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, 2023

Date of reporting period: December 1, 2022 through November 30, 2023

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 Equity Premium Income 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 Multi-Factor U.S. Equity Fund
Investor Class Advisor Class	Shares Shares	HNDRX HADRX	Investor Class Advisor Class	Shares Shares	USRAX USRTX

Horizon Defensive Core Fund			Horizon Tactical Fixed Income Fund
Investor Class Advisor Class	Shares Shares	HESGX HESAX	Investor Class Advisor Class	Shares Shares	HTFNX HTFAX

Horizon Multi-Factor Small/Mid Cap Fund
Investor Class Advisor Class	Shares Shares	HSMNX HSMBX

November 30, 2023

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 EQUITY PREMIUM INCOME FUND, HORIZON DEFINED RISK FUND, HORIZON MULTI - FACTOR U.S. EQUITY FUND, HORIZON DEFENSIVE CORE FUND, HORIZON TACTICAL FIXED INCOME FUND and HORIZON MULTI - FACTOR SMALL/MID CAP FUND. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Horizon Funds

Table of Contents
Letter to Shareholders	1
Portfolio Review	8
Portfolio Composition	18
Portfolios of Investments	20
Statements of Assets and Liabilities	93
Statements of Operations	96
Statements of Changes in Net Assets	99
Financial Highlights	108
Notes to Financial Statements	129
Report of Independent Registered Public Accounting Firm	149
Disclosure of Fund Expenses	151
Approval of the Management Agreements	153
Additional Information	154
Privacy Notice	158

Horizon Funds

Letter to Shareholders

November 30, 2023

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, 2023.

Horizon Active Asset Allocation Fund

The Horizon Active Asset Allocation Fund (Investor Class) (the Fund) returned 5.69% for the fiscal year ended November 30, 2023. Domestic equities (as measured by the S&P 500 Total Return Index) returned 13.84%, while international equities returned 9.76% (as measured by the S&P Global ex-US BMI) over the Fund’s fiscal year.

The emergence of artificial intelligence (“AI”) was the most significant market event during the period; beneficiaries of the technology, namely the Magnificent-7 (“Mag-7”), led markets throughout the year. Continued interest rate volatility, and the resulting failure of a few banking institutions in mid-March, was another theme that impacted markets. While the swift response from the Treasury and Federal Reserve (“Fed”) allayed investor concerns of further contagion, interest rate sensitive sectors of the market were under pressure throughout the period. Economic growth in the U.S. remained strong as inflation fell – the Fed delivered what is likely to be their last hike of this cycle in July. Despite consensus among market participants that the U.S. economy would enter a recession in 2023, that probability waned throughout the year and was replaced by increased confidence of a “soft landing.” As the year came to a close, inflation and interest rate policy normalization, increasingly dovish messaging, and enthusiasm about the positive impacts of AI supported risk assets broadly.

Outside the U.S. there were a few notable developments. China’s pandemic reopening, which kicked off in earnest in December, ultimately could not overcome the drag from its property sector, resulting in significant underperformance of Chinese stock indices relative to broad international markets. The disappointing Chinese reopening and sluggish domestic growth dynamics contributed to an overhang of tepid growth in Europe as well. Despite tensions in the Middle East and the continuation of a stringent sanction regime on Russian energy exports, crude oil fell substantially over the fiscal year, contributing to much lower price pressures across the global economy.

On average, the Fund maintained a preference for U.S. equities throughout the year and benefitted from exposure to the domestic technology sector. At the beginning of the period, the Fund’s overweight to U.S. defensive value and international positioning detracted from performance; as the year went on, performance improved as Fund’s positioning increasingly reflected growing conviction in favor of domestic large-cap growth over domestic value, small- and mid-caps, and international equities. The Fund maintained this positioning into the end of the period.

Outside of market direction, one key driver of Fund performance was domestic equity positioning, especially allocations to mega-cap technology, the quality factor, and large-cap growth. Allocations to Japanese equities, in both local currency and FX-hedged expressions, were also accretive to absolute and relative performance throughout the year. Key detractors include international market exposures, specifically to emerging markets in Asia and broad developed markets, and domestic allocations that did not feature the Mag-7 in large weights, such as equal-weight large-caps and small- and mid-caps.

Horizon Active Risk Assist^® Fund

The Horizon Active Risk Assist Fund (Investor Class) (the Fund) realized a return of 7.13% for the fiscal year ending November 30, 2023. Domestic equities (as measured by the S&P 500 Total Return Index) returned 13.84%, while international equities returned 9.76% (as measured by the S&P Global ex-US BMI) over the same period. The Fund exhibited an average beta of 0.77 to the S&P 500 Total Return Index over the period.

1

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

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 11.22%, less than both domestic and international equities (realized volatilities for the period of 13.84% and 11.55% respectively), due to the Fund’s tactical de-risking and reinvesting activity. The Fund also realized a maximum drawdown of 11.33%, which was in between the drawdowns realized by domestic and international equities. In the strong recovery of global equities during the period, the Fund reinvested via the Risk Assist algorithm in line with expectations. The Fund began the fiscal year 60% de-risked. As markets recovered early in the year, the Fund reinvested rapidly and was completely reinvested by early April. Towards the end of the period, volatility in October resulted in small de-risking activity that was resolved quickly as markets recovered. The Fund ended the period fully invested in the underlying global equity portfolio.

In terms of the underlying allocation of the equity portfolio, the Fund began the period with regional and style exposures in line with global equities. As domestic growth stocks began to separate from the rest of the market, the Fund tilted in favor of domestic growth allocations. The Fund maintained a small overweight to domestic large-cap growth relative to global equities at the end of the period.

While market direction was the main driver of returns during the period, the underlying allocation was dominated by the narrow market environment, led by domestic large-cap growth, and specifically the Mag-7. Compared to global equities, the Fund’s overweight to domestic large-cap growth was the main positive contributors to performance over the period, whereas most other style and regional exposures generally detracted. The de-risking and re-risking activities of Risk Assist resulted in a performance drag versus the unhedged portfolio during the period, a result well within expectations for the market environment during the period.

Horizon Active Income Fund

The Horizon Active Income Fund (Investor Class) (the Fund) returned 0.38% for the fiscal year ended November 30, 2023, while the broader bond market, as measured by Bloomberg U.S. Aggregate Bond Index (the Index), returned 1.18%. Most measures of Fund risk, including standard deviation, beta, and down capture, were lower than the Index over the period. In general, the Fund maintained a more diversified risk profile than broad bonds, an output of the Fund’s tactical process. Opportunistic allocations also reduced portfolio volatility and benchmark-relative beta over the period.

In another extremely turbulent year for fixed income markets, Fed policy and economic data drove significant volatility across the fixed income universe. Early in the period, the Fed began to slow the pace of interest rate increases as both economic growth and inflationary pressures started to soften, an intentional consequence of the Fed’s tighter policy stance. In the first quarter of 2023, fixed income markets experienced significant volatility as credit spreads widened and Treasury yields fell during the March banking sector stress, as exemplified by the failure of Silicon Valley Bank. Following the Fed and Treasury’s placation of concerns around financial stability in March, economic activity began to reaccelerate, as reflected in corporate earnings and growth data. As a result, from late summer into the fall, Treasury yields resumed their climb, reaching cycle highs; fiscal sustainability and supply concerns also weighed on long-term interest rates. Near the end of the period, in a positive twist, soft inflation data allayed market concerns that price pressures were broadening as the labor market and growth remained strong; investors were increasingly optimistic that the Fed could once again start considering the maximum employment component of its dual mandate. Throughout the year, interest rates and credit spreads both exhibited above-average volatility, oscillating wildly between periods of increased recession risk and liquidity concerns (e.g. March) and periods of increased economic activity (and softening inflation) towards the end of the period.

The Fund’s actively managed approach resulted in a dynamic duration profile. Starting the year marginally underweight duration, the Fund gradually increased duration throughout the year, shifting to overweight to start the second calendar quarter and marginally increasing that overweight into fiscal year end. The Fund maintained an overweight allocation

2

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

to corporate credit and opportunistically rotated through various credit qualities during the period. Exposure to non-traditional fixed income segments, including preferred equities and emerging market bonds, remained relatively low throughout the year but were held to varying degrees throughout the period. At the end of the period, Fund positioning reflected an optimistic outlook for riskier segments of the fixed income market. The Fund ended the period with a substantial overweight to corporate credit, expressed via high yield instruments, and mortgage-backed securities. Additionally, the Fund ended the period with duration longer than the Index, expressed primarily through long-term U.S. Treasury bonds, long-term investment grade corporate credit, and a small allocation to Treasury Inflation-Protected Securities.

The key drivers of Fund performance include high yield corporate credit allocations, especially to fallen angels, which on average carry a longer duration profile than other high yield corporate credit expressions. Allocations to preferred equity and long-tenor U.S. Treasury bonds were the biggest detractors to performance over the period.

Horizon Equity Premium Income Fund

The Horizon Equity Premium Income Fund (Investor Class) (the Income Fund), formerly known as the Horizon Active Dividend Fund (Investor Class) (the Dividend Fund) posted a total return of -3.84% for the period ended September 30, 2023, after which the Dividend Fund’s name and mandate changed. The Dividend Fund’s benchmark, the MSCI World High Dividend Yield Index, returned 1.38% over the same period.

The Dividend Fund invests in companies that Horizon Investments believes are high quality and have well-supported dividend yields. The market environment during the period was dominated by a handful of large domestic technology and growth stocks that are not generally viewed as dividend holdings.

Security selection in the United States was a tailwind to performance relative to the benchmark for the period. Selection in Financials (JPMorgan Chase), Consumer Staples (Walmart), and Industrials (Caterpillar) were the largest contributors during the period. An underweight to Utilities also benefited performance in the period.

An underweight allocation to Asia-related securities, specifically Japan, and an overweight to the United States detracted from performance relative to the benchmark during the period. Security selection in Canada also detracted from performance, driven primarily by underperformance of Canadian bank holdings.

The Horizon Equity Premium Income Fund (Investor Class) (the Income Fund) strategy change went into effect on October 3, 2023. From this date through the end of the fiscal year, the Fund realized a total return of 5.18%. Over this same period domestic equities (as measured by the S&P 500 Total Return Index) returned 7.44%. A commonly used benchmark for covered call strategies in domestic equity markets (as measured by the S&P 500 BuyWrite Index) returned 2.67% over this period.

The Income Fund consists of an underlying equity portfolio and a covered call strategy that sells short maturity out-of-the money call options on a portion of the Income Fund’s total assets. The underlying equity portfolio is sector-neutral to the S&P 500 Index with a tilt towards dividend paying securities that Horizon Investments believes are high quality with balanced fundamentals. During the period since the strategy change, the underlying equity portfolio of the Income Fund was generally in line with domestic large-cap stocks.

The covered call strategy covers a fraction of the Income Fund’s value via short sales of short-term out-of-the-money call options on the S&P 500 Index. Domestic equities rallied strongly over the period since the strategy change, causing the covered call option overlay to detract from performance by capping the gains in the Income Fund relative to the underlying portfolio. This is an expected result in the market environment and in line with expectations relative to the domestic equities and the S&P 500 Buy/Write Index. The Income Fund allows for active positioning within its covered call strategy. The goal of this active positioning is to generate income, hedge volatility and reduce downside risk. This active positioning had no material impact on the Income Fund’s performance over the period.

3

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

Defined Risk Fund

For the year ending November 30, 2023, the Defined Risk Fund (Investor Class) (the Fund) had a total return of 9.26% and a standard deviation of 7.00%. Over the same period, the S&P 500 Total Return Index had a total return of 13.84% and a standard deviation of 13.84%. The Fund exhibited a 0.50 beta to the S&P 500 Total Return. The Fund had a maximum drawdown of 4.18% while the S&P 500 Total Return had a maximum drawdown of 9.94%.

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 environment. As shown by the performance statistics above, the Fund performed in line with these 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 Multi-Factor US Equity Fund

The Horizon Multi-Factor U.S. Equity Fund (Investor Class) (the Fund) returned 5.51% for the year ended November 30, 2023, while realizing a volatility of 12.10%. The return on the S&P 500 Total Return Index for the same period was 13.84%, with a realized volatility of 13.84%. Over the period, the Fund exhibited an average beta of 0.84 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 these 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 Financials and Energy. Selection in Information Technology and Health Care lagged in the period. The Fund’s underweight to Information Technology also contributed negatively due to the strong performance of this sector during the period.

Horizon Defensive Core Fund

The Horizon Defensive Core Fund (Investor Class) (the Fund) returned 13.95% for the year ended November 30, 2023. The return of domestic equities (as measured by the MSCI USA ESG Leaders Index) for the same period was 16.35%. The Fund exhibited an average beta of 0.86 to the MSCI USA ESG Leaders 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 12.77%, less than domestic equities (realized volatility for the period of 14.12%), due to the Fund’s tactical de-risking and reinvesting activity. The Fund also realized a maximum drawdown of 9.58%, which was smaller than the 10.22% drawdown experienced by domestic equities. In a choppy period for domestic equities, the Fund had moderate de-risking and re-risking activity via the Risk Assist algorithm, in line with expectations. The Fund ended the fiscal year fully invested. The de-risking and re-risking activities of the Fund resulted in a performance drag versus the unhedged portfolio during the period, a result within expectations for the market environment during the period.

4

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

The Fund’s underlying equity portfolio is an index replication strategy managed by Horizon Investments. 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. During this period the performance and risk of the Fund’s underlying equity portfolio matched that of the MSCI US ESG Leaders Index.

Horizon Tactical Fixed Income Fund

The Tactical Fixed Income Fund (Investor Class) (the Fund) returned -1.63% from its inception date of December 20th, 2022 through the fiscal period ended November 30, 2023, thus all performance shown is partial year performance from December 20, 2022 through November 30, 2023. For the noted period, the broader bond market, as measured by the Bloomberg U.S. Aggregate Bond Index (the Index), returned 0.72%. Measures of Fund risk, including standard deviation and beta, were lower than the Index during the period, while the Fund’s maximum drawdown was slightly larger than that of the Index. In general, the Fund maintained a more defensive posture than the Index during the period as a result of the Fund’s tactical investment process.

Since the Fund’s inception, interest rate volatility has been elevated relative to historical readings, resulting in several sudden moves in both short-term and long-term interest rates. As the Fund’s strategy is designed to tactically de-risk higher yielding exposures in the fixed income universe, this activity was the main driver of performance over the period. A sharp fall in short-term interest rates occurred around the banking crisis in early March as markets flocked to safe-haven assets. Due to the rise in rates at the beginning of the year, the Fund was de-risked into shorter duration holdings during this episode, which led to underperformance relative to broad bonds early in the fiscal year. As longer-term rates rose sharply from July through October, the Fund’s tactical de-risking resulted in near equal-sized outperformance relative to the Index. At the end of the period, the Fund was positioned aggressively, with nearly all of the Fund’s higher yielding exposures represented in the portfolio, due to the stabilization in trends in the fixed income market. The Fund maintained a modestly shorter duration profile than the Index at the end of the period.

Over the period, the large and sharp changes in interest rates proved challenging for the Fund’s tactical approach, but this process successfully reduced overall portfolio volatility and performed in line with expectations. In the underlying portfolio, exposures to high yield credit contributed the most to returns for the period. Hybrid security allocations, such as convertible bonds and preferred stocks, contributed the least.

Horizon Multi-Factor Small/Mid Fund

The Horizon Multi-Factor Small/Mid Fund (Investor Class) (the Fund) inception date was December 20, 2022, thus all performance shown is partial year performance from December 20, 2022 through November 30, 2023. For the noted period, the Fund returned 13.48%, while realizing a volatility of 17.80%. For the same period, the return on the S&P 1000 Total Return Index was 7.04%, with a realized volatility of 18.03%. Over the same period, the Fund exhibited an average beta of 0.96 to the S&P 1000 Total Return 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 1000 Total Return 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 better than these expectations during the period.

5

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

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 Information Technology and Consumer Discretionary. Selection in Health Care and Real Estate lagged in the period.

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.

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.

6

Horizon Funds

Letter to Shareholders (Continued)
November 30, 2023

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.

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.

The Funds referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Prospectus contains a more detailed description of the limited relationship MSCI has with the Fund and any related funds.

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

Horizon Funds are distributed by Quasar Distributors, LLC.

7

Horizon Active Asset Allocation Fund

Portfolio Review (Unaudited)

November 30, 2023

The chart above assumes an initial gross investment of $10,000 made on November 30, 2013. The Fund’s performance figures are for the year ended November 30, 2023. 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 1.39%, 1.54% and 1.29% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Five Year	Ten Year	Since Commencement of Operations (1)
Horizon Active Asset Allocation Fund - Investor Class(3)	5.69%	7.13%	6.35%	7.81%
Horizon Active Asset Allocation Fund - Advisor Class(3)	5.36%	6.95%	N/A	7.72%
Horizon Active Asset Allocation Fund - Institutional Class(3)	5.86%	7.25%	N/A	8.27%
S&P 500 Total Return Index	13.84%	12.51%	11.82%	13.29%(2)
S&P Global BMI ex-US Index	9.19%	5.04%	3.66%	5.09%(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 13.16% and 5.68%, 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 13.18% and 5.18%, 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 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, 2023

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, 2023. 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 1.32%, 1.47% and 1.22% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Active Risk Assist® Fund - Investor Class(3)	7.13%	3.14%	3.30%
Horizon Active Risk Assist® Fund - Advisor Class(3)	6.98%	2.97%	4.26%
Horizon Active Risk Assist® Fund - Institutional Class(3)	7.27%	3.25%	4.83%
Bloomberg US Aggregate Bond Index	1.18%	0.71%	1.03%(2)
S&P 500 Total Return Index	13.84%	12.51%	11.38%(2)
S&P Global BMI ex-US Index	9.19%	5.04%	3.24%(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 US 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 0.93%, 13.16%, and 5.68%, respectively. The returns for the Bloomberg US 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 0.37%, 13.18%, and 5.18%, 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 US 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.

9

Horizon Active Income Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

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, 2023. 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 1.22%, 1.37% and 1.12% for the Investor, Advisor, and Institutional Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Five Year	Ten Year	Since Commencement of Operations (1)
Horizon Active Income Fund - Investor Class(3)	0.38%	-0.21%	-0.12%	-0.10%
Horizon Active Income Fund - Advisor Class(3)	0.26%	-0.39%	N/A	-0.40%
Horizon Active Income Fund - Institutional Class(3)	0.49%	-0.17%	N/A	-0.59%
Bloomberg US Aggregate Bond Index	1.18%	0.71%	1.37%	1.39%(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 US Aggregate Bond Index since the commencement date of the Horizon Active Income Fund - Advisor Class and the Horizon Active Income Fund - Institutional Class are 0.75% and 0.37%, 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 US 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.

10

Horizon Equity Premium Income Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

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, 2023. 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 1.13% and 1.29% for the Investor and Advisor Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Equity Premium Income Fund - Investor Class(4)	-0.43%	3.45%	5.84%
Horizon Equity Premium Income Fund Fund - Advisor Class(4)	-0.60%	3.29%	4.69%
S&P 500 Total Return Index	13.84%	12.51%	12.77%(2)
MSCI World High Dividend Yield Index(3)	4.12%	6.79%	7.62%(2)
S&P 500 Buy/Write Monthly Index	8.27%	3.98%	5.12%(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 Equity Premium Income Fund - Investor Class. The returns for the S&P 500 Total Return Index, MSCI World High Dividend Yield Index and S&P 500 Buy/Write Monthly Index - Advisor Class are 12.20%, 6.43%, and 4.44%, respectively.

⁽³⁾ The S&P 500 Total Return Index has replaced the MSCI World High Dividend Yield Index as the Fund’s primary benchmark index. The Adviser believes that the new index is more appropriate given the Fund’s change in investment strategy.

⁽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).

11

Horizon Equity Premium Income Fund
PORTFOLIO REVIEW (Unaudited) (Continued)
November 30, 2023

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 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 500 Buy/Write Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options.

12

Horizon Defined Risk Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

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, 2023. 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 1.12% and 1.26% for the Investor and Advisor Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Five Year	Since Commencement of Operations (1)
Horizon Defined Risk Fund - Investor Class(3)	9.27%	5.98%	5.37%
Horizon Defined Risk Fund - Advisor Class(3)	9.12%	5.81%	5.11%
Bloomberg US Treasury 1-3 Years Index	3.28%	1.21%	1.15%(2)
S&P 500 Total Return Index	13.84%	12.51%	11.30%(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 1.22%, and 10.95%, 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 Multi-Factor U.S. Equity Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

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, 2023. 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 4, 2023.

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Multi-Factor U.S. Equity Fund - Investor Class(3)	5.51%	7.89%
Horizon Multi-Factor U.S. Equity Fund - Advisor Class(3)	5.38%	7.59%
S&P 500 Total Return Index	13.84%	12.55%(2)
MSCI USA Minimum Volatility Index	2.91%	6.94%(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 Multi-Factor U.S. Equity Fund - Investor Class. The return for the S&P 500 Total Return Index and the MSCI USA Minimum Volatility Index since the commencement date of the Horizon Multi-Factor U.S. Equity Fund - Advisor Class is 11.31% and 5.19%, 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 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 MSCI USA Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints).

14

Horizon Defensive Core Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

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, 2023. 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 1.06% and 1.21% for the Investor and Advisor Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	One Year	Since Commencement of Operations (1)
Horizon Defensive Core Fund - Investor Class(3)	13.95%	10.64%
Horizon Defensive Core Fund - Advisor Class(3)	13.76%	10.48%
MSCI USA ESG Leaders Index	16.35%	11.62% (2)
MSCI USA Index	14.24%	10.91% (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 Defensive Core Fund - Investor Class. The return for the MSCI USA Index and the MSCI USA ESG Index since the commencement date of the Horizon Defensive Core Fund - Advisor Class is 11.66% and 10.86%, 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 MSCI USA ESG Leaders Index is a free float-adjusted market capitalization-weighted index designed to represent the performance of companies that are selected from the MSCI USA Index (“Parent Index”) based on Environmental, Social and Governance (ESG) criteria.

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 625 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 Tactical Fixed Income Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

The chart above assumes an initial gross investment of $10,000 made on December 20, 2022. The Fund’s performance figures are for the period ended November 30, 2023. 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 1.18% and 1.33% for the Investor and Advisor Classes as of the most recent prospectus dated October 4, 2023.

Average Annual Total Returns	Since Commencement of Operations (1)
Horizon Tactical Fixed Income Fund - Investor Class(3)	-1.63%
Horizon Tactical Fixed Income Fund - Advisor Class(3)	-1.10%
Bloomberg US Aggregate Bond Index	0.72%(2)

⁽¹⁾ Inception date is December 20, 2022 for Investor Class Shares and March 7, 2023 for Advisor Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Tactical Fixed Income Fund - Investor Class. The return for the Bloomberg US Aggregate Bond Index since the commencement date of the Horizon Tactical Fixed Income Fund - Advisor Class is 1.65%.

⁽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 US 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.

16

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2023

The chart above assumes an initial gross investment of $10,000 made on December 20, 2022. The Fund’s performance figures are for the period ended November 30, 2023. 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 4, 2023.

Average Annual Total Returns	Since Commencement of Operations (1)
Horizon Multi-Factor Small/Mid Cap Fund - Investor Class(3)	13.48%
Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class(3)	5.43%
S&P 1000 Total Return Index	7.04%(2)

⁽¹⁾ Inception date is December 20, 2022 for Investor Class Shares and March 7, 2023 for Advisor Class Shares.

⁽²⁾ The Since Commencement of Operations returns shown are from the commencement date of Horizon Multi-Factor Small/Mid Cap Fund- Investor Class. The return for the S&P 1000 Total Return Index since the commencement date of the Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class is -0.70%.

⁽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 1000^® Total Return Index combines the S&P MidCap 400^® and the S&P SmallCap 600^® to form an investable benchmark for the mid- to small-cap segment of the U.S. equity market. Index returns do not reflect the effects of fees or expenses. Investors cannot invest directly in an index or benchmark.

17

Horizon Funds

Portfolio Composition (Unaudited)

November 30, 2023

Horizon Active Asset Allocation Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Investment Companies	97.3%
Purchased Call Options	0.0%(a)
Short-Term Investments	0.6%
Investments Purchased With Proceeds From Securities Lending	2.1%
	100.0%

Horizon Active Risk Assist^® Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Investment Companies	96.1%
Common Stocks	1.1%
Purchased Call Options	0.2%
Purchased Put Options	0.3%
Short-Term Investments	0.0%(a)
Investments Purchased With Proceeds From Securities Lending	2.3%
	100.0%

Horizon Active Income Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Investment Companies	76.0%
Purchased Call Options	0.0%(a)
Short-Term Investments	0.1%
Investments Purchased With Proceeds From Securities Lending	23.9%
	100.0%

Horizon Equity Premium Income Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Common Stocks	99.8%
Short-Term Investments	0.2%
	100.0%

18

Horizon Funds
PORTFOLIO COMPOSITION (Unaudited) (Continued)
November 30, 2023

Horizon Defined Risk Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Common Stocks	98.0%
Purchased Put Options	0.7%
Short-Term Investments	1.2%
Investments Purchased With Proceeds From Securities Lending	0.1%
	100.0%

Horizon Multi-Factor U.S. Equity Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Common Stocks	99.0%
Short-Term Investments	1.0%
	100.0%

Horizon Defensive Core Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Common Stocks	100.0%
Short-Term Investments	0.0%(a)
	100.0%

Horizon Tactical Fixed Income Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Investment Companies	99.7%
Short-Term Investments	0.3%
	100.0%

Horizon Multi-Factor Small/Mid Cap Fund Portfolio Composition as of November 30, 2023:

	% of Total Investments
Common Stocks	99.1%
Short-Term Investments	0.9%
	100.0%

(a) Rounds to less than 0.1%

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

19

Horizon Active Asset Allocation Fund

Portfolios of Investments

November 30, 2023

Shares					Value
		INVESTMENT COMPANIES — 99.3%
		Exchange Traded Funds — 99.3%
	254,764	Communication Services Select Sector SPDR Fund			$	17,774,884
	476	Consumer Staples Select Sector SPDR Fund				33,634
	104,331	Energy Select Sector SPDR Fund				8,824,316
	137,990	Invesco QQQ Trust Series 1				53,654,652
	549	Invesco S&P 500 Low Volatility ETF				33,692
	874,402	iShares Core Dividend Growth ETF				45,171,607
	929,639	iShares Core MSCI EAFE ETF				62,797,114
	640,716	iShares Latin America 40 ETF (a)				17,933,641
	853	iShares MSCI All Country Asia ex Japan ETF				55,795
	745	iShares MSCI India ETF				34,285
	716,546	iShares MSCI Japan ETF				44,862,945
	509	iShares MSCI Switzerland ETF (a)				23,119
	716,906	iShares MSCI USA Minimum Volatility Factor ETF				54,735,773
	608	iShares MSCI USA Momentum Factor ETF				91,267
	890,363	iShares MSCI USA Quality Factor ETF				125,603,508
	292	iShares U.S. Aerospace & Defense ETF				34,999
	998,678	JPMorgan BetaBuilders Europe ETF (a)				53,988,533
	1,123	Pacer U.S. Cash Cows 100 ETF				56,352
	1,022,813	SPDR Portfolio Emerging Markets ETF				35,593,892
	2,561,556	SPDR Portfolio S&P 500 Growth ETF				161,096,257
	2,247,702	SPDR Portfolio S&P 500 Value ETF				99,797,969
	2,131,829	SPDR Portfolio S&P 600 Small Cap ETF				80,284,680
	293	VanEck Semiconductor ETF				47,021
	847,001	Xtrackers MSCI USA ESG Leaders Equity ETF				36,073,773
		TOTAL INVESTMENT COMPANIES (Cost - $852,114,945)				898,603,708
Contracts			Notional Amount
		PURCHASED OPTIONS — 0.0% (b)(c)(d)
		PURCHASED CALL OPTIONS — 0.0%
		iShares Russell 2000 ETF
	5,000	Expiration: December 2023, Exercise Price: $190.00	$	89,830,000		320,000
		TOTAL PURCHASED CALL OPTIONS (Cost - $653,799)				320,000

See accompanying notes to financial statements.

20

Horizon Active Asset Allocation Fund

Portfolios of Investments (Continued)
November 30, 2023

Shares			Value
		SHORT TERM INVESTMENTS — 0.6%
		Money Market Funds — 0.6%
	5,740,006	First American Treasury Obligations Fund, Class X, 5.28% (e)	$	5,740,006
		TOTAL SHORT TERM INVESTMENTS (Cost - $5,740,006)		5,740,006
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.1%
	18,919,514	First American Government Obligations Fund, Class X, 5.21% (e)		18,919,514
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $18,919,514)		18,919,514
		TOTAL INVESTMENTS — 102.0% (Cost - $877,428,264)		923,583,228
		Liabilities in Excess of Other Assets — (2.0)%		(18,558,679	)
		NET ASSETS — 100.0%	$	905,024,549

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, 2023.

(b) Non-income producing security.

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

(d) Rounds to less than 0.1%.

(e) Interest rate reflects the seven-day yield on November 30, 2023.

See accompanying notes to financial statements.

21

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		INVESTMENT COMPANIES— 98.5%
		Exchange Traded Funds — 98.5%
	127,732	Energy Select Sector SPDR Fund	$	10,803,573
	343,565	Invesco QQQ Trust Series 1		133,588,379
	193,472	Invesco S&P 500 Equal Weight ETF (a)		28,691,898
	1,214,151	iShares Edge MSCI USA Quality Factor ETF		171,280,281
	342,187	iShares MSCI EAFE Minimum Volatility ETF		23,056,560
	761,422	iShares MSCI USA Minimum Volatility ETF		58,134,570
	6,209,228	SPDR Portfolio Developed World ex-US ETF		202,110,371
	3,660,799	SPDR Portfolio Emerging Markets ETF		127,395,805
	3,214,617	SPDR Portfolio S&P 500 Growth ETF		202,167,263
	4,886,502	SPDR Portfolio S&P 500 Value ETF (b)		216,960,689
		TOTAL INVESTMENT COMPANIES (Cost - $1,085,951,595)		1,174,189,389
		COMMON STOCKS — 1.1%
		Accommodation and Food Services — 0.0% (c)
	689	Caesars Entertainment, Inc. (d)		30,812
	192	Veralto Corp. (d)		14,832
				45,644
		Administrative and Support and Waste Management and Remediation Services — 0.0% (c)
	54	Fair Isaac Corp. (d)		58,730
		Advertising — 0.0% (c)
	1,139	Interpublic Group of Cos., Inc.		35,013
	307	Omnicom Group, Inc.		24,753
				59,766
		Aerospace/Defense — 0.0% (c)
	170	General Dynamics Corp.		41,985
	648	Howmet Aerospace, Inc.		34,085
	37	L3Harris Technologies, Inc.		7,060
	82	Teledyne Technologies, Inc. (d)		33,042
	48	TransDigm Group, Inc.		46,218
				162,390
		Agriculture — 0.0% (c)
	84	Archer Daniels Midland Co.		6,193
	391	Philip Morris International, Inc.		36,504
				42,697
		Airlines — 0.0% (c)
	1,067	Alaska Air Group, Inc. (d)		40,343
	2,760	American Airlines Group, Inc. (d)		34,307
	347	Delta Air Lines, Inc.		12,815
	731	Southwest Airlines Co.		18,692

See accompanying notes to financial statements.

