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, 2022

Date of reporting period: December 1, 2021 through November 30, 2022

Item 1. Reports to Stockholders.

(a)

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 U.S. Defensive Equity 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, 2022

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 U.S. DEFENSIVE EQUITY FUND and HORIZON ESG & DEFENSIVE CORE FUND. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Horizon Funds

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

Horizon Funds

Letter to Shareholders

November 30, 2022

Dear Shareholder:

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

Horizon Active Asset Allocation Fund

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

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

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

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

Horizon Active Risk Assist^® Fund

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

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

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

1

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2022

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

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

Horizon Active Income Fund

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

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

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

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

Horizon Defined Risk Fund

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

2

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2022

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

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

Horizon U.S. Defensive Equity Fund

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

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

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

Horizon ESG & Defensive Core Fund

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

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

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

3

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2022

Horizon Active Dividend Fund

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

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

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

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

Past performance does not guarantee future results.

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

Must be preceded or accompanied by a prospectus.

4

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2022

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

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

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

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

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

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

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

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

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

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

5

Horizon Funds

Letter to Shareholders (Continued)

November 30, 2022

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

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

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

Horizon Funds are distributed by Quasar Distributors, LLC.

6

Horizon Active Asset Allocation Fund

Portfolio Review (Unaudited)

November 30, 2022

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

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

Average Annual Total Returns	One Year	Five Year	Ten Year	Since Commencement of Operations (1)
Horizon Active Asset Allocation Fund - Investor Class(3)	-9.63%	6.04%	8.37%	8.01%
Horizon Active Asset Allocation Fund - Advisor Class(3)	-9.76%	5.91%	N/A	8.05%
Horizon Active Asset Allocation Fund - Institutional Class(3)	-9.57%	6.15%	N/A	8.67%
S&P 500 Total Return Index	-9.21%	10.98%	13.34%	13.24%(2)
S&P Global BMI ex-US Index	-13.05%	1.43%	4.56%	4.72%(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 13.07% and 5.21%, respectively. The returns for the S&P 500 Total Return Index and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Asset Allocation Fund - Institutional Class are 13.07% and 4.55%, respectively.

⁽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).

7

Horizon Active Asset Allocation Fund

Portfolio Review (Unaudited) (Continued)

November 30, 2022

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

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

8

Horizon Active Risk Assist^® Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

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

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

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

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

⁽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 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 0.89%, 13.07%, and 5.21%, respectively. The returns for the Bloomberg Aggregate Bond Index, S&P 500 Total Return Index, and S&P Global BMI ex-US Index since the commencement date of the Horizon Active Risk Assist^® Fund - Institutional Class are 0.24%, 13.07%, and 4.54%, respectively.

⁽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).

9

Horizon Active Risk Assist^® Fund
PORTFOLIO REVIEW (Unaudited) (Continued)
November 30, 2022

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

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

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

10

Horizon Active Income Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

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

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

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Income Fund - Investor Class(3)	-14.04%	-1.01%	-0.16%
Horizon Active Income Fund - Advisor Class(3)	-14.12%	-1.17%	-0.50%
Horizon Active Income Fund - Institutional Class(3)	-13.90%	-0.94%	-0.77%
Bloomberg Aggregate Bond Index	-12.84%	0.21%	1.41%(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 Aggregate Bond Index since the commencement date of the Horizon Active Income Fund - Advisor Class and the Horizon Active Income Fund - Institutional Class are 0.68% and 0.24%, respectively.

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

11

Horizon Active Dividend Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

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

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

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Dividend Fund - Investor Class(4)	1.90%	4.49%	6.94%
Horizon Active Dividend Fund - Advisor Class(4)	1.73%	4.34%	5.69%
MSCI World High Dividend Yield Index(3)	4.89%	6.11%	8.23%(2)
S&P Global 100 Index	-7.91%	10.08%	12.12%(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 returns for the MSCI World High Dividend Yield Index and S&P Global 100 Index - Advisor Class are 6.86% and 11.01%, respectively.

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

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

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

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

12

Horizon Defined Risk Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

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

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

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Defined Risk Fund - Investor Class(3)	-3.67%	4.60%
Horizon Defined Risk Fund - Advisor Class(3)	-3.85%	4.30%
Bloomberg US Treasury 1-3 Years Index	-4.19%	0.73%(2)
S&P 500 Total Return Index	-9.21%	10.79%(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 US Treasury 1-3 Years Index and the S&P 500 Total Return Index since the commencement date of the Horizon Defined Risk Fund - Advisor Class are 0.80%, and 10.37%, respectively.

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

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

13

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

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

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

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon U.S. Defensive Equity Fund - Investor Class(3)	-1.62%	8.59%
Horizon U.S. Defensive Equity Fund - Advisor Class(3)	-1.79%	8.38%
S&P 500 Total Return Index	-9.21%	12.18%(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 U.S. Defensive Equity Fund - Investor Class. The returns for the S&P 500 Total Return Index since the commencement date of the Horizon U.S. Defensive Equity Fund - Advisor Class are 10.43%.

⁽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 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.

14

Horizon ESG & Defensive Core Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2022

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

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

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon ESG & Defensive Core Fund - Investor Class(3)	-11.99%	9.54%
Horizon ESG & Defensive Core Fund - Advisor Class(3)	-12.11%	9.37%
MSCI USA Index	-11.05%	9.8%(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 9.72%.

⁽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 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.

15

Horizon Funds

Portfolio Composition (Unaudited)

November 30, 2022

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

	% of Total Investments
Investment Companies	88.0%
Short-Term Investments	1.1%
Investments Purchased With Proceeds From Securities Lending	10.9%
	100.0%

Horizon Active Risk Assist^® Fund Portfolio Composition as of November 30, 2022:

	% of Total Investments
Investment Companies	96.8%
Common Stocks	1.0%
Purchased Call Options	0.1%
Purchased Put Options	0.1%
Short-Term Investments	1.6%
Investments Purchased With Proceeds From Securities Lending	0.4%
	100.0%

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

	% of Total Investments
Investment Companies	97.6%
Short-Term Investments	0.6%
Investments Purchased With Proceeds From Securities Lending	1.8%
	100.0%

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

	% of Total Investments
Common Stocks	97.9%
Preferred Stocks	0.2%
Short-Term Investments	1.4%
Investments Purchased With Proceeds From Securities Lending	0.5%
	100.0%

16

Horizon Funds
PORTFOLIO COMPOSITION (Unaudited) (Continued)
November 30, 2022

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

	% of Total Investments
Common Stocks	95.2%
Purchased Put Options	0.8%
Short-Term Investments	4.0%
	100.0%

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

	% of Total Investments
Common Stocks	99.3%
Short-Term Investments	0.7%
	100.0%

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

	% of Total Investments
Investment Companies	38.6%
Common Stocks	60.4%
Short-Term Investments	1.0%
	100.0%

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

17

Horizon Active Asset Allocation Fund

Portfolio of Investments

November 30, 2022

Shares			Value
		INVESTMENT COMPANIES - 98.7%
		Exchange Traded Funds - 98.7%
	421	Consumer Staples Select Sector SPDR Fund (a)	$	32,497
	162,735	Energy Select Sector SPDR Fund		14,833,295
	117,957	Invesco QQQ Trust Series 1		34,603,865
	523,925	Invesco S&P 500 Equal Weight ETF (a)		77,970,518
	1,047,279	iShares Core Dividend Growth ETF		54,804,110
	331,697	iShares Core S&P Mid-Cap ETF		85,246,129
	822,255	iShares Core S&P Small-Cap ETF		83,738,449
	454,214	iShares Edge MSCI USA Quality Factor ETF		55,068,905
	1,828,013	iShares International Select Dividend ETF (a)		49,776,794
	282,890	iShares Latin America 40 ETF (a)		7,397,574
	466	iShares MSCI India ETF		20,616
	726,235	iShares MSCI Japan ETF (a)		40,523,913
	515,734	iShares MSCI USA Minimum Volatility ETF		38,814,141
	348,656	iShares MSCI USA Momentum Factor ETF (a)		53,260,691
	248,605	iShares Select Dividend ETF		31,197,441
	378	iShares U.S. Aerospace & Defense ETF		42,306
	119,154	Overlay Shares Large Cap Equity ETF		3,908,108
	646	Pacer US Cash Cows 100 ETF		31,938
	477,577	SPDR Portfolio Emerging Markets ETF (a)		16,433,425
	696,819	SPDR Portfolio S&P 500 Growth ETF		38,311,109
	24,778	VanEck Oil Services ETF (a)		7,536,229
	859,843	WisdomTree U.S. Quality Dividend Growth Fund		54,445,259
	626,621	Xtrackers MSCI USA ESG Leaders Equity ETF		23,335,366
	209,765	Xtrackers S&P 500 ESG ETF		7,736,133
		TOTAL INVESTMENT COMPANIES (Cost - $800,580,981)		779,068,811
		SHORT TERM INVESTMENTS - 1.3%
		Money Market Funds - 1.3%
	10,167,137	First American Treasury Obligations Fund, Class X, 3.75% (b)		10,167,137
		TOTAL SHORT TERM INVESTMENTS (Cost - $10,167,137)		10,167,137
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%
	96,552,454	First American Government Obligations Fund, Class X, 3.67% (b)		96,552,454
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $96,552,454)		96,552,454
		TOTAL INVESTMENTS - 112.2% (Cost - $907,300,572)		885,788,402
		Liabilities in Excess of Other Assets - (12.2)%		(96,649,195	)
		NET ASSETS - 100.0%	$	789,139,207

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, 2022.

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

See accompanying notes to financial statements.

18

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		INVESTMENT COMPANIES - 97.2%
		Exchange Traded Funds - 97.2%
	87,948	Invesco QQQ Trust Series 1	$	25,800,425
	583,632	iShares Core S&P Small-Cap ETF		59,437,083
	454,996	iShares Edge MSCI USA Quality Factor ETF		55,163,715
	8,027,207	SPDR Bloomberg 1-3 Month T-Bill ETF (e)(h)		735,854,066
	3,694,305	SPDR Portfolio Developed World ex-US ETF (f)		113,710,708
	1,217,756	SPDR Portfolio Emerging Markets ETF (f)		41,902,984
	1,310,432	SPDR Portfolio S&P 500 Growth ETF (e)(f)		72,047,551
	2,781,200	SPDR Portfolio S&P 500 Value ETF (e)		113,222,652
	416,751	Xtrackers MSCI USA ESG Leaders Equity ETF		15,519,807
	139,612	Xtrackers S&P 500 ESG ETF (f)		5,148,891
		TOTAL INVESTMENT COMPANIES (Cost - $1,224,462,327)		1,237,807,882
		COMMON STOCKS - 1.1%
		Accommodation and Food Services - 0.0% (b)
	871	Caesars Entertainment, Inc. (a)		44,255
		Advertising - 0.0% (b)
	1,294	Interpublic Group of Cos., Inc.		44,462
	483	Omnicom Group, Inc.		38,524
				82,986
		Aerospace/Defense - 0.0% (b)
	203	General Dynamics Corp.		51,235
	934	Howmet Aerospace, Inc.		35,184
	23	L3Harris Technologies, Inc.		5,223
	196	Lockheed Martin Corp.		95,097
	143	Northrop Grumman Corp.		76,260
	74	Teledyne Technologies, Inc. (a)		31,087
	13	TransDigm Group, Inc.		8,171
				302,257
		Agriculture - 0.0% (b)
	526	Archer Daniels Midland Co.		51,285
		Airlines - 0.0% (b)
	983	Alaska Air Group, Inc. (a)		46,634
	2,094	American Airlines Group, Inc. (a)		30,216
	381	Delta Air Lines, Inc. (a)		13,476
	340	Southwest Airlines Co. (a)		13,569
	856	United Airlines Holdings, Inc. (a)		37,810
				141,705
		Apparel - 0.0% (b)
	584	Ralph Lauren Corp.		66,062

See accompanying notes to financial statements.

19

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	1,476	Tapestry, Inc.	$	55,749
	494	VF Corp.		16,213
				138,024
		Auto Manufacturers - 0.0% (b)
	161	Cummins, Inc.		40,437
	2,108	Ford Motor Co.		29,301
	129	General Motors Co.		5,232
	377	PACCAR, Inc.		39,928
				114,898
		Auto Parts & Equipment - 0.0% (b)
	125	Aptiv PLC (a)		13,334
	1,155	BorgWarner, Inc.		49,099
				62,433
		Banks - 0.1%
	190	Bank of New York Mellon Corp.		8,721
	766	Citizens Financial Group, Inc.		32,463
	341	Comerica, Inc.		24,463
	337	Fifth Third Bancorp		12,253
	77	First Republic Bank		9,826
	143	Goldman Sachs Group, Inc.		55,219
	2,267	Huntington Bancshares, Inc.		35,093
	991	KeyCorp		18,641
	181	M&T Bank Corp.		30,774
	152	Northern Trust Corp.		14,153
	27	PNC Financial Services Group, Inc.		4,543
	1,362	Regions Financial Corp.		31,612
	162	State Street Corp.		12,907
	36	SVB Financial Group (a)		8,344
	96	Truist Financial Corp.		4,494
	2,001	Wells Fargo & Co.		95,948
	550	Zions Bancorp NA		28,501
				427,955
		Beverages - 0.0% (b)
	109	Brown-Forman Corp., Class B		7,959
	23	Constellation Brands, Inc., Class A		5,919
	489	Molson Coors Brewing Co., Class B		26,949
	62	Monster Beverage Corp. (a)		6,377
				47,204
		Biotechnology - 0.1%
	422	Amgen, Inc.		120,861
	145	Biogen, Inc. (a)		44,250
	47	Bio-Rad Laboratories, Inc., Class A (a)		19,491
	812	Corteva, Inc.		54,534
	944	Gilead Sciences, Inc.		82,911

See accompanying notes to financial statements.

20

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	43	Illumina, Inc. (a)	$	9,377
	249	Incyte Corp. (a)		19,838
	81	Regeneron Pharmaceuticals, Inc. (a)		60,888
	224	Vertex Pharmaceuticals, Inc. (a)		70,874
				483,024
		Building Materials - 0.0% (b)
	196	Carrier Global Corp.		8,687
	534	Fortune Brands Home & Security, Inc.		34,891
	120	Johnson Controls International PLC		7,973
	39	Martin Marietta Materials, Inc.		14,293
	432	Masco Corp.		21,937
	76	Vulcan Materials Co.		13,933
				101,714
		Chemicals - 0.0% (b)
	117	Air Products & Chemicals, Inc.		36,289
	150	Albemarle Corp.		41,698
	272	Celanese Corp.		29,186
	346	CF Industries Holdings, Inc.		37,434
	175	Dow, Inc.		8,920
	186	DuPont de Nemours, Inc.		13,115
	372	Eastman Chemical Co.		32,223
	304	FMC Corp.		39,714
	103	International Flavors & Fragrances, Inc.		10,899
	181	Linde PLC		60,903
	138	LyondellBasell Industries NV, Class A		11,731
	570	Mosaic Co.		29,241
	84	PPG Industries, Inc.		11,358
	21	Sherwin-Williams Co.		5,233
				367,944
		Commercial Services - 0.0% (b)
	348	Automatic Data Processing, Inc.		91,921
	86	Cintas Corp.		39,713
	40	Ecolab, Inc.		5,993
	56	Equifax, Inc.		11,053
	168	FleetCor Technologies, Inc. (a)		32,961
	153	Gartner, Inc. (a)		53,607
	121	Global Payments, Inc.		12,557
	128	MarketAxess Holdings, Inc.		34,294
	21	Moody’s Corp.		6,264
	51	PayPal Holdings, Inc. (a)		3,999
	245	Quanta Services, Inc.		36,721
	353	Robert Half International, Inc.		27,809
	904	Rollins, Inc.		36,558

See accompanying notes to financial statements.

21

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	42	United Rentals, Inc. (a)	$	14,827
	44	Verisk Analytics, Inc.		8,083
				416,360
		Computers - 0.1%
	2,243	Apple, Inc.		332,031
	240	Cognizant Technology Solutions Corp., Class A		14,931
	3,542	DXC Technology Co. (a)		105,091
	952	Fortinet, Inc. (a)		50,608
	2,275	Hewlett Packard Enterprise Co.		38,175
	674	HP, Inc.		20,247
	32	International Business Machines Corp.		4,765
	190	Leidos Holdings, Inc.		20,773
	497	NetApp, Inc.		33,602
	1,239	Western Digital Corp. (a)		45,533
				665,756
		Cosmetics/Personal Care - 0.0% (b)
	404	Colgate-Palmolive Co.		31,302
		Distribution/Wholesale - 0.0% (b)
	158	Copart, Inc. (a)		10,516
	162	Fastenal Co.		8,345
	406	LKQ Corp.		22,058
	67	WW Grainger, Inc.		40,405
				81,324
		Diversified Financial Services - 0.0% (b)
	118	Ameriprise Financial, Inc.		39,170
	73	Capital One Financial Corp.		7,537
	277	CBOE Global Markets, Inc.		35,135
	1,107	Charles Schwab Corp.		91,372
	21	CME Group, Inc.		3,706
	103	Discover Financial Services		11,161
	905	Franklin Resources, Inc.		24,263
	52	Intercontinental Exchange, Inc.		5,632
	2,321	Invesco, Ltd.		44,354
	478	Nasdaq, Inc.		32,724
	313	Raymond James Financial, Inc.		36,590
	599	Synchrony Financial		22,510
	94	T. Rowe Price Group, Inc.		11,742
				365,896
		Electric - 0.1%
	1,351	AES Corp.		39,071
	282	Alliant Energy Corp.		15,877
	122	Ameren Corp.		10,897
	50	American Electric Power Co., Inc.		4,840

See accompanying notes to financial statements.

22

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	853	CenterPoint Energy, Inc.	$	26,537
	203	CMS Energy Corp.		12,397
	300	Consolidated Edison, Inc.		29,412
	51	Dominion Energy, Inc.		3,117
	78	DTE Energy Co.		9,049
	155	Edison International		10,332
	98	Entergy Corp.		11,394
	257	Evergy, Inc.		15,217
	96	Eversource Energy		7,955
	147	Exelon Corp.		6,081
	274	FirstEnergy Corp.		11,300
	978	NextEra Energy, Inc.		82,837
	959	NRG Energy, Inc.		40,709
	2,506	PG&E Corp. (a)		39,344
	430	Pinnacle West Capital Corp.		33,678
	430	PPL Corp.		12,694
	126	Public Service Enterprise Group, Inc.		7,629
	197	Sempra Energy		32,739
	81	WEC Energy Group, Inc.		8,030
	89	Xcel Energy, Inc.		6,250
				477,386
		Electrical Components & Equipment - 0.0% (b)
	70	AMETEK, Inc.		9,969
	63	Emerson Electric Co.		6,034
				16,003
		Electronics - 0.0% (b)
	55	Agilent Technologies, Inc.		8,524
	288	Allegion PLC		32,731
	608	Amphenol Corp., Class A		48,902
	164	Fortive Corp.		11,078
	187	Garmin, Ltd.		17,389
	275	Keysight Technologies, Inc. (a)		49,745
	9	Mettler-Toledo International, Inc. (a)		13,226
	130	PerkinElmer, Inc.		18,165
	29	Roper Technologies, Inc.		12,728
	103	TE Connectivity, Ltd.		12,990
	54	Waters Corp. (a)		18,716
				244,194
		Entertainment - 0.0% (b)
	187	Live Nation Entertainment, Inc. (a)		13,606
		Environmental Control - 0.0% (b)
	751	Pentair PLC		34,373

See accompanying notes to financial statements.

23

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	34	Republic Services, Inc.	$	4,736
				39,109
		Finance and Insurance - 0.0% (b)
	254	Brown & Brown, Inc.		15,136
	174	Signature Bank		24,273
	93	US Bancorp		4,221
				43,630
		Food - 0.0% (b)
	700	Campbell Soup Co.		37,569
	435	Conagra Brands, Inc.		16,521
	625	General Mills, Inc.		53,313
	197	Hershey Co.		46,329
	206	Hormel Foods Corp.		9,682
	117	J.M. Smucker Co.		18,019
	493	Kellogg Co.		35,964
	173	Kraft Heinz Co.		6,808
	170	Kroger Co.		8,362
	498	Lamb Weston Holdings, Inc.		43,276
	159	McCormick & Co., Inc.		13,544
	408	Sysco Corp.		35,296
	140	Tyson Foods, Inc., Class A		9,279
				333,962
		Forest Products & Paper - 0.0% (b)
	631	International Paper Co.		23,423
		Gas - 0.0% (b)
	258	Atmos Energy Corp.		31,011
	773	NiSource, Inc.		21,598
				52,609
		Hand/Machine Tools - 0.0% (b)
	150	Snap-on, Inc.		36,090
	215	Stanley Black & Decker, Inc.		17,570
				53,660
		Health Care and Social Assistance - 0.0% (b)
	85	Molina Healthcare, Inc. (a)		28,625
		Healthcare Products - 0.0% (b)
	113	ABIOMED, Inc. (a)		42,690
	65	Align Technology, Inc. (a)		12,783
	162	Baxter International, Inc.		9,158
	115	Boston Scientific Corp. (a)		5,206
	67	Cooper Cos., Inc.		21,195
	1,309	Dentsply Sirona, Inc.		39,610

See accompanying notes to financial statements.

