Horizon Funds NCSRS Certified semi-annual shareholder report (management investment company)

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, 2024

Date of reporting period: December 1, 2023 through May 31, 2024

Updated June 27, 2024

Item 1. Reports to Stockholders.

(a)

Horizon Active Asset Allocation Fund

Advisor Class

Ticker: HASAX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$7.23	1.35%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (09/04/2015)
Horizon Active Asset Allocation Fund - Advisor Class	23.42%	10.52%	8.91%
S&P 500 Total Return Index	28.19%	15.80%	14.32%
S&P Global BMI ex-US Index	16.78%	6.81%	6.61%

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 or visiting the Fund's website. 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. Performance figures for periods greater than one year are annualized.

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,028,677,179
Number of Portfolio Holdings	76
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	95.5%
Common Stocks	4.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

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

Horizon Active Asset Allocation Fund

Institutional Class

Ticker: HASIX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Institutional Class	$5.89	1.10%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Asset Allocation Fund - Institutional Class	23.80%	10.80%	9.59%
S&P 500 Total Return Index	28.19%	15.80%	14.50%
S&P Global BMI ex-US Index	16.78%	6.81%	6.26%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,028,677,179
Number of Portfolio Holdings	76
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	95.5%
Common Stocks	4.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Asset Allocation Fund

Investor Class

Ticker: AAANX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$6.43	1.20%

How did the Fund perform over the past 10 years?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Ten Years
Horizon Active Asset Allocation Fund - Investor Class	23.60%	10.68%	7.52%
S&P 500 Total Return Index	28.19%	15.80%	12.69%
S&P Global BMI ex-US Index	16.78%	6.81%	4.23%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,028,677,179
Number of Portfolio Holdings	76
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	95.5%
Common Stocks	4.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Risk Assist Fund

Advisor Class

Ticker: ARAAX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$7.37	1.37%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (09/04/2015)
Horizon Active Risk Assist^®Fund - Advisor Class	22.99%	7.14%	5.70%
S&P 500 Total Return Index	28.19%	15.80%	14.33%
S&P Global BMI ex-US Index	16.78%	6.81%	6.61%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	1.12%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,266,541,645
Number of Portfolio Holdings	453
Portfolio Turnover Rate (%)	11%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	98.0%
Common Stocks	1.5%
Purchased Options	0.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Risk Assist Fund

Institutional Class

Ticker: ACRIX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Institutional Class	$6.03	1.12%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Risk Assist^®Fund - Institutional Class	23.31%	7.42%	6.46%
S&P 500 Total Return Index	28.19%	15.80%	14.50%
S&P Global BMI ex-US Index	16.78%	6.81%	6.26%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	0.62%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,266,541,645
Number of Portfolio Holdings	453
Portfolio Turnover Rate (%)	11%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	98.0%
Common Stocks	1.5%
Purchased Options	0.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Risk Assist Fund

Investor Class

Ticker: ARANX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$6.57	1.22%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (08/29/2014)
Horizon Active Risk Assist^®Fund - Investor Class	23.20%	7.31%	4.64%
S&P 500 Total Return Index	28.19%	15.80%	12.50%
S&P Global BMI ex-US Index	16.78%	6.81%	4.18%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	1.19%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$1,266,541,645
Number of Portfolio Holdings	453
Portfolio Turnover Rate (%)	11%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	98.0%
Common Stocks	1.5%
Purchased Options	0.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Income Fund

Advisor Class

Ticker: AIHAX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$6.12	1.21%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (02/08/2016)
Horizon Active Income Fund - Advisor Class	2.04%	-0.67%	-0.08%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	0.96%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$222,371,664
Number of Portfolio Holdings	29
Portfolio Turnover Rate (%)	64%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Income Fund

Institutional Class

Ticker: AIRIX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Institutional Class	$4.91	0.97%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Income Fund - Institutional Class	2.33%	-0.44%	-0.23%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	0.62%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$222,371,664
Number of Portfolio Holdings	29
Portfolio Turnover Rate (%)	64%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Active Income Fund

Investor Class

Ticker: AIMNX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$5.42	1.07%

How did the Fund perform over the past 10 years?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Ten Years
Horizon Active Income Fund - Investor Class⁽¹⁾	2.09%	-0.52%	-0.11%
Bloomberg Aggregate Bond Index	1.31%	-0.17%	1.26%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$222,371,664
Number of Portfolio Holdings	29
Portfolio Turnover Rate (%)	64%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Equity Premium Income Fund

Advisor Class

Ticker: HADUX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$8.24	1.54%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (06/20/2017)
Horizon Equity Premium Income Fund - Advisor Class	21.53%	7.04%	6.34%
S&P 500 Total Return Index	28.19%	15.80%	13.73%
MSCI World High Dividend Yield Index⁽¹⁾	17.50%	8.89%	7.51%
S&P 500 Buy/Write Monthly Index	9.26%	6.23%	5.24%

⁽¹⁾	The S&P 500 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.

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$105,475,456
Number of Portfolio Holdings	201
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.9%
Investment Companies	0.1%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Equity Premium Income Fund

Investor Class

Ticker: HNDDX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$7.44	1.39%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (12/28/2016)
Horizon Equity Premium Income Fund - Investor Class	21.74%	7.20%	7.34%
S&P 500 Total Return Index	28.19%	15.80%	14.17%
MSCI World High Dividend Yield Index⁽¹⁾	17.50%	8.89%	8.56%
S&P 500 Buy/Write Monthly Index	9.26%	6.23%	5.83%

⁽¹⁾	The S&P 500 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.

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$105,475,456
Number of Portfolio Holdings	201
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.9%
Investment Companies	0.1%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Defined Risk Fund

Advisor Class

Ticker: HADRX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$9.13	1.75%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (02/02/2018)
Horizon Defined Risk Fund - Advisor Class	15.13%	7.79%	6.09%
S&P 500 Total Return Index	28.19%	15.80%	12.72%
Bloomberg US Treasury 1-3 Years Index	3.36%	1.01%	1.41%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$598,863,724
Number of Portfolio Holdings	515
Portfolio Turnover Rate (%)	3%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	98.7%
Purchased Options	0.8%
Investment Companies	0.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Defined Risk Fund

Investor Class

Ticker: HNDRX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$8.40	1.61%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Five Years	Since Commencement of Operations (12/28/2017)
Horizon Defined Risk Fund - Investor Class	15.30%	7.95%	6.34%
S&P 500 Total Return Index	28.19%	15.80%	13.01%
Bloomberg US Treasury 1-3 Years Index	3.36%	1.01%	1.34%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$598,863,724
Number of Portfolio Holdings	515
Portfolio Turnover Rate (%)	3%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	98.7%
Purchased Options	0.8%
Investment Companies	0.5%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Multi-Factor U.S. Equity Fund

Advisor Class

Ticker: USRTX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$6.23	1.16%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (01/31/2020)
Horizon Multi-Factor U.S. Equity Fund - Advisor Class	23.59%	10.18%
S&P 500 Total Return Index	28.19%	13.86%
MSCI USA Minimum Volatility Index	17.67%	6.79%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$414,185,779
Number of Portfolio Holdings	160
Portfolio Turnover Rate (%)	106%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.3%
Money Market Funds	0.7%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Multi-Factor U.S. Equity Fund

Investor Class

Ticker: USRAX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$5.86	1.09%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (06/26/2019)
Horizon Multi-Factor U.S. Equity Fund - Investor Class	23.71%	10.14%
S&P 500 Total Return Index	28.19%	14.68%
MSCI USA Minimum Volatility Index	17.67%	8.19%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$414,185,779
Number of Portfolio Holdings	160
Portfolio Turnover Rate (%)	106%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.3%
Money Market Funds	0.7%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Defensive Core Fund

Advisor Class

Ticker: HESAX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$6.06	1.12%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (01/08/2020)
Horizon Defensive Core Fund - Advisor Class	28.93%	13.04%
MSCI USA Index	28.37%	13.37%
MSCI USA ESG Leaders Index	31.08%	14.25%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$349,766,506
Number of Portfolio Holdings	283
Portfolio Turnover Rate (%)	3%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.8%
Money Market Funds	0.2%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Defensive Core Fund

Investor Class

Ticker: HESGX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$5.25	0.97%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (12/26/2019)
Horizon Defensive Core Fund - Investor Class	29.12%	13.19%
MSCI USA Index	28.37%	13.39%
MSCI USA ESG Leaders Index	31.08%	14.20%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$349,766,506
Number of Portfolio Holdings	283
Portfolio Turnover Rate (%)	3%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.8%
Money Market Funds	0.2%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Tactical Fixed Income Fund

Advisor Class

Ticker: HTFAX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$4.93	0.98%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (03/07/2023)
Horizon Tactical Fixed Income Fund - Advisor Class	2.86%	0.04%
Bloomberg Aggregate Bond Index	1.31%	3.08%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$208,695,434
Number of Portfolio Holdings	10
Portfolio Turnover Rate (%)	200%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Tactical Fixed Income Fund

Investor Class

Ticker: HTFNX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$4.18	0.83%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (12/20/2022)
Horizon Tactical Fixed Income Fund - Investor Class	3.02%	-0.27%
Bloomberg Aggregate Bond Index	1.31%	1.97%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$208,695,434
Number of Portfolio Holdings	10
Portfolio Turnover Rate (%)	200%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Multi-Factor Small/Mid Cap Fund

Advisor Class

Ticker: HSMBX

Semi-Annual Shareholder Report

May 31, 2024

This semi-annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://horizonmutualfunds.com/. You can also request this information by contacting us at 1-855-754-7932.

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Advisor Class	$6.91	1.24%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (03/07/2023)
Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class	37.67%	23.51%
S&P 500 Total Return Index	28.19%	27.52%
S&P 1000 Total Return Index	24.25%	12.52%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$61,460,426
Number of Portfolio Holdings	306
Portfolio Turnover Rate (%)	86%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.1%
Investment Companies	0.9%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

Horizon Multi-Factor Small/Mid Cap Fund

Investor Class

Ticker: HSMNX

Semi-Annual Shareholder Report

May 31, 2024

What were the Fund costs for the last Six Months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$6.08	1.09%

How did the Fund perform since its inception?

Average Annual Returns

May 31, 2024

	One Year	Since Commencement of Operations (12/20/2022)
Horizon Multi-Factor Small/Mid Cap Fund - Investor Class	37.89%	26.10%
S&P 500 Total Return Index	28.19%	27.04%
S&P 1000 Total Return Index	24.25%	16.49%

What are some key Fund statistics?

(as of May 31, 2024)

Net Assets ($)	$61,460,426
Number of Portfolio Holdings	306
Portfolio Turnover Rate (%)	86%

What did the Fund invest in?

(as of May 31, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.1%
Investment Companies	0.9%
	100.0%

Where can I find additional information about the Fund?

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

prospectus
financial information
holdings
proxy voting information

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

HORIZON FUNDS

Financial Statements

Horizon Active Asset Allocation Fund

Horizon Active Risk Assist^® Fund

Investor Class

Advisor Class

Institutional Class

AAANX

HASAX

HASIX

Investor Class

Advisor Class

Institutional Class

ARANX

ARAAX

ACRIX

Horizon Active Income Fund

Horizon Equity Premium Income Fund

Investor Class

Advisor Class

Institutional Class

AIMNX

AIHAX

AIRIX

Investor Class

Advisor Class

HNDDX

HADUX

Horizon Defined Risk Fund

Horizon Multi-Factor U.S. Equity Fund

Investor Class

Advisor Class

HNDRX

HADRX

Investor Class

Advisor Class

USRAX

USRTX

Horizon Defensive Core Fund

Horizon Tactical Fixed Income Fund

Investor Class

Advisor Class

HESGX

HESAX

Investor Class

Advisor Class

HTFNX

HTFAX

Horizon Multi-Factor Small/Mid Cap Fund

Investor Class

Advisor Class

HSMNX

HSMBX

May 31, 2024

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
Schedule of Investments	1
Statements of Assets and Liabilities	65
Statements of Operations	68
Statements of Changes in Net Assets	71
Financial Highlights	80
Notes to Financial Statements	101
Additional Information	120

Horizon Active Asset Allocation Fund

Schedule of Investments (Unaudited)

May 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 94.6%
Communication Services Select Sector SPDR Fund		248,289	$	20,672,542
Energy Select Sector SPDR Fund		323,097		30,112,640
Health Care Select Sector SPDR Fund		525		75,443
Invesco QQQ Trust Series 1		137,871		62,139,838
iShares Core Dividend Growth ETF^(a)		1,758,229		101,256,408
iShares Core MSCI International Developed Markets ETF^(a)		901,881		61,517,303
iShares Core S&P Mid-Cap ETF		1,528,663		91,230,608
iShares Latin America 40 ETF^(a)		714,113		19,323,898
iShares MSCI Canada ETF^(a)		264,818		10,131,937
iShares MSCI China ETF^(a)		678,282		29,722,317
iShares MSCI EAFE ETF^(a)		653		53,011
iShares MSCI Emerging Markets ex China ETF		352,996		20,085,472
iShares MSCI Japan ETF		1,038,986		71,658,864
iShares MSCI USA Minimum Volatility ETF		1,246		103,169
iShares MSCI USA Momentum Factor ETF^(a)		385,121		71,863,579
iShares MSCI USA Quality Factor ETF		810,029		134,254,207
JPMorgan BetaBuilders Europe ETF^(a)		670,856		41,210,684
SPDR Portfolio S&P 500 Growth ETF^(e)		1,520,124		114,024,501
SPDR Portfolio S&P 500 Value ETF^(a)		826,224		40,798,941
SPDR S&P Kensho New Economies Composite ETF^(a)		218,348		10,227,420
SPDR S&P Metals & Mining ETF^(a)		495,688		31,937,178
Technology Select Sector SPDR Fund		370		77,759
VanEck Semiconductor ETF^(a)		46,265		11,125,807
WisdomTree Japan Hedged Equity Fund		241		26,778
TOTAL EXCHANGE TRADED FUNDS (Cost $877,638,629)				973,630,304