22

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	558	United Airlines Holdings, Inc. (d)	$	21,985
				128,142
		Apparel — 0.0% (c)
	273	Ralph Lauren Corp.,		35,321
	1,259	Tapestry, Inc.		39,872
	1,920	VF Corp.		32,122
				107,315
		Auto Manufacturers — 0.0% (c)
	33	Cummins, Inc.		7,397
	491	Ford Motor Co.		5,038
	222	General Motors Co.		7,015
	444	PACCAR, Inc.		40,768
				60,218
		Auto Parts & Equipment — 0.0% (c)
	240	Aptiv PLC (d)		19,882
	683	BorgWarner, Inc.		23,010
				42,892
		Banks — 0.1%
	595	Bank of New York Mellon Corp.		28,750
	555	Citigroup, Inc.		25,585
	884	Citizens Financial Group, Inc.		24,107
	1,140	Comerica, Inc.		51,551
	621	Fifth Third Bancorp		17,978
	1,697	Huntington Bancshares, Inc.		19,108
	971	JPMorgan Chase & Co.		151,554
	3,231	KeyCorp		40,032
	108	M&T Bank Corp.		13,842
	259	Northern Trust Corp.		20,526
	42	PNC Financial Services Group, Inc.		5,626
	1,191	Regions Financial Corp.		19,866
	169	State Street Corp.		12,307
	215	Truist Financial Corp.		6,910
	1,697	Zions Bancorp NA		60,464
				498,206
		Beverages — 0.0% (c)
	151	Brown-Forman Corp., Class B		8,870
	24	Constellation Brands, Inc., Class A		5,772
	473	Molson Coors Brewing Co., Class B		29,108
	83	Monster Beverage Corp. (d)		4,577
				48,327
		Biotechnology — 0.0% (c)
	189	Amgen, Inc.		50,962
	28	Biogen, Inc. (d)		6,554

See accompanying notes to financial statements.

23

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	99	Bio-Rad Laboratories, Inc., Class A (d)	$	30,187
	136	Corteva, Inc.		6,147
	119	Illumina, Inc. (d)		12,132
	356	Incyte Corp. (d)		19,345
	39	Regeneron Pharmaceuticals, Inc. (d)		32,129
	94	Vertex Pharmaceuticals, Inc. (d)		33,352
				190,808
		Building Materials — 0.0% (c)
	128	Carrier Global Corp.		6,651
	135	Johnson Controls International PLC		7,128
	61	Martin Marietta Materials, Inc.		28,340
	374	Masco Corp.		22,645
	46	Vulcan Materials Co.		9,824
				74,588
		Chemicals — 0.0% (c)
	13	Air Products & Chemicals, Inc.		3,517
	111	Albemarle Corp.		13,461
	270	Celanese Corp.		37,438
	177	CF Industries Holdings, Inc.		13,302
	136	Dow, Inc.		7,038
	91	DuPont de Nemours, Inc.		6,510
	368	Eastman Chemical Co.		30,849
	556	FMC Corp.		29,835
	196	International Flavors & Fragrances, Inc.		14,775
	87	LyondellBasell Industries NV, Class A		8,274
	608	Mosaic Co.		21,821
	65	PPG Industries, Inc.		9,229
	124	Sherwin-Williams Co.		34,571
				230,620
		Commercial Services — 0.0% (c)
	72	Cintas Corp.		39,834
	167	Ecolab, Inc.		32,019
	66	Equifax, Inc.		14,369
	60	FleetCor Technologies, Inc. (d)		14,430
	129	Gartner, Inc. (d)		56,094
	82	Global Payments, Inc.		9,548
	133	MarketAxess Holdings, Inc.		31,936
	110	Moody’s Corp.		40,146
	83	PayPal Holdings, Inc. (d)		4,782
	55	Quanta Services, Inc.		10,357
	383	Robert Half International, Inc.		31,398
	343	Rollins, Inc.		13,974
	121	S&P Global, Inc.		50,315
	66	United Rentals, Inc.		31,417

See accompanying notes to financial statements.

24

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	30	Verisk Analytics, Inc.	$	7,243
				387,862
		Computers — 0.0% (c)
	264	Cognizant Technology Solutions Corp., Class A		18,580
	212	Fortinet, Inc. (d)		11,143
	1,803	Hewlett Packard Enterprise Co.		30,489
	781	HP, Inc.		22,914
	30	International Business Machines Corp.		4,757
	324	Leidos Holdings, Inc.		34,772
	502	NetApp, Inc.		45,878
	1,369	Western Digital Corp. (d)		66,136
				234,669
		Cosmetics/Personal Care — 0.0% (c)
	383	Colgate-Palmolive Co.		30,169
	37	Estee Lauder Cos., Inc., Class A		4,725
				34,894
		Distribution/Wholesale — 0.0% (c)
	792	Copart, Inc. (d)		39,774
	114	Fastenal Co.		6,837
	442	LKQ Corp.		19,682
	49	WW Grainger, Inc.		38,523
				104,816
		Diversified Financial Services — 0.1%
	23	Ameriprise Financial, Inc.		8,131
	67	Capital One Financial Corp.		7,481
	197	CBOE Global Markets, Inc.		35,891
	259	CME Group, Inc.		56,555
	140	Discover Financial Services		13,020
	881	Franklin Resources, Inc.		21,849
	34	Intercontinental Exchange, Inc.		3,871
	3,104	Invesco, Ltd.		44,294
	197	Nasdaq, Inc.		11,001
	121	Raymond James Financial, Inc.		12,723
	701	Synchrony Financial		22,684
	120	T. Rowe Price Group, Inc.		12,016
	866	Visa, Inc., Class A		222,285
				471,801
		Electric — 0.1%
	1,534	AES Corp.		26,400
	369	Alliant Energy Corp.		18,660
	151	Ameren Corp.		11,716
	79	American Electric Power Co., Inc.		6,284
	488	CenterPoint Energy, Inc.		13,796

See accompanying notes to financial statements.

25

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	255	CMS Energy Corp.	$	14,474
	82	Consolidated Edison, Inc.		7,389
	164	Dominion Energy, Inc.		7,436
	117	DTE Energy Co.		12,181
	144	Edison International		9,647
	241	Entergy Corp.		24,440
	406	Evergy, Inc.		20,722
	225	Eversource Energy		13,367
	155	Exelon Corp.		5,969
	632	FirstEnergy Corp.		23,346
	849	NRG Energy, Inc.		40,616
	1,770	PG&E Corp. (d)		30,391
	356	Pinnacle West Capital Corp.		26,679
	946	PPL Corp.		24,709
	422	Public Service Enterprise Group, Inc.		26,345
	69	Sempra Energy		5,028
	373	Southern Co.		26,476
	103	WEC Energy Group, Inc.		8,613
	113	Xcel Energy, Inc.		6,875
				411,559
		Electrical Components & Equipment — 0.0% (c)
	52	AMETEK, Inc.		8,072
	48	Emerson Electric Co.		4,267
				12,339
		Electronics — 0.0% (c)
	190	Agilent Technologies, Inc.		24,282
	271	Allegion PLC		28,750
	143	Amphenol Corp., Class A		13,012
	149	Fortive Corp.		10,278
	285	Garmin, Ltd.		34,838
	211	Keysight Technologies, Inc. (d)		28,673
	11	Mettler-Toledo International, Inc. (d)		12,011
	231	PerkinElmer, Inc.		20,536
	22	Roper Technologies, Inc.		11,842
	124	TE Connectivity, Ltd.		16,244
	65	Waters Corp. (d)		18,240
				218,706
		Entertainment — 0.0% (c)
	239	Live Nation Entertainment, Inc. (d)		20,129
		Environmental Control — 0.0% (c)
	402	Pentair PLC		25,945
	246	Republic Services, Inc.		39,813
	22	Waste Management, Inc.		3,762
				69,520

See accompanying notes to financial statements.

26

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Finance and Insurance — 0.0% (c)
	424	Arch Capital Group Ltd. (d)	$	35,485
	382	Blackstone, Inc.		42,925
	176	Brown & Brown, Inc.		13,154
	694	US Bancorp		26,455
				118,019
		Food — 0.0% (c)
	455	Campbell Soup Co.		18,282
	612	Conagra Brands, Inc.		17,314
	92	General Mills, Inc.		5,857
	32	Hershey Co.		6,013
	394	Hormel Foods Corp.		12,052
	174	J.M. Smucker Co.		19,093
	261	Kellogg Co.		13,713
	188	Kraft Heinz Co.		6,601
	161	Kroger Co.		7,128
	300	Lamb Weston Holdings, Inc.		30,009
	207	McCormick & Co., Inc.		13,420
	407	Mondelez International, Inc., Class A		28,921
	100	Sysco Corp.		7,217
	298	Tyson Foods, Inc., Class A		13,958
				199,578
		Forest Products & Paper — 0.0% (c)
	592	International Paper Co.		21,869
		Gas — 0.0% (c)
	130	Atmos Energy Corp.		14,795
	863	NiSource, Inc.		22,128
				36,923
		Hand/Machine Tools — 0.0% (c)
	67	Snap-on, Inc.		18,404
	227	Stanley Black & Decker, Inc.		20,635
				39,039
		Health Care and Social Assistance — 0.0% (c)
	93	Molina Healthcare, Inc. (d)		33,997
		Healthcare Products — 0.0% (c)
	87	Align Technology, Inc. (d)		18,601
	429	Baxter International, Inc.		15,478
	836	Boston Scientific Corp. (d)		46,724
	48	Cooper Cos., Inc.		16,172
	1,153	Dentsply Sirona, Inc.		36,608
	98	Edwards Lifesciences Corp. (d)		6,636

See accompanying notes to financial statements.

27

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	222	Hologic, Inc. (d)	$	15,829
	16	IDEXX Laboratories, Inc. (d)		7,453
	83	ResMed, Inc.		13,092
	52	STERIS PLC		10,449
	173	Stryker Corp.		51,265
	150	Teleflex, Inc.		33,853
	66	West Pharmaceutical Services, Inc.		23,150
	104	Zimmer Biomet Holdings, Inc.		12,096
				307,406
		Healthcare Services — 0.1%
	410	Centene Corp. (d)		30,209
	530	DaVita, Inc. (d)		53,774
	16	HCA Healthcare, Inc.		4,008
	71	Humana, Inc.		34,425
	37	IQVIA Holdings, Inc. (d)		7,922
	63	Laboratory Corp. of America Holdings		13,665
	122	Quest Diagnostics, Inc.		16,742
	498	UnitedHealth Group, Inc.		275,379
	215	Universal Health Services, Inc., Class B		29,558
				465,682
		Home Builders — 0.0% (c)
	300	DR Horton, Inc.		38,301
	75	Lennar Corp., Class A		9,594
	10	NVR, Inc. (d)		61,554
	425	PulteGroup, Inc.		37,578
				147,027
		Home Furnishings — 0.0% (c)
	388	Whirlpool Corp.		42,253
		Household Products/Wares — 0.0% (c)
	95	Avery Dennison Corp.		18,477
	272	Church & Dwight Co., Inc.		26,283
	128	Clorox Co.		18,349
	46	Kimberly-Clark Corp.		5,692
				68,801
		Information — 0.0% (c)
	353	Ceridian HCM Holding, Inc. (d)		24,322
	300	CoStar Group, Inc. (d)		24,912
	62	FactSet Research Systems, Inc.		28,114
	239	PTC, Inc. (d)		37,609
	1,469	Warner Bros Discovery, Inc. (d)		15,351
				130,308

See accompanying notes to financial statements.

28

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Insurance — 0.0% (c)
	62	Aflac, Inc.	$	5,128
	58	Allstate Corp.		7,996
	90	American International Group, Inc.		5,923
	12	Aon PLC, Class A		3,942
	182	Arthur J Gallagher & Co.		45,318
	273	Assurant, Inc.		45,869
	144	Cincinnati Financial Corp.		14,802
	80	Everest Re Group Ltd.		32,844
	185	Globe Life, Inc.		22,779
	142	Hartford Financial Services Group, Inc.		11,099
	482	Loews Corp.		33,880
	82	MetLife, Inc.		5,218
	203	Principal Financial Group, Inc.		14,987
	459	Progressive Corp.		75,290
	81	Prudential Financial, Inc.		7,920
	37	Travelers Cos., Inc.		6,683
	42	Willis Towers Watson PLC		10,345
	201	WR Berkley Corp.		14,582
				364,605
		Internet — 0.1%
	2,367	Amazon.com, Inc. (d)		345,795
	196	CDW Corp.		41,332
	297	eBay, Inc.		12,180
	318	Expedia Group, Inc. (d)		43,305
	398	F5 Networks, Inc. (d)		68,134
	1,038	Meta Platforms, Inc., Class A (d)		339,582
	3,041	Gen Digital, Inc.		67,145
	325	Netflix, Inc. (d)		154,040
	128	VeriSign, Inc. (d)		27,162
				1,098,675
		Iron/Steel — 0.0% (c)
	41	Nucor Corp.		6,969
		Leisure Time — 0.0% (c)
	1,380	Carnival Corp. (d)		20,783
	2,936	Norwegian Cruise Line Holdings Ltd. (d)		44,833
	333	Royal Caribbean Cruises Ltd. (d)		35,784
				101,400
		Lodging — 0.0% (c)
	229	Hilton Worldwide Holdings, Inc.		38,362
	125	Las Vegas Sands Corp.		5,765
	194	Marriott International, Inc., Class A		39,324
	540	MGM Resorts International		21,298

See accompanying notes to financial statements.

29

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	260	Wynn Resorts Ltd.	$	21,949
				126,698
		Machinery - Diversified — 0.0% (c)
	93	Dover Corp.		13,128
	78	IDEX Corp.		15,731
	151	Ingersoll Rand, Inc.		10,786
	94	Otis Worldwide Corp.		8,064
	27	Rockwell Automation, Inc.		7,437
	255	Wabtec Corp.		29,723
	116	Xylem, Inc.		12,195
				97,064
		Manufacturing — 0.1%
	143	Axon Enterprise, Inc. (d)		32,871
	425	Bio-Techne Corp.		26,733
	238	Bunge Global SA		26,149
	1,036	Catalent, Inc. (d)		40,249
	523	Enphase Energy, Inc. (d)		52,833
	123	GE HealthCare Technologies, Inc.		8,421
	417	Generac Holdings, Inc. (d)		48,818
	614	General Electric Co.		74,785
	53	Hubbell, Inc.		15,900
	183	Insulet Corp. (d)		34,604
	355	Kenvue, Inc.		7,256
	661	Keurig Dr Pepper, Inc.		20,868
	256	Linde Plc		105,925
	101	Lululemon Athletica, Inc. (d)		45,127
	106	Moderna, Inc. (d)		8,236
	69	Monolithic Power Systems, Inc.		37,862
	88	Nordson Corp.		20,710
	67	NXP Semiconductors NV		13,673
	218	ON Semiconductor Corp. (d)		15,550
	802	Seagate Technology Holdings PLC		63,438
	1,508	SolarEdge Technologies, Inc.(d)		119,705
	246	Steel Dynamics, Inc.		29,306
	487	Teradyne, Inc.		44,916
	990	Tesla, Inc. (d)		237,679
	1,000	Trimble, Inc. (d)		46,400
				1,178,014
		Media — 0.0% (c)
	14	Charter Communications, Inc., Class A (d)		5,602
	808	Fox Corp., Class A		23,868
	1,952	News Corp., Class A		43,022
	4,305	Paramount Global, Class B (a)		61,863
				134,355

See accompanying notes to financial statements.

30

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Mining — 0.0% (c)
	141	Freeport-McMoRan, Inc.	$	5,262
	199	Newmont Goldcorp Corp.		7,998
				13,260
		Mining, Quarrying, and Oil and Gas Extraction — 0.0% (c)
	450	APA Corp.		16,200
	334	Targa Resources Corp.		30,210
				46,410
		Miscellaneous Manufacturing — 0.0% (c)
	54	3M Co.		5,350
	315	AO Smith Corp.		23,739
	207	Eaton Corp PLC		47,132
	16	Illinois Tool Works, Inc.		3,875
	106	Parker-Hannifin Corp.		45,917
	197	Textron, Inc.		15,102
	203	Trane Technologies PLC		45,758
				186,873
		Office/Business Equipment — 0.0% (c)
	247	Zebra Technologies Corp., Class A (d)		58,534
		Oil & Gas — 0.0% (c)
	394	Cabot Oil & Gas Corp.		10,343
	155	Devon Energy Corp.		6,970
	168	Diamondback Energy, Inc.		25,941
	309	EQT Corp.		12,348
	484	Marathon Oil Corp.		12,308
	286	Marathon Petroleum Corp.		42,668
	68	Occidental Petroleum Corp.		4,022
	305	Phillips 66		39,311
	43	Valero Energy Corp.		5,391
				159,302
		Oil & Gas Services — 0.0% (c)
	188	Baker Hughes & GE Co.,		6,345
	677	Halliburton Co.		25,069
				31,414
		Packaging & Containers — 0.0% (c)
	2,043	Amcor PLC		19,368
	328	Ball Corp.		18,135
	199	Packaging Corp of America		33,434
	1,625	Sealed Air Corp.		54,242
				125,179

See accompanying notes to financial statements.

31

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Pharmaceuticals — 0.1%
	113	ABIOMED, Inc. (e)	$	—
	199	AmerisourceBergen Corp.		40,470
	350	Cardinal Health, Inc.		37,478
	82	DexCom, Inc. (d)		9,473
	592	Eli Lilly & Co.		349,896
	401	Henry Schein, Inc. (d)		26,759
	107	McKesson Corp.		50,350
	2,356	Viatris, Inc.		21,628
	160	Zoetis, Inc.,		28,267
				564,321
		Pipelines — 0.0% (c)
	373	Kinder Morgan, Inc.		6,554
	92	ONEOK, Inc.		6,334
	880	Williams Cos., Inc.		32,375
				45,263
		Professional, Scientific, and Technical Services — 0.0% (c)
	151	Charles River Laboratories International, Inc. (d)		29,759
	204	EPAM Systems, Inc. (d)		52,671
	101	Jacobs Solutions, Inc.		12,845
	1,021	Match Group, Inc. (d)		33,060
	258	Palo Alto Networks, Inc. (d)		76,133
				204,468
		Real Estate — 0.0% (c)
	160	CBRE Group, Inc., Class A (d)		12,634
		Real Estate Investment Trusts — 0.1%
	147	Alexandria Real Estate Equities, Inc.		16,082
	182	American Tower Corp.		37,998
	59	AvalonBay Communities, Inc.		10,203
	506	Boston Properties, Inc.		28,807
	276	Camden Property Trust		24,912
	66	Crown Castle International Corp.		7,741
	276	Digital Realty Trust, Inc.		38,303
	42	Equinix, Inc.		34,230
	197	Equity Residential		11,198
	80	Essex Property Trust, Inc.		17,077
	98	Extra Space Storage, Inc.		12,757
	360	Federal Realty OP LP		34,412
	1,510	Healthpeak Properties, Inc.		26,153
	1,911	Host Hotels & Resorts, Inc.		33,385
	427	Invitation Homes, Inc.		14,245
	436	Iron Mountain, Inc.		27,969
	1,224	Kimco Realty Corp.		23,648

See accompanying notes to financial statements.

32

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	136	Mid-America Apartment Communities, Inc.	$	16,929
	36	Prologis, Inc.		4,137
	22	Public Storage		5,693
	141	Realty Income Corp.		7,608
	359	Regency Centers Corp.		22,538
	49	SBA Communications Corp.		12,101
	222	Simon Property Group, Inc.		27,726
	640	UDR, Inc.		21,376
	568	Ventas, Inc.		26,037
	287	VICI Properties, Inc.		8,579
	450	Welltower, Inc.		40,095
	379	Weyerhaeuser Co.		11,882
				603,821
		Retail — 0.1%
	12	AutoZone, Inc. (d)		31,319
	241	Best Buy Co., Inc.		17,097
	399	CarMax, Inc. (d)		25,512
	21	Chipotle Mexican Grill, Inc. (d)		46,247
	228	Costco Wholesale Corp.		135,145
	92	Darden Restaurants, Inc.		14,395
	70	Dollar General Corp.		9,178
	87	Dollar Tree, Inc. (d)		10,752
	55	Domino’s Pizza, Inc.		21,609
	98	Genuine Parts Co.		13,012
	36	O’Reilly Automotive, Inc. (d)		35,366
	285	Ross Stores, Inc.		37,158
	177	Target Corp.		23,684
	459	TJX Cos., Inc.		40,443
	57	Tractor Supply Co.		11,572
	30	Ulta Beauty, Inc. (d)		12,780
	573	Walgreens Boots Alliance, Inc.		11,426
	774	Walmart, Inc.		120,504
	55	Yum! Brands, Inc.		6,905
				624,104
		Retail Trade — 0.0% (c)
	1,213	Bath & Body Works, Inc.		39,568
	484	Etsy, Inc. (d)		36,692
				76,260
		Semiconductors — 0.1%
	38	Advanced Micro Devices, Inc. (d)		4,604
	41	Analog Devices, Inc.		7,519
	37	Applied Materials, Inc.		5,542
	322	Broadcom, Inc.		298,085
	3,311	Intel Corp.		148,002

See accompanying notes to financial statements.

33

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	113	KLA Corp.	$	61,542
	85	Lam Research Corp.		60,853
	188	Microchip Technology, Inc.		15,687
	732	Micron Technology, Inc.		55,720
	733	NVIDIA Corp.		342,824
	732	Qorvo, Inc. (d)		70,638
	44	QUALCOMM, Inc.		5,678
	435	Skyworks Solutions, Inc.		42,164
	29	Texas Instruments, Inc.		4,429
				1,123,287
		Shipbuilding — 0.0% (c)
	119	Huntington Ingalls Industries, Inc.		28,205
		Software — 0.1%
	337	Adobe, Inc. (d)		205,910
	493	Akamai Technologies, Inc. (d)		56,956
	83	ANSYS, Inc. (d)		24,349
	64	Autodesk, Inc. (d)		13,980
	157	Broadridge Financial Solutions, Inc.		30,430
	37	Cadence Design Systems, Inc. (d)		10,111
	225	Electronic Arts, Inc.		31,052
	164	Fidelity National Information Services, Inc.		9,617
	277	Fiserv, Inc. (d)		36,179
	9	Intuit, Inc.		5,143
	161	Jack Henry & Associates, Inc.		25,549
	12	MSCI, Inc.		6,250
	50	Paychex, Inc.		6,098
	63	Paycom Software, Inc.		11,445
	155	ServiceNow, Inc. (d)		106,290
	131	Synopsys, Inc. (d)		71,163
	246	Take-Two Interactive Software, Inc. (d)		38,917
	95	Tyler Technologies, Inc. (d)		38,840
				728,279
		Telecommunications — 0.0% (c)
	312	Arista Networks, Inc. (d)		68,550
	880	Corning, Inc.		25,071
	2,475	Juniper Networks, Inc.		70,414
	150	Motorola Solutions, Inc.		48,430
	485	T-Mobile US, Inc. (d)		72,968
				285,433
		Textiles — 0.0% (c)
	588	Mohawk Industries, Inc. (d)		51,926

See accompanying notes to financial statements.

34

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Toys/Games/Hobbies — 0.0% (c)
	730	Hasbro, Inc.	$	33,879
		Transportation — 0.0% (c)
	288	CH Robinson Worldwide, Inc.		23,630
	884	CSX Corp.		28,553
	127	Expeditors International of Washington, Inc.		15,283
	129	FedEx Corp.		33,389
	76	JB Hunt Transport Services, Inc.		14,081
	28	Norfolk Southern Corp.		6,109
	77	Old Dominion Freight Line, Inc.		29,958
	208	Union Pacific Corp.		46,856
				197,859
		Utilities — 0.0% (c)
	328	Constellation Energy Corp.		39,701
	245	First Solar, Inc. (d)		38,656
				78,357
		Water — 0.0% (c)
	82	American Water Works Co., Inc.		10,811
		Wholesale Trade — 0.0% (c)
	59	Pool Corp.		20,492
		TOTAL COMMON STOCKS (Cost - $13,285,226)		13,745,691

See accompanying notes to financial statements.

35

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Contracts		Notional Amount		Value
	PURCHASED OPTIONS — 0.5% (d)(f)
	PURCHASED CALL OPTIONS — 0.2%
	iShares 20+ Year Treasury Bond ETF (g)
1,500	Expiration: December 2023, Exercise Price: $101.00	$	13,734,000	$	13,500
	iShares MSCI Brazil ETF (g)
10,000	Expiration: January 2024, Exercise Price: $36.00		34,010,000		320,000
	iShares MSCI Emerging Markets ETF
15,000	Expiration: January 2024, Exercise Price: $45.00		59,340,000		37,500
	iShares Russell 2000 ETF
30,000	Expiration: December 2023, Exercise Price: $190.00		538,980,000		1,920,000
	TOTAL PURCHASED CALL OPTIONS (Cost - $5,703,211)				2,291,000
	PURCHASED PUT OPTIONS — 0.3%
	CBOE Volatility Index (g)
7,500	Expiration: December 2023, Exercise Price: $16.00		9,690,000		2,085,000
	SPDR S&P 500 ETF Trust (g)
3,500	Expiration: April 2024, Exercise Price: $405.00		159,740,000		1,223,250
	SPDR S&P Retail ETF (g)
3,000	Expiration: December 2023, Exercise Price: $59.00		19,380,000		42,000
	TOTAL PURCHASED PUT OPTIONS (Cost - $2,170,721)				3,350,250
	TOTAL PURCHASED OPTIONS (Cost - $7,873,932)				5,641,250
Shares
	SHORT TERM INVESTMENTS — 0.0% (c)
	Money Market Funds — 0.0% (c)
823	First American Treasury Obligations Fund, Class X, 5.28% (h)				823
	TOTAL SHORT TERM INVESTMENTS (Cost - $823)				823
	INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.4%
28,608,150	First American Government Obligations Fund, Class X, 5.21% (h)				28,608,150
	TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $28,608,150)				28,608,150
	TOTAL INVESTMENTS — 102.5% (Cost - $1,135,719,726)				1,222,185,303
	Liabilities in Excess of Other Assets — (2.5)%				(30,091,760	)
	NET ASSETS — 100.0%			$	1,192,093,543

See accompanying notes to financial statements.

36

Horizon Active Risk Assist^® Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Contracts		Notional Amount		Value
	SCHEDULE OF WRITTEN OPTIONS — (0.3)% (d)(f)
	WRITTEN CALL OPTIONS — (0.0)% (c)
1,500	iShares 20+ Year Treasury Bond ETF
	Expiration: December 2023, Exercise Price $106.00	$	13,734,000	$	4,500
10,000	iShares MSCI Brazil ETF
	Expiration: December 2023, Exercise Price $36.00		34,010,000		250,000
	TOTAL WRITTEN CALL OPTIONS (Premiums Received $1,539,263)				254,500
	WRITTEN PUT OPTIONS — (0.3)%
15,000	CBOE Volatility Index
	Expiration: December 2023, Exercise Price $14.50		19,380,000		2,272,500
7,000	SPDR S&P 500 ETF Trust
	Expiration: April 2024, Exercise Price $370.00		319,480,000		1,186,500
4,500	SPDR S&P Retail ETF
	Expiration: December 2023, Exercise Price $56.00		29,070,000		36,000
	TOTAL WRITTEN PUT OPTIONS (Premiums Received $1,811,578)				3,495,000
	TOTAL OPTIONS WRITTEN (Premiums Received $3,350,841)			$	3,749,500

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, 2023.

(b) 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 $22,200,000, which is 1.9% of total net assets.

(c) Rounds to less than 0.1%

(d) Non-income producing security.

(e) Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

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

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

(h) Interest rate reflects seven-day yield on November 30, 2023.

See accompanying notes to financial statements.

37

Horizon Active Income Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares					Value
		INVESTMENT COMPANIES — 99.8%
		Exchange Traded Funds — 99.8%
	856,600	First Trust TCW Opportunistic Fixed Income ETF (a)(f)			$	36,799,536
	449,459	Hartford Total Return Bond ETF (a)				14,773,717
	2,167	iShares 7-10 Year Treasury Bond ETF				202,419
	235,827	iShares iBoxx Investment Grade Corporate Bond ETF (a)				25,066,052
	325,452	iShares MBS ETF				29,567,314
	93,320	iShares TIPS Bond ETF				9,816,331
	1,361	Janus Henderson AAA CLO ETF				68,635
	206	Janus Henderson B-BBB CLO ETF				9,820
	333,585	Janus Henderson Mortgage-Backed Securities ETF (a)				14,817,846
	274,300	PIMCO Active Bond Exchange-Traded Fund (a)				24,599,224
	2,114	SPDR Blackstone / GSO Senior Loan ETF				88,450
	687,889	SPDR Doubleline Total Return Tactical ETF				26,862,065
	1,564	SPDR Portfolio Intermediate Term Corporate Bond ETF (a)				50,314
	357,560	SPDR Portfolio Long Term Treasury ETF				9,639,818
	334,295	SPDR Portfolio Short Term Corporate Bond ETF				9,905,161
	893,216	VanEck Fallen Angel High Yield Bond ETF (a)				25,175,293
	576,086	Xtrackers USD High Yield Corporate Bond ETF (a)				20,013,228
		TOTAL INVESTMENT COMPANIES (Cost - $258,128,551)				247,455,223
Contracts			Notional Amount
		PURCHASED OPTIONS — 0.0% (b)(c)(d)
		PURCHASED CALL OPTIONS — 0.0%
		iShares 20+ Year Treasury Bond ETF (g)
	1,000	Expiration: December 2023, Exercise Price: $101.00	$	9,156,000		9,000
		TOTAL PURCHASED OPTIONS (Cost - $187,325)				9,000

See accompanying notes to financial statements.

38

Horizon Active Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		SHORT TERM INVESTMENTS — 0.1% (d)
		Money Market Funds — 0.1%
	157,559	First American Treasury Obligations Fund, Class X, 5.28% (e)	$	157,559
		TOTAL SHORT TERM INVESTMENTS (Cost - $157,559)		157,559
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 31.4%
	77,974,294	First American Government Obligations Fund, Class X, 5.21% (e)		77,974,294
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $77,974,294)		77,974,294
		TOTAL INVESTMENTS — 131.3% (Cost - $336,447,729)		325,596,076
		Liabilities in Excess of Other Assets — (31.3)%		(77,640,923	)
		NET ASSETS — 100.0%	$	247,955,153

Contracts			Notional Amount
		SCHEDULE OF WRITTEN OPTIONS — 0.0% (b)(c)(d)
		WRITTEN CALL OPTIONS — 0.0%
	1,000	iShares 20+ Year Treasury Bond ETF
		Expiration: December 2023, Exercise Price $106.00	$	9,156,000		3,000
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $81,675)				3,000
		TOTAL OPTIONS WRITTEN (Premiums Received $81,675)			$	3,000

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, 2023.

(b) Rounds to less than 0.1%

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

(d) Non-income producing security.

(e) Interest rate reflects the seven-day yield on November 30, 2023.

(f) 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 $3,222,000, which is 1.3% of total net assets.

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

See accompanying notes to financial statements.

