	First American Treasury Obligations Fund, Class X, 0.05% (d)				279,051
		TOTAL SHORT TERM INVESTMENTS (Cost - $279,051)				279,051
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.3%
	14,768,355	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (d)				14,768,355
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $14,768,355)				14,768,355
		TOTAL INVESTMENTS - 107.7% (Cost - $214,986,110)				254,024,077
		Liabilities in Excess of Other Assets - (7.7)%				(18,227,370	)
		NET ASSETS - 100.0%			$	235,796,707
Contracts
		SCHEDULE OF WRITTEN OPTIONS - (1.4)% (a)(c)
		SCHEDULE OF WRITTEN CALL OPTIONS - (1.1)%
		S&P 500 Index
	110	Expiration: December 2020, Exercise Price $3,620		39,837,930		667,700
	125	Expiration: January 2021, Exercise Price $3,720		45,270,375		586,875
	210	Expiration: February 2021, Exercise Price $3,740		76,054,230		1,435,350
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $2,716,442)			$	2,689,925

See accompanying notes to financial statements.

50

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Contracts			Notional Amount		Value
		SCHEDULE OF WRITTEN PUT OPTIONS - (0.3)%
		S&P 500 Index
	100	Expiration: January 2021, Exercise Price $3,020	$	36,216,300	$	88,000
	210	Expiration: February 2021, Exercise Price $3,080		76,054,230		573,300
		TOTAL WRITTEN PUT OPTIONS (Premiums Received $1,370,616)			$	661,300
		TOTAL WRITTEN OPTIONS (Premiums Received $4,087,058)			$	3,351,225

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.1%.

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

(d) Interest rate reflects seven-day yield on November 30, 2020.

(e) All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $101,342,237, which is 43.0% of total net assets.

(f) All or a portion of this security is out on loan as of November 30, 2020.

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

See accompanying notes to financial statements.

51

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		COMMON STOCKS - 99.7%
		Agriculture, Forestry, Fishing and Hunting - 0.4%
	19,744	Corteva, Inc.	$	756,590
		Apparel - 0.2%
	24,925	Hanesbrands, Inc.		353,935
		Auto Manufacturers - 0.3%
	7,763	PACCAR, Inc.		675,847
		Auto Parts & Equipment - 0.4%
	4,462	Aptiv PLC		529,639
	8,520	BorgWarner, Inc.		331,002
				860,641
		Banks - 3.9%
	17,106	Fifth Third Bancorp		433,466
	30,650	JPMorgan Chase & Co.		3,613,022
	24,293	KeyCorp		375,569
	41,777	Morgan Stanley		2,583,072
	26,214	Regions Financial Corp.		400,288
	1,894	SVB Financial Group (a)		653,165
				8,058,582
		Beverages - 0.8%
	3,607	Constellation Brands, Inc., Class A		742,465
	10,468	Monster Beverage Corp. (a)		887,477
				1,629,942
		Biotechnology - 1.8%
	6,304	Alexion Pharmaceuticals, Inc. (a)		769,781
	9,439	Amgen, Inc.		2,095,836
	1,786	Regeneron Pharmaceuticals, Inc. (a)		921,630
				3,787,247
		Building Materials - 0.5%
	6,009	Fortune Brands Home & Security, Inc.		501,751
	1,714	Martin Marietta Materials, Inc.		455,290
				957,041
		Chemicals - 1.0%
	4,992	Eastman Chemical Co.		486,221
	2,039	Sherwin-Williams Co.		1,524,417
				2,010,638
		Commercial Services - 1.1%
	2,298	Cintas Corp.		816,479
	15,364	H&R Block, Inc. (c)		288,843

See accompanying notes to financial statements.

52

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	6,813	Quanta Services, Inc.	$	465,601
	2,804	United Rentals, Inc. (a)		636,452
				2,207,375
		Computers - 6.0%
	11,600	Accenture PLC, Class A		2,889,444
	69,845	Apple, Inc.		8,315,047
	14,138	Cognizant Technology Solutions Corp., Class A		1,104,602
				12,309,093
		Cosmetics/Personal Care - 0.9%
	21,130	Colgate-Palmolive Co.		1,809,573
		Distribution/Wholesale - 0.9%
	14,409	Fastenal Co.		712,525
	12,377	LKQ Corp. (a)		435,918
	1,647	WW Grainger, Inc. (c)		688,940
				1,837,383
		Diversified Financial Services - 1.9%
	2,340	BlackRock, Inc.		1,634,139
	24,242	Invesco, Ltd.		393,448
	5,357	Raymond James Financial, Inc.		487,219
	16,348	Synchrony Financial		498,124
	5,850	T. Rowe Price Group, Inc.		838,948
				3,851,878
		Electric - 2.0%
	6,131	CMS Energy Corp.		377,302
	5,786	Consolidated Edison, Inc.		441,182
	4,085	DTE Energy Co.		513,934
	5,419	Eversource Energy		474,217
	3,758	Pinnacle West Capital Corp.		307,592
	13,745	PPL Corp.		390,633
	8,448	Public Service Enterprise Group, Inc.		492,349
	5,328	WEC Energy Group, Inc.		505,894
	8,859	Xcel Energy, Inc.		596,742
				4,099,845
		Electronics - 1.4%
	6,872	Amphenol Corp., Class A		898,927
	5,849	Garmin, Ltd.		682,929
	653	Mettler-Toledo International, Inc. (a)		750,976
	3,710	PerkinElmer, Inc.		493,430
				2,826,262

See accompanying notes to financial statements.

53

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Environmental Control - 0.5%
	7,330	Pentair PLC	$	379,841
	7,124	Republic Services, Inc.		689,033
				1,068,874
		Finance and Insurance - 0.8%
	821	MarketAxess Holdings, Inc.		442,667
	27,084	Truist Financial Corp.		1,257,239
				1,699,906
		Food - 1.8%
	18,282	Conagra Brands, Inc.		668,390
	1,216	Domino’s Pizza, Inc.		477,365
	17,006	General Mills, Inc.		1,034,305
	10,017	Hormel Foods Corp. (c)		472,602
	4,429	J.M. Smucker Co. (c)		519,079
	8,721	Tyson Foods, Inc., Class A		568,609
				3,740,350
		Forest Products & Paper - 0.3%
	11,976	International Paper Co.		592,573
		Hand/Machine Tools - 0.5%
	2,479	Snap-on, Inc. (c)		435,932
	3,503	Stanley Black & Decker, Inc.		645,638
				1,081,570
		Healthcare Products - 4.3%
	12,247	Danaher Corp.		2,751,044
	7,743	Hologic, Inc. (a)		535,273
	2,050	IDEXX Laboratories, Inc. (a)		945,009
	3,143	ResMed, Inc.		658,773
	8,600	Thermo Fisher Scientific, Inc.		3,998,828
				8,888,927
		Healthcare Services - 2.4%
	4,874	DaVita, Inc. (a)		535,409
	9,069	HCA Healthcare, Inc.		1,361,347
	3,120	Humana, Inc.		1,249,622
	3,239	Laboratory Corp. of America Holdings (a)		647,282
	4,999	Quest Diagnostics, Inc.		619,776
	3,472	Universal Health Services, Inc., Class B		453,374
				4,866,810
		Home Builders - 1.0%
	11,182	DR Horton, Inc.		833,059
	10,039	Lennar Corp., Class A		761,559

See accompanying notes to financial statements.

54

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	11,345	PulteGroup, Inc.	$	494,982
				2,089,600
		Home Furnishings - 0.2%
	2,627	Whirlpool Corp.		511,240
		Household Products/Wares - 0.7%
	8,008	Church & Dwight Co., Inc.		702,862
	3,454	Clorox Co. (c)		701,024
				1,403,886
		Information - 0.6%
	1,458	Tyler Technologies, Inc. (a)		623,441
	20,193	ViacomCBS, Inc., Class B		712,409
				1,335,850
		Insurance - 6.6%
	6,194	Arthur J Gallagher & Co.		714,850
	35,580	Berkshire Hathaway, Inc., Class B (a)		8,144,618
	10,128	Hartford Financial Services Group, Inc.		447,658
	9,797	Marsh & McLennan Cos., Inc.		1,123,128
	13,038	MetLife, Inc.		601,964
	16,347	Progressive Corp.		1,423,987
	6,710	Travelers Cos., Inc.		869,951
	13,309	Unum Group		295,859
				13,622,015
		Internet - 8.9%
	4,746	Alphabet, Inc., Class A (a)		8,326,382
	20,123	eBay, Inc.		1,014,803
	3,534	F5 Networks, Inc. (a)		575,371
	30,258	Facebook, Inc., Class A (a)		8,380,558
				18,297,114
		Machinery - Diversified - 0.6%
	3,147	Cummins, Inc.		727,492
	4,358	Dover Corp.		531,807
				1,259,299
		Media - 1.4%
	4,527	Charter Communications, Inc., Class A (a)(c)		2,951,559
		Mining - 0.6%
	19,600	Newmont Goldcorp Corp.		1,152,872
		Miscellaneous Manufacturing - 2.3%
	11,563	3M Co.		1,997,277
	6,390	AO Smith Corp.		359,821
	3,120	Parker-Hannifin Corp.		833,851

See accompanying notes to financial statements.

55

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
	6,759	Trane Technologies PLC	$	988,436
	1,825	West Pharmaceutical Services, Inc.		502,167
				4,681,552
		Oil & Gas - 0.9%
	16,847	Cabot Oil & Gas Corp.		295,159
	32,432	Exxon Mobil Corp.		1,236,632
	3,553	Pioneer Natural Resources Co.		357,361
				1,889,152
		Oil & Gas Services - 0.2%
	17,407	Baker Hughes & GE Co.		325,859
		Packaging & Containers - 0.6%
	3,753	Packaging Corp of America		487,890
	8,869	Sealed Air Corp.		399,637
	8,957	Westrock Co.		378,075
				1,265,602
		Pharmaceuticals - 2.6%
	34,771	AbbVie, Inc.		3,636,351
	27,499	Bristol-Myers Squibb Co.		1,715,938
				5,352,289
		Pipelines - 0.4%
	31,862	Kinder Morgan, Inc.		458,175
	19,966	Williams Cos., Inc.		418,887
				877,062
		Professional, Scientific, and Technical Services - 1.1%
	4,792	CDW Corp.		625,308
	3,171	ServiceNow, Inc. (a)		1,695,058
				2,320,366
		Real Estate - 0.3%
	9,905	CBRE Group, Inc., Class A (a)		605,592
		Real Estate Investment Trusts - 2.4%
	2,377	AvalonBay Communities, Inc.		395,985
	1,188	Equinix, Inc.		828,975
	1,440	Essex Property Trust, Inc.		354,067
	4,303	Extra Space Storage, Inc.		485,077
	2,862	Mid-America Apartment Communities, Inc.		361,070
	9,048	Prologis, Inc.		905,252
	3,684	Public Storage		826,911
	6,630	Realty Income Corp.		397,601
	16,834	Weyerhaeuser Co.		488,859
				5,043,797

See accompanying notes to financial statements.

56

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Retail - 14.0%
	8,121	Best Buy Co., Inc.	$	883,565
	508	Chipotle Mexican Grill, Inc. (a)		655,030
	9,987	Costco Wholesale Corp.		3,912,607
	7,101	Dollar General Corp.		1,552,137
	19,980	Home Depot, Inc.		5,542,652
	20,347	Lowe’s Cos., Inc.		3,170,469
	6,978	McDonald’s Corp.		1,517,296
	13,090	Target Corp.		2,350,048
	4,641	Tractor Supply Co.		653,499
	55,076	Walmart, Inc.		8,415,062
	5,317	Yum! Brands, Inc.		562,539
				29,214,904
		Semiconductors - 5.0%
	50,816	Intel Corp.		2,456,954
	9,236	NVIDIA Corp.		4,951,050
	4,451	Qorvo, Inc. (a)		697,383
	14,149	Texas Instruments, Inc.		2,281,526
				10,386,913
		Software - 8.3%
	14,220	Activision Blizzard, Inc.		1,130,206
	6,524	Adobe, Inc. (a)		3,121,538
	5,586	Akamai Technologies, Inc. (a)		578,207
	4,803	Broadridge Financial Solutions, Inc.		705,465
	7,459	Cadence Design Systems, Inc. (a)		867,482
	7,304	Cerner Corp.		546,631
	3,165	Jack Henry & Associates, Inc.		509,122
	39,156	Microsoft Corp.		8,382,125
	3,399	Synopsys, Inc. (a)		773,272
	2,861	Take-Two Interactive Software, Inc. (a)		516,439
				17,130,487
		Telecommunications - 5.0%
	2,383	Arista Networks, Inc. (a)(c)		645,078
	67,770	AT&T, Inc.		1,948,388
	43,648	Cisco Systems, Inc.		1,877,737
	21,157	Juniper Networks, Inc.		460,588
	88,905	Verizon Communications, Inc.		5,370,751
				10,302,542

See accompanying notes to financial statements.