COMMON STOCKS — 5.1%
Consumer Discretionary Products — 0.2%
Tesla, Inc.^(b)		10,224		1,820,690

Consumer Discretionary Services — 0.0%^(c)
Royal Caribbean Cruises Ltd.^(b)		3,439		507,872

Industrial Products — 0.1%
Amphenol Corp. - Class A		3,938		521,273
TE Connectivity, Ltd.		3,379		505,836
				1,027,109
Materials — 0.1%
Freeport-McMoRan, Inc.		9,885		521,236

Media — 0.7%
Alphabet, Inc. - Class C^(b)		19,994		3,478,156
Meta Platforms, Inc. - Class A		5,757		2,687,540

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Uber Technologies, Inc.^(b)		8,603	$	555,410
				6,721,106
Real Estate — 0.0%^(c)
Digital Realty Trust, Inc.		3,449		501,278

Retail & Wholesale - Discretionary — 0.5%
Alibaba Group Holding Ltd. - ADR		6,754		529,108
Amazon.com, Inc.^(b)		26,759		4,721,358
				5,250,466
Software & Tech Services — 1.3%
Accenture PLC - Class A		2,113		596,479
Adobe, Inc.^(b)		1,610		716,063
ANSYS, Inc.^(b)		1,495		474,588
Autodesk, Inc.^(b)		2,372		478,195
Cadence Design Systems, Inc.^(b)		1,904		545,134
Dynatrace, Inc.^(b)		10,712		489,860
Fortinet, Inc.^(b)		8,210		487,017
Intuit, Inc.		977		563,182
Microsoft Corp.		12,412		5,152,593
Oracle Corp.		6,340		742,985
Palo Alto Networks, Inc.^(b)		1,924		567,407
Salesforce, Inc.		2,711		635,567
SAP SE - ADR		2,806		511,927
ServiceNow, Inc.^(b)		892		585,981
Synopsys, Inc.^(b)		1,006		564,165
				13,111,143
Tech Hardware & Semiconductors — 2.2%
Advanced Micro Devices, Inc.^(b)		6,360		1,061,484
Advantest Corp. - ADR^(a)(b)		15,418		512,649
Analog Devices, Inc.		2,746		643,910
Apple, Inc.		10,273		1,974,984
Applied Materials, Inc.		3,105		667,823
Arista Networks, Inc.^(b)		1,889		562,261
ASML Holding NV		598		574,289
Broadcom, Inc.		1,410		1,873,256
Cisco Systems, Inc.		10,632		494,388
Intel Corp.		23,129		713,530
KLA Corp.		772		586,357
Lam Research Corp.		653		608,883
Microchip Technology, Inc.		5,563		540,891
Micron Technology, Inc.		4,750		593,750
Monolithic Power Systems, Inc.		707		520,090
NVIDIA Corp.		5,737		6,289,645
NXP Semiconductors NV		2,008		546,377

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
ON Semiconductor Corp.^(b)		6,993	$	510,769
Onto Innovation, Inc.^(b)		2,308		500,144
Pure Storage, Inc. - Class A^(b)		9,122		549,965
QUALCOMM, Inc.		3,624		739,477
Super Micro Computer, Inc.^(b)		618		484,827
Taiwan Semiconductor Manufacturing Co Ltd. - ADR		5,333		805,496
Texas Instruments, Inc.		3,399		662,839
				23,018,084
TOTAL COMMON STOCKS (Cost $50,188,178)				52,478,984

SHORT-TERM INVESTMENTS — 14.7%
Investments Purchased with Proceeds from Securities Lending — 14.5%
First American Government Obligations Fund - Class X, 5.17%^(d)		148,635,651		148,635,651

Money Market Funds — 0.2%
First American Treasury Obligations Fund - Class X, 5.22%^(d)		2,399,774		2,399,774
TOTAL SHORT-TERM INVESTMENTS (Cost $151,035,425)				151,035,425

TOTAL INVESTMENTS — 114.4% (Cost $1,078,862,232)				1,177,144,713
Liabilities in Excess of Other Assets — (14.4)%				(148,467,534	)
TOTAL NET ASSETS — 100.0%			$	1,028,677,179

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $145,903,358 which represented 14.2% of net assets.

(b)	Non-income producing security.

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

(d)	The rate shown represents the 7-day effective yield as of May 31, 2024.

(e)	All or portion of the security is segregated as collateral at the broker on May 31, 2024. The value of the securities segregated as collateral is $3,750,500, which is 0.36% of total net assets.

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 98.5%
Energy Select Sector SPDR Fund		144,279	$	13,446,803
Invesco QQQ Trust Series 1		333,690		150,397,420
Invesco S&P 500 Equal Weight ETF^(a)		185,737		30,791,480
iShares MSCI EAFE Min Vol Factor ETF		333,468		23,892,982
iShares MSCI USA Minimum Volatility ETF		732,194		60,625,663
iShares MSCI USA Quality Factor ETF		1,161,847		192,564,522
SPDR Portfolio Developed World ex-US ETF^(a)		5,901,397		214,161,697
SPDR Portfolio Emerging Markets ETF		2,369,063		88,366,050
SPDR Portfolio S&P 500 Growth ETF		3,998,307		299,913,008
SPDR Portfolio S&P 500 Value ETF^(h)		3,501,007		172,879,726
TOTAL EXCHANGE TRADED FUNDS (Cost $1,022,614,244)				1,247,039,351

COMMON STOCKS — 1.5%
Banking — 0.1%
Bank of America Corp.		7,039		281,490
Citigroup, Inc.		1,995		124,308
Citizens Financial Group, Inc.		584		20,609
Comerica, Inc.		915		46,885
Fifth Third Bancorp		1,529		57,215
Huntington Bancshares, Inc.		1,207		16,801
KeyCorp		1,541		22,144
M&T Bank Corp.		94		14,250
PNC Financial Services Group, Inc.		35		5,509
Regions Financial Corp.		885		17,125
Truist Financial Corp.		184		6,946
US Bancorp		109		4,420
Wells Fargo & Co.		4,116		246,631
				864,333
Consumer Discretionary Products — 0.0%^(b)
Aptiv PLC^(c)		176		14,654
BorgWarner, Inc.		1,277		45,538
Deckers Outdoor Corp.^(c)		52		56,884
DR Horton, Inc.		38		5,616
Ford Motor Co.		3,376		40,951
General Motors Co.		1,713		77,068
Hasbro, Inc.		747		44,656
Lennar Corp., - Class A		46		7,376
Masco Corp.		244		17,061
Mohawk Industries, Inc.^(c)		330		40,237
NVR, Inc.^(c)		2		15,361
PulteGroup, Inc.		440		51,621
Ralph Lauren Corp.,		316		59,054
Tapestry, Inc.		605		26,311

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
VF Corp.		3,601	$	47,821
				550,209

Consumer Discretionary Services — 0.0%^(b)
Caesars Entertainment, Inc.^(c)		874		31,079
Carnival Corp.^(c)		896		13,512
Chipotle Mexican Grill, Inc.^(c)		38		118,922
Darden Restaurants, Inc.		83		12,482
Domino’s Pizza, Inc.		121		61,538
Hilton Worldwide Holdings, Inc.		265		53,159
Las Vegas Sands Corp.		154		6,935
Live Nation Entertainment, Inc.^(c)		171		16,030
Marriott International, Inc. - Class A		16		3,699
MGM Resorts International^(c)		487		19,563
Norwegian Cruise Line Holdings Ltd.^(c)		1,844		30,610
Royal Caribbean Cruises Ltd.^(c)		469		69,262
Wynn Resorts Ltd.		269		25,523
Yum! Brands, Inc.		57		7,833
				470,147
Consumer Staple Products — 0.0%^(b)
Altria Group, Inc.		88		4,070
Brown-Forman Corp. - Class B		226		10,364
Campbell Soup Co.		542		24,054
Church & Dwight Co., Inc.		449		48,048
Clorox Co.		103		13,551
Colgate-Palmolive Co.		925		85,988
Conagra Brands, Inc.		777		23,217
Constellation Brands, Inc. - Class A		22		5,505
Estee Lauder Cos., Inc. - Class A		35		4,318
General Mills, Inc.		631		43,381
Hershey Co.		39		7,715
Hormel Foods Corp.		456		14,127
J M Smucker Co.		183		20,430
Kellanova		796		48,031
Kenvue, Inc.		388		7,488
Keurig Dr Pepper, Inc.		1,552		53,156
Kimberly-Clark Corp.		57		7,598
Kraft Heinz Co.		204		7,215
Lamb Weston Holdings, Inc.		196		17,305
McCormick & Co., Inc.		651		47,015
Molson Coors Brewing Co. - Class B		308		16,881
Monster Beverage Corp.^(c)		75		3,894
Tyson Foods, Inc., - Class A		794		45,457
				558,808

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Financial Services — 0.1%
American Express Co.		759	$	182,160
Ameriprise Financial, Inc.		137		59,816
Bank of New York Mellon Corp.		131		7,809
Capital One Financial Corp.		476		65,512
CBOE Global Markets, Inc.		85		14,704
Charles Schwab Corp.		2,068		151,543
CME Group, Inc.		18		3,654
Franklin Resources, Inc.		773		18,243
Goldman Sachs Group, Inc.		337		153,847
Intercontinental Exchange, Inc.		29		3,883
Invesco, Ltd.		2,796		43,925
Nasdaq, Inc.		137		8,087
Northern Trust Corp.		223		18,786
Raymond James Financial, Inc.		415		50,941
State Street Corp.		189		14,287
Synchrony Financial		1,283		56,195
T. Rowe Price Group, Inc.		103		12,136
				865,528
Health Care — 0.2%
Abiomed Inc.^(c)(d)		113		0
Agilent Technologies, Inc.		293		38,210
Align Technology, Inc.^(c)		40		10,288
Baxter International, Inc.		346		11,795
Becton Dickinson & Co.		19		4,407
Biogen, Inc.^(c)		41		9,223
Bio-Rad Laboratories, Inc. - Class A^(c)		93		26,678
Bio-Techne Corp.		693		53,493
Boston Scientific Corp.^(c)		1,612		121,819
Cardinal Health, Inc.		412		40,899
Cencora, Inc.		240		54,377
Centene Corp.^(c)		92		6,586
Charles River Laboratories International, Inc.^(c)		84		17,509
Cigna Corp.		254		87,534
Cooper Cos., Inc.		148		13,958
DaVita, Inc.^(c)		428		62,967
Dentsply Sirona, Inc.		1,322		37,029
Dexcom, Inc.^(c)		419		49,765
Edwards Lifesciences Corp.^(c)		56		4,866
Elevance Health, Inc.		188		101,234
Eli Lilly & Co.		842		690,726
GE HealthCare Technologies, Inc.		80		6,240
Henry Schein, Inc.^(c)		420		29,123
Hologic, Inc.^(c)		223		16,453
Humana, Inc.		20		7,162

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
IDEXX Laboratories, Inc.^(c)		13	$	6,460
Illumina, Inc.^(c)		113		11,784
Incyte Corp.^(c)		394		22,769
Insulet Corp.^(c)		151		26,756
IQVIA Holdings, Inc.^(c)		26		5,696
Labcorp Holdings, Inc.		80		15,593
McKesson Corp.		156		88,856
Merck & Co., Inc.		1,425		178,895
Mettler-Toledo International, Inc.^(c)		9		12,637
Moderna, Inc.^(c)		493		70,277
Molina Healthcare, Inc.^(c)		30		9,437
Quest Diagnostics, Inc.		162		22,999
Regeneron Pharmaceuticals, Inc.^(c)		80		78,413
ResMed, Inc.		205		42,298
Revvity, Inc.		219		23,928
Solventum Corp.^(c)		12		712
STERIS PLC		56		12,481
Teleflex, Inc.		135		28,224
Universal Health Services, Inc. - Class B		291		55,232
Viatris, Inc.		4,218		44,711
Waters Corp.^(c)		42		12,974
West Pharmaceutical Services, Inc.		27		8,948
Zimmer Biomet Holdings, Inc.		93		10,709
				2,293,130
Industrial Products — 0.1%
3M Co.		49		4,907
Allegion PLC		197		23,999
AMETEK, Inc.		40		6,783
Amphenol Corp. - Class A		1,073		142,033
AO Smith Corp.		273		22,834
Axon Enterprise, Inc.^(c)		187		52,672
Carrier Global Corp.		102		6,445
Cummins, Inc.		207		58,318
Dover Corp.		71		13,051
Eaton Corp. PLC		461		153,444
Emerson Electric Co.		42		4,711
Fortive Corp.		115		8,561
Generac Holdings, Inc.^(c)		372		54,762
General Dynamics Corp.		305		91,430
General Electric Co.		1,188		196,186
Howmet Aerospace, Inc.		890		75,338
Hubbell, Inc.		37		14,389
Huntington Ingalls Industries, Inc.		91		23,032
IDEX Corp.		68		14,188
Ingersoll Rand, Inc.		93		8,654