39

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		COMMON STOCKS — 99.7%
		Aerospace/Defense — 1.2%
	853	Boeing Co. (a)	$	197,580
	973	General Dynamics Corp.		240,302
	1,018	Lockheed Martin Corp.		455,830
	481	Northrop Grumman Corp.		228,552
				1,122,264
		Agriculture — 1.1%
	7,286	Altria Group, Inc.		306,304
	1,218	Archer Daniels Midland Co.		89,803
	7,036	Philip Morris International, Inc.		656,881
				1,052,988
		Apparel — 0.6%
	5,383	Nike, Inc., Class B		593,583
		Auto Manufacturers — 0.8%
	30,372	Ford Motor Co.		311,617
	7,259	General Motors Co.		229,384
	2,181	PACCAR, Inc.		200,260
				741,261
		Banks — 5.0%
	36,504	Bank of America Corp.		1,113,007
	1,565	Goldman Sachs Group, Inc.		534,510
	11,275	JPMorgan Chase & Co.		1,759,802
	763	M&T Bank Corp.		97,794
	1,328	Morgan Stanley		105,363
	1,970	PNC Financial Services Group, Inc.		263,901
	7,033	Truist Financial Corp.		226,041
	16,497	Wells Fargo & Co.		735,601
				4,836,019
		Beverages — 2.0%
	16,901	Coca-Cola Co.		987,695
	358	Constellation Brands, Inc., Class A		86,095
	5,022	PepsiCo, Inc.		845,152
				1,918,942
		Biotechnology — 1.2%
	2,226	Amgen, Inc.		600,219
	5,634	Gilead Sciences, Inc.		431,564
	256	Vertex Pharmaceuticals, Inc. (a)		90,831
				1,122,614
		Building Materials — 0.3%
	2,165	Carrier Global Corp.		112,493
	2,576	Johnson Controls International PLC		136,013
				248,506

See accompanying notes to financial statements.

40

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Chemicals — 0.9%
	782	Air Products & Chemicals, Inc.	$	211,570
	3,533	Dow, Inc.		182,833
	1,437	DuPont de Nemours, Inc.		102,803
	1,587	LyondellBasell Industries NV, Class A		150,924
	739	PPG Industries, Inc.		104,930
	534	Sherwin-Williams Co.		148,879
				901,939
		Commercial Services — 1.0%
	1,368	Automatic Data Processing, Inc.		314,531
	235	Cintas Corp.		130,014
	694	Ecolab, Inc.		133,061
	395	Moody’s Corp.		144,159
	709	S&P Global, Inc.		294,823
				1,016,588
		Computers — 7.7%
	2,374	Accenture PLC, Class A		790,875
	28,517	Apple, Inc. (d)		5,416,804
	10,330	HP, Inc.		303,082
	5,572	International Business Machines Corp.		883,496
				7,394,257
		Cosmetics/Personal Care — 1.5%
	1,840	Colgate-Palmolive Co.		144,937
	8,214	Procter & Gamble Co.		1,261,013
				1,405,950
		Diversified Financial Services — 4.0%
	2,262	American Express Co.		386,282
	308	Ameriprise Financial, Inc.		108,881
	629	BlackRock, Inc.		472,524
	1,411	Capital One Financial Corp.		157,552
	5,979	Charles Schwab Corp.		366,632
	1,706	CME Group, Inc.		372,522
	1,673	Intercontinental Exchange, Inc.		190,454
	1,735	MasterCard, Inc., Class A		717,995
	4,080	Visa, Inc., Class A		1,047,255
				3,820,097
		Electric — 2.5%
	1,474	Consolidated Edison, Inc.		132,822
	4,243	Dominion Energy, Inc.		192,378
	3,735	Duke Energy Corp.		344,666
	1,815	Edison International		121,587
	4,333	Exelon Corp.		166,864
	8,920	NextEra Energy, Inc.		521,909

See accompanying notes to financial statements.

41

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	2,220	Public Service Enterprise Group, Inc.	$	138,594
	2,621	Sempra Energy		190,992
	5,077	Southern Co.		360,365
	1,382	WEC Energy Group, Inc.		115,563
	2,346	Xcel Energy, Inc.		142,731
				2,428,471
		Electrical Components & Equipment — 0.2%
	1,927	Emerson Electric Co.		171,310
		Electronics — 1.1%
	3,154	Amphenol Corp., Class A		286,983
	2,320	Honeywell International, Inc.		454,534
	2,226	TE Connectivity, Ltd.		291,606
				1,033,123
		Environmental Control — 0.4%
	863	Republic Services, Inc.		139,668
	1,237	Waste Management, Inc.		211,515
				351,183
		Finance and Insurance — 0.7%
	2,934	Blackstone, Inc.		329,694
	8,038	US Bancorp		306,408
				636,102
		Food — 0.8%
	1,417	General Mills, Inc.		90,206
	455	Hershey Co.		85,503
	3,298	Kraft Heinz Co.		115,793
	2,003	Kroger Co.		88,673
	3,719	Mondelez International, Inc., Class A		264,272
	1,381	Sysco Corp.		99,667
				744,114
		Healthcare Products — 2.0%
	5,763	Abbott Laboratories		601,023
	1,747	Boston Scientific Corp. (a)		97,640
	1,183	Danaher Corp.		264,176
	432	Intuitive Surgical, Inc. (a)		134,283
	5,706	Medtronic PLC		452,315
	875	Stryker Corp.		259,289
	260	Thermo Fisher Scientific, Inc.		128,897
				1,937,623
		Healthcare Services — 2.1%
	579	Anthem, Inc.		277,625
	523	HCA Healthcare, Inc.		131,001
	198	Humana, Inc.		96,002

See accompanying notes to financial statements.

42

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	2,645	UnitedHealth Group, Inc.	$	1,462,606
				1,967,234
		Household Products/Wares — 0.1%
	757	Kimberly-Clark Corp.		93,664
		Information — 0.2%
	1,826	Airbnb, Inc., Class A (a)		230,697
		Insurance — 3.4%
	2,015	Aflac, Inc.		166,661
	1,066	Allstate Corp.		146,969
	2,597	American International Group, Inc.		170,909
	382	Aon PLC, Class A		125,483
	440	Arthur J Gallagher & Co.		109,560
	3,586	Berkshire Hathaway, Inc., Class B (a)		1,290,960
	1,233	Chubb Ltd.		282,887
	1,387	Marsh & McLennan Cos., Inc.		276,595
	3,248	MetLife, Inc.		206,670
	932	Progressive Corp.		152,876
	1,847	Prudential Financial, Inc.		180,600
	816	Travelers Cos., Inc.		147,386
				3,257,556
		Internet — 8.3%
	21,604	Alphabet, Inc., Class A (a)		2,863,178
	17,583	Amazon.com, Inc. (a)		2,568,701
	91	Booking Holdings, Inc. (a)		284,439
	4,795	Meta Platforms, Inc., Class A (a)		1,568,684
	1,336	Netflix, Inc. (a)		633,224
				7,918,226
		Iron/Steel — 0.1%
	607	Nucor Corp.		103,172
		Lodging — 0.3%
	1,309	Marriott International, Inc., Class A		265,334
		Machinery - Construction & Mining — 0.4%
	1,670	Caterpillar, Inc.		418,702
		Machinery - Diversified — 0.5%
	805	Deere & Co.		293,350
	1,220	Otis Worldwide Corp.		104,664
	330	Rockwell Automation, Inc.		90,895
				488,909

See accompanying notes to financial statements.

43

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Manufacturing — 2.7%
	1,806	General Electric Co.	$	219,971
	2,852	Keurig Dr Pepper, Inc.		90,037
	1,262	Linde PLC		522,178
	6,267	Raytheon Technologies Corp.		510,635
	5,250	Tesla, Inc. (a)(d)		1,260,420
				2,603,241
		Media — 1.5%
	22,470	Comcast Corp., Class A		941,268
	4,911	Walt Disney Co. (a)		455,201
				1,396,469
		Mining — 0.1%
	3,964	Freeport-McMoRan, Inc.		147,937
		Miscellaneous Manufacturing — 0.9%
	1,186	Eaton Corp PLC		270,040
	1,070	Illinois Tool Works, Inc.		259,165
	369	Parker-Hannifin Corp.		159,843
	643	Trane Technologies PLC		144,939
				833,987
		Oil & Gas — 4.2%
	7,689	Chevron Corp.		1,104,140
	4,196	ConocoPhillips		484,932
	1,644	EOG Resources, Inc.		202,327
	15,708	Exxon Mobil Corp. (d)		1,613,840
	617	Hess Corp.		86,725
	632	Marathon Petroleum Corp.		94,288
	1,485	Occidental Petroleum Corp.		87,838
	811	Phillips 66		104,530
	559	Pioneer Natural Resources Co.		129,487
	694	Valero Energy Corp.		87,000
				3,995,107
		Oil & Gas Services — 0.1%
	1,758	Schlumberger, Ltd.		91,486
		Pharmaceuticals — 7.4%
	8,174	AbbVie, Inc.		1,163,896
	707	Becton Dickinson & Co.		166,979
	9,525	Bristol-Myers Squibb Co.		470,344
	873	Cigna Corp.		229,494
	5,325	CVS Health Corp.		361,834
	1,919	Eli Lilly & Co.		1,134,206
	9,665	Johnson & Johnson (d)		1,494,789
	203	McKesson Corp.		95,524

See accompanying notes to financial statements.

44

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	9,849	Merck & Co., Inc.	$	1,009,326
	27,971	Pfizer, Inc.		852,276
	844	Zoetis, Inc.		149,109
				7,127,777
		Pipelines — 0.1%
	2,713	Williams Cos., Inc.		99,811
		Real Estate Investment Trusts — 2.9%
	2,125	American Tower Corp.		443,657
	567	AvalonBay Communities, Inc.		98,057
	2,159	Crown Castle International Corp.		253,207
	1,352	Digital Realty Trust, Inc.		187,631
	287	Equinix, Inc.		233,908
	1,600	Equity Residential		90,944
	986	Extra Space Storage, Inc.		128,348
	3,821	Prologis, Inc.		439,148
	820	Public Storage		212,183
	3,382	Realty Income Corp.		182,493
	1,598	Simon Property Group, Inc.		199,574
	4,856	VICI Properties, Inc.		145,146
	1,984	Welltower, Inc.		176,774
				2,791,070
		Retail — 6.1%
	692	Costco Wholesale Corp.		410,176
	4,450	Home Depot, Inc.		1,395,031
	2,655	Lowe’s Cos., Inc.		527,894
	3,088	McDonald’s Corp.		870,322
	1,938	Ross Stores, Inc.		252,676
	5,376	Starbucks Corp.		533,837
	1,318	Target Corp.		176,362
	4,721	TJX Cos., Inc.		415,967
	6,894	Walmart, Inc.		1,073,327
	1,906	Yum! Brands, Inc.		239,298
				5,894,890
		Semiconductors — 8.6%
	3,808	Advanced Micro Devices, Inc. (a)		461,377
	2,535	Analog Devices, Inc.		464,868
	2,873	Applied Materials, Inc.		430,318
	1,648	Broadcom, Inc. (d)		1,525,603
	15,445	Intel Corp.		690,392
	662	KLA Corp.		360,538
	579	Lam Research Corp.		414,518
	4,286	Micron Technology, Inc.		326,250
	4,477	NVIDIA Corp.		2,093,893

See accompanying notes to financial statements.

45

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	5,832	QUALCOMM, Inc.	$	752,620
	4,782	Texas Instruments, Inc.		730,259
				8,250,636
		Software — 9.7%
	959	Adobe, Inc. (a)		585,959
	814	Intuit, Inc.		465,168
	15,910	Microsoft Corp.		6,028,458
	9,522	Oracle Corp.		1,106,552
	1,433	Paychex, Inc.		174,783
	2,101	salesforce.com, Inc. (a)		529,242
	526	ServiceNow, Inc. (a)		360,699
				9,250,861
		Telecommunications — 3.2%
	19,173	Cisco Systems, Inc.		927,590
	974	Motorola Solutions, Inc.		314,475
	3,948	T-Mobile US, Inc. (a)		593,977
	31,244	Verizon Communications, Inc.		1,197,582
				3,033,624
		Transportation — 1.8%
	5,287	CSX Corp.		170,770
	817	FedEx Corp.		211,464
	844	Norfolk Southern Corp.		184,127
	2,249	Union Pacific Corp.		506,632
	4,089	United Parcel Service, Inc., Class B		619,934
				1,692,927
		TOTAL COMMON STOCKS (Cost - $89,391,651)		95,430,251
		SHORT TERM INVESTMENTS — 0.2%
		Money Market Funds — 0.2%
	205,138	First American Treasury Obligations Fund, Class X, 5.28% (b)		205,138
		TOTAL SHORT TERM INVESTMENTS (Cost - $205,138)		205,138
		TOTAL INVESTMENTS — 99.9% (Cost - $89,596,789)		95,635,389
		Other Assets in Excess of Liabilities — 0.1%		129,928
		NET ASSETS — 100.0%	$	95,765,317

See accompanying notes to financial statements.

46

Horizon Equity Premium Income Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Contracts			Notional Amount		Value
		SCHEDULE OF WRITTEN OPTIONS — (0.2)% (a)(c)
		WRITTEN CALL OPTIONS — (0.2)%
	140	S&P 500 Index
		Expiration: December 2023, Exercise Price $4,600.00	$	63,949,200	$	177,520
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $103,275)				177,520
		TOTAL OPTIONS WRITTEN (Premiums Received $103,275)			$	177,520

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Interest rate reflects seven-day yield on November 30, 2023.

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

(d) 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 $8,865,100, which is 9.26% of total net assets.

See accompanying notes to financial statements.

47

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		COMMON STOCKS — 99.2%
		Accommodation and Food Services — 0.1%
	2,799	Caesars Entertainment, Inc. (a)	$	125,171
	2,899	Veralto Corp. (a)		223,948
				349,119
		Administrative and Support and Waste Management and Remediation Services — 0.1%
	330	Fair Isaac Corp. (a)		358,908
		Advertising — 0.1%
	5,143	Interpublic Group of Cos., Inc.		158,096
	2,616	Omnicom Group, Inc.		210,928
				369,024
		Aerospace/Defense — 1.3%
	7,504	Boeing Co. (a)		1,738,152
	2,984	General Dynamics Corp.		736,959
	5,184	Howmet Aerospace, Inc.		272,678
	2,502	L3Harris Technologies, Inc.		477,407
	2,964	Lockheed Martin Corp.		1,327,190
	1,882	Northrop Grumman Corp.		894,251
	623	Teledyne Technologies, Inc. (a)		251,044
	729	TransDigm Group, Inc.		701,932
				6,399,613
		Agriculture — 0.7%
	23,476	Altria Group, Inc.		986,931
	7,087	Archer Daniels Midland Co.		522,525
	20,545	Philip Morris International, Inc.		1,918,081
				3,427,537
		Airlines — 0.2%
	1,636	Alaska Air Group, Inc. (a)		61,857
	8,629	American Airlines Group, Inc. (a)		107,258
	8,505	Delta Air Lines, Inc.		314,090
	7,857	Southwest Airlines Co.		200,903
	4,329	United Airlines Holdings, Inc. (a)		170,563
				854,671
		Apparel — 0.4%
	16,212	Nike, Inc., Class B		1,787,697
	544	Ralph Lauren Corp.,		70,383
	3,065	Tapestry, Inc.		97,068
	4,389	VF Corp.		73,428
				2,028,576
		Auto Manufacturers — 0.4%
	1,874	Cummins, Inc.		420,076

See accompanying notes to financial statements.

48

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	52,042	Ford Motor Co.	$	533,951
	18,202	General Motors Co.		575,183
	6,905	PACCAR, Inc.		634,017
				2,163,227
		Auto Parts & Equipment — 0.1%
	3,741	Aptiv PLC (a)		309,904
	3,145	BorgWarner, Inc.		105,955
				415,859
		Banks — 3.7%
	91,402	Bank of America Corp.		2,786,847
	10,298	Bank of New York Mellon Corp.		497,599
	25,474	Citigroup, Inc.		1,174,351
	6,246	Citizens Financial Group, Inc.		170,329
	1,737	Comerica, Inc.		78,547
	9,005	Fifth Third Bancorp		260,695
	4,361	Goldman Sachs Group, Inc.		1,489,456
	18,923	Huntington Bancshares, Inc.		213,073
	38,409	JPMorgan Chase & Co.		5,994,877
	12,365	KeyCorp		153,202
	2,200	M&T Bank Corp.		281,974
	16,866	Morgan Stanley		1,338,149
	2,764	Northern Trust Corp.		219,047
	5,262	PNC Financial Services Group, Inc.		704,898
	12,402	Regions Financial Corp.		206,865
	4,215	State Street Corp.		306,936
	17,559	Truist Financial Corp.		564,346
	48,385	Wells Fargo & Co.		2,157,487
	1,988	Zions Bancorp NA		70,833
				18,669,511
		Beverages — 1.5%
	2,386	Brown-Forman Corp., Class B		140,154
	51,465	Coca-Cola Co.		3,007,614
	2,134	Constellation Brands, Inc., Class A		513,206
	2,481	Molson Coors Brewing Co., Class B		152,681
	9,835	Monster Beverage Corp. (a)		542,400
	18,190	PepsiCo, Inc.		3,061,195
				7,417,250
		Biotechnology — 1.3%
	7,064	Amgen, Inc.		1,904,737
	1,912	Biogen, Inc. (a)		447,561
	282	Bio-Rad Laboratories, Inc., Class A (a)		85,987
	9,385	Corteva, Inc.		424,202
	16,486	Gilead Sciences, Inc.		1,262,828
	2,082	Illumina, Inc. (a)		212,260

See accompanying notes to financial statements.

49

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	2,458	Incyte Corp. (a)	$	133,568
	1,413	Regeneron Pharmaceuticals, Inc. (a)		1,164,044
	3,408	Vertex Pharmaceuticals, Inc. (a)		1,209,192
				6,844,379
		Building Materials — 0.4%
	11,098	Carrier Global Corp.		576,652
	8,997	Johnson Controls International PLC		475,042
	818	Martin Marietta Materials, Inc.		380,035
	2,973	Masco Corp.		180,015
	1,761	Vulcan Materials Co.		376,079
				1,987,823
		Chemicals — 0.9%
	2,929	Air Products & Chemicals, Inc.		792,441
	1,548	Albemarle Corp.		187,726
	1,316	Celanese Corp.		182,477
	2,552	CF Industries Holdings, Inc.		191,783
	9,309	Dow, Inc.		481,741
	6,072	DuPont de Nemours, Inc.		434,391
	1,588	Eastman Chemical Co.		133,122
	1,661	FMC Corp.		89,129
	3,375	International Flavors & Fragrances, Inc.		254,407
	3,355	LyondellBasell Industries NV, Class A		319,060
	4,398	Mosaic Co.		157,844
	3,101	PPG Industries, Inc.		440,311
	3,127	Sherwin-Williams Co.		871,808
				4,536,240
		Commercial Services — 1.8%
	5,449	Automatic Data Processing, Inc.		1,252,834
	1,145	Cintas Corp.		633,471
	3,356	Ecolab, Inc.		643,446
	1,620	Equifax, Inc.		352,690
	976	FleetCor Technologies, Inc. (a)		234,728
	1,043	Gartner, Inc. (a)		453,538
	3,440	Global Payments, Inc.		400,554
	496	MarketAxess Holdings, Inc.		119,100
	2,081	Moody’s Corp.		759,482
	14,504	PayPal Holdings, Inc. (a)		835,575
	1,924	Quanta Services, Inc.		362,308
	1,417	Robert Half International, Inc.		116,166
	3,064	Rollins, Inc.		124,827
	4,304	S&P Global, Inc.		1,789,732
	903	United Rentals, Inc.		429,846
	1,922	Verisk Analytics, Inc.		464,029
				8,972,326

See accompanying notes to financial statements.

50

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Computers — 8.6%
	8,335	Accenture PLC, Class A (b)	$	2,776,722
	194,147	Apple, Inc. (b)		36,878,223
	6,680	Cognizant Technology Solutions Corp., Class A		470,138
	2,714	DXC Technology Co. (a)		62,775
	8,568	Fortinet, Inc. (a)		450,334
	17,063	Hewlett Packard Enterprise Co.		288,535
	11,469	HP, Inc.		336,501
	12,046	International Business Machines Corp.		1,910,014
	1,798	Leidos Holdings, Inc.		192,961
	2,788	NetApp, Inc.		254,795
	4,233	Western Digital Corp. (a)		204,496
				43,825,494
		Cosmetics/Personal Care — 1.2%
	10,918	Colgate-Palmolive Co.		860,011
	3,067	Estee Lauder Cos., Inc., Class A		391,625
	31,152	Procter & Gamble Co.		4,782,455
				6,034,091
		Distribution/Wholesale — 0.3%
	11,488	Copart, Inc. (a)		576,927
	7,571	Fastenal Co.		454,033
	3,539	LKQ Corp.		157,592
	590	WW Grainger, Inc.		463,852
				1,652,404
		Diversified Financial Services — 3.6%
	7,690	American Express Co.		1,313,221
	1,358	Ameriprise Financial, Inc.		480,067
	1,857	BlackRock, Inc.		1,395,034
	5,062	Capital One Financial Corp.		565,223
	1,393	CBOE Global Markets, Inc.		253,791
	19,668	Charles Schwab Corp.		1,206,042
	4,760	CME Group, Inc.		1,039,394
	3,306	Discover Financial Services		307,458
	3,781	Franklin Resources, Inc.		93,769
	7,579	Intercontinental Exchange, Inc.		862,793
	5,991	Invesco, Ltd.		85,492
	11,003	MasterCard, Inc., Class A		4,553,371
	4,468	Nasdaq, Inc.		249,493
	2,486	Raymond James Financial, Inc.		261,403
	5,536	Synchrony Financial		179,145
	2,973	T. Rowe Price Group, Inc.		297,686
	21,256	Visa, Inc., Class A		5,455,990
				18,599,372

See accompanying notes to financial statements.

51

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Electric — 2.1%
	8,854	AES Corp.	$	152,377
	3,327	Alliant Energy Corp.		168,246
	3,421	Ameren Corp.		265,435
	6,798	American Electric Power Co., Inc.		540,781
	8,334	CenterPoint Energy, Inc.		235,602
	3,861	CMS Energy Corp.		219,150
	4,562	Consolidated Edison, Inc.		411,082
	11,044	Dominion Energy, Inc.		500,735
	2,735	DTE Energy Co.		284,741
	10,186	Duke Energy Corp.		939,964
	5,050	Edison International		338,300
	2,806	Entergy Corp.		284,556
	3,043	Evergy, Inc.		155,315
	4,615	Eversource Energy		274,177
	13,170	Exelon Corp.		507,177
	6,819	FirstEnergy Corp.		251,894
	26,753	NextEra Energy, Inc.		1,565,318
	3,032	NRG Energy, Inc.		145,051
	27,655	PG&E Corp. (a)		474,836
	1,481	Pinnacle West Capital Corp.		110,986
	9,696	PPL Corp.		253,260
	6,601	Public Service Enterprise Group, Inc.		412,100
	8,318	Sempra Energy		606,133
	14,407	Southern Co.		1,022,609
	4,172	WEC Energy Group, Inc.		348,863
	7,240	Xcel Energy, Inc.		440,482
				10,909,170
		Electrical Components & Equipment — 0.2%
	3,046	AMETEK, Inc.		472,830
	7,574	Emerson Electric Co.		673,329
				1,146,159
		Electronics — 1.2%
	3,924	Agilent Technologies, Inc.		501,487
	1,172	Allegion PLC		124,338
	7,876	Amphenol Corp., Class A		716,637
	4,681	Fortive Corp.		322,895
	2,035	Garmin, Ltd. (d)		248,758
	8,777	Honeywell International, Inc. (b)		1,719,590
	2,374	Keysight Technologies, Inc. (a)		322,603
	291	Mettler-Toledo International, Inc. (a)		317,752
	1,643	PerkinElmer, Inc.		146,063
	1,402	Roper Technologies, Inc.		754,627
	4,153	TE Connectivity, Ltd.		544,043

See accompanying notes to financial statements.

52

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	789	Waters Corp. (a)	$	221,401
				5,940,194
		Entertainment — 0.0% (c)
	1,874	Live Nation Entertainment, Inc. (a)		157,828
		Environmental Control — 0.3%
	2,169	Pentair PLC		139,987
	2,709	Republic Services, Inc.		438,425
	4,876	Waste Management, Inc.		833,747
				1,412,159
		Finance and Insurance — 0.5%
	4,896	Arch Capital Group Ltd. (a)		409,746
	9,383	Blackstone, Inc.		1,054,368
	3,114	Brown & Brown, Inc.		232,741
	20,578	US Bancorp		784,433
				2,481,288
		Food — 0.9%
	2,603	Campbell Soup Co.		104,589
	6,274	Conagra Brands, Inc.		177,491
	7,739	General Mills, Inc.		492,665
	1,981	Hershey Co.		372,270
	3,818	Hormel Foods Corp.		116,793
	1,351	J.M. Smucker Co.		148,245
	3,486	Kellogg Co.		183,154
	10,500	Kraft Heinz Co.		368,655
	8,623	Kroger Co.		381,740
	1,894	Lamb Weston Holdings, Inc.		189,457
	3,317	McCormick & Co., Inc.		215,041
	17,979	Mondelez International, Inc., Class A		1,277,588
	6,681	Sysco Corp.		482,168
	3,785	Tyson Foods, Inc., Class A		177,289
				4,687,145
		Forest Products & Paper — 0.0% (c)
	4,610	International Paper Co.		170,293
		Gas — 0.1%
	1,963	Atmos Energy Corp.		223,409
	5,332	NiSource, Inc.		136,713
				360,122
		Hand/Machine Tools — 0.1%
	705	Snap-on, Inc.		193,656
	2,033	Stanley Black & Decker, Inc.		184,800
				378,456

See accompanying notes to financial statements.

53

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Health Care and Social Assistance — 0.1%
	767	Molina Healthcare, Inc. (a)	$	280,385
		Healthcare Products — 3.0%
	22,956	Abbott Laboratories		2,394,081
	945	Align Technology, Inc. (a)		202,041
	6,689	Baxter International, Inc.		241,339
	19,360	Boston Scientific Corp. (a)		1,082,030
	655	Cooper Cos., Inc.		220,683
	8,698	Danaher Corp. (b)		1,942,350
	2,855	Dentsply Sirona, Inc.		90,646
	8,044	Edwards Lifesciences Corp. (a)		544,659
	3,242	Hologic, Inc. (a)		231,155
	1,097	IDEXX Laboratories, Inc. (a)		511,005
	4,644	Intuitive Surgical, Inc. (a)		1,443,541
	17,620	Medtronic PLC		1,396,737
	1,939	ResMed, Inc.		305,838
	1,312	STERIS PLC		263,633
	4,469	Stryker Corp.		1,324,299
	621	Teleflex, Inc.		140,154
	5,107	Thermo Fisher Scientific, Inc. (b)		2,531,846
	981	West Pharmaceutical Services, Inc.		344,096
	2,777	Zimmer Biomet Holdings, Inc.		322,993
				15,533,126
		Healthcare Services — 2.2%
	3,111	Elevance Health, Inc. (b)		1,491,693
	7,155	Centene Corp. (a)		527,180
	712	DaVita, Inc. (a)		72,240
	2,664	HCA Healthcare, Inc.		667,279
	1,644	Humana, Inc.		797,110
	2,423	IQVIA Holdings, Inc. (a)		518,764
	1,173	Laboratory Corp. of America Holdings		254,435
	1,472	Quest Diagnostics, Inc.		202,003
	12,264	UnitedHealth Group, Inc.		6,781,624
	823	Universal Health Services, Inc., Class B		113,146
				11,425,474
		Home Builders — 0.3%
	4,035	DR Horton, Inc.		515,148
	3,340	Lennar Corp., Class A		427,253
	40	NVR, Inc. (a)		246,216
	2,902	PulteGroup, Inc.		256,595
				1,445,212
		Home Furnishings — 0.0% (c)
	717	Whirlpool Corp.		78,081

See accompanying notes to financial statements.

54

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Household Products/Wares — 0.3%
	1,066	Avery Dennison Corp.	$	207,337
	3,233	Church & Dwight Co., Inc.		312,405
	1,638	Clorox Co.		234,807
	4,474	Kimberly-Clark Corp.		553,568
				1,308,117
		Information — 0.4%
	5,639	Airbnb, Inc., Class A (a)		712,431
	2,019	Ceridian HCM Holding, Inc. (a)		139,109
	5,365	CoStar Group, Inc. (a)		445,510
	508	FactSet Research Systems, Inc.		230,358
	1,571	PTC, Inc. (a)		247,213
	29,310	Warner Bros Discovery, Inc. (a)		306,289
				2,080,910
		Insurance — 3.8%
	7,149	Aflac, Inc.		591,294
	3,461	Allstate Corp.		477,168
	9,421	American International Group, Inc.		619,996
	2,684	Aon PLC, Class A		881,667
	2,842	Arthur J Gallagher & Co.		707,658
	703	Assurant, Inc.		118,118
	24,122	Berkshire Hathaway, Inc., Class B (a)		8,683,920
	5,427	Chubb Ltd.		1,245,117
	2,076	Cincinnati Financial Corp.		213,392
	570	Everest Re Group Ltd.		234,013
	1,152	Globe Life, Inc.		141,846
	4,048	Hartford Financial Services Group, Inc.		316,392
	2,447	Loews Corp.		172,000
	6,542	Marsh & McLennan Cos., Inc.		1,304,606
	8,351	MetLife, Inc.		531,374
	2,941	Principal Financial Group, Inc.		217,134
	7,743	Progressive Corp.		1,270,084
	4,802	Prudential Financial, Inc.		469,540
	3,029	Travelers Cos., Inc.		547,098
	1,387	Willis Towers Watson PLC		341,618
	2,690	WR Berkley Corp.		195,159
				19,279,194
		Internet — 8.5%
	78,433	Alphabet, Inc., Class A (a)(b)		10,394,726
	120,014	Amazon.com, Inc. (a)(b)		17,532,845
	473	Booking Holdings, Inc. (a)(b)		1,478,456
	1,774	CDW Corp.		374,101
	7,035	eBay, Inc.		288,505
	1,822	Expedia Group, Inc. (a)		248,120

See accompanying notes to financial statements.

55

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	784	F5 Networks, Inc. (a)	$	134,213
	29,385	Meta Platforms, Inc., Class A (a)		9,613,303
	7,443	Gen Digital, Inc.		164,341
	5,855	Netflix, Inc. (a)(b)		2,775,094
	1,188	VeriSign, Inc. (a)		252,094
				43,255,798
		Iron/Steel — 0.1%
	3,293	Nucor Corp.		559,711
		Leisure Time — 0.1%
	13,274	Carnival Corp. (a)		199,907
	5,467	Norwegian Cruise Line Holdings Ltd. (a)		83,481
	3,116	Royal Caribbean Cruises Ltd. (a)		334,845
				618,233
		Lodging — 0.3%
	3,461	Hilton Worldwide Holdings, Inc.		579,787
	4,336	Las Vegas Sands Corp.		199,976
	3,318	Marriott International, Inc., Class A		672,559
	3,712	MGM Resorts International		146,401
	1,282	Wynn Resorts Ltd.		108,226
				1,706,949
		Machinery - Construction & Mining — 0.3%
	6,743	Caterpillar, Inc. (b)		1,690,605
		Machinery - Diversified — 0.7%
	3,608	Deere & Co.		1,314,791
	1,856	Dover Corp.		261,993
	994	IDEX Corp.		200,470
	5,367	Ingersoll Rand, Inc.		383,365
	5,446	Otis Worldwide Corp.		467,212
	1,515	Rockwell Automation, Inc.		417,292
	2,370	Wabtec Corp.		276,247
	3,156	Xylem, Inc.		331,790
				3,653,160
		Manufacturing — 5.7%
	66,717	Alphabet, Inc., Class C (a)(b)		8,934,741
	933	Axon Enterprise, Inc. (a)		214,469
	2,085	Bio-Techne Corp.		131,147
	1,990	Bunge Global SA		218,641
	2,387	Catalent, Inc. (a)		92,735
	1,802	Enphase Energy, Inc. (a)		182,038
	5,186	GE HealthCare Technologies, Inc.		355,034
	824	Generac Holdings, Inc. (a)		96,466
	14,403	General Electric Co. (b)		1,754,285

See accompanying notes to financial statements.