57

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Transportation - 1.6%
	10,725	CSX Corp. (c)	$	965,786
	5,478	Expeditors International of Washington, Inc.		489,569
	4,799	FedEx Corp.		1,375,298
	3,730	JB Hunt Transport Services, Inc.		504,594
				3,335,247
		Transportation and Warehousing - 0.3%
	3,063	Old Dominion Freight Line, Inc.		622,892
		TOTAL COMMON STOCKS (Cost - $185,954,342)		205,948,573
		SHORT TERM INVESTMENTS - 0.3%
		Money Market Funds - 0.3%
	600,071	First American Treasury Obligations Fund, Class X, 0.05% (b)		600,071
		TOTAL SHORT TERM INVESTMENTS (Cost - $600,071)		600,071
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%
	4,183,755	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (b)		4,183,755
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $4,183,755)		4,183,755
		TOTAL INVESTMENTS - 102.0% (Cost - $190,738,168)		210,732,399
		Liabilities in Excess of Other Assets - (2.0)%		(4,116,517	)
		NET ASSETS - 100.0%	$	206,615,882

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Interest rate reflects seven-day yield on November 30, 2020.

(c) All or a portion of this security is out on loan as of November 30, 2020.

See accompanying notes to financial statements.

58

Horizon ESG Defensive Core Fund
PORTFOLIO OF INVESTMENTS
November 30, 2020

Shares			Value
		COMMON STOCKS - 96.5%
		Advertising - 0.7%
	2,478	Interpublic Group of Cos., Inc.	$	55,210
		Apparel - 1.0%
	592	Nike, Inc., Class B		79,742
		Auto Parts & Equipment - 0.7%
	455	Aptiv PLC		54,009
		Banks - 4.0%
	3,980	Bank of America Corp.		112,077
	367	Goldman Sachs Group, Inc.		84,623
	1,112	JPMorgan Chase & Co.		131,082
				327,782
		Beverages - 3.0%
	1,217	Molson Coors Brewing Co., Class B		55,982
	1,349	PepsiCo, Inc.		194,566
				250,548
		Biotechnology - 3.7%
	930	Amgen, Inc.		206,497
	421	Biogen, Inc. (a)		101,112
				307,609
		Building Materials - 0.5%
	931	Johnson Controls International PLC		42,863
		Chemicals - 2.1%
	710	DuPont de Nemours, Inc.		45,042
	435	International Flavors & Fragrances, Inc. (d)		48,763
	318	Linde PLC		81,542
				175,347
		Commercial Services - 3.5%
	163	MarketAxess Holdings, Inc.		87,886
	404	Moody’s Corp.		114,066
	420	Verisk Analytics, Inc.		83,290
				285,242
		Computers - 8.3%
	5,791	Apple, Inc.		689,419
		Diversified Financial Services - 2.6%
	1,559	American Express Co.		184,882
	99	MasterCard, Inc., Class A		33,314
				218,196

See accompanying notes to financial statements.

59

Horizon ESG Defensive Core Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Environmental Control - 1.8%
	1,556	Republic Services, Inc.	$	150,496
		Food - 1.3%
	655	Campbell Soup Co.		32,763
	624	Kellogg Co.		39,880
	478	Tyson Foods, Inc., Class A		31,166
				103,809
		Health Care & Social Assistance - 0.4%
	1,484	MEDNAX, Inc. (a)		29,992
		Healthcare Products - 1.3%
	929	Medtronic PLC		105,627
		Healthcare Services - 2.2%
	138	Anthem, Inc.		42,990
	937	HCA Healthcare, Inc.		140,653
				183,643
		Household Products/Wares - 1.0%
	524	Avery Dennison Corp.		78,254
		Information - 0.5%
	885	Slack Technologies, Inc., Class A (a)(d)		37,949
		Insurance - 2.0%
	1,601	Allstate Corp.		163,862
		Internet - 7.1%
	260	Alphabet, Inc., Class A (a)		456,144
	2,663	eBay, Inc.		134,295
				590,439
		Lodging - 0.9%
	751	Hilton Worldwide Holdings, Inc. (d)		77,826
		Manufacturing - 4.1%
	2,635	Keurig Dr Pepper, Inc.		80,236
	542	Owens Corning		39,495
	391	Tesla, Inc. (a)		221,932
				341,663
		Media - 2.5%
	521	Comcast Corp.		26,175
	1,213	Walt Disney Co. (a)		179,536
				205,711

See accompanying notes to financial statements.

60

Horizon ESG Defensive Core Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Miscellaneous Manufacturing - 1.2%
	9,602	General Electric Co.	$	97,748
		Oil & Gas - 1.4%
	193	Chevron Corp.		16,826
	2,483	Exxon Mobil Corp.		94,677
				111,503
		Oil & Gas Services - 0.0% (b)
	161	National Oilwell Varco, Inc.		1,974
		Pharmaceuticals - 4.4%
	2,250	Bristol-Myers Squibb Co.		140,400
	915	Cigna Corp.		191,363
	111	DexCom, Inc. (a)		35,485
				367,248
		Real Estate Investment Trusts - 3.3%
	122	Alexandria Real Estate Equities, Inc.		19,975
	1,064	Digital Realty Trust, Inc.		143,374
	3,966	Iron Mountain, Inc.		109,065
				272,414
		Retail - 5.0%
	1,552	Lowe’s Cos., Inc.		241,833
	1,321	Starbucks Corp.		129,484
	249	Target Corp.		44,703
				416,020
		Retail Trade - 0.8%
	300	Burlington Stores, Inc. (a)		65,562
		Semiconductors - 4.8%
	416	Broadcom, Inc.		167,058
	3,992	Intel Corp.		193,013
	589	Micron Technology, Inc. (a)		37,749
				397,820
		Software - 11.9%
	298	Cadence Design Systems, Inc. (a)		34,657
	334	Citrix Systems, Inc.		41,389
	2,914	Microsoft Corp.		623,800
	2,977	Oracle Corp.		171,833
	101	Paycom Software, Inc. (a)		42,125
	157	salesforce.com, Inc. (a)		38,591
	146	Synopsys, Inc. (a)		33,215
				985,610

See accompanying notes to financial statements.

61

Horizon ESG Defensive Core Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2020

Shares			Value
		Telecommunications - 3.0%
	3,247	AT&T, Inc.	$	93,351
	2,075	Cisco Systems, Inc.		89,267
	1,157	Verizon Communications, Inc.		69,894
				252,512
		Transportation - 2.8%
	362	Union Pacific Corp.		73,877
	936	United Parcel Service, Inc., Class B		160,121
				233,998
		Utilities - 0.3%
	234	IDACORP, Inc.		21,196
		Water - 2.0%
	1,071	American Water Works Co., Inc.		164,270
		Wholesale Trade - 0.4%
	88	Pool Corp.		30,458
		TOTAL COMMON STOCKS (Cost - $7,049,112)		7,973,571
		RIGHTS - 0.0% (b)
		Manufacturing - 0.0% (b)
	1,684	Bristol-Myers Squibb Co., Expiration: March 2021 (a)		1,987
		TOTAL RIGHTS (Cost - $4,439)		1,987
		SHORT TERM INVESTMENTS - 2.0%
		Money Market Funds - 2.0%
	163,118	First American Treasury Obligations Fund, Class X, 0.05% (c)		163,118
		TOTAL SHORT TERM INVESTMENTS (Cost - $163,118)		163,118
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%
	163,101	Mount Vernon Liquid Assets Portfolio, LLC, 0.15% (c)		163,101
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $163,101)		163,101
		TOTAL INVESTMENTS - 100.5% (Cost - $7,379,770)		8,301,777
		Liabilities in Excess of Other Assets - (0.5)%		(34,226	)
		NET ASSETS - 100.0%	$	8,267,551

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.1%.

(c) Interest rate reflects seven-day yield on November 30, 2020.

(d) All or a portion of this security is out on loan as of November 30, 2020.

See accompanying notes to financial statements.

62

Horizon Funds

Statements of Assets and Liabilities

November 30, 2020

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist® Fund		Horizon Active Income Fund		Horizon Active Dividend Fund
Assets:
Investments in Unaffiliated Securities, at Cost	$	654,128,145	$	925,144,515	$	513,423,843	$	126,057,823
Investments in Affiliated Securities, at Cost		—		27,130,558		7,932,703		—
Investments in Unaffiliated Securities, at Value (a)	$	699,662,074	$	987,561,649	$	524,830,221	$	135,994,483
Investments in Affiliated Securities, at Value (a)		—		32,664,121		7,939,614		—
Cash		—		—		40,000		250,000
Receivable for Investment Securities Sold		5,708,825		28		—		3,540,601
Receivable for Fund Shares Sold		536,379		1,438,560		562,075		193,431
Dividends and Interest Receivable		2,239		16,954		183		384,390
Dividend Reclaims		—		85		—		85,050
Prepaid Expenses and Other Assets		78,822		104,095		72,169		44,864
Total Assets		705,988,339		1,021,785,492		533,444,262		140,492,819
Liabilities:
Options Written, at Value (Premiums received $0, $513,987, $0 and $0)		—		867,500		—		—
Collateral Received for Securities Loaned (Note 5)		171,201,918		206,423,075		97,650,825		22,446,600
Payable for Investment Securities Purchased		—		—		—		3,448,231
Payable for Fund Shares Redeemed		433,582		1,793,494		309,343		885,621
Payable for Line of Credit		390,000		—		—		—
Accrued Advisory Fees		437,138		657,253		273,647		61,547
Accrued Custodian Fees		6,040		9,735		3,260		2,358
Accrued Distribution Fees (12b-1) - Advisor Class		11,564		3,973		111		21,930
Accrued Shareholder Servicing Fees - Investor Class		132,174		136,043		56,334		—
Accrued Expenses and Other Liabilities		115,230		158,511		112,743		71,103
Total Liabilities		172,727,646		210,049,584		98,406,263		26,937,390
Net Assets	$	533,260,693	$	811,735,908	$	435,037,999	$	113,555,429
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	461,460,099	$	791,458,220	$	432,803,219	$	124,514,320
Distributable Earnings/(Accumulated Deficit)		71,800,594		20,277,688		2,234,780		(10,958,891	)
Net Assets	$	533,260,693	$	811,735,908	$	435,037,999	$	113,555,429
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	521,477,274	$	764,774,848	$	430,958,420	$	104,774,061
Shares of Beneficial Interest Outstanding		37,051,943		35,174,734		43,541,548		1,904,633
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	14.07	$	21.74	$	9.90	$	55.01
Advisor Class Shares:
Net Assets	$	10,051,744	$	6,398,642	$	3,895,664	$	8,781,368
Shares of Beneficial Interest Outstanding		717,363		294,463		391,413		159,684
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	14.01	$	21.73	$	9.95	$	54.99
Institutional Class Shares:
Net Assets	$	1,731,675	$	40,562,418	$	183,915	$	—
Shares of Beneficial Interest Outstanding		122,687		1,861,154		18,650		—
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	14.11	$	21.79	$	9.86	$	—
(a) Includes loaned securities with a value of (see Portfolio of Investments for those affiliated securities that are loaned):	$	165,021,019	$	199,535,244	$	95,513,938	$	21,616,125

See accompanying notes to financial statements.

63

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2020

	Horizon Defined Risk Fund		Horizon Defensive Multi-Factor Fund		Horizon ESG Defensive Core Fund
Assets:
Investments in Unaffiliated Securities, at Cost	$	214,986,110	$	190,738,168	$	7,379,770
Investments in Unaffiliated Securities, at Value (a)	$	254,024,077	$	210,732,399	$	8,301,777
Receivable for Investment Securities Sold		5		—		40,948
Receivable for Fund Shares Sold		380,491		280,046		100,000
Receivable from Adviser		—		—		19,613
Dividends and Interest Receivable		337,580		230,471		11,485
Dividend Reclaims		777		588		—
Prepaid Expenses and Other Assets		43,705		34,543		17,063
Total Assets		254,786,635		211,278,047		8,490,886
Liabilities:
Options Written, at Value (Premiums received $4,087,058, $0 and $0)		3,351,225		—		—
Collateral Received for Securities Loaned (Note 5)		14,768,355		4,183,755		163,101
Payable for Fund Shares Redeemed		632,589		290,014		—
Accrued Advisory Fees		138,342		113,474		—
Accrued Audit Fees		18,001		17,999		10,492
Accrued Custodian Fees		6,302		4,958		2,526
Legal Fees		1,223		1,444		20,620
Accrued Trustees’ Fees and Expenses		495		—		181
Accrued Distribution Fees (12b-1) - Investor Class		—		5,573		2,484
Accrued Distribution Fees (12b-1) - Advisor Class		14,329		66		986
Accrued Expenses and Other Liabilities		59,067		44,882		22,945
Total Liabilities		18,989,928		4,662,165		223,335
Net Assets	$	235,796,707	$	206,615,882	$	8,267,551
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	215,076,779	$	190,866,434	$	7,171,766
Distributable Earnings		20,719,928		15,749,448		1,095,785
Net Assets	$	235,796,707	$	206,615,882	$	8,267,551
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	210,992,503	$	205,885,836	$	3,984,986
Shares of Beneficial Interest Outstanding		3,702,940		7,571,976		138,450
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	56.98	$	27.19	$	28.78
Advisor Class Shares:
Net Assets	$	24,804,204	$	730,046	$	4,282,565
Shares of Beneficial Interest Outstanding		435,688		26,879		149,256
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	56.93	$	27.16		28.69
(a) Includes loaned securities with a value of:	$	14,282,093	$	4,103,431	$	160,096

See accompanying notes to financial statements.