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Johnson Controls International PLC		113	$	8,126
Keysight Technologies, Inc.^(c)		218		30,189
L3Harris Technologies, Inc.		34		7,644
Nordson Corp.		77		18,073
Northrop Grumman Corp.		9		4,057
Otis Worldwide Corp.		80		7,936
PACCAR, Inc.		38		4,085
Parker-Hannifin Corp.		9		4,784
Pentair PLC		629		51,188
Rockwell Automation, Inc.		33		8,498
RTX Corp.		1,170		126,138
Snap-on, Inc.		67		18,282
Stanley Black & Decker, Inc.		245		21,357
TE Connectivity, Ltd.		139		20,808
Textron, Inc.		182		15,945
Trane Technologies PLC		318		104,132
TransDigm Group, Inc.		75		100,742
Trimble, Inc.^(c)		875		48,720
Veralto Corp.		165		16,266
Wabtec Corp.		396		67,015
Xylem, Inc.		425		59,933
				1,719,655
Industrial Services — 0.1%
American Airlines Group, Inc.^(c)		2,343		26,944
CH Robinson Worldwide, Inc.		465		40,162
Cintas Corp.		114		77,289
CSX Corp.		106		3,578
Delta Air Lines, Inc.		1,324		67,550
Expeditors International of Washington, Inc.		150		18,135
Fastenal Co.		95		6,268
FedEx Corp.		17		4,317
Jacobs Solutions, Inc.		109		15,188
JB Hunt Transport Services, Inc.		78		12,539
Norfolk Southern Corp.		21		4,721
Old Dominion Freight Line, Inc.		30		5,258
Quanta Services, Inc.		244		67,329
Republic Services, Inc.		385		71,298
Robert Half, Inc.		457		29,353
Rollins, Inc.		970		44,319
Southwest Airlines Co.		628		16,856
Union Pacific Corp.		276		64,258
United Airlines Holdings, Inc.^(c)		1,132		59,985
United Rentals, Inc.		10		6,694
Waste Management, Inc.		470		99,043

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
WW Grainger, Inc.		6	$	5,529
				746,613
Insurance — 0.0%^(b)
Aflac, Inc.		69		6,201
Allstate Corp.		430		72,034
American International Group, Inc.		934		73,618
Aon PLC - Class A		14		3,943
Arch Capital Group Ltd.^(c)		634		65,067
Arthur J Gallagher & Co.		20		5,067
Assurant, Inc.		179		31,051
Brown & Brown, Inc.		146		13,068
Cincinnati Financial Corp.		132		15,520
Everest Group Ltd.		45		17,592
Globe Life, Inc.		232		19,200
Hartford Financial Services Group, Inc.		587		60,725
Loews Corp.		228		17,510
MetLife, Inc.		81		5,862
Principal Financial Group, Inc.		189		15,506
Progressive Corp.		742		156,696
Prudential Financial, Inc.		517		62,221
Travelers Cos., Inc.		27		5,824
Willis Towers Watson PLC		38		9,701
WR Berkley Corp.		160		12,965
				669,371
Materials — 0.1%
Air Products & Chemicals, Inc.		21		5,601
Albemarle Corp.		172		21,085
Amcor PLC		2,293		23,320
Avery Dennison Corp.		224		50,980
Ball Corp.		727		50,476
Celanese Corp.		105		15,964
CF Industries Holdings, Inc.		220		17,541
Corteva, Inc.		143		7,999
Dow, Inc.		126		7,261
DuPont de Nemours, Inc.		133		10,927
Eastman Chemical Co.		582		58,974
Ecolab, Inc.		384		89,165
FMC Corp.		590		35,961
Freeport-McMoRan, Inc.		1,769		93,279
International Flavors & Fragrances, Inc.		173		16,639
International Paper Co.		606		27,325
LyondellBasell Industries NV - Class A		91		9,047
Martin Marietta Materials, Inc.		102		58,352
Mosaic Co.		898		27,775

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Newmont Goldcorp Corp.		234	$	9,814
Nucor Corp.		35		5,910
Packaging Corp. of America		99		18,166
PPG Industries, Inc.		64		8,410
Steel Dynamics, Inc.		98		13,119
Vulcan Materials Co.		204		52,177
				735,267
Media — 0.2%
Airbnb, Inc. - Class A^(c)		347		50,291
Alphabet, Inc. - Class A^(c)		3,805		656,363
Charter Communications, Inc. - Class A^(c)		32		9,188
Electronic Arts, Inc.		88		11,693
Expedia Group, Inc.^(c)		122		13,769
Fox Corp. - Class A		1,058		36,427
Interpublic Group of Cos., Inc.		1,070		33,566
Match Group, Inc.^(c)		1,330		40,738
Meta Platforms, Inc. - Class A		1,351		630,687
Netflix, Inc.^(c)		308		197,619
News Corp., - Class A		2,160		58,730
Omnicom Group, Inc.		244		22,682
Paramount Global - Class B		4,835		57,585
Take-Two Interactive Software, Inc.^(c)		116		18,602
Uber Technologies, Inc.^(c)		1,551		100,133
VeriSign, Inc.^(c)		228		39,745
Walt Disney Co.		1,907		198,156
Warner Bros Discovery, Inc.^(c)		2,385		19,652
				2,195,626
Oil & Gas — 0.0%^(b)
APA Corp.		926		28,271
Baker Hughes & GE Co.,		275		9,207
Coterra Energy, Inc.		557		15,886
Devon Energy Corp.		203		9,963
Diamondback Energy, Inc.		331		65,955
EOG Resources, Inc.		31		3,861
EQT Corp.		603		24,777
Halliburton Co.		238		8,735
Kinder Morgan, Inc.		439		8,556
Marathon Oil Corp.		724		20,967
Marathon Petroleum Corp.		360		63,580
Occidental Petroleum Corp.		81		5,062
ONEOK, Inc.		752		60,912
Phillips 66		30		4,263
Schlumberger, Ltd.		72		3,304
Targa Resources Corp.		527		62,307

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Valero Energy Corp.		414	$	65,056
Williams Cos., Inc.		1,533		63,635
				524,297
Real Estate — 0.1%
Alexandria Real Estate Equities, Inc.		112		13,328
AvalonBay Communities, Inc.		223		42,968
Boston Properties, Inc.		478		29,000
Camden Property Trust		515		52,865
CBRE Group, Inc. - Class A^(c)		113		9,952
Crown Castle, Inc.		62		6,355
Digital Realty Trust, Inc.		46		6,686
Equity Residential		690		44,871
Essex Property Trust, Inc.		188		48,840
Extra Space Storage, Inc.		71		10,279
Federal Realty Investment Trust		360		36,342
Healthpeak Properties, Inc.		1,390		27,661
Host Hotels & Resorts, Inc.		1,007		18,066
Invitation Homes, Inc.		395		13,742
Iron Mountain, Inc.		592		47,768
Kimco Realty Corp.		1,228		23,774
Mid-America Apartment Communities, Inc.		150		20,056
Public Storage		21		5,750
Realty Income Corp.		125		6,632
Regency Centers Corp.		462		28,367
SBA Communications Corp.		60		11,801
Simon Property Group, Inc.		304		45,998
UDR, Inc.		1,284		49,588
Ventas, Inc.		406		20,406
VICI Properties, Inc.		339		9,733
Welltower, Inc.		478		49,554
Weyerhaeuser Co.		341		10,240
				690,622
Renewable Energy — 0.0%^(b)
Enphase Energy, Inc.^(c)		534		68,299
First Solar, Inc.^(c)		366		99,464
				167,763
Retail & Wholesale - Discretionary — 0.1%
Amazon.com, Inc.^(c)		3,454		609,424
AutoZone, Inc.^(c)		17		47,089
Bath & Body Works, Inc.		1,201		62,380
Best Buy Co., Inc.		224		19,000
Builders FirstSource, Inc.^(c)		62		9,969
CarMax, Inc.^(c)		292		20,516
Copart, Inc.^(c)		105		5,571

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
eBay, Inc.		916	$	49,666
Etsy, Inc.^(c)		564		35,797
Genuine Parts Co.		88		12,684
LKQ Corp.		417		17,943
Lululemon Athletica, Inc.^(c)		11		3,432
O’Reilly Automotive, Inc.^(c)		5		4,816
Pool Corp.		49		17,814
Ross Stores, Inc.		41		5,730
Tractor Supply Co.		193		55,061
Ulta Beauty, Inc.^(c)		23		9,087
				985,979
Retail & Wholesale - Staples — 0.0%^(b)
Archer-Daniels-Midland Co.		160		9,990
Bunge Global SA		469		50,460
Costco Wholesale Corp.		320		259,165
Dollar General Corp.		60		8,215
Dollar Tree, Inc.^(c)		81		9,554
Kroger Co.		1,146		60,016
Sysco Corp.		88		6,408
Target Corp.		461		71,990
Walgreens Boots Alliance, Inc.		788		12,781
				488,579
Software & Tech Services — 0.1%
Adobe, Inc.^(c)		7		3,113
Akamai Technologies, Inc.^(c)		486		44,829
Autodesk, Inc.^(c)		61		12,298
Broadridge Financial Solutions, Inc.		61		12,247
Cadence Design Systems, Inc.^(c)		33		9,448
CDW Corp.		102		22,809
Cognizant Technology Solutions Corp., - Class A		306		20,242
Corpay, Inc.^(c)		48		12,848
CoStar Group, Inc.^(c)		469		36,662
Dayforce, Inc.^(a)(c)		424		20,971
EPAM Systems, Inc.^(c)		167		29,714
Equifax, Inc.		38		8,793
FactSet Research Systems, Inc.		33		13,341
Fair Isaac Corp.^(c)		71		91,585
Fidelity National Information Services, Inc.		817		61,994
Fortinet, Inc.^(c)		241		14,296
Gartner, Inc.^(c)		176		73,862
Gen Digital, Inc.		2,933		72,826
Global Payments, Inc.		70		7,129
International Business Machines Corp.		567		94,604
Intuit, Inc.		8		4,611
Jack Henry & Associates, Inc.		141		23,220

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Leidos Holdings, Inc.		431	$	63,379
MarketAxess Holdings, Inc.		162		32,227
Moody’s Corp.		12		4,764
MSCI, Inc.		12		5,942
Palo Alto Networks, Inc.^(c)		294		86,703
Paychex, Inc.		59		7,089
Paycom Software, Inc.		145		21,071
PayPal Holdings, Inc.^(c)		73		4,598
PTC, Inc.^(c)		507		89,354
Roper Technologies, Inc.		26		13,852
Salesforce, Inc.		456		106,905
ServiceNow, Inc.^(c)		7		4,598
Synopsys, Inc.^(c)		16		8,973
Tyler Technologies, Inc.^(c)		224		107,601
Verisk Analytics, Inc.		38		9,606
				1,258,104
Tech Hardware & Semiconductors — 0.2%
Analog Devices, Inc.		44		10,318
Applied Materials, Inc.		928		199,594
Arista Networks, Inc.^(c)		35		10,418
Cisco Systems, Inc.		92		4,278
Corning, Inc.		946		35,248
F5, Inc.^(c)		405		68,433
Garmin, Ltd.		400		65,540
Hewlett Packard Enterprise Co.		2,331		41,142
HP, Inc.		969		35,368
Intel Corp.		108		3,332
Jabil, Inc.		424		50,414
KLA Corp.		160		121,525
Lam Research Corp.		8		7,460
Microchip Technology, Inc.		201		19,543
Micron Technology, Inc.		1,631		203,875
Monolithic Power Systems, Inc.		40		29,425
Motorola Solutions, Inc.		43		15,691
NetApp, Inc.		1,023		123,200
NVIDIA Corp.		716		784,972
NXP Semiconductors NV		402		109,384
ON Semiconductor Corp.^(c)		351		25,637
Qorvo, Inc.^(c)		707		69,562
QUALCOMM, Inc.		1,363		278,120
Seagate Technology Holdings PLC		545		50,816
Skyworks Solutions, Inc.		489		45,311
Super Micro Computer, Inc.^(c)		133		104,340
Teledyne Technologies, Inc.^(c)		102		40,489
Teradyne, Inc.		518		73,007

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Texas Instruments, Inc.		31	$	6,045
Western Digital Corp.^(c)		1,708		128,595
Zebra Technologies Corp. - Class A^(c)		375		117,127
				2,878,209
Telecommunications — 0.0%^(b)
T-Mobile US, Inc.		734		128,421