24

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	56	Edwards Lifesciences Corp. (a)	$	4,326
	247	Hologic, Inc. (a)		18,812
	28	IDEXX Laboratories, Inc. (a)		11,924
	19	Intuitive Surgical, Inc. (a)		5,137
	37	ResMed, Inc.		8,517
	85	STERIS PLC		15,788
	121	Teleflex, Inc.		28,329
	51	West Pharmaceutical Services, Inc.		11,968
	105	Zimmer Biomet Holdings, Inc.		12,611
				248,054
		Healthcare Services - 0.1%
	161	Anthem, Inc.		85,800
	390	Centene Corp. (a)		33,949
	364	DaVita, Inc. (a)		26,838
	23	HCA Healthcare, Inc.		5,525
	111	Humana, Inc.		61,039
	37	IQVIA Holdings, Inc. (a)		8,067
	61	Laboratory Corp. of America Holdings		14,683
	142	Quest Diagnostics, Inc.		21,560
	575	UnitedHealth Group, Inc.		314,962
	400	Universal Health Services, Inc., Class B		52,340
				624,763
		Home Builders - 0.0% (b)
	397	DR Horton, Inc.		34,142
	341	Lennar Corp., Class A		29,950
	10	NVR, Inc. (a)		46,390
	713	PulteGroup, Inc.		31,928
				142,410
		Home Furnishings - 0.0% (b)
	234	Whirlpool Corp.		34,288
		Household Products/Wares - 0.0% (b)
	110	Avery Dennison Corp.		21,266
	180	Church & Dwight Co., Inc.		14,737
	187	Clorox Co.		27,798
	51	Kimberly-Clark Corp.		6,917
				70,718
		Housewares - 0.0% (b)
	2,819	Newell Brands, Inc.		36,562
		Information - 0.0% (b)
	933	Ceridian HCM Holding, Inc. (a)		63,855
	468	CoStar Group, Inc. (a)		37,927

See accompanying notes to financial statements.

25

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	80	FactSet Research Systems, Inc.	$	36,903
	3,660	Lumen Technologies, Inc.		20,020
	463	PTC, Inc. (a)		58,898
	745	Warner Bros Discovery, Inc. (a)		8,493
				226,096
		Insurance - 0.1%
	679	Aflac, Inc.		48,841
	57	Allstate Corp.		7,632
	129	American International Group, Inc.		8,141
	16	Aon PLC, Class A		4,933
	235	Arthur J Gallagher & Co.		46,791
	212	Assurant, Inc.		27,183
	187	Cincinnati Financial Corp.		20,750
	97	Everest Re Group, Ltd.		32,780
	391	Globe Life, Inc.		46,904
	200	Hartford Financial Services Group, Inc.		15,274
	701	Lincoln National Corp.		27,297
	396	Loews Corp.		23,027
	80	MetLife, Inc.		6,136
	477	Principal Financial Group, Inc.		42,777
	549	Progressive Corp.		72,550
	82	Prudential Financial, Inc.		8,858
	44	Travelers Cos., Inc.		8,352
	55	Willis Towers Watson PLC		13,539
	535	WR Berkley Corp.		40,810
				502,575
		Internet - 0.0% (b)
	2	Booking Holdings, Inc. (a)		4,159
	125	CDW Corp.		23,580
	306	eBay, Inc.		13,904
	186	Expedia Group, Inc. (a)		19,872
	352	F5 Networks, Inc. (a)		54,423
	1,506	Gen Digital, Inc.		34,578
	175	Netflix, Inc. (a)		53,468
	133	VeriSign, Inc. (a)		26,575
				230,559
		Iron/Steel - 0.0% (b)
	254	Nucor Corp.		38,087
		Leisure Time - 0.0% (b)
	2,255	Carnival Corp. (a)		22,392
	2,994	Norwegian Cruise Line Holdings, Ltd. (a)		49,221
	463	Royal Caribbean Cruises, Ltd. (a)		27,748
				99,361

See accompanying notes to financial statements.

26

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Lodging - 0.0% (b)
	63	Hilton Worldwide Holdings, Inc.	$	8,985
	916	Las Vegas Sands Corp. (a)		42,905
	39	Marriott International, Inc., Class A		6,449
	666	MGM Resorts International		24,549
	534	Wynn Resorts, Ltd. (a)		44,674
				127,562
		Machinery - Diversified - 0.0% (b)
	180	Deere & Co.		79,380
	104	Dover Corp.		14,763
	140	IDEX Corp.		33,249
	265	Ingersoll Rand, Inc.		14,302
	116	Otis Worldwide Corp.		9,059
	38	Rockwell Automation, Inc.		10,040
	167	Wabtec Corp.		16,882
	144	Xylem, Inc.		16,178
				193,853
		Manufacturing - 0.0% (b)
	300	Bio-Techne Corp.		25,497
	231	Catalent, Inc. (a)		11,580
	193	Enphase Energy, Inc. (a)		61,874
	105	Generac Holdings, Inc. (a)		11,080
	126	Keurig Dr Pepper, Inc.		4,872
	42	Moderna, Inc. (a)		7,388
	66	Monolithic Power Systems, Inc.		25,209
	80	Nordson Corp.		18,919
	70	NXP Semiconductors NV		12,309
	763	ON Semiconductor Corp. (a)		57,378
	1,455	Organon & Co.		37,859
	632	Seagate Technology Holdings Plc		33,477
	115	SolarEdge Technologies, Inc. (a)		34,369
	446	Teradyne, Inc.		41,679
	557	Trimble, Inc. (a)		33,281
				416,771
		Media - 0.0% (b)
	15	Charter Communications, Inc., Class A (a)		5,869
	2,039	DISH Network Corp., Class A (a)		32,726
	463	Fox Corp., Class A		15,024
	1,779	News Corp., Class A		34,068
	919	Paramount Global, Class B		18,454
				106,141

See accompanying notes to financial statements.

27

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Mining - 0.0% (b)
	229	Freeport-McMoRan, Inc.	$	9,114
	179	Newmont Goldcorp Corp.		8,497
				17,611
		Mining, Quarrying, and Oil and Gas Extraction - 0.0% (b)
	620	APA Corp.		29,047
		Miscellaneous Manufacturing - 0.0% (b)
	541	AO Smith Corp.		32,860
	30	Eaton Corp PLC		4,904
	20	Illinois Tool Works, Inc.		4,549
	28	Parker-Hannifin Corp.		8,370
	276	Textron, Inc.		19,701
	43	Trane Technologies PLC		7,672
				78,056
		Office/Business Equipment - 0.0% (b)
	115	Zebra Technologies Corp., Class A (a)		31,082
		Oil & Gas - 0.1%
	423	Cabot Oil & Gas Corp.		11,806
	1,164	ConocoPhillips		143,766
	105	Devon Energy Corp.		7,194
	96	Diamondback Energy, Inc.		14,210
	33	EOG Resources, Inc.		4,684
	2,811	Exxon Mobil Corp.		312,977
	394	Hess Corp.		56,700
	688	Marathon Oil Corp.		21,073
	569	Marathon Petroleum Corp.		69,310
	1,025	Occidental Petroleum Corp.		71,227
	82	Phillips 66		8,892
	22	Pioneer Natural Resources Co.		5,192
	58	Valero Energy Corp.		7,750
				734,781
		Oil & Gas Services - 0.0% (b)
	509	Baker Hughes & GE Co.		14,771
	419	Halliburton Co.		15,876
	1,481	Schlumberger, Ltd.		76,346
				106,993
		Packaging & Containers - 0.0% (b)
	1,373	Amcor PLC		16,956
	329	Ball Corp.		18,450
	200	Packaging Corp of America		27,178

See accompanying notes to financial statements.

28

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	834	Sealed Air Corp.	$	44,394
	929	Westrock Co.		35,228
				142,206
		Pharmaceuticals - 0.1%
	63	AmerisourceBergen Corp.		10,754
	16	Becton Dickinson & Co.		3,989
	1,161	Bristol-Myers Squibb Co.		93,205
	438	Cardinal Health, Inc.		35,115
	277	Cigna Corp.		91,103
	98	DexCom, Inc. (a)		11,395
	802	Eli Lilly & Co.		297,606
	401	Henry Schein, Inc. (a)		32,449
	139	McKesson Corp.		53,054
	1,702	Merck & Co., Inc.		187,424
	2,679	Viatris, Inc.		29,549
	23	Zoetis, Inc.		3,545
				849,188
		Pipelines - 0.0% (b)
	390	Kinder Morgan, Inc.		7,457
	185	ONEOK, Inc.		12,380
	225	Williams Cos., Inc.		7,807
				27,644
		Professional, Scientific, and Technical Services - 0.0% (b)
	142	Charles River Laboratories International, Inc. (a)		32,457
	120	EPAM Systems, Inc. (a)		44,230
	126	Jacobs Solutions, Inc.		15,944
	386	Match Group, Inc. (a)		19,516
				112,147
		Real Estate - 0.0% (b)
	154	CBRE Group, Inc., Class A (a)		12,258
		Real Estate Investment Trusts - 0.1%
	76	Alexandria Real Estate Equities, Inc.		11,826
	50	AvalonBay Communities, Inc.		8,745
	271	Boston Properties, Inc.		19,534
	158	Camden Property Trust		19,012
	24	Crown Castle International Corp.		3,394
	78	Digital Realty Trust, Inc.		8,772
	8	Equinix, Inc.		5,525
	144	Equity Residential		9,340
	62	Essex Property Trust, Inc.		13,663
	145	Extra Space Storage, Inc.		23,300
	383	Federal Realty OP LP		42,551
	796	Healthpeak Properties, Inc.		20,903

See accompanying notes to financial statements.

29

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	2,135	Host Hotels & Resorts, Inc.	$	40,437
	338	Invitation Homes, Inc.		11,029
	642	Iron Mountain, Inc.		34,880
	1,635	Kimco Realty Corp.		37,474
	87	Mid-America Apartment Communities, Inc.		14,345
	90	Public Storage		26,816
	366	Realty Income Corp.		23,084
	498	Regency Centers Corp.		33,082
	26	SBA Communications Corp.		7,782
	231	Simon Property Group, Inc.		27,591
	438	UDR, Inc.		18,164
	332	Ventas, Inc.		15,448
	1,074	VICI Properties, Inc.		36,731
	2,187	Vornado Realty Trust		55,309
	120	Welltower, Inc.		8,524
	403	Weyerhaeuser Co.		13,182
				590,443
		Retail - 0.1%
	158	Advance Auto Parts, Inc.		23,856
	23	AutoZone, Inc. (a)		59,317
	239	Best Buy Co., Inc.		20,387
	245	CarMax, Inc. (a)		16,993
	23	Chipotle Mexican Grill, Inc. (a)		37,420
	187	Costco Wholesale Corp.		100,840
	260	Darden Restaurants, Inc.		38,217
	189	Dollar General Corp.		48,323
	55	Dollar Tree, Inc. (a)		8,266
	67	Domino’s Pizza, Inc.		26,045
	241	Genuine Parts Co.		44,183
	460	McDonald’s Corp.		125,483
	72	O’Reilly Automotive, Inc. (a)		62,247
	99	Ross Stores, Inc.		11,649
	554	Starbucks Corp.		56,619
	23	Target Corp.		3,843
	947	TJX Cos., Inc.		75,807
	64	Tractor Supply Co.		14,484
	81	Ulta Beauty, Inc. (a)		37,652
	262	Walgreens Boots Alliance, Inc.		10,873
	72	Yum! Brands, Inc.		9,264
				831,768
		Retail Trade - 0.0% (b)
	841	Bath & Body Works, Inc.		35,742
	210	Etsy, Inc. (a)		27,739
				63,481

See accompanying notes to financial statements.

30

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Semiconductors - 0.0% (b)
	58	Advanced Micro Devices, Inc. (a)	$	4,503
	41	Analog Devices, Inc.		7,048
	71	Applied Materials, Inc.		7,782
	140	Intel Corp.		4,210
	121	KLA Corp.		47,571
	21	Lam Research Corp.		9,920
	575	Microchip Technology, Inc.		45,534
	161	Micron Technology, Inc.		9,282
	633	Qorvo, Inc. (a)		62,825
	464	QUALCOMM, Inc.		58,691
	304	Skyworks Solutions, Inc.		29,068
	343	Texas Instruments, Inc.		61,898
				348,332
		Shipbuilding - 0.0% (b)
	160	Huntington Ingalls Industries, Inc.		37,114
		Software - 0.1%
	409	Akamai Technologies, Inc. (a)		38,798
	93	ANSYS, Inc. (a)		23,650
	59	Autodesk, Inc. (a)		11,915
	156	Broadridge Financial Solutions, Inc.		23,261
	271	Cadence Design Systems, Inc. (a)		46,623
	225	Electronic Arts, Inc.		29,425
	113	Fidelity National Information Services, Inc.		8,201
	533	Fiserv, Inc. (a)		55,624
	10	Intuit, Inc.		4,076
	285	Jack Henry & Associates, Inc.		53,965
	17	MSCI, Inc.		8,633
	91	Paychex, Inc.		11,287
	69	Paycom Software, Inc. (a)		23,398
	15	ServiceNow, Inc. (a)		6,244
	151	Synopsys, Inc. (a)		51,271
	226	Take-Two Interactive Software, Inc. (a)		23,886
	90	Tyler Technologies, Inc. (a)		30,847
				451,104
		Telecommunications - 0.0% (b)
	384	Arista Networks, Inc. (a)		53,491
	2,036	AT&T, Inc.		39,254
	560	Corning, Inc.		19,113
	1,955	Juniper Networks, Inc.		64,984
	194	Motorola Solutions, Inc.		52,807
	1,025	T-Mobile US, Inc. (a)		155,247
				384,896

See accompanying notes to financial statements.

31

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares					Value
		Textiles - 0.0% (b)
	460	Mohawk Industries, Inc. (a)			$	46,612
		Toys/Games/Hobbies - 0.0% (b)
	344	Hasbro, Inc.				21,610
		Transportation - 0.0% (b)
	289	CH Robinson Worldwide, Inc.				28,964
	167	Expeditors International of Washington, Inc.				19,382
	36	FedEx Corp.				6,560
	154	JB Hunt Transport Services, Inc.				28,319
	18	Norfolk Southern Corp.				4,617
	92	Old Dominion Freight Line, Inc.				27,840
						115,682
		Utilities - 0.0% (b)
	107	Constellation Energy Corp.				10,285
		Water - 0.0% (b)
	69	American Water Works Co., Inc.				10,471
		Wholesale Trade - 0.0% (b)
	63	Pool Corp.				20,753
		TOTAL COMMON STOCKS (Cost - $12,767,816)				13,423,893
Contracts			Notional Amount
		PURCHASED OPTIONS - 0.2% (a)(c)
		PURCHASED CALL OPTIONS - 0.1%
		iShares China Large-Cap ETF
	15,000	Expiration: December 2022, Exercise Price: $32.00	$	42,240,000		187,500
		iShares MSCI Germany ETF
	3,000	Expiration: January 2023, Exercise Price: $25.50		7,617,000		247,500
	3,500	Expiration: January 2023, Exercise Price: $26.50		8,886,500		148,750
		TOTAL PURCHASED CALL OPTIONS (Cost - $2,231,488)				583,750
		PURCHASED PUT OPTIONS - 0.1%
		CBOE Volatility Index
	1,250	Expiration: February 2023, Exercise Price: $22.00		2,571,250		144,375
		iShares MSCI EAFE ETF (g)
	7,500	Expiration: June 2023, Exercise Price: $54.00		50,340,000		937,500
		iShares MSCI Emerging Markets ETF (g)
	15,000	Expiration: December 2022, Exercise Price: $37.50		59,280,000		15,000

See accompanying notes to financial statements.

32

Horizon Active Risk Assist^® Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Contracts			Notional Amount		Value
	15,000	Expiration: December 2022, Exercise Price: $37.00	$	59,280,000	$	525,000
		TOTAL PURCHASED PUT OPTIONS (Cost - $2,471,944)				1,621,875
		TOTAL PURCHASED OPTIONS (Cost - $4,703,432)				2,205,625
Shares
		SHORT TERM INVESTMENTS - 1.6%
		Money Market Funds - 1.6%
	20,695,725	First American Treasury Obligations Fund, Class X, 3.75% (d)				20,695,725
		TOTAL SHORT TERM INVESTMENTS (Cost - $20,695,725)				20,695,725
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%
	5,133,800	First American Government Obligations Fund, Class X, 3.67% (d)				5,133,800
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $5,133,800)				5,133,800
		TOTAL INVESTMENTS - 100.5% (Cost - $1,267,763,100)				1,279,266,925
		Liabilities in Excess of Other Assets - (0.5)%				(5,809,863	)
		NET ASSETS - 100.0%			$	1,273,457,062

Contracts			Notional Value
		SCHEDULE OF WRITTEN OPTIONS - 0.0% (a)(b)(c)
		WRITTEN PUT OPTIONS - 0.0% (b)
	7,500	iShares MSCI EAFE ETF
		Expiration: March 2023, Exercise Price $54.00	$	50,340,000		273,750
	15,000	iShares MSCI Emerging Markets ETF
		Expiration: December 2022, Exercise Price $35.00		59,280,000		195,000
		TOTAL WRITTEN PUT OPTIONS (Premiums Received $1,170,188)				468,750
		TOTAL OPTIONS WRITTEN (Premiums Received $1,170,188)			$	468,750

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a) Non-income producing security.

(b) Rounds to 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, 2022.

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

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

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

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

See accompanying notes to financial statements.

33

Horizon Active Income Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		INVESTMENT COMPANIES - 99.4%
		Exchange Traded Funds - 99.4%
	1,471,373	First Trust TCW Opportunistic Fixed Income ETF (a)	$	65,034,687
	524,077	Hartford Total Return Bond ETF (a)		17,346,949
	2,410	Invesco Senior Loan ETF (a)		50,176
	824,932	iShares 1-3 Year Treasury Bond ETF		67,165,963
	402,081	iShares 7-10 Year Treasury Bond ETF		39,247,127
	223,984	iShares Core U.S. Aggregate Bond ETF		22,015,387
	430,267	iShares iBoxx Investment Grade Corporate Bond ETF		46,365,572
	281,416	iShares MBS ETF (a)		26,450,290
	294	iShares National AMT-Free Muni Bond ETF		31,229
	410	Janus Henderson AAA CLO ETF		20,246
	472,365	Janus Henderson Mortgage-Backed Securities ETF		21,691,615
	92,269	Overlay Shares Core Bond ETF		1,916,270
	398,309	SPDR Bloomberg 1-3 Month T-Bill ETF		36,512,986
	983,210	SPDR Portfolio Long Term Treasury ETF (a)		29,348,818
	2,285,817	SPDR Portfolio Short Term Corporate Bond ETF		67,317,311
	761	VanEck Fallen Angel High Yield Bond ETF		20,912
		TOTAL INVESTMENT COMPANIES (Cost - $474,695,728)		440,535,538
		SHORT TERM INVESTMENTS - 0.6%
		Money Market Funds - 0.6%
	2,657,974	First American Treasury Obligations Fund, Class X, 3.75% (b)		2,657,974
		TOTAL SHORT TERM INVESTMENTS (Cost - $2,657,974)		2,657,974
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.8%
	7,997,981	First American Government Obligations Fund, Class X, 3.67% (b)		7,997,981
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $7,997,981)		7,997,981
		TOTAL INVESTMENTS - 101.8% (Cost - $485,351,683)		451,191,493
		Liabilities in Excess of Other Assets - (1.8)%		(8,066,824	)
		NET ASSETS - 100.0%	$	443,124,669

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, 2022.

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

See accompanying notes to financial statements.

34

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		COMMON STOCKS - 98.2%
		Accommodation and Food Services - 0.6%
	2,423	Vail Resorts, Inc.	$	624,019
		Aerospace/Defense - 1.6%
	3,575	Lockheed Martin Corp.		1,734,554
		Apparel - 0.6%
	16,806	Tapestry, Inc.		634,763
		Auto Manufacturers - 0.6%
	2,357	Cummins, Inc.		591,984
		Banks - 8.2%
	13,222	Bank of New York Mellon Corp.		606,890
	11,367	Bank of Nova Scotia		593,357
	12,113	Citigroup, Inc.		586,390
	4,839	Goldman Sachs Group, Inc.		1,868,580
	32,720	JPMorgan Chase & Co.		4,521,250
	7,737	State Street Corp.		616,407
				8,792,874
		Beverages - 5.8%
	50,472	Coca-Cola Co.		3,210,524
	10,967	Molson Coors Brewing Co., Class B		604,391
	12,819	PepsiCo, Inc.		2,378,053
				6,192,968
		Biotechnology - 2.2%
	4,875	Amgen, Inc.		1,396,200
	11,248	Gilead Sciences, Inc.		987,912
				2,384,112
		Chemicals - 1.5%
	4,586	Linde PLC		1,543,097
		Commercial Services - 0.9%
	3,726	Automatic Data Processing, Inc.		984,186
		Computers - 2.3%
	6,073	Accenture PLC, Class A		1,827,548
	3,978	International Business Machines Corp.		592,324
				2,419,872
		Cosmetics/Personal Care - 4.2%
	22,416	Procter & Gamble Co.		3,343,570
	23,028	Unilever PLC ADR		1,160,151
				4,503,721

See accompanying notes to financial statements.

35

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Diversified Financial Services - 5.4%
	6,883	American Express Co.	$	1,084,692
	30,411	Ares Capital Corp. (a)		597,576
	2,201	BlackRock, Inc.		1,575,916
	5,939	Capital One Financial Corp.		613,142
	5,455	Discover Financial Services		591,104
	16,443	Synchrony Financial		617,928
	4,780	T. Rowe Price Group, Inc.		597,070
				5,677,428
		Electronics - 1.3%
	6,225	Honeywell International, Inc.		1,366,699
		Finance and Insurance - 2.8%
	5,942	Bank of Montreal		581,306
	6,475	Blackstone, Inc.		592,657
	14,860	Fidelity National Financial, Inc.		599,749
	4,272	Reinsurance Group of America, Inc.		616,877
	32,050	UBS Group AG		591,002
				2,981,591
		Food - 0.6%
	7,263	General Mills, Inc.		619,534
		Healthcare Products - 1.6%
	16,290	Abbott Laboratories		1,752,478
		Healthcare Services - 4.4%
	8,560	UnitedHealth Group, Inc.		4,688,825
		Household Products/Wares - 0.6%
	4,009	Clorox Co.		595,938
		Insurance - 2.8%
	1,831	Everest Re Group, Ltd.		618,768
	8,033	Hartford Financial Services Group, Inc.		613,480
	33,324	Manulife Financial Corp.		600,832
	7,772	MetLife, Inc.		596,112
	3,185	Travelers Cos., Inc.		604,545
				3,033,737
		Machinery - Construction & Mining - 1.6%
	7,348	Caterpillar, Inc.		1,737,141
		Management of Companies and Enterprises - 1.2%
	12,741	Royal Bank of Canada		1,271,297

See accompanying notes to financial statements.