64

Horizon Funds

Statements of Operations

For the Year Ended November 30, 2020

	Horizon Active Asset Allocation Fund			Horizon Active Risk Assist® Fund			Horizon Active Income Fund			Horizon Active Dividend Fund
Investment Income:
Dividend Income from Unaffiliated Securities (Net of Foreign Withholdings Tax of $0, $0, $0 and $133,453)	$	9,823,259		$	14,531,694		$	8,955,444		$	4,692,796
Dividend Income from affiliated securities		109,685			1,419,296			335,154			—
Interest Income		18,985			53,161			21,919			40,631
Total Investment Income		9,951,929			16,004,151			9,312,517			4,733,427
Expenses:
Investment Advisory Fees		5,053,344			7,860,520			2,582,501			1,051,827
Shareholder Servicing Fees - Investor Class		436,003			695,040			321,282			—
Administrative & Accounting Service Fees		267,237			422,375			173,615			110,256
Transfer Agent Fees		148,343			166,397			93,884			47,976
Registration Fees		86,685			119,965			73,025			55,544
Legal Fees		85,889			128,165			44,409			22,275
Trustees’ Fees and Expenses		75,048			130,441			47,773			23,354
Miscellaneous Expenses		24,576			33,907			13,547			26,778
Chief Compliance Officer & Compliance Fees		47,650			72,347			36,311			14,670
Custodian Fees		38,060			69,100			21,273			14,046
Printing and Postage Expenses		37,416			50,006			25,794			26,569
Excise Tax		31,574			64,089			20,041			—
Audit Fees and Tax Services		19,960			20,896			19,596			20,827
Distribution Fees (12b-1) - Advisor Class		19,754			8,657			5,132			49,700
Insurance Fees		12,326			19,014			6,338			3,998
Distribution Fees (12b-1) - Investor Class		—			—			—			120,364
Interest Expense		—			1,761			24,349			325
Total Expenses		6,383,865			9,862,680			3,508,870			1,588,509
Securities Lending Expense Offset		(763,783	)		(488,769	)		(490,131	)		(81,689	)
Fees Recouped by the Adviser		450,596			82,322			—			77,458
Fees Waived by the Advisor		(6,078	)		—			—			(25,480	)
Net Expenses		6,064,600			9,456,233			3,018,739			1,558,798
Net Investment Income		3,887,329			6,547,918			6,293,778			3,174,629
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Unaffiliated Investments		46,914,407			(14,088,337	)		11,187,434			(20,721,594	)
Net Long-Term Capital Gain Distributions		—			—			22,168			—
Affiliated Investments		(10,882	)		(1,988,925	)		(116,406	)		—
Purchased Options		1,770,837			(17,669,183	)		(43,487	)		(622,093	)
Written Options		(12,144,235	)		6,891,603			(2,397,419	)		157,608
Foreign Currency		—			—			—			265
Net Change in Unrealized Appreciation (Depreciation) on:
Unaffiliated Investments		13,154,995			38,208,133			7,343,732			4,642,791
Affiliated Investments		2,136,159			(648,899	)		99,213			—
Purchased Options		272,977			845,515			—			101,962
Written Options		(128,674	)		132,177			(7,215	)		(35,880	)
Foreign Currency		—			—			—			180
Net Realized and Unrealized Gain (Loss) on Investments		51,965,584			11,682,084			16,088,020			(16,476,761	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	55,852,913		$	18,230,002		$	22,381,798		$	(13,302,132	)

See accompanying notes to financial statements.

65

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period/Year Ended November 30, 2020

	Horizon Defined Risk Fund			Horizon Defensive Multi-Factor Fund			Horizon ESG Defensive Core Fund (1)
Investment Income:
Dividend Income from Unaffiliated Securities	$	3,311,375		$	1,995,004		$	54,775
Interest Income		16,205			9,202			274
Total Investment Income		3,327,580			2,004,206			55,049
Expenses:
Investment Advisory Fees		1,531,462			1,014,972			23,801
Administrative & Accounting Service Fees		130,400			84,943			13,748
Transfer Agent Fees		52,043			52,083			26,672
Registration Fees		58,882			51,634			7,118
Legal Fees		28,239			12,508			26,582
Trustees’ Fees and Expenses		28,936			16,155			567
Miscellaneous Expenses		9,643			5,543			2,136
Chief Compliance Officer & Compliance Fees		18,524			11,854			2,097
Custodian Fees		51,658			28,103			15,254
Printing and Postage Expenses		28,762			19,097			7,612
Audit Fees		19,421			18,426			10,730
Distribution Fees (12b-1) - Advisor Class		60,680			653			4,996
Insurance Fees		3,703			1,493			8
Distribution Fees (12b-1) - Investor Class		167,161			126,611			1,175
Offering Costs		—			5,600			18,741
Organizational Costs		—			—			3,230
Total Expenses		2,189,514			1,449,675			164,467
Securities Lending Expense Offset		(2,802	)		(4,338	)		—
Fees Waived by the Adviser		(159,403	)		(69,269	)		(128,466	)
Fees Recouped by the Adviser		—			7,220			—
Net Expenses		2,027,309			1,383,288			36,001
Net Investment Income		1,300,271			620,918			19,048
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Unaffiliated Investments		7,592,939			(4,689,235	)		154,474
Purchased Options		(6,808,543	)		(78,841	)		—
Written Options		(12,784,142	)		27,733			—
Net Change in Unrealized Appreciation (Depreciation) on:
Unaffiliated Investments		21,721,733			18,824,128			922,007
Purchased Options		(2,866,393	)		—			—
Written Options		1,921,535			—			—
Net Realized and Unrealized Gain on Investments		8,777,129			14,083,785			1,076,481
Net Increase in Net Assets Resulting From Operations	$	10,077,400		$	14,704,703		$	1,095,529

⁽¹⁾ The Horizon ESG Defensive Core Fund commenced operations on December 26, 2019.

See accompanying notes to financial statements.

66

Horizon Active Asset Allocation Fund

Statements of Changes in Net Assets

	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
Operations:
Net Investment Income	$	3,887,329		$	3,492,518
Net Realized Gain (Loss) on Investments		36,530,127			(6,716,609	)
Net Change in Unrealized Appreciation on Investments		15,435,457			38,866,298
Net Increase in Net Assets Resulting From Operations		55,852,913			35,642,207
Distributions to Shareholders From:
Distributable earnings
Investor Class		(3,464,791	)		(28,080,978	)
Advisor Class		(43,024	)		(449,545	)
Institutional Class		(239,551	)		(1,921,746	)
Total Distributions to Shareholders		(3,747,366	)		(30,452,269	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		202,412,573			183,834,240
Advisor Class		6,045,953			2,532,615
Institutional Class		8,099,523			5,217,874
Distributions Reinvested
Investor Class		3,314,346			26,696,715
Advisor Class		38,374			388,591
Institutional Class		239,551			1,921,746
Cost of Shares Redeemed
Investor Class		(240,665,906	)		(183,821,134	)
Advisor Class		(5,566,352	)		(2,277,638	)
Institutional Class		(38,111,521	)		(8,847,909	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(64,193,459	)		25,645,100
Increase (Decrease) in Net Assets		(12,087,912	)		30,835,038
Net Assets:
Beginning of Year		545,348,605			514,513,567
End of Year	$	533,260,693		$	545,348,605
Share Activity:
Investor Class:
Shares Issued		16,763,649			15,494,502
Shares Reinvested		257,525			2,602,019
Shares Redeemed		(20,313,409	)		(15,372,021	)
Net Increase (Decrease)		(3,292,235	)		2,724,500
Advisor Class:
Shares Issued		517,248			212,299
Shares Reinvested		2,993			38,023
Shares Redeemed		(430,875	)		(191,777	)
Net Increase		89,366			58,545
Institutional Class:
Shares Issued		693,989			434,457
Shares Reinvested		18,584			187,122
Shares Redeemed		(2,855,260	)		(734,146	)
Net Decrease		(2,142,687	)		(112,567	)

See accompanying notes to financial statements.

67

Horizon Active Risk Assist^® Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
Operations:
Net Investment Income	$	6,547,918		$	5,035,556
Net Realized Loss on Investments		(26,854,842	)		(16,237,956	)
Net Change in Unrealized Appreciation on Investments		38,536,926			39,942,606
Net Increase in Net Assets Resulting From Operations		18,230,002			28,740,206
Distributions to Shareholders From:
Distributable earnings
Investor Class		(7,582,927	)		(25,020,041	)
Advisor Class		(1,359	)		(12,752	)
Institutional Class		(674,574	)		(822,520	)
Total Distributions to Shareholders		(8,258,860	)		(25,855,313	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		480,907,603			448,098,022
Advisor Class		7,267,563			95,384
Institutional Class		7,956,644			70,890,542
Distributions Reinvested
Investor Class		7,203,726			23,214,578
Advisor Class		1,359			12,752
Institutional Class		673,553			810,861
Cost of Shares Redeemed
Investor Class		(472,054,516	)		(412,903,377	)
Advisor Class		(2,102,852	)		(305,953	)
Institutional Class		(30,083,423	)		(35,981,934	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(230,343	)		93,930,875
Increase in Net Assets		9,740,799			96,815,768
Net Assets:
Beginning of Year		801,995,109			705,179,341
End of Year	$	811,735,908		$	801,995,109
Share Activity:
Investor Class:
Shares Issued		24,770,984			21,888,834
Shares Reinvested		332,429			1,220,535
Shares Redeemed		(24,485,116	)		(19,995,435	)
Net Increase		618,297			3,113,934
Advisor Class:
Shares Issued		390,519			4,663
Shares Reinvested		63			670
Shares Redeemed		(104,411	)		(14,982	)
Net Increase (Decrease)		286,171			(9,649	)
Institutional Class:
Shares Issued		409,210			3,598,112
Shares Reinvested		31,039			42,610
Shares Redeemed		(1,517,636	)		(1,747,770	)
Net Increase (Decrease)		(1,077,387	)		1,892,952

See accompanying notes to financial statements.

68

Horizon Active Income Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
Operations:
Net Investment Income	$	6,293,778		$	8,533,606
Net Realized Gain (Loss) on Investments		8,652,290			(611,103	)
Net Change in Unrealized Appreciation on Investments		7,435,730			9,019,054
Net Increase in Net Assets Resulting From Operations		22,381,798			16,941,557
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(6,597,800	)		(8,476,291	)
Advisor Class		(35,254	)		(54,060	)
Institutional Class		(4,791	)		(255,598	)
Total Distributions to Shareholders		(6,637,845	)		(8,785,949	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		308,522,229			122,032,458
Advisor Class		3,877,638			777,825
Institutional Class		302,989			1,265,958
Distributions Reinvested
Investor Class		6,233,403			7,926,823
Advisor Class		34,438			54,060
Institutional Class		4,791			255,598
Cost of Shares Redeemed
Investor Class		(171,700,477	)		(141,376,516	)
Advisor Class		(2,523,258	)		(163,128	)
Institutional Class		(8,225,534	)		(1,227,529	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		136,526,219			(10,454,451	)
Increase (Decrease) in Net Assets		152,270,172			(2,298,843	)
Net Assets:
Beginning of Year		282,767,827			285,066,670
End of Year	$	435,037,999		$	282,767,827
Share Activity:
Investor Class:
Shares Issued		32,423,819			13,160,061
Shares Reinvested		656,510			875,624
Shares Redeemed		(18,400,287	)		(15,394,987	)
Net Increase (Decrease)		14,680,042			(1,359,302	)
Advisor Class:
Shares Issued		404,105			84,117
Shares Reinvested		3,616			5,923
Shares Redeemed		(262,134	)		(17,470	)
Net Increase		145,587			72,570
Institutional Class:
Shares Issued		32,889			137,045
Shares Reinvested		508			28,265
Shares Redeemed		(867,783	)		(132,790	)
Net Increase (Decrease)		(834,386	)		32,520

See accompanying notes to financial statements.

69

Horizon Active Dividend Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
Operations:
Net Investment Income	$	3,174,629		$	3,018,869
Net Realized Gain (Loss) on Investments		(21,185,814	)		726,242
Net Change in Unrealized Appreciation on Investments		4,709,053			6,535,490
Net Increase (Decrease) in Net Assets Resulting From Operations		(13,302,132	)		10,280,601
Distributions to Shareholders From:
Distributable earnings
Investor Class		(3,727,018	)		(3,410,482	)
Advisor Class		(602,435	)		(1,015,651	)
Total Distributions to Shareholders		(4,329,453	)		(4,426,133	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		75,905,073			134,693,504
Advisor Class		10,196,716			22,386,170
Distributions Reinvested
Investor Class		3,726,574			3,410,116
Advisor Class		475,886			798,268
Cost of Shares Redeemed
Investor Class		(116,808,266	)		(26,621,049	)
Advisor Class		(26,213,335	)		(7,418,282	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(52,717,352	)		127,248,727
Increase (Decrease) in Net Assets		(70,348,937	)		133,103,195
Net Assets:
Beginning of Year		183,904,366			50,801,171
End of Year	$	113,555,429		$	183,904,366
Share Activity:
Investor Class:
Shares Issued		1,513,537			2,408,615
Shares Reinvested		69,115			65,074
Shares Redeemed		(2,348,799	)		(467,780	)
Net Increase (Decrease)		(766,147	)		2,005,909
Advisor Class:
Shares Issued		194,692			401,444
Shares Reinvested		8,821			15,523
Shares Redeemed		(512,641	)		(129,693	)
Net Increase (Decrease)		(309,128	)		287,274

See accompanying notes to financial statements.