Utilities — 0.1%
AES Corp.		1,806		38,992
Alliant Energy Corp.		495		25,488
Ameren Corp.		217		15,921
American Electric Power Co., Inc.		542		48,915
American Water Works Co., Inc.		111		14,515
Atmos Energy Corp.		146		16,924
CenterPoint Energy, Inc.		605		18,459
CMS Energy Corp.		301		18,942
Consolidated Edison, Inc.		109		10,306
Constellation Energy Corp.		491		106,670
Dominion Energy, Inc.		1,014		54,675
DTE Energy Co.		118		13,751
Duke Energy Corp.		41		4,246
Edison International		159		12,219
Entergy Corp.		133		14,961
Evergy, Inc.		478		26,127
Eversource Energy		245		14,511
Exelon Corp.		231		8,674
FirstEnergy Corp.		358		14,413
NextEra Energy, Inc.		1,334		106,747
NiSource, Inc.		1,825		53,035
NRG Energy, Inc.		847		68,607
PG&E Corp.		524		9,715
Pinnacle West Capital Corp.		469		36,985
PPL Corp.		558		16,366
Public Service Enterprise Group, Inc.		750		56,820
Sempra		92		7,087
Southern Co.		826		66,196
WEC Energy Group, Inc.		145		11,749
Xcel Energy, Inc.		199		11,035
				923,051
TOTAL COMMON STOCKS (Cost $18,009,224)				19,713,712

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Notional Amount		Contracts		Value
PURCHASED OPTIONS — 0.5%^(e)(f)
Call Options — 0.1%
iShares MSCI Emerging Markets ETF, Expiration: 01/17/2025; Exercise Price: $47.00⁽ⁱ⁾		62,685,000		15,000	$	1,207,500
iShares U.S. Real Estate ETF, Expiration: 06/21/2024; Exercise Price: $85.00⁽ⁱ⁾		13,000,500		1,500		343,500
Total Call Options						1,551,000

Put Options — 0.4%
CBOE Volatility Index
Expiration: 07/17/2024; Exercise Price: $13.50		3,876,000		3,000		226,500
Expiration: 08/21/2024; Exercise Price: $14.00⁽ⁱ⁾		3,876,000		3,000		309,000
Expiration: 10/16/2024; Exercise Price: $20.00⁽ⁱ⁾		9,690,000		7,500		3,000,000
SPDR S&P 500 ETF⁽ⁱ⁾
Expiration: 06/07/2024; Exercise Price: $513.00		158,211,000		3,000		58,500
Expiration: 09/20/2024; Exercise Price: $485.00		184,579,500		3,500		1,211,000
Total Put Options						4,805,000
TOTAL PURCHASED OPTIONS (Cost $6,535,688)						6,356,000

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 2.7%
Investments Purchased with Proceeds from Securities Lending — 2.6%
First American Government Obligations Fund - Class X, 5.17%^(g)		33,412,121	$	33,412,121

Money Market Funds — 0.1%
First American Treasury Obligations Fund - Class X, 5.22%^(g)		1,004,166		1,004,166
TOTAL SHORT-TERM INVESTMENTS (Cost $34,416,287)				34,416,287

TOTAL INVESTMENTS — 103.2% (Cost $1,081,575,443)				1,307,525,350
Liabilities in Excess of Other Assets — (3.2)%				(40,983,705	)
TOTAL NET ASSETS — 100.0%			$	1,266,541,645

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $33,153,354 which represented 2.6% of net assets.

(b)	Represents less than 0.05% of net assets.

(c)	Non-income producing security.

(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2024.

(e)	Exchange-traded.

(f)	100 shares per contract.

(g)	The rate shown represents the 7-day effective yield as of May 31, 2024.

(h)	All or portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $24,690,000, which is 1.95% of total net assets.

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

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Written Options (Unaudited)
May 31, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (0.5)% ^(a)(b)
Call Options — (0.2)%
iShares MSCI Emerging Markets ETF, Expiration: 11/15/2024; Exercise Price: $47.00	$	(62,685,000	)		(15,000	)	$	(1,807,500	)
iShares U.S. Real Estate ETF, Expiration: 06/21/2024; Exercise Price: $87.00		(26,001,000	)		(3,000	)		(327,000	)
Total Call Options								(2,134,500	)

Put Options — (0.3)%
CBOE Volatility Index
Expiration: 08/21/2024; Exercise Price: $12.50		(7,752,000	)		(6,000	)		(210,000	)
Expiration: 10/16/2024; Exercise Price: $17.00		(19,380,000	)		(15,000	)		(2,745,000	)
SPDR S&P 500 ETF
Expiration: 06/07/2024; Exercise Price: $503.00		(158,211,000	)		(3,000	)		(16,500	)
Expiration: 09/20/2024; Exercise Price: $450.00		(369,159,000	)		(7,000	)		(1,158,500	)
Total Put Options								(4,130,000	)
TOTAL WRITTEN OPTIONS (Premiums received $4,916,821)							$	(6,264,500	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.

(b)	100 shares per contract.

See accompanying notes to financial statements.

Horizon Active Income Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 99.5%
First Trust TCW Opportunistic Fixed Income ETF^(a)(c)		354,311	$	15,168,054
Hartford Total Return Bond ETF^(a)		397,373		13,216,626
iShares 10+ Year Investment Grade Corporate Bond ETF^(a)		174,392		8,740,527
iShares 1-3 Year Treasury Bond ETF		497		40,490
iShares 1-5 Year Investment Grade Corporate Bond ETF		1,002		51,242
iShares 20+ Year Treasury Bond ETF		95,368		8,626,036
iShares 7-10 Year Treasury Bond ETF		1,627		150,986
iShares iBoxx Investment Grade Corporate Bond ETF		1,428		152,639
iShares J.P. Morgan USD Emerging Markets Bond ETF^(a)		354		31,524
iShares MBS ETF		72,459		6,594,494
iShares TIPS Bond ETF		62,654		6,685,182
Janus Henderson AAA CLO ETF		1,011		51,490
Janus Henderson B-BBB CLO ETF		213		10,492
Janus Henderson Mortgage-Backed Securities ETF		493,767		21,873,878
PIMCO Active Bond Exchange-Traded Fund^(a)		122,079		11,049,370
Simplify MBS ETF^(a)		43,283		2,175,836
SPDR Blackstone High Income ETF		79,598		2,247,131
SPDR Blackstone Senior Loan ETF		1,222		51,434
SPDR Doubleline Total Return Tactical ETF		615,637		24,274,567
SPDR Portfolio High Yield Bond ETF		192,458		4,476,573
SPDR Portfolio Intermediate Term Corporate Bond ETF		1,578		51,253
SPDR Portfolio Long Term Treasury ETF		2,992		80,365
SPDR Portfolio Short Term Corporate Bond ETF		1,043,145		30,970,975
VanEck Fallen Angel High Yield Bond ETF		929,996		26,542,086
VanEck J. P. Morgan EM Local Currency Bond ETF		1,639		39,746
Vanguard Total International Bond ETF		409,052		19,822,660
Xtrackers USD High Yield Corporate Bond ETF^(a)		508,409		18,012,931
TOTAL EXCHANGE TRADED FUNDS (Cost $224,504,679)				221,188,587

See accompanying notes to financial statements.

Horizon Active Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 7.5%
Investments Purchased with Proceeds from Securities Lending — 6.9%
First American Government Obligations Fund - Class X, 5.17%^(b)		15,495,250	$	15,495,250

Money Market Funds — 0.6%
First American Treasury Obligations Fund - Class X, 5.22%^(b)		1,284,607		1,284,607
TOTAL SHORT-TERM INVESTMENTS (Cost $16,779,857)	��			16,779,857

TOTAL INVESTMENTS — 107.0% (Cost $241,284,536)				237,968,444
Liabilities in Excess of Other Assets — (7.0)%				(15,596,780	)
TOTAL NET ASSETS — 100.0%			$	222,371,664

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $15,218,824 which represented 6.8% of net assets.

(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.

(c)	All or portion of the security is segregated as collateral at the broker on May 31, 2024. The value of the securities segregated as collateral is $3,210,750, which is 1.44% of total net assets.

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
COMMON STOCKS — 99.9%
Banking — 5.6%
Bank of America Corp.		32,790	$	1,311,272
Citigroup, Inc.		8,950		557,674
JPMorgan Chase & Co.		11,273		2,284,248
M&T Bank Corp.		697		105,665
PNC Financial Services Group, Inc.		1,825		287,237
Truist Financial Corp.		6,138		231,710
US Bancorp		7,063		286,405
Wells Fargo & Co.		14,707		881,243
				5,945,454
Consumer Discretionary Products — 1.9%
DR Horton, Inc.		1,393		205,885
Ford Motor Co.		28,170		341,702
General Motors Co.		6,244		280,917
Lennar Corp., - Class A		1,382		221,604
Nike, Inc. - Class B		4,734		449,967
Tesla, Inc.^(a)(d)		3,135		558,281
				2,058,356
Consumer Discretionary Services — 1.8%
Las Vegas Sands Corp.		4,299		193,584
Marriott International, Inc. - Class A		1,110		256,599
McDonald’s Corp.		3,003		777,446
Starbucks Corp.		5,146		412,812
Yum! Brands, Inc.		1,683		231,295
				1,871,736
Consumer Staple Products — 5.0%
Altria Group, Inc.		6,447		298,174
Coca-Cola Co.		16,731		1,052,882
Colgate-Palmolive Co.		1,781		165,562
General Mills, Inc.		1,397		96,044
Hershey Co.		497		98,321
Keurig Dr Pepper, Inc.		2,819		96,551
Kimberly-Clark Corp.		767		102,241
Kraft Heinz Co.		3,009		106,428
Mondelez International, Inc. - Class A		3,588		245,886
PepsiCo, Inc.		5,116		884,556
Philip Morris International, Inc.		6,651		674,278
Procter & Gamble Co.		8,565		1,409,285
				5,230,208
Financial Services — 3.1%
American Express Co.		2,018		484,320
Bank of New York Mellon Corp.		2,976		177,399
BlackRock, Inc.		567		437,741

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Blackstone, Inc.		2,782	$	335,231
Capital One Financial Corp.		1,090		150,017
Charles Schwab Corp.		5,168		378,711
CME Group, Inc.		1,624		329,640
Goldman Sachs Group, Inc.		1,391		635,019
Intercontinental Exchange, Inc.		1,519		203,394
Morgan Stanley		1,119		109,483
				3,240,955
Health Care — 11.9%
Abbott Laboratories		5,770		589,636
AbbVie, Inc.		8,170		1,317,331
Amgen, Inc.		2,286		699,173
Boston Scientific Corp.^(a)		2,007		151,669
Bristol-Myers Squibb Co.		9,836		404,161
Cencora, Inc.		457		103,543
Cigna Corp.		802		276,385
CVS Health Corp.		5,497		327,621
Danaher Corp.		505		129,684
Elevance Health, Inc.		630		339,242
Eli Lilly & Co.		2,012		1,650,524
Gilead Sciences, Inc.		5,544		356,313
HCA Healthcare, Inc.		604		205,209
Humana, Inc.		237		84,874
Intuitive Surgical, Inc.^(a)		500		201,060
Johnson & Johnson^(d)		10,147		1,488,261
McKesson Corp.		223		127,019
Medtronic PLC		5,898		479,920
Merck & Co., Inc.		10,276		1,290,049
Pfizer, Inc.		3,888		111,430
Regeneron Pharmaceuticals, Inc.^(a)		123		120,560
Stryker Corp.		922		314,485
Thermo Fisher Scientific, Inc.		281		159,602
UnitedHealth Group, Inc.		2,713		1,343,939
Vertex Pharmaceuticals, Inc.^(a)		262		119,299
Zoetis, Inc.		932		158,030
				12,549,019
Industrial Products — 5.8%
Amphenol Corp. - Class A		2,621		346,942
Boeing Co.^(a)		939		166,776
Carrier Global Corp.		2,156		136,238
Caterpillar, Inc.		1,703		576,500
Deere & Co.		840		314,798
Eaton Corp. PLC		1,140		379,449
Emerson Electric Co.		2,049		229,816

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
GE Vernova, Inc.^(a)		460	$	80,914
General Dynamics Corp.		916		274,589
General Electric Co.		1,844		304,518
Honeywell International, Inc.		2,314		467,868
Illinois Tool Works, Inc.		1,035		251,246
Johnson Controls International PLC		2,438		175,317
L3Harris Technologies, Inc.		643		144,566
Lockheed Martin Corp.		983		462,344
Northrop Grumman Corp.		463		208,706
Otis Worldwide Corp.		1,152		114,278
PACCAR, Inc.		2,088		224,460
Parker-Hannifin Corp.		360		191,347
RTX Corp.		5,841		629,718
TE Connectivity, Ltd.		1,834		274,550
Trane Technologies PLC		588		192,546
				6,147,486
Industrial Services — 2.3%
Cintas Corp.		234		158,645
CSX Corp.		5,546		187,178
Fastenal Co.		1,904		125,626
FedEx Corp.		780		198,089
Norfolk Southern Corp.		874		196,475
Republic Services, Inc.		852		157,782
Union Pacific Corp.		2,192		510,341
United Parcel Service, Inc. - Class B		4,091		568,363
Waste Management, Inc.		1,226		258,355
WW Grainger, Inc.		116		106,889
				2,467,743
Insurance — 3.3%
Aflac, Inc.		1,777		159,699
Allstate Corp.		835		139,879
American International Group, Inc.		2,231		175,848
Aon PLC - Class A		366		103,080
Arthur J Gallagher & Co.		417		105,639
Berkshire Hathaway, Inc. - Class B^(a)		3,574		1,481,066
Chubb Ltd.		1,155		312,797
Marsh & McLennan Cos., Inc.		1,349		280,025
MetLife, Inc.		2,833		205,024
Progressive Corp.		908		191,752
Prudential Financial, Inc.		1,535		184,737
Travelers Cos., Inc.		709		152,931
				3,492,477
Materials — 1.8%
Dow, Inc.		4,142		238,703