56

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	922	Insulet Corp. (a)	$	174,341
	22,806	Kenvue, Inc.		466,155
	13,309	Keurig Dr Pepper, Inc.		420,165
	6,451	Linde PLC (b)		2,669,230
	4,372	Moderna, Inc. (a)		339,704
	632	Monolithic Power Systems, Inc.		346,791
	711	Nordson Corp.		167,327
	3,411	NXP Semiconductors NV		696,117
	5,716	ON Semiconductor Corp. (a)		407,722
	3,329	Organon & Co.		37,684
	19,249	Raytheon Technologies Corp.		1,568,409
	2,573	Seagate Technology Holdings PLC		203,524
	740	SolarEdge Technologies, Inc. (a)		58,741
	2,061	Steel Dynamics, Inc.		245,527
	2,038	Teradyne, Inc.		187,965
	36,527	Tesla, Inc. (a)(b)		8,769,402
	3,285	Trimble, Inc. (a)		152,424
	872	WK Kellogg Co. (a)		9,766
				28,900,550
		Media — 1.1%
	1,347	Charter Communications, Inc., Class A (a)		538,975
	54,424	Comcast Corp., Class A		2,279,821
	3,357	Fox Corp., Class A		99,166
	1,747	Fox Corp., Class B		48,322
	5,038	News Corp., Class A		111,037
	1,614	News Corp., Class B		37,187
	6,378	Paramount Global, Class B (d)		91,652
	24,217	Walt Disney Co. (a)		2,244,674
				5,450,834
		Mining — 0.2%
	18,915	Freeport-McMoRan, Inc.		705,908
	10,515	Newmont Goldcorp Corp.		422,598
				1,128,506
		Mining, Quarrying, and Oil and Gas Extraction — 0.1%
	4,096	APA Corp.		147,456
	2,980	Targa Resources Corp.		269,541
				416,997
		Miscellaneous Manufacturing — 0.9%
	7,319	3M Co.		725,093
	1,649	AO Smith Corp.		124,269
	5,274	Eaton Corp PLC		1,200,837
	3,646	Illinois Tool Works, Inc.		883,098
	1,701	Parker-Hannifin Corp.		736,839
	2,621	Textron, Inc.		200,926

See accompanying notes to financial statements.

57

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	3,023	Trane Technologies PLC	$	681,414
				4,552,476
		Office/Business Equipment — 0.0% (c)
	683	Zebra Technologies Corp., Class A (a)		161,857
		Oil & Gas — 3.3%
	10,062	Cabot Oil & Gas Corp.		264,127
	23,488	Chevron Corp.		3,372,877
	15,844	ConocoPhillips (b)		1,831,091
	8,510	Devon Energy Corp.		382,695
	2,366	Diamondback Energy, Inc.		365,334
	7,693	EOG Resources, Inc.		946,778
	4,815	EQT Corp.		192,407
	52,965	Exxon Mobil Corp.		5,441,624
	3,663	Hess Corp.		514,871
	8,014	Marathon Oil Corp.		203,796
	5,294	Marathon Petroleum Corp.		789,812
	8,790	Occidental Petroleum Corp.		519,929
	5,893	Phillips 66		759,549
	3,085	Pioneer Natural Resources Co.		714,609
	4,674	Valero Energy Corp.		585,933
				16,885,432
		Oil & Gas Services — 0.4%
	13,250	Baker Hughes & GE Co.		447,188
	11,883	Halliburton Co.		440,027
	18,818	Schlumberger, Ltd.		979,289
				1,866,504
		Packaging & Containers — 0.1%
	19,460	Amcor PLC		184,481
	4,146	Ball Corp.		229,232
	1,194	Packaging Corp of America		200,604
	1,959	Sealed Air Corp.		65,391
	3,357	Westrock Co.		138,208
				817,916
		Pharmaceuticals — 5.5%
	23,344	AbbVie, Inc. (b)		3,323,952
	495	ABIOMED, Inc. (a)(e)		—
	2,204	AmerisourceBergen Corp.		448,227
	3,837	Becton Dickinson & Co.		906,223
	27,631	Bristol-Myers Squibb Co. (b)		1,364,419
	3,369	Cardinal Health, Inc.		360,753
	3,916	Cigna Corp.		1,029,438
	16,997	CVS Health Corp.		1,154,946
	5,116	DexCom, Inc. (a)		591,000

See accompanying notes to financial statements.

58

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	10,545	Eli Lilly & Co. (b)	$	6,232,517
	1,729	Henry Schein, Inc. (a)		115,376
	31,837	Johnson & Johnson		4,923,910
	1,784	McKesson Corp.		839,479
	33,539	Merck & Co., Inc.		3,437,077
	74,678	Pfizer, Inc.		2,275,439
	16,073	Viatris, Inc.		147,550
	6,088	Zoetis, Inc.		1,075,567
				28,225,873
		Pipelines — 0.3%
	25,628	Kinder Morgan, Inc.		450,284
	5,915	ONEOK, Inc.		407,248
	16,073	Williams Cos., Inc.		591,325
				1,448,857
		Professional, Scientific, and Technical Services — 0.4%
	674	Charles River Laboratories International, Inc. (a)		132,832
	757	EPAM Systems, Inc. (a)		195,450
	1,666	Jacobs Solutions, Inc.		211,882
	3,711	Match Group, Inc. (a)		120,162
	4,044	Palo Alto Networks, Inc. (a)		1,193,344
				1,853,670
		Real Estate — 0.1%
	4,097	CBRE Group, Inc., Class A (a)		323,499
		Real Estate Investment Trusts — 2.3%
	2,061	Alexandria Real Estate Equities, Inc.		225,474
	6,162	American Tower Corp.		1,286,502
	1,851	AvalonBay Communities, Inc.		320,112
	967	Federal Realty OP LP		92,435
	1,855	Boston Properties, Inc.		105,605
	1,413	Camden Property Trust		127,537
	5,719	Crown Castle International Corp.		670,724
	4,004	Digital Realty Trust, Inc.		555,675
	1,239	Equinix, Inc.		1,009,797
	4,514	Equity Residential		256,576
	848	Essex Property Trust, Inc.		181,014
	2,801	Extra Space Storage, Inc.		364,606
	7,239	Healthpeak Properties, Inc.		125,380
	9,472	Host Hotels & Resorts, Inc.		165,476
	7,644	Invitation Homes, Inc.		255,004
	3,854	Iron Mountain, Inc.		247,234
	8,081	Kimco Realty Corp.		156,125
	1,531	Mid-America Apartment Communities, Inc.		190,579
	12,209	Prologis, Inc.		1,403,180

See accompanying notes to financial statements.

59

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	2,093	Public Storage	$	541,585
	9,373	Realty Income Corp.		505,767
	2,173	Regency Centers Corp.		136,421
	1,430	SBA Communications Corp.		353,153
	4,334	Simon Property Group, Inc.		541,273
	4,046	UDR, Inc.		135,136
	5,303	Ventas, Inc.		243,090
	13,302	VICI Properties, Inc.		397,597
	6,841	Welltower, Inc.		609,533
	9,662	Weyerhaeuser Co.		302,904
				11,505,494
		Retail — 4.8%
	242	AutoZone, Inc. (a)		631,603
	2,570	Best Buy Co., Inc.		182,316
	2,094	CarMax, Inc. (a)		133,890
	365	Chipotle Mexican Grill, Inc. (a)		803,821
	5,863	Costco Wholesale Corp. (b)		3,475,235
	1,599	Darden Restaurants, Inc.		250,196
	2,908	Dollar General Corp.		381,297
	2,754	Dollar Tree, Inc. (a)		340,367
	465	Domino’s Pizza, Inc.		182,694
	1,873	Genuine Parts Co.		248,697
	13,278	Home Depot, Inc.		4,162,520
	7,745	Lowe’s Cos., Inc. (b)		1,539,938
	9,637	McDonald’s Corp.		2,716,092
	800	O’Reilly Automotive, Inc. (a)		785,904
	4,506	Ross Stores, Inc.		587,492
	15,156	Starbucks Corp.		1,504,991
	6,080	Target Corp.		813,565
	15,190	TJX Cos., Inc.		1,338,391
	1,439	Tractor Supply Co. (d)		292,131
	660	Ulta Beauty, Inc. (a)		281,153
	9,491	Walgreens Boots Alliance, Inc.		189,251
	18,865	Walmart, Inc.		2,937,092
	3,706	Yum! Brands, Inc.		465,288
				24,243,924
		Retail Trade — 0.0% (c)
	3,007	Bath & Body Works, Inc.		98,089
	1,630	Etsy, Inc. (a)		123,570
				221,659
		Semiconductors — 7.1%
	21,330	Advanced Micro Devices, Inc. (a)(b)		2,584,343
	6,632	Analog Devices, Inc.		1,216,176
	11,101	Applied Materials, Inc. (b)		1,662,708

See accompanying notes to financial statements.

60

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	5,459	Broadcom, Inc. (b)	$	5,053,560
	55,348	Intel Corp.		2,474,055
	1,808	KLA Corp.		984,673
	1,765	Lam Research Corp.		1,263,599
	7,199	Microchip Technology, Inc.		600,684
	14,465	Micron Technology, Inc.		1,101,076
	32,596	NVIDIA Corp.		15,245,149
	1,291	Qorvo, Inc. (a)		124,581
	14,772	QUALCOMM, Inc. (b)		1,906,327
	2,115	Skyworks Solutions, Inc.		205,007
	12,008	Texas Instruments, Inc. (b)		1,833,742
				36,255,680
		Shipbuilding — 0.0% (c)
	524	Huntington Ingalls Industries, Inc.		124,198
		Software — 11.4%
	6,024	Adobe, Inc. (a)		3,680,724
	2,020	Akamai Technologies, Inc. (a)		233,371
	1,150	ANSYS, Inc. (a)		337,364
	2,831	Autodesk, Inc. (a)		618,375
	1,556	Broadridge Financial Solutions, Inc.		301,584
	3,593	Cadence Design Systems, Inc. (a)		981,859
	3,261	Electronic Arts, Inc.		450,051
	7,852	Fidelity National Information Services, Inc.		460,441
	8,053	Fiserv, Inc. (a)		1,051,802
	3,708	Intuit, Inc. (b)		2,118,974
	964	Jack Henry & Associates, Inc.		152,977
	98,251	Microsoft Corp. (b)		37,228,287
	1,047	MSCI, Inc.		545,330
	20,840	Oracle Corp.		2,421,816
	4,246	Paychex, Inc.		517,885
	644	Paycom Software, Inc.		116,989
	12,871	salesforce.com, Inc. (a)		3,242,205
	2,699	ServiceNow, Inc. (a)		1,850,812
	2,013	Synopsys, Inc. (a)		1,093,522
	2,102	Take-Two Interactive Software, Inc. (a)		332,536
	552	Tyler Technologies, Inc. (a)		225,680
				57,962,584
		Telecommunications — 1.8%
	3,316	Arista Networks, Inc. (a)		728,558
	94,493	AT&T, Inc.		1,565,749
	53,901	Cisco Systems, Inc.		2,607,730
	10,083	Corning, Inc.		287,265
	4,247	Juniper Networks, Inc.		120,827

See accompanying notes to financial statements.

61

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	2,215	Motorola Solutions, Inc.	$	715,157
	6,846	T-Mobile US, Inc. (a)		1,029,981
	55,541	Verizon Communications, Inc.		2,128,887
				9,184,154
		Textiles — 0.0% (c)
	677	Mohawk Industries, Inc. (a)		59,786
		Toys/Games/Hobbies — 0.0% (c)
	1,681	Hasbro, Inc.		78,015
		Transportation — 1.3%
	1,557	CH Robinson Worldwide, Inc.		127,752
	26,517	CSX Corp.		856,499
	1,957	Expeditors International of Washington, Inc.		235,505
	3,064	FedEx Corp.		793,055
	1,080	JB Hunt Transport Services, Inc.		200,092
	3,004	Norfolk Southern Corp.		655,353
	1,192	Old Dominion Freight Line, Inc.		463,759
	8,057	Union Pacific Corp. (b)		1,815,000
	9,567	United Parcel Service, Inc., Class B (b)		1,450,453
				6,597,468
		Utilities — 0.1%
	4,252	Constellation Energy Corp.		514,662
	1,410	First Solar, Inc. (a)		222,470
				737,132
		Water — 0.1%
	2,558	American Water Works Co., Inc.		337,247
		Wholesale Trade — 0.0% (c)
	516	Pool Corp.		179,217
		TOTAL COMMON STOCKS (Cost - $425,165,704)		504,982,722

See accompanying notes to financial statements.

62

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Contracts			Notional Amount		Value
		PURCHASED OPTIONS — 0.7% (a)(f)
		PURCHASED PUT OPTIONS — 0.7%
		S&P 500 Index (g)
	370	Expiration: December 2023, Exercise Price: $4,500.00	$	169,008,600	$	640,100
	375	Expiration: January 2024, Exercise Price: $4,300.00		171,292,500		600,000
	375	Expiration: February 2024, Exercise Price: $4,475.00		171,292,500		2,146,875
		TOTAL PURCHASED OPTIONS (Cost - $10,403,589)				3,386,975
Shares
		SHORT TERM INVESTMENTS — 1.1%
		Money Market Funds — 1.1%
	5,954,376	First American Treasury Obligations Fund, Class X, 5.28% (h)				5,954,376
		TOTAL SHORT TERM INVESTMENTS (Cost - $5,954,376)				5,954,376
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.1%
	344,432	First American Government Obligations Fund, Class X, 5.21% (h)				344,432
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $344,432)				344,432
		TOTAL INVESTMENTS — 101.1% (Cost - $441,868,101)				514,668,505
		Liabilities in Excess of Other Assets — (1.1)%				(5,709,174	)
		NET ASSETS — 100.0%			$	508,959,331

Contracts			Notional Amount
		SCHEDULE OF WRITTEN OPTIONS - (1.4)% (a)(f)
		WRITTEN CALL OPTIONS - (1.2)%
		S&P 500 Index
	375	Expiration: January 2024, Exercise Price $4,550.00	$	171,292,500	3,838,125
	375	Expiration: February 2024, Exercise Price $4,700.00		171,292,500	2,085,000
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $3,777,881)			5,923,125

See accompanying notes to financial statements.

63

Horizon Defined Risk Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Contracts			Notional Amount		Value
		WRITTEN PUT OPTIONS - (0.2)%
		S&P 500 Index
	370	Expiration: December 2023, Exercise Price $4,175.00	$	169,008,600	$	62,900
	375	Expiration: January 2024, Exercise Price $3,975.00		171,292,500		195,000
	375	Expiration: February 2024, Exercise Price $4,200.00		171,292,500		806,250
		TOTAL WRITTEN PUT OPTIONS (Premiums Received $4,055,471)				1,064,150
		TOTAL OPTIONS WRITTEN (Premiums Received $7,833,352)			$	6,987,275

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 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 $39,349,039, which is 7.7% of total net assets.

(c) Rounds to less than 0.1%.

(d) All or a portion of this security is out on loan as of November 30, 2023.

(e) Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

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

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

(h) Interest rate reflects seven-day yield on November 30, 2023.

See accompanying notes to financial statements.

64

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		COMMON STOCKS — 98.7%
		Aerospace/Defense — 0.2%
	1,157	Teledyne Technologies, Inc. (a)	$	466,225
		Agriculture — 1.2%
	34,320	Altria Group, Inc.		1,442,813
	18,785	Philip Morris International, Inc.		1,753,767
				3,196,580
		Airlines — 0.2%
	10,271	Delta Air Lines, Inc.		379,308
	7,072	United Airlines Holdings, Inc. (a)		278,637
				657,945
		Auto Manufacturers — 0.6%
	8,861	General Motors Co.		280,008
	15,061	PACCAR, Inc.		1,382,901
				1,662,909
		Auto Parts & Equipment — 0.1%
	7,729	BorgWarner, Inc.		260,390
		Banks — 2.3%
	21,321	Bank of New York Mellon Corp.		1,030,231
	6,012	Comerica, Inc.		271,863
	12,908	Fifth Third Bancorp		373,687
	22,206	JPMorgan Chase & Co.		3,465,912
	24,121	KeyCorp		298,859
	14,866	Truist Financial Corp.		477,793
	7,576	Zions Bancorp NA		269,933
				6,188,278
		Beverages — 0.3%
	4,301	Molson Coors Brewing Co., Class B		264,684
	9,255	Monster Beverage Corp. (a)		510,413
				775,097
		Biotechnology — 3.2%
	12,287	Amgen, Inc.		3,313,067
	1,030	Biogen, Inc. (a)		241,102
	27,637	Gilead Sciences, Inc.		2,116,994
	1,321	Regeneron Pharmaceuticals, Inc. (a)		1,088,253
	4,996	Vertex Pharmaceuticals, Inc. (a)		1,772,631
				8,532,047
		Building Materials — 0.4%
	1,166	Martin Marietta Materials, Inc.		541,712
	7,481	Masco Corp.		452,974
				994,686

See accompanying notes to financial statements.

65

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Chemicals — 0.1%
	5,845	CF Industries Holdings, Inc.	$	439,252
		Commercial Services — 2.1%
	1,999	Cintas Corp.		1,105,947
	3,180	Ecolab, Inc.		609,701
	2,359	FleetCor Technologies, Inc. (a)		567,340
	2,247	Gartner, Inc. (a)		977,086
	1,980	Moody’s Corp.		722,621
	1,428	S&P Global, Inc.		593,805
	2,167	United Rentals, Inc.		1,031,535
				5,608,035
		Computers — 2.8%
	8,120	Accenture PLC, Class A		2,705,097
	25,449	International Business Machines Corp.		4,035,193
	9,362	NetApp, Inc.		855,593
				7,595,883
		Cosmetics/Personal Care — 1.9%
	10,114	Colgate-Palmolive Co.		796,680
	27,976	Procter & Gamble Co.		4,294,875
				5,091,555
		Distribution/Wholesale — 1.0%
	12,404	Copart, Inc. (a)		622,929
	13,164	Fastenal Co.		789,445
	1,459	WW Grainger, Inc.		1,147,051
				2,559,425
		Diversified Financial Services — 4.9%
	9,490	American Express Co.		1,620,607
	7,112	Capital One Financial Corp.		794,126
	3,051	CBOE Global Markets, Inc.		555,862
	39,979	Visa, Inc.		10,261,810
				13,232,405
		Electric — 1.1%
	4,127	Ameren Corp.		320,214
	3,745	Consolidated Edison, Inc.		337,462
	5,024	Evergy, Inc.		256,425
	8,467	Exelon Corp.		326,064
	3,503	Pinnacle West Capital Corp.		262,515
	10,150	PPL Corp.		265,118
	12,434	Public Service Enterprise Group, Inc.		776,255
	5,692	Xcel Energy, Inc.		346,301
				2,890,354

See accompanying notes to financial statements.

66

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Electrical Components & Equipment — 0.2%
	5,363	Emerson Electric Co.	$	476,771
		Environmental Control — 0.5%
	8,261	Republic Services, Inc.		1,336,960
		Finance and Insurance — 0.6%
	12,175	Arch Capital Group Ltd. (a)		1,018,926
	8,441	Brown & Brown, Inc.		630,880
				1,649,806
		Food — 0.6%
	6,292	Campbell Soup Co.		252,813
	8,941	Kraft Heinz Co.		313,918
	14,749	Kroger Co.		652,938
	5,535	Sysco Corp.		399,461
				1,619,130
		Forest Products & Paper — 0.1%
	10,475	International Paper Co.		386,946
		Gas — 0.1%
	3,423	Atmos Energy Corp.		389,572
		Hand/Machine Tools — 0.2%
	1,976	Snap-on, Inc.		542,787
		Health Care and Social Assistance — 0.3%
	2,019	Molina Healthcare, Inc. (a)		738,066
		Healthcare Services — 6.0%
	2,676	Anthem, Inc.		1,283,115
	8,035	Centene Corp. (a)		592,019
	3,262	DaVita, Inc. (a)		330,962
	2,406	Humana, Inc.		1,166,573
	22,844	UnitedHealth Group, Inc.		12,632,047
	1,985	Universal Health Services, Inc., Class B		272,898
				16,277,614
		Home Builders — 1.2%
	7,921	DR Horton, Inc.		1,011,274
	8,222	Lennar Corp., Class A		1,051,758
	100	NVR, Inc. (a)		615,539
	7,833	PulteGroup, Inc.		692,594
				3,371,165
		Household Products/Wares — 0.2%
	4,936	Kimberly-Clark Corp.		610,731

See accompanying notes to financial statements.

67

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Information — 0.3%
	3,357	CoStar Group, Inc. (a)	$	278,765
	1,087	FactSet Research Systems, Inc.		492,911
				771,676
		Insurance — 6.9%
	2,393	Assurant, Inc.		402,072
	37,293	Berkshire Hathaway, Inc., Class B (a)		13,425,480
	1,536	Everest Re Group Ltd.		630,605
	10,147	Hartford Financial Services Group, Inc.		793,089
	7,923	Loews Corp.		556,908
	16,572	Progressive Corp.		2,718,305
				18,526,459
		Internet — 11.2%
	99,313	Alphabet, Inc., Class A (a)(c)		13,161,952
	610	Booking Holdings, Inc. (a)		1,906,677
	11,843	eBay, Inc.		485,681
	4,836	Expedia Group, Inc. (a)		658,567
	3,381	F5 Networks, Inc. (a)		578,793
	40,766	Meta Platforms, Inc., Class A (a)		13,336,597
				30,128,267
		Iron/Steel — 0.2%
	3,539	Nucor Corp.		601,524
		Leisure Time — 0.3%
	7,465	Royal Caribbean Cruises Ltd. (a)		802,189
		Lodging — 0.3%
	5,297	Hilton Worldwide Holdings, Inc.		887,353
		Machinery - Construction & Mining — 0.9%
	9,920	Caterpillar, Inc.		2,487,142
		Manufacturing — 1.8%
	3,158	Bunge Global SA		346,970
	22,613	General Electric Co.		2,754,263
	1,107	Hubbell, Inc.		332,100
	2,019	Linde PLC		835,402
	4,524	Steel Dynamics, Inc.		538,944
				4,807,679
		Media — 2.3%
	3,521	Charter Communications, Inc., Class A (a)		1,408,858
	103,672	Comcast Corp., Class A		4,342,820
	11,707	Fox Corp., Class A		345,825
				6,097,503

See accompanying notes to financial statements.

68

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Miscellaneous Manufacturing — 1.3%
	3,555	Eaton Corp PLC	$	809,438
	3,298	Parker-Hannifin Corp.		1,428,628
	4,825	Textron, Inc.		369,884
	4,156	Trane Technologies PLC		936,804
				3,544,754
		Oil & Gas — 3.2%
	22,542	Cabot Oil & Gas Corp.		591,727
	18,380	ConocoPhillips		2,124,177
	3,663	Diamondback Energy, Inc.		565,604
	8,485	EOG Resources, Inc.		1,044,249
	10,350	Marathon Petroleum Corp.		1,544,117
	12,205	Phillips 66		1,573,102
	8,892	Valero Energy Corp.		1,114,701
				8,557,677
		Packaging & Containers — 0.2%
	3,090	Packaging Corp of America		519,151
		Pharmaceuticals — 6.1%
	16,092	AbbVie, Inc.		2,291,340
	5,592	AmerisourceBergen Corp.		1,137,245
	6,990	Cardinal Health, Inc.		748,489
	7,575	Cigna Corp.		1,991,316
	14,357	Eli Lilly & Co.		8,485,561
	3,008	McKesson Corp.		1,415,445
	27,987	Viatris, Inc.		256,921
				16,326,317
		Professional, Scientific, and Technical Services — 0.3%
	1,418	Charles River Laboratories International, Inc. (a)		279,459
	3,209	Jacobs Solutions, Inc.		408,121
				687,580
		Real Estate Investment Trusts — 1.2%
	1,665	AvalonBay Communities, Inc.		287,945
	2,748	Federal Realty OP LP		262,681
	21,460	Host Hotels & Resorts, Inc.		374,906
	13,925	Kimco Realty Corp.		269,031
	2,119	Mid-America Apartment Communities, Inc.		263,773
	5,187	Realty Income Corp.		279,891
	6,048	Simon Property Group, Inc.		755,335
	8,901	VICI Properties, Inc.		266,051
	4,625	Welltower, Inc.		412,087
				3,171,700

See accompanying notes to financial statements.

69

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Retail — 7.6%
	426	Chipotle Mexican Grill, Inc. (a)	$	938,159
	1,963	Darden Restaurants, Inc.		307,151
	12,457	Home Depot, Inc.		3,905,145
	1,399	O’Reilly Automotive, Inc. (a)		1,374,350
	7,961	Ross Stores, Inc.		1,037,955
	27,677	TJX Cos., Inc.		2,438,620
	767	Ulta Beauty, Inc. (a)		326,734
	64,544	Walmart, Inc.		10,048,855
				20,376,969
		Semiconductors — 8.6%
	3,513	Analog Devices, Inc.		644,214
	17,801	Applied Materials, Inc.		2,666,234
	7,489	Broadcom, Inc.		6,932,792
	13,376	Microchip Technology, Inc.		1,116,094
	20,239	NVIDIA Corp.		9,465,780
	14,161	QUALCOMM, Inc.		1,827,477
	4,840	Skyworks Solutions, Inc.		469,141
				23,121,732
		Shipbuilding — 0.1%
	1,307	Huntington Ingalls Industries, Inc.		309,785
		Software — 8.6%
	6,667	Adobe, Inc. (a)		4,073,604
	5,991	Akamai Technologies, Inc. (a)		692,140
	3,581	Broadridge Financial Solutions, Inc.		694,069
	4,811	Cadence Design Systems, Inc. (a)		1,314,702
	10,988	Fiserv, Inc. (a)		1,435,143
	36,269	Microsoft Corp.		13,742,687
	2,052	Synopsys, Inc. (a)		1,114,708
				23,067,053
		Telecommunications — 4.0%
	5,384	Arista Networks, Inc. (a)		1,182,919
	113,905	Cisco Systems, Inc.		5,510,724
	17,517	Juniper Networks, Inc.		498,359
	23,468	T-Mobile US, Inc. (a)		3,530,760
				10,722,762
		Transportation — 0.9%
	27,813	CSX Corp.		898,360
	3,921	Expeditors International of Washington, Inc.		471,853
	4,469	FedEx Corp.		1,156,711
				2,526,924
		TOTAL COMMON STOCKS (Cost - $249,238,846)		265,592,810

See accompanying notes to financial statements.

70

Horizon Multi-Factor U.S. Equity Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		SHORT TERM INVESTMENTS — 1.0%
		Money Market Funds — 1.0%
	2,623,939	First American Treasury Obligations Fund, Class X, 5.28% (b)	$	2,623,939
		TOTAL SHORT TERM INVESTMENTS (Cost - $2,623,939)		2,623,939
		TOTAL INVESTMENTS — 99.7% (Cost - $251,862,785)		268,216,749
		Other Assets in Excess of Liabilities — 0.3%		827,242
		NET ASSETS — 100.0%	$	269,043,991

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Interest rate reflects seven-day yield on November 30, 2023.

(c) All or a portion of the security is segregated as collateral at the broker on November 30, 2023. The value of the securities segregated as collateral is $2,650,600, which is 0.98% of total net assets.

See accompanying notes to financial statements.

71

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		COMMON STOCKS — 99.6%
		Accommodation and Food Services — 0.0% (a)
	463	Vail Resorts, Inc.	$	100,615
		Administrative and Support and Waste Management and Remediation Services — 0.2%
	286	Fair Isaac Corp. (b)		311,054
	2,218	TransUnion		130,241
				441,295
		Advertising — 0.1%
	4,429	Interpublic Group of Cos., Inc.		136,147
	2,290	Omnicom Group, Inc.		184,643
				320,790
		Aerospace/Defense — 0.2%
	2,173	L3Harris Technologies, Inc.		414,630
		Airlines — 0.0% (a)
	1,845	Delta Air Lines, Inc.		68,136
		Apparel — 0.7%
	14,147	NIKE, Inc., Class B		1,559,990
	3,788	VF Corp.		63,373
				1,623,363
		Auto Manufacturers — 0.2%
	1,625	Cummins, Inc.		364,260
		Auto Parts & Equipment — 0.2%
	3,248	Aptiv PLC (b)		269,064
	2,692	BorgWarner, Inc.		90,694
				359,758
		Banks — 1.5%
	8,942	Bank of New York Mellon Corp.		432,077
	5,552	Citizens Financial Group, Inc.		151,403
	16,545	Huntington Bancshares, Inc.		186,297
	14,379	Morgan Stanley		1,140,830
	2,390	Northern Trust Corp.		189,407
	4,577	PNC Financial Services Group, Inc.		613,135
	10,769	Regions Financial Corp.		179,627
	3,836	State Street Corp.		279,338
	15,283	Truist Financial Corp.		491,196
				3,663,310
		Beverages — 2.3%
	47,163	Coca-Cola Co.		2,756,206

See accompanying notes to financial statements.

72

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	15,802	PepsiCo, Inc.	$	2,659,318
				5,415,524
		Biotechnology — 1.4%
	6,128	Amgen, Inc.		1,652,354
	1,660	Biogen, Inc. (b)		388,573
	14,313	Gilead Sciences, Inc.		1,096,376
	1,815	Illumina, Inc. (b)		185,039
				3,322,342
		Building Materials — 0.6%
	9,578	Carrier Global Corp.		497,673
	1,456	Fortune Brands Innovations, Inc.		99,634
	7,881	Johnson Controls International PLC		416,117
	710	Martin Marietta Materials, Inc.		329,859
	2,584	Masco Corp.		156,461
				1,499,744
		Chemicals — 0.7%
	2,928	International Flavors & Fragrances, Inc.		220,712
	2,987	LyondellBasell Industries NV, Class A		284,064
	2,704	PPG Industries, Inc.		383,941
	2,814	Sherwin-Williams Co.		784,543
				1,673,260
		Commercial Services — 2.4%
	4,746	Automatic Data Processing, Inc.		1,091,200
	1,051	Cintas Corp.		581,466
	2,942	Ecolab, Inc.		564,070
	906	Gartner, Inc. (b)		393,965
	432	MarketAxess Holdings, Inc.		103,732
	1,894	Moody’s Corp.		691,234
	1,664	Quanta Services, Inc.		313,348
	1,237	Robert Half, Inc.		101,409
	3,765	S&P Global, Inc.		1,565,600
	788	United Rentals, Inc.		375,104
				5,781,128
		Computers — 2.1%
	7,241	Accenture PLC, Class A		2,412,267
	14,822	Hewlett Packard Enterprise Co.		250,640
	10,182	HP, Inc.		298,740
	10,424	International Business Machines Corp.		1,652,829
	2,437	NetApp, Inc.		222,717
	3,673	Western Digital Corp. (b)		177,443
				5,014,636
		Cosmetics/Personal Care — 2.0%
	9,049	Colgate-Palmolive Co.		712,790

See accompanying notes to financial statements.