70

Horizon Defined Risk Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019
Operations:
Net Investment Income	$	1,300,271		$	921,713
Net Realized Loss on Investments		(11,999,746	)		(8,081,431	)
Net Change in Unrealized Appreciation on Investments		20,776,875			18,780,689
Net Increase in Net Assets Resulting From Operations		10,077,400			11,620,971
Distributions to Shareholders From:
Distributable earnings
Investor Class		(910,223	)		(93,805	)
Advisor Class		(102,844	)		(46,441	)
Total Distributions to Shareholders		(1,013,067	)		(140,246	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		122,098,676			171,559,084
Advisor Class		15,317,797			17,349,164
Distributions Reinvested
Investor Class		910,154			93,805
Advisor Class		75,200			28,456
Cost of Shares Redeemed
Investor Class		(83,224,179	)		(24,572,765	)
Advisor Class		(14,574,578	)		(4,897,060	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		40,603,070			159,560,684
Increase in Net Assets		49,667,403			171,041,409
Net Assets:
Beginning of Period/Year		186,129,304			15,087,895
End of Period/Year	$	235,796,707		$	186,129,304
Share Activity:
Investor Class:
Shares Issued		2,272,168			3,376,396
Shares Reinvested		16,792			1,995
Shares Redeemed		(1,605,672	)		(474,710	)
Net Increase		683,288			2,903,681
Advisor Class:
Shares Issued		284,181			335,380
Shares Reinvested		1,387			605
Shares Redeemed		(271,764	)		(94,023	)
Net Increase		13,804			241,962

See accompanying notes to financial statements.

71

Horizon Defensive Multi-Factor Fund
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the Period Ended November 30, 2020(1)			For the Period Ended November 30, 2019(2)
Operations:
Net Investment Income	$	620,918		$	89,728
Net Realized Gain (Loss) on Investments		(4,740,343	)		3,417
Net Change in Unrealized Appreciation on Investments		18,824,128			1,170,103
Net Increase in Net Assets Resulting From Operations		14,704,703			1,263,248
Distributions to Shareholders From:
Distributable earnings
Investor Class		(220,775	)		—
Advisor Class		—			—
Total Distributions to Shareholders		(220,775	)		—
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		142,608,371			86,203,772
Advisor Class		728,483			—
Distributions Reinvested
Investor Class		220,732			—
Advisor Class		—			—
Cost of Shares Redeemed
Investor Class		(37,126,755	)		(1,691,094	)
Advisor Class		(74,803	)		—
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		106,356,028			84,512,678
Increase in Net Assets		120,839,956			85,775,926
Net Assets:
Beginning of Period		85,775,926			—
End of Period	$	206,615,882		$	85,775,926
Share Activity:
Investor Class:
Shares Issued		5,783,053			3,337,028
Shares Reinvested		8,348			—
Shares Redeemed		(1,491,204	)		(65,249	)
Net Increase		4,300,197			3,271,779
Advisor Class:
Shares Issued		29,766			—
Shares Reinvested		—			—
Shares Redeemed		(2,887	)		—
Net Increase		26,879			—

⁽¹⁾ Horizon Defensive Multi-Factor Fund, Advisor Class, commenced operations on January 31, 2020.

⁽²⁾ Horizon Defensive Multi-Factor Fund, Investor Class, commenced operations on June 26, 2019.

See accompanying notes to financial statements.

72

Horizon ESG Defensive Core Fund
STATEMENT OF CHANGES IN NET ASSETS (Continued)

	For the Period Ended November 30, 2020(1)
Operations:
Net Investment Income	$	19,048
Net Realized Gain on Investments		154,474
Net Change in Unrealized Appreciation on Investments		922,007
Net Increase in Net Assets Resulting From Operations		1,095,529
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		3,674,103
Advisor Class		3,715,169
Cost of Shares Redeemed
Investor Class		(52,237	)
Advisor Class		(165,013	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		7,172,022
Increase in Net Assets		8,267,551
Net Assets:
Beginning of Period		—
End of Period	$	8,267,551
Share Activity:
Investor Class:
Shares Issued		140,527
Shares Redeemed		(2,077	)
Net Increase		138,450
Advisor Class:
Shares Issued		155,294
Shares Redeemed		(6,038	)
Net Increase		149,256

⁽¹⁾ Horizon ESG Defensive Core Fund, Investor and Advisor Class, commenced operations on December 26, 2019 and January 8, 2020, respectively.

See accompanying notes to financial statements.

73

Horizon Active Asset Allocation Fund

Financial Highlights

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

	Investor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Year Ended November 30, 2016
Net Asset Value, Beginning of Year	$	12.61		$	12.68		$	14.20		$	11.56		$	11.99
Income From Investment Operations:
Net investment income (c,f)		0.09			0.08			0.07	(h)		0.08			0.12
Net gain (loss) from investments (both realized and unrealized)		1.46			0.65			(0.02	)(h)		2.66			(0.20	)
Total from investment operations		1.55			0.73			0.05			2.74			(0.08	)
Less Distributions:
From net investment income		(0.09	)		(0.08	)		(0.07	)		(0.10	)		(0.20	)
From net realized gains		—			(0.72	)		(1.50	)		—			(0.15	)
Total Distributions		(0.09	)		(0.80	)		(1.57	)		(0.10	)		(0.35	)
Net Asset Value, End of Year	$	14.07		$	12.61		$	12.68		$	14.20		$	11.56
Total Return		12.32	%		7.23	%		0.46	%		23.76	%		(0.59	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	521,477		$	508,839		$	477,097		$	393,833		$	354,279
Ratio to average net assets:
Gross expenses (d,e)		1.25	%		1.21	%		1.28	%(g)		1.48	%		1.54	%
Net expenses (a,d)		1.20	%		1.24	%		1.27	%(g)		1.36	%(b)		1.43	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (d,f)		0.75	%		0.66	%		0.56	%		0.61	%		1.09	%
Portfolio turnover rate		208	%		279	%		256	%		168	%		406	%

Portfolio turnover is calculated for the Fund as a whole.

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

(b) Effective July 1, 2017, Shareholder Servicing Fees for Investor Class shares decreased from 0.25% to 0.10% of average daily net assets.

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

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

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

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

See accompanying notes to financial statements.

74

Horizon Active Asset Allocation Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Year Ended November 30, 2016
Net Asset Value, Beginning of Year	$	12.55		$	12.62		$	14.16		$	11.56		$	11.99
Income From Investment Operations:
Net investment income (b,f)		0.08			0.07			0.05	(e)		0.05			0.12
Net gain (loss) from investments (both realized and unrealized)		1.45			0.65			(0.02	)(e)		2.68			(0.20	)
Total from investment operations		1.53			0.72			0.03			2.73			(0.08	)
Less Distributions:
From net investment income		(0.07	)		(0.07	)		(0.07	)		(0.13	)		(0.20	)
From net realized gains		—			(0.72	)		(1.50	)		—			(0.15	)
Total Distributions		(0.07	)		(0.79	)		(1.57	)		(0.13	)		(0.35	)
Net Asset Value, End of Year	$	14.01		$	12.55		$	12.62		$	14.16		$	11.56
Total Return		12.24	%		7.12	%		0.29	%		23.64	%		(0.59	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	10,052		$	7,879		$	7,187		$	5,084		$	2,249
Ratio to average net assets:
Gross expenses (c,d)		1.41	%		1.39	%		1.43	%(g)		1.55	%		1.55	%
Net expenses (a,c)		1.25	%		1.39	%		1.42	%(g)		1.42	%		1.44	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,f)		0.63	%		0.57	%		0.38	%		0.35	%		1.06	%
Portfolio turnover rate		208	%		279	%		256	%		168	%		406	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

75

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.

	Institutional Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Period Ended November 30, 2016 (a)
Net Asset Value, Beginning of Period/Year	$	12.64		$	12.71		$	14.22		$	11.59		$	11.54
Income From Investment Operations:
Net investment income (c,h)		0.12			0.10			0.09	(g)		0.05			0.03
Net gain (loss) from investments (both realized and unrealized)		1.44			0.65			(0.03	)(g)		2.71			0.02	(f)
Total from investment operations		1.56			0.75			0.06			2.76			0.05
Less Distributions:
From net investment income		(0.09	)		(0.10	)		(0.07	)		(0.13	)		—
From net realized gains		—			(0.72	)		(1.50	)		—			—
Total Distributions		(0.09	)		(0.82	)		(1.57	)		(0.13	)		—
Net Asset Value, End of Period/Year	$	14.11		$	12.64		$	12.71		$	14.22		$	11.59
Total Return		12.44	%		7.33	%		0.55	%		23.92	%		0.43	%(j)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	1,732		$	28,631		$	30,230		$	29,010		$	8,809
Ratio to average net assets:
Gross expenses (d,e)		1.16	%		1.14	%		1.18	%		1.30	%		1.30	%(i)
Net expenses (b,d)		1.01	%		1.16	%		1.17	%		1.17	%		1.19	%(i)
Net investment income net of reimbursement (recapture) and securities lending expense offset (d,h)		1.01	%		0.80	%		0.68	%		0.38	%		1.28	%(i)
Portfolio turnover rate		208	%		279	%		256	%		168	%		406	%

Portfolio turnover is calculated for the Fund as a whole.

(a) Since September 9, 2016 (Commencement of Operations).

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

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

(f) Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile the change in 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.

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

(h) 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.

(i) Annualized.

(j) Not annualized.

See accompanying notes to financial statements.

76

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Year Ended November 30, 2016 (a)
Net Asset Value, Beginning of Year	$	21.38		$	21.69		$	22.80		$	19.31		$	19.62
Income From Investment Operations:
Net investment income (d,g)		0.16	(i)		0.12			0.13			0.12			0.18
Net gain (loss) from investments (both realized and unrealized)		0.42	(i)		0.33			(0.21	)		3.54			(0.29	)
Total from investment operations		0.58			0.45			(0.08	)		3.66			(0.11	)
Less Distributions:
From net investment income		(0.22	)		(0.12	)		(0.12	)		(0.17	)		(0.20	)
From net realized gains		—			(0.64	)		(0.91	)		—			—
Total Distributions		(0.22	)		(0.76	)		(1.03	)		(0.17	)		(0.20	)
Net Asset Value, End of Year	$	21.74		$	21.38		$	21.69		$	22.80		$	19.31
Total Return		2.71	%		2.52	%		(0.31	)%		19.05	%		(0.54	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	764,775		$	738,854		$	682,077		$	418,227		$	319,385
Ratio to average net assets:
Gross expenses (e,f)		1.25	%		1.20	%		1.28	%(h)		1.49	%		1.55	%
Net expenses (b,e)		1.20	%		1.24	%		1.27	%(h)		1.35	%(c)		1.42	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (e,g)		0.81	%		0.60	%		0.58	%		0.58	%		0.92	%
Portfolio turnover rate		462	%		368	%		275	%		143	%		563	%

Portfolio turnover is calculated for the Fund as a whole.

(a) In 2016, 0.02% of the Fund’s total return consists of a voluntary reimbursement by the adviser for losses on investment transactions. Excluding this item, the total return would have been (0.56%).

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

(c) Effective July 1, 2017, Shareholder Servicing Fees for Investor Class shares decreased from 0.25% to 0.10% of average daily net assets.

(d) Per share amounts are calculated using the average shares method.

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

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

(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.

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

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

See accompanying notes to financial statements.

77

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Year Ended November 30, 2016 (a)
Net Asset Value, Beginning of Year	$	21.36		$	21.66		$	22.78		$	19.30		$	19.62
Income From Investment Operations:
Net investment income (loss) (c,f)		(0.04	)(h)		0.10			0.11			0.11			0.17
Net gain (loss) from investments (both realized and unrealized)		0.57	(h)		0.32			(0.23	)		3.54			(0.29	)
Total from investment operations		0.53			0.42			(0.12	)		3.65			(0.12	)
Less Distributions:
From net investment income		(0.16	)		(0.08	)		(0.09	)		(0.17	)		(0.20	)
From net realized gains		—			(0.64	)		(0.91	)		—			—
Total Distributions		(0.16	)		(0.72	)		(1.00	)		(0.17	)		(0.20	)
Net Asset Value, End of Year	$	21.73		$	21.36		$	21.66		$	22.78		$	19.30
Total Return		2.50	%		2.37	%		(0.46	)%		19.03	%		(0.59	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	6,399		$	177		$	388		$	347		$	313
Ratio to average net assets:
Gross expenses (d,e)		1.43	%		1.38	%		1.43	%(g)		1.56	%		1.51	%
Net expenses (b,d)		1.37	%		1.42	%		1.42	%(g)		1.42	%		1.42	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (d,f)		(0.18	)%		0.49	%		0.48	%		0.53	%		0.92	%
Portfolio turnover rate		462	%		368	%		275	%		143	%		563	%

Portfolio turnover is calculated for the Fund as a whole.

(a) In 2016, 0.02% of the Fund’s total return consists of a voluntary reimbursement by the adviser for losses on investment transactions. Excluding this item, the total return would have been (0.61%).

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

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

(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.

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

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

See accompanying notes to financial statements.