36

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Manufacturing - 0.9%
	4,991	Diageo PLC ADR	$	931,071
		Mining - 0.6%
	13,136	Newmont Goldcorp Corp.		623,566
		Mining, Quarrying, and Oil and Gas Extraction - 1.1%
	37,864	Barrick Gold Corp.		617,941
	9,924	Canadian Natural Resources, Ltd.		592,661
				1,210,602
		Oil & Gas - 12.1%
	19,174	Chevron Corp.		3,514,786
	12,135	ConocoPhillips		1,498,794
	5,490	EOG Resources, Inc.		779,196
	40,610	Exxon Mobil Corp.		4,521,517
	2,356	Pioneer Natural Resources Co.		555,992
	24,399	Total Energies ADR		1,522,986
	4,282	Valero Energy Corp.		572,161
				12,965,432
		Pharmaceuticals - 14.3%
	16,578	AbbVie, Inc.		2,672,042
	19,472	Bristol-Myers Squibb Co.		1,563,212
	2,603	Cigna Corp.		856,101
	24,769	Johnson & Johnson		4,408,882
	23,082	Merck & Co., Inc.		2,541,790
	53,940	Pfizer, Inc.		2,704,012
	53,734	Viatris, Inc.		592,686
				15,338,725
		Real Estate Investment Trusts - 1.7%
	29,555	Annaly Capital Management, Inc.		640,457
	11,742	Gaming and Leisure Properties, Inc.		617,747
	2,016	Public Storage		600,687
				1,858,891
		Retail - 5.0%
	4,001	Advance Auto Parts, Inc.		604,111
	9,787	TJX Cos., Inc.		783,449
	25,776	Walmart, Inc.		3,928,778
				5,316,338
		Semiconductors - 5.8%
	5,025	Broadcom, Inc.		2,768,926
	10,521	QUALCOMM, Inc.		1,330,801
	11,884	Texas Instruments, Inc.		2,144,587
				6,244,314

See accompanying notes to financial statements.

37

Horizon Active Dividend Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Telecommunications - 1.7%
	36,096	Cisco Systems, Inc.	$	1,794,693
		Transportation - 3.7%
	2,378	Norfolk Southern Corp.		609,957
	8,394	Union Pacific Corp.		1,825,108
	8,162	United Parcel Service, Inc., Class B		1,548,576
				3,983,641
		Wholesale Trade - 0.5%
	2,125	Watsco, Inc.		571,582
		TOTAL COMMON STOCKS (Cost - $99,358,249)		104,969,673
		PREFERRED STOCKS - 0.2%
		Manufacturing - 0.2%
	9,473	Pitney Bowes, Inc.		172,693
		TOTAL PREFERRED STOCKS (Cost - $173,879)		172,693
		SHORT TERM INVESTMENTS - 1.4%
		Money Market Funds - 1.4%
	1,556,119	First American Treasury Obligations Fund, Class X, 3.75% (b)		1,556,119
		TOTAL SHORT TERM INVESTMENTS (Cost - $1,556,119)		1,556,119
		INVESTMENTS PURCHASED WITH PROCEEDS
		FROM SECURITIES LENDING- 0.5%
	553,000	First American Government Obligations Fund, Class X, 3.67% (b)		553,000
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS
		FROM SECURITIES LENDING (Cost - $553,000)		553,000
		TOTAL INVESTMENTS - 100.3% (Cost - $101,641,247)		107,251,485
		Liabilities in Excess of Other Assets - (0.3)%		(282,662	)
		NET ASSETS - 100.0%	$	106,968,823

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

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

See accompanying notes to financial statements.

38

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		COMMON STOCKS - 95.3%
		Accommodation and Food Services - 0.0% (b)
	2,253	Caesars Entertainment, Inc. (a)	$	114,475
		Advertising - 0.1%
	4,065	Interpublic Group of Cos., Inc.		139,674
	2,140	Omnicom Group, Inc.		170,686
				310,360
		Aerospace/Defense - 1.3%
	5,615	Boeing Co. (a)		1,004,411
	2,314	General Dynamics Corp.		584,031
	3,815	Howmet Aerospace, Inc.		143,711
	1,977	L3Harris Technologies, Inc.		448,937
	2,422	Lockheed Martin Corp. (e)		1,175,130
	1,494	Northrop Grumman Corp. (e)		796,735
	479	Teledyne Technologies, Inc. (a)		201,228
	535	TransDigm Group, Inc.		336,248
				4,690,431
		Agriculture - 0.8%
	18,588	Altria Group, Inc. (e)		865,829
	5,751	Archer Daniels Midland Co.		560,722
	15,974	Philip Morris International, Inc. (e)		1,592,129
				3,018,680
		Airlines - 0.2%
	1,295	Alaska Air Group, Inc. (a)		61,435
	6,701	American Airlines Group, Inc. (a)		96,696
	6,651	Delta Air Lines, Inc. (a)		235,246
	6,133	Southwest Airlines Co. (a)		244,768
	3,320	United Airlines Holdings, Inc. (a)		146,644
				784,789
		Apparel - 0.5%
	13,041	Nike, Inc., Class B		1,430,467
	444	Ralph Lauren Corp.		50,225
	2,667	Tapestry, Inc.		100,733
	3,372	VF Corp.		110,669
				1,692,094
		Auto Manufacturers - 0.5%
	1,574	Cummins, Inc.		395,326
	40,303	Ford Motor Co. (e)		560,212
	15,047	General Motors Co. (e)		610,306
	3,548	PACCAR, Inc.		375,769
				1,941,613

See accompanying notes to financial statements.

39

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Auto Parts & Equipment - 0.1%
	2,683	Aptiv PLC (a)	$	286,195
	2,476	BorgWarner, Inc.		105,255
				391,450
		Banks - 4.5%
	72,509	Bank of America Corp.		2,744,466
	7,646	Bank of New York Mellon Corp.		350,951
	20,145	Citigroup, Inc.		975,220
	5,159	Citizens Financial Group, Inc.		218,638
	1,378	Comerica, Inc.		98,858
	7,116	Fifth Third Bancorp		258,738
	1,889	First Republic Bank		241,055
	3,546	Goldman Sachs Group, Inc. (e)		1,369,288
	14,910	Huntington Bancshares, Inc.		230,807
	30,084	JPMorgan Chase & Co.		4,157,007
	9,648	KeyCorp		181,479
	1,806	M&T Bank Corp.		307,056
	13,916	Morgan Stanley		1,295,162
	2,165	Northern Trust Corp.		201,583
	4,267	PNC Financial Services Group, Inc. (e)		717,965
	9,818	Regions Financial Corp.		227,876
	3,769	State Street Corp.		300,276
	605	SVB Financial Group (a)		140,227
	13,925	Truist Financial Corp. (e)		651,829
	39,827	Wells Fargo & Co.		1,909,705
	1,599	Zions Bancorp NA		82,860
				16,661,046
		Beverages - 1.7%
	1,871	Brown-Forman Corp., Class B		136,621
	40,098	Coca-Cola Co.		2,550,634
	1,645	Constellation Brands, Inc., Class A		423,341
	1,940	Molson Coors Brewing Co., Class B		106,913
	3,984	Monster Beverage Corp. (a)		409,794
	14,175	PepsiCo, Inc.		2,629,604
				6,256,907
		Biotechnology - 1.6%
	5,524	Amgen, Inc.		1,582,073
	1,488	Biogen, Inc. (a)		454,093
	222	Bio-Rad Laboratories, Inc., Class A (a)		92,066
	7,404	Corteva, Inc.		497,253
	12,767	Gilead Sciences, Inc. (e)		1,121,325
	1,611	Illumina, Inc. (a)(e)		351,327
	1,927	Incyte Corp. (a)		153,524
	1,129	Regeneron Pharmaceuticals, Inc. (a)(e)		848,669

See accompanying notes to financial statements.

40

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	2,622	Vertex Pharmaceuticals, Inc. (a)	$	829,601
				5,929,931
		Building Materials - 0.4%
	8,660	Carrier Global Corp.		383,811
	1,375	Fortune Brands Home & Security, Inc.		89,843
	6,777	Johnson Controls International PLC (e)		450,264
	636	Martin Marietta Materials, Inc.		233,081
	2,379	Masco Corp.		120,806
	1,331	Vulcan Materials Co.		244,012
				1,521,817
		Chemicals - 1.5%
	2,141	Air Products & Chemicals, Inc. (e)		664,053
	1,212	Albemarle Corp.		336,924
	1,030	Celanese Corp.		110,519
	2,124	CF Industries Holdings, Inc.		229,796
	7,423	Dow, Inc.		378,350
	5,141	DuPont de Nemours, Inc.		362,492
	1,270	Eastman Chemical Co.		110,007
	1,297	FMC Corp.		169,440
	2,635	International Flavors & Fragrances, Inc.		278,836
	5,116	Linde PLC (e)		1,721,432
	2,622	LyondellBasell Industries NV, Class A		222,896
	3,874	Mosaic Co.		198,736
	2,456	PPG Industries, Inc.		332,100
	2,449	Sherwin-Williams Co. (e)		610,242
				5,725,823
		Commercial Services - 1.8%
	4,290	Automatic Data Processing, Inc. (e)		1,133,161
	889	Cintas Corp.		410,523
	2,586	Ecolab, Inc. (e)		387,460
	1,266	Equifax, Inc.		249,870
	756	FleetCor Technologies, Inc. (a)		148,327
	821	Gartner, Inc. (a)		287,654
	2,999	Global Payments, Inc.		311,236
	390	MarketAxess Holdings, Inc.		104,489
	1,632	Moody’s Corp. (e)		486,777
	12,326	PayPal Holdings, Inc. (a)		966,482
	1,426	Quanta Services, Inc.		213,729
	1,149	Robert Half International, Inc.		90,518
	2,264	Rollins, Inc.		91,556
	3,509	S&P Global, Inc.		1,237,975
	724	United Rentals, Inc. (a)		255,594
	1,640	Verisk Analytics, Inc.		301,284
				6,676,635

See accompanying notes to financial statements.

41

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Computers - 7.7%
	6,654	Accenture PLC, Class A (e)	$	2,002,388
	158,853	Apple, Inc. (e)		23,515,010
	5,996	Cognizant Technology Solutions Corp., Class A		373,011
	2,460	DXC Technology Co. (a)		72,988
	7,810	Fortinet, Inc. (a)		415,180
	13,553	Hewlett Packard Enterprise Co.		227,419
	9,501	HP, Inc.		285,410
	9,314	International Business Machines Corp. (e)		1,386,855
	1,406	Leidos Holdings, Inc.		153,718
	2,320	NetApp, Inc.		156,855
	3,288	Western Digital Corp. (a)		120,834
				28,709,668
		Cosmetics/Personal Care - 1.3%
	8,589	Colgate-Palmolive Co. (e)		665,475
	2,382	Estee Lauder Cos., Inc., Class A (e)		561,652
	24,699	Procter & Gamble Co.		3,684,103
				4,911,230
		Distribution/Wholesale - 0.3%
	4,343	Copart, Inc. (a)		289,070
	5,869	Fastenal Co.		302,312
	2,695	LKQ Corp.		146,420
	465	WW Grainger, Inc.		280,423
				1,018,225
		Diversified Financial Services - 3.7%
	6,278	American Express Co. (e)		989,350
	1,122	Ameriprise Financial, Inc.		372,448
	1,564	BlackRock, Inc. (e)		1,119,824
	4,070	Capital One Financial Corp. (e)		420,187
	1,084	CBOE Global Markets, Inc.		137,495
	15,735	Charles Schwab Corp. (e)		1,298,767
	3,661	CME Group, Inc. (e)		646,166
	2,875	Discover Financial Services		311,535
	2,825	Franklin Resources, Inc.		75,738
	5,505	Intercontinental Exchange, Inc. (e)		596,247
	4,800	Invesco, Ltd.		91,728
	8,901	MasterCard, Inc., Class A		3,172,316
	3,427	Nasdaq, Inc.		234,612
	1,992	Raymond James Financial, Inc.		232,865
	5,083	Synchrony Financial		191,019
	2,372	T. Rowe Price Group, Inc.		296,287
	17,093	Visa, Inc., Class A		3,709,181
				13,895,765

See accompanying notes to financial statements.

42

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Electric - 2.6%
	6,823	AES Corp.	$	197,321
	2,566	Alliant Energy Corp.		144,466
	2,635	Ameren Corp.		235,358
	5,257	American Electric Power Co., Inc.		508,878
	6,452	CenterPoint Energy, Inc.		200,722
	3,001	CMS Energy Corp.		183,271
	3,612	Consolidated Edison, Inc.		354,120
	8,580	Dominion Energy, Inc. (e)		524,324
	1,976	DTE Energy Co.		229,236
	7,890	Duke Energy Corp. (e)		788,448
	3,874	Edison International		258,241
	2,069	Entergy Corp.		240,563
	2,337	Evergy, Inc.		138,374
	3,576	Eversource Energy		296,307
	10,426	Exelon Corp.		431,324
	5,599	FirstEnergy Corp.		230,903
	20,249	NextEra Energy, Inc. (e)		1,715,090
	2,412	NRG Energy, Inc.		102,389
	16,089	PG&E Corp. (a)		252,597
	1,144	Pinnacle West Capital Corp.		89,598
	7,559	PPL Corp.		223,142
	5,171	Public Service Enterprise Group, Inc.		313,104
	3,187	Sempra Energy		529,648
	10,968	Southern Co. (e)		741,875
	3,231	WEC Energy Group, Inc.		320,321
	5,583	Xcel Energy, Inc.		392,038
				9,641,658
		Electrical Components & Equipment - 0.2%
	2,339	AMETEK, Inc.		333,120
	5,988	Emerson Electric Co. (e)		573,471
				906,591
		Electronics - 1.3%
	3,138	Agilent Technologies, Inc.		486,327
	915	Allegion PLC		103,990
	6,142	Amphenol Corp., Class A		494,001
	3,648	Fortive Corp.		246,422
	1,607	Garmin, Ltd.		149,435
	6,847	Honeywell International, Inc. (e)		1,503,259
	1,867	Keysight Technologies, Inc. (a)		337,722
	236	Mettler-Toledo International, Inc. (a)		346,816
	1,325	PerkinElmer, Inc.		185,142
	1,100	Roper Technologies, Inc.		482,779

See accompanying notes to financial statements.

43

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	3,318	TE Connectivity, Ltd.	$	418,466
	626	Waters Corp. (a)		216,972
				4,971,331
		Entertainment - 0.0% (b)
	1,476	Live Nation Entertainment, Inc. (a)		107,394
		Environmental Control - 0.3%
	1,706	Pentair PLC		78,084
	2,088	Republic Services, Inc.		290,837
	3,835	Waste Management, Inc. (e)		643,206
				1,012,127
		Finance and Insurance - 0.3%
	3,724	Arch Capital Group, Ltd. (a)		223,105
	2,392	Brown & Brown, Inc.		142,539
	654	Signature Bank		91,233
	14,167	US Bancorp		643,040
				1,099,917
		Food - 1.2%
	2,098	Campbell Soup Co.		112,600
	4,907	Conagra Brands, Inc.		186,368
	6,155	General Mills, Inc.		525,021
	1,516	Hershey Co.		356,518
	3,003	Hormel Foods Corp.		141,141
	1,110	J.M. Smucker Co.		170,951
	2,743	Kellogg Co.		200,102
	8,186	Kraft Heinz Co.		322,119
	6,732	Kroger Co.		331,147
	1,485	Lamb Weston Holdings, Inc.		129,047
	2,568	McCormick & Co., Inc.		218,742
	14,102	Mondelez International, Inc., Class A (e)		953,436
	5,275	Sysco Corp.		456,340
	3,029	Tyson Foods, Inc., Class A		200,762
				4,304,294
		Forest Products & Paper - 0.0% (b)
	3,720	International Paper Co.		138,086
		Gas - 0.1%
	1,447	Atmos Energy Corp.		173,929
	4,187	NiSource, Inc.		116,985
				290,914

See accompanying notes to financial statements.

44

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Hand/Machine Tools - 0.1%
	555	Snap-on, Inc.	$	133,533
	1,538	Stanley Black & Decker, Inc.		125,685
				259,218
		Health Care and Social Assistance - 0.1%
	596	Molina Healthcare, Inc. (a)		200,715
		Healthcare Products - 3.4%
	18,374	Abbott Laboratories		1,976,675
	460	ABIOMED, Inc. (a)		173,783
	766	Align Technology, Inc. (a)		150,642
	5,246	Baxter International, Inc.		296,556
	14,883	Boston Scientific Corp. (a)(e)		673,753
	519	Cooper Cos., Inc.		164,186
	6,859	Danaher Corp. (e)		1,875,319
	2,299	Dentsply Sirona, Inc.		69,568
	6,528	Edwards Lifesciences Corp. (a)(e)		504,288
	2,617	Hologic, Inc. (a)		199,311
	885	IDEXX Laboratories, Inc. (a)(e)		376,895
	3,688	Intuitive Surgical, Inc. (a)(e)		997,198
	13,897	Medtronic PLC		1,098,419
	1,539	ResMed, Inc.		354,278
	1,036	STERIS PLC		192,427
	3,528	Stryker Corp. (e)		825,164
	492	Teleflex, Inc.		115,187
	4,106	Thermo Fisher Scientific, Inc. (e)		2,300,263
	779	West Pharmaceutical Services, Inc.		182,800
	2,177	Zimmer Biomet Holdings, Inc.		261,458
				12,788,170
		Healthcare Services - 2.5%
	2,451	Elevance Health (e)		1,306,187
	5,837	Centene Corp. (a)		508,111
	577	DaVita, Inc. (a)		42,542
	2,240	HCA Healthcare, Inc. (e)		538,093
	1,275	Humana, Inc. (e)		701,122
	1,945	IQVIA Holdings, Inc. (a)		424,049
	939	Laboratory Corp. of America Holdings		226,017
	1,200	Quest Diagnostics, Inc.		182,196
	9,535	UnitedHealth Group, Inc.		5,222,892
	699	Universal Health Services, Inc., Class B		91,464
				9,242,673

See accompanying notes to financial statements.

45

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Home Builders - 0.2%
	3,329	DR Horton, Inc.	$	286,294
	2,676	Lennar Corp., Class A		235,033
	30	NVR, Inc. (a)		139,170
	2,443	PulteGroup, Inc.		109,398
				769,895
		Home Furnishings - 0.0% (b)
	588	Whirlpool Corp.		86,160
		Household Products/Wares - 0.3%
	850	Avery Dennison Corp.		164,331
	2,513	Church & Dwight Co., Inc.		205,739
	1,254	Clorox Co.		186,407
	3,482	Kimberly-Clark Corp.		472,264
				1,028,741
		Housewares - 0.0% (b)
	4,027	Newell Brands, Inc.		52,230
		Information - 0.3%
	1,551	Ceridian HCM Holding, Inc. (a)		106,150
	4,074	CoStar Group, Inc. (a)		330,157
	386	FactSet Research Systems, Inc.		178,058
	10,293	Lumen Technologies, Inc.		56,303
	1,043	PTC, Inc. (a)		132,680
	23,844	Warner Bros Discovery, Inc. (a)		271,822
				1,075,170
		Insurance - 3.8%
	5,969	Aflac, Inc.		429,350
	2,845	Allstate Corp.		380,945
	7,789	American International Group, Inc.		491,564
	2,177	Aon PLC, Class A (e)		671,126
	2,162	Arthur J Gallagher & Co.		430,476
	558	Assurant, Inc.		71,547
	18,659	Berkshire Hathaway, Inc., Class B (a)		5,944,757
	4,318	Chubb, Ltd. (e)		948,190
	1,658	Cincinnati Financial Corp.		183,972
	403	Everest Re Group, Ltd.		136,190
	942	Globe Life, Inc.		113,002
	3,324	Hartford Financial Services Group, Inc.		253,854
	2,263	Lincoln National Corp.		88,121
	2,025	Loews Corp.		117,754
	5,151	Marsh & McLennan Cos., Inc. (e)		892,050
	7,008	MetLife, Inc.		537,514

See accompanying notes to financial statements.

46

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	2,396	Principal Financial Group, Inc.	$	214,873
	5,992	Progressive Corp. (e)		791,843
	4,013	Prudential Financial, Inc.		433,524
	2,446	Travelers Cos., Inc.		464,275
	1,129	Willis Towers Watson PLC		277,915
	2,102	WR Berkley Corp.		160,340
				14,033,182
		Internet - 5.7%
	61,895	Alphabet, Inc., Class A (a)(e)		6,250,776
	90,438	Amazon.com, Inc. (a)(e)		8,730,885
	386	Booking Holdings, Inc. (a)(e)		802,668
	1,416	CDW Corp.		267,114
	5,234	eBay, Inc.		237,833
	1,555	Expedia Group, Inc. (a)		166,136
	619	F5 Networks, Inc. (a)		95,704
	23,640	Meta Platforms, Inc., Class A (a)(e)		2,791,884
	6,068	Gen Digital, Inc.		139,321
	4,568	Netflix, Inc. (a)(e)		1,395,661
	973	VeriSign, Inc. (a)		194,415
				21,072,397
		Iron/Steel - 0.1%
	2,682	Nucor Corp.		402,166
		Leisure Time - 0.1%
	10,376	Carnival Corp. (a)		103,033
	4,350	Norwegian Cruise Line Holdings, Ltd. (a)		71,514
	2,374	Royal Caribbean Cruises, Ltd. (a)		142,274
				316,821
		Lodging - 0.3%
	2,841	Hilton Worldwide Holdings, Inc.		405,184
	3,436	Las Vegas Sands Corp. (a)		160,942
	2,929	Marriott International, Inc., Class A		484,310
	3,635	MGM Resorts International		133,986
	1,095	Wynn Resorts, Ltd. (a)		91,608
				1,276,030
		Machinery - Construction & Mining - 0.3%
	5,415	Caterpillar, Inc. (e)		1,280,160
		Machinery - Diversified - 0.8%
	2,843	Deere & Co. (e)		1,253,763
	1,479	Dover Corp.		209,944
	776	IDEX Corp.		184,292
	3,991	Ingersoll Rand, Inc.		215,394

See accompanying notes to financial statements.