73

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	27,067	Procter & Gamble Co.	$	4,155,326
				4,868,116
		Distribution/Wholesale — 0.4%
	6,556	Fastenal Co.		393,163
	3,069	LKQ Corp.		136,663
	517	WW Grainger, Inc.		406,460
				936,286
		Diversified Financial Services — 6.3%
	7,249	American Express Co.		1,237,912
	1,194	Ameriprise Financial, Inc.		422,091
	1,718	BlackRock, Inc.		1,290,613
	1,210	CBOE Global Markets, Inc.		220,450
	17,245	Charles Schwab Corp.		1,057,463
	2,914	Discover Financial Services		271,002
	3,448	Franklin Resources, Inc.		85,511
	6,563	Intercontinental Exchange, Inc.		747,132
	3,941	Invesco, Ltd.		56,238
	9,718	MasterCard, Inc., Class A		4,021,600
	3,943	Nasdaq, Inc.		220,177
	2,308	Raymond James Financial, Inc.		242,686
	4,917	Synchrony Financial		159,114
	2,577	T. Rowe Price Group, Inc.		258,035
	18,580	Visa, Inc., Class A		4,769,114
				15,059,138
		Electric — 0.9%
	3,345	CMS Energy Corp.		189,862
	3,975	Consolidated Edison, Inc.		358,187
	4,391	Edison International		294,153
	4,002	Eversource Energy		237,759
	11,406	Exelon Corp.		439,245
	7,218	Sempra Energy		525,976
				2,045,182
		Electrical Components & Equipment — 0.3%
	6,560	Emerson Electric Co.		583,184
		Electronics — 0.7%
	3,393	Agilent Technologies, Inc.		433,625
	1,010	Allegion PLC		107,151
	4,060	Fortive Corp.		280,059
	2,048	Keysight Technologies, Inc. (b)		278,303
	253	Mettler-Toledo International, Inc. (b)		276,258
	677	Waters Corp. (b)		189,973
				1,565,369

See accompanying notes to financial statements.

74

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Environmental Control — 0.4%
	1,894	Pentair PLC	$	122,239
	4,670	Waste Management, Inc.		798,523
				920,762
		Finance and Insurance — 1.0%
	3,109	Ally Financial, Inc.		90,845
	2,841	Aramark		79,576
	4,274	Arch Capital Group Ltd. (b)		357,691
	4,083	Equitable Holdings, Inc.		125,307
	892	LPL Financial Holdings, Inc.		198,292
	518	MercadoLibre, Inc. (b)		839,398
	17,571	US Bancorp		669,807
	2,003	Webster Financial Corp.		89,835
				2,450,751
		Food — 0.8%
	2,222	Campbell Soup Co.		89,280
	5,473	Conagra Brands, Inc.		154,831
	6,708	General Mills, Inc.		427,031
	3,448	Hormel Foods Corp.		105,474
	1,216	J.M. Smucker Co.		133,432
	3,147	Kellogg Co.		165,344
	7,827	Kroger Co.		346,501
	1,673	Lamb Weston Holdings, Inc.		167,350
	2,882	McCormick & Co., Inc. NV		186,840
				1,776,083
		Forest Products & Paper — 0.1%
	3,784	International Paper Co.		139,781
		Gas — 0.1%
	1,657	Atmos Energy Corp.		188,583
		Health Care and Social Assistance — 0.1%
	668	Molina Healthcare, Inc. (b)		244,194
		Healthcare Products — 1.8%
	834	Align Technology, Inc. (b)		178,309
	567	Cooper Cos., Inc.		191,034
	8,044	Danaher Corp.		1,796,306
	2,439	Dentsply Sirona, Inc.		77,438
	6,962	Edwards Lifesciences Corp. (b)		471,397
	2,831	Hologic, Inc. (b)		201,850
	953	IDEXX Laboratories, Inc. (b)		443,926
	1,133	STERIS PLC		227,665
	539	Teleflex, Inc.		121,647

See accompanying notes to financial statements.

75

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	853	West Pharmaceutical Services, Inc.	$	299,198
	2,396	Zimmer Biomet Holdings, Inc.		278,679
				4,287,449
		Healthcare Services — 1.3%
	2,721	Anthem, Inc.		1,304,692
	624	DaVita, Inc. (b)		63,311
	2,371	HCA Healthcare, Inc.		593,888
	1,434	Humana, Inc.		695,289
	1,016	Laboratory Corp. of America Holdings		220,381
	1,284	Quest Diagnostics, Inc.		176,204
				3,053,765
		Home Builders — 0.2%
	30	NVR, Inc. (b)		184,662
	2,563	PulteGroup, Inc.		226,620
				411,282
		Home Furnishings — 0.0% (a)
	628	Whirlpool Corp.		68,389
		Household Products/Wares — 0.5%
	925	Avery Dennison Corp.		179,912
	2,804	Church & Dwight Co., Inc.		270,950
	1,419	Clorox Co.		203,414
	3,872	Kimberly-Clark Corp.		479,083
				1,133,359
		Information — 0.6%
	1,691	Ceridian HCM Holding, Inc. (b)		116,510
	2,323	DocuSign, Inc. (b)		100,121
	437	FactSet Research Systems, Inc.		198,162
	540	HubSpot, Inc. (b)		266,722
	2,824	Liberty Global Ltd., Class C (b)		47,556
	1,290	PTC, Inc. (b)		202,995
	8,879	Sirius XM Holdings, Inc.		41,554
	1,804	Splunk, Inc. (b)		273,378
	1,975	Twilio, Inc., Class A (b)		127,743
	3,001	ZoomInfo Technologies, Inc. (b)		43,124
				1,417,865
		Insurance — 2.1%
	6,589	Aflac, Inc.		544,976
	3,017	Allstate Corp.		415,954
	610	Assurant, Inc.		102,492
	3,561	Hartford Financial Services Group, Inc.		278,328
	5,680	Marsh & McLennan Cos., Inc.		1,132,706
	2,784	Principal Financial Group, Inc.		205,543

See accompanying notes to financial statements.

76

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	6,717	Progressive Corp.	$	1,101,789
	4,187	Prudential Financial, Inc.		409,405
	2,652	Travelers Cos., Inc.		479,004
	1,221	Willis Towers Watson PLC		300,732
				4,970,929
		Internet — 7.9%
	68,250	Alphabet, Inc., Class A (b)		9,045,172
	60,734	Alphabet, Inc., Class C (b)		8,133,497
	424	Booking Holdings, Inc. (b)		1,325,297
	6,141	eBay, Inc.		251,842
	6,619	Gen Digital, Inc.		146,148
				18,901,956
		Iron/Steel — 0.2%
	2,883	Nucor Corp.		490,024
		Lodging — 0.2%
	3,037	Hilton Worldwide Holdings, Inc.		508,758
		Machinery - Construction & Mining — 0.6%
	5,913	Caterpillar, Inc.		1,482,507
		Machinery - Diversified — 0.8%
	1,605	Dover Corp.		226,562
	867	IDEX Corp.		174,856
	4,644	Ingersoll Rand, Inc.		331,721
	4,743	Otis Worldwide Corp.		406,902
	1,320	Rockwell Automation, Inc.		363,581
	2,747	Xylem, Inc.		288,792
				1,792,414
		Management of Companies and Enterprises — 0.1%
	7,493	Rivian Automotive, Inc., Class A (b)		125,583
		Manufacturing — 6.3%
	7,745	Avantor, Inc. (b)		164,039
	805	Axon Enterprise, Inc. (b)		185,045
	1,809	Bio-Techne Corp.		113,786
	1,472	Builders FirstSource, Inc. (b)		197,410
	1,729	Bunge Global SA		189,965
	1,834	Darling Ingredients, Inc. (b)		80,457
	300	Deckers Outdoor Corp. (b)		199,191
	713	Generac Holdings, Inc. (b)		83,471
	1,932	Graco, Inc.		156,067
	1,768	HF Sinclair Corp.		92,785
	800	Insulet Corp. (b)		151,272
	736	Jazz Pharmaceuticals PLC (b)		87,017

See accompanying notes to financial statements.

77

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	10,472	Keurig Dr Pepper, Inc.	$	330,601
	677	Lear Corp.		90,549
	366	Lennox International, Inc.		148,837
	5,622	Linde PLC		2,326,215
	1,330	Lululemon Athletica, Inc. (b)		594,244
	9,879	Marvell Technology, Inc.		550,557
	2,982	NXP Semiconductors NV		608,566
	1,034	Owens Corning		140,190
	607	Repligen Corp. (b)		95,451
	2,136	Seagate Technology Holdings PLC		168,958
	1,844	Steel Dynamics, Inc.		219,676
	32,798	Tesla, Inc. (b)		7,874,144
	1,190	Toro Co.		98,770
	2,845	Trimble, Inc. (b)		132,008
				15,079,271
		Media — 1.7%
	47,761	Comcast Corp., Class A		2,000,708
	3,090	Fox Corp., Class A		91,279
	1,623	Fox Corp., Class B		44,892
	21,003	Walt Disney Co. (b)		1,946,768
				4,083,647
		Mining — 0.2%
	13,221	Newmont Goldcorp Corp.		531,352
		Mining, Quarrying, and Oil and Gas Extraction — 0.1%
	2,467	Targa Resources Corp.		223,140
		Miscellaneous Manufacturing — 1.3%
	6,329	3M Co.		627,014
	4,577	Eaton Corp PLC		1,042,137
	3,487	Illinois Tool Works, Inc.		844,586
	2,619	Trane Technologies PLC		590,349
				3,104,086
		Oil & Gas — 0.8%
	4,872	Marathon Petroleum Corp.		726,854
	5,267	Phillips 66		678,863
	4,152	Valero Energy Corp.		520,495
				1,926,212
		Oil & Gas Services — 0.7%
	11,634	Baker Hughes Co.		392,647
	10,355	Halliburton Co.		383,446
	16,373	Schlumberger, Ltd. NV		852,051
				1,628,144

See accompanying notes to financial statements.

78

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Packaging & Containers — 0.2%
	16,886	Amcor PLC	$	160,079
	3,610	Ball Corp.		199,597
	2,938	Westrock Co.		120,958
				480,634
		Pharmaceuticals — 7.0%
	239	ABIOMED, Inc. (c)		—
	1,971	AmerisourceBergen Corp.		400,842
	24,128	Bristol-Myers Squibb Co.		1,191,441
	3,396	Cigna Corp.		892,741
	4,445	DexCom, Inc. (b)		513,486
	9,263	Eli Lilly & Co.		5,474,804
	27,646	Johnson & Johnson		4,275,730
	29,128	Merck & Co., Inc.		2,985,037
	5,301	Zoetis, Inc., Class A		936,528
				16,670,609
		Pipelines — 0.6%
	23,135	Kinder Morgan, Inc.		406,482
	6,682	ONEOK, Inc.		460,056
	13,981	Williams Cos., Inc.		514,361
				1,380,899
		Professional, Scientific, and Technical Services — 0.5%
	1,516	AECOM		134,712
	3,879	Clarivate PLC (b)		30,101
	511	Paylocity Holding Corp. (b)		80,058
	11,664	Snap, Inc., Class A (b)		161,313
	2,361	Workday, Inc., Class A (b)		639,170
	1,003	Zscaler, Inc. (b)		198,123
				1,243,477
		Real Estate — 0.1%
	3,571	CBRE Group, Inc., Class A (b)		281,966
		Real Estate Investment Trusts — 2.4%
	5,350	American Tower Corp.		1,116,973
	5,667	Annaly Capital Management, Inc.		102,403
	1,710	Boston Properties, Inc.		97,350
	4,973	Crown Castle International Corp.		583,233
	3,343	Digital Realty Trust, Inc.		463,942
	1,074	Equinix, Inc.		875,321
	6,280	Healthpeak Properties, Inc.		108,770
	3,346	Iron Mountain, Inc.		214,646
	10,604	Prologis, Inc.		1,218,718
	1,243	SBA Communications Corp.		306,971

See accompanying notes to financial statements.

79

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	5,705	Welltower, Inc.	$	508,315
	8,411	Weyerhaeuser Co.		263,685
				5,860,327
		Retail — 4.7%
	208	AutoZone, Inc. (b)		542,866
	2,251	Best Buy Co., Inc.		159,686
	1,817	CarMax, Inc. (b)		116,179
	1,613	Genuine Parts Co.		214,174
	11,551	Home Depot, Inc.		3,621,123
	6,727	Lowe’s Cos., Inc.		1,337,529
	8,380	McDonald’s Corp.		2,361,819
	5,299	Target Corp.		709,059
	13,190	TJX Cos., Inc.		1,162,171
	1,257	Tractor Supply Co.		255,184
	571	Ulta Beauty, Inc. (b)		243,240
	3,217	Yum! Brands, Inc.		403,894
				11,126,924
		Retail Trade — 0.1%
	745	Burlington Stores, Inc. (b)		126,345
		Semiconductors — 8.2%
	9,652	Applied Materials, Inc.		1,445,677
	47,877	Intel Corp.		2,140,102
	1,544	Lam Research Corp.		1,105,380
	28,359	NVIDIA Corp.		13,263,504
	10,419	Texas Instruments, Inc.		1,591,086
				19,545,749
		Software — 19.2%
	5,231	Adobe, Inc. (b)		3,196,193
	1,746	Akamai Technologies, Inc. (b)		201,715
	994	ANSYS, Inc. (b)		291,600
	2,454	Autodesk, Inc. (b)		536,027
	1,353	Broadridge Financial Solutions, Inc.		262,239
	3,130	Cadence Design Systems, Inc. (b)		855,335
	2,967	Electronic Arts, Inc.		409,476
	6,795	Fidelity National Information Services, Inc.		398,459
	7,086	Fiserv, Inc. (b)		925,503
	3,214	Intuit, Inc.		1,836,672
	81,089	Microsoft Corp.		30,725,433
	3,725	Paychex, Inc.		454,338
	11,179	salesforce.com, Inc. (b)		2,815,990
	2,336	ServiceNow, Inc. (b)		1,601,889
	1,745	Synopsys, Inc. (b)		947,936
	1,945	Take-Two Interactive Software, Inc. (b)		307,699
				45,766,504

See accompanying notes to financial statements.

80

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		Telecommunications — 0.8%
	48,262	Verizon Communications, Inc.	$	1,849,882
		Toys/Games/Hobbies — 0.0% (a)
	1,512	Hasbro, Inc.		70,172
		Transportation — 2.1%
	1,335	CH Robinson Worldwide, Inc.		109,537
	23,507	CSX Corp.		759,276
	1,752	Expeditors International of Washington, Inc.		210,836
	951	JB Hunt Transport Services, Inc.		176,192
	2,614	Norfolk Southern Corp.		570,270
	1,130	Old Dominion Freight Line, Inc.		439,638
	6,994	Union Pacific Corp.		1,575,538
	8,315	United Parcel Service, Inc., Class B		1,260,637
				5,101,924
		Transportation and Warehousing — 0.0% (a)
	1,845	Knight-Swift Transportation Holdings, Inc., Class A		99,224
		Utilities — 0.3%
	2,789	Cheniere Energy, Inc.		508,016
	2,881	Essential Utilities, Inc.		102,593
				610,609
		Water — 0.1%
	2,232	American Water Works Co., Inc.		294,267
		Wholesale Trade — 0.2%
	2,345	Ferguson PLC		401,792
	448	Pool Corp.		155,600
				557,392
		TOTAL COMMON STOCKS (Cost - $207,777,043)		237,127,256

See accompanying notes to financial statements.

81

Horizon Defensive Core Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
		SHORT TERM INVESTMENTS — 0.0% (a)
		Money Market Funds — 0.0% (a)
	546	First American Treasury Obligations Fund, Class X, 5.28% (d)	$	546
		TOTAL SHORT TERM INVESTMENTS (Cost - $546)		546
		TOTAL INVESTMENTS — 99.6% (Cost - $207,777,589)		237,127,802
		Other Assets in Excess of Liabilities — 0.4%		1,031,119
		NET ASSETS — 100.0%	$	238,158,921

Percentages are stated as a percent of net assets.

(a) Rounds to less than 0.1%.

(b) Non-income producing security.

(c) Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d) Interest rate reflects the seven-day yield on November 30, 2023.

See accompanying notes to financial statements.

82

Horizon Tactical Fixed Income Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		INVESTMENT COMPANIES — 99.6%
		Exchange Traded Funds — 99.6%
	84,719	iShares iBoxx Investment Grade Corporate Bond ETF	$	9,004,783
	162,729	iShares JP Morgan USD Emerging Markets Bond ETF		13,973,539
	894,225	iShares Preferred & Income Securities ETF (c)		27,416,938
	476,624	SPDR Blackstone Senior Loan ETF (c)		19,941,948
	44,384	SPDR Bloomberg 1-3 Month T-Bill ETF		4,076,227
	72,771	SPDR Bloomberg Convertible Securities ETF		4,976,081
	1,612,245	VanEck Fallen Angel High Yield Bond ETF (a)		45,441,125
	100,661	Vanguard Total International Bond ETF		4,955,541
	1,028,370	Xtrackers USD High Yield Corporate Bond ETF (c)		35,725,574
		TOTAL INVESTMENT COMPANIES (Cost - $162,803,727)		165,511,756
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.2%
	48,425,662	First American Government Obligations Fund, Class X, 5.21% (b)		48,425,662
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $48,425,662)		48,425,662
		SHORT TERM INVESTMENTS — 0.3%
		Money Market Funds — 0.3%
	447,398	First American Treasury Obligations Fund, Class X, 5.28% (b)		447,398
		TOTAL SHORT TERM INVESTMENTS (Cost - $447,398)		447,398
		TOTAL INVESTMENTS — 129.1% (Cost - $211,676,787)		214,384,816
		Liabilities in Excess of Other Assets — (29.1)%		(48,314,756	)
		NET ASSETS — 100.0%	$	166,070,060

Percentages are stated as a percent of net assets.

(a) 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.

(b) Interest rate reflects the seven-day yield on November 30, 2023.

(c) All or a portion of this security is out on loan as of November 30, 2023.

See accompanying notes to financial statements.

83

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS
November 30, 2023

Shares			Value
		COMMON STOCKS — 99.3%
		Accommodation and Food Services — 3.5%
	896	Boyd Gaming Corp.	$	52,909
	582	Casey’s General Stores, Inc.		160,283
	407	Dave & Buster’s Entertainment, Inc. (a)		16,703
	539	Manhattan Associates, Inc. (a)		120,224
	912	Marcus Corp.		12,686
	203	Monarch Casino & Resort, Inc.		12,765
	468	Texas Roadhouse, Inc.		52,678
	609	Yelp, Inc. (a)		26,619
				454,867
		Administrative and Support and Waste Management and Remediation Services — 3.8%
	233	Alarm.com Holdings, Inc. (a)		12,694
	538	ASGN, Inc. (a)		48,011
	500	Clean Harbors, Inc. (a)		80,830
	103	CorVel Corp. (a)		21,512
	619	Cross Country Healthcare, Inc. (a)		12,547
	529	EVERTEC, Inc.		19,557
	266	Fair Isaac Corp. (a)		289,302
	619	Kelly Services, Inc. Class A		12,869
				497,322
		Agriculture, Forestry, Fishing and Hunting — 0.5%
	417	Andersons Inc.		20,791
	852	Cal-Maine Foods, Inc.		40,828
				61,619
		Commercial Services — 0.9%
	2,694	H&R Block, Inc.		122,361
		Computers — 0.1%
	331	Teradata Corp. (a)		15,640
		Construction — 8.5%
	513	Comfort Systems USA, Inc.		99,307
	766	EMCOR Group, Inc.		162,790
	607	Green Brick Partners, Inc. (a)		28,802
	442	Installed Building Products, Inc.		66,525
	1,479	KB Home		77,056
	530	M/I Homes, Inc. (a)		55,920
	1,122	MDC Holdings, Inc.		49,660
	682	Meritage Homes Corp.		96,367
	247	St Joe Co.		12,703
	1,619	Taylor Morrison Home Corp. (a)		73,017
	2,084	Toll Brothers, Inc.		178,995

See accompanying notes to financial statements.

84

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	546	TopBuild Corp. (a)	$	161,496
	1,201	Tri Pointe Homes, Inc. (a)		35,045
				1,097,683
		Diversified Financial Services — 0.7%
	278	Affiliated Managers Group, Inc.		37,683
	844	Navient Corp.		14,458
	3,813	Western Union Co.		44,345
				96,486
		Educational Services — 1.4%
	417	Adtalem Global Education, Inc. (a)		23,757
	52	Graham Holdings Co., Class B		32,612
	413	Grand Canyon Education, Inc. (a)		56,465
	1,133	Perdoceo Education Corp.		19,737
	757	Stride, Inc. (a)		45,859
				178,430
		Electrical Components & Equipment — 0.7%
	514	Acuity Brands, Inc.		92,140
		Electronics — 0.6%
	2,162	Vontier Corp.		72,924
		Finance and Insurance — 18.4%
	875	Ambac Financial Group, Inc. (a)		12,906
	571	Ameris Bancorp		24,313
	1,364	Associated Banc-Corp		24,197
	256	Assured Guaranty Ltd.		17,385
	620	Bancorp Inc. (a)		24,186
	1,281	Bank OZK		53,623
	2,122	Cadence Bank		53,156
	1,099	Cathay General Bancorp		40,311
	740	Central Pacific Financial Corp.		13,002
	125	Chemed Corp.		70,875
	211	City Holding Co.		20,313
	2,364	East West Bancorp, Inc.		148,743
	311	Enova International, Inc. (a)		12,813
	635	Essent Group Ltd.		30,696
	348	Evercore, Inc., Class A		51,347
	391	FB Financial Corp.		13,122
	1,441	First Hawaiian, Inc.		28,316
	3,698	FNB Corp/PA		44,339
	1,018	Frontdoor, Inc. (a)		34,948
	2,760	Fulton Financial Corp.		39,275
	1,295	Hope Bancorp, Inc.		12,691
	363	Independent Bank Corp.		20,698

See accompanying notes to financial statements.

85

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	1,559	Interactive Brokers Group, Inc., Class A	$	121,353
	922	International Bancshares Corp.		41,370
	3,995	MGIC Investment Corp.		70,272
	1,079	Mr Cooper Group, Inc. (a)		65,301
	1,339	NMI Holdings, Inc., Class A (a)		36,823
	606	OFG Bancorp		20,337
	2,774	Old National Bancorp/IN		41,305
	4,482	Old Republic International Corp.		131,367
	832	Pinnacle Financial Partners, Inc.		60,378
	234	Preferred Bank/Los Angeles CA		14,421
	597	Primerica, Inc.		125,078
	1,379	RE/MAX Holdings, Inc., Class A		12,687
	1,198	Reinsurance Group of America, Inc.		195,346
	646	RenaissanceRe Holdings Ltd.		138,477
	454	S&T Bancorp, Inc.		12,707
	918	Selective Insurance Group, Inc.		93,351
	3,066	SiriusPoint Ltd. (a)		32,745
	770	Universal Insurance Holdings, Inc.		13,059
	1,718	Voya Financial, Inc.		122,854
	1,868	Webster Financial Corp.		83,780
	434	Westamerica BanCorp		22,008
	1,083	Wintrust Financial Corp.		92,781
	113	World Acceptance Corp. (a)		12,594
	501	WSFS Financial Corp.		19,324
				2,370,973
		Health Care and Social Assistance — 2.1%
	145	Addus HomeCare Corp. (a)		12,644
	377	Apollo Medical Holdings, Inc. (a)		12,528
	885	Encompass Health Corp.		57,675
	631	Ensign Group Inc.		67,561
	509	HealthStream, Inc.		12,725
	497	Option Care Health, Inc. (a)		14,786
	915	Pennant Group Inc. (a)		12,554
	380	Progyny, Inc. (a)		13,057
	1,016	Tenet Healthcare Corp. (a)		70,114
				273,644
		Healthcare-Products — 0.2%
	894	Patterson Cos., Inc.		22,717
		Information — 1.6%
	470	ACI Worldwide, Inc. (a)		12,568
	202	Cogent Communications Holdings, Inc.		12,900
	606	Frontier Communications Parent, Inc. (a)		13,265
	153	Integer Holdings Corp. (a)		13,345

See accompanying notes to financial statements.

86

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	389	LiveRamp Holdings, Inc. (a)	$	12,899
	1,078	New York Times Co., Class A		50,655
	240	Progress Software Corp.		12,927
	254	Qualys, Inc. (a)		46,949
	210	Spire, Inc.		12,812
	671	Telephone and Data Systems, Inc.		13,219
				201,539
		Management of Companies and Enterprises — 0.1%
	659	Veritex Holdings, Inc.		12,613
		Manufacturing — 30.1% (b)
	151	Alamo Group, Inc.		27,739
	261	American Woodmark Corp. (a)		18,896
	747	Amkor Technology, Inc.		21,043
	444	Amphastar Pharmaceuticals, Inc. (a)		25,006
	257	ANI Pharmaceuticals, Inc. (a)		12,801
	289	Apogee Enterprises, Inc.		13,034
	366	AZZ, Inc.		17,996
	122	Badger Meter, Inc.		17,979
	1,638	BellRing Brands, Inc. (a)		86,650
	579	Boise Cascade Co.		63,285
	774	Brady Corp., Class A		43,553
	909	Catalyst Pharmaceuticals, Inc. (a)		13,117
	165	Cirrus Logic, Inc. (a)		12,525
	365	Clearwater Paper Corp. (a)		12,801
	152	Coca-Cola Consolidated, Inc.		111,647
	390	Cohu, Inc. (a)		12,375
	500	Collegium Pharmaceutical, Inc. (a)		12,815
	734	Commercial Metals Co.		33,272
	429	Crane Co.		45,337
	327	CTS Corp.		12,671
	490	Curtiss-Wright Corp.		104,811
	286	Deckers Outdoor Corp. (a)		189,895
	185	Diodes, Inc. (a)		12,288
	714	Dorian LPG Ltd.		30,245
	413	Eagle Materials, Inc.		74,774
	117	elf Beauty, Inc. (a)		13,817
	183	Encore Wire Corp.		33,727
	191	Fabrinet (a)		30,923
	489	Federal Signal Corp.		33,712
	809	Gentex Corp.		24,602
	606	Greif, Inc., Class A		42,359
	700	Griffon Corp.		32,571
	170	Haemonetics Corp. (a)		13,748
	431	Harmony Biosciences Holdings, Inc. (a)		12,525

See accompanying notes to financial statements.

87

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	330	Hawkins, Inc.	$	20,275
	2,507	HF Sinclair Corp.		131,567
	457	HNI Corp.		17,855
	845	Ingredion, Inc.		86,604
	220	Innospec, Inc.		23,115
	936	Innoviva, Inc. (a)		12,964
	463	InterDigital, Inc.		46,263
	594	ITT, Inc.		64,312
	79	J & J Snack Foods Corp.		12,999
	114	Jazz Pharmaceuticals PLC (a)		13,478
	140	John B Sanfilippo & Son, Inc.		12,886
	390	Lear Corp.		52,162
	378	Lennox International, Inc.		153,717
	223	Ligand Pharmaceuticals, Inc. (a)		13,003
	152	MACOM Technology Solutions Holdings, Inc. (a)		12,765
	196	Medifast, Inc.		13,010
	182	Merit Medical Systems, Inc. (a)		13,024
	209	Minerals Technologies, Inc.		13,092
	1,901	Mueller Industries, Inc.		78,949
	719	Neurocrine Biosciences, Inc. (a)		83,828
	183	NewMarket Corp.		97,083
	92	Onto Innovation, Inc. (a)		12,973
	1,751	OraSure Technologies, Inc. (a)		12,817
	106	OSI Systems, Inc. (a)		13,069
	304	Patrick Industries, Inc.		24,940
	1,358	PBF Energy, Inc., Class A		60,295
	737	PGT Innovations, Inc. (a)		23,724
	603	Photronics, Inc. (a)		12,741
	126	Plexus Corp. (a)		12,838
	862	Post Holdings, Inc. (a)		73,641
	161	Powell Industries, Inc.		13,389
	225	Prestige Consumer Healthcare, Inc. (a)		12,904
	423	Quanex Building Products Corp.		13,024
	876	Reliance Steel & Aluminum Co.		241,128
	436	Simply Good Foods Co. (a)		16,891
	609	Simpson Manufacturing Co, Inc.		101,685
	2,298	Skechers USA, Inc., Class A (a)		135,375
	361	Standard Motor Products, Inc.		12,985
	1,437	SunCoke Energy, Inc.		13,378
	377	Super Micro Computer, Inc. (a)		103,098
	475	Supernus Pharmaceuticals, Inc. (a)		12,944
	705	Sylvamo Corp.		35,447
	332	Tennant Co.		28,426
	505	Terex Corp.		24,997
	393	Thor Industries, Inc.		38,935

See accompanying notes to financial statements.

88

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	1,043	UFP Industries, Inc.	$	114,344
	1,322	United States Steel Corp.		47,460
	608	United Therapeutics Corp. (a)		145,920
	75	Universal Display Corp.		12,690
	680	Varex Imaging Corp. (a)		12,818
	446	Veeco Instruments, Inc. (a)		12,724
	568	Vishay Intertechnology, Inc.		12,627
	601	Wabash National Corp.		13,174
	284	Watts Water Technologies, Inc., Class A		54,673
	127	WD-40 Co.		30,719
	684	Westlake Corp.		87,819
	209	Winnebago Industries, Inc.		13,508
	356	Worthington Industries, Inc.		25,525
	1,380	Zynex, Inc. (a)		12,641
				3,885,776
		Materials — 0.1%
	233	Olympic Steel, Inc.		13,172
		Media — 0.4%
	3,030	TEGNA, Inc.		46,450
		Mining, Quarrying, and Oil and Gas Extraction — 3.0%
	3,947	Cleveland-Cliffs, Inc. (a)		67,730
	2,115	CNX Resources Corp. (a)		44,119
	596	CONSOL Energy, Inc.		63,575
	1,385	Helix Energy Solutions Group, Inc. (a)		12,908
	1,136	Par Pacific Holdings, Inc. (a)		38,931
	1,417	ProPetro Holding Corp. (a)		12,909
	14,277	Southwestern Energy Co. (a)		94,085
	1,160	US Silica Holdings, Inc. (a)		13,085
	680	Warrior Met Coal, Inc.		38,060
				385,402
		Office/Business Equipment — 0.1%
	919	Xerox Holdings Corp.		12,857
		Oil & Gas — 0.6%
	2,372	Range Resources Corp.		77,090
		Other Services (except Public Administration) — 0.1%
	255	HealthEquity, Inc. (a)		17,090
		Professional, Scientific, and Technical Services — 3.3%
	697	Concentrix Corp.		65,511
	976	Dynavax Technologies Corp. (a)		13,371

See accompanying notes to financial statements.