78

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Period Ended November 30, 2016 (a)
Net Asset Value, Beginning of Period/Year	$	21.43		$	21.72		$	22.84		$	19.33		$	19.21
Income From Investment Operations:
Net investment income (loss) (c,g)		0.23	(j)		0.10			0.14			(0.14	)		0.05
Net gain from investments (both realized and unrealized)		0.36	(j)		0.39			(0.20	)		3.86			0.07	(f)
Total from investment operations		0.59			0.49			(0.06	)		3.72			0.12
Less Distributions:
From net investment income		(0.23	)		(0.14	)		(0.15	)		(0.21	)		—
From net realized gains		—			(0.64	)		(0.91	)		—			—
Total Distributions		(0.23	)		(0.78	)		(1.06	)		(0.21	)		—
Net Asset Value, End of Period/Year	$	21.79		$	21.43		$	21.72		$	22.84		$	19.33
Total Return		2.78	%		2.70	%		(0.21	)%		19.31	%		0.62	%(i)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	40,562		$	62,964		$	22,714		$	6,633		$	7
Ratio to average net assets:
Gross expenses (d,e)		1.15	%		1.13	%		1.19	%		1.35	%		1.31	%(h)
Net expenses (b,d)		1.09	%		1.08	%		1.14	%		1.17	%		1.17	%(h)
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (d,g)		1.14	%		0.47	%		0.61	%		(0.62	)%		1.09	%(h)
Portfolio turnover rate		462	%		368	%		275	%		143	%		563	%

Portfolio turnover is calculated for the Fund as a whole.

(a) Since September 9, 2016 (Commencement of Operations).

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

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

(f) Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile the change in 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.

(g) 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.

(h) Annualized.

(i) Not annualized.

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

See accompanying notes to financial statements.

79

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Year Ended November 30, 2016
Net Asset Value, Beginning of Year	$	9.44		$	9.13		$	9.73		$	9.56		$	9.86
Income From Investment Operations:
Net investment income (c,f)		0.18			0.29			0.30			0.25			0.16
Net gain (loss) from investments (both realized and unrealized)		0.50			0.31			(0.64	)		0.17			(0.36	)
Total from investment operations		0.68			0.60			(0.34	)		0.42			(0.20	)
Less Distributions:
From net investment income		(0.22	)		(0.29	)		(0.26	)		(0.25	)		(0.10	)
Total Distributions		(0.22	)		(0.29	)		(0.26	)		(0.25	)		(0.10	)
Net Asset Value, End of Year	$	9.90		$	9.44		$	9.13		$	9.73		$	9.56
Total Return		7.29	%		6.78	%		(3.58	)%		4.39	%		(2.03	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	430,958		$	272,400		$	275,992		$	200,521		$	187,698
Ratio to average net assets:
Gross expenses (d,e)		1.05	%		1.03	%		1.09	%(g)		1.21	%		1.28	%
Net expenses (a,d)		0.90	%		0.88	%		0.98	%(g)		1.18	%(b)		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (d,f)		1.87	%		3.13	%		3.16	%		2.54	%		1.58	%
Portfolio turnover rate		225	%		167	%		155	%		175	%		205	%

Portfolio turnover is calculated for the Fund as a whole.

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

(b) Effective July 1, 2017, Shareholder Servicing Fees for Investor Class shares decreased from 0.25% to 0.10% of average daily net assets.

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

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

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

See accompanying notes to financial statements.

80

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Period Ended November 30, 2016 (a)
Net Asset Value, Beginning of Period/Year	$	9.47		$	9.16		$	9.76		$	9.60		$	9.84
Income From Investment Operations:
Net investment income (c,f)		0.18			0.26			0.29			0.13			0.13
Net gain (loss) from investments (both realized and unrealized)		0.47			0.32			(0.63	)		0.28			(0.30	)
Total from investment operations		0.65			0.58			(0.34	)		0.41			(0.17	)
Less Distributions:
From net investment income		(0.17	)		(0.27	)		(0.26	)		(0.25	)		(0.07	)
Total Distributions		(0.17	)		(0.27	)		(0.26	)		(0.25	)		(0.07	)
Net Asset Value, End of Period/Year	$	9.95		$	9.47		$	9.16		$	9.76		$	9.60
Total Return		6.96	%		6.53	%		(3.58	)%		4.31	%		(1.74	)%(i)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	3,896		$	2,328		$	1,587		$	661		$	6
Ratio to average net assets:
Gross expenses (d,e)		1.17	%		1.20	%		1.24	%(g)		1.32	%		1.35	%(h)
Net expenses (b,d)		1.06	%		1.05	%		1.04	%(g)		1.24	%		1.25	%(h)
Net investment income net of reimbursement (recapture) and securities lending expense offset (d,f)		1.90	%		2.79	%		3.07	%		1.37	%		1.70	%(h)
Portfolio turnover rate		225	%		167	%		155	%		175	%		205	%

Portfolio turnover is calculated for the Fund as a whole.

(a) Since February 8, 2016 (Commencement of Operations).

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

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

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

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

(h) Annualized.

(i) Not annualized.

See accompanying notes to financial statements.

81

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Year Ended November 30, 2017			For the Period Ended November 30, 2016 (a)
Net Asset Value, Beginning of Period/Year	$	9.43		$	9.13		$	9.72		$	9.57		$	10.00
Income From Investment Operations:
Net investment income (c,f)		0.49	(i)		0.29			0.31			0.25			0.04
Net gain (loss) from investments (both realized and unrealized)		0.17	(i)		0.31			(0.63	)		0.17			(0.47	)
Total from investment operations		0.66			0.60			(0.32	)		0.42			(0.43	)
Less Distributions:
From net investment income		(0.23	)		(0.30	)		(0.27	)		(0.27	)		—
Total Distributions		(0.23	)		(0.30	)		(0.27	)		(0.27	)		—
Net Asset Value, End of Period/Year	$	9.86		$	9.43		$	9.13		$	9.72		$	9.57
Total Return		7.07	%		6.83	%		(3.33	)%		4.41	%		(4.30	)%(h)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	184		$	8,040		$	7,488		$	8,084		$	2,572
Ratio to average net assets:
Gross expenses (d,e)		0.93	%		0.95	%		0.99	%		1.03	%		1.09	%(g)
Net expenses (b,d)		0.82	%		0.80	%		0.86	%		0.99	%		0.99	%(g)
Net investment income net of reimbursement (recapture) and securities lending expense offset (d,f)		5.13	%		3.15	%		3.28	%		2.53	%		1.84	%(g)
Portfolio turnover rate		225	%		167	%		155	%		175	%		205	%

Portfolio turnover is calculated for the Fund as a whole.

(a) Since September 9, 2016 (Commencement of Operations).

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

(c) Per share amounts are calculated using the average shares method.

(d) Does not reflect the expenses of the underlying funds in which the Fund invests.

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

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

(g) Annualized.

(h) Not annualized.

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

See accompanying notes to financial statements.

82

Horizon Active Dividend Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Period Ended November 30, 2017 (a)
Net Asset Value, Beginning of Period/Year	$	58.58		$	60.03		$	59.15		$	50.00
Income From Investment Operations:
Net investment income (c)		1.19			1.47			1.18	(e)		0.66
Net gain (loss) from investments (both realized and unrealized)		(3.25	)		0.27	(h)		1.61	(e)		9.01
Total from investment operations		(2.06	)		1.74			2.79			9.67
Less Distributions:
From net investment income		(1.29	)		(1.14	)		(1.13	)		(0.52	)
From net realized gains		(0.22	)		(2.05	)		(0.78	)		—
Total Distributions		(1.51	)		(3.19	)		(1.91	)		(0.52	)
Net Asset Value, End of Period/Year	$	55.01		$	58.58		$	60.03		$	59.15
Total Return		(3.41	)%		3.67	%		4.72	%		19.45	%(g)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	104,774		$	156,452		$	39,909		$	24,509
Ratio to average net assets:
Gross expenses (d)		1.11	%		1.09	%		1.32	%		2.33	%(f)
Net expenses (i)		1.09	%		1.09	%		1.09	%		1.09	%(b,f)
Net investment income net of reimbursement (recapture) and securities lending expense offset		2.28	%		2.59	%		1.93	%		1.24	%(f)
Portfolio turnover rate		376	%		369	%		320	%		184	%(g)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since December 28, 2016 (Commencement of Operations).

(b) Effective July 1, 2017, Shareholder Servicing Fees for Investor Class shares decreased from 0.25% to 0.10% of average daily net assets.

(c) Per share amounts are calculated using the average shares method.

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

(e) 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.

(f) Annualized.

(g) Not annualized.

(h) 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.

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

See accompanying notes to financial statements.

83

Horizon Active Dividend Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018			For the Period Ended November 30, 2017 (a)
Net Asset Value, Beginning of Period/Year	$	58.56		$	60.00		$	59.13		$	54.31
Income From Investment Operations:
Net investment income (b)		1.13			1.37			1.04	(d)		0.25
Net gain (loss) from investments (both realized and unrealized)		(3.28	)		0.29	(g)		1.66	(d)		4.78
Total from investment operations		(2.15	)		1.66			2.70			5.03
Less Distributions:
From net investment income		(1.21	)		(1.05	)		(1.05	)		(0.21	)
From net realized gains		(0.21	)		(2.05	)		(0.78	)		—
Total Distributions		(1.42	)		(3.10	)		(1.83	)		(0.21	)
Net Asset Value, End of Period/Year	$	54.99		$	58.56		$	60.00		$	59.13
Total Return		(3.55	)%		3.50	%		4.57	%		9.28	%(f)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	8,781		$	27,452		$	10,892		$	3,353
Ratio to average net assets:
Gross expenses (c)		1.25	%		1.24	%		1.48	%		2.12	%(e)
Net expenses (h)		1.24	%		1.24	%		1.24	%		1.24	%(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		2.17	%		2.42	%		1.71	%		1.01	%(e)
Portfolio turnover rate		376	%		369	%		320	%		184	%(f)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since June 20, 2017 (Commencement of Operations).

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

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

(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.

(e) Annualized.

(f) Not annualized.

(g) 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.

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

See accompanying notes to financial statements.

84

Horizon Defined Risk Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Period Ended November 30, 2018 (a)
Net Asset Value, Beginning of Period/Year	$	54.09		$	51.00		$	50.00
Income From Investment Operations:
Net investment income (b)		0.37			0.51			0.44
Net gain from investments (both realized and unrealized)		2.82			2.86			0.56
Total from investment operations		3.19			3.37			1.00
Less Distributions:
From net investment income		(0.30	)		(0.17	)		—
From net realized gains		—			(0.11	)		—
Total Distributions		(0.30	)		(0.28	)		—
Net Asset Value, End of Period/Year	$	56.98		$	54.09		$	51.00
Total Return		5.93	%		6.69	%		2.00	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	210,993		$	163,322		$	5,915
Ratio to average net assets:
Gross expenses (c)		1.12	%		1.20	%		2.28	%(d)
Net expenses		1.04	%		1.04	%		1.04	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.70	%		0.99	%		0.94	%(d)
Portfolio turnover rate		28	%		10	%		89	%(e)

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(d) Annualized.

(e) Not annualized.

See accompanying notes to financial statements.

85

Horizon Defined Risk Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Period Ended November 30, 2018 (a)
Net Asset Value, Beginning of Period/Year	$	54.06		$	50.98		$	50.58
Income From Investment Operations:
Net investment income (b)		0.29			0.42			0.31	(d)
Net gain from investments (both realized and unrealized)		2.82			2.87			0.09	(d)
Total from investment operations		3.11			3.29			0.40
Less Distributions:
From net investment income		(0.24	)		(0.10	)		—
From net realized gains		—			(0.11	)		—
Total Distributions		(0.24	)		(0.21	)		—
Net Asset Value, End of Period/Year	$	56.93		$	54.06		$	50.98
Total Return		5.78	%		6.51	%		0.77	%(f)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	24,804		$	22,807		$	9,173
Ratio to average net assets:
Gross expenses (c)		1.28	%		1.37	%		2.10	%(e)
Net expenses		1.19	%		1.19	%		1.19	%(e)
Net investment income net of reimbursement and securities lending expense offset		0.56	%		0.80	%		0.75	%(e)
Portfolio turnover rate		28	%		10	%		89	%(f)

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(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.

(e) Annualized.

(f) Not annualized.

See accompanying notes to financial statements.

86

Horizon Defensive Multi-Factor Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 2020			For the Period Ended November 30, 2019 (a)
Net Asset Value, Beginning of period/year	$	26.22		$	25.00
Income From Investment Operations:
Net investment income (b)		0.12			0.12
Net gain from investments (both realized and unrealized)		0.91			1.10
Total from investment operations		1.03			1.22
Less Distributions:
From net investment income		(0.06	)		—
Total Distributions		(0.06	)		—
Net Asset Value, End of period/year	$	27.19		$	26.22
Total Return		3.96	%		4.88	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	205,886		$	85,776
Ratio to average net assets:
Gross expenses (c)		1.14	%		1.93	%(d)
Net expenses		1.09	%		1.09	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.49	%		1.10	%(d)
Portfolio turnover rate		325	%		0.11	%(e)

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(d) Annualized.

(e) Not annualized.

See accompanying notes to financial statements.

87

Horizon Defensive Multi-Factor Fund
FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period.

	Advisor Class
	For the Period Ended November 30, 2020 (a)
Net Asset Value, Beginning of Period	$	26.23
Income From Investment Operations:
Net investment income (b)		0.04
Net gain from investments (both realized and unrealized)		0.89
Total from investment operations		0.93
Net Asset Value, End of Period	$	27.16
Total Return		3.55	%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	730
Ratio to average net assets:
Gross expenses (c)		1.30	%(d)
Net expenses		1.24	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.17	%(d)
Portfolio turnover rate		325%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(d) Annualized.