47

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	4,358	Otis Worldwide Corp.	$	340,316
	1,182	Rockwell Automation, Inc.		312,308
	1,865	Wabtec Corp.		188,533
	1,821	Xylem, Inc.		204,590
				2,909,140
		Manufacturing - 4.5%
	55,393	Alphabet, Inc., Class C (a)(e)		5,619,620
	1,644	Bio-Techne Corp.		139,724
	1,899	Catalent, Inc. (a)		95,197
	1,374	Enphase Energy, Inc. (a)		440,491
	664	Generac Holdings, Inc. (a)		70,065
	11,217	General Electric Co. (e)		964,325
	8,828	Keurig Dr Pepper, Inc.		341,379
	3,550	Moderna, Inc. (a)(e)		624,480
	457	Monolithic Power Systems, Inc.		174,556
	561	Nordson Corp.		132,671
	2,772	NXP Semiconductors NV (e)		487,428
	4,508	ON Semiconductor Corp. (a)		339,002
	2,462	Organon & Co.		64,061
	15,136	Raytheon Technologies Corp. (e)		1,494,226
	2,083	Seagate Technology Holdings PLC		110,336
	556	SolarEdge Technologies, Inc. (a)		166,166
	1,637	Teradyne, Inc.		152,978
	27,131	Tesla, Inc. (a)(e)		5,282,406
	2,688	Trimble, Inc. (a)		160,608
				16,859,719
		Media - 1.2%
	1,159	Charter Communications, Inc., Class A (a)		453,505
	45,717	Comcast Corp., Class A		1,675,071
	2,608	DISH Network Corp., Class A (a)		41,858
	3,160	Fox Corp., Class A		102,542
	1,514	Fox Corp., Class B		46,207
	4,080	News Corp., Class A		78,132
	1,281	News Corp., Class B		24,916
	5,266	Paramount Global, Class B		105,741
	19,130	Walt Disney Co. (a)		1,872,253
				4,400,225
		Mining - 0.3%
	14,720	Freeport-McMoRan, Inc.		585,856
	8,380	Newmont Goldcorp Corp.		397,799
				983,655

See accompanying notes to financial statements.

48

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Mining, Quarrying, and Oil and Gas Extraction - 0.1%
	3,155	APA Corp.	$	147,812
	2,258	Targa Resources Corp.		167,972
				315,784
		Miscellaneous Manufacturing - 0.8%
	5,665	3M Co. (e)		713,620
	1,357	AO Smith Corp.		82,424
	4,029	Eaton Corp PLC (e)		658,540
	2,907	Illinois Tool Works, Inc.		661,255
	1,293	Parker-Hannifin Corp.		386,530
	2,180	Textron, Inc.		155,608
	2,338	Trane Technologies PLC		417,146
				3,075,123
		Office/Business Equipment - 0.0% (b)
	536	Zebra Technologies Corp., Class A (a)		144,870
		Oil & Gas - 4.0%
	8,153	Cabot Oil & Gas Corp.		227,550
	18,352	Chevron Corp.		3,364,105
	12,366	ConocoPhillips (e)		1,527,325
	6,550	Devon Energy Corp.		448,806
	1,790	Diamondback Energy, Inc.		264,956
	5,902	EOG Resources, Inc.		837,671
	3,763	EQT Corp.		159,589
	42,371	Exxon Mobil Corp.		4,717,587
	2,818	Hess Corp.		405,538
	6,547	Marathon Oil Corp.		200,534
	5,038	Marathon Petroleum Corp.		613,679
	7,590	Occidental Petroleum Corp.		527,429
	4,913	Phillips 66		532,766
	2,416	Pioneer Natural Resources Co.		570,152
	3,990	Valero Energy Corp.		533,144
				14,930,831
		Oil & Gas Services - 0.4%
	10,270	Baker Hughes & GE Co.		298,035
	8,967	Halliburton Co.		339,760
	14,219	Schlumberger, Ltd.		732,989
				1,370,784
		Packaging & Containers - 0.2%
	15,353	Amcor PLC		189,610
	2,952	Ball Corp.		165,548
	960	Packaging Corp of America		130,454

See accompanying notes to financial statements.

49

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	1,549	Sealed Air Corp.	$	82,453
	2,626	Westrock Co.		99,578
				667,643
		Pharmaceuticals - 6.4%
	18,122	AbbVie, Inc. (e)		2,920,904
	1,606	AmerisourceBergen Corp.		274,128
	2,984	Becton Dickinson & Co. (e)		744,031
	21,665	Bristol-Myers Squibb Co. (e)		1,739,266
	2,801	Cardinal Health, Inc.		224,556
	3,068	Cigna Corp. (e)		1,009,035
	13,432	CVS Health Corp. (e)		1,368,452
	4,050	DexCom, Inc. (a)		470,934
	8,043	Eli Lilly & Co. (e)		2,984,596
	1,446	Henry Schein, Inc. (a)		117,010
	27,000	Johnson & Johnson		4,806,000
	1,472	McKesson Corp.		561,833
	26,114	Merck & Co., Inc.		2,875,674
	57,906	Pfizer, Inc.		2,902,828
	12,641	Viatris, Inc.		139,430
	5,495	Zoetis, Inc. (e)		846,999
				23,985,676
		Pipelines - 0.3%
	20,255	Kinder Morgan, Inc.		387,276
	4,532	ONEOK, Inc.		303,281
	12,441	Williams Cos., Inc.		431,703
				1,122,260
		Professional, Scientific, and Technical Services - 0.2%
	526	Charles River Laboratories International, Inc. (a)		120,228
	630	EPAM Systems, Inc. (a)		232,205
	1,329	Jacobs Solutions, Inc.		168,172
	2,940	Match Group, Inc. (a)		148,646
				669,251
		Real Estate - 0.1%
	3,347	CBRE Group, Inc., Class A (a)		266,421
		Real Estate Investment Trusts - 2.3%
	1,543	Alexandria Real Estate Equities, Inc.		240,106
	4,823	American Tower Corp. (e)		1,067,089
	1,447	AvalonBay Communities, Inc.		253,080
	1,475	Boston Properties, Inc.		106,318
	4,461	Crown Castle International Corp. (e)		630,919
	2,986	Digital Realty Trust, Inc.		335,806
	874	Equinix, Inc. (e)		603,628
	3,525	Equity Residential		228,632

See accompanying notes to financial statements.

50

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	671	Essex Property Trust, Inc.	$	147,875
	1,406	Extra Space Storage, Inc.		225,930
	5,554	Healthpeak Properties, Inc.		145,848
	7,583	Host Hotels & Resorts, Inc.		143,622
	3,036	Iron Mountain, Inc.		164,946
	6,387	Kimco Realty Corp.		146,390
	1,189	Mid-America Apartment Communities, Inc.		196,042
	9,589	Prologis, Inc. (e)		1,129,488
	1,651	Public Storage		491,932
	6,389	Realty Income Corp.		402,954
	1,591	Regency Centers Corp.		105,690
	1,122	SBA Communications Corp.		335,815
	3,376	Simon Property Group, Inc.		403,229
	3,114	UDR, Inc.		129,138
	4,182	Ventas, Inc.		194,588
	1,676	Vornado Realty Trust		42,386
	4,854	Welltower, Inc.		344,780
	7,721	Weyerhaeuser Co.		252,554
				8,468,785
		Retail - 5.3%
	630	Advance Auto Parts, Inc.		95,124
	202	AutoZone, Inc. (a)		520,958
	2,077	Best Buy Co., Inc.		177,168
	1,657	CarMax, Inc. (a)		114,930
	286	Chipotle Mexican Grill, Inc. (a)		465,311
	4,516	Costco Wholesale Corp. (e)		2,435,253
	1,270	Darden Restaurants, Inc.		186,677
	2,341	Dollar General Corp. (e)		598,547
	2,162	Dollar Tree, Inc. (a)		324,927
	369	Domino’s Pizza, Inc.		143,441
	1,460	Genuine Parts Co.		267,662
	10,738	Home Depot, Inc.		3,479,005
	6,749	Lowe’s Cos., Inc. (e)		1,434,500
	7,537	McDonald’s Corp.		2,056,018
	656	O’Reilly Automotive, Inc. (a)		567,138
	3,574	Ross Stores, Inc.		420,553
	11,792	Starbucks Corp. (e)		1,205,142
	4,797	Target Corp. (e)		801,435
	11,957	TJX Cos., Inc. (e)		957,158
	1,144	Tractor Supply Co.		258,899
	535	Ulta Beauty, Inc. (a)		248,689
	7,371	Walgreens Boots Alliance, Inc.		305,896
	14,548	Walmart, Inc.		2,217,406
	2,906	Yum! Brands, Inc.		373,886
				19,655,723

See accompanying notes to financial statements.

51

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Retail Trade - 0.1%
	2,409	Bath & Body Works, Inc.	$	102,383
	1,169	Etsy, Inc. (a)		154,413
				256,796
		Semiconductors - 4.6%
	16,405	Advanced Micro Devices, Inc. (a)(e)		1,273,520
	5,422	Analog Devices, Inc. (e)		932,096
	9,125	Applied Materials, Inc. (e)		1,000,100
	4,235	Broadcom, Inc. (e)		2,333,612
	42,058	Intel Corp.		1,264,684
	1,458	KLA Corp. (e)		573,213
	1,422	Lam Research Corp. (e)		671,725
	5,759	Microchip Technology, Inc.		456,055
	11,559	Micron Technology, Inc. (e)		666,376
	25,943	NVIDIA Corp. (e)		4,390,334
	1,101	Qorvo, Inc. (a)		109,274
	12,609	QUALCOMM, Inc. (e)		1,594,913
	1,692	Skyworks Solutions, Inc.		161,789
	9,474	Texas Instruments, Inc. (e)		1,709,678
				17,137,369
		Shipbuilding - 0.0% (b)
	437	Huntington Ingalls Industries, Inc.		101,367
		Software - 8.6%
	7,304	Activision Blizzard, Inc. (e)		540,131
	4,882	Adobe, Inc. (a)		1,683,948
	1,655	Akamai Technologies, Inc. (a)		156,993
	879	ANSYS, Inc. (a)		223,530
	2,257	Autodesk, Inc. (a)(e)		455,801
	1,197	Broadridge Financial Solutions, Inc.		178,485
	2,830	Cadence Design Systems, Inc. (a)		486,873
	2,722	Electronic Arts, Inc.		355,983
	7,647	Fidelity National Information Services, Inc. (e)		555,019
	6,756	Fiserv, Inc. (a)		705,056
	2,942	Intuit, Inc. (e)		1,199,130
	772	Jack Henry & Associates, Inc.		146,178
	76,946	Microsoft Corp. (e)		19,632,002
	838	MSCI, Inc. (e)		425,562
	15,692	Oracle Corp.		1,302,907
	3,310	Paychex, Inc.		410,539
	487	Paycom Software, Inc. (a)		165,142
	10,356	salesforce.com, Inc. (a)		1,659,549
	2,090	ServiceNow, Inc. (a)(e)		870,067
	1,578	Synopsys, Inc. (a)(e)		535,794

See accompanying notes to financial statements.

52

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
	1,645	Take-Two Interactive Software, Inc. (a)	$	173,860
	420	Tyler Technologies, Inc. (a)		143,951
				32,006,500
		Real Estate and Rental and Leasing - 0.2%
	730	Federal Realty OP LP		81,103
	6,063	Invitation Homes, Inc.		197,836
	9,962	VICI Properties, Inc.		340,700
				619,639
		Real Estate Investment Trusts - 0.0% (b)
	1,114	Camden Property Trust		134,048
		Telecommunications - 2.0%
	2,549	Arista Networks, Inc. (a)		355,076
	73,624	AT&T, Inc.		1,419,471
	43,259	Cisco Systems, Inc.		2,150,837
	7,897	Corning, Inc.		269,525
	3,340	Juniper Networks, Inc.		111,021
	1,729	Motorola Solutions, Inc.		470,634
	6,165	T-Mobile US, Inc. (a)(e)		933,751
	43,301	Verizon Communications, Inc.		1,687,873
				7,398,188
		Textiles - 0.0% (b)
	543	Mohawk Industries, Inc. (a)		55,022
		Toys/Games/Hobbies - 0.0% (b)
	1,348	Hasbro, Inc.		84,681
		Transportation - 1.5%
	1,266	CH Robinson Worldwide, Inc.		126,879
	22,118	CSX Corp. (e)		723,037
	1,688	Expeditors International of Washington, Inc.		195,909
	2,481	FedEx Corp. (e)		452,088
	869	JB Hunt Transport Services, Inc.		159,800
	2,429	Norfolk Southern Corp. (e)		623,039
	964	Old Dominion Freight Line, Inc.		291,716
	6,430	Union Pacific Corp. (e)		1,398,075
	7,684	United Parcel Service, Inc., Class B (e)		1,457,885
				5,428,428
		Utilities - 0.1%
	3,315	Constellation Energy Corp.		318,638
		Water - 0.1%
	1,865	American Water Works Co., Inc.		283,032

See accompanying notes to financial statements.

53

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Shares			Value
		Wholesale Trade - 0.0% (b)
	412	Pool Corp.	$	135,717
		TOTAL COMMON STOCKS (Cost - $325,721,289)		354,392,294

Contracts			Notional Amount
		PURCHASED OPTIONS - 0.8% (a)(c)(f)
		PURCHASED PUT OPTIONS - 0.8%
		S&P 500 Index
	275	Expiration: December 2022, Exercise Price $3,850	$	112,203,025	321,750
	290	Expiration: January 2023, Exercise Price: $3,675		118,323,190	603,200
	295	Expiration: February 2023, Exercise Price: $3,850		120,363,245	2,152,025
		TOTAL PURCHASED OPTIONS (Cost - $12,692,900)			3,076,975

Shares
		SHORT TERM INVESTMENTS - 4.0%
		Money Market Funds - 4.0%
	15,026,232	First American Treasury Obligations Fund, Class X, 3.75% (d)		15,026,232
		TOTAL SHORT TERM INVESTMENTS (Cost - $15,026,232)		15,026,232
		TOTAL INVESTMENTS - 100.1% (Cost - $353,440,421)		372,495,501
		Liabilities in Excess of Other Assets - (0.1)%		(525,975	)
		NET ASSETS - 100.0%	$	371,969,526

Contracts			Notional Value
		SCHEDULE OF WRITTEN OPTIONS - (2.5)% (a)(c)
		SCHEDULE OF WRITTEN CALL OPTIONS - (2.3)%
		S&P 500 Index
	275	Expiration: December 2022, Exercise Price $4,200		112,203,025	719,125
	290	Expiration: January 2023, Exercise Price $4,050		118,323,190	4,347,100
	295	Expiration: February 2023, Exercise Price $4,175		120,363,245	3,551,800
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $6,720,346)			8,618,025

See accompanying notes to financial statements.

54

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS (Continued)
November 30, 2022

Contracts			Notional Value		Value
		SCHEDULE OF WRITTEN PUT OPTIONS - (0.2)%
		S&P 500 Index
	275	Expiration: December 2022, Exercise Price $3,425		112,203,025	$	31,625
	290	Expiration: January 2023, Exercise Price $3,250		118,323,190		137,750
	295	Expiration: February 2023, Exercise Price $3,450		120,363,245		582,625
		TOTAL WRITTEN PUT OPTIONS (Premiums Received $4,265,075)				752,000
		TOTAL OPTIONS WRITTEN (Premiums Received $10,985,421)			$	9,370,025

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Rounds to 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, 2022.

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

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

See accompanying notes to financial statements.

55

Horizon U.S. Defensive Equity Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		COMMON STOCKS - 99.1%
		Aerospace/Defense - 2.2%
	3,484	General Dynamics Corp.	$	879,327
	6,511	Howmet Aerospace, Inc.		245,269
	4,169	Lockheed Martin Corp.		2,022,757
				3,147,353
		Agriculture - 0.6%
	8,671	Archer Daniels Midland Co.		845,423
		Airlines - 0.1%
	3,695	Alaska Air Group, Inc. (a)		175,291
		Auto Manufacturers - 0.7%
	22,978	Ford Motor Co.		319,394
	6,794	PACCAR, Inc.		719,553
				1,038,947
		Auto Parts & Equipment - 0.1%
	3,724	BorgWarner, Inc.		158,307
		Banks - 4.5%
	30,494	Huntington Bancshares, Inc.		472,047
	28,824	JPMorgan Chase & Co.		3,982,900
	3,223	M&T Bank Corp.		547,975
	17,130	Regions Financial Corp.		397,587
	6,739	State Street Corp.		536,896
	12,244	Truist Financial Corp.		573,142
				6,510,547
		Beverages - 2.2%
	16,909	PepsiCo, Inc.		3,136,789
		Biotechnology - 3.8%
	7,415	Amgen, Inc.		2,123,656
	532	Biogen, Inc. (a)		162,350
	6,657	Corteva, Inc.		447,084
	14,132	Gilead Sciences, Inc.		1,241,213
	1,786	Incyte Corp. (a)		142,291
	818	Regeneron Pharmaceuticals, Inc. (a)		614,891
	2,150	Vertex Pharmaceuticals, Inc. (a)		680,260
				5,411,745
		Chemicals - 1.6%
	1,333	Air Products & Chemicals, Inc.		413,443
	5,105	CF Industries Holdings, Inc.		552,310
	8,841	Dow, Inc.		450,626

See accompanying notes to financial statements.

56

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

Shares			Value
	5,682	LyondellBasell Industries NV, Class A	$	483,027
	7,359	Mosaic Co.		377,517
				2,276,923
		Commercial Services - 2.5%
	5,346	Automatic Data Processing, Inc.		1,412,092
	1,335	Cintas Corp.		616,476
	1,988	Gartner, Inc. (a)		696,536
	1,853	Quanta Services, Inc.		277,728
	1,648	United Rentals, Inc. (a)		581,793
				3,584,625
		Computers - 6.5%
	5,510	Accenture PLC, Class A		1,658,124
	46,228	Apple, Inc.		6,843,131
	3,091	Leidos Holdings, Inc.		337,939
	7,136	NetApp, Inc.		482,465
				9,321,659
		Cosmetics/Personal Care - 0.6%
	4,261	Colgate-Palmolive Co.		330,142
	3,905	Procter & Gamble Co.		582,470
				912,612
		Distribution/Wholesale - 0.8%
	4,236	Copart, Inc. (a)		281,948
	3,947	LKQ Corp.		214,441
	1,069	WW Grainger, Inc.		644,671
				1,141,060
		Diversified Financial Services - 4.9%
	7,547	American Express Co.		1,189,332
	2,206	Ameriprise Financial, Inc.		732,282
	4,894	Nasdaq, Inc.		335,043
	5,183	Raymond James Financial, Inc.		605,893
	7,021	Synchrony Financial		263,849
	17,851	Visa, Inc., Class A		3,873,667
				7,000,066
		Electric - 1.6%
	3,337	American Electric Power Co., Inc.		323,022
	3,583	Consolidated Edison, Inc.		351,277
	4,891	FirstEnergy Corp.		201,705
	5,296	NRG Energy, Inc.		224,815
	2,287	Pinnacle West Capital Corp.		179,118
	5,350	PPL Corp.		157,932
	4,398	Southern Co.		297,481

See accompanying notes to financial statements.

57

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

Shares			Value
	2,281	WEC Energy Group, Inc.	$	226,138
	4,310	Xcel Energy, Inc.		302,648
				2,264,136
		Electrical Components & Equipment - 0.7%
	2,475	AMETEK, Inc.		352,490
	6,003	Emerson Electric Co.		574,907
				927,397
		Electronics - 1.1%
	12,280	Amphenol Corp., Class A		987,680
	3,087	Keysight Technologies, Inc. (a)		558,408
				1,546,088
		Environmental Control - 0.4%
	4,021	Republic Services, Inc.		560,085
		Finance and Insurance - 0.7%
	7,964	Arch Capital Group, Ltd. (a)		477,123
	11,149	US Bancorp		506,053
				983,176
		Food - 2.5%
	6,027	Campbell Soup Co.		323,469
	11,526	General Mills, Inc.		983,168
	3,313	Hershey Co.		779,118
	8,526	Hormel Foods Corp.		400,722
	5,327	Kellogg Co.		388,605
	14,766	Kroger Co.		726,339
				3,601,421
		Gas - 0.1%
	1,585	Atmos Energy Corp.		190,517
		Hand/Machine Tools - 0.2%
	1,179	Snap-on, Inc.		283,667
		Health Care and Social Assistance - 0.1%
	439	Molina Healthcare, Inc. (a)		147,842
		Healthcare Products - 0.1%
	1,867	Hologic, Inc. (a)		142,191
		Healthcare Services - 7.5%
	3,038	Anthem, Inc.		1,619,011
	3,252	Centene Corp. (a)		283,086
	2,300	HCA Healthcare, Inc.		552,506
	1,531	Humana, Inc.		841,897

See accompanying notes to financial statements.