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
DuPont de Nemours, Inc.		1,810	$	148,710
Ecolab, Inc.		909		211,070
Linde PLC		1,390		605,373
LyondellBasell Industries NV - Class A		1,884		187,307
Nucor Corp.		848		143,185
PPG Industries, Inc.		947		124,445
Sherwin-Williams Co.		666		202,331
				1,861,124
Media — 8.4%
Airbnb, Inc. - Class A^(a)		1,548		224,352
Alphabet, Inc. - Class A^(a)		22,790		3,931,275
Booking Holdings, Inc.		85		320,990
Comcast Corp. - Class A		21,583		863,967
Meta Platforms, Inc. - Class A		4,854		2,265,993
Netflix, Inc.^(a)		1,106		709,632
Walt Disney Co.		4,874		506,457
				8,822,666
Oil & Gas — 4.2%
Chevron Corp.		7,550		1,225,365
ConocoPhillips		3,885		452,525
EOG Resources, Inc.		1,175		146,346
Exxon Mobil Corp.^(d)		16,640		1,951,206
Marathon Petroleum Corp.		643		113,560
Occidental Petroleum Corp.		1,630		101,875
Phillips 66		732		104,025
Schlumberger, Ltd.		1,878		86,182
Valero Energy Corp.		749		117,698
Williams Cos., Inc.		2,651		110,043
				4,408,825
Retail & Wholesale - Discretionary — 5.5%
Amazon.com, Inc.^(a)		17,707		3,124,223
Home Depot, Inc.		4,096		1,371,628
Lowe’s Cos., Inc.		2,491		551,233
Lululemon Athletica, Inc.^(a)		370		115,436
Ross Stores, Inc.		1,513		211,457
TJX Cos., Inc.		4,388		452,403
				5,826,380
Retail & Wholesale - Staples — 2.4%
Archer-Daniels-Midland Co.		1,235		77,113
Costco Wholesale Corp.		695		562,874
Kroger Co.		2,059		107,830
Sysco Corp.		1,247		90,806
Target Corp.		1,218		190,203

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Walmart, Inc.		22,913	$	1,506,759
				2,535,585
Software & Tech Services — 13.8%
Accenture PLC - Class A		2,248		634,588
Adobe, Inc.^(a)		871		387,386
Automatic Data Processing, Inc.		1,415		346,562
Fiserv, Inc.^(a)		691		103,484
International Business Machines Corp.		5,042		841,258
Intuit, Inc.		738		425,413
MasterCard, Inc. - Class A		1,689		755,101
Microsoft Corp.		16,381		6,800,244
Moody’s Corp.		345		136,961
MSCI, Inc.		181		89,627
Oracle Corp.		8,914		1,044,632
Palo Alto Networks, Inc.^(a)		777		229,145
Paychex, Inc.		1,394		167,503
Roper Technologies, Inc.		413		220,030
S&P Global, Inc.		660		282,157
Salesforce, Inc.		1,865		437,231
ServiceNow, Inc.^(a)		420		275,911
Synopsys, Inc.^(a)		385		215,908
Visa, Inc. - Class A		4,309		1,174,030
				14,567,171
Tech Hardware & Semiconductors — 18.3%
Advanced Micro Devices, Inc.^(a)		3,279		547,265
Analog Devices, Inc.		2,235		524,085
Apple, Inc.^(d)		28,991		5,573,520
Applied Materials, Inc.		2,556		549,744
Arista Networks, Inc.^(a)		980		291,697
Broadcom, Inc.^(d)		1,543		2,049,953
Cisco Systems, Inc.		19,871		924,002
Garmin, Ltd.		1,474		241,515
HP, Inc.		8,170		298,205
Intel Corp.		13,492		416,228
KLA Corp.		562		426,856
Lam Research Corp.		507		472,747
Micron Technology, Inc.		3,549		443,625
Motorola Solutions, Inc.		795		290,103
NVIDIA Corp.		4,474		4,904,980
QUALCOMM, Inc.		5,037		1,027,800
Texas Instruments, Inc.		1,382		269,504
				19,251,829
Telecommunications — 2.0%
T-Mobile US, Inc.		5,054		884,248

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Verizon Communications, Inc.		28,726	$	1,182,075
				2,066,323
Utilities — 2.8%
American Electric Power Co., Inc.		2,409		217,412
Consolidated Edison, Inc.		1,414		133,694
Dominion Energy, Inc.		3,870		208,670
DTE Energy Co.		844		98,351
Duke Energy Corp.		3,589		371,713
Edison International		1,629		125,189
Exelon Corp.		4,194		157,485
NextEra Energy, Inc.		8,638		691,213
Public Service Enterprise Group, Inc.		2,051		155,384
Sempra		2,504		192,883
Southern Co.		4,907		393,247
WEC Energy Group, Inc.		1,320		106,959
Xcel Energy, Inc.		2,256		125,095
				2,977,295
TOTAL COMMON STOCKS (Cost $85,909,597)				105,320,632

SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
First American Treasury Obligations Fund - Class X, 5.22%^(b)		149,633		149,633
TOTAL SHORT-TERM INVESTMENTS (Cost $149,633)				149,633

TOTAL INVESTMENTS — 100.0% (Cost $86,059,230)				105,470,265
Other Assets in Excess of Liabilities — 0.0%^(c)				5,191
TOTAL NET ASSETS — 100.0%			$	105,475,456

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.

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

(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 $9,128,906, which is 8.66% of total net assets.

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Written Options (Unaudited)
May 31, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (0.2)% ^(a)(b)
Call Options — (0.2)%
S&P 500 Index, Expiration: 06/06/2024; Exercise Price: $5,300.00	$	(71,246,385	)		(135	)	$	(213,975	)
TOTAL WRITTEN OPTIONS (Premiums received $122,536)								(213,975	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.

(b)	100 shares per contract.

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
COMMON STOCKS — 99.9%
Banking — 3.4%
Bank of America Corp.		92,912	$	3,715,551
Citigroup, Inc.		25,706		1,601,741
Citizens Financial Group, Inc.		6,293		222,080
Comerica, Inc.		1,775		90,951
Fifth Third Bancorp		9,211		344,676
Huntington Bancshares, Inc.		19,375		269,700
JPMorgan Chase & Co.		39,019		7,906,420
KeyCorp		12,654		181,838
M&T Bank Corp.		2,242		339,887
PNC Financial Services Group, Inc.		5,377		846,286
Regions Financial Corp.		12,551		242,862
Truist Financial Corp.		17,958		677,914
US Bancorp		21,020		852,361
Wells Fargo & Co.		48,605		2,912,411
				20,204,678
Consumer Discretionary Products — 2.2%
Aptiv PLC^(a)		3,768		313,724
BorgWarner, Inc.		3,177		113,292
Deckers Outdoor Corp.^(a)		346		378,496
DR Horton, Inc.		4,032		595,930
Ford Motor Co.		52,700		639,251
General Motors Co.		15,591		701,439
Hasbro, Inc.		1,722		102,941
Lennar Corp., - Class A		3,335		534,767
Masco Corp.		2,967		207,453
Mohawk Industries, Inc.^(a)		693		84,497
Nike, Inc. - Class B		16,443		1,562,907
NVR, Inc.^(a)		80		614,458
PulteGroup, Inc.		2,862		335,770
Ralph Lauren Corp.		536		100,168
Tapestry, Inc.		3,094		134,558
Tesla, Inc.^(a)(h)		37,419		6,663,576
				13,083,227
Consumer Discretionary Services — 1.5%
Caesars Entertainment, Inc.^(a)		2,870		102,057
Carnival Corp.^(a)		13,587		204,892
Chipotle Mexican Grill, Inc.^(a)		370		1,157,922
Darden Restaurants, Inc.		1,624		244,233
Domino’s Pizza, Inc.		471		239,541
Hilton Worldwide Holdings, Inc.		3,406		683,244
Las Vegas Sands Corp.		4,988		224,610
Live Nation Entertainment, Inc.^(a)		1,915		179,512

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Marriott International, Inc. - Class A		3,330	$	769,796
McDonald’s Corp.		9,792		2,535,051
MGM Resorts International^(a)		3,689		148,187
Norwegian Cruise Line Holdings Ltd.^(a)		5,600		92,960
Royal Caribbean Cruises Ltd.^(a)		3,188		470,804
Starbucks Corp.		15,298		1,227,206
Wynn Resorts Ltd.		1,296		122,964
Yum! Brands, Inc.		3,790		520,860
				8,923,839
Consumer Staple Products — 4.0%
Altria Group, Inc.		23,879		1,104,404
Brown-Forman Corp. - Class B		2,442		111,990
Campbell Soup Co.		2,662		118,140
Church & Dwight Co., Inc.		3,307		353,882
Clorox Co.		1,675		220,363
Coca-Cola Co.		52,540		3,306,342
Colgate-Palmolive Co.		11,116		1,033,343
Conagra Brands, Inc.		6,421		191,860
Constellation Brands, Inc. - Class A		2,181		545,752
Estee Lauder Cos., Inc. - Class A		3,140		387,350
General Mills, Inc.		7,670		527,313
Hershey Co.		2,027		401,001
Hormel Foods Corp.		3,905		120,977
J M Smucker Co.		1,384		154,510
Kellanova		3,566		215,172
Kenvue, Inc.		25,853		498,963
Keurig Dr Pepper, Inc.		14,069		481,863
Kimberly-Clark Corp.		4,563		608,248
Kraft Heinz Co.		10,745		380,051
Lamb Weston Holdings, Inc.		1,939		171,194
McCormick & Co., Inc.		3,392		244,970
Molson Coors Brewing Co. - Class B		2,509		137,518
Mondelez International, Inc. - Class A		18,189		1,246,492
Monster Beverage Corp.^(a)		9,973		517,798
PepsiCo, Inc.		18,561		3,209,197
Philip Morris International, Inc.		20,958		2,124,722
Procter & Gamble Co.		31,773		5,227,929
Tyson Foods, Inc. - Class A		3,858		220,871
				23,862,215
Financial Services — 2.7%
American Express Co.		7,723		1,853,520
Ameriprise Financial, Inc.		1,352		590,297
Bank of New York Mellon Corp.		10,257		611,420
BlackRock, Inc.		1,887		1,456,821
Blackstone, Inc.		9,718		1,171,019

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Capital One Financial Corp.		5,142	$	707,693
CBOE Global Markets, Inc.		1,425		246,511
Charles Schwab Corp.		20,093		1,472,415
CME Group, Inc.		4,862		986,889
Discover Financial Services		3,380		414,591
Franklin Resources, Inc.		3,812		89,963
Goldman Sachs Group, Inc.		4,402		2,009,601
Intercontinental Exchange, Inc.		7,727		1,034,645
Invesco, Ltd.		6,091		95,690
Morgan Stanley		16,920		1,655,453
Nasdaq, Inc.		5,133		303,001
Northern Trust Corp.		2,799		235,788
Raymond James Financial, Inc.		2,543		312,153
State Street Corp.		4,077		308,180
Synchrony Financial		5,553		243,221
T. Rowe Price Group, Inc.		3,016		355,375
				16,154,246
Health Care — 12.0%
Abbott Laboratories		23,431		2,394,414
AbbVie, Inc.^(h)		23,839		3,843,800
Abiomed, Inc.^(a)(b)		495		0
Agilent Technologies, Inc.		3,950		515,120
Align Technology, Inc.^(a)		962		247,436
Amgen, Inc.		7,225		2,209,766
Baxter International, Inc.		6,842		233,244
Becton Dickinson & Co.		3,911		907,235
Biogen, Inc.^(a)		1,955		439,758
Bio-Rad Laboratories, Inc. - Class A^(a)		281		80,608
Bio-Techne Corp.		2,131		164,492
Boston Scientific Corp.^(a)		19,771		1,494,094
Bristol-Myers Squibb Co.^(h)		27,472		1,128,825
Cardinal Health, Inc.		3,310		328,584
Catalent, Inc.^(a)		2,441		131,301
Cencora, Inc.		2,246		508,876
Centene Corp.^(a)		7,212		516,307
Charles River Laboratories International, Inc.^(a)		689		143,615
Cigna Corp.		3,950		1,361,249
Cooper Cos., Inc.		2,674		252,185
CVS Health Corp.		17,000		1,013,200
Danaher Corp.^(h)		8,880		2,280,384
DaVita, Inc.^(a)		728		107,103
Dexcom, Inc.^(a)		5,216		619,504
Edwards Lifesciences Corp.^(a)		8,188		711,455
Elevance Health, Inc.^(h)		3,171		1,707,520
Eli Lilly & Co.^(h)		10,765		8,830,960