(e) Not annualized.

See accompanying notes to financial statements.

88

Horizon ESG Defensive Core Fund
FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period.

	Investor Class
	For the Period Ended November 30, 2020 (a)
Net Asset Value, Beginning of Period	$	25.00
Income From Investment Operations:
Net investment income (b)		0.19	(f)
Net gain from investments (both realized and unrealized)		3.59	(f)
Total from investment operations		3.78
Net Asset Value, End of Period	$	28.78
Total Return		15.12	%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	3,985
Ratio to average net assets:
Gross expenses (c)		6.24	%(d)
Net expenses		1.04	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.73	%(d)
Portfolio turnover rate		81	%(e)

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(d) Annualized.

(e) Not annualized.

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

See accompanying notes to financial statements.

89

Horizon ESG Defensive Core Fund
FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period.

	Advisor Class
	For the Period Ended November 30, 2020 (a)
Net Asset Value, Beginning of Period	$	25.04
Income From Investment Operations:
Net investment income (b)		0.13	(f)
Net gain from investments (both realized and unrealized)		3.52	(f)
Total from investment operations		3.65
Net Asset Value, End of Period	$	28.69
Total Return		14.58	%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	4,283
Ratio to average net assets:
Gross expenses (c)		4.56	%(d)
Net expenses		1.19	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.52	%(d)
Portfolio turnover rate		81	%(e)

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

(d) Annualized.

(e) Not annualized.

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

See accompanying notes to financial statements.

90

Horizon Funds

Notes to Financial Statements

November 30, 2020

1. ORGANIZATION

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund and Horizon ESG Defensive Core Fund (each a “Fund” and together the “Funds”) are each a series of shares of beneficial interest of Horizon Funds (the “Trust”), a Delaware business trust organized on May 21, 2015. The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund and Horizon ESG Defensive Core Fund are registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as diversified, open-end management investment companies. The Horizon Active Dividend Fund is registered under the 1940 Act as a non-diversified, open-end management investment company. 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 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 28, 2014, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Income Fund is income. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on September 30, 2013, February 8, 2016 and September 9, 2016, respectively. The investment objective of the Horizon Active Dividend Fund is capital appreciation and current income. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2016 and June 20, 2017, respectively. The investment objective of the Horizon Defined Risk Fund is capital appreciation and capital preservation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2017 and February 2, 2018, respectively. The investment objective of the Horizon Defensive Multi-Factor Fund is to capture the majority of the returns associated with domestic equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares and Advisor Class shares which commenced operations on June 26, 2019 and January 31, 2020, respectively. The investment objective of the Horizon ESG Defensive Core Fund is to seek long-term growth of capital, current income and growth of income, while mitigating downside risk through use of a risk overlay strategy (the “Risk Assist^® strategy”). The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 26, 2019 and January 8, 2020, respectively.

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

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 income and expenses for the year. Actual results could differ from those estimates.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

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 Board of Trustees of the Trust (“the Board”) or its delegate. 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 selected by the Adviser and approved by the Board. 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 primarily at the 4:15 ET composite mean of the bid and the ask.

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 in accordance with procedures approved by the Board.

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. 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.

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.

92

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2020, for the Funds’ investments measured at value:

Horizon Active Asset Allocation Fund
Assets *	Level 1			Level 2		Level 3		Total
Investment Companies	$	528,186,443		$	—	$	—	$	528,186,443
Purchased Call Options		—			273,500		—		273,500
Short Term Investments		213			—		—		213
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		171,201,918
Total	$	528,186,656		$	273,500	$	—	$	699,662,074

Horizon Active Risk Assist® Fund
Assets *	Level 1			Level 2		Level 3		Total
Investment Companies	$	797,398,024		$	—	$	—	$	797,398,024
Common Stocks		13,002,496			—		—		13,002,496
Purchased Call Options		—			430,500		—		430,500
Purchased Put Options		—			2,268,000		—		2,268,000
Short Term Investments		703,675			—		—		703,675
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		206,423,075
Total	$	811,104,195		$	2,698,500	$	—	$	1,020,225,770

Liabilities *	Level 1		Level 2		Level 3		Total
Written Put Options		—		867,500		—		867,500
Total	$	—	$	867,500	$	—	$	867,500

Horizon Active Income Fund
Assets *	Level 1			Level 2		Level 3		Total
Investment Companies	$	432,209,814		$	—	$	—	$	432,209,814
Short Term Investments		2,909,196			—		—		2,909,196
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		97,650,825
Total	$	435,119,010		$	—	$	—	$	532,769,835

93

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Horizon Active Dividend Fund
Assets *	Level 1			Level 2		Level 3		Total
Common Stocks	$	111,030,646		$	—	$	—	$	111,030,646
Convertible Preferred Stocks		551,716			—		—		551,716
Preferred Stocks		209,171			—		—		209,171
Purchased Put Options		—			11,200		—		11,200
Short Term Investments		1,745,150			—		—		1,745,150
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		22,446,600
Total	$	113,536,683		$	11,200	$	—	$	135,994,483

Horizon Defined Risk Fund
Assets *	Level 1			Level 2		Level 3		Total
Common Stocks	$	236,083,125		$	—	$	—	$	236,083,125
Warrants		3,896			—		—		3,896
Purchased Put Options		—			2,889,650		—		2,889,650
Short Term Investments		279,051			—		—		279,051
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		14,768,355
Total	$	236,366,072		$	2,889,650	$	—	$	254,024,077

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	—	$	2,689,925	$	—	$	2,689,925
Written Put Options		—		661,300		—		661,300
Total	$	—	$	3,351,225	$	—	$	3,351,225

Horizon Defensive Multi-Factor Fund
Assets *	Level 1			Level 2		Level 3		Total
Common Stocks	$	205,948,573		$	—	$	—	$	205,948,573
Short Term Investments		600,071			—		—		600,071
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		4,183,755
Total	$	206,548,644		$	—	$	—	$	210,732,399

94

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Horizon ESG Defensive Core Fund
Assets *	Level 1			Level 2		Level 3		Total
Common Stocks	$	7,973,571		$	—	$	—	$	7,973,571
Rights		1,987			—		—		1,987
Short Term Investments		163,118			—		—		163,118
Investments Purchased With Proceeds From Securities Lending		—	**		—		—		163,101
Total	$	8,138,676		$	—	$	—	$	8,301,777

* Refer to the Portfolios of Investments for security classifications.

** Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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 net asset value (“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

95

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The average quarterly value outstanding of purchased and written options during the year ended November 30, 2020, were as follows:

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist® Fund		Horizon Active Income Fund		Horizon Active Dividend Fund		Horizon Defined Risk Fund		Horizon Defensive Multi-Factor Fund
Purchased Options	$	804,313	$	1,891,263	$	—	$	113,344	$	3,859,673	$	7,525
Written Options	$	1,745,738	$	1,016,647	$	244,912	$	29,325	$	4,622,063	$	—

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of November 30, 2020:

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 Unaffiliated Securities, at Value	N/A
Horizon Active Risk Assist® Fund	Equity Risk Contracts	Investments in Unaffiliated Securities, at Value	Options Written, at Value
Horizon Active Dividend Fund	Equity Risk Contracts	Investments in Unaffiliated Securities, at Value	N/A
Horizon Defined Risk Fund	Equity Risk Contracts	Investments in Unaffiliated Securities, at Value	Options Written, at Value

Horizon Active Asset Allocation Fund
Derivatives Investment Value
Purchased Options	$	273,500
Written Options	$	—

Horizon Active Risk Assist® Fund
Derivatives Investment Value
Purchased Options	$	2,698,500
Written Options	$	867,500

Horizon Active Dividend Fund
Derivatives Investment Value
Purchased Options	$	11,200
Written Options	$	—

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Horizon Defined Risk Fund
Derivatives Investment Value
Purchased Options	$	2,889,650
Written Options	$	3,351,225

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended November 30, 2020:

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

Horizon Active Asset Allocation Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	1,770,837
Written Options		(12,144,235	)
	$	(10,373,398	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	272,977
Written Options		(128,674	)
	$	144,303

Horizon Active Risk Assist® Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(17,669,183	)
Written Options		6,891,603
	$	(10,777,580	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	845,515
Written Options		132,177
	$	977,692

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Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Horizon Active Income Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(43,487	)
Written Options		(2,397,419	)
	$	(2,440,906	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	—
Written Options		(7,215	)
	$	(7,215	)

Horizon Active Dividend Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(622,093	)
Written Options		157,608
	$	(464,485	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	101,962
Written Options		(35,880	)
	$	66,082

Horizon Defined Risk Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(6,808,543	)
Written Options		(12,784,142	)
	$	(19,592,685	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(2,866,393	)
Written Options		1,921,535
	$	(944,858	)

98

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Defensive Multi-Factor Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(78,841	)
Written Options		27,733
	$	(51,108	)

Offsetting of Financial Assets and Derivative Liabilities

The following table presents the Funds’ liability derivatives available for offset under a master netting arrangement net of collateral pledged for the Funds as of November 30, 2020.

Horizon Active Risk Assist® Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/ Received			Net Amount
Written Options	$	867,500	(1)	$	—	$	867,500	$	—	$	(867,500	)(2)	$	—
Total	$	867,500		$	—	$	867,500	$	—	$	(867,500	)	$	—

Horizon Defined Risk Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/ Received			Net Amount
Written Options	$	3,351,225	(1)	$	—	$	3,351,225	$	—	$	(3,351,225	)(2)	$	—
Total	$	3,351,225		$	—	$	3,351,225	$	—	$	(3,351,225	)	$	—

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

(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

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November 30, 2020

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.

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’ 2020 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal, North Carolina State and Delaware State; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

Rule 12b-1 – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon Active Dividend Fund, Horizon Defined Risk Fund, the Horizon Defensive Multi-Factor Fund and the Horizon ESG Defensive Core Fund pursuant to Rule 12b-1 under the

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November 30, 2020

1940 Act (the “12b-1 Plan”). However, payments under the 12b-1 Plan are an operating expense of each Fund that is not subject to the expense limitation provided by the Adviser. The 12b-1 Plan provides for the payment of a distribution fee to Quasar Distributors, LLC (the “Distributor”) at an annualized rate of up to 0.25% of the average daily net assets attributable to the applicable classes. During the year ended November 30, 2020 the distribution fees accrued for the Investor Class shares of the Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund, Horizon ESG Defensive Core Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets, respectively. During the year ended November 30, 2020, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund and Horizon ESG Defensive Core Fund Advisor Class shares incurred $19,754, $8,657, $5,132, $49,700, $60,680, $653, and $4,996, respectively, pursuant to the plan. During the year ended November 30, 2020, the Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund and Horizon ESG Defensive Core Fund Investor Class shares incurred $120,364, $167,161, $126,611 and $1,175, respectively, pursuant to the plan. Investor Class shares of the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® 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.

LIBOR Discontinuation Risk – Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Fund or the financial instruments in which the Funds invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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^® Fund, 0.77% of the average daily net assets of the Horizon Active Income Fund, 0.75% of the average daily net assets of the Horizon Active Dividend Fund, 0.80% of the average daily net assets of the Horizon Defined Risk Fund, 0.80% of the average daily net assets of the Horizon Defensive Multi-Factor Fund and 0.75% of the average daily net assets up to $150,000,000 and 0.70% thereafter of the Horizon ESG Defensive Core Fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

Pursuant to the Expense Limitation Agreement (the “Waiver Agreement”), the Adviser has agreed, until March 31, 2021 for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Active Dividend Fund and Horizon Defined Risk Fund, and June 26, 2022 for the Horizon Defensive Multi-Factor Fund and Horizon ESG Defensive Core Fund, to waive a portion of the Fund’s advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust’s Rule 12b-1 Distribution Plan; payments by the Fund, if any, under the Trust’s Shareholder Services Plan; expenses paid with securities lending expense offset credits; taxes; and extraordinary expenses, such as litigation) incurred by a class of shares of the Fund in any fiscal year do not exceed the percentage of average daily net assets in the below table.

Fund	Investor			Advisor			Institutional
Horizon Active Asset Allocation Fund		1.17	%		1.17	%		1.17	%
Horizon Active Risk Assist® Fund		1.17	%		1.17	%		1.17	%
Horizon Active Income Fund		0.99	%		0.99	%		0.99	%
Horizon Active Dividend Fund		0.99	%		0.99	%		0.99	%
Horizon Defined Risk Fund		0.94	%		0.94	%		0.94	%
Horizon Defensive Multi-Factor Fund		0.99	%		0.99	%		0.99	%
Horizon ESG Defensive Core Fund		0.94	%		0.94	%		0.94	%

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 year indicated. During the year ended November 30, 2020, the Adviser recouped from Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund, Horizon Defensive Multi-Factor Fund, and the Horizon ESG Defensive Core Fund $450,596, $82,322, $0, $77,458, $0, $7,220, and $0, respectively.