58

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

Shares			Value
	947	Quest Diagnostics, Inc.	$	143,783
	13,238	UnitedHealth Group, Inc.		7,251,247
				10,691,530
		Home Builders - 1.1%
	6,212	DR Horton, Inc.		534,232
	4,748	Lennar Corp., Class A		417,017
	80	NVR, Inc. (a)		371,120
	4,828	PulteGroup, Inc.		216,198
				1,538,567
		Information - 0.5%
	696	FactSet Research Systems, Inc.		321,058
	3,199	PTC, Inc. (a)		406,945
				728,003
		Insurance - 6.9%
	10,890	Aflac, Inc.		783,318
	20,485	Berkshire Hathaway, Inc., Class B (a)		6,526,521
	839	Everest Re Group, Ltd.		283,532
	6,840	Hartford Financial Services Group, Inc.		522,371
	5,893	Principal Financial Group, Inc.		528,484
	3,924	Travelers Cos., Inc.		744,814
	6,239	WR Berkley Corp.		475,911
				9,864,951
		Internet - 2.5%
	21,105	Alphabet, Inc., Class A (a)		2,131,394
	211	Booking Holdings, Inc. (a)		438,764
	3,833	CDW Corp.		723,057
	870	Netflix, Inc. (a)		265,811
				3,559,026
		Iron/Steel - 0.6%
	5,754	Nucor Corp.		862,812
		Lodging - 0.4%
	3,017	Marriott International, Inc., Class A		498,861
		Machinery - Construction & Mining - 1.0%
	6,145	Caterpillar, Inc.		1,452,739
		Machinery - Diversified - 0.4%
	1,314	IDEX Corp.		312,062
	2,044	Wabtec Corp.		206,628
				518,690

See accompanying notes to financial statements.

59

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

Shares			Value
		Manufacturing - 1.2%
	4,402	Moderna, Inc. (a)	$	774,356
	11,940	ON Semiconductor Corp. (a)		897,888
				1,672,244
		Media - 0.3%
	5,373	Fox Corp., Class A		174,354
	8,034	News Corp., Class A		153,851
	8,227	Paramount Global, Class B		165,198
				493,403
		Mining - 0.4%
	15,756	Freeport-McMoRan, Inc.		627,089
		Oil & Gas - 9.6%
	24,540	ConocoPhillips		3,030,935
	3,035	Diamondback Energy, Inc.		449,241
	61,374	Exxon Mobil Corp.		6,833,381
	10,870	Marathon Oil Corp.		332,948
	8,186	Marathon Petroleum Corp.		997,137
	17,535	Occidental Petroleum Corp.		1,218,507
	7,089	Valero Energy Corp.		947,232
				13,809,381
		Packaging & Containers - 0.2%
	1,709	Packaging Corp of America		232,236
		Pharmaceuticals - 7.9%
	867	AmerisourceBergen Corp.		147,988
	3,364	Cigna Corp.		1,106,386
	17,834	CVS Health Corp.		1,816,928
	39,157	Merck & Co., Inc.		4,311,969
	79,129	Pfizer, Inc.		3,966,737
				11,350,008
		Real Estate - 0.2%
	2,915	CBRE Group, Inc., Class A (a)		232,034
		Real Estate Investment Trusts - 1.6%
	2,451	Equity Residential		158,972
	15,191	Host Hotels & Resorts, Inc.		287,718
	9,311	Kimco Realty Corp.		213,408
	1,022	Mid-America Apartment Communities, Inc.		168,507
	1,461	Public Storage		435,320
	4,485	Realty Income Corp.		282,869
	2,187	Regency Centers Corp.		145,282
	1,569	Simon Property Group, Inc.		187,401

See accompanying notes to financial statements.

60

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

Shares			Value
	6,390	VICI Properties, Inc.	$	218,538
	5,908	Weyerhaeuser Co.		193,251
				2,291,266
		Retail - 7.6%
	384	AutoZone, Inc. (a)		990,336
	166	Chipotle Mexican Grill, Inc. (a)		270,075
	2,605	Darden Restaurants, Inc.		382,909
	2,656	Genuine Parts Co.		486,924
	6,454	Lowe’s Cos., Inc.		1,371,798
	6,500	McDonald’s Corp.		1,773,135
	1,172	O’Reilly Automotive, Inc. (a)		1,013,241
	16,532	TJX Cos., Inc.		1,323,386
	1,071	Ulta Beauty, Inc. (a)		497,844
	15,816	Walmart, Inc.		2,410,675
	3,124	Yum! Brands, Inc.		401,934
				10,922,257
		Semiconductors - 4.8%
	4,220	Analog Devices, Inc.		725,460
	3,592	Broadcom, Inc.		1,979,300
	2,861	KLA Corp.		1,124,802
	10,853	Microchip Technology, Inc.		859,449
	12,089	Micron Technology, Inc.		696,931
	8,233	Texas Instruments, Inc.		1,485,727
				6,871,669
		Shipbuilding - 0.1%
	910	Huntington Ingalls Industries, Inc.		211,084
		Software - 3.0%
	4,884	Akamai Technologies, Inc. (a)		463,296
	3,733	Cadence Design Systems, Inc. (a)		642,225
	2,452	Electronic Arts, Inc.		320,673
	9,862	Fiserv, Inc. (a)		1,029,198
	2,791	Jack Henry & Associates, Inc.		528,476
	5,007	Paychex, Inc.		621,018
	2,062	Synopsys, Inc. (a)		700,132
				4,305,018
		Telecommunications - 1.7%
	4,380	Arista Networks, Inc. (a)		610,134
	73,011	AT&T, Inc.		1,407,652
	12,437	Verizon Communications, Inc.		484,794
				2,502,580

See accompanying notes to financial statements.

61

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

Shares			Value
		Transportation - 1.0%
	2,858	CH Robinson Worldwide, Inc.	$	286,429
	3,779	Expeditors International of Washington, Inc.		438,591
	1,773	JB Hunt Transport Services, Inc.		326,037
	1,374	Old Dominion Freight Line, Inc.		415,786
				1,466,843
		TOTAL COMMON STOCKS (Cost - $131,400,276)		142,010,158
		SHORT TERM INVESTMENTS - 0.7%
		Money Market Funds - 0.7%
	1,069,275	First American Treasury Obligations Fund, Class X, 3.75% (b)		1,069,275
		TOTAL SHORT TERM INVESTMENTS (Cost - $1,069,275)		1,069,275
		TOTAL INVESTMENTS - 99.8% (Cost - $132,469,551)		143,079,433
		Other Assets in Excess of Liabilities - 0.2%		345,964
		NET ASSETS - 100.0%	$	143,425,397

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

See accompanying notes to financial statements.

62

Horizon ESG & Defensive Core Fund
PORTFOLIO OF INVESTMENTS
November 30, 2022

Shares			Value
		INVESTMENT COMPANIES - 38.5%
		Exchange Traded Funds - 38.5%
	767,470	SPDR Bloomberg 1-3 Month T-Bill ETF (c)	$	70,353,975
		TOTAL INVESTMENT COMPANIES (Cost - $70,236,283)		70,353,975
		COMMON STOCKS - 60.2%
		Accommodation and Food Services - 0.0% (d)
	248	Vail Resorts, Inc.		63,870
		Advertising - 0.1%
	2,406	Interpublic Group of Cos., Inc.		82,670
		Airlines - 0.0% (d)
	977	Delta Air Lines, Inc. (a)		34,556
		Apparel - 0.5%
	7,779	Nike, Inc., Class B		853,279
	2,014	VF Corp.		66,099
				919,378
		Auto Manufacturers - 0.1%
	863	Cummins, Inc.		216,751
		Auto Parts & Equipment - 0.1%
	1,664	Aptiv PLC (a)		177,499
	1,467	BorgWarner, Inc.		62,362
				239,861
		Banks - 1.5%
	4,691	Bank of New York Mellon Corp.		215,317
	3,032	Citizens Financial Group, Inc.		128,496
	1,095	First Republic Bank		139,733
	8,837	Huntington Bancshares, Inc.		136,797
	5,697	KeyCorp		107,160
	8,002	Morgan Stanley		744,746
	1,211	Northern Trust Corp.		112,756
	2,530	PNC Financial Services Group, Inc.		425,698
	5,728	Regions Financial Corp.		132,947
	2,234	State Street Corp.		177,983
	360	SVB Financial Group (a)		83,441
	8,161	Truist Financial Corp.		382,016
				2,787,090
		Beverages - 1.7%
	25,201	Coca-Cola Co.		1,603,036
	8,455	PepsiCo, Inc.		1,568,487
				3,171,523

See accompanying notes to financial statements.

63

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

Shares			Value
		Biotechnology - 1.4%
	3,270	Amgen, Inc.	$	936,528
	894	Biogen, Inc. (a)		272,822
	7,686	Gilead Sciences, Inc.		675,061
	961	Illumina, Inc. (a)		209,575
	1,567	Vertex Pharmaceuticals, Inc. (a)		495,799
				2,589,785
		Building Materials - 0.4%
	5,181	Carrier Global Corp.		229,622
	796	Fortune Brands Home & Security, Inc.		52,011
	4,250	Johnson Controls International PLC		282,370
	380	Martin Marietta Materials, Inc.		139,262
	1,441	Masco Corp.		73,174
				776,439
		Chemicals - 1.1%
	663	Celanese Corp.		71,140
	1,558	International Flavors & Fragrances, Inc.		164,868
	3,081	Linde PLC		1,036,695
	2,211	Mosaic Co.		113,424
	1,448	PPG Industries, Inc.		195,799
	1,514	Sherwin-Williams Co.		377,258
				1,959,184
		Commercial Services - 1.3%
	2,565	Automatic Data Processing, Inc.		677,519
	1,572	Ecolab, Inc.		235,533
	229	MarketAxess Holdings, Inc.		61,354
	1,006	Moody’s Corp.		300,060
	875	Quanta Services, Inc.		131,145
	671	Robert Half International, Inc.		52,861
	1,357	Rollins, Inc.		54,877
	2,112	S&P Global, Inc.		745,113
	438	United Rentals, Inc. (a)		154,627
				2,413,089
		Computers - 1.3%
	3,873	Accenture PLC, Class A		1,165,502
	7,934	Hewlett Packard Enterprise Co.		133,133
	6,397	HP, Inc.		192,166
	5,507	International Business Machines Corp.		819,992
				2,310,793
		Cosmetics/Personal Care - 1.6%
	4,873	Colgate-Palmolive Co.		377,560
	1,412	Estee Lauder Cos., Inc., Class A		332,936

See accompanying notes to financial statements.

64

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

Shares			Value
	14,678	Procter & Gamble Co.	$	2,189,370
				2,899,866
		Distribution/Wholesale - 0.3%
	2,628	Copart, Inc. (a)		174,920
	3,521	Fastenal Co.		181,367
	1,650	LKQ Corp.		89,644
	281	WW Grainger, Inc.		169,460
				615,391
		Diversified Financial Services - 4.4%
	3,922	American Express Co.		618,068
	674	Ameriprise Financial, Inc.		223,734
	921	BlackRock, Inc.		659,436
	646	CBOE Global Markets, Inc.		81,939
	8,889	Charles Schwab Corp.		733,698
	2,194	CME Group, Inc.		387,241
	1,718	Discover Financial Services		186,162
	1,828	Franklin Resources, Inc.		49,009
	3,412	Intercontinental Exchange, Inc.		369,554
	2,082	Invesco, Ltd.		39,787
	5,318	MasterCard, Inc., Class A		1,895,335
	2,113	Nasdaq, Inc.		144,656
	1,185	Raymond James Financial, Inc.		138,526
	3,065	Synchrony Financial		115,183
	1,386	T. Rowe Price Group, Inc.		173,125
	10,057	Visa, Inc., Class A		2,182,369
	2,354	Western Union Co.		34,510
				8,032,332
		Electric - 0.5%
	2,164	Consolidated Edison, Inc.		212,158
	2,338	Edison International		155,851
	2,108	Eversource Energy		174,669
	1,926	Sempra Energy		320,082
				862,760
		Electronics - 0.7%
	1,829	Agilent Technologies, Inc.		283,458
	534	Allegion PLC		60,689
	2,084	Fortive Corp.		140,774
	1,113	Keysight Technologies, Inc. (a)		201,331
	139	Mettler-Toledo International, Inc. (a)		204,269
	647	Roper Technologies, Inc.		283,962
	368	Waters Corp. (a)		127,549
				1,302,032

See accompanying notes to financial statements.

65

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

Shares			Value
		Environmental Control - 0.1%
	1,010	Pentair PLC	$	46,228
	1,352	Republic Services, Inc.		188,320
				234,548
		Finance and Insurance - 0.6%
	1,968	Ally Financial, Inc.		53,156
	2,295	Arch Capital Group Ltd. (a)		137,493
	1,213	Carlyle Group Inc/The		37,809
	2,330	Equitable Holdings, Inc.		73,954
	487	LPL Financial Holdings, Inc.		115,278
	276	MercadoLibre, Inc. (a)		256,952
	8,651	US Bancorp		392,669
	1,085	Webster Financial Corp.		58,959
				1,126,270
		Food - 0.6%
	1,293	Campbell Soup Co.		69,395
	2,935	Conagra Brands, Inc.		111,471
	3,687	General Mills, Inc.		314,501
	1,831	Hormel Foods Corp.		86,057
	1,550	Kellogg Co.		113,073
	4,214	Kroger Co.		207,287
	1,537	McCormick & Co., Inc.		130,922
				1,032,706
		Forest Products & Paper - 0.1%
	2,155	International Paper Co.		79,994
		Gas - 0.1%
	848	Atmos Energy Corp.		101,930
		Hand/Machine Tools - 0.1%
	326	Snap-on, Inc.		78,436
		Health Care and Social Assistance - 0.0% (d)
	576	Novocure, Ltd. (a)		44,260
	978	Teladoc Health, Inc. (a)		27,883
				72,143
		Healthcare Products - 1.6%
	278	ABIOMED, Inc. (a)		105,026
	456	Align Technology, Inc. (a)		89,677
	3,074	Baxter International, Inc.		173,773
	1,306	Dentsply Sirona, Inc.		39,520
	3,798	Edwards Lifesciences Corp. (a)		293,395
	1,525	Hologic, Inc. (a)		116,144
	514	IDEXX Laboratories, Inc. (a)		218,897

See accompanying notes to financial statements.

66

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

Shares			Value
	898	ResMed, Inc.	$	206,720
	614	STERIS PLC		114,044
	286	Teleflex, Inc.		66,958
	2,396	Thermo Fisher Scientific, Inc.		1,342,287
	451	West Pharmaceutical Services, Inc.		105,832
				2,872,273
		Healthcare Services - 1.0%
	1,468	Anthem, Inc.		782,326
	346	DaVita, Inc. (a)		25,511
	1,447	HCA Healthcare, Inc.		347,598
	772	Humana, Inc.		424,523
	566	Laboratory Corp. of America Holdings		136,236
	719	Quest Diagnostics, Inc.		109,166
				1,825,360
		Household Products/Wares - 0.2%
	750	Clorox Co.		111,488
	2,061	Kimberly-Clark Corp.		279,533
				391,021
		Housewares - 0.0% (d)
	2,388	Newell Brands, Inc.		30,972
		Information - 0.4%
	33	Cable One, Inc.		23,902
	230	FactSet Research Systems, Inc.		106,097
	485	Guidewire Software, Inc. (a)		28,765
	277	HubSpot, Inc. (a)		83,939
	5,679	Lumen Technologies, Inc.		31,064
	4,816	Sirius XM Holdings, Inc.		31,256
	976	Splunk, Inc. (a)		75,816
	1,290	VMware, Inc., Class A (a)		156,722
	14,087	Warner Bros Discovery, Inc. (a)		160,592
	1,594	ZoomInfo Technologies, Inc. (a)		45,588
				743,741
		Insurance - 2.1%
	3,742	Aflac, Inc.		269,162
	1,676	Allstate Corp.		224,416
	4,846	American International Group, Inc.		305,831
	1,286	Arthur J Gallagher & Co.		256,056
	331	Assurant, Inc.		42,441
	2,604	Chubb Ltd.		571,812
	2,015	Hartford Financial Services Group, Inc.		153,886
	1,002	Lincoln National Corp.		39,018
	1,282	Loews Corp.		74,548
	3,072	Marsh & McLennan Cos., Inc.		532,009

See accompanying notes to financial statements.

67

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

Shares			Value
	1,547	Principal Financial Group, Inc.	$	138,735
	3,583	Progressive Corp.		473,493
	2,294	Prudential Financial, Inc.		247,821
	1,468	Travelers Cos., Inc.		278,641
	683	Willis Towers Watson PLC		168,127
				3,775,996
		Internet - 2.2%
	36,804	Alphabet, Inc., Class A (a)		3,716,836
	3,421	eBay, Inc.		155,450
	3,660	Gen Digital, Inc.		84,034
				3,956,320
		Iron/Steel - 0.1%
	1,634	Nucor Corp.		245,018
		Lodging - 0.1%
	1,703	Hilton Worldwide Holdings, Inc.		242,882
		Machinery - Construction & Mining - 0.4%
	3,271	Caterpillar, Inc.		773,297
		Machinery - Diversified - 0.9%
	1,786	Deere & Co.		787,626
	881	Dover Corp.		125,058
	463	IDEX Corp.		109,958
	2,484	Ingersoll Rand, Inc.		134,061
	2,596	Otis Worldwide Corp.		202,722
	713	Rockwell Automation, Inc.		188,389
	1,102	Xylem, Inc.		123,810
				1,671,624
		Management of Companies and Enterprises - 0.0% (d)
	1,894	Rivian Automotive, Inc., Class A (a)		60,684
		Manufacturing - 4.6%
	34,516	Alphabet, Inc., Class C (a)		3,501,648
	1,128	BioMarin Pharmaceutical, Inc. (a)		113,905
	960	Bio-Techne Corp.		81,590
	929	Bunge Ltd.		97,396
	1,040	Catalent, Inc. (a)		52,135
	1,061	Cognex Corp.		52,817
	2,588	Elanco Animal Health, Inc. (a)		33,307
	390	Generac Holdings, Inc. (a)		41,153
	424	Insulet Corp. (a)		126,933
	379	Jazz Pharmaceuticals PLC (a)		59,469
	4,768	Keurig Dr Pepper, Inc.		184,379

See accompanying notes to financial statements.

68

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

Shares			Value
	366	Lear Corp.	$	52,792
	197	Lennox International, Inc.		51,305
	711	Lululemon Athletica, Inc. (a)		270,400
	1,608	NXP Semiconductors NV		282,751
	595	Owens Corning		52,860
	3,150	Plug Power, Inc. (a)		50,274
	1,155	Steel Dynamics, Inc.		120,039
	16,076	Tesla, Inc. (a)		3,129,997
	1,529	Trimble, Inc. (a)		91,358
				8,446,508
		Media - 0.6%
	11,120	Walt Disney Co. (a)		1,088,314
		Mining - 0.1%
	4,869	Newmont Goldcorp Corp.		231,131
		Mining, Quarrying, and Oil and Gas Extraction - 0.1%
	1,324	Targa Resources Corp.		98,492
		Miscellaneous Manufacturing - 0.9%
	3,382	3M Co.		426,031
	792	AO Smith Corp.		48,106
	2,441	Eaton Corp PLC		398,981
	1,907	Illinois Tool Works, Inc.		433,785
	1,430	Trane Technologies PLC		255,141
				1,562,044
		Office/Business Equipment - 0.1%
	321	Zebra Technologies Corp., Class A (a)		86,760
		Oil & Gas - 0.6%
	3,316	Marathon Petroleum Corp.		403,922
	2,949	Phillips 66		319,790
	2,496	Valero Energy Corp.		333,515
				1,057,227
		Oil & Gas Services - 0.5%
	6,018	Baker Hughes & GE Co.		174,642
	5,482	Halliburton Co.		207,713
	8,638	Schlumberger, Ltd.		445,289
				827,644
		Packaging & Containers - 0.2%
	9,183	Amcor PLC		113,410
	1,953	Ball Corp.		109,524

See accompanying notes to financial statements.

69

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

Shares			Value
	1,560	Westrock Co.	$	59,155
				282,089
		Pharmaceuticals - 5.0%
	959	AmerisourceBergen Corp.		163,692
	13,052	Bristol-Myers Squibb Co.		1,047,814
	1,667	Cardinal Health, Inc.		133,643
	1,939	Cigna Corp.		637,718
	2,399	DexCom, Inc. (a)		278,956
	4,930	Eli Lilly & Co.		1,829,424
	16,115	Johnson & Johnson		2,868,470
	15,456	Merck & Co., Inc.		1,702,015
	2,879	Zoetis, Inc.		443,769
				9,105,501
		Pipelines - 0.4%
	12,481	Kinder Morgan, Inc.		238,637
	2,731	ONEOK, Inc.		182,759
	7,432	Williams Cos., Inc.		257,890
				679,286
		Real Estate - 0.1%
	1,999	CBRE Group, Inc., Class A (a)		159,120
		Real Estate and Rental and Leasing - 0.0% (d)
	542	AMERCO (a)		34,238
		Real Estate Investment Trusts - 1.6%
	2,790	American Tower Corp.		617,288
	2,639	Annaly Capital Management, Inc.		57,187
	904	Boston Properties, Inc.		65,160
	2,647	Crown Castle International Corp.		374,365
	557	Equinix, Inc.		384,692
	3,301	Healthpeak Properties, Inc.		86,684
	5,664	Prologis, Inc.		667,163
	661	SBA Communications Corp.		197,837
	2,439	Ventas, Inc.		113,487
	2,775	Welltower, Inc.		197,108
	4,543	Weyerhaeuser Co.		148,602
				2,909,573
		Retail - 3.2%
	368	Advance Auto Parts, Inc.		55,564
	1,240	Best Buy Co., Inc.		105,772
	972	CarMax, Inc. (a)		67,418
	865	Genuine Parts Co.		158,581
	6,288	Home Depot, Inc.		2,037,249
	3,916	Lowe’s Cos., Inc.		832,346

See accompanying notes to financial statements.