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
GE HealthCare Technologies, Inc.		5,724	$	446,472
Gilead Sciences, Inc.		16,822		1,081,150
HCA Healthcare, Inc.		2,674		908,492
Henry Schein, Inc.^(a)		1,766		122,454
Hologic, Inc.^(a)		3,170		233,883
Humana, Inc.		1,657		593,405
IDEXX Laboratories, Inc.^(a)		1,122		557,578
Illumina, Inc.^(a)		2,129		222,012
Incyte Corp.^(a)		2,514		145,284
Insulet Corp.^(a)		943		167,090
Intuitive Surgical, Inc.^(a)		4,751		1,910,472
IQVIA Holdings, Inc.^(a)		2,473		541,810
Johnson & Johnson		32,486		4,764,722
Labcorp Holdings, Inc.		1,145		223,172
McKesson Corp.		1,775		1,011,022
Medtronic PLC		17,962		1,461,568
Merck & Co., Inc.		34,212		4,294,974
Mettler-Toledo International, Inc.^(a)		291		408,590
Moderna, Inc.^(a)		4,473		637,626
Molina Healthcare, Inc.^(a)		784		246,631
Pfizer, Inc.		76,213		2,184,265
Quest Diagnostics, Inc.		1,505		213,665
Regeneron Pharmaceuticals, Inc.^(a)		1,427		1,398,688
ResMed, Inc.		1,983		409,152
Revvity, Inc.		1,666		182,027
Solventum Corp.^(a)		1,866		110,728
STERIS PLC		1,334		297,322
Stryker Corp.		4,565		1,557,076
Teleflex, Inc.		636		132,969
Thermo Fisher Scientific, Inc.^(h)		5,215		2,962,016
UnitedHealth Group, Inc.		12,483		6,183,704
Universal Health Services, Inc. - Class B		823		156,205
Vertex Pharmaceuticals, Inc.^(a)		3,477		1,583,217
Viatris, Inc.		16,225		171,985
Waters Corp.^(a)		799		246,811
West Pharmaceutical Services, Inc.		999		331,079
Zimmer Biomet Holdings, Inc.		2,826		325,414
Zoetis, Inc.		6,204		1,051,950
				71,647,715
Industrial Products — 5.7%
3M Co.		7,464		747,445
Allegion PLC		1,186		144,479
AMETEK, Inc.		3,114		528,072
Amphenol Corp. - Class A		8,057		1,066,505
AO Smith Corp.		1,658		138,675

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Axon Enterprise, Inc.^(a)		952	$	268,150
Boeing Co.^(a)		7,747		1,375,945
Carrier Global Corp.		11,326		715,690
Caterpillar, Inc.^(h)		6,882		2,329,695
Cummins, Inc.		1,839		518,101
Deere & Co.		3,517		1,318,031
Dover Corp.		1,890		347,420
Eaton Corp. PLC		5,392		1,794,727
Emerson Electric Co.		7,697		863,296
Fortive Corp.		4,750		353,590
GE Vernova, Inc.^(a)(h)		3,673		646,081
Generac Holdings, Inc.^(a)		829		122,037
General Dynamics Corp.		3,052		914,898
General Electric Co.^(h)		14,694		2,426,567
Honeywell International, Inc. ^(h)		8,900		1,799,491
Howmet Aerospace, Inc.		5,286		447,460
Hubbell, Inc.		723		281,167
Huntington Ingalls Industries, Inc.		536		135,662
IDEX Corp.		1,016		211,978
Illinois Tool Works, Inc.		3,671		891,135
Ingersoll Rand, Inc.		5,468		508,797
Johnson Controls International PLC		9,192		660,997
Keysight Technologies, Inc.^(a)		2,358		326,536
L3Harris Technologies, Inc.		2,557		574,890
Lockheed Martin Corp.		2,903		1,365,397
Nordson Corp.		727		170,641
Northrop Grumman Corp.		1,910		860,971
Otis Worldwide Corp.		5,506		546,195
PACCAR, Inc.		7,063		759,272
Parker-Hannifin Corp.		1,733		921,124
Pentair PLC		2,216		180,338
Rockwell Automation, Inc.		1,549		398,914
RTX Corp.		17,922		1,932,171
Snap-on, Inc.		715		195,095
Stanley Black & Decker, Inc.		2,078		181,139
TE Connectivity, Ltd.		4,185		626,494
Textron, Inc.		2,646		231,816
Trane Technologies PLC		3,079		1,008,249
TransDigm Group, Inc.		746		1,002,050
Trimble, Inc.^(a)		3,360		187,085
Veralto Corp.		2,963		292,093
Wabtec Corp.		2,422		409,875
Xylem, Inc.		3,230		455,495
				34,181,931

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Industrial Services — 2.1%
American Airlines Group, Inc.^(a)		8,825	$	101,487
CH Robinson Worldwide, Inc.		1,574		135,946
Cintas Corp.		1,166		790,513
CSX Corp.		26,679		900,416
Delta Air Lines, Inc.		8,690		443,364
Expeditors International of Washington, Inc.		1,962		237,206
Fastenal Co.		7,720		509,366
FedEx Corp.		3,115		791,085
Jacobs Solutions, Inc.		1,703		237,296
JB Hunt Transport Services, Inc.		1,101		176,986
Norfolk Southern Corp.		3,052		686,090
Old Dominion Freight Line, Inc.		2,415		423,229
Quanta Services, Inc.		1,963		541,670
Republic Services, Inc.		2,760		511,124
Robert Half, Inc.		1,429		91,785
Rollins, Inc.		3,789		173,119
Southwest Airlines Co.		8,039		215,767
Union Pacific Corp.^(h)		8,231		1,916,341
United Airlines Holdings, Inc.^(a)		4,424		234,428
United Parcel Service, Inc. - Class B^(h)		9,762		1,356,235
United Rentals, Inc.		907		607,155
Waste Management, Inc.		4,948		1,042,692
WW Grainger, Inc.		596		549,190
				12,672,490
Insurance — 3.8%
Aflac, Inc.		7,108		638,796
Allstate Corp.		3,535		592,183
American International Group, Inc.		9,478		747,056
Aon PLC - Class A		2,703		761,273
Arch Capital Group Ltd.^(a)		5,008		513,971
Arthur J Gallagher & Co.		2,908		736,684
Assurant, Inc.		709		122,990
Berkshire Hathaway, Inc. - Class B^(a)		24,561		10,178,078
Brown & Brown, Inc.		3,187		285,268
Chubb Ltd.		5,474		1,482,469
Cincinnati Financial Corp.		2,121		249,387
Everest Group Ltd.		583		227,912
Globe Life, Inc.		1,156		95,671
Hartford Financial Services Group, Inc.		4,059		419,904
Loews Corp.		2,471		189,773
Marsh & McLennan Cos., Inc.		6,656		1,381,652
MetLife, Inc.		8,294		600,237
Principal Financial Group, Inc.		2,961		242,920
Progressive Corp.		7,897		1,667,688

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Prudential Financial, Inc.		4,873	$	586,466
Travelers Cos., Inc.		3,084		665,219
Willis Towers Watson PLC		1,393		355,619
WR Berkley Corp.		2,751		222,914
				22,964,130
Materials — 2.3%
Air Products & Chemicals, Inc.		3,003		800,900
Albemarle Corp.		1,586		194,428
Amcor PLC		19,513		198,447
Avery Dennison Corp.		1,090		248,073
Ball Corp.		4,240		294,383
Celanese Corp.		1,344		204,342
CF Industries Holdings, Inc.		2,580		205,704
Corteva, Inc.		9,513		532,157
Dow, Inc.		9,472		545,871
DuPont de Nemours, Inc.		5,805		476,939
Eastman Chemical Co.		1,602		162,331
Ecolab, Inc.		3,426		795,517
FMC Corp.		1,698		103,493
Freeport-McMoRan, Inc.		19,369		1,021,328
International Flavors & Fragrances, Inc.		3,450		331,821
International Paper Co.		4,675		210,796
Linde PLC^(h)		6,546		2,850,914
LyondellBasell Industries NV - Class A		3,434		341,408
Martin Marietta Materials, Inc.		835		477,687
Mosaic Co.		4,412		136,463
Newmont Goldcorp Corp.		15,579		653,383
Nucor Corp.		3,319		560,413
Packaging Corp. of America		1,209		221,840
PPG Industries, Inc.		3,171		416,701
Sherwin-Williams Co.		3,179		965,780
Steel Dynamics, Inc.		2,053		274,835
Vulcan Materials Co.		1,795		459,107
Westrock Co.		3,430		183,985
				13,869,046
Media — 9.2%
Airbnb, Inc. - Class A^(a)		5,869		850,594
Alphabet, Inc. - Class A^(a)(h)		79,571		13,725,998
Alphabet, Inc. - Class C^(a)(h)		66,617		11,588,693
Booking Holdings, Inc.^(h)		471		1,778,661
Charter Communications, Inc. - Class A^(a)		1,334		383,018
Comcast Corp. - Class A		53,538		2,143,126
Electronic Arts, Inc.		3,303		438,903
Expedia Group, Inc.^(a)		1,787		201,681
Fox Corp. - Class A		3,296		113,481
Fox Corp. - Class B		1,784		56,981

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Interpublic Group of Cos., Inc.		5,182	$	162,559
Match Group, Inc.^(a)		3,669		112,382
Meta Platforms, Inc. - Class A		29,705		13,867,185
Netflix, Inc.^(a)(h)		5,845		3,750,269
News Corp., - Class A		5,153		140,110
News Corp., - Class B		1,562		43,549
Omnicom Group, Inc.		2,672		248,389
Paramount Global - Class B		6,523		77,689
Take-Two Interactive Software, Inc.^(a)		2,137		342,689
Uber Technologies, Inc.^(a)		27,782		1,793,606
VeriSign, Inc.^(a)		1,198		208,835
Walt Disney Co.		24,708		2,567,408
Warner Bros Discovery, Inc.^(a)		29,963		246,895
				54,842,701
Oil & Gas — 3.8%
APA Corp.		4,136		126,272
Baker Hughes & GE Co.		13,558		453,922
Chevron Corp.		23,434		3,803,338
ConocoPhillips^(h)		15,910		1,853,197
Coterra Energy, Inc.		10,156		289,649
Devon Energy Corp.		8,664		425,229
Diamondback Energy, Inc.		2,418		481,811
EOG Resources, Inc.		7,865		979,586
EQT Corp.		5,553		228,173
Exxon Mobil Corp.		60,940		7,145,824
Halliburton Co.		12,081		443,373
Hess Corp.		3,733		575,255
Kinder Morgan, Inc.		26,103		508,748
Marathon Oil Corp.		7,895		228,639
Marathon Petroleum Corp.		4,969		877,575
Occidental Petroleum Corp.		8,913		557,063
ONEOK, Inc.		7,876		637,956
Phillips 66		5,808		825,375
Schlumberger, Ltd.		19,218		881,914
Targa Resources Corp.		3,010		355,872
Valero Energy Corp.		4,596		722,215
Williams Cos., Inc.		16,438		682,341
				23,083,327
Real Estate — 2.1%
Alexandria Real Estate Equities, Inc.		2,107		250,733
American Tower Corp.		6,293		1,231,792
AvalonBay Communities, Inc.		1,895		365,129
Boston Properties, Inc.		1,902		115,394
Camden Property Trust		1,443		148,124

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
CBRE Group, Inc. - Class A^(a)		4,017	$	353,777
Crown Castle, Inc.		5,859		600,547
Digital Realty Trust, Inc.		4,360		633,682
Equinix, Inc.		1,265		965,170
Equity Residential		4,622		300,569
Essex Property Trust, Inc.		867		225,238
Extra Space Storage, Inc.		2,854		413,174
Federal Realty Investment Trust		990		99,940
Healthpeak Properties, Inc.		9,554		190,125
Host Hotels & Resorts, Inc.		9,524		170,861
Invitation Homes, Inc.		7,778		270,597
Iron Mountain, Inc.		3,941		317,999
Kimco Realty Corp.		8,998		174,201
Mid-America Apartment Communities, Inc.		1,566		209,390
Prologis, Inc.		12,472		1,378,031
Public Storage		2,138		585,449
Realty Income Corp.		11,213		594,962
Regency Centers Corp.		2,223		136,492
SBA Communications Corp.		1,455		286,169
Simon Property Group, Inc.		4,404		666,369
UDR, Inc.		4,099		158,303
Ventas, Inc.		5,424		272,610
VICI Properties, Inc.		13,966		400,964
Welltower, Inc.		7,476		775,037
Weyerhaeuser Co.		9,865		296,246
				12,587,074
Renewable Energy — 0.1%
Enphase Energy, Inc.^(a)		1,842		235,592
First Solar, Inc.^(a)		1,445		392,693
				628,285
Retail & Wholesale - Discretionary — 5.9%
Amazon.com, Inc.^(a)(h)		123,430		21,777,989
AutoZone, Inc.^(a)		234		648,166
Bath & Body Works, Inc.		3,076		159,767
Best Buy Co., Inc.		2,618		222,059
Builders FirstSource, Inc.^(a)		1,665		267,715
CarMax, Inc.^(a)		2,140		150,356
Copart, Inc.^(a)		11,757		623,826
eBay, Inc.		7,006		379,865
Etsy, Inc.^(a)		1,616		102,568
Genuine Parts Co.		1,894		273,001
Home Depot, Inc.		13,444		4,501,992
LKQ Corp.		3,619		155,726
Lowe’s Cos., Inc.^(h)		7,764		1,718,096