Fund	2021		2022		2023		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	4,388	$	4,388
Horizon Active Risk Assist® Fund		—		—		—		—
Horizon Active Income Fund		—		—		—		—
Horizon Active Dividend Fund		23,810		3,050		25,480		52,340
Horizon Defined Risk Fund		87,874		153,545		159,403		400,822
Horizon Defensive Multi-Factor Fund		—		61,386		69,269		130,655
Horizon ESG Defensive Core Fund		—		—		128,466		128,466

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

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November 30, 2020

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

4. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year or period ended November 30, 2020, were as follows:

Fund	Purchases		Sales
Horizon Active Asset Allocation Fund	$	1,045,666,129	$	1,123,534,279
Horizon Active Risk Assist® Fund		3,582,159,134		3,588,767,934
Horizon Active Income Fund		890,595,276		754,454,377
Horizon Active Dividend Fund		506,242,286		548,832,360
Horizon Defined Risk Fund		73,094,667		52,194,328
Horizon Defensive Multi-Factor Fund		519,162,711		410,434,421
Horizon ESG Defensive Core Fund		9,642,919		2,742,314

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 year ended November 30, 2020, Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

As of the year or period ended November 30, 2020, 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 Securities on Loan		Fund Collateral Received*
Horizon Active Asset Allocation Fund	$	165,021,019	$	171,201,918
Horizon Active Risk Assist® Fund		199,535,244		206,423,075
Horizon Active Income Fund		95,513,938		97,650,825
Horizon Active Dividend Fund		21,616,125		22,446,600
Horizon Defined Risk Fund		14,282,093		14,768,355
Horizon Defensive Multi-Factor Fund		4,103,431		4,183,755
Horizon ESG Defensive Core Fund		160,096		163,101

* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, with an overnight and continuous maturity, as shown on the Portfolios of Investments. These amounts were not included in the offsetting disclosures in Note 2 (Offsetting of Financial Assets and Derivative Liabilities).

6. LINE OF CREDIT ARRANGEMENT

Throughout the year ended November 30, 2020, and renewed effective March 1, 2020, the Funds, excluding the Horizon ESG Defensive Core Fund, are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 28, 2021, 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 3.25% as of November 30, 2020, if they borrow. For the year ended November 30, 2020, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Active Dividend Fund, Horizon Defined Risk Fund and Horizon Defensive Multi-Factor Fund had average borrowings of $502,240, $72,847, $329,036, $285,648, $80,437 and $932 and the weighted average interest rate on the line of credit borrowings was 3.34%, 3.25%, 3.88%, 4.00%, 3.25% and 3.25%, respectively. Between November 25, 2020 and November 26, 2020, the Horizon Active Asset Allocation Fund had borrowings of $20,298,000, between November 27, 2020 and November 29, 2020, the Horizon Active Risk Assist^® Fund had borrowings of $2,320,000, on March 16, 2020, the Horizon Active Income Fund had borrowings of $39,056,000, on March 12, 2020, the Horizon Active Dividend Fund had borrowings of $20,495,000, on October 29, 2020, the Horizon Defined Risk Fund had borrowings of $2,946,000, and on March 16, 2020, the Horizon Defensive Multi-Factor Fund had borrowings of $302,000, which represent the largest borrowing amounts, respectively, during the year ended November 30, 2020. The Horizon Active Asset Allocation Fund had outstanding borrowings of $390,000 on the line of credit as of November 30, 2020 and is presented on the Statement of Assets and Liabilities with unpaid interest as “Payable for Line of Credit”.

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November 30, 2020

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended November 30, 2020 and November 30, 2019 was as follows:

	For the year or period ended November 30, 2020
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	3,747,366	$	—	$	—	$	3,747,366
Horizon Active Risk Assist® Fund		8,258,860		—		—		8,258,860
Horizon Active Income Fund		6,637,845		—		—		6,637,845
Horizon Active Dividend Fund		4,329,453		—		—		4,329,453
Horizon Defined Risk Fund		1,013,067		—		—		1,013,067
Horizon Defensive Multi-Factor Fund		218,854		1,921		—		220,775
Horizon ESG Defensive Core Fund		—		—		—		—

	For the year or period ended November 30, 2019
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	25,841,890	$	4,610,598	$	—	$	30,452,488
Horizon Active Risk Assist® Fund		23,830,449		2,024,864		—		25,855,313
Horizon Active Income Fund		8,785,949		—		—		8,785,949
Horizon Active Dividend Fund		4,426,133		—		—		4,426,133
Horizon Defined Risk Fund		131,365		8,881		—		140,246
Horizon Defensive Multi-Factor Fund		—		—		—		—

On December 21, 2020, the Funds paid the following per share income distributions:

Fund	Investor Class		Advisor Class		Institutional Class
Horizon Active Asset Allocation Fund	$	0.06825205	$	0.04324425	$	0.08032212
Horizon Active Risk Assist® Fund		0.08341779		0.07327484		0.10396551
Horizon Active Income Fund		0.07900094		0.07078763		0.08236843
Horizon Active Dividend Fund		0.33049457		0.28351334		—
Horizon Defined Risk Fund		0.32740337		0.22931066		—
Horizon Defensive Multi-Factor Fund		0.08409453		0.07485484		—
Horizon ESG Defensive Core Fund		0.09905555		0.06923699		—

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

On December 21, 2020, the Funds paid the following capital gains distributions from each class:

Fund	Short-Term*		Long-Term
Horizon Active Asset Allocation Fund	$	0.23754	$	0.60808
Horizon Active Risk Assist® Fund		—		—
Horizon Active Income Fund		—		—
Horizon Active Dividend Fund		—		—
Horizon Defined Risk Fund		—		—
Horizon Defensive Multi-Factor Fund		—		—
Horizon ESG Defensive Core Fund		0.71101		0.00241

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

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2020, were as follows:

Fund	Cost of Investments, Purchased Options and Written Options		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Horizon Active Asset Allocation Fund	$	660,565,303	$	45,745,627	$	(6,648,856	)	$	39,096,771
Horizon Active Risk Assist® Fund		956,091,454		68,696,793		(5,429,977	)		63,266,816
Horizon Active Income Fund		522,003,251		11,693,451		(926,867	)		10,766,584
Horizon Active Dividend Fund		126,121,554		11,613,204		(1,740,172	)		9,873,032
Horizon Defined Risk Fund		207,497,085		49,309,792		(6,134,025	)		43,175,767
Horizon Defensive Multi-Factor Fund		192,342,369		21,372,033		(2,982,003	)		18,390,030
Horizon ESG Defensive Core Fund		7,445,576		1,005,982		(149,781	)		856,201

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

As of November 30, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carry Forwards		Other Book/Tax Differences			Post October Loss and Late Year Loss		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Horizon Active Asset Allocation Fund	$	9,776,576	$	22,927,247	$	—	$	—		$	—	$	39,096,771	$	71,800,594
Horizon Active Risk Assist® Fund		299,411		—		—		(43,288,539	)		—		63,266,816		20,277,688
Horizon Active Income Fund		1,857,021		—		—		(10,388,825	)		—		10,766,584		2,234,780
Horizon Active Dividend Fund		516,471		—		—		(21,348,394	)		—		9,873,032		(10,958,891	)
Horizon Defined Risk Fund		1,199,090		—		—		(23,654,930	)		—		43,175,768		20,719,928
Horizon Defensive Multi-Factor Fund		494,350		—		—		(3,134,932	)		—		18,390,030		15,749,448
Horizon ESG Defensive Core Fund		238,840		744		—		—			—		856,201		1,095,785

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

At November 30, 2020, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring
Fund	Short-Term		Long-Term		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—
Horizon Active Risk Assist® Fund		32,795,561		9,975,718		42,771,279
Horizon Active Income Fund		9,722,261		666,564		10,388,825
Horizon Active Dividend Fund		21,348,394		—		21,348,394
Horizon Defined Risk Fund		12,093,287		11,561,643		23,654,930
Horizon Defensive Multi-Factor Fund		3,130,769		4,163		3,134,932
Horizon ESG Defensive Core Fund		—		—		—

The Horizon Active Asset Allocation Fund utilized $7,398,690 of capital loss carryforward during the fiscal year.

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November 30, 2020

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, 2020, the following table shows the reclassifications made:

Fund	Distributable Earnings/ (Accumulated Deficit)			Paid In Capital
Horizon Active Asset Allocation Fund	$	(2,370,711	)	$	2,370,711
Horizon Active Risk Assist® Fund		64,089			(64,089	)
Horizon Active Income Fund		20,041			(20,041	)
Horizon Active Dividend Fund		1,102			(1,102	)
Horizon Defined Risk Fund		—			—
Horizon Defensive Multi-Factor Fund		—			—
Horizon ESG Defensive Core Fund		256			(256	)

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 November 30, 2020, 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. There was one individual shareholder of record who owned more than 5% of the outstanding shares of beneficial interest of the Horizon ESG Defensive Core Fund Investor Class. This shareholder did not own more than 5% of the outstanding shares of beneficial interest of the Fund. No other individual shareholders of record owned more than 5% of the outstanding shares of beneficial interest of a Fund or Class of shares of a Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of a Fund.

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November 30, 2020

9. INVESTMENTS IN AFFILIATES

An affiliated person of the Horizon Active Asset Allocation Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies for the year ended November 30, 2020 are as follows:

Security Name	Value at November 30, 2019		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Dividend Income		Value at November 30, 2020		Shares Balance November 30, 2020
Janus Henderson Small/Mid Cap Growth Alpha ETF*	$	4,163,542	$	1,561,781	$	(312,060	)	$	1,217,295	$	(22,416	)	$	12,629	$	6,608,142		112,690
Xtrackers S&P 500 ESG ETF*		5,848,000		272,688		(438,220	)		918,864		11,534			97,056		6,612,866		207,495
	$	10,011,542	$	1,834,469	$	(750,280	)	$	2,136,159	$	(10,882	)	$	109,685	$	13,221,008		320,185

An affiliated person of the Horizon Active Risk Assist^® Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies for the year ended November 30, 2020 are as follows:

Security Name	Value at November 30, 2019		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Dividend Income		Value at November 30, 2020			Shares Balance November 30, 2020
X-Trackers Russell 1000 Comprehensive Factor ETF	$	43,984,409	$	13,513,061	$	(37,277,161	)	$	(1,974,363	)	$	(1,929,194	)	$	329,943	$	16,316,752	**		437,287
X-Trackers Russell 1000 US QARP ETF		23,194,429		11,337,673		(18,803,263	)		390,080			228,450			283,625		16,347,369	**		500,201
X-Trackers S&P 500 ESG ETF*		9,329,600		2,731,998		(5,285,177	)		935,384			442,103			141,031		8,153,908			255,849
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF*		—		1,297,114,108		(1,296,383,824	)		—			(730,284	)		664,697		—			—
	$	76,508,438	$	1,324,696,840	$	(1,357,749,425	)	$	(648,899	)	$	(1,988,925	)	$	1,419,296	$	40,818,029		$	1,193,337

109

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2020

An affiliated person of the Horizon Active Income Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in this affiliated company for the year ended November 30, 2020 are as follows:

Security Name	Value at November 30, 2019		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Dividend Income		Value at November 30, 2020			Shares Balance November 30, 2020
X-Trackers Short Duration High Yield Bond ETF	$	4,365,499	$	4,478,600	$	(887,292	)	$	99,213	$	(116,406	)	$	335,154	$	7,939,614	**		168,337
	$	4,365,499	$	4,478,600	$	(887,292	)	$	99,213	$	(116,406	)	$	335,154	$	7,939,614			168,337

* Issuer was no longer an affiliate as of November 30, 2020.

** The value of these securities agrees to the Investments in Affiliated Securities, at Value in the Statements of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements other than the distributions noted in Note 7, and those noted below.

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

110

Horizon Funds

Report of Independent Registered Public Accounting Firm

November 30, 2020

To the Shareholders and Board of Trustees of
Horizon Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Horizon Funds comprising the funds listed below (the “Funds”) as of November 30, 2020, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2020, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statement(s) of Changes in Net Assets	Financial Highlights
Horizon Active Asset Allocation Fund, Horizon Active Risk Assist Fund, and Horizon Active Income Fund	For the year ended November 30, 2020	For the years ended November 30, 2020 and 2019	For the years ended November 30, 2020, 2019, 2018, 2017, and 2016
Horizon Active Dividend Fund	For the year ended November 30, 2020	For the years ended November 30, 2020 and 2019	For the years ended November 30, 2020, 2019, 2018 and for the period from December 28, 2016 (commencement of operations) through November 30, 2017
Horizon Defined Risk Fund	For the year ended November 30, 2020	For the years ended November 30, 2020 and 2019	For the years ended November 30, 2020, 2019, and for the period from December 28, 2017 (commencement of operations) through November 30, 2018
Horizon Defensive Multi-Factor Fund	For the year ended November 30, 2020	For the year ended November 30, 2020 and for the period from June 26, 2019 (commencement of operations) through November 30, 2019
Horizon ESG Defensive Core Fund	For the period from December 26, 2019 (commencement of operations) through November 30, 2020

Basis for Opinion

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

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

111

Horizon Funds

Report of Independent Registered Public Accounting Firm (Continued)

November 30, 2020

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2015.