70

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

Shares			Value
	4,511	McDonald’s Corp.	$	1,230,556
	2,827	Target Corp.		472,307
	7,161	TJX Cos., Inc.		573,238
	684	Tractor Supply Co.		154,796
	316	Ulta Beauty, Inc. (a)		146,889
				5,834,716
		Retail Trade - 0.0% (d)
	404	Burlington Stores, Inc. (a)		79,055
		Semiconductors - 2.9%
	5,312	Applied Materials, Inc.		582,195
	24,988	Intel Corp.		751,389
	850	Lam Research Corp.		401,523
	15,282	NVIDIA Corp.		2,586,173
	5,641	Texas Instruments, Inc.		1,017,975
				5,339,255
		Software - 8.4%
	2,893	Adobe, Inc. (a)		997,883
	531	ANSYS, Inc. (a)		135,033
	1,332	Autodesk, Inc. (a)		268,997
	1,687	Cadence Design Systems, Inc. (a)		290,231
	1,708	Electronic Arts, Inc.		223,372
	1,639	Intuit, Inc.		668,040
	43,520	Microsoft Corp.		11,103,693
	6,078	salesforce.com, Inc. (a)		974,000
	1,229	ServiceNow, Inc. (a)		511,633
	987	Take-Two Interactive Software, Inc. (a)		104,316
				15,277,198
		Telecommunications - 1.4%
	25,331	Cisco Systems, Inc.		1,259,457
	1,021	Motorola Solutions, Inc.		277,916
	25,669	Verizon Communications, Inc.		1,000,578
				2,537,951
		Toys/Games/Hobbies - 0.0% (d)
	806	Hasbro, Inc.		50,633
		Transportation - 1.6%
	780	CH Robinson Worldwide, Inc.		78,172
	13,313	CSX Corp.		435,202
	1,037	Expeditors International of Washington, Inc.		120,354
	509	JB Hunt Transport Services, Inc.		93,600
	1,458	Norfolk Southern Corp.		373,977
	589	Old Dominion Freight Line, Inc.		178,237
	3,844	Union Pacific Corp.		835,801

See accompanying notes to financial statements.

71

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

Shares			Value
	4,486	United Parcel Service, Inc., Class B	$	851,129
				2,966,472
		Transportation and Warehousing - 0.0% (d)
	950	Knight-Swift Transportation Holdings, Inc.		52,659
		Utilities - 0.2%
	1,394	Cheniere Energy, Inc.		244,452
	1,524	Essential Utilities, Inc.		73,518
	1,280	UGI Corp.		49,472
				367,442
		Water - 0.1%
	1,112	American Water Works Co., Inc.		168,757
		Wholesale Trade - 0.0% (d)
	245	Pool Corp.		80,705
		TOTAL COMMON STOCKS (Cost - $102,375,775)		109,915,355
		SHORT TERM INVESTMENTS - 1.0%
		Money Market Funds - 1.0%
	1,822,774	First American Treasury Obligations Fund, Class X, 3.75% (b)		1,822,774
		TOTAL SHORT TERM INVESTMENTS (Cost - $1,822,774)		1,822,774
		TOTAL INVESTMENTS - 99.7% (Cost - $174,434,832)		182,092,104
		Other Assets in Excess of Liabilities - 0.3%		452,446
		NET ASSETS - 100.0%	$	182,544,550

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

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

(d) Rounds to less than 0.1%.

See accompanying notes to financial statements.

72

Horizon Funds

Statements of Assets and Liabilities

November 30, 2022

	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	$	907,300,572		$	1,267,763,100		$	485,351,683		$	101,641,247
Investments in Unaffiliated Securities, at Value (a)	$	885,788,402		$	1,279,266,925		$	451,191,493		$	107,251,485
Receivable for Fund Shares Sold		1,511,419			1,490,809			442,667			72,997
Dividends and Interest Receivable		31,226			78,794			56,376			294,451
Dividend Reclaims		—			10			—			101,162
Prepaid Expenses and Other Assets		39,971			65,735			38,568			15,589
Total Assets		887,371,018			1,280,902,273			451,729,104			107,735,684
Liabilities:
Options written, at value (Premiums received $0, $1,170,188, $0 and $0)		—			468,750			—			—
Collateral received for securities loaned (Note 5)		96,552,454			5,133,800			7,997,981			553,000
Payable for Investment Securities Purchased		—			83,228			—			—
Payable for Fund Shares Redeemed		723,806			476,077			201,365			79,314
Accrued Administration Fees		52,600			85,400			32,200			10,201
Accrued Advisory Fees		617,633			1,018,004			275,453			59,884
Accrued Custodian Fees		6,000			11,800			3,612			2,622
Accrued Legal Fees		11,120			6,366			5,906			6,751
Accrued Distribution Fees (12b-1) - Advisor Class		13,417			—			358			1,257
Accrued Registration Fees		21,150			35,477			12,358			9,871
Accrued Shareholder Servicing Fees - Investor Class		166,933			—			524			763
Accrued Expenses and Other Liabilities		66,698			126,309			74,678			43,198
Total Liabilities		98,231,811			7,445,211			8,604,435			766,861
Net Assets	$	789,139,207		$	1,273,457,062		$	443,124,669		$	106,968,823
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	815,473,401		$	1,360,705,909		$	520,980,019		$	105,017,761
Distributable Earnings/(Accumulated Deficit)		(26,334,194	)		(87,248,847	)		(77,855,350	)		1,951,062
Net Assets	$	789,139,207		$	1,273,457,062		$	443,124,669		$	106,968,823
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	761,417,709		$	1,238,186,863		$	439,460,165		$	102,134,868
Shares of Beneficial Interest Outstanding		59,887,829			59,794,901			53,313,125			1,657,404
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	12.71		$	20.71		$	8.24		$	61.62
Advisor Class Shares:
Net Assets	$	2,126,129		$	4,472,409		$	1,960,372		$	4,833,955
Shares of Beneficial Interest Outstanding		168,194			216,516			236,360			78,394
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	12.64		$	20.66		$	8.29		$	61.66
Institutional Class Shares:
Net Assets	$	25,595,369		$	30,797,790		$	1,704,132		$	—
Shares of Beneficial Interest Outstanding		2,005,137			1,483,395			207,502			—
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	12.76		$	20.76		$	8.21		$	—
(a) Includes loaned securities with a value of:	$	96,359,182		$	5,130,973		$	7,898,093		$	550,200

See accompanying notes to financial statements.

73

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2022

	Horizon Defined Risk Fund		Horizon U.S. Defensive Equity Fund		Horizon ESG & Defensive Core Fund
Assets:
Investments in Unaffiliated Securities, at Cost	$	353,440,421	$	132,469,551	$	174,434,832
Investments in Unaffiliated Securities, at Value	$	372,495,501	$	143,079,433	$	182,092,104
Cash		2,047		—		—
Receivable for Fund Shares Sold		8,688,144		345,008		453,887
Dividends and Interest Receivable		619,856		287,403		178,411
Dividend Reclaims		122		—		62
Prepaid Expenses and Other Assets		41,571		14,156		42,688
Total Assets		381,847,241		143,726,000		182,767,152
Liabilities:
Options written, at value (Premiums received $10,985,421, $0 and $0)		9,370,025		—		—
Payable for Fund Shares Redeemed		179,886		117,207		49,623
Accrued Administration Fees		25,600		12,000		14,600
Accrued Advisory Fees		228,842		96,244		88,041
Accrued Audit Fees		18,200		19,600		18,600
Accrued Custodian Fees		10,321		17,846		4,400
Accrued Legal Fees		4,194		4,641		9,572
Accrued Registration Fees		9,827		3,855		4,936
Accrued Distribution Fees (12b-1) - Investor Class		1,016		3,750		9,925
Accrued Distribution Fees (12b-1) - Advisor Class		2,720		339		—
Accrued Transfer Agent Fees		9,600		9,648		8,800
Accrued Printing and Mailing Fees		7,129		7,375		5,312
Accrued Expenses and Other Liabilities		10,355		8,098		8,793
Total Liabilities		9,877,715		300,603		222,602
Net Assets	$	371,969,526	$	143,425,397	$	182,544,550
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	339,712,441	$	133,835,436	$	193,882,615
Distributable Earnings/(Accumulated Deficit)		32,257,085		9,589,961		(11,338,065	)
Net Assets	$	371,969,526	$	143,425,397	$	182,544,550
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	359,742,533	$	143,236,115	$	148,912,265
Shares of Beneficial Interest Outstanding		5,882,049		5,438,194		4,804,723
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	61.16	$	26.34	$	30.99
Advisor Class Shares:
Net Assets	$	12,226,993	$	189,282	$	33,632,285
Shares of Beneficial Interest Outstanding		200,070		7,204		1,090,238
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	61.11	$	26.27		30.85

See accompanying notes to financial statements.

74

Horizon Funds

Statements of Operations

For the Year Ended November 30, 2022

	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, $48, $0 and $53,905)	$	16,834,145		$	21,183,201		$	10,233,140		$	3,628,371
Interest Income		170,252			235,873			38,123			30,298
Total Investment Income		17,004,397			21,419,074			10,271,263			3,658,669
Expenses:
Investment Advisory Fees		7,370,381			12,115,605			3,343,411			881,000
Shareholder Servicing Fees - Investor Class		722,016			1,184,231			429,189			—
Administrative & Accounting Service Fees		319,256			504,703			193,020			75,902
Transfer Agent Fees		176,295			174,144			98,917			40,104
Registration Fees		79,365			110,959			59,589			37,375
Trustees’ Fees and Expenses		74,120			122,068			43,033			12,170
Legal Fees		73,523			114,369			37,544			11,771
Chief Compliance Officer & Compliance Fees		44,474			72,756			28,447			8,412
Printing and Postage Expenses		33,377			24,236			16,372			29,010
Custodian Fees		33,341			66,995			19,299			9,972
Interest Expense		21,254			67,082			—			18,501
Audit Fees		20,750			22,136			18,802			24,248
Insurance Fees		17,375			28,451			7,314			1,712
Distribution Fees (12b-1) - Advisor Class		7,900			16,963			8,205			19,024
Miscellaneous Expenses		7,141			23,721			11,112			20,041
Distribution Fees (12b-1) - Investor Class		—			—			—			109,857
Total Expenses		9,000,568			14,648,419			4,314,254			1,299,099
Securities Lending Expense Offset		(541,695	)		(401,837	)		(433,656	)		(8,638	)
Fees Recouped by the Adviser		—			—			—			3,032
Fees Waived by the Adviser		—			—			—			(869	)
Net Expenses		8,458,873			14,246,582			3,880,598			1,292,624
Net Investment Income		8,545,524			7,172,492			6,390,665			2,366,045
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Unaffiliated Investments		(8,639,440	)		(90,741,920	)		(40,110,690	)		(3,798,983	)
Net Long-Term Capital Gain Distributions		—			—			345,850			—
Purchased Options		(730,042	)		(3,143,319	)		(84,650	)		(728,536	)
Written Options		366,481			(2,079,814	)		—			291,904
Foreign Currency		—			—			—			(218	)
Net Change in Unrealized Appreciation (Depreciation) on:
Unaffiliated Investments		(75,577,135	)		(96,387,338	)		(32,942,788	)		3,962,120
Purchased Options		—			1,063,512			—			—
Written Options		—			450,176			—			—
Foreign Currency		—			—			—			(34	)
Net Realized and Unrealized Gain (Loss) on Investments		(84,580,136	)		(190,838,703	)		(72,792,278	)		(273,747	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(76,034,612	)	$	(183,666,211	)	$	(66,401,613	)	$	2,092,298

See accompanying notes to financial statements.

75

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

	Horizon Defined Risk Fund			Horizon U.S. Defensive Equity Fund			Horizon ESG & Defensive Core Fund
Investment Income:
Dividend Income from unaffiliated securities (net of foreign withholdings tax of $1,310, $831 and $0)	$	4,690,777		$	2,401,874		$	2,262,774
Interest Income		116,925			24,153			46,665
Total Investment Income		4,807,702			2,426,027			2,309,439
Expenses:
Investment Advisory Fees		2,474,537			1,001,788			1,225,785
Administrative & Accounting Service Fees		167,232			71,721			90,850
Transfer Agent Fees		57,320			52,504			54,485
Registration Fees		43,874			45,681			54,871
Trustees’ Fees and Expenses		30,577			9,104			16,387
Legal Fees		27,806			10,958			24,732
Chief Compliance Officer & Compliance Fees		20,795			8,337			8,258
Printing and Postage Expenses		26,055			12,586			31,384
Custodian Fees		45,869			13,288			24,990
Interest Expense		243,094			20,956			8,437
Audit Fees		18,962			19,966			20,328
Insurance Fees		4,332			2,148			4,401
Distribution Fees (12b-1) - Advisor Class		38,359			877			85,633
Miscellaneous Expenses		4,213			3,032			8,189
Distribution Fees (12b-1) - Investor Class		293,974			124,873			132,759
Total Expenses		3,496,999			1,397,819			1,791,489
Securities Lending Expense Offset		(3,719	)		(1,875	)		(3,548	)
Fees Recouped by the Adviser		64,512			21,935			40,435
Fees Waived by the Adviser		(74,784	)		(31,460	)		(51,615	)
Net Expenses		3,483,008			1,386,419			1,776,761
Net Investment Income		1,324,694			1,039,608			532,678
Net Realized and Unrealized Loss on Investments:
Net Realized Gain (Loss) on:
Unaffiliated Investments		9,051,058			(1,843,833	)		(19,354,402	)
Purchased Options		9,689,032			—			—
Written Options		13,273,947			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Unaffiliated Investments		(39,404,006	)		(895,613	)		(2,675,326	)
Purchased Options		(7,251,505	)		—			—
Written Options		2,185,635			—			—
Net Realized and Unrealized Loss on Investments		(12,455,839	)		(2,739,446	)		(22,029,728	)
Net Decrease in Net Assets Resulting From Operations	$	(11,131,145	)	$	(1,699,838	)	$	(21,497,050	)

See accompanying notes to financial statements.

76

Horizon Active Asset Allocation Fund

Statements of Changes in Net Assets

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	8,545,524		$	2,320,356
Net Realized Gain (Loss) on Investments		(9,003,001	)		111,071,166
Net Change in Unrealized Appreciation (Depreciation) on Investments		(75,577,135	)		8,531,036
Net Increase (Decrease) in Net Assets Resulting From Operations		(76,034,612	)		121,922,558
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(99,771,775	)		(34,106,308	)
Advisor Class		(555,980	)		(242,577	)
Institutional Class		(1,228,725	)		(102,761	)
Total Distributions to Shareholders		(101,556,480	)		(34,451,646	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		342,816,638			227,419,365
Advisor Class		1,000,227			3,254,356
Institutional Class		23,732,395			7,550,592
Distributions Reinvested
Investor Class		96,237,129			32,878,445
Advisor Class		477,816			175,788
Institutional Class		1,228,725			102,761
Cost of Shares Redeemed
Investor Class		(233,843,007	)		(138,514,355	)
Advisor Class		(2,199,078	)		(10,335,613	)
Institutional Class		(5,024,907	)		(958,583	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		224,425,938			121,572,756
Increase in Net Assets		46,834,846			209,043,668
Net Assets:
Beginning of Year		742,304,361			533,260,693
End of Year	$	789,139,207		$	742,304,361
Share Activity:
Investor Class:
Shares Issued		26,334,707			14,784,166
Shares Reinvested		6,569,087			2,412,212
Shares Redeemed		(18,125,776	)		(9,138,510	)
Net Increase		14,778,018			8,057,868
Advisor Class:
Shares Issued		70,171			212,938
Shares Reinvested		32,750			12,935
Shares Redeemed		(176,554	)		(701,409	)
Net Decrease		(73,633	)		(475,536	)
Institutional Class:
Shares Issued		1,783,794			480,872
Shares Reinvested		83,587			7,523
Shares Redeemed		(410,335	)		(62,991	)
Net Increase		1,457,046			425,404

See accompanying notes to financial statements.

77

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	7,172,492		$	3,614,211
Net Realized Gain (Loss) on Investments		(95,965,053	)		138,822,828
Net Change in Unrealized Appreciation (Depreciation) on Investments		(94,873,650	)		39,478,273
Net Increase (Decrease) in Net Assets Resulting From Operations		(183,666,211	)		181,915,312
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(92,274,740	)		(2,892,895	)
Advisor Class		(670,237	)		(21,213	)
Institutional Class		(2,756,632	)		(191,051	)
Total Distributions to Shareholders		(95,701,609	)		(3,105,159	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		509,555,925			487,069,905
Advisor Class		1,826,774			5,093,043
Institutional Class		8,176,730			13,298,835
Distributions Reinvested
Investor Class		89,219,671			2,802,160
Advisor Class		506,313			11,471
Institutional Class		2,756,632			191,051
Cost of Shares Redeemed
Investor Class		(247,540,372	)		(269,268,764	)
Advisor Class		(4,341,349	)		(4,336,374	)
Institutional Class		(6,594,349	)		(26,148,481	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		353,565,975			208,712,846
Increase in Net Assets		74,198,155			387,522,999
Net Assets:
Beginning of Year		1,199,258,907			811,735,908
End of Year	$	1,273,457,062		$	1,199,258,907
Share Activity:
Investor Class:
Shares Issued		23,189,190			19,982,192
Shares Reinvested		3,540,463			126,053
Shares Redeemed		(11,207,443	)		(11,010,288	)
Net Increase		15,522,210			9,097,957
Advisor Class:
Shares Issued		79,433			203,354
Shares Reinvested		20,116			516
Shares Redeemed		(201,713	)		(179,653	)
Net Increase (Decrease)		(102,164	)		24,217
Institutional Class:
Shares Issued		361,929			528,056
Shares Reinvested		109,217			8,583
Shares Redeemed		(298,316	)		(1,087,228	)
Net Increase (Decrease)		172,830			(550,589	)

See accompanying notes to financial statements.

78

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	6,390,665		$	8,295,232
Net Realized Gain (Loss) on Investments		(39,849,490	)		4,881,604
Net Change in Unrealized Depreciation on Investments		(32,942,788	)		(12,630,691	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(66,401,613	)		546,145
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(6,011,975	)		(8,093,689	)
Advisor Class		(48,345	)		(66,528	)
Institutional Class		(27,058	)		(11,668	)
Total Distributions to Shareholders		(6,087,378	)		(8,171,885	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		172,187,772			141,229,985
Advisor Class		600,847			1,459,593
Institutional Class		177,896			1,827,312
Distributions Reinvested
Investor Class		5,834,335			7,655,394
Advisor Class		44,011			60,743
Institutional Class		27,058			11,669
Cost of Shares Redeemed
Investor Class		(99,988,006	)		(139,310,713	)
Advisor Class		(2,432,192	)		(955,809	)
Institutional Class		(50,941	)		(177,553	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		76,400,780			11,800,621
Increase in Net Assets		3,911,789			4,174,881
Net Assets:
Beginning of Year		439,212,880			435,037,999
End of Year	$	443,124,669		$	439,212,880
Share Activity:
Investor Class:
Shares Issued		19,744,900			14,430,458
Shares Reinvested		637,159			780,131
Shares Redeemed		(11,629,351	)		(14,191,720	)
Net Increase		8,752,708			1,018,869
Advisor Class:
Shares Issued		68,120			148,383
Shares Reinvested		4,728			6,155
Shares Redeemed		(285,773	)		(96,666	)
Net Increase (Decrease)		(212,925	)		57,872
Institutional Class:
Shares Issued		20,567			188,513
Shares Reinvested		2,961			1,196
Shares Redeemed		(6,105	)		(18,280	)
Net Increase		17,423			171,429

See accompanying notes to financial statements.

79

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	2,366,045		$	2,118,554
Net Realized Gain (Loss) on Investments		(4,235,833	)		24,626,582
Net Change in Unrealized Appreciation (Depreciation) on Investments		3,962,086			(8,305,569	)
Net Increase in Net Assets Resulting From Operations		2,092,298			18,439,567
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(4,979,090	)		(1,968,824	)
Advisor Class		(386,414	)		(153,721	)
Total Distributions to Shareholders		(5,365,504	)		(2,122,545	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		25,982,916			36,122,278
Advisor Class		2,044,153			5,302,054
Distributions Reinvested
Investor Class		4,977,778			1,968,366
Advisor Class		322,926			121,012
Cost of Shares Redeemed
Investor Class		(49,123,038	)		(34,672,833	)
Advisor Class		(8,173,158	)		(4,502,876	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(23,968,423	)		4,338,001
Increase (Decrease) in Net Assets		(27,241,629	)		20,655,023
Net Assets:
Beginning of Year		134,210,452			113,555,429
End of Year	$	106,968,823		$	134,210,452
Share Activity:
Investor Class:
Shares Issued		427,321			585,198
Shares Reinvested		78,211			32,484
Shares Redeemed		(804,036	)		(566,407	)
Net Increase (Decrease)		(298,504	)		51,275
Advisor Class:
Shares Issued		33,449			85,855
Shares Reinvested		5,045			1,979
Shares Redeemed		(133,661	)		(73,957	)
Net Increase (Decrease)		(95,167	)		13,877

See accompanying notes to financial statements.

80

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	1,324,694		$	790,086
Net Realized Gain (Loss) on Investments		32,014,037			(600,537	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(44,469,876	)		25,356,887
Net Increase (Decrease) in Net Assets Resulting From Operations		(11,131,145	)		25,546,436
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(737,808	)		(1,227,816	)
Advisor Class		(24,320	)		(96,990	)
Total Distributions to Shareholders		(762,128	)		(1,324,806	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		243,919,522			115,234,241
Advisor Class		16,584,496			5,188,089
Distributions Reinvested
Investor Class		737,630			1,227,606
Advisor Class		18,974			79,341
Cost of Shares Redeemed
Investor Class		(121,627,778	)		(102,424,408	)
Advisor Class		(22,646,844	)		(12,446,407	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		116,986,000			6,858,462
Increase in Net Assets		105,092,727			31,080,092
Net Assets:
Beginning of Year		266,876,799			235,796,707
End of Year	$	371,969,526		$	266,876,799
Share Activity:
Investor Class:
Shares Issued		4,032,696			1,905,755
Shares Reinvested		11,280			21,402
Shares Redeemed		(2,053,298	)		(1,738,726	)
Net Increase		1,990,678			188,431
Advisor Class:
Shares Issued		269,558			86,687
Shares Reinvested		290			1,382
Shares Redeemed		(382,103	)		(211,432	)
Net Decrease		(112,255	)		(123,363	)

See accompanying notes to financial statements.