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Lululemon Athletica, Inc.^(a)		1,554	$	484,833
O’Reilly Automotive, Inc.^(a)		798		768,682
Pool Corp.		522		189,773
Ross Stores, Inc.		4,561		637,445
TJX Cos., Inc.		15,389		1,586,606
Tractor Supply Co.		1,459		416,238
Ulta Beauty, Inc.^(a)		661		261,155
				35,325,858
Retail & Wholesale - Staples — 2.0%
Archer-Daniels-Midland Co.		7,200		449,568
Bunge Global SA		1,961		210,984
Costco Wholesale Corp.^(h)		5,994		4,854,481
Dollar General Corp.		2,963		405,664
Dollar Tree, Inc.^(a)		2,818		332,383
Kroger Co.		8,830		462,427
Sysco Corp.		6,723		489,569
Target Corp.		6,230		972,877
Walgreens Boots Alliance, Inc.		9,711		157,512
Walmart, Inc.		57,776		3,799,350
				12,134,815
Software & Tech Services — 14.8%
Accenture PLC - Class A ^(h)		8,470		2,390,996
Adobe, Inc.^(a)		6,106		2,715,705
Akamai Technologies, Inc.^(a)		2,036		187,801
ANSYS, Inc.^(a)		1,172		372,051
Autodesk, Inc.^(a)		2,885		581,616
Automatic Data Processing, Inc.		5,552		1,359,796
Broadridge Financial Solutions, Inc.		1,589		319,024
Cadence Design Systems, Inc.^(a)		3,672		1,051,330
CDW Corp.		1,810		404,752
Dayforce, Inc.^(a)(c)		2,069		102,333
Cognizant Technology Solutions Corp. - Class A		6,768		447,703
Corpay, Inc.^(a)		974		260,711
CoStar Group, Inc.^(a)		5,505		430,326
EPAM Systems, Inc.^(a)		773		137,540
Equifax, Inc.		1,657		383,413
FactSet Research Systems, Inc.		513		207,385
Fair Isaac Corp.^(a)		334		430,837
Fidelity National Information Services, Inc.		8,002		607,192
Fiserv, Inc.^(a)		8,102		1,213,356
Fortinet, Inc.^(a)		8,604		510,389
Gartner, Inc.^(a)		1,052		441,493
Gen Digital, Inc.		7,612		189,006
Global Payments, Inc.		3,517		358,206

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
International Business Machines Corp.		12,361	$	2,062,433
Intuit, Inc.^(h)		3,784		2,181,249
Jack Henry & Associates, Inc.		985		162,210
Leidos Holdings, Inc.		1,841		270,719
MarketAxess Holdings, Inc.		507		100,857
MasterCard, Inc. - Class A		11,148		4,983,936
Microsoft Corp.^(h)		100,327		41,648,748
Moody’s Corp.		2,124		843,207
MSCI, Inc.		1,068		528,852
Oracle Corp.		21,538		2,524,038
Palo Alto Networks, Inc.^(a)		4,259		1,256,022
Paychex, Inc.		4,342		521,735
Paycom Software, Inc.		658		95,621
PayPal Holdings, Inc.^(a)		14,471		911,528
PTC, Inc.^(a)		1,608		283,394
Roper Technologies, Inc.		1,435		764,511
S&P Global, Inc.		4,340		1,855,393
Salesforce, Inc.		13,078		3,066,006
ServiceNow, Inc.^(a)		2,768		1,818,382
Synopsys, Inc.^(a)		2,053		1,151,322
Tyler Technologies, Inc.^(a)		564		270,923
Verisk Analytics, Inc.		1,959		495,196
Visa, Inc. - Class A		21,361		5,820,018
				88,719,261
Tech Hardware & Semiconductors — 18.9%
Advanced Micro Devices, Inc.^(a)(h)		21,809		3,639,922
Analog Devices, Inc.		6,695		1,569,911
Apple, Inc.^(h)		196,012		37,683,307
Applied Materials, Inc.^(h)		11,240		2,417,499
Arista Networks, Inc.^(a)		3,393		1,009,926
Broadcom, Inc. ^(d)		5,941		7,892,916
Cisco Systems, Inc.		54,886		2,552,199
Corning, Inc.		10,326		384,747
F5, Inc.^(a)		801		135,345
Garmin, Ltd.		2,069		339,006
Hewlett Packard Enterprise Co.		17,326		305,804
HP, Inc.		11,720		427,780
Intel Corp.		57,098		1,761,473
Jabil, Inc.		1,727		205,340
Juniper Networks, Inc.		4,305		153,559
KLA Corp.		1,826		1,386,902
Lam Research Corp.		1,771		1,651,351
Microchip Technology, Inc.		7,301		709,876
Micron Technology, Inc.		14,912		1,864,000
Monolithic Power Systems, Inc.		646		475,217

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Motorola Solutions, Inc.		2,240	$	817,398
NetApp, Inc.		2,803		337,565
NVIDIA Corp.		33,345		36,557,124
NXP Semiconductors NV		3,479		946,636
ON Semiconductor Corp.^(a)		5,795		423,267
Qorvo, Inc.^(a)		1,317		129,580
QUALCOMM, Inc.^(h)		15,021		3,065,035
Seagate Technology Holdings PLC		2,609		243,263
Skyworks Solutions, Inc.		2,154		199,590
Super Micro Computer, Inc.^(a)		680		533,467
Teledyne Technologies, Inc.^(a)		635		252,063
Teradyne, Inc.		2,063		290,759
Texas Instruments, Inc.^(h)		12,257		2,390,238
Western Digital Corp.^(a)		4,329		325,930
Zebra Technologies Corp. - Class A^(a)		693		216,452
				113,294,447
Telecommunications — 0.9%
AT&T, Inc.		96,493		1,758,103
T-Mobile US, Inc.		7,054		1,234,168
Verizon Communications, Inc.		56,769		2,336,044
				5,328,315
Utilities — 2.5%
AES Corp.		9,054		195,476
Alliant Energy Corp.		3,404		175,272
Ameren Corp.		3,502		256,942
American Electric Power Co., Inc.		7,099		640,685
American Water Works Co., Inc.		2,617		342,225
Atmos Energy Corp.		2,008		232,767
CenterPoint Energy, Inc.		8,535		260,403
CMS Energy Corp.		3,949		248,511
Consolidated Edison, Inc.		4,666		441,170
Constellation Energy Corp.		4,308		935,913
Dominion Energy, Inc.		11,299		609,242
DTE Energy Co.		2,786		324,653
Duke Energy Corp.		10,405		1,077,646
Edison International		5,170		397,314
Entergy Corp.		2,857		321,384
Evergy, Inc.		3,111		170,047
Eversource Energy		4,721		279,625
Exelon Corp.		13,440		504,672
FirstEnergy Corp.		6,981		281,055
NextEra Energy, Inc.		27,695		2,216,154
NiSource, Inc.		5,464		158,784
NRG Energy, Inc.		3,047		246,807

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
PG&E Corp.		28,821	$	534,341
Pinnacle West Capital Corp.		1,516		119,552
PPL Corp.		9,924		291,071
Public Service Enterprise Group, Inc.		6,727		509,637
Sempra		8,500		654,755
Southern Co.		14,725		1,180,061
Vistra Corp.		4,534		449,229
WEC Energy Group, Inc.		4,262		345,350
Xcel Energy, Inc.		7,410		410,884
				14,811,627
TOTAL COMMON STOCKS (Cost $445,137,889)				598,319,227

	Notional Amount		Contracts		Value
PURCHASED OPTIONS — 0.8%^(d)(e)
Put Options — 0.8%
S&P 500 Index⁽ⁱ⁾
Expiration: 06/21/2024; Exercise Price: $5,150.00	$	195,267,870		370		584,600
Expiration: 07/19/2024; Exercise Price: $4,975.00		203,184,135		385		627,550
Expiration: 08/16/2024; Exercise Price: $5,300.00		200,545,380		380		3,532,100
Total Put Options						4,744,250
TOTAL PURCHASED OPTIONS (Cost $11,875,649)						4,744,250

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 0.5%
Investments Purchased with Proceeds from Securities Lending — 0.0%^(f)
First American Government Obligations Fund - Class X, 5.17%^(g)		105,472	$	105,472

Money Market Funds — 0.5%
First American Treasury Obligations Fund - Class X, 5.22%^(g)		2,808,197		2,808,197
TOTAL SHORT-TERM INVESTMENTS (Cost $2,913,669)				2,913,669

TOTAL INVESTMENTS — 101.2% (Cost $459,927,207)				605,977,146
Liabilities in Excess of Other Assets — (1.2)%				(7,113,422	)
TOTAL NET ASSETS — 100.0%			$	598,863,724

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.

(b)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2024.

(c)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $101,294 which represented 0.0% of net assets.

(d)	Exchange-traded.

(e)	100 shares per contract.

(f)	Represents less than 0.05% of net assets.

(g)	The rate shown represents the 7-day effective yield as of May 31, 2024.

(h)	All or portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written option is $107,011,063, which is 17.87% of total net assets.

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

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Written Options (Unaudited)
May 31, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (1.3)% ^(a)(b)
Call Options — (1.1)%
S&P 500 Index
Expiration: 06/21/2024; Exercise Price: $5,400.00	$	(195,267,870	)		(370	)	$	(477,300	)
Expiration: 07/19/2024; Exercise Price: $5,250.00		(203,184,135	)		(385	)		(4,829,825	)
Expiration: 08/16/2024; Exercise Price: $5,525.00		(200,545,380	)		(380	)		(1,155,200	)
Total Call Options								(6,462,325	)

Put Options — (0.2)%
S&P 500 Index
Expiration: 06/21/2024; Exercise Price: $4,850.00		(195,267,870	)		(370	)		(98,050	)
Expiration: 07/19/2024; Exercise Price: $4,625.00		(203,184,135	)		(385	)		(219,450	)
Expiration: 08/16/2024; Exercise Price: $5,000.00		(200,545,380	)		(380	)		(1,198,900	)
Total Put Options								(1,516,400	)
TOTAL WRITTEN OPTIONS (Premiums received $11,344,812)								(7,978,725	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.

(b)	100 shares per contract.

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
COMMON STOCKS — 99.0%
Banking — 4.9%
Bank of America Corp.		266,026	$	10,638,380
Fifth Third Bancorp		13,638		510,334
M&T Bank Corp.		3,502		530,903
PNC Financial Services Group, Inc.		9,246		1,455,228
Wells Fargo & Co.		117,450		7,037,604
				20,172,449
Consumer Discretionary Products — 1.6%
Aptiv PLC^(a)		5,753		478,995
General Motors Co.		40,600		1,826,594
Lennar Corp., - Class A		9,917		1,590,191
NVR, Inc.^(a)		110		844,880
PulteGroup, Inc.		9,822		1,152,317
Ralph Lauren Corp.		4,268		797,604
				6,690,581
Consumer Discretionary Services — 1.1%
Chipotle Mexican Grill, Inc.^(a)		688		2,153,110
Domino’s Pizza, Inc.		1,625		826,443
McDonald’s Corp.		6,569		1,700,648
				4,680,201
Consumer Staple Products — 5.9%
Altria Group, Inc.		64,250		2,971,563
Church & Dwight Co., Inc.		8,274		885,401
Colgate-Palmolive Co.		31,414		2,920,245
Conagra Brands, Inc.		22,323		667,011
General Mills, Inc.		19,575		1,345,781
Kraft Heinz Co.		21,367		755,751
McCormick & Co., Inc.		11,077		799,981
Philip Morris International, Inc.		35,780		3,627,376
Procter & Gamble Co.		63,356		10,424,596
				24,397,705
Financial Services — 2.9%
American Express Co.		26,224		6,293,760
Ameriprise Financial, Inc.		3,201		1,397,589
Capital One Financial Corp.		11,568		1,592,104
CBOE Global Markets, Inc.		2,175		376,253
Intercontinental Exchange, Inc.		13,246		1,773,639
Synchrony Financial		10,476		458,849
				11,892,194
Health Care — 6.9%
AbbVie, Inc.		16,547		2,668,038
Agilent Technologies, Inc.		3,684		480,431