89

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	604	Exelixis, Inc. (a)	$	13,173
	469	Insight Enterprises, Inc. (a)		71,016
	229	Medpace Holdings, Inc. (a)		61,995
	206	Perficient, Inc. (a)		12,747
	944	Resources Connection, Inc.		12,839
	922	Science Applications International Corp.		108,252
	433	Tetra Tech, Inc.		68,479
				427,383
		Real Estate and Rental and Leasing — 0.3%
	1,419	Aaron’s Co Inc.		12,501
	83	Jones Lang LaSalle, Inc. (a)		12,908
	468	PROG Holdings, Inc. (a)		12,758
				38,167
		Real Estate Investment Trusts — 3.6%
	855	Acadia Realty Trust		12,928
	1,189	Armada Hoffler Properties, Inc.		13,055
	1,102	CareTrust REIT, Inc.		25,434
	1,288	Chatham Lodging Trust		12,764
	1,509	CoreCivic, Inc. (a)		21,835
	2,057	DiamondRock Hospitality Co.		17,114
	192	EastGroup Properties, Inc.		33,360
	1,093	EPR Properties		48,770
	1,078	Essential Properties Realty Trust, Inc.		25,603
	5,229	Franklin Street Properties Corp.		12,863
	2,155	GEO Group Inc. (a)		21,873
	159	Innovative Industrial Properties, Inc.		12,984
	396	LTC Properties, Inc.		12,918
	1,070	National Retail Properties, Inc.		43,463
	387	National Storage Affiliates Trust		12,845
	1,249	Park Hotels & Resorts, Inc.		18,523
	1,353	PennyMac Mortgage Investment Trust		18,996
	890	Sabra Health Care REIT, Inc.		12,994
	350	Saul Centers, Inc.		12,932
	2,033	Summit Hotel Properties, Inc.		12,727
	1,311	Sunstone Hotel Investors, Inc.		12,953
	993	Tanger Factory Outlet Centers, Inc.		24,785
	1,166	Whitestone REIT		12,779
	1,040	Xenia Hotels & Resorts, Inc.		12,698
				467,196
		Retail — 0.4%
	665	Signet Jewelers Ltd.		54,650
		Retail Trade — 7.2%
	828	Abercrombie & Fitch Co., Class A (a)		62,837

See accompanying notes to financial statements.

90

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	859	AMC Networks, Inc., Class A (a)	$	13,091
	3,119	American Eagle Outfitters, Inc.		59,355
	758	Buckle Inc.		29,229
	488	Caleres, Inc.		14,816
	1,128	Designer Brands, Inc., Class A		13,130
	1,297	Dick’s Sporting Goods, Inc.		168,740
	840	FirstCash Holdings, Inc.		94,080
	177	Group 1 Automotive, Inc.		49,932
	414	Haverty Furniture Cos, Inc.		12,975
	589	Herman Miller, Inc.		15,196
	206	Hibbett, Inc.		12,885
	531	Ollie’s Bargain Outlet Holdings, Inc. (a)		38,906
	200	PriceSmart, Inc.		13,478
	339	Scholastic Corp.		12,879
	1,780	Sprouts Farmers Market, Inc. (a)		76,682
	1,342	Urban Outfitters, Inc. (a)		47,909
	1,023	Williams-Sonoma, Inc.		191,853
				927,973
		Transportation — 0.4%
	453	Ryder System, Inc.		48,534
		Transportation and Warehousing — 1.3%
	109	ArcBest Corp.		12,992
	584	Brink’s Co.		46,078
	958	Heartland Express, Inc.		12,856
	206	Hub Group, Inc., Class A (a)		15,563
	133	Landstar System, Inc.		22,962
	284	Matson, Inc.		27,199
	61	Saia, Inc. (a)		23,814
				161,464
		Utilities — 0.8%
	550	ALLETE, Inc.		30,514
	134	IDACORP, Inc.		12,931
	256	National Fuel Gas Co.		13,002
	354	Northwest Natural Holding Co.		12,964
	255	NorthWestern Corp.		12,829
	369	OGE Energy Corp.		12,933
	266	Unitil Corp.		12,896
				108,069
		Wholesale Trade — 4.5%
	506	Applied Industrial Technologies, Inc.		80,995
	360	Avnet, Inc.		16,834
	871	Cars.com, Inc. (a)		16,218
	338	ePlus, Inc. (a)		21,456

See accompanying notes to financial statements.

91

Horizon Multi-Factor Small/Mid Cap Fund
PORTFOLIOS OF INVESTMENTS (Continued)
November 30, 2023

Shares			Value
	294	Gibraltar Industries, Inc. (a)	$	19,754
	679	GMS, Inc. (a)		45,928
	294	Koppers Holdings, Inc.		13,280
	422	La-Z-Boy, Inc.		14,850
	865	MSC Industrial Direct Co, Inc., Class A		84,268
	427	PC Connection, Inc.		25,462
	2,434	RPC, Inc.		17,646
	398	ScanSource, Inc. (a)		13,305
	1,148	TD SYNNEX Corp.		113,239
	426	Universal Corp.		23,967
	286	Wingstop, Inc.		68,743
				575,945
		TOTAL COMMON STOCKS (Cost - $12,154,163)		12,818,176
		SHORT TERM INVESTMENTS — 0.9%
		Money Market Funds — 0.9%
	114,374	First American Treasury Obligations Fund, Class X, 5.28% (c)		114,374
		TOTAL SHORT TERM INVESTMENTS (Cost - $114,374)		114,374
		TOTAL INVESTMENTS — 100.2% (Cost - $12,268,537)		12,932,550
		Liabilities in Excess of Other Assets — (0.2)%		(24,143	)
		NET ASSETS — 100.0%	$	12,908,407

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) As of November 30, 2023, the Fund had a significant portion of its assets invested in Manufacturing industry.

(c) Interest rate reflects seven-day yield on November 30, 2023.

See accompanying notes to financial statements.

92

Horizon Funds

Statements of Assets and Liabilities

November 30, 2023

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist® Fund			Horizon Active Income Fund
Assets:
Investments in Securities, at Cost	$	877,428,264	$	1,135,719,726		$	336,447,729
Investments in Securities, at Value (a)	$	923,583,228	$	1,222,185,303		$	325,596,076
Receivable for Investment Securities Sold		—		4,077,035			—
Receivable for Fund Shares Sold		2,191,401		1,877,113			735,194
Dividends and Interest Receivable		34,168		26,117			77,564
Prepaid Expenses and Other Assets		52,138		64,149			49,819
Total Assets		925,860,935		1,228,229,717			326,458,653
Liabilities:
Options Written, at Value (Premiums received $0, $3,350,841, and $81,675)		—		3,749,500			3,000
Collateral Received for Securities Loaned (Note 5)		18,919,514		28,608,150			77,974,294
Payable for Fund Shares Redeemed		794,515		1,216,549			224,535
Loans Payable		—		1,134,000			—
Accrued Administration Fees		97,613		133,897			40,152
Accrued Advisory Fees		720,503		952,945			154,912
Accrued Custodian Fees		8,215		10,363			3,339
Accrued Legal Fees		14,384		12,613			3,917
Accrued Distribution Fees (12b-1) - Advisor Class		14,054		216			455
Accrued Shareholder Servicing Fees - Investor Class		126,470		105,908			8,459
Accrued Expenses and Other Liabilities		141,118		212,033			90,437
Total Liabilities		20,836,386		36,136,174			78,503,500
Net Assets	$	905,024,549	$	1,192,093,543		$	247,955,153
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	891,200,705	$	1,201,688,852		$	335,175,704
Distributable Earnings/(Accumulated Deficit)		13,823,844		(9,595,309	)		(87,220,551	)
Net Assets	$	905,024,549	$	1,192,093,543		$	247,955,153
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	872,902,281	$	1,158,226,870		$	245,554,878
Shares of Beneficial Interest Outstanding		65,668,266		52,472,840			30,569,621
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	13.29	$	22.07		$	8.03
Advisor Class Shares:
Net Assets	$	1,907,816	$	1,488,765		$	675,466
Shares of Beneficial Interest Outstanding		144,269		67,711			83,454
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	13.22	$	21.99		$	8.09
Institutional Class Shares:
Net Assets	$	30,214,452	$	32,377,908		$	1,724,809
Shares of Beneficial Interest Outstanding		2,263,885		1,462,980			215,580
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	13.35	$	22.13		$	8.00
(a) Includes loaned securities with a value of:	$	18,712,141	$	28,283,017		$	75,982,858

See accompanying notes to financial statements.

93

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2023

	Horizon Equity Premium Income Fund			Horizon Defined Risk Fund		Horizon Multi- Factor U.S. Equity Fund
Assets:
Investments in Securities, at Cost	$	89,596,789		$	441,868,101	$	251,862,785
Investments in Securities, at Value (a)	$	95,635,389		$	514,668,505	$	268,216,749
Cash at Broker		—			—		100
Receivable for Investment Securities Sold		103,275			—		—
Receivable for Fund Shares Sold		103,291			1,825,101		948,568
Dividends and Interest Receivable		213,328			836,904		358,212
Dividend Reclaims		80,272			—		—
Prepaid Expenses and Other Assets		24,117			69,640		27,114
Total Assets		96,159,672			517,400,150		269,550,743
Liabilities:
Options Written, at Value (Premiums received $103,275, $7,833,352 and $0)		177,520			6,987,275		—
Collateral Received for Securities Loaned (Note 5)		—			344,432		—
Payable for Investment Securities Purchased		886			—		—
Payable for Fund Shares Redeemed		37,164			478,968		210,827
Accrued Administration Fees		15,900			56,390		26,688
Accrued Advisory Fees		53,366			300,234		169,722
Accrued Audit Fees		20,577			20,658		20,572
Accrued Custodian Fees		1,240			12,000		5,600
Accrued Legal Fees		2,407			3,938		1,287
Accrued Registration Fees		10,681			4,022		2,680
Accrued Distribution Fees (12b-1) - Investor Class		11,572			62,372		34,284
Accrued Distribution Fees (12b-1) - Advisor Class		1,740			8,449		—
Accrued Transfer Agent Fees		9,701			17,553		14,973
Accrued Printing and Mailing Fees		3,337			11,634		11,955
Accrued Expenses and Other Liabilities		48,264			132,894		8,164
Total Liabilities		394,355			8,440,819		506,752
Net Assets	$	95,765,317		$	508,959,331	$	269,043,991
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	96,579,533		$	441,465,036	$	246,273,849
Distributable Earnings/(Accumulated Deficit)		(814,216	)		67,494,295		22,770,142
Net Assets	$	95,765,317		$	508,959,331	$	269,043,991
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	92,322,417		$	489,233,943	$	261,500,985
Shares of Beneficial Interest Outstanding		1,537,885			7,438,135		9,486,116
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	60.03		$	65.77	$	27.57
Advisor Class Shares:
Net Assets	$	3,442,900		$	19,725,388	$	7,543,006
Shares of Beneficial Interest Outstanding		57,318			299,882		273,658
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	60.07		$	65.78	$	27.56
(a) Includes loaned securities with a value of:	$	—		$	338,925	$	—

See accompanying notes to financial statements.

94

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2023

	Horizon Defensive Core Fund		Horizon Tactical Fixed Income Fund			Horizon Multi- Factor Small/ Mid Cap Fund
Assets:
Investments in Securities, at Cost	$	207,777,589	$	211,676,787		$	12,268,537
Investments in Securities, at Value (a)	$	237,127,802	$	214,384,816		$	12,932,550
Receivable for Investment Securities Sold		—		4,978,331			3,398,162
Receivable for Fund Shares Sold		1,173,860		303,476			29,484
Receivable from Adviser		—		—			16,407
Dividends and Interest Receivable		383,334		56,056			14,534
Prepaid Expenses and Other Assets		66,387		32,013			17,855
Total Assets		238,751,383		219,754,692			16,408,992
Liabilities:
Collateral Received for Securities Loaned (Note 5)		—		48,425,662			—
Payable for Fund Shares Redeemed		240,635		100,195			13,466
Payable for Investment Securities Purchased		—		4,970,987			3,434,377
Loans Payable		56,000		—			—
Accrued Administration Fees		29,461		17,406			8,848
Accrued Advisory Fees		126,493		82,131			—
Accrued Audit Fees		19,600		19,541			19,596
Accrued Custodian Fees		8,700		1,000			7,580
Accrued Legal Fees		10,022		1,317			2,807
Accrued Registration Fees		2,662		1,308			609
Accrued Distribution Fees (12b-1) - Investor Class		19,643		45,860			2,078
Accrued Distribution Fees (12b-1) - Advisor Class		38,894		3,052			229
Accrued Transfer Agent Fees		14,605		13,117			7,744
Accrued Printing and Mailing Fees		4,628		783			401
Accrued Expenses and Other Liabilities		21,119		2,273			2,850
Total Liabilities		592,462		53,684,632			3,500,585
Net Assets	$	238,158,921	$	166,070,060		$	12,908,407
Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	221,749,320	$	166,355,271		$	12,153,433
Distributable Earnings/(Accumulated Deficit)		16,409,601		(285,211	)		754,974
Net Assets	$	238,158,921	$	166,070,060		$	12,908,407
Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	190,926,658	$	157,988,112		$	12,481,535
Shares of Beneficial Interest Outstanding		5,435,394		3,266,418			440,033
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	35.13	$	48.37		$	28.36
Advisor Class Shares:
Net Assets	$	47,232,263	$	8,081,948		$	426,872
Shares of Beneficial Interest Outstanding		1,350,734		167,162			15,065
Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	34.97	$	48.35		$	28.34
(a) Includes loaned securities with a value of:	$	—	$	47,314,940		$	—

See accompanying notes to financial statements.

95

Horizon Funds

Statements of Operations

For the Year Ended November 30, 2023

	Horizon Active Asset Allocation Fund			Horizon Active Risk Assist® Fund			Horizon Active Income Fund
Investment Income:
Dividend Income from Securities (net of foreign withholdings tax of $0, $14, and $0)	$	14,843,085		$	24,473,272		$	14,635,608
Interest Income		458,046			329,007			87,893
Total Investment Income		15,301,131			24,802,279			14,723,501
Expenses:
Investment Advisory Fees		8,423,752			12,168,531			2,733,866
Shareholder Servicing Fees - Investor Class		821,345			1,194,648			352,277
Administrative & Accounting Service Fees		368,378			547,759			177,145
Transfer Agent Fees		217,283			178,110			97,044
Registration Fees		100,648			80,088			53,585
Trustees’ Fees and Expenses		94,260			138,893			42,126
Legal Fees		85,282			125,295			32,542
Printing and Postage Expenses		58,442			42,971			22,220
Chief Compliance Officer & Compliance Fees		47,396			68,625			20,860
Custodian Fees		43,818			65,429			18,913
Miscellaneous Expenses		32,038			32,343			6,970
Audit Fees		21,437			21,797			20,437
Interest Expense		19,320			164,577			9,594
Insurance Fees		11,892			18,002			3,067
Distribution Fees (12b-1) - Advisor Class		4,720			7,350			2,547
Total Expenses		10,350,011			14,854,418			3,593,193
Securities Lending Expense Offset		(334,284	)		(315,981	)		(234,994	)
Net Expenses		10,015,727			14,538,437			3,358,199
Net Investment Income		5,285,404			10,263,842			11,365,302
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		(23,603,300	)		3,588,251			(33,137,996	)
Net Long-Term Capital Gain Distributions		147			95			26
Purchased Options		(1,348,205	)		(9,246,023	)		—
Written Options		216,750			5,796,765			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		68,000,933			74,696,627			23,486,862
Purchased Options		(333,799	)		265,125			(178,325	)
Written Options		—			(1,100,097	)		78,675
Net Realized and Unrealized Gain (Loss) on Investments		42,932,526			74,000,743			(9,750,758	)
Net Increase in Net Assets Resulting From Operations	$	48,217,930		$	84,264,585		$	1,614,544

See accompanying notes to financial statements.

96

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended November 30, 2023

	Horizon Equity Premium Income Fund			Horizon Defined Risk Fund			Horizon Multi- Factor U.S. Equity Fund
Investment Income:
Dividend Income from Securities (net of foreign withholdings tax of $40,821, $1,400 and $(171))	$	2,815,469		$	7,276,295		$	3,448,264
Interest Income		43,873			289,146			97,642
Total Investment Income		2,859,342			7,565,441			3,545,906
Expenses:
Investment Advisory Fees		734,253			3,570,192			1,602,112
Administrative & Accounting Service Fees		67,104			227,793			106,753
Transfer Agent Fees		39,038			68,364			55,794
Trustees’ Fees and Expenses		11,030			48,776			21,193
Legal Fees		5,136			42,334			15,592
Registration Fees		31,416			61,763			44,949
Printing and Postage Expenses		13,358			49,576			27,123
Chief Compliance Officer & Compliance Fees		6,468			25,609			12,271
Custodian Fees		4,330			69,706			18,044
Miscellaneous Expenses		24,602			16,108			6,016
Audit Fees		20,121			23,658			20,302
Interest Expense		54,148			1,796,354			1,257
Insurance Fees		320			2,964			1,615
Distribution Fees (12b-1) - Advisor Class		9,975			42,100			11,608
Distribution Fees (12b-1) - Investor Class		93,911			429,434			195,621
Total Expenses		1,115,210			6,474,731			2,140,250
Securities Lending Expense Offset		(13,123	)		(5,476	)		(134	)
Fees Recouped by the Adviser		1,013			52,186			55,515
Fees Waived by the Adviser		—			(58,577	)		(5,306	)
Net Expenses		1,103,100			6,462,864			2,190,325
Net Investment Income		1,756,242			1,102,577			1,355,581
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		(1,193,744	)		2,650,994			7,815,333
Purchased Options		(759	)		(37,881,420	)		—
Written Options		(1,613,943	)		22,193,616			—
Foreign Currency		(83	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		428,396			51,146,013			5,744,082
Purchased Options		—			2,599,311			—
Written Options		(74,246	)		(769,319	)		—
Net Realized and Unrealized Gain (Loss) on Investments		(2,454,379	)		39,939,195			13,559,415
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(698,137	)	$	41,041,772		$	14,914,996

See accompanying notes to financial statements.

97

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year/Period Ended November 30, 2023

	Horizon Defensive Core Fund			Horizon Tactical Fixed Income Fund(1)			Horizon Multi- Factor Small/ Mid Cap Fund(1)
Investment Income:
Dividend Income from Securities (net of foreign withholdings tax of $1,404, $0 and $40)	$	3,818,490		$	3,720,037		$	78,418
Interest Income		104,470			110,481			7,257
Total Investment Income		3,922,960			3,830,518			85,675
Expenses:
Investment Advisory Fees		1,433,035			464,010			42,178
Administrative & Accounting Service Fees		120,228			48,839			38,878
Transfer Agent Fees		57,094			39,875			25,941
Trustees’ Fees and Expenses		23,136			6,696			476
Legal Fees		21,466			11,187			10,603
Registration Fees		39,249			6,476			2,252
Printing and Postage Expenses		20,575			6,855			3,187
Chief Compliance Officer & Compliance Fees		12,853			5,405			1,605
Custodian Fees		52,916			4,134			25,566
Miscellaneous Expenses		10,683			5,556			2,454
Audit Fees		20,335			19,690			19,606
Interest Expense		17,561			2,284			4
Insurance Fees		4,370			1,024			32
Distribution Fees (12b-1) - Advisor Class		103,543			3,054			229
Distribution Fees (12b-1) - Investor Class		169,323			76,113			5,181
Total Expenses		2,106,367			701,198			178,192
Securities Lending Expense Offset		—			(49,633	)		(2	)
Fees Recouped by the Adviser		37,498			37,963			—
Fees Waived by the Adviser		(19,996	)		(37,963	)		(120,585	)
Net Expenses		2,123,869			651,565			57,605
Net Investment Income		1,799,091			3,178,953			28,070
Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		5,117,657			(4,860,994	)		62,886
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		21,692,941			2,708,029			664,013
Net Realized and Unrealized Gain (Loss) on Investments		26,810,598			(2,152,965	)		726,899
Net Increase in Net Assets Resulting From Operations	$	28,609,689		$	1,025,988		$	754,969

⁽¹⁾ The Horizon Tactical Fixed Income Fund and Horizon Multi-Factor Small/Mid Cap Fund commenced operations on December 20, 2022.

See accompanying notes to financial statements.

98

Horizon Active Asset Allocation Fund

Statements of Changes in Net Assets

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	5,285,404		$	8,545,524
Net Realized Loss on Investments		(24,734,608	)		(9,003,001	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		67,667,134			(75,577,135	)
Net Increase (Decrease) in Net Assets Resulting From Operations		48,217,930			(76,034,612	)
Distributions to Shareholders From:
Distributable earnings
Investor Class		(7,765,620	)		(99,771,775	)
Advisor Class		(16,229	)		(555,980	)
Institutional Class		(279,324	)		(1,228,725	)
Total Distributions to Shareholders		(8,061,173	)		(101,556,480	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		315,310,785			342,816,638
Advisor Class		599,357			1,000,227
Institutional Class		9,499,315			23,732,395
Distributions Reinvested
Investor Class		7,556,372			96,237,129
Advisor Class		11,704			477,816
Institutional Class		278,971			1,228,725
Cost of Shares Redeemed
Investor Class		(250,116,156	)		(233,843,007	)
Advisor Class		(901,005	)		(2,199,078	)
Institutional Class		(6,510,758	)		(5,024,907	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		75,728,585			224,425,938
Increase in Net Assets		115,885,342			46,834,846
Net Assets:
Beginning of Year		789,139,207			742,304,361
End of Year	$	905,024,549		$	789,139,207
Share Activity:
Investor Class:
Shares Issued		25,176,093			26,334,707
Shares Reinvested		631,804			6,569,087
Shares Redeemed		(20,027,460	)		(18,125,776	)
Net Increase		5,780,437			14,778,018
Advisor Class:
Shares Issued		47,896			70,171
Shares Reinvested		982			32,750
Shares Redeemed		(72,803	)		(176,554	)
Net Decrease		(23,925	)		(73,633	)
Institutional Class:
Shares Issued		755,666			1,783,794
Shares Reinvested		23,267			83,587
Shares Redeemed		(520,185	)		(410,335	)
Net Increase		258,748			1,457,046

See accompanying notes to financial statements.

99

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	10,263,842		$	7,172,492
Net Realized Gain (Loss) on Investments		139,088			(95,965,053	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		73,861,655			(94,873,650	)
Net Increase (Decrease) in Net Assets Resulting From Operations		84,264,585			(183,666,211	)
Distributions to Shareholders From:
Distributable earnings
Investor Class		(6,402,141	)		(92,274,740	)
Advisor Class		(20,211	)		(670,237	)
Institutional Class		(188,695	)		(2,756,632	)
Total Distributions to Shareholders		(6,611,047	)		(95,701,609	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		243,088,446			509,555,925
Advisor Class		1,443,633			1,826,774
Institutional Class		7,455,174			8,176,730
Distributions Reinvested
Investor Class		6,351,952			89,219,671
Advisor Class		14,896			506,313
Institutional Class		188,560			2,756,632
Cost of Shares Redeemed
Investor Class		(405,000,606	)		(247,540,372	)
Advisor Class		(4,491,763	)		(4,341,349	)
Institutional Class		(8,067,349	)		(6,594,349	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(159,017,057	)		353,565,975
Increase (Decrease) in Net Assets		(81,363,519	)		74,198,155
Net Assets:
Beginning of Year		1,273,457,062			1,199,258,907
End of Year	$	1,192,093,543		$	1,273,457,062
Share Activity:
Investor Class:
Shares Issued		11,565,968			23,189,190
Shares Reinvested		315,546			3,540,463
Shares Redeemed		(19,203,575	)		(11,207,443	)
Net Increase (Decrease)		(7,322,061	)		15,522,210
Advisor Class:
Shares Issued		67,713			79,433
Shares Reinvested		742			20,116
Shares Redeemed		(217,260	)		(201,713	)
Net Decrease		(148,805	)		(102,164	)
Institutional Class:
Shares Issued		354,041			361,929
Shares Reinvested		9,353			109,217
Shares Redeemed		(383,809	)		(298,316	)
Net Increase (Decrease)		(20,415	)		172,830

See accompanying notes to financial statements.

100

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	11,365,302		$	6,390,665
Net Realized Gain (Loss) on Investments		(33,137,970	)		(39,849,490	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		23,387,212			(32,942,788	)
Net Increase (Decrease) in Net Assets Resulting From Operations		1,614,544			(66,401,613	)
Distributions to Shareholders From:
Distributable Earnings
Investor Class		(10,897,730	)		(6,011,975	)
Advisor Class		(28,517	)		(48,345	)
Institutional Class		(53,498	)		(27,058	)
Total Distributions to Shareholders		(10,979,745	)		(6,087,378	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		76,224,976			172,187,772
Advisor Class		310,965			600,847
Institutional Class		162,859			177,896
Distributions Reinvested
Investor Class		10,792,712			5,834,335
Advisor Class		24,996			44,011
Institutional Class		53,499			27,058
Cost of Shares Redeemed
Investor Class		(271,623,986	)		(99,988,006	)
Advisor Class		(1,602,884	)		(2,432,192	)
Institutional Class		(147,452	)		(50,941	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(185,804,315	)		76,400,780
Increase (Decrease) in Net Assets		(195,169,516	)		3,911,789
Net Assets:
Beginning of Year		443,124,669			439,212,880
End of Year	$	247,955,153		$	443,124,669
Share Activity:
Investor Class:
Shares Issued		9,354,546			19,744,900
Shares Reinvested		1,335,279			637,159
Shares Redeemed		(33,433,329	)		(11,629,351	)
Net Increase (Decrease)		(22,743,504	)		8,752,708
Advisor Class:
Shares Issued		38,167			68,120
Shares Reinvested		3,055			4,728
Shares Redeemed		(194,128	)		(285,773	)
Net Decrease		(152,906	)		(212,925	)
Institutional Class:
Shares Issued		19,871			20,567
Shares Reinvested		6,657			2,961
Shares Redeemed		(18,450	)		(6,105	)
Net Increase		8,078			17,423

See accompanying notes to financial statements.

101

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	1,756,242		$	2,366,045
Net Realized Loss on Investments		(2,808,529	)		(4,235,833	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		354,150			3,962,086
Net Increase (Decrease) in Net Assets Resulting From Operations		(698,137	)		2,092,298
Distributions to Shareholders From:
Distributable earnings
Investor Class		(1,987,356	)		(4,979,090	)
Advisor Class		(79,785	)		(386,414	)
Total Distributions to Shareholders		(2,067,141	)		(5,365,504	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		20,884,076			25,982,916
Advisor Class		1,053,672			2,044,153
Distributions Reinvested
Investor Class		1,987,144			4,977,778
Advisor Class		79,779			322,926
Cost of Shares Redeemed
Investor Class		(30,065,892	)		(49,123,038	)
Advisor Class		(2,377,007	)		(8,173,158	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(8,438,228	)		(23,968,423	)
Decrease in Net Assets		(11,203,506	)		(27,241,629	)
Net Assets:
Beginning of Year		106,968,823			134,210,452
End of Year	$	95,765,317		$	106,968,823
Share Activity:
Investor Class:
Shares Issued		356,150			427,321
Shares Reinvested		34,134			78,211
Shares Redeemed		(509,803	)		(804,036	)
Net Decrease		(119,519	)		(298,504	)
Advisor Class:
Shares Issued		18,008			33,449
Shares Reinvested		1,368			5,045
Shares Redeemed		(40,452	)		(133,661	)
Net Decrease		(21,076	)		(95,167	)

See accompanying notes to financial statements.

102

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	1,102,577		$	1,324,694
Net Realized Gain (Loss) on Investments		(13,036,810	)		32,014,037
Net Change in Unrealized Appreciation (Depreciation) on Investments		52,976,005			(44,469,876	)
Net Increase (Decrease) in Net Assets Resulting From Operations		41,041,772			(11,131,145	)
Distributions to Shareholders From:
Distributable earnings
Investor Class		(5,646,606	)		(737,808	)
Advisor Class		(157,956	)		(24,320	)
Total Distributions to Shareholders		(5,804,562	)		(762,128	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		211,848,362			243,919,522
Advisor Class		14,024,777			16,584,496
Distributions Reinvested
Investor Class		5,645,765			737,630
Advisor Class		147,061			18,974
Cost of Shares Redeemed
Investor Class		(121,823,388	)		(121,627,778	)
Advisor Class		(8,089,982	)		(22,646,844	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		101,752,595			116,986,000
Increase in Net Assets		136,989,805			105,092,727
Net Assets:
Beginning of Year		371,969,526			266,876,799
End of Year	$	508,959,331		$	371,969,526
Share Activity:
Investor Class:
Shares Issued		3,413,261			4,032,696
Shares Reinvested		96,707			11,280
Shares Redeemed		(1,953,882	)		(2,053,298	)
Net Increase		1,556,086			1,990,678
Advisor Class:
Shares Issued		226,105			269,558
Shares Reinvested		2,515			290
Shares Redeemed		(128,808	)		(382,103	)
Net Increase (Decrease)		99,812			(112,255	)

See accompanying notes to financial statements.

103

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	1,355,581		$	1,039,608
Net Realized Gain (Loss) on Investments		7,815,333			(1,843,833	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		5,744,082			(895,613	)
Net Increase (Decrease) in Net Assets Resulting From Operations		14,914,996			(1,699,838	)
Distributions to Shareholders From:
Distributable earnings
Investor Class		(1,076,099	)		(27,097,405	)
Advisor Class		(799	)		(116,302	)
Total Distributions to Shareholders		(1,076,898	)		(27,213,707	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		154,344,738			73,364,195
Advisor Class		7,332,999			42,810
Distributions Reinvested
Investor Class		1,075,745			27,092,996
Advisor Class		799			108,577
Cost of Shares Redeemed
Investor Class		(50,455,727	)		(56,897,680	)
Advisor Class		(518,058	)		(365,339	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		111,780,496			43,345,559
Increase in Net Assets		125,618,594			14,432,014
Net Assets:
Beginning of Year		143,425,397			128,993,383
End of Year	$	269,043,991		$	143,425,397
Share Activity:
Investor Class:
Shares Issued		5,925,193			2,849,550
Shares Reinvested		43,359			960,404
Shares Redeemed		(1,920,630	)		(2,202,600	)
Net Increase		4,047,922			1,607,354
Advisor Class:
Shares Issued		285,971			1,548
Shares Reinvested		32			3,853
Shares Redeemed		(19,549	)		(14,453	)
Net Increase (Decrease)		266,454			(9,052	)

See accompanying notes to financial statements.

104

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

	For the Year Ended November 30, 2023			For the Year Ended November 30, 2022
Operations:
Net Investment Income	$	1,799,091		$	532,678
Net Realized Gain (Loss) on Investments		5,117,657			(19,354,402	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		21,692,941			(2,675,326	)
Net Increase (Decrease) in Net Assets Resulting From Operations		28,609,689			(21,497,050	)
Distributions to Shareholders From:
Distributable earnings
Investor Class		(747,401	)		(3,104,199	)
Advisor Class		(114,622	)		(907,265	)
Total Distributions to Shareholders		(862,023	)		(4,011,464	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		85,507,352			92,083,508
Advisor Class		32,829,258			27,644,791
Distributions Reinvested
Investor Class		747,163			3,103,216
Advisor Class		104,263			904,064
Cost of Shares Redeemed
Investor Class		(66,257,003	)		(46,791,127	)
Advisor Class		(25,064,328	)		(24,411,544	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		27,866,705			52,532,908
Increase in Net Assets		55,614,371			27,024,394
Net Assets:
Beginning of Year		182,544,550			155,520,156
End of Year	$	238,158,921		$	182,544,550
Share Activity:
Investor Class:
Shares Issued		2,652,558			2,834,491
Shares Reinvested		25,251			84,144
Shares Redeemed		(2,047,138	)		(1,447,898	)
Net Increase		630,671			1,470,737
Advisor Class:
Shares Issued		1,045,626			837,594
Shares Reinvested		3,535			24,594
Shares Redeemed		(788,665	)		(751,265	)
Net Increase		260,496			110,923

See accompanying notes to financial statements.