81

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	1,039,608		$	739,881
Net Realized Gain (Loss) on Investments		(1,843,833	)		42,206,376
Net Change in Unrealized Depreciation on Investments		(895,613	)		(8,489,917	)
Net Increase (Decrease) in Net Assets Resulting From Operations		(1,699,838	)		34,456,340
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(27,097,405	)		(630,763	)
Advisor Class		(116,302	)		(2,114	)
Total Distributions to Shareholders		(27,213,707	)		(632,877	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		73,364,195			67,919,425
Advisor Class		42,810			471,245
Distributions Reinvested
Investor Class		27,092,996			630,700
Advisor Class		108,577			1,793
Cost of Shares Redeemed
Investor Class		(56,897,680	)		(179,674,447	)
Advisor Class		(365,339	)		(794,678	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		43,345,559			(111,445,962	)
Increase (Decrease) in Net Assets		14,432,014			(77,622,499	)
Net Assets:
Beginning of Year		128,993,383			206,615,882
End of Year	$	143,425,397		$	128,993,383
Share Activity:
Investor Class:
Shares Issued		2,849,550			2,194,419
Shares Reinvested		960,404			23,010
Shares Redeemed		(2,202,600	)		(5,958,565	)
Net Increase (Decrease)		1,607,354			(3,741,136	)
Advisor Class:
Shares Issued		1,548			15,089
Shares Reinvested		3,853			65
Shares Redeemed		(14,453	)		(25,777	)
Net Decrease		(9,052	)		(10,623	)

See accompanying notes to financial statements.

82

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

	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021
Operations:
Net Investment Income	$	532,678		$	246,460
Net Realized Gain (Loss) on Investments		(19,354,402	)		3,842,643
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,675,326	)		9,409,842
Net Increase (Decrease) in Net Assets Resulting From Operations		(21,497,050	)		13,498,945
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(3,104,199	)		(129,856	)
Advisor Class		(907,265	)		(116,569	)
Total Distributions to Shareholders		(4,011,464	)		(246,425	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		92,083,508			116,890,815
Advisor Class		27,644,791			33,554,687
Distributions Reinvested
Investor Class		3,103,216			129,856
Advisor Class		904,064			116,569
Cost of Shares Redeemed
Investor Class		(46,791,127	)		(10,958,613	)
Advisor Class		(24,411,544	)		(5,733,229	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		52,532,908			134,000,085
Increase in Net Assets		27,024,394			147,252,605
Net Assets:
Beginning of Year		155,520,156			8,267,551
End of Year	$	182,544,550		$	155,520,156
Share Activity:
Investor Class:
Shares Issued		2,834,491			3,505,622
Shares Reinvested		84,144			4,473
Shares Redeemed		(1,447,898	)		(314,559	)
Net Increase		1,470,737			3,195,536
Advisor Class:
Shares Issued		837,594			995,465
Shares Reinvested		24,594			4,025
Shares Redeemed		(751,265	)		(169,431	)
Net Increase		110,923			830,059

See accompanying notes to financial statements.

83

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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	16.17		$	14.07		$	12.61		$	12.68		$	14.20
Income From Investment Operations:
Net investment income (b,e)		0.15			0.06			0.09			0.08			0.07	(g)
Net gain (loss) from investments (both realized and unrealized)		(1.42	)		2.96			1.46			0.65			(0.02	)(g)
Total from investment operations		(1.27	)		3.02			1.55			0.73			0.05
Less Distributions:
From net investment income		(0.10	)		(0.07	)		(0.09	)		(0.08	)		(0.07	)
From net realized gains		(2.09	)		(0.85	)		—			(0.72	)		(1.50	)
Total Distributions		(2.19	)		(0.92	)		(0.09	)		(0.80	)		(1.57	)
Net Asset Value, End of Year	$	12.71		$	16.17		$	14.07		$	12.61		$	12.68
Total Return		(9.63	)%		22.63	%		12.32	%		7.23	%		0.46	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	761,418		$	729,517		$	521,477		$	508,839		$	477,097
Ratio to average net assets:
Gross expenses (c,d)		1.21	%		1.23	%		1.25	%		1.21	%		1.28	%(f)
Net expenses (a,c)		1.14	%		1.14	%		1.20	%		1.24	%		1.27	%(f)
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		1.15	%		0.35	%		0.75	%		0.66	%		0.56	%
Portfolio turnover rate		139	%		142	%		208	%		279	%		256	%

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%, 0.01%, 0.00%, 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) 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.

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

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

See accompanying notes to financial statements.

84

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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	16.10		$	14.01		$	12.55		$	12.62		$	14.16
Income From Investment Operations:
Net investment income (b,f)		0.14			0.03			0.08			0.07			0.05	(e)
Net gain (loss) from investments (both realized and unrealized)		(1.42	)		2.95			1.45			0.65			(0.02	)(e)
Total from investment operations		(1.28	)		2.98			1.53			0.72			0.03
Less Distributions:
From net investment income		(0.09	)		(0.04	)		(0.07	)		(0.07	)		(0.07	)
From net realized gains		(2.09	)		(0.85	)		—			(0.72	)		(1.50	)
Total Distributions		(2.18	)		(0.89	)		(0.07	)		(0.79	)		(1.57	)
Net Asset Value, End of Year	$	12.64		$	16.10		$	14.01		$	12.55		$	12.62
Total Return		(9.76	)%		22.43	%		12.24	%		7.12	%		0.29	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	2,126		$	3,893		$	10,052		$	7,879		$	7,187
Ratio to average net assets:
Gross expenses (c,d)		1.36	%		1.38	%		1.41	%		1.39	%		1.43	%(g)
Net expenses (a,c)		1.28	%		1.29	%		1.25	%		1.39	%		1.42	%(g)
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,f)		1.11	%		0.21	%		0.63	%		0.57	%		0.38	%
Portfolio turnover rate		139	%		142	%		208	%		279	%		256	%

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 0.00% 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.

85

Horizon Active Asset Allocation Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	16.23		$	14.11		$	12.64		$	12.71		$	14.22
Income From Investment Operations:
Net investment income (b,f)		0.14			0.08			0.12			0.10			0.09	(e)
Net gain (loss) from investments (both realized and unrealized)		(1.40	)		2.97			1.44			0.65			(0.03	)(e)
Total from investment operations		(1.26	)		3.05			1.56			0.75			0.06
Less Distributions:
From net investment income		(0.12	)		(0.08	)		(0.09	)		(0.10	)		(0.07	)
From net realized gains		(2.09	)		(0.85	)		—			(0.72	)		(1.50	)
Total Distributions		(2.21	)		(0.93	)		(0.09	)		(0.82	)		(1.57	)
Net Asset Value, End of Year	$	12.76		$	16.23		$	14.11		$	12.64		$	12.71
Total Return		(9.57	)%		22.82	%		12.44	%		7.33	%		0.55	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	25,595		$	8,894		$	1,732		$	28,631		$	30,230
Ratio to average net assets:
Gross expenses (c,d)		1.11	%		1.13	%		1.16	%		1.14	%		1.18	%
Net expenses (a,c)		1.04	%		1.05	%		1.01	%		1.16	%		1.17	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,f)		1.10	%		0.47	%		1.01	%		0.80	%		0.68	%
Portfolio turnover rate		139	%		142	%		208	%		279	%		256	%

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 0.00%, 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.

See accompanying notes to financial statements.

86

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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	26.13		$	21.74		$	21.38		$	21.69		$	22.80
Income From Investment Operations:
Net investment income (b,e)		0.13			0.08			0.16	(g)		0.12			0.13
Net gain (loss) from investments (both realized and unrealized)		(3.48	)		4.39			0.42	(g)		0.33			(0.21	)
Total from investment operations		(3.35	)		4.47			0.58			0.45			(0.08	)
Less Distributions:
From net investment income		(0.17	)		(0.08	)		(0.22	)		(0.12	)		(0.12	)
From net realized gains		(1.90	)		—			—			(0.64	)		(0.91	)
Total Distributions		(2.07	)		(0.08	)		(0.22	)		(0.76	)		(1.03	)
Net Asset Value, End of Year	$	20.71		$	26.13		$	21.74		$	21.38		$	21.69
Total Return		(14.24	)%		20.64	%		2.71	%		2.52	%		(0.31	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,238,187		$	1,156,627		$	764,775		$	738,854		$	682,077
Ratio to average net assets:
Gross expenses (c,d)		1.19	%		1.22	%		1.25	%		1.20	%		1.28	%(f)
Net expenses (a,c)		1.17	%		1.16	%		1.20	%		1.24	%		1.27	%(f)
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.58	%		0.34	%		0.81	%		0.60	%		0.58	%
Portfolio turnover rate		366	%		108	%		462	%		368	%		275	%

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 0.00%, 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) 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.

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

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

See accompanying notes to financial statements.

87

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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	26.08		$	21.73		$	21.36		$	21.66		$	22.78
Income From Investment Operations:
Net investment income (loss) (b,e)		0.12			0.05			(0.04	)(g)		0.10			0.11
Net gain (loss) from investments (both realized and unrealized)		(3.49	)		4.37			0.57	(g)		0.32			(0.23	)
Total from investment operations		(3.37	)		4.42			0.53			0.42			(0.12	)
Less Distributions:
From net investment income		(0.15	)		(0.07	)		(0.16	)		(0.08	)		(0.09	)
From net realized gains		(1.90	)		—			—			(0.64	)		(0.91	)
Total Distributions		(2.05	)		(0.07	)		(0.16	)		(0.72	)		(1.00	)
Net Asset Value, End of Year	$	20.66		$	26.08		$	21.73		$	21.36		$	21.66
Total Return		(14.34	)%		20.41	%		2.50	%		2.37	%		(0.46	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	4,472		$	8,312		$	6,399		$	177		$	388
Ratio to average net assets:
Gross expenses (c,d)		1.34	%		1.37	%		1.43	%		1.38	%		1.43	%(f)
Net expenses (a,c)		1.31	%		1.31	%		1.37	%		1.42	%		1.42	%(f)
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		0.53	%		0.21	%		(0.18	)%		0.49	%		0.48	%
Portfolio turnover rate		366	%		108	%		462	%		368	%		275	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

See accompanying notes to financial statements.

88

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	26.19		$	21.79		$	21.43		$	21.72		$	22.84
Income From Investment Operations:
Net investment income (b,e)		0.16			0.13			0.23	(f)		0.10			0.14
Net gain (loss) from investments (both realized and unrealized)		(3.50	)		4.37			0.36	(f)		0.39			(0.20	)
Total from investment operations		(3.34	)		4.50			0.59			0.49			(0.06	)
Less Distributions:
From net investment income		(0.19	)		(0.10	)		(0.23	)		(0.14	)		(0.15	)
From net realized gains		(1.90	)		—			—			(0.64	)		(0.91	)
Total Distributions		(2.09	)		(0.10	)		(0.23	)		(0.78	)		(1.06	)
Net Asset Value, End of Year	$	20.76		$	26.19		$	21.79		$	21.43		$	21.72
Total Return		(14.17	)%		20.75	%		2.78	%		2.70	%		(0.21	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	30,798		$	34,320		$	40,562		$	62,964		$	22,714
Ratio to average net assets:
Gross expenses (c,d)		1.09	%		1.12	%		1.15	%		1.13	%		1.19	%
Net expenses (a,c)		1.06	%		1.06	%		1.09	%		1.08	%		1.14	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		0.70	%		0.54	%		1.14	%		0.47	%		0.61	%
Portfolio turnover rate		366	%		108	%		462	%		368	%		275	%

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 0.00%, 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) 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.

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

See accompanying notes to financial statements.

89

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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	9.72		$	9.90		$	9.44		$	9.13		$	9.73
Income From Investment Operations:
Net investment income (b,e)		0.13			0.19			0.18			0.29			0.30
Net gain (loss) from investments (both realized and unrealized)		(1.48	)		(0.18	)		0.50			0.31			(0.64	)
Total from investment operations		(1.35	)		0.01			0.68			0.60			(0.34	)
Less Distributions:
From net investment income		(0.13	)		(0.19	)		(0.22	)		(0.29	)		(0.26	)
Total Distributions		(0.13	)		(0.19	)		(0.22	)		(0.29	)		(0.26	)
Net Asset Value, End of Year	$	8.24		$	9.72		$	9.90		$	9.44		$	9.13
Total Return		(14.04	)%		0.11	%		7.29	%		6.78	%		(3.58	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	439,460		$	432,982		$	430,958		$	272,400		$	275,992
Ratio to average net assets:
Gross expenses (c,d)		0.99	%		1.03	%		1.05	%		1.03	%		1.09	%(f)
Net expenses (a,c)		0.89	%		0.95	%		0.90	%		0.88	%		0.98	%(f)
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		1.47	%		1.98	%		1.87	%		3.13	%		3.16	%
Portfolio turnover rate		110	%		93	%		225	%		167	%		155	%

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 0.00%, 0.00%, 0.01%, 0.00%, and 0.00%, 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) 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.

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

See accompanying notes to financial statements.

90

Horizon Active Income 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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	9.77		$	9.95		$	9.47		$	9.16		$	9.76
Income From Investment Operations:
Net investment income (b,e)		0.12			0.18			0.18			0.26			0.29
Net gain (loss) from investments (both realized and unrealized)		(1.49	)		(0.18	)		0.47			0.32			(0.63	)
Total from investment operations		(1.37	)		(0.00	)		0.65			0.58			(0.34	)
Less Distributions:
From net investment income		(0.11	)		(0.18	)		(0.17	)		(0.27	)		(0.26	)
Total Distributions		(0.11	)		(0.18	)		(0.17	)		(0.27	)		(0.26	)
Net Asset Value, End of Year	$	8.29		$	9.77		$	9.95		$	9.47		$	9.16
Total Return		(14.12	)%		(0.05	)%		6.96	%		6.53	%		(3.58	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,960		$	4,391		$	3,896		$	2,328		$	1,587
Ratio to average net assets:
Gross expenses (c,d)		1.14	%		1.18	%		1.17	%		1.20	%		1.24	%(f)
Net expenses (a,c)		1.03	%		1.10	%		1.06	%		1.05	%		1.04	%(f)
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		1.31	%		1.82	%		1.90	%		2.79	%		3.07	%
Portfolio turnover rate		110	%		93	%		225	%		167	%		155	%

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 0.00%, 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) 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.

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

See accompanying notes to financial statements.

91

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	9.68		$	9.86		$	9.43		$	9.13		$	9.72
Income From Investment Operations:
Net investment income (b,e)		0.14			0.17			0.49	(f)		0.29			0.31
Net gain (loss) from investments (both realized and unrealized)		(1.47	)		(0.15	)		0.17	(f)		0.31			(0.63	)
Total from investment operations		(1.33	)		0.02			0.66			0.60			(0.32	)
Less Distributions:
From net investment income		(0.14	)		(0.20	)		(0.23	)		(0.30	)		(0.27	)
Total Distributions		(0.14	)		(0.20	)		(0.23	)		(0.30	)		(0.27	)
Net Asset Value, End of Year	$	8.21		$	9.68		$	9.86		$	9.43		$	9.13
Total Return		(13.90	)%		0.20	%		7.07	%		6.83	%		(3.33	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,704		$	1,840		$	184		$	8,040		$	7,488
Ratio to average net assets:
Gross expenses (c,d)		0.89	%		0.94	%		0.93	%		0.95	%		0.99	%
Net expenses (a,c)		0.79	%		0.85	%		0.82	%		0.80	%		0.86	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		1.57	%		1.74	%		5.13	%		3.15	%		3.28	%
Portfolio turnover rate		110	%		93	%		225	%		167	%		155	%

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 0.00%, 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) 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.

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

See accompanying notes to financial statements.

92

Horizon Active Dividend 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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	63.02		$	55.01		$	58.58		$	60.03		$	59.15
Income From Investment Operations:
Net investment income (a)		1.23			1.03			1.19			1.47			1.18	(c)
Net gain (loss) from investments (both realized and unrealized)		0.02	(d)		8.02			(3.25	)		0.27	(d)		1.61	(c)
Total from investment operations		1.25			9.05			(2.06	)		1.74			2.79
Less Distributions:
From net investment income		(1.16	)		(1.04	)		(1.29	)		(1.14	)		(1.13	)
From net realized gains		(1.49	)		—			(0.22	)		(2.05	)		(0.78	)
Total Distributions		(2.65	)		(1.04	)		(1.51	)		(3.19	)		(1.91	)
Net Asset Value, End of Year	$	61.62		$	63.02		$	55.01		$	58.58		$	60.03
Total Return		1.90	%		16.58	%		(3.41	)%		3.67	%		4.72	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	102,135		$	123,269		$	104,774		$	156,452		$	39,909
Ratio to average net assets:
Gross expenses (b)		1.10	%		1.06	%		1.11	%		1.09	%		1.32	%
Net expenses (e)		1.09	%		1.08	%		1.09	%		1.09	%		1.09	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		2.03	%		1.67	%		2.28	%		2.59	%		1.93	%
Portfolio turnover rate		150	%		222	%		376	%		369	%		320	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

See accompanying notes to financial statements.

93

Horizon Active Dividend 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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2019			For the Year Ended November 30, 2018
Net Asset Value, Beginning of Year	$	63.04		$	54.99		$	58.56		$	60.00		$	59.13
Income From Investment Operations:
Net investment income (a)		1.09			0.95			1.13			1.37			1.04	(c)
Net gain (loss) from investments (both realized and unrealized)		0.06	(d)		8.04			(3.28	)		0.29	(d)		1.66	(c)
Total from investment operations		1.15			8.99			(2.15	)		1.66			2.70
Less Distributions:
From net investment income		(1.04	)		(0.94	)		(1.21	)		(1.05	)		(1.05	)
From net realized gains		(1.49	)		—			(0.21	)		(2.05	)		(0.78	)
Total Distributions		(2.53	)		(0.94	)		(1.42	)		(3.10	)		(1.83	)
Net Asset Value, End of Year	$	61.66		$	63.04		$	54.99		$	58.56		$	60.00
Total Return		1.73	%		16.45	%		(3.55	)%		3.50	%		4.57	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	4,834		$	10,941		$	8,781		$	27,452		$	10,892
Ratio to average net assets:
Gross expenses (b)		1.23	%		1.21	%		1.25	%		1.24	%		1.48	%
Net expenses (e)		1.25	%		1.24	%		1.24	%		1.24	%		1.24	%
Net investment income net of reimbursement (recapture) (recapture) and securities lending expense offset		1.76	%		1.52	%		2.17	%		2.42	%		1.71	%
Portfolio turnover rate		150	%		222	%		376	%		369	%		320	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

See accompanying notes to financial statements.

94

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, 2022			For the Year Ended November 30, 2021			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	$	63.49		$	56.98		$	54.09		$	51.00		$	50.00
Income From Investment Operations:
Net investment income (b)		0.26			0.22			0.37			0.51			0.44
Net gain (loss) from investments (both realized and unrealized)		(2.41	)		6.62			2.82			2.86			0.56
Total from investment operations		(2.15	)		6.84			3.19			3.37			1.00
Less Distributions:
From net investment income		(0.18	)		(0.33	)		(0.30	)		(0.17	)		—
From net realized gains		—			—			—			(0.11	)		—
Total Distributions		(0.18	)		(0.33	)		(0.30	)		(0.28	)		—
Net Asset Value, End of Period/Year	$	61.16		$	63.49		$	56.98		$	54.09		$	51.00
Total Return		(3.40	)%		12.06	%		5.93	%		6.69	%		2.00	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	359,743		$	247,061		$	210,993		$	163,322		$	5,915
Ratio to average net assets:
Gross expenses (c)		1.12	%		1.11	%		1.12	%		1.20	%		2.28	%(d)
Net expenses (f)		1.12	%		1.05	%		1.04	%		1.04	%		1.04	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.43	%		0.35	%		0.70	%		0.99	%		0.94	%(d)
Portfolio turnover rate		15	%		27	%		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.

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

See accompanying notes to financial statements.

95

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, 2022			For the Year Ended November 30, 2021			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	$	63.45		$	56.93		$	54.06		$	50.98		$	50.58
Income From Investment Operations:
Net investment income (b)		0.13			0.13			0.29			0.42			0.31	(d)
Net gain (loss) from investments (both realized and unrealized)		(2.39	)		6.62			2.82			2.87			0.09	(d)
Total from investment operations		(2.26	)		6.75			3.11			3.29			0.40
Less Distributions:
From net investment income		(0.08	)		(0.23	)		(0.24	)		(0.10	)		—
From net realized gains		—			—			—			(0.11	)		—
Total Distributions		(0.08	)		(0.23	)		(0.24	)		(0.21	)		—
Net Asset Value, End of Period/Year	$	61.11		$	63.45		$	56.93		$	54.06		$	50.98
Total Return		(3.57	)%		11.90	%		5.78	%		6.51	%		0.77	%(f)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	12,227		$	19,816		$	24,804		$	22,807		$	9,173
Ratio to average net assets:
Gross expenses (c)		1.26	%		1.26	%		1.28	%		1.37	%		2.10	%(e)
Net expenses (g)		1.26	%		1.20	%		1.19	%		1.19	%		1.19	%(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.20	%		0.21	%		0.56	%		0.80	%		0.75	%(e)
Portfolio turnover rate		15	%		27	%		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.

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

See accompanying notes to financial statements.