/s/ COHEN & COMPANY, LTD

COHEN & COMPANY, LTD.
Cleveland, Ohio
January 29, 2021

112

Horizon Funds

Disclosure of Fund Expenses (Unaudited)

November 30, 2020

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

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

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

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

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

			Actual		Hypothetical (5% return before expenses)
	Fund’s Annualized Expense Ratio 2	Beginning Account Value 6/1/2020	Ending Account Value 11/30/2020	Expenses Paid During Period 1	Ending Account Value 11/30/2020	Expenses Paid During Period 1
Horizon Active Asset Allocation - Investor Class	1.34%	$ 1,000.00	$ 1,193.40	$ 7.36	$ 1,018.29	$ 6.78
Horizon Active Asset Allocation - Advisor Class	1.42%	$ 1,000.00	$ 1,193.40	$ 7.80	$ 1,017.89	$ 7.18
Horizon Active Asset Allocation - Institutional Class	1.17%	$ 1,000.00	$ 1,193.70	$ 6.42	$ 1,019.15	$ 5.91
Horizon Active Risk Assist® - Investor Class	1.28%	$ 1,000.00	$ 1,175.80	$ 6.94	$ 1,018.62	$ 6.44
Horizon Active Risk Assist® - Advisor Class	1.43%	$ 1,000.00	$ 1,174.60	$ 7.80	$ 1,017.83	$ 7.23
Horizon Active Risk Assist® - Institutional Class	1.18%	$ 1,000.00	$ 1,175.90	$ 6.40	$ 1,019.12	$ 5.94
Horizon Active Income - Investor Class	1.03%	$ 1,000.00	$ 1,044.80	$ 5.27	$ 1,019.85	$ 5.21
Horizon Active Income - Advisor Class	1.18%	$ 1,000.00	$ 1,043.40	$ 6.01	$ 1,019.12	$ 5.94
Horizon Active Income - Institutional Class	0.93%	$ 1,000.00	$ 1,045.30	$ 4.77	$ 1,020.34	$ 4.71
Horizon Active Dividend - Investor Class	1.18%	$ 1,000.00	$ 1,130.80	$ 6.28	$ 1,019.11	$ 5.95
Horizon Active Dividend - Advisor Class	1.33%	$ 1,000.00	$ 1,129.90	$ 7.08	$ 1,018.35	$ 6.71
Horizon Defined Risk - Investor Class	1.04%	$ 1,000.00	$ 1,105.80	$ 5.48	$ 1,019.79	$ 5.26
Horizon Defined Risk - Advisor Class	1.19%	$ 1,000.00	$ 1,105.00	$ 6.27	$ 1,019.05	$ 6.01
Horizon Defensive Multi-Factor - Investor Class	1.09%	$ 1,000.00	$ 1,150.20	$ 5.86	$ 1,019.55	$ 5.51
Horizon Defensive Multi-Factor - Advisor Class	1.24%	$ 1,000.00	$ 1,149.40	$ 6.67	$ 1,018.80	$ 6.26
Horizon ESG Defensive Core - Investor Class	1.04%	$ 1,000.00	$ 1,191.70	$ 5.70	$ 1,019.80	$ 5.25
Horizon ESG Defensive Core - Advisor Class	1.19%	$ 1,000.00	$ 1,191.00	$ 6.52	$ 1,019.05	$ 6.01

¹ Expenses Paid During the Period are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 days, and divided by 366 (to reflect the number of days in the period).

² The expense ratio excludes securities lending offset.

113

Horizon Funds

Approval of the Management Agreements (Unaudited)

November 30, 2020

At an in-person meeting held on July 21, 2020, at which all of the Trustees were present, the Board of Trustees (the “Board”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940 (the “1940 Act”), of the Trust (the “Independent Trustees”), voting separately, reviewed and approved the continuance of each Investment Advisory Agreement (each, an “Advisory Agreement”, and together the “Advisory Agreements”) between the Trust and the Adviser for each of the Horizon Active Asset Allocation Fund, the Horizon Active Risk Assist Fund, the Horizon Active Income Fund the Horizon Active Dividend Fund and the Horizon Defined Risk Fund (each a “Fund” and together the “Funds”). In the course of their deliberations, the Board was advised by independent legal counsel. The Board received and reviewed a substantial amount of information provided by the Adviser in response to requests of the Board and counsel.

In considering the approval of the renewal and continuance of the Advisory Agreements and reaching their conclusions with respect thereto, the Board reviewed a memorandum, provided by independent legal counsel, which summarized the Board’s fiduciary duties and responsibilities in reviewing and approving the Advisory Agreements and other matters to be considered by the Board at the Meeting and the types of information that should be reviewed by them and their responsibilities in making an informed decision regarding the approval of the Advisory Agreements. The Board also reviewed and analyzed various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser to each Fund; (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 investment performance of each Funds and the Adviser; (iv) the extent to which economies of scale will be realized as each Fund grows; and (iv) whether the fee levels reflect these economies of scale to the benefit of each Fund’s shareholders, including the following:

Nature, extent and quality of the services to be provided by the Adviser to the Funds. In this regard, the Board considered information regarding the services to be provided to the Funds, the experience, qualifications and key personnel of the Adviser, the Adviser’s compliance program, the Adviser’s sales force, the Adviser’s assets under management and relationships with other registered investment advisers for distribution purposes. The Board reviewed the Adviser’s financial statements and considered the Adviser’s financial condition.

The Investment Performance of the Funds and the Adviser. In this regard, the Board considered each Fund’s past performance, including comparisons to peer funds. The Board also considered each Fund’s portfolio turnover, use of soft dollars and best execution policies. The Board also considered the performance of other accounts managed by the Adviser.

Costs of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationship with each Fund. In this regard, the Board considered the management fees proposed to be charged to each Fund, and each Fund’s total expense ratios, each as compared to each Fund’s peer group, and took into account the differences in managing the Funds compared to other products that the Adviser offers, as well as the fees charged by Horizon to its separately managed accounts. The Board considered the terms and conditions of each Advisory Agreement, including the management fee and the services to be provided by the Adviser thereunder. The Board also considered the indirect benefits that the Adviser receives through soft dollars, cross sales of other products the Adviser sells and third-party marketing materials.

The extent to which economies of scale will be realized as the Fund grows and whether the fee levels reflect these economies of scale to the benefit of shareholders. In this regard, the Board considered that the Adviser was still waiving a portion of its advisory fees under the Expense Limitation Agreements with each Fund and considered how these waivers supported the Funds, noting that the Adviser expected to receive its full fees from all of the Funds as the Funds continue to grow. The Board considered the terms of the expense limitation agreement for each Fund, and the fact that the Adviser had agreed to continue the expense limitation agreements through at least March 31, 2022,

114

Horizon Funds

Approval of the Management Agreements (Unaudited)(Continued)

November 30, 2020

and noted that the expense waivers and reimbursements were subject to recoupment during a three-year look-back window. The Board also considered that the Adviser agreed to consider implementing breakpoints in its management fee after such time as each Fund grows to a size that the Adviser is receiving its full fee.

After full consideration of the above factors as well as other factors, the Board unanimously approved the continuance and renewal of each Advisory Agreement.

115

Horizon Funds

Additional Information (Unaudited)

November 30, 2020

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended November 30, 2020, 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	60.32%
Horizon Active Risk Assist® Fund	100.00%
Horizon Active Income Fund	9.53%
Horizon Active Dividend Fund	96.22%
Horizon Defined Risk Fund	100.00%
Horizon Defensive Multi-Factor Fund	100.00%
Horizon ESG Defensive Core Fund	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2020 was as follows:

Fund Name	Dividends Received Deduction
Horizon Active Asset Allocation Fund	6.55%
Horizon Active Risk Assist® Fund	25.99%
Horizon Active Income Fund	3.14%
Horizon Active Dividend Fund	79.67%
Horizon Defined Risk Fund	100.00%
Horizon Defensive Multi-Factor Fund	100.00%
Horizon ESG Defensive Core Fund	0.00%

Short Term Capital Gain

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 Capital Gain
Horizon Active Asset Allocation Fund	0.00%
Horizon Active Risk Assist® Fund	0.00%
Horizon Active Income Fund	0.00%
Horizon Active Dividend Fund	15.46%
Horizon Defined Risk Fund	0.00%
Horizon Defensive Multi-Factor Fund	0.00%
Horizon ESG Defensive Core Fund	0.00%

116

Horizon Funds

ADDITIONAL INFORMATION (Unaudited)(Continued)

November 30, 2020

Foreign Tax Credit

For the year ended November 30, 2020, the Horizon Active Allocation Fund, Horizon Active Income Fund and Horizon Active Risk Assist^® 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 Income Earned		Foreign Taxes Paid
Horizon Active Asset Allocation Fund	$	2,047,412	$	261,234
Horizon Active Income Fund		181,583		1,782
Horizon Active Risk Assist® Fund		5,001,940		518,465

117

Horizon Funds

ADDITIONAL INFORMATION (Unaudited)(Continued)

November 30, 2020

Interested Trustees and Officers
Name, Address* and Year of Birth	Position/Term of Office	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Robert J. Cannon** Year of Birth: 1972	Interested Trustee Indefinite Term of Office (since 2015) and President; One Year Term of Office (since 2015)	CEO of Horizon Investments, LLC	7	None
Matthew Chambers Year of Birth: 1976	Vice President, Chief Compliance Officer and Secretary; One Year Term of Office (since 2015)	General Counsel and Chief Compliance Officer of Horizon Investments, LLC, December 2014-present; Attorney, Kilpatrick Townsend & Stockton, September 2008- November 2014	Not Applicable	Not Applicable
Steve Terry Year of Birth: 1980	Treasurer; One Year Term of Office (since October 2018)	Head of Finance and Business Systems of Horizon Investments, LLC, August 2016-present; Co-Founder, Catamaran Investment Partners, 2015-August 2016; Principal Intersection Partners, 2011-2015.	Not Applicable	Not Applicable

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

** Mr. Cannon is considered an “interested person” of the Trust, as defined in the 1940 Act, because of his current position with the Adviser.

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

118

Horizon Funds

ADDITIONAL INFORMATION (Unaudited)(Continued)

November 30, 2020

Independent Trustees
Name, Address* and Year of Birth	Position/Term of Office	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
John W. Davidson Year of Birth: 1946	Trustee; Indefinite Term of Office (since 2015)	Creator, author and founder of John Davidson’s Economic Comments (2009-Present).	7	Trustee, AdvisorOne Funds (7 portfolios).
Todd W. Gaylord Year of Birth: 1975	Trustee; Indefinite Term of Office (since 2015)	Consultant (financial services) since 2012; Owner, McCauley Street Partners, Inc. (real estate brokerage firm) (2009-2014); Vice President, Corporate Bond, Syndicated Loan, and Credit Default Swap Trader, Wachovia Securities (2005-2008).	7	None
Thomas W. Okel Year of Birth: 1962	Trustee; Indefinite Term of Office (since 2015)	Executive Director (2011-2019), Catawba Lands Conservancy; Global Head of Syndicated Capital Markets (1998-2010), Bank of America Merrill Lynch.	7	Trustee, Barings Funds Trust (8 portfolios); Trustee, Barings Global Short Duration High Yield Fund (1 portfolio). Trustee, Barings BDC, Inc.

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

119

PRIVACY NOTICE (Unaudited)

February 2016

FACTS	WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	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.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number and account information ● Account balance and transaction history ● Wire Transfer Instructions
How?	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.
Reasons we can share your personal information		Does Horizon Funds share?	Can you limit this sharing?
For our everyday business purposes — Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes — to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences or creditworthiness		No	We don’t share
For non-affiliates to market to you		No	We don’t share

Questions? Call 1-855-754-7932

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Page 2
Who we are
Who is providing this notice?	Horizon Funds
What we do
How does Horizon Funds protect my personal information?	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.
How does Horizon Funds collect my personal information?	We collect your personal information, for example, when you ● Open an account ● Provide account information ● Give us your contact information ● Make deposits or withdrawals from your account ● Make a wire transfer ● Tell us where to send the money ● Tell us who receives the money ● Show your government-issued ID ● Show your driver’s license
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● Sharing for affiliates’ everyday business purposes – information about your creditworthiness ● Affiliates from using your information to market to you ● Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Our affiliates include companies such as Horizon Investments, LLC.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies ● 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.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Horizon Funds does not jointly market.

Investment Adviser
Horizon Investments, LLC
6210 Ardrey Kell Road, Suite 300

121

Investment Adviser
Horizon Investments, LLC
6210 Ardrey Kell Road, Suite 300
Charlotte, NC 28277

Distributor
Quasar Distributors, LLC
111 E. Kilbourn Ave, Suite 1250
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.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115

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 http://www.sec.gov.

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.

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 11/30/2020	FYE 11/30/2019
Audit Fees	$97,500	$90,000
Audit-Related Fees	$0	$0
Tax Fees	$21,000	$21,000
All Other Fees	$3,000	$0

The percentage of fees billed by Cohen & Company, Ltd. for the fiscal years ended November 30, 2020 and November 30, 2019, respectively, applicable to non-audit services pursuant to a waiver of the pre-approval requirement was as follows:

	FYE 11/30/2020	FYE 11/30/2019
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

Non-Audit Related Fees	FYE 11/30/2020	FYE 11/30/2019
Registrant	$3,730	$1,531
Registrant’s Investment Adviser	$0	$0

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

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed February 1, 2018.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

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

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/ Robert Cannon
	Robert Cannon, President and Principal Executive Officer
Date:	2/4/2021

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/ Robert Cannon
	Robert Cannon, President and Principal Executive Officer
Date:	2/4/2021
By (Signature and Title)*	/s/ Stephen Terry
	Stephen Terry, Treasurer and Principal Financial Officer
Date:	2/4/2021

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