105

Horizon Tactical Fixed Income Fund
STATEMENT OF CHANGES IN NET ASSETS (Continued)

	For the Period Ended November 30, 2023 (1)
Operations:
Net Investment Income	$	3,178,953
Net Realized Loss on Investments		(4,860,994	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,708,029
Net Increase in Net Assets Resulting From Operations		1,025,988
Distributions to Shareholders From:
Distributable earnings
Investor Class		(1,310,607	)
Advisor Class		(593	)
Total Distributions to Shareholders		(1,311,200	)
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		184,030,226
Advisor Class		8,216,275
Distributions Reinvested
Investor Class		1,310,506
Advisor Class		593
Cost of Shares Redeemed
Investor Class		(26,884,780	)
Advisor Class		(317,548	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		166,355,272
Increase in Net Assets		166,070,060
Net Assets:
Beginning of Period		—
End of Period	$	166,070,060
Share Activity:
Investor Class:
Shares Issued		3,800,025
Shares Reinvested		27,533
Shares Redeemed		(561,140	)
Net Increase		3,266,418
Advisor Class:
Shares Issued		173,837
Shares Reinvested		13
Shares Redeemed		(6,688	)
Net Increase		167,162

(1) Horizon Tactical Fixed Income Fund commenced operations on December 20, 2022.

See accompanying notes to financial statements.

106

Horizon Multi-Factor Small/Mid Cap Fund
STATEMENT OF CHANGES IN NET ASSETS (Continued)

	For the Period Ended November 30, 2023 (1)
Operations:
Net Investment Income	$	28,070
Net Realized Gain on Investments		62,886
Net Change in Unrealized Appreciation (Depreciation) on Investments		664,013
Net Increase (Decrease) in Net Assets Resulting From Operations		754,969
Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		12,880,268
Advisor Class		411,028
Distributions Reinvested
Investor Class		—
Advisor Class		—
Cost of Shares Redeemed
Investor Class		(1,131,057	)
Advisor Class		(6,801	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		12,153,438
Increase in Net Assets		12,908,407
Net Assets:
Beginning of Period		—
End of Period	$	12,908,407
Share Activity:
Investor Class:
Shares Issued		481,358
Shares Reinvested		—
Shares Redeemed		(41,325	)
Net Increase		440,033
Advisor Class:
Shares Issued		15,316
Shares Reinvested		—
Shares Redeemed		(251	)
Net Increase		15,065

(1) Horizon Multi-Factor Small/Mid Cap Fund commenced operations on December 20, 2022.

See accompanying notes to financial statements.

107

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, 2023			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
Net Asset Value, Beginning of Year	$	12.71		$	16.17		$	14.07		$	12.61		$	12.68
Income From Investment Operations:
Net investment income (b,e)		0.08			0.15			0.06			0.09			0.08
Net gain (loss) from investments (both realized and unrealized)		0.63			(1.42	)		2.96			1.46			0.65
Total from investment operations		0.71			(1.27	)		3.02			1.55			0.73
Less Distributions:
From net investment income		(0.13	)		(0.10	)		(0.07	)		(0.09	)		(0.08	)
From net realized gains		—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.13	)		(2.19	)		(0.92	)		(0.09	)		(0.80	)
Net Asset Value, End of Year	$	13.29		$	12.71		$	16.17		$	14.07		$	12.61
Total Return		5.69	%		(9.63	)%		22.63	%		12.32	%		7.23	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	872,904		$	761,418		$	729,517		$	521,477		$	508,839
Ratio to average net assets:
Gross expenses (c,d)		1.22	%		1.21	%		1.23	%		1.25	%		1.21	%
Net expenses (a,c)		1.18	%		1.14	%		1.14	%		1.20	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.62	%		1.15	%		0.35	%		0.75	%		0.66	%
Portfolio turnover rate		247	%		139	%		142	%		208	%		279	%

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 0.01%, 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.

See accompanying notes to financial statements.

108

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, 2023			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
Net Asset Value, Beginning of Year	$	12.64		$	16.10		$	14.01		$	12.55		$	12.62
Income From Investment Operations:
Net investment income (b,e)		0.05			0.14			0.03			0.08			0.07
Net gain (loss) from investments (both realized and unrealized)		0.62			(1.42	)		2.95			1.45			0.65
Total from investment operations		0.67			(1.28	)		2.98			1.53			0.72
Less Distributions:
From net investment income		(0.09	)		(0.09	)		(0.04	)		(0.07	)		(0.07	)
From net realized gains		—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.09	)		(2.18	)		(0.89	)		(0.07	)		(0.79	)
Net Asset Value, End of Year	$	13.22		$	12.64		$	16.10		$	14.01		$	12.55
Total Return		5.44	%		(9.76	)%		22.43	%		12.24	%		7.12	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,907		$	2,126		$	3,893		$	10,052		$	7,879
Ratio to average net assets:
Gross expenses (c,d)		1.42	%		1.36	%		1.38	%		1.41	%		1.39	%
Net expenses (a,c)		1.38	%		1.28	%		1.29	%		1.25	%		1.39	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.46	%		1.11	%		0.21	%		0.63	%		0.57	%
Portfolio turnover rate		247	%		139	%		142	%		208	%		279	%

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.

See accompanying notes to financial statements.

109

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, 2023			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
Net Asset Value, Beginning of Year	$	12.76		$	16.23		$	14.11		$	12.64		$	12.71
Income From Investment Operations:
Net investment income (b,e)		0.09			0.14			0.08			0.12			0.10
Net gain (loss) from investments (both realized and unrealized)		0.64			(1.40	)		2.97			1.44			0.65
Total from investment operations		0.73			(1.26	)		3.05			1.56			0.75
Less Distributions:
From net investment income		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.10	)
From net realized gains		—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.14	)		(2.21	)		(0.93	)		(0.09	)		(0.82	)
Net Asset Value, End of Year	$	13.35		$	12.76		$	16.23		$	14.11		$	12.64
Total Return		5.86	%		(9.57	)%		22.82	%		12.44	%		7.33	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	30,215		$	25,595		$	8,894		$	1,732		$	28,631
Ratio to average net assets:
Gross expenses (c,d)		1.12	%		1.11	%		1.13	%		1.16	%		1.14	%
Net expenses (a,c)		1.08	%		1.04	%		1.05	%		1.01	%		1.16	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.71	%		1.10	%		0.47	%		1.01	%		0.80	%
Portfolio turnover rate		247	%		139	%		142	%		208	%		279	%

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.

See accompanying notes to financial statements.

110

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, 2023			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
Net Asset Value, Beginning of Year	$	20.71		$	26.13		$	21.74		$	21.38		$	21.69
Income From Investment Operations:
Net investment income (b,e)		0.18			0.13			0.08			0.16	(f)		0.12
Net gain (loss) from investments (both realized and unrealized)		1.29			(3.48	)		4.39			0.42	(f)		0.33
Total from investment operations		1.47			(3.35	)		4.47			0.58			0.45
Less Distributions:
From net investment income		(0.11	)		(0.17	)		(0.08	)		(0.22	)		(0.12	)
From net realized gains		—			(1.90	)		—			—			(0.64	)
Total Distributions		(0.11	)		(2.07	)		(0.08	)		(0.22	)		(0.76	)
Net Asset Value, End of Year	$	22.07		$	20.71		$	26.13		$	21.74		$	21.38
Total Return		7.13	%		(14.24	)%		20.64	%		2.71	%		2.52	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,158,227		$	1,238,187		$	1,156,627		$	764,775		$	738,854
Ratio to average net assets:
Gross expenses (c,d)		1.21	%		1.19	%		1.22	%		1.25	%		1.20	%
Net expenses (a,c)		1.19	%		1.17	%		1.16	%		1.20	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.83	%		0.58	%		0.34	%		0.81	%		0.60	%
Portfolio turnover rate		176	%		366	%		108	%		462	%		368	%

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 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.

111

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, 2023			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
Net Asset Value, Beginning of Year	$	20.66		$	26.08		$	21.73		$	21.36		$	21.66
Income From Investment Operations:
Net investment income (loss) (b,e)		0.16			0.12			0.05			(0.04	)(f)		0.10
Net gain (loss) from investments (both realized and unrealized)		1.27			(3.49	)		4.37			0.57	(f)		0.32
Total from investment operations		1.43			(3.37	)		4.42			0.53			0.42
Less Distributions:
From net investment income		(0.10	)		(0.15	)		(0.07	)		(0.16	)		(0.08	)
From net realized gains		—			(1.90	)		—			—			(0.64	)
Total Distributions		(0.10	)		(2.05	)		(0.07	)		(0.16	)		(0.72	)
Net Asset Value, End of Year	$	21.99		$	20.66		$	26.08		$	21.73		$	21.36
Total Return		6.98	%		(14.34	)%		20.41	%		2.50	%		2.37	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,489		$	4,472		$	8,312		$	6,399		$	177
Ratio to average net assets:
Gross expenses (c,d)		1.36	%		1.34	%		1.37	%		1.43	%		1.38	%
Net expenses (a,c)		1.33	%		1.31	%		1.31	%		1.37	%		1.42	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		0.75	%		0.53	%		0.21	%		(0.18	)%		0.49	%
Portfolio turnover rate		176	%		366	%		108	%		462	%		368	%

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%, 0.01%, 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.

112

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, 2023			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
Net Asset Value, Beginning of Year	$	20.76		$	26.19		$	21.79		$	21.43		$	21.72
Income From Investment Operations:
Net investment income (b,e)		0.19			0.16			0.13			0.23	(f)		0.10
Net gain (loss) from investments (both realized and unrealized)		1.31			(3.50	)		4.37			0.36	(f)		0.39
Total from investment operations		1.50			(3.34	)		4.50			0.59			0.49
Less Distributions:
From net investment income		(0.13	)		(0.19	)		(0.10	)		(0.23	)		(0.14	)
From net realized gains		-			(1.90	)		-			-			(0.64	)
Total Distributions		(0.13	)		(2.09	)		(0.10	)		(0.23	)		(0.78	)
Net Asset Value, End of Year	$	22.13		$	20.76		$	26.19		$	21.79		$	21.43
Total Return		7.27	%		(14.17	)%		20.75	%		2.78	%		2.70	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	32,378		$	30,798		$	34,320		$	40,562		$	62,964
Ratio to average net assets:
Gross expenses (c,d)		1.11	%		1.09	%		1.12	%		1.15	%		1.13	%
Net expenses (a,c)		1.09	%		1.06	%		1.06	%		1.09	%		1.08	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.90	%		0.70	%		0.54	%		1.14	%		0.47	%
Portfolio turnover rate		176	%		366	%		108	%		462	%		368	%

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 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.

113

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, 2023			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
Net Asset Value, Beginning of Year	$	8.24		$	9.72		$	9.90		$	9.44		$	9.13
Income From Investment Operations:
Net investment income (b,e)		0.26			0.13			0.19			0.18			0.29
Net gain (loss) from investments (both realized and unrealized)		(0.23	)		(1.48	)		(0.18	)		0.50			0.31
Total from investment operations		0.03			(1.35	)		0.01			0.68			0.60
Less Distributions:
From net investment income		(0.24	)		(0.13	)		(0.19	)		(0.22	)		(0.29	)
Total Distributions		(0.24	)		(0.13	)		(0.19	)		(0.22	)		(0.29	)
Net Asset Value, End of Year	$	8.03		$	8.24		$	9.72		$	9.90		$	9.44
Total Return		0.38	%		(14.04	)%		0.11	%		7.29	%		6.78	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	245,555		$	439,460		$	432,982		$	430,958		$	272,400
Ratio to average net assets:
Gross expenses (c,d)		1.01	%		0.99	%		1.03	%		1.05	%		1.03	%
Net expenses (a,c)		0.95	%		0.89	%		0.95	%		0.90	%		0.88	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		3.20	%		1.47	%		1.98	%		1.87	%		3.13	%
Portfolio turnover rate		175	%		110	%		93	%		225	%		167	%

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%, 0.00%, 0.01%, 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.

See accompanying notes to financial statements.

114

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, 2023			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
Net Asset Value, Beginning of Year	$	8.29		$	9.77		$	9.95		$	9.47		$	9.16
Income From Investment Operations:
Net investment income (b,e)		0.24			0.12			0.18			0.18			0.26
Net gain (loss) from investments (both realized and unrealized)		(0.22	)		(1.49	)		(0.18	)		0.47			0.32
Total from investment operations		0.02			(1.37	)		(0.00	)		0.65			0.58
Less Distributions:
From net investment income		(0.22	)		(0.11	)		(0.18	)		(0.17	)		(0.27	)
Total Distributions		(0.22	)		(0.11	)		(0.18	)		(0.17	)		(0.27	)
Net Asset Value, End of Year	$	8.09		$	8.29		$	9.77		$	9.95		$	9.47
Total Return		0.26	%		(14.12	)%		(0.05	)%		6.96	%		6.53	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	675		$	1,960		$	4,391		$	3,896		$	2,328
Ratio to average net assets:
Gross expenses (c,d)		1.16	%		1.14	%		1.18	%		1.17	%		1.20	%
Net expenses (a,c)		1.10	%		1.03	%		1.10	%		1.06	%		1.05	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		3.02	%		1.31	%		1.82	%		1.90	%		2.79	%
Portfolio turnover rate		175	%		110	%		93	%		225	%		167	%

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.

See accompanying notes to financial statements.

115

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, 2023			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
Net Asset Value, Beginning of Year	$	8.21		$	9.68		$	9.86		$	9.43		$	9.13
Income From Investment Operations:
Net investment income (b,e)		0.26			0.14			0.17			0.49	(f)		0.29
Net gain (loss) from investments (both realized and unrealized)		(0.22	)		(1.47	)		(0.15	)		0.17	(f)		0.31
Total from investment operations		0.04			(1.33	)		0.02			0.66			0.60
Less Distributions:
From net investment income		(0.25	)		(0.14	)		(0.20	)		(0.23	)		(0.30	)
Total Distributions		(0.25	)		(0.14	)		(0.20	)		(0.23	)		(0.30	)
Net Asset Value, End of Year	$	8.00		$	8.21		$	9.68		$	9.86		$	9.43
Total Return		0.49	%		(13.90	)%		0.20	%		7.07	%		6.83	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,725		$	1,704		$	1,840		$	184		$	8,040
Ratio to average net assets:
Gross expenses (c,d)		0.91	%		0.89	%		0.94	%		0.93	%		0.95	%
Net expenses (a,c)		0.84	%		0.79	%		0.85	%		0.82	%		0.80	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		3.27	%		1.57	%		1.74	%		5.13	%		3.15	%
Portfolio turnover rate		175	%		110	%		93	%		225	%		167	%

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.

116

Horizon Equity Premium 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, 2023			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
Net Asset Value, Beginning of Year	$	61.62		$	63.02		$	55.01		$	58.58		$	60.03
Income From Investment Operations:
Net investment income (a)		1.06			1.23			1.03			1.19			1.47
Net gain (loss) from investments (both realized and unrealized)		(1.42	)		0.02	(c)		8.02			(3.25	)		0.27	(c)
Total from investment operations		(0.36	)		1.25			9.05			(2.06	)		1.74
Less Distributions:
From net investment income		(1.23	)		(1.16	)		(1.04	)		(1.29	)		(1.14	)
From net realized gains		—			(1.49	)		—			(0.22	)		(2.05	)
Total Distributions		(1.23	)		(2.65	)		(1.04	)		(1.51	)		(3.19	)
Net Asset Value, End of Year	$	60.03		$	61.62		$	63.02		$	55.01		$	58.58
Total Return		(0.51	)%		1.90	%		16.58	%		(3.41	)%		3.67	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	92,322		$	102,135		$	123,269		$	104,774		$	156,452
Ratio to average net assets:
Gross expenses (b)		1.13	%		1.10	%		1.06	%		1.11	%		1.09	%
Net expenses (d)		1.12	%		1.09	%		1.08	%		1.09	%		1.09	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		1.80	%		2.03	%		1.67	%		2.28	%		2.59	%
Portfolio turnover rate		4	%(e)		150	%		222	%		376	%		369	%

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) 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.

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

(e) The cost of purchases and proceeds from sales of securities that were incurred by the Fund related to the Fund’s change in investment strategy are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 67% for the year ended November 30, 2023.

See accompanying notes to financial statements.

117

Horizon Equity Premium 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, 2023			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
Net Asset Value, Beginning of Year	$	61.66		$	63.04		$	54.99		$	58.56		$	60.00
Income From Investment Operations:
Net investment income (a)		0.97			1.09			0.95			1.13			1.37
Net gain (loss) from investments (both realized and unrealized)		(1.43	)		0.06	(c)		8.04			(3.28	)		0.29	(c)
Total from investment operations		(0.46	)		1.15			8.99			(2.15	)		1.66
Less Distributions:
From net investment income		(1.13	)		(1.04	)		(0.94	)		(1.21	)		(1.05	)
From net realized gains		—			(1.49	)		—			(0.21	)		(2.05	)
Total Distributions		(1.13	)		(2.53	)		(0.94	)		(1.42	)		(3.10	)
Net Asset Value, End of Year	$	60.07		$	61.66		$	63.04		$	54.99		$	58.56
Total Return		(0.68	)%		1.73	%		16.45	%		(3.55	)%		3.50	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	3,443		$	4,834		$	10,941		$	8,781		$	27,452
Ratio to average net assets:
Gross expenses (b)		1.28	%		1.23	%		1.21	%		1.25	%		1.24	%
Net expenses (d)		1.29	%		1.25	%		1.24	%		1.24	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		1.63	%		1.76	%		1.52	%		2.17	%		2.42	%
Portfolio turnover rate		4	%(e)		150	%		222	%		376	%		369	%

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) 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.

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

(e) The cost of purchases and proceeds from sales of securities that were incurred by the Fund related to the Fund’s change in investment strategy are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 67% for the year ended November 30, 2023.

See accompanying notes to financial statements.

118

Horizon Defined Risk 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, 2023			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
Net Asset Value, Beginning of Year	$	61.16		$	63.49		$	56.98		$	54.09		$	51.00
Income From Investment Operations:
Net investment income (a)		0.16			0.26			0.22			0.37			0.51
Net gain (loss) from investments (both realized and unrealized)		5.39			(2.41	)		6.62			2.82			2.86
Total from investment operations		5.55			(2.15	)		6.84			3.19			3.37
Less Distributions:
From net investment income		(0.21	)		(0.18	)		(0.33	)		(0.30	)		(0.17	)
From net realized gains		(0.73	)		—			—			—			(0.11	)
Total Distributions		(0.94	)		(0.18	)		(0.33	)		(0.30	)		(0.28	)
Net Asset Value, End of Year	$	65.77		$	61.16		$	63.49		$	56.98		$	54.09
Total Return		9.26	%		(3.40	)%		12.06	%		5.93	%		6.69	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	489,234		$	359,743		$	247,061		$	210,993		$	163,322
Ratio to average net assets:
Gross expenses (b)		1.44	%		1.12	%		1.11	%		1.12	%		1.20	%
Net expenses (c)		1.44	%		1.12	%		1.05	%		1.04	%		1.04	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.25	%		0.43	%		0.35	%		0.70	%		0.99	%
Portfolio turnover rate		3	%		15	%		27	%		28	%		10	%

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) The ratio of expenses to average net assets includes interest expense which was 0.40%, 0.08%, 0.01%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

119

Horizon Defined Risk 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, 2023			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
Net Asset Value, Beginning of Year	$	61.11		$	63.45		$	56.93		$	54.06		$	50.98
Income From Investment Operations:
Net investment income (a)		0.07			0.13			0.13			0.29			0.42
Net gain (loss) from investments (both realized and unrealized)		5.40			(2.39	)		6.62			2.82			2.87
Total from investment operations		5.47			(2.26	)		6.75			3.11			3.29
Less Distributions:
From net investment income		(0.07	)		(0.08	)		(0.23	)		(0.24	)		(0.10	)
From net realized gains		(0.73	)		—			—			—			(0.11	)
Total Distributions		(0.80	)		(0.08	)		(0.23	)		(0.24	)		(0.21	)
Net Asset Value, End of Year	$	65.78		$	61.11		$	63.45		$	56.93		$	54.06
Total Return		9.12	%		(3.57	)%		11.90	%		5.78	%		6.51	%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	19,725		$	12,227		$	19,816		$	24,804		$	22,807
Ratio to average net assets:
Gross expenses (b)		1.60	%		1.26	%		1.26	%		1.28	%		1.37	%
Net expenses (c)		1.60	%		1.26	%		1.20	%		1.19	%		1.19	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.11	%		0.20	%		0.21	%		0.56	%		0.80	%
Portfolio turnover rate		3	%		15	%		27	%		28	%		10	%

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) The ratio of expenses to average net assets includes interest expense which was 0.41%, 0.07%, 0.01%, 0.00% and 0.00%, respectively.

See accompanying notes to financial statements.

120

Horizon Multi-Factor U.S. 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, 2023			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	$	26.34		$	33.53		$	27.19		$	26.22		$	25.00
Income From Investment Operations:
Net investment income (b)		0.18			0.22			0.15			0.12			0.12
Net gain (loss) from investments (both realized and unrealized)		1.25			(0.29	)		6.27			0.91			1.10
Total from investment operations		1.43			(0.07	)		6.42			1.03			1.22
Less Distributions:
From net investment income		(0.20	)		(0.18	)		(0.08	)		(0.06	)		—
From net realized gains		—			(6.94	)		—			—			—
Total Distributions		(0.20	)		(7.12	)		(0.08	)		(0.06	)		—
Net Asset Value, End of Period/Year	$	27.57		$	26.34		$	33.53		$	27.19		$	26.22
Total Return		5.51	%		(1.62	)%		23.70	%		3.96	%		4.88	%(f)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)		261,501			143,236			128,449			205,886			85,776
Ratio to average net assets:
Gross expenses (c)		1.07	%		1.12	%		1.17	%		1.14	%		1.93	%(e)
Net expenses (d)		1.09	%		1.11	%		1.09	%		1.09	%		1.09	%(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.68	%		0.83	%		0.50	%		0.49	%		1.10	%(e)
Portfolio turnover rate		238	%		197	%		218	%		325	%		0.11	%(f)

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

(e) Annualized.

(f) Not annualized.

See accompanying notes to financial statements.

121

Horizon Multi-Factor U.S. 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, 2023			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	$	26.27		$	33.46		$	27.16		$	26.23
Income From Investment Operations:
Net investment income (b)		0.14			0.14			0.10			0.04
Net gain (loss) from investments (both realized and unrealized)		1.26			(0.26	)		6.27			0.89
Total from investment operations		1.40			(0.12	)		6.37			0.93
Less Distributions:
From net investment income		(0.11	)		(0.13	)		(0.07	)		—
From net realized gains		—			(6.94	)		—			—
Total Distributions		(0.11	)		(7.07	)		(0.07	)		—
Net Asset Value, End of Period/Year	$	27.56		$	26.27		$	33.46		$	27.16
Total Return		5.38	%		(1.79	)%		23.53	%		3.55	%(f)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	7,543		$	189		$	544		$	730
Ratio to average net assets:
Gross expenses (c)		1.21	%		1.27	%		1.32	%		1.30	%(e)
Net expenses (d)		1.22	%		1.25	%		1.24	%		1.24	%(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.52	%		0.52	%		0.34	%		0.17	%(e)
Portfolio turnover rate		238	%		197	%		218	%		325	%(f)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since February 2, 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) The ratio of expenses to average net assets includes interest expense which was 0.00%, 0.01%, 0.00% and 0.00%, respectively.

(e) Annualized.

(f) Not annualized.

See accompanying notes to financial statements.

122

Horizon 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, 2023			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	$	30.99		$	36.09		$	28.78		$	25.00
Income From Investment Operations:
Net investment income (b,i)		0.28			0.11			0.11			0.19	(f)
Net gain (loss) from investments (both realized and unrealized)		4.01			(4.29	)		8.01			3.59	(f)
Total from investment operations		4.29			(4.18	)		8.12			3.78
Less Distributions:
From net investment income		(0.15	)		(0.08	)		(0.10	)		—
From net realized gains		—			(0.84	)		(0.71	)		—
Total Distributions		(0.15	)		(0.92	)		(0.81	)		—
Net Asset Value, End of Period/Year	$	35.13		$	30.99		$	36.09		$	28.78
Total Return		13.95	%		(11.99	)%		28.91	%		15.12	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	190,927		$	148,912		$	120,315		$	3,985
Ratio to average net assets:
Gross expenses (c,h)		0.97	%		1.04	%		1.09	%		6.24	%(d)
Net expenses (g,h)		0.98	%		1.03	%		1.04	%		1.04	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset (h,i)		0.89	%		0.36	%		0.32	%		0.73	%(d)
Portfolio turnover rate		139	%		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%, 0.01%, 0.00% and 0.00%, respectively.

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

(i) 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.

123

Horizon 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, 2023			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	$	30.85		$	35.95		$	28.69		$	25.04
Income From Investment Operations:
Net investment income (b,i)		0.23			0.06			0.07			0.13	(f)
Net gain (loss) from investments (both realized and unrealized)		3.99			(4.27	)		7.97			3.52	(f)
Total from investment operations		4.22			(4.21	)		8.04			3.65
Less Distributions:
From net investment income		(0.10	)		(0.05	)		(0.07	)		—
From net realized gains		—			(0.84	)		(0.71	)		—
Total Distributions		(0.10	)		(0.89	)		(0.78	)		—
Net Asset Value, End of Period/Year	$	34.97		$	30.85		$	35.95		$	28.69
Total Return		13.76	%		(12.11	)%		28.69	%		14.58	%(e)
Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	47,232		$	33,632		$	35,205		$	4,283
Ratio to average net assets:
Gross expenses (c,h)		1.12	%		1.18	%		1.28	%		4.56	%(d)
Net expenses (g,h)		1.13	%		1.18	%		1.19	%		1.19	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset (h,i)		0.72	%		0.17	%		0.19	%		0.52	%(d)
Portfolio turnover rate		139	%		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 0.01%, 0.01%, 0.00% and 0.00%, respectively.

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

(i) 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.

124

Horizon Tactical Fixed Income Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Period Ended November 30, 2023 (a)
Net Asset Value, Beginning of Period	$	50.00
Income From Investment Operations:
Net investment income (b,h)		1.88
Net gain (loss) from investments (both realized and unrealized)		(2.68	)
Total from investment operations		(0.80	)
Less Distributions:
From net investment income		(0.83	)
Total Distributions		(0.83	)
Net Asset Value, End of Period	$	48.37
Total Return		(1.63	)%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	157,988
Ratio to average net assets:
Gross expenses (c,g)		0.90	%(d)
Net expenses (f,g)		0.84	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset (g,h)		4.13	%(d)
Portfolio turnover rate		638	%(e)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since December 20, 2022 (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 0.00%.

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

(h) 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.

See accompanying notes to financial statements.

125

Horizon Tactical Fixed Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended November 30, 2023 (a)
Net Asset Value, Beginning of Period	$	49.48
Income From Investment Operations:
Net investment income (b,h)		0.90
Net gain (loss) from investments (both realized and unrealized)		(1.45	)
Total from investment operations		(0.55	)
Less Distributions:
From net investment income		(0.58	)
Total Distributions		(0.58	)
Net Asset Value, End of Period	$	48.35
Total Return		(1.10	)%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	8,082
Ratio to average net assets:
Gross expenses (c,g)		1.16	%(d)
Net expenses (f,g)		0.96	%(d)
Net investment income net of reimbursement (recapture) and securities lending expense offset (g,h)		2.58	%(d)
Portfolio turnover rate		638	%(e)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since March 7, 2023 (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 0.00%.

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

(h) 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.

See accompanying notes to financial statements.

126

Horizon Multi-Factor Small/Mid Cap Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Period Ended November 30, 2023 (a)
Net Asset Value, Beginning of Period	$	25.00
Income From Investment Operations:
Net investment income (b)		0.14
Net gain (loss) from investments (both realized and unrealized)		3.22
Total from investment operations		3.36
Net Asset Value, End of Period	$	28.36
Total Return		13.48	%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	12,482
Ratio to average net assets:
Gross expenses (c)		3.38	%(d)
Net expenses (f)		1.09	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.53	%(d)
Portfolio turnover rate		179	%(e)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since December 20, 2022 (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 0.00%.

See accompanying notes to financial statements.

127

Horizon Multi-Factor Small/Mid Cap Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended November 30, 2023 (a)
Net Asset Value, Beginning of Period	$	26.88
Income From Investment Operations:
Net investment income (b)		0.09
Net gain (loss) from investments (both realized and unrealized)		1.37
Total from investment operations		1.46
Net Asset Value, End of Period	$	28.34
Total Return		5.43	%(e)
Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	427
Ratio to average net assets:
Gross expenses (c)		3.64	%(d)
Net expenses (f)		1.24	%(d)
Net investment income net of reimbursement and securities lending expense offset		0.43	%(d)
Portfolio turnover rate		179	%(e)

Portfolio turnover is calculated for the Fund as a whole.

(a) Since March 7, 2023 (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 0.00%.

See accompanying notes to financial statements.

128

Horizon Funds

Notes to Financial Statements

November 30, 2023

1. ORGANIZATION

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund (formerly known as the Horizon Active Dividend Fund), Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund (formerly known as the Horizon U.S. Defensive Equity Fund), Horizon Defensive Core Fund (formerly known as the Horizon ESG & Defensive Core Fund), Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund (formerly known as the Horizon U.S. Defensive Small/Mid Cap Fund) (each a “Fund” and together the “Funds”) are each a series of shares of beneficial interest of Horizon Funds (the “Trust”), a Delaware business trust organized on May 21, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. Each Fund is a diversified series of the Trust. The investment objective of the Horizon Active Asset Allocation Fund is capital appreciation. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on January 31, 2012, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Risk Assist^® Fund is to capture the majority of the returns associated with equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on August 29, 2014, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Income Fund is income. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on September 30, 2013, February 8, 2016 and September 9, 2016, respectively. The investment objective of the Horizon Equity Premium Income Fund is capital appreciation and current income. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2016 and June 20, 2017, respectively. The investment objective of the Horizon Defined Risk Fund is capital appreciation and capital preservation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 28, 2017 and February 2, 2018, respectively. The investment objective of the Horizon Multi-Factor U.S. Equity Fund is capital appreciation. The Fund presently offers Investor Class shares and Advisor Class shares which commenced operations on June 26, 2019 and January 31, 2020, respectively. The investment objective of the Horizon Defensive Core Fund is to seek to generate comparable returns, before fees and expenses, to an index that is designed to measure the performance of the large and mid-cap segments of the U.S. market and that screens companies with regards to certain ESG criteria for the equity portion of the Fund’s portfolio, while mitigating downside risk by allocating a portion of the Fund’s portfolio to a risk overlay strategy (the “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. The investment objective of the Horizon Tactical Fixed Income Fund is to seek to provide total return through a combination of current income and capital appreciation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 20, 2022 and March 7, 2023, respectively. The investment objective of the Horizon Multi-Factor Small/Mid Cap Fund is capital appreciation. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 20, 2022 and March 7, 2023, respectively.