96

Horizon U.S. Defensive Equity 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, 2022			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Period Ended November 30, 2019 (a)
Net Asset Value, Beginning of Period/Year	$	33.53		$	27.19		$	26.22		$	25.00
Income From Investment Operations:
Net investment income (b)		0.22			0.15			0.12			0.12
Net gain (loss) from investments (both realized and unrealized)		(0.29	)		6.27			0.91			1.10
Total from investment operations		(0.07	)		6.42			1.03			1.22
Less Distributions:
From net investment income		(0.18	)		(0.08	)		(0.06	)		—
From net realized gains		(6.94	)		—			—			—
Total Distributions		(7.12	)		(0.08	)		(0.06	)		—
Net Asset Value, End of Period/Year	$	26.34		$	33.53		$	27.19		$	26.22
Total Return		(1.62	)%		23.70	%		3.96	%		4.88	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	143,236		$	128,449		$	205,886		$	85,776
Ratio to average net assets:
Gross expenses (c)		1.12	%		1.17	%		1.14	%		1.93	%(d)
Net expenses (f)		1.11	%		1.09	%		1.09	%		1.09	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.83	%		0.50	%		0.49	%		1.10	%(d)
Portfolio turnover rate		197	%		218	%		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.

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

See accompanying notes to financial statements.

97

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

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

See accompanying notes to financial statements.

98

Horizon ESG & Defensive Core 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, 2022			For the Year Ended November 30, 2021			For the Period Ended November 30, 2020 (a)
Net Asset Value, Beginning of Period/Year	$	36.09		$	28.78		$	25.00
Income From Investment Operations:
Net investment income (b)		0.11			0.11			0.19	(f)
Net gain (loss) from investments (both realized and unrealized)		(4.29	)		8.01			3.59	(f)
Total from investment operations		(4.18	)		8.12			3.78
Less Distributions:
From net investment income		(0.08	)		(0.10	)		—
From net realized gains		(0.84	)		(0.71	)		—
Total Distributions		(0.92	)		(0.81	)		—
Net Asset Value, End of Period/Year	$	30.99		$	36.09		$	28.78
Total Return		(11.99	)%		28.91	%		15.12	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	148,912		$	120,315		$	3,985
Ratio to average net assets:
Gross expenses (c,h)		1.04	%		1.09	%		6.24	%(d)
Net expenses (g,h)		1.03	%		1.04	%		1.04	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.36	%		0.32	%		0.73	%(d)
Portfolio turnover rate		270	%		29	%		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.

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

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

See accompanying notes to financial statements.

99

Horizon ESG & Defensive Core 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, 2022			For the Year Ended November 30, 2021			For the Period Ended November 30, 2020 (a)
Net Asset Value, Beginning of Period/Year	$	35.95		$	28.69		$	25.04
Income From Investment Operations:
Net investment income (b)		0.06			0.07			0.13	(f)
Net gain (loss) from investments (both realized and unrealized)		(4.27	)		7.97			3.52	(f)
Total from investment operations		(4.21	)		8.04			3.65
Less Distributions:
From net investment income		(0.05	)		(0.07	)		—
From net realized gains		(0.84	)		(0.71	)		—
Total Distributions		(0.89	)		(0.78	)		—
Net Asset Value, End of Period/Year	$	30.85		$	35.95		$	28.69
Total Return		(12.11	)%		28.69	%		14.58	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	33,632		$	35,205		$	4,283
Ratio to average net assets:
Gross expenses (c,h)		1.18	%		1.28	%		4.56	%(d)
Net expenses (g,h)		1.18	%		1.19	%		1.19	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.17	%		0.19	%		0.52	%(d)
Portfolio turnover rate		270	%		29	%		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.

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

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

See accompanying notes to financial statements.

100

Horizon Funds

Notes to Financial Statements

November 30, 2022

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

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

101

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

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

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

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

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

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

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

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

102

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

Horizon Active Asset Allocation Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	779,068,811	$	—	$	—	$	779,068,811
Short Term Investments		10,167,137		—		—		10,167,137
Investments Purchased With Proceeds From Securities Lending		96,552,454		—		—		96,552,454
Total	$	885,788,402	$	—	$	—	$	885,788,402

Horizon Active Risk Assist® Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,237,807,882	$	—	$	—	$	1,237,807,882
Common Stocks		13,423,893		—		—		13,423,893
Purchased Call Options		—		583,750		—		583,750
Purchased Put Options		—		1,621,875		—		1,621,875
Short Term Investments		20,695,725		—		—		20,695,725
Investments Purchased With Proceeds From Securities Lending		5,133,800		—		—		5,133,800
Total	$	1,277,061,300	$	2,205,625	$	—	$	1,279,266,925

Liabilities *	Level 1		Level 2		Level 3		Total
Written Put Options	$	—	$	468,750	$	—	$	468,750
Total	$	—	$	468,750	$	—	$	468,750

Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	440,535,538	$	—	$	—	$	440,535,538
Short Term Investments		2,657,974		—		—		2,657,974
Investments Purchased With Proceeds From Securities Lending		7,997,981		—		—		7,997,981
Total	$	451,191,493	$	—	$	—	$	451,191,493

103

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

Horizon Active Dividend Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	104,969,673	$	—	$	—	$	104,969,673
Preferred Stocks		172,693		—		—		172,693
Short Term Investments		1,556,119		—		—		1,556,119
Investments Purchased With Proceeds From Securities Lending		553,000		—		—		553,000
Total	$	107,251,485	$	—	$	—	$	107,251,485

Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	354,392,294	$	—	$	—	$	354,392,294
Purchased Put Options		—		3,076,975		—		3,076,975
Short Term Investments		15,026,232		—		—		15,026,232
Total	$	369,418,526	$	3,076,975	$	—	$	372,495,501

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	—	$	8,618,025	$	—	$	8,618,025
Written Put Options		—		752,000		—		752,000
Total	$	—	$	9,370,025	$	—	$	9,370,025

Horizon U.S. Defensive Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	142,010,158	$	—	$	—	$	142,010,158
Short Term Investments		1,069,275		—		—		1,069,275
Total	$	143,079,433	$	—	$	—	$	143,079,433

Horizon ESG & Defensive Core Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	70,353,975	$	—	$	—	$	70,353,975
Common Stocks		109,915,355		—		—		109,915,355
Short Term Investments		1,822,774		—		—		1,822,774
Total	$	182,092,104	$	—	$	—	$	182,092,104

* Refer to the Portfolios of Investments for security classifications.

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

104

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

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

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

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

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

	Horizon Active Risk Assist® Fund		Horizon Defined Risk Fund
Purchased Options	$	3,913,281	$	9,258,950
Written Options	$	1,438,125	$	6,758,694

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

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November 30, 2022

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

Location on the Statements of Assets and Liabilities
Fund	Derivatives Investment Type	Asset Derivatives	Liability Derivatives
Horizon Active Risk Assist® Fund	Equity Risk Contracts	Investments in Unaffiliated Securities, at Value	Options Written, at Value
Horizon Defined Risk Fund	Equity Risk Contracts	Investments in Unaffiliated Securities, at Value	Options Written, at Value

Horizon Active Risk Assist® Fund
Derivatives Investment Value
Purchased Options	$	2,205,625
Written Options	$	468,750

Horizon Defined Risk Fund
Derivatives Investment Value
Purchased Options	$	3,076,975
Written Options	$	9,370,025

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

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

Horizon Active Asset Allocation Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(730,042	)
Written Options		366,481
	$	(363,561	)

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

Horizon Active Risk Assist® Fund
Realized (loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(3,143,319	)
Written Options		(2,079,814	)
	$	(5,233,133	)

Changes in unrealized appreciation on derivatives recognized in the Statements of Operations
Purchased Options	$	1,063,512
Written Options		450,176
	$	1,513,688

Horizon Active Income Fund
Realized (loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(84,650	)
Written Options		—
	$	(84,650	)

Horizon Active Dividend Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(728,536	)
Written Options		291,904
	$	(436,632	)

Horizon Defined Risk Fund
Realized gain on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	9,689,032
Written Options		13,273,947
	$	22,962,979

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(7,251,505	)
Written Options		2,185,635
	$	(5,065,870	)

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

Offsetting of Financial Assets and Derivative Liabilities

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

Horizon Active Risk Assist® 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			Cash Collateral Pledged/ Received		Net Amount
Written Options	$	468,750	(1)	$	—	$	468,750	$	(468,750	)(2)	$	—	$	—
Total	$	468,750		$	—	$	468,750	$	(468,750	)	$	—	$	—

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			Cash Collateral Pledged/ Received		Net Amount
Written Options	$	9,370,025	(1)	$	—	$	9,370,025	$	(9,370,025	)(2)	$	—	$	—
Total	$	9,370,025		$	—	$	9,370,025	$	(9,370,025	)	$	—	$	—

(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 interest income is recorded on the accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Long-term capital gain distributions from investment companies if any, are recorded separately from dividend income. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method.

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

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November 30, 2022

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

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

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

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

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

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

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 U.S. Defensive Equity Fund and 0.68% of the average daily net assets of the Horizon ESG & Defensive Core Fund. Prior to October 1, 2022, the Adviser received a fee at an annual rate of 0.75% of the Horizon ESG & Defensive Core Fund’s average daily net assets.

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

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November 30, 2022

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 U.S. Defensive Equity Fund		0.99	%		0.99	%		0.99	%
Horizon ESG & Defensive Core Fund		0.87	%		0.87	%		0.87	%

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

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

Fund	2023		2024		2025		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—	$	—
Horizon Active Risk Assist® Fund		—		—		—		—
Horizon Active Income Fund		—		—		—		—
Horizon Active Dividend Fund		1,313		1,062		869		3,244
Horizon Defined Risk Fund		159,403		141,014		74,784		375,201
Horizon U.S. Defensive Equity Fund		62,954		129,170		31,460		223,584
Horizon ESG & Defensive Core Fund		60,339		64,630		51,615		176,584

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

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

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November 30, 2022

4. INVESTMENT TRANSACTIONS

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

Fund	Purchases		Sales
Horizon Active Asset Allocation Fund	$	1,142,847,137	$	1,018,696,059
Horizon Active Risk Assist® Fund		4,665,709,600		4,418,630,151
Horizon Active Income Fund		550,031,701		473,255,346
Horizon Active Dividend Fund		173,153,105		199,391,283
Horizon Defined Risk Fund		164,518,341		43,595,394
Horizon U.S. Defensive Equity Fund		262,569,466		245,852,291
Horizon ESG & Defensive Core Fund		495,663,837		445,643,319

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, 2022, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

Value of Securities on Loan and Collateral Received

Fund	Values of Securities on Loan		Fund Collateral Received*
Horizon Active Asset Allocation Fund	$	96,359,182	$	96,552,454
Horizon Active Risk Assist® Fund		5,130,973		5,133,800
Horizon Active Income Fund		7,898,093		7,997,981
Horizon Active Dividend Fund		550,200		553,000
Horizon Defined Risk Fund		—		—
Horizon U.S. Defensive Equity Fund		—		—
Horizon ESG & Defensive Core Fund		—		—

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

6. LINE OF CREDIT ARRANGEMENT

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

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November 30, 2022

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

	For the period or year ended November 30, 2022
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	84,241,482	$	17,314,998	$	—	$	101,556,480
Horizon Active Risk Assist® Fund		94,209,092		1,492,517		—		95,701,609
Horizon Active Income Fund		6,087,378		—		—		6,087,378
Horizon Active Dividend Fund		4,032,523		1,332,981		—		5,365,504
Horizon Defined Risk Fund		762,128		—		—		762,128
Horizon U.S. Defensive Equity Fund		27,213,707		—		—		27,213,707
Horizon ESG & Defensive Core Fund		3,513,008		498,456		—		4,011,464

	For the period or year ended November 30, 2021
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	11,524,013	$	22,927,633	$	—	$	34,451,646
Horizon Active Risk Assist® Fund		3,105,159		—		—		3,105,159
Horizon Active Income Fund		8,171,885		—		—		8,171,885
Horizon Active Dividend Fund		2,122,545		—		—		2,122,545
Horizon Defined Risk Fund		1,324,806		—		—		1,324,806
Horizon U.S. Defensive Equity Fund		632,877		—		—		632,877
Horizon ESG & Defensive Core Fund		244,508		1,917		—		246,425

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

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

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

Fund	Short-Term*		Long-Term
Horizon Active Asset Allocation Fund	$	—	$	—
Horizon Active Risk Assist® Fund		—		—
Horizon Active Income Fund		—		—
Horizon Active Dividend Fund		—		—
Horizon Defined Risk Fund		—		0.72676000
Horizon U.S. Defensive Equity Fund		—		—
Horizon ESG & Defensive Core Fund		—		—

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

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

Fund	Cost of Investments, Purchased Options and Written Options		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Horizon Active Asset Allocation Fund	$	908,479,589	$	14,253,145	$	(36,944,332	)	$	(22,691,187	)
Horizon Active Risk Assist® Fund		1,339,593,185		19,592,067		(80,387,077	)		(60,795,010	)
Horizon Active Income Fund		491,486,683		154,077		(40,449,267	)		(40,295,190	)
Horizon Active Dividend Fund		101,655,182		7,386,848		(1,790,545	)		5,596,303
Horizon Defined Risk Fund		336,574,436		55,832,539		(29,281,499	)		26,551,040
Horizon U.S. Defensive Equity Fund		133,095,428		12,829,997		(2,845,992	)		9,984,005
Horizon ESG & Defensive Core Fund		179,595,243		9,823,654		(7,326,793	)		2,496,861

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

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Other Book/Tax Differences			Post October Loss and Late Year Loss		Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficits)
Horizon Active Asset Allocation Fund	$	4,348,647	$	—	$	(7,991,654	)	$	—	$	(22,691,187	)	$	(26,334,194	)
Horizon Active Risk Assist® Fund		149,197		—		(26,603,034	)		100,501		(60,795,010	)		(87,248,847	)
Horizon Active Income Fund		2,246,858		—		(39,807,018	)		—		(40,295,190	)		(77,855,350	)
Horizon Active Dividend Fund		674,768		—		(4,320,009	)		—		5,596,303			1,951,062
Horizon Defined Risk Fund		1,226,936		4,519,245		(40,136	)		—		26,551,040			32,257,085
Horizon U.S. Defensive Equity Fund		966,106		—		(1,360,150	)		—		9,984,005			9,589,961
Horizon ESG & Defensive Core Fund		451,814		—		(14,286,740	)		—		2,496,861			(11,338,065	)

115

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

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

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

	Non-Expiring
Fund	Short-Term		Long-Term		Total
Horizon Active Asset Allocation Fund	$	7,991,651	$	—	$	7,991,651
Horizon Active Risk Assist® Fund		24,383,532		—		24,383,532
Horizon Active Income Fund		28,848,256		10,958,829		39,807,085
Horizon Active Dividend Fund		4,303,051		—		4,303,051
Horizon Defined Risk Fund		—		—		—
Horizon U.S. Defensive Equity Fund		1,358,969		—		1,358,969
Horizon ESG & Defensive Core Fund		9,278,703		4,949,580		14,228,283

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

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

Fund	Distributable Earnings/ (Accumulated Deficit)			Paid In Capital
Horizon Active Asset Allocation Fund	$	—		$	—
Horizon Active Risk Assist® Fund		(3,456	)		3,456
Horizon Active Income Fund		118			(118	)
Horizon Active Dividend Fund		(16,924	)		16,924
Horizon Defined Risk Fund		(791,200	)		791,200
Horizon U.S. Defensive Equity Fund		(1,182	)		1,182
Horizon ESG & Defensive Core Fund		(749	)		749

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, 2022, the Funds had omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 25% of the total shares outstanding of the respective Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of a Fund.

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Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2022

9. SUBSEQUENT EVENTS

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

117

Horizon Funds

Report of Independent Registered Public Accounting Firm

November 30, 2022

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, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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

118

Horizon Funds

Report of Independent Registered Public Accounting Firm (Continued)

November 30, 2022

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

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

We have served as the Funds’ auditor since 2015.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
January 27, 2023

119

Horizon Funds

Disclosure of Fund Expenses (Unaudited)

November 30, 2022

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

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

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	Beginning Account Value 06/01/2022	Ending Account Value 11/30/2022	Expenses Paid During Period	Ending Account Value 11/30/2022	Expenses Paid During Period 1
Horizon Active Asset Allocation - Investor Class	1.22%	$ 1,000.00	$ 982.23	$ 6.06	$ 1,018.95	$ 6.17
Horizon Active Asset Allocation - Advisor Class	1.37%	$ 1,000.00	$ 981.37	$ 6.80	$ 1,018.20	$ 6.93
Horizon Active Asset Allocation - Institutional Class	1.12%	$ 1,000.00	$ 982.29	$ 5.57	$ 1,019.45	$ 5.67
Horizon Active Risk Assist® - Investor Class	1.21%	$ 1,000.00	$ 946.53	$ 5.90	$ 1,019.00	$ 6.12
Horizon Active Risk Assist® - Advisor Class	1.36%	$ 1,000.00	$ 945.97	$ 6.63	$ 1,018.25	$ 6.88
Horizon Active Risk Assist® - Institutional Class	1.11%	$ 1,000.00	$ 947.08	$ 5.42	$ 1,019.50	$ 5.62
Horizon Active Income - Investor Class	1.00%	$ 1,000.00	$ 963.23	$ 4.92	$ 1,020.05	$ 5.06
Horizon Active Income - Advisor Class	1.15%	$ 1,000.00	$ 961.83	$ 5.66	$ 1,019.30	$ 5.82
Horizon Active Income - Institutional Class	0.90%	$ 1,000.00	$ 963.33	$ 4.43	$ 1,020.56	$ 4.56
Horizon Active Dividend - Investor Class	1.17%	$ 1,000.00	$ 992.20	$ 5.84	$ 1,019.20	$ 5.92
Horizon Active Dividend - Advisor Class	1.29%	$ 1,000.00	$ 991.50	$ 6.44	$ 1,018.60	$ 6.53
Horizon Defined Risk - Investor Class	1.07%	$ 1,000.00	$ 1,026.00	$ 5.43	$ 1,019.70	$ 5.42
Horizon Defined Risk - Advisor Class	1.22%	$ 1,000.00	$ 1,025.16	$ 6.19	$ 1,018.95	$ 6.17
Horizon U.S. Defensive Equity - Investor Class	1.12%	$ 1,000.00	$ 1,022.91	$ 5.68	$ 1,019.45	$ 5.67
Horizon U.S. Defensive Equity - Advisor Class	1.27%	$ 1,000.00	$ 1,022.18	$ 6.44	$ 1,018.70	$ 6.43
Horizon ESG & Defensive Core - Investor Class	1.02%	$ 1,000.00	$ 964.22	$ 5.02	$ 1,019.95	$ 5.16
Horizon ESG & Defensive Core - Advisor Class	1.17%	$ 1,000.00	$ 963.76	$ 5.76	$ 1,019.20	$ 5.92

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 365 (to reflect the number of days in the period).

120

Horizon Funds

Additional Information (Unaudited)

November 30, 2022

Qualified Dividend Income/Dividends Received Deduction

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

Fund Name	Qualified Dividend Income
Horizon Active Asset Allocation Fund	12.84%
Horizon Active Risk Assist® Fund	18.56%
Horizon Active Income Fund	5.17%
Horizon Active Dividend Fund	91.63%
Horizon Defined Risk Fund	100.00%
Horizon U.S. Defensive Equity Fund	6.13%
Horizon ESG & Defensive Core Fund	33.85%

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

Fund Name	Dividends Received Deduction
Horizon Active Asset Allocation Fund	1.38%
Horizon Active Risk Assist® Fund	4.19%
Horizon Active Income Fund	1.39%
Horizon Active Dividend Fund	75.70%
Horizon Defined Risk Fund	100.00%
Horizon U.S. Defensive Equity Fund	5.97%
Horizon ESG & Defensive Core Fund	33.12%

Foreign Tax Credit

For the year ended November 30, 2022, the Horizon Active Asset Allocation Fund, Horizon Active Income Fund and Horizon Active Risk Assist^® 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	$	3,672,966	$	178,556
Horizon Active Risk Assist® Fund	$	5,650,712	$	391,612

Short Term Capital Gains

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

Fund Name	Short-Term
Horizon Active Asset Allocation Fund	94.34%
Horizon Active Risk Assist® Fund	91.58%
Horizon Active Income Fund	0.00%

121

Horizon Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

November 30, 2022

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

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
John Drahzal** Year of Birth: 1966	Interested Trustee Indefinite Term of Office (since 2021) and President; One Year Term of Office (since 2021)	CEO and President of Horizon Investments, LLC (CEO November 2021 - present and President December 2020 - present); President of Horizon Investments, LLC (December 2020-November 2021); Various Positions at Horizon Investments (2017-2020).	7	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, 2008-2014	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. Drahzal is considered an “interested person” of the Trust, as defined in the 1940 Act, because of his current position with the Adviser.

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

122

Horizon Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

November 30, 2022

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 (2009-2018).	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. Trustee, Barings Private Investment Corporation. Trustee barings Captial Investment Corporation.

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

123

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

125

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

Distributor
Quasar Distributors, LLC
111 E. Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

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

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

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

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

How to Obtain Proxy Voting Information

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

(b) Not applicable for this Registrant

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 11/30/2022	FYE 11/30/2021
Audit Fees	$108,500	$108,500
Audit-Related Fees	$0	$0
Tax Fees	$24,500	$24,500
All Other Fees	$7,500	$7,500

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

	FYE 11/30/2021	FYE 11/30/2021
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 11/30/2022	FYE 11/30/2021
Registrant	$3,232.50	$3,600
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 period 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/ John Drahzal
	John Drahzal, Principal Executive Officer
Date:	2/2/23

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

By (Signature and Title)*	/s/ John Drahzal
	John Drahzal, Principal Executive Officer
Date:	2/2/23
By (Signature and Title)*	/s/ Stephen Terry
	Stephen Terry, Treasurer and Principal Financial Officer
Date:	2/2/23

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