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

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

129

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The Funds value their investments and financial instruments at fair value as follows. In determining a Fund’s net asset value (“NAV”) per share, equity securities, including common stocks, preferred stocks, and exchange traded funds, for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). If the NOCP is not available, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices on the primary exchange. When market quotations received are from an active market, the securities will be classified within Level 1 of the fair value hierarchy. If market quotations are not readily available, then securities are valued at fair value as determined by 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

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models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2023, for the Funds’ investments measured at fair value:

Horizon Active Asset Allocation Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	898,603,708	$	—	$	—	$	898,603,708
Purchased Call Options		—		320,000		—		320,000
Short-Term Investments		5,740,006		—		—		5,740,006
Investments Purchased With Proceeds From Securities Lending		18,919,514		—		—		18,919,514
Total	$	923,263,228	$	320,000	$	—	$	923,583,228

Horizon Active Risk Assist® Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,174,189,389	$	—	$	—	$	1,174,189,389
Common Stocks		13,745,691		—		0		13,745,691
Purchased Call Options		—		2,291,000		—		2,291,000
Purchased Put Options		—		3,350,250		—		3,350,250
Short-Term Investments		823		—		—		823
Investments Purchased With Proceeds From Securities Lending		28,608,150		—		—		28,608,150
Total	$	1,216,544,053	$	5,641,250	$	—	$	1,222,185,303

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	—	$	254,500	$	—	$	254,500
Written Put Options		—		3,495,000			$	3,495,000
Total	$	—	$	3,749,500	$	—	$	3,749,500

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November 30, 2023

Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	247,455,223	$	—	$	—	$	247,455,223
Purchased Call Options		—		9,000		—		9,000
Short-Term Investments		157,559		—		—		157,559
Investments Purchased With Proceeds From Securities Lending		77,974,294		—		—		77,974,294
Total	$	325,587,076	$	9,000	$	—	$	325,596,076

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	—	$	3,000	$	—	$	3,000
Total	$	—	$	3,000	$	—	$	3,000

Horizon Equity Premium Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	95,430,251	$	—	$	—	$	95,430,251
Short-Term Investments		205,138		—		—		205,138
Total	$	95,635,389	$	—	$	—	$	95,635,389

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	177,520	$	—	$	—	$	177,520
Total	$	177,520	$	—	$	—	$	177,520

Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	504,982,722	$	—	$	0	$	504,982,722
Purchased Put Options		—		3,386,975		—		3,386,975
Short-Term Investments		5,954,376		—		—		5,954,376
Investments Purchased With Proceeds From Securities Lending		344,432		—		—		344,432
Total	$	511,281,530	$	3,386,975	$	—	$	514,668,505

Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	—	$	5,923,125	$	—	$	5,923,125
Written Put Options		—		1,064,150		—		1,064,150
Total	$	—	$	6,987,275	$	—	$	6,987,275

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November 30, 2023

Horizon Multi-Factor U.S. Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	265,592,810	$	—	$	—	$	265,592,810
Short-Term Investments		2,623,939		—		—		2,623,939
Total	$	268,216,749	$	—	$	—	$	268,216,749

Horizon Defensive Core Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	237,127,256	$	—	$	0		237,127,256
Short-Term Investments		546		—		—		546
Total	$	237,127,802	$	—	$	—	$	237,127,802

Horizon Tactical Fixed Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	165,511,756	$		$		$	165,511,756
Short-Term Investments		447,398		—		—		447,398
Investments Purchased With Proceeds From Securities Lending		48,425,662		—		—		48,425,662
Total	$	214,384,816	$	—	$	—	$	214,384,816

Horizon Multi-Factor Small/Mid Cap Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	12,818,176	$	—	$	—		12,818,176
Short-Term Investments		114,374		—		—		114,374
Total	$	12,932,550	$	—	$	—	$	12,932,550

* 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 at NAV in large blocks of shares called “Creation Units”, and bought and sold in secondary markets on a securities exchange, where its shares trade like common stock. An index-based ETF represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. Alternatively, ETFs may be actively managed in accordance with a particular investment strategy. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile.

Option Transactions – Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase from (call option) or sell to (put option) the writer a specified underlying instrument at a specified price on or before a specified date. The Funds enter into option contracts to meet the requirements of their trading activities. The risk in writing a call option is that the Funds may incur a loss if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds

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November 30, 2023

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, 2023, were as follows:

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist® Fund		Horizon Active Income Fund		Horizon Equity Premium Income Fund		Horizon Defined Risk Fund
Purchased Options	$	114,750	$	3,065,219	$	49,125	$	0	$	5,546,594
Written Options	$	0	$	1,902,525	$	20,875	$	44,380	$	5,912,213

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of November 30, 2023:

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

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November 30, 2023

Horizon Active Asset Allocation Fund
Derivatives Investment Value
Purchased Options	$	320,000
Written Options	$	0

Horizon Active Risk Assist® Fund
Derivatives Investment Value
Purchased Options	$	5,641,250
Written Options	$	3,749,500

Horizon Active Income Fund
Derivatives Investment Value
Purchased Options	$	9,000
Written Options	$	3,000

Horizon Equity Premium Income Fund
Derivatives Investment Value
Purchased Options	$	0
Written Options	$	177,250

Horizon Defined Risk Fund
Derivatives Investment Value
Purchased Options	$	3,386,975
Written Options	$	6,987,275

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended November 30, 2023:

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

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November 30, 2023

Horizon Active Asset Allocation Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(1,348,205	)
Written Options		216,750
	$	(1,131,455	)

Changes in unrealized depreciation on derivatives recognized in the Statements of Operations
Purchased Options	$	(333,799	)
Written Options		0
	$	(333,799	)

Horizon Active Risk Assist® Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(9,246,023	)
Written Options		5,796,765
	$	(3,499,258	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	265,125
Written Options		(1,100,097	)
	$	(834,972	)

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

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(178,325	)
Written Options		78,675
	$	(99,650	)

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

Horizon Equity Premium Income Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(759	)
Written Options		(1,613,943	)
	$	(1,614,702	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	—
Written Options		(74,246	)
	$	(74,246	)

Horizon Defined Risk Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(37,881,420	)
Written Options		22,193,616
	$	(15,687,804	)

Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	2,599,311
Written Options		(769,319	)
	$	1,829,992

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, 2023.

Horizon Active Risk Assist® Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments			Collateral Pledged/ Received		Net Amount
Written Options	$	3,749,500	(1)	$	—	$	3,749,500	$	($3,749,500	)(2)	$	—	$	—
Total	$	3,749,500		$	—	$	3,749,500	$	($3,749,500	)	$	—	$	—

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

Horizon Active Income Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments			Collateral Pledged/ Received		Net Amount
Written Options	$	3,000	(1)	$	—	$	3,000	$	3,000	(2)	$	—	$	—
Total	$	3,000		$	—	$	3,000	$	3,000		$	—	$	—

Horizon Equity Premium Income Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments			Collateral Pledged/ Received		Net Amount
Written Options	$	177,250	(1)	$	—	$	177,250	$	177,250	(2)	$	—	$	—
Total	$	177,250		$	—	$	177,250	$	177,250		$	—	$	—

Horizon Defined Risk Fund
Liabilities:								Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments			Collateral Pledged/ Received		Net Amount
Written Options	$	6,987,275	(1)	$	—	$	6,987,275	$	(6,987,275	)(2)	$	—	$	—
Total	$	6,987,275		$	—	$	6,987,275	$	(6,987,275	)	$	—	$	—

(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. 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.

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November 30, 2023

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

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

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken on the Funds’ 2023 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal, North Carolina State and Delaware State; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

Shareholder Services Plan – The Board 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.

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November 30, 2023

Rule 12b-1 – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, the Horizon Multi-Factor U.S. Equity Fund, the Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”). However, payments under the 12b-1 Plan are an operating expense of each Fund that is not subject to the expense limitation provided by the Adviser. The 12b-1 Plan provides for the payment of a distribution fee to Quasar Distributors, LLC (the “Distributor”) at an annualized rate of up to 0.25% of the average daily net assets attributable to the applicable classes. During the year or period ended November 30, 2023 the distribution fees accrued for the Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets, respectively. During the year or period ended November 30, 2023, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund Advisor Class shares incurred $4,720, $7,350, $2,547, $9,975, $42,100, $11,608, $103,543, $3,054, and $229, respectively, pursuant to the plan. During the year or period ended November 30, 2023, the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund Investor Class shares incurred $93,911, $429,434, $195,621, $169,323, $76,113, and $5,181 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.

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 Equity Premium Income Fund, 0.80% of the average daily net assets of the Horizon Defined Risk Fund, 0.80% of the average daily net assets of the Horizon Multi-Factor U.S. Equity Fund, 0.68% of the average daily net assets of the Horizon Defensive Core Fund, 0.60% of the average daily net assets of the Horizon Tactical Fixed Income Fund, and 0.80% of the average daily net assets of the Horizon Multi-Factor Small/Mid Cap Fund.

Pursuant to the Expense Limitation Agreement (the “Waiver Agreement”), the Adviser has agreed, until March 31, 2025 for the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, the Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund to waive a portion of the Fund’s advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses;

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Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust’s Rule 12b-1 Distribution Plan; payments by the Fund, if any, under the Trust’s Shareholder Services Plan; expenses paid with securities lending expense offset credits; taxes; and extraordinary expenses, such as litigation) incurred by a class of shares of the Fund in any fiscal year do not exceed the percentage of average daily net assets in the below table.

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

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

141

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

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 or period ended November 30, 2023, the Adviser recouped from Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund $0, $0, $0, $1,013, $52,186, $55,515, $37,498, $37,963, and $0 respectively.

Fund	2024		2025		2026		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—	$	—
Horizon Active Risk Assist® Fund		—		—		—		—
Horizon Active Income Fund		—		—		—		—
Horizon Equity Premium Income Fund		1,061		869		—		1,930
Horizon Defined Risk Fund		141,014		74,784		58,577		274,375
Horizon Multi-Factor U.S. Equity Fund		128,664		31,381		5,296		165,341
Horizon Defensive Core Fund		45,582		51,617		19,996		117,195
Horizon Tactical Fixed Income Fund		—		—		—		—
Horizon Multi-Factor Small/Mid Cap Fund		—		—		120,585		120,585

Trustees – The Trust pays each Trustee of the Trust who is not an interested person an annual retainer of $85,000 for each fiscal year plus $10,000 for attendance at an in-person board meeting. In every instance, the cost of the fees are to be allocated among the participating Funds in accordance with a formula that takes into account the overall asset size of each affected Fund. 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 of Trustees renewed the approval of a compensation policy with respect to the Trust’s Chief Compliance Officer pursuant to which the Horizon Funds and the Adviser each pay 50% of the Chief Compliance Officer’s salary, with the portion paid by the Horizon Funds allocated among the Funds in accordance with their relative net assets.

4. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year or period ended November 30, 2023, were as follows:

Fund	Purchases		Sales
Horizon Active Asset Allocation Fund	$	2,152,451,130	$	2,077,313,389
Horizon Active Risk Assist® Fund		2,145,704,551		2,287,281,723
Horizon Active Income Fund		621,640,988		805,070,168
Horizon Equity Premium Income Fund(1)		64,965,031		73,856,087
Horizon Defined Risk Fund		110,146,910		13,250,231
Horizon Multi-Factor U.S. Equity Fund		583,503,441		473,438,887
Horizon Defensive Core Fund		319,907,526		289,857,667
Horizon Tactical Fixed Income Fund		676,241,175		508,576,453
Horizon Multi-Factor Small/Mid Cap Fund		21,955,532		9,862,014

⁽¹⁾ Includes purchases of $61,157,999 and sales of $61,106,025 to realign the Fund’s portfolio subsequent to its change in investment strategy.

142

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

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 or period. 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 or period ended November 30, 2023, 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.

As of the year or period ended November 30, 2023, 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	$	18,712,141	$	18,919,514
Horizon Active Risk Assist® Fund		28,283,017		28,608,150
Horizon Active Income Fund		75,982,858		77,974,294
Horizon Equity Premium Income Fund		—		—
Horizon Defined Risk Fund		338,925		344,431
Horizon Multi-Factor U.S. Equity Fund		—		—
Horizon Defensive Core Fund		—		—
Horizon Tactical Fixed Income Fund		47,314,940		48,425,662
Horizon Multi-Factor Small/Mid Cap Fund		—		—

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

143

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

6. LINE OF CREDIT ARRANGEMENT

Throughout the year or period ended November 30, 2023, and renewed effective February 23, 2023, the Funds are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 22, 2024, 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 8.50% as of November 30, 2023, if they borrow. For the year or period ended November 30, 2023, the Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Active Income Fund, Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund had average borrowings of $149,855, $486,238, $185,860, $31,696, $34,301, $2,005, $140,455, $14,012, and $22 and the weighted average interest rate on the line of credit borrowings was 8.36%, 8.25%, 8.39%, 8.47%, 8.37%, 7.94%, 8.30%, 8.43%, and 8.50%, respectively. On November 1, 2023, the Horizon Active Asset Allocation Fund had borrowings of $24,875,000, on June 9, 2023, the Horizon Active Risk Assist^® Fund had borrowings of $15,972,000, on May 18, 2023, the Horizon Active Income Fund had borrowings of $8,179,000, on September 8, 2023, the Horizon Equity Premium Income Fund had borrowings of $1,175,000, on July 21, 2023, the Horizon Defined Risk Fund had borrowings of $1,940,000, on July 19, 2023, the Horizon Multi-Factor U.S. Equity Fund had borrowings of $409,000, on November 6, 2023, the Horizon Defensive Core Fund had borrowings of $5,462,000, on September 27, 2023, the Horizon Tactical Fixed Income Fund had borrowings of $885,000, and on October 5, 2023, the Horizon Multi-Factor Small/Mid Cap Fund had borrowings of $8,000, which represent the largest borrowing amounts, respectively, during the year or period ended November 30, 2023.

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years or periods ended November 30, 2023 and November 30, 2022 was as follows:

	For the year or period ended November 30, 2023
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	8,061,173	$	—	$	—	$	8,061,173
Horizon Active Risk Assist® Fund		6,611,047		—		—		6,611,047
Horizon Active Income Fund		10,979,745		—		—		10,979,745
Horizon Equity Premium Income Fund		2,067,141		—		—		2,067,141
Horizon Defined Risk Fund		1,287,488		4,517,074		—		5,804,562
Horizon Multi-Factor U.S. Equity Fund		1,076,898		—		—		1,076,898
Horizon Defensive Core Fund		862,023		—		—		862,023
Horizon Tactical Fixed Income Fund		1,311,200		—		—		1,311,200
Horizon Multi-Factor Small/Mid Cap Fund		—		—		—		—

144

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

	For the year or period 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 Equity Premium Income Fund		4,032,523		1,332,981		—		5,365,504
Horizon Defined Risk Fund		762,128		—		—		762,128
Horizon Multi-Factor U.S. Equity Fund		27,213,707		—		—		27,213,707
Horizon Defensive Core Fund		3,513,008		498,456		—		4,011,464

On December 21, 2023, the Funds paid the following per share income distributions:

Fund	Investor Class		Advisor Class		Institutional Class
Horizon Active Asset Allocation Fund	$	0.10845791	$	0.08708041	$	0.12104635
Horizon Active Risk Assist® Fund		0.19396203		0.12272628		0.21676813
Horizon Active Income Fund		0.14830491		0.14380446		0.15122039
Horizon Equity Premium Income Fund		0.24388385		0.21447595		—
Horizon Defined Risk Fund		0.13769590		0.05482534		—
Horizon Multi-Factor U.S. Equity Fund		0.13821839		0.11255652		—
Horizon Defensive Core Fund		0.22025614		0.17221135		—
Horizon Tactical Fixed Income Fund		0.87485164		0.85957132		—
Horizon Multi-Factor Small/Mid Cap Fund		0.07365120		0.06622892		—

On December 21, 2023, the Funds paid the following per share 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 Equity Premium Income Fund		—		—
Horizon Defined Risk Fund		—		—
Horizon Multi-Factor U.S. Equity Fund		0.50823		0.13181
Horizon Defensive Core Fund		—		—
Horizon Tactical Fixed Income Fund		—		—
Horizon Multi-Factor Small/Mid Cap Fund		0.15491		0.00192

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

145

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2023, 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	$	880,995,166	$	47,939,107	$	(5,351,045	)	$	42,588,062
Horizon Active Risk Assist® Fund		1,165,902,228		94,960,131		(42,426,558	)		52,533,573
Horizon Active Income Fund		339,557,057		1,705,124		(15,669,105	)		(13,963,981	)
Horizon Equity Premium Income Fund		89,581,634		8,306,165		(2,429,930	)		5,876,235
Horizon Defined Risk Fund		430,393,066		106,471,524		(29,183,360	)		77,288,164
Horizon Multi-Factor U.S. Equity Fund		253,003,287		19,574,619		(4,361,157	)		15,213,462
Horizon Defensive Core Fund		215,396,454		35,918,897		(14,187,549	)		21,731,348
Horizon Tactical Fixed Income Fund		212,238,215		2,708,501		(561,900	)		2,146,601
Horizon Multi-Factor Small/Mid Cap Fund		12,276,171		840,645		(184,266	)		656,379

As of November 30, 2023, 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			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficits)
Horizon Active Asset Allocation Fund	$	1,543,660	$	—	$	(30,307,878	)	$	42,588,062		$	13,823,844
Horizon Active Risk Assist® Fund		3,701,491		—		(65,830,373	)		52,533,573			(9,595,309	)
Horizon Active Income Fund		2,577,014		—		(75,833,584	)		(13,963,981	)		(87,220,551	)
Horizon Equity Premium Income Fund		363,529		—		(7,053,980	)		5,876,235			(814,216	)
Horizon Defined Risk Fund		1,042,025		—		(10,835,894	)		77,288,164			67,494,295
Horizon Multi-Factor U.S. Equity Fund		6,257,772		1,300,089		(1,181	)		15,213,462			22,770,142
Horizon Defensive Core Fund		1,388,882		—		(6,710,629	)		21,731,348			16,409,601
Horizon Tactical Fixed Income Fund		1,867,754		—		(4,299,566	)		2,146,601			(285,211	)
Horizon Multi-Factor Small/Mid Cap Fund		97,732		863		—			656,379			754,974

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.

146

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

At November 30, 2023, 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	$	24,243,075	$	6,005,524	$	30,248,599
Horizon Active Risk Assist® Fund		39,729,373		16,829,176		56,558,549
Horizon Active Income Fund		42,274,715		33,436,413		75,711,128
Horizon Equity Premium Income Fund		6,005,707		1,008,612		7,014,319
Horizon Defined Risk Fund		5,881,869		4,933,713		10,815,582
Horizon Multi-Factor U.S. Equity Fund		—		—		—
Horizon Defensive Core Fund		3,440,594		3,214,927		6,655,521
Horizon Tactical Fixed Income Fund		4,290,376		—		4,290,376
Horizon Multi-Factor Small/Mid Cap Fund		—		—		—

The Horizon Multi-Factor U.S. Equity Fund and the Horizon Defensive Core Fund utilized capital loss carry forwards of $1,352,233 and $7,605,172, respectively, during the fiscal year.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These reclassifications were due to the use of equalization. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the year ended November 30, 2023, the following table shows the reclassifications made:

Fund	Distributable Earnings/ (Accumulated Deficit)			Paid In Capital
Horizon Active Asset Allocation Fund	$	1,281		$	(1,281	)
Horizon Active Risk Assist® Fund		—			—
Horizon Active Income Fund		—			—
Horizon Equity Premium Income Fund		—			—
Horizon Defined Risk Fund		—			—
Horizon Multi-Factor U.S. Equity Fund		(657,917	)		657,917
Horizon Defensive Core Fund		—			—
Horizon Tactical Fixed Income Fund		1			(1	)
Horizon Multi-Factor Small/Mid Cap Fund		5			(5	)

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, 2023, 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.

147

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2023

9. SUBSEQUENT EVENTS

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

148

Horizon Funds

Report of Independent Registered Public Accounting Firm

November 30, 2023

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, 2023, 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, 2023, 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 Horizon Equity Premium Income Fund (formerly known as the Horizon Active Dividend Fund) Horizon Defined Risk Fund	For the year ended November 30, 2023	For the years ended November 30, 2023, and 2022	For the years ended November 30, 2023, 2022, 2021, 2020, and 2019
Horizon Multi-Factor U.S. Equity Fund (formerly known as the Horizon U.S. Defensive Equity Fund)	For the year ended November 30, 2023	For the years ended November 30, 2023, and 2022	For the years ended November 30, 2023, 2022, 2021, and 2020, and for the period from June 26, 2019 (commencement of operations) through November 30, 2019
Horizon Defensive Core Fund (formerly known as the Horizon ESG & Defensive Core Fund)	For the year ended November 30, 2023	For the years ended November 30, 2023, and 2022	For the years ended November 30, 2023, 2022, and 2021, and for the period from December 26, 2019 (commencement of operations) through November 30, 2020
Horizon Tactical Fixed Income Fund Horizon Multi-Factor Small/Mid Cap Fund (formerly known as Horizon U.S. Defensive Small/Mid Cap Fund)	For the period from December 20, 2022 (commencement of operations) through November 30, 2023

149

Horizon Funds

Report of Independent Registered Public Accounting Firm (Continued)
November 30, 2023

Basis for Opinion

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

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

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, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
January 26, 2024

150

Horizon Funds

Disclosure of Fund Expenses (Unaudited)

November 30, 2023

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.

151

Horizon Funds

Disclosure of Fund Expenses (Unaudited) (Continued)
November 30, 2023

			Actual		Hypothetical (5% return before expenses)
	Fund’s Annualized Expense Ratio	Beginning Account Value 6/1/2023	Ending Account Value 11/30/2023	Expenses Paid During Period	Ending Account Value 11/30/2023	Expenses Paid During Period
Horizon Active Asset Allocation - Investor Class 1	1.23%	$ 1,000.00	$ 1,082.25	$ 6.42	$ 1,018.90	$ 6.23
Horizon Active Asset Allocation - Advisor Class 1	1.57%	$ 1,000.00	$ 1,080.13	$ 8.19	$ 1,017.20	$ 7.94
Horizon Active Asset Allocation - Institutional Class 1	1.13%	$ 1,000.00	$ 1,083.60	$ 5.90	$ 1,019.40	$ 5.72
Horizon Active Risk Assist® - Investor Class 1	1.22%	$ 1,000.00	$ 1,068.77	$ 6.33	$ 1,018.95	$ 6.17
Horizon Active Risk Assist® - Advisor Class 1	1.37%	$ 1,000.00	$ 1,068.00	$ 7.10	$ 1,018.20	$ 6.93
Horizon Active Risk Assist® - Institutional Class 1	1.12%	$ 1,000.00	$ 1,069.08	$ 5.81	$ 1,019.45	$ 5.67
Horizon Active Income - Investor Class 1	1.02%	$ 1,000.00	$ 996.03	$ 5.10	$ 1,019.95	$ 5.16
Horizon Active Income - Advisor Class 1	1.17%	$ 1,000.00	$ 995.69	$ 5.85	$ 1,019.20	$ 5.92
Horizon Active Income - Institutional Class 1	0.92%	$ 1,000.00	$ 997.50	$ 4.61	$ 1,020.46	$ 4.66
Horizon Equity Premium Income Fund - Investor Class 1	1.15%	$ 1,000.00	$ 1,066.50	$ 5.96	$ 1,019.30	$ 5.82
Horizon Equity Premium Income Fund - Advisor Class 1	1.33%	$ 1,000.00	$ 1,065.66	$ 6.89	$ 1,018.40	$ 6.73
Horizon Defined Risk - Investor Class 1	1.45%	$ 1,000.00	$ 1,059.61	$ 7.49	$ 1,017.80	$ 7.33
Horizon Defined Risk - Advisor Class 1	1.61%	$ 1,000.00	$ 1,058.92	$ 8.31	$ 1,017.00	$ 8.14
Horizon Multi-Factor U.S. Equity Fund - Investor Class 1	1.09%	$ 1,000.00	$ 1,075.69	$ 5.67	$ 1,019.60	$ 5.52
Horizon Multi-Factor U.S. Equity Fund - Advisor Class 1	1.22%	$ 1,000.00	$ 1,074.88	$ 6.35	$ 1,018.95	$ 6.17
Horizon Defensive Core Fund - Investor Class 1	0.98%	$ 1,000.00	$ 1,109.95	$ 5.18	$ 1,020.16	$ 4.96
Horizon Defensive Core Fund - Advisor Class 1	1.13%	$ 1,000.00	$ 1,109.10	$ 5.97	$ 1,019.40	$ 5.72
Horizon Multi-Factor Small/Mid Cap Fund - Investor Class 1	1.09%	$ 1,000.00	$ 1,119.57	$ 5.79	$ 1,019.60	$ 5.52
Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class 1	1.24%	$ 1,000.00	$ 1,118.83	$ 6.59	$ 1,018.85	$ 6.28
Horizon Tactical Fixed Income - Investor Class 1	0.90%	$ 1,000.00	$ 1,017.39	$ 4.55	$ 1,020.56	$ 4.56
Horizon Tactical Fixed Income - Advisor Class 1	1.17%	$ 1,000.00	$ 1,016.79	$ 5.92	$ 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).

152

Horizon Funds

Approval of the Management Agreements (Unaudited)

November 30, 2023

In considering the approval of the continuance of the Investment Advisory Agreements for each of the Horizon Active Asset Allocation Fund, the Horizon Active Risk Assist^® Fund, the Horizon Active Income Fund, the Horizon Equity Premium Income Fund, the Horizon Defined Risk Fund, the Horizon Multi-Factor U.S. Equity Fund, the Horizon Defensive Core Fund (the “Funds”) and reaching their conclusions with respect thereto, the Board reviewed and analyzed various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser to the Funds; (ii) the investment performance of the Funds; (iii) the costs of the services provided and the profits realized by the Adviser and its affiliates from the relationship with the Funds; and (iv) the extent to which economies of scale will be realized as the Funds grow and whether the fee levels reflect these economies of scale to the benefit of shareholders, including the following:

● Nature, extent and quality of the services to be provided by the Adviser to the Funds. The Board reviewed the services being provided by the Adviser to each of the Funds including, without limitation, providing a continuous investment program for the Funds, adhering to each Fund’s investment restrictions, complying with the Trust’s policies and procedures, and voting proxies on behalf of the Funds. The Board also considered information regarding the experience, qualifications and key personnel of the Adviser, the Adviser’s sales force, the Adviser’s assets under management and relationships with other registered investment advisers for distribution purposes. The Board reviewed the Adviser’s financial statements and considered the Adviser’s financial condition. The Board also considered Horizon’s commitment to the Funds, Horizon’s staffing, trading and compliance systems, and its capabilities with respect to service provider oversight. The Board also considered the performance of other accounts managed by the Adviser. The Board concluded that the quality, extent, and nature of the services provided by Horizon to the Funds were satisfactory.

● The investment performance of the Funds. In connection with reviewing and assessing the quality of the portfolio management services provided by Horizon, the Board reviewed the short-term and longer-term performance of each Fund on both an absolute basis and in comparison to an appropriate securities benchmark index and certain peer funds and groups of peer funds. When reviewing each Fund’s performance against its benchmark and peers, the Board considered the investment objective and strategies of each Fund, as well as the Fund’s level of risk tolerance, and noted that there may be certain differences with respect to a Fund’s risk tolerance and that of its comparative funds.

● Costs of the services provided and the profits realized by the Adviser and its affiliates from the relationship with the Funds. The Board considered the management fees charged to each Fund, and each Fund’s total expense ratios, each as compared to its respective peer group, and took into account the differences in managing the Funds compared to other products that the Adviser offers. The Board also took into consideration the Expense Limitation Agreements agreed to by the Adviser and the information provided by the Adviser assessing its profitability with respect to the Funds. The Board also considered the indirect benefits that the Adviser receives through soft dollars, cross sales of other products the Adviser sells and third-party marketing materials. The Board also considered the regulatory regime and additional oversight under which the Funds’ will operate, as well as operational differences between the Funds and Horizon’s other clients.

● The extent to which economies of scale will be realized as the Fund grows and whether the fee levels reflect these economies of scale to the benefit of shareholders. The Board considered that the Funds’ management fees did not have breakpoints but that the Adviser had indicated a willingness to consider implementing breakpoints in the future as the Funds’ asset levels increase.

After full consideration of the above factors as well as other factors, the Board approved the continuance of the Funds’ Advisory Agreements.

153

Horizon Funds

Additional Information (Unaudited)

November 30, 2023

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended November 30, 2023, 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	100.00%
Horizon Active Risk Assist® Fund	100.00%
Horizon Active Income Fund	1.49%
Horizon Equity Premium Income Fund	100.00%
Horizon Defined Risk Fund	100.00%
Horizon Multi-Factor U.S. Equity Fund	94.19%
Horizon Defensive Core Fund	100.00%
Horizon Tactical Fixed Income Fund	0.00%
Horizon Multi-Factor Small/Mid Cap Fund	0.00%

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

Fund Name	Dividends Received Deduction
Horizon Active Asset Allocation Fund	16.01%
Horizon Active Risk Assist® Fund	2.61%
Horizon Active Income Fund	2.37%
Horizon Equity Premium Income Fund	100.00%
Horizon Defined Risk Fund	100.00%
Horizon Multi-Factor U.S. Equity Fund	94.14%
Horizon Defensive Core Fund	100.00%
Horizon Tactical Fixed Income Fund	3.59%
Horizon Multi-Factor Small/Mid Cap Fund	0.00%

Foreign Tax Credit

For the year ended November 30, 2023, the Horizon Active Asset Allocation 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	$	1,389,096	$	226,846
Horizon Active Risk Assist® Fund	$	2,007,660	$	336,802

154

Horizon Funds

Additional Information (Unaudited)

November 30, 2023

Short Term Capital Gains

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

Fund Name	Short-Term
Horizon Active Asset Allocation Fund	0.00%
Horizon Active Risk Assist® Fund	0.00%
Horizon Active Income Fund	0.00%
Horizon Equity Premium Income Fund	0.00%
Horizon Defined Risk Fund	0.00%
Horizon Multi-Factor U.S. Equity Fund	0.00%
Horizon Defensive Core Fund	0.00%
Horizon Tactical Fixed Income Fund	0.00%
Horizon Multi-Factor Small/Mid Cap Fund	0.00%

155

Horizon Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

November 30, 2023

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).	9	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.

156

Horizon Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

November 30, 2023

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).	9	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).	9	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.	9	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.

157

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

158

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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

159

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

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

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

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

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

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

How to Obtain Proxy Voting Information

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

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

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  11/30/2023	FYE  11/30/2022
Audit Fees	$139,500	$108,500
Audit-Related Fees	$0	$0
Tax Fees	$31,500	$24,500
All Other Fees	$1,500	$7,500

The percentage of fees billed by Cohen & Company, Ltd. for the fiscal years ended November 30, 2023 and November 30, 2022, respectively, applicable to non-audit services pursuant to a waiver of the pre-approval requirement was as follows:

	FYE  11/30/2023	FYE  11/30/2022
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  11/30/2023	FYE  11/30/2022
Registrant	$3,200	$3,232.50
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.

2 

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. Filed herewith.

(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.

3 

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:	02-05-2024

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:	02-05-2024
By (Signature and Title)*	/s/ Stephen Terry
	Stephen Terry, Treasurer and Principal Financial Officer
Date:	02-05-2024

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

4