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Boston Scientific Corp.^(a)		21,343	$	1,612,891
Cardinal Health, Inc.		8,051		799,223
Cencora, Inc.		8,720		1,975,690
Centene Corp.^(a)		11,188		800,949
Charles River Laboratories International, Inc.^(a)		1,689		352,055
Cigna Corp.		9,412		3,243,563
DaVita, Inc.^(a)		5,852		860,946
Elevance Health, Inc.		5,776		3,110,261
Gilead Sciences, Inc.		13,391		860,640
HCA Healthcare, Inc.		9,987		3,393,083
Incyte Corp.^(a)		9,573		553,224
IQVIA Holdings, Inc.^(a)		2,090		457,898
Johnson & Johnson		15,330		2,248,451
Molina Healthcare, Inc.^(a)		1,958		615,948
Quest Diagnostics, Inc.		4,419		627,365
Regeneron Pharmaceuticals, Inc.^(a)		1,954		1,915,233
Universal Health Services, Inc. - Class B		4,000		759,200
Vertex Pharmaceuticals, Inc.^(a)		1,657		754,498
Viatris, Inc.		44,422		470,873
				28,560,460
Industrial Products — 5.5%
Amphenol Corp. - Class A		27,517		3,642,425
AO Smith Corp.		6,555		548,260
Caterpillar, Inc.		17,956		6,078,465
Cummins, Inc.		6,268		1,765,884
Dover Corp.		5,905		1,085,457
Ingersoll Rand, Inc.		9,794		911,332
PACCAR, Inc.		20,643		2,219,122
Parker-Hannifin Corp.		4,315		2,293,509
Snap-on, Inc.		2,166		591,015
TE Connectivity, Ltd.		15,363		2,299,841
Wabtec Corp.		8,256		1,397,163
				22,832,473
Industrial Services — 3.5%
Cintas Corp.		2,885		1,955,943
CSX Corp.		30,592		1,032,480
Delta Air Lines, Inc.		29,209		1,490,243
FedEx Corp.		5,230		1,328,211
Jacobs Solutions, Inc.		4,468		622,571
Quanta Services, Inc.		4,461		1,230,968
Republic Services, Inc.		12,162		2,252,281
United Airlines Holdings, Inc.^(a)		17,505		927,590
United Rentals, Inc.		2,867		1,919,199

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
WW Grainger, Inc.		1,684	$	1,551,739
				14,311,225
Insurance — 7.8%
Arch Capital Group Ltd.^(a)		11,478		1,177,987
Berkshire Hathaway, Inc. - Class B^(a)(c)		49,936		20,693,478
Chubb Ltd.		14,295		3,871,372
Cincinnati Financial Corp.		3,749		440,808
Hartford Financial Services Group, Inc.		9,293		961,361
Loews Corp.		5,144		395,059
Progressive Corp.		21,741		4,591,264
				32,131,329
Materials — 1.9%
Avery Dennison Corp.		3,389		771,302
CF Industries Holdings, Inc.		5,892		469,769
Eastman Chemical Co.		5,169		523,775
Ecolab, Inc.		10,726		2,490,577
Martin Marietta Materials, Inc.		2,473		1,414,754
Nucor Corp.		4,196		708,495
Packaging Corp. of America		4,478		821,668
Steel Dynamics, Inc.		5,715		765,067
				7,965,407
Media — 12.0%
Airbnb, Inc. - Class A^(a)		4,961		718,998
Alphabet, Inc. - Class A^(a)		117,918		20,340,855
Booking Holdings, Inc.		568		2,144,967
Comcast Corp. - Class A		102,832		4,116,365
Expedia Group, Inc.^(a)		5,626		634,950
Fox Corp. - Class A		13,588		467,835
Meta Platforms, Inc. - Class A		42,957		20,053,616
News Corp., - Class A		17,992		489,202
Omnicom Group, Inc.		6,811		633,151
				49,599,939
Oil & Gas — 6.3%
ConocoPhillips		27,654		3,221,138
Devon Energy Corp.		20,425		1,002,459
Diamondback Energy, Inc.		7,267		1,448,022
EOG Resources, Inc.		14,365		1,789,161
Exxon Mobil Corp.		127,681		14,971,874
Marathon Petroleum Corp.		10,606		1,873,126
Valero Energy Corp.		11,457		1,800,353
				26,106,133
Real Estate — 1.5%
Alexandria Real Estate Equities, Inc.		3,350		398,650

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
AvalonBay Communities, Inc.		3,686	$	710,219
Camden Property Trust		4,172		428,256
Equity Residential		11,412		742,122
Extra Space Storage, Inc.		3,897		564,169
Host Hotels & Resorts, Inc.		21,329		382,642
Mid-America Apartment Communities, Inc.		3,235		432,552
Realty Income Corp.		12,404		658,156
Simon Property Group, Inc.		6,953		1,052,058
VICI Properties, Inc.		13,623		391,116
Welltower, Inc.		5,753		596,414
				6,356,354
Retail & Wholesale - Discretionary — 2.8%
Bath & Body Works, Inc.		14,344		745,027
Builders FirstSource, Inc.^(a)		5,730		921,327
eBay, Inc.		21,618		1,172,128
Home Depot, Inc.		13,819		4,627,569
Ross Stores, Inc.		6,073		848,762
TJX Cos., Inc.		29,126		3,002,891
Ulta Beauty, Inc.^(a)		1,111		438,945
				11,756,649
Retail & Wholesale - Staples — 4.7%
Bunge Global SA		6,551		704,822
Kroger Co.		34,713		1,817,920
Sysco Corp.		10,047		731,622
Target Corp.		14,002		2,186,552
Walmart, Inc.		209,651		13,786,650
				19,227,566
Software & Tech Services — 10.8%
Broadridge Financial Solutions, Inc.		3,788		760,517
Corpay, Inc.^(a)		1,318		352,789
CoStar Group, Inc.^(a)		4,347		339,805
Fair Isaac Corp.^(a)		1,786		2,303,815
Fiserv, Inc.^(a)		7,360		1,102,233
Gen Digital, Inc.		104,914		2,605,015
International Business Machines Corp.		33,836		5,645,536
Leidos Holdings, Inc.		7,263		1,068,024
Microsoft Corp.		42,879		17,800,359
Roper Technologies, Inc.		3,934		2,095,878
Salesforce, Inc.		8,918		2,090,736
Visa, Inc. - Class A		31,756		8,652,240
				44,816,947
Tech Hardware & Semiconductors — 15.3%
Applied Materials, Inc.		27,229		5,856,413
Cisco Systems, Inc.		117,411		5,459,612

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
F5, Inc.^(a)		11,858	$	2,003,646
Garmin, Ltd.		8,946		1,465,802
Lam Research Corp.		2,758		2,571,670
Microchip Technology, Inc.		21,558		2,096,084
Motorola Solutions, Inc.		8,685		3,169,243
NetApp, Inc.		23,522		2,832,754
NVIDIA Corp.		22,113		24,243,145
NXP Semiconductors NV		10,426		2,836,915
QUALCOMM, Inc.		43,532		8,882,705
Skyworks Solutions, Inc.		21,095		1,954,663
				63,372,652
Telecommunications — 2.0%
T-Mobile US, Inc.		46,299		8,100,473

Utilities — 1.6%
American Electric Power Co., Inc.		10,810		975,602
Atmos Energy Corp.		5,691		659,701
DTE Energy Co.		4,271		497,700
Duke Energy Corp.		11,450		1,185,876
Entergy Corp.		5,478		616,220
FirstEnergy Corp.		19,429		782,212
Pinnacle West Capital Corp.		5,792		456,757
PPL Corp.		15,597		457,460
Southern Co.		14,162		1,134,943
				6,766,471
TOTAL COMMON STOCKS (Cost $379,693,251)				409,737,208

SHORT-TERM INVESTMENTS — 0.7%
Money Market Funds — 0.7%
First American Treasury Obligations Fund - Class X, 5.22%^(b)		3,059,121		3,059,121
TOTAL SHORT-TERM INVESTMENTS (Cost $3,059,121)				3,059,121

TOTAL INVESTMENTS — 99.7% (Cost $382,752,372)				412,796,329
Other Assets in Excess of Liabilities — 0.3%				1,389,450
TOTAL NET ASSETS — 100.0%			$	414,185,779

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.

(c)	All or portion of the security is segregated as collateral at the broker on May 31, 2024. The value of the securities segregated as collateral is $2,486,400, which is 0.60% of total net assets.

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
COMMON STOCKS — 99.7%
Banking — 1.0%
Citizens Financial Group, Inc.		6,852	$	241,807
Huntington Bancshares, Inc.		21,267		296,037
PNC Financial Services Group, Inc.		5,849		920,574
Regions Financial Corp.		13,662		264,360
Truist Financial Corp.		19,592		739,598
US Bancorp		22,871		927,419
				3,389,795
Consumer Discretionary Products — 3.3%
Aptiv PLC^(a)		4,158		346,195
BorgWarner, Inc.		3,458		123,312
Deckers Outdoor Corp.^(a)		375		410,220
Fortune Brands Innovations, Inc.		1,850		129,611
Hasbro, Inc.		1,934		115,615
Lear Corp.		852		106,798
Masco Corp.		3,297		230,526
Nike, Inc. - Class B		17,907		1,702,061
NVR, Inc.^(a)		40		307,229
PulteGroup, Inc.		3,171		372,022
Rivian Automotive, Inc. - Class A^(a)		9,787		106,874
Tesla, Inc.^(a)		41,951		7,470,634
				11,421,097
Consumer Discretionary Services — 1.2%
Hilton Worldwide Holdings, Inc.		3,763		754,858
McDonald’s Corp.		10,658		2,759,250
Vail Resorts, Inc.		553		104,362
Yum! Brands, Inc.		4,113		565,249
				4,183,719
Consumer Staple Products — 5.1%
Campbell Soup Co.		2,844		126,217
Church & Dwight Co., Inc.		3,617		387,055
Clorox Co.		1,818		239,176
Coca-Cola Co.		60,312		3,795,434
Colgate-Palmolive Co.		11,493		1,068,389
Conagra Brands, Inc.		7,018		209,698
Darling Ingredients, Inc.^(a)		2,342		94,617
General Mills, Inc.		8,346		573,787
Hormel Foods Corp.		4,414		136,746
J M Smucker Co.		1,556		173,712
Kellanova		4,029		243,110
Keurig Dr Pepper, Inc.		16,018		548,616
Kimberly-Clark Corp.		4,966		661,968
Lamb Weston Holdings, Inc.		2,115		186,733
McCormick & Co., Inc.		3,691		266,564

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
PepsiCo, Inc.		20,184	$	3,489,814
Procter & Gamble Co.		34,625		5,697,198
				17,898,834
Financial Services — 3.7%
Ally Financial, Inc.		3,979		155,062
American Express Co.		8,568		2,056,320
Ameriprise Financial, Inc.		1,483		647,493
Annaly Capital Management, Inc.		7,347		144,736
Bank of New York Mellon Corp.		11,157		665,069
BlackRock, Inc.		2,183		1,685,341
CBOE Global Markets, Inc.		1,549		267,961
Charles Schwab Corp.		22,099		1,619,415
Discover Financial Services		3,672		450,407
Franklin Resources, Inc.		4,361		102,920
Intercontinental Exchange, Inc.		8,398		1,124,492
LPL Financial Holdings, Inc.		1,108		317,121
Morgan Stanley		18,079		1,768,849
Nasdaq, Inc.		5,081		299,931
Northern Trust Corp.		3,038		255,921
Raymond James Financial, Inc.		2,927		359,289
State Street Corp.		4,528		342,272
Synchrony Financial		6,076		266,129
T. Rowe Price Group, Inc.		3,276		386,011
				12,914,739
Health Care — 11.9%
ABIOMED INC^(a)(b)		239		0
Agilent Technologies, Inc.		4,305		561,415
Align Technology, Inc.^(a)		1,067		274,443
Amgen, Inc.		7,864		2,405,204
Avantor, Inc.^(a)		9,933		239,187
Biogen, Inc.^(a)		2,126		478,223
Bio-Techne Corp.		2,329		179,776
Bristol-Myers Squibb Co.		29,871		1,227,399
Cencora, Inc.		2,501		566,652
Cigna Corp.		4,297		1,480,832
Cooper Cos., Inc.		2,910		274,442
Danaher Corp.		10,319		2,649,919
DaVita, Inc.^(a)		801		117,843
Dexcom, Inc.^(a)		5,670		673,426
Edwards Lifesciences Corp.^(a)		8,912		774,364
Elevance Health, Inc.		3,451		1,858,295
Eli Lilly & Co.		11,861		9,730,053
Gilead Sciences, Inc.		18,274		1,174,470
HCA Healthcare, Inc.		2,945		1,000,564

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Hologic, Inc.^(a)		3,526	$	260,148
Humana, Inc.		1,808		647,481
IDEXX Laboratories, Inc.^(a)		1,218		605,285
Illumina, Inc.^(a)		2,336		243,598
Insulet Corp.^(a)		1,026		181,797
Jazz Pharmaceuticals PLC^(a)		876		92,199
Johnson & Johnson		35,366		5,187,131
Labcorp Holdings, Inc.		1,244		242,468
Merck & Co., Inc.		37,223		4,672,975
Mettler-Toledo International, Inc.^(a)		316		443,692
Molina Healthcare, Inc.^(a)		859		270,224
Quest Diagnostics, Inc.		1,647		233,825
Repligen Corp.^(a)		776		115,694
STERIS PLC		1,452		323,622
Teleflex, Inc.		688		143,840
Waters Corp.^(a)		866		267,507
West Pharmaceutical Services, Inc.		1,083		358,917
Zimmer Biomet Holdings, Inc.		3,068		353,280
Zoetis, Inc.		6,737		1,142,326
				41,452,516
Industrial Products — 4.4%
3M Co.		8,104		811,535
Allegion PLC		1,287		156,782
Axon Enterprise, Inc.^(a)		1,042		293,500
Carrier Global Corp.		11,870		750,065
Caterpillar, Inc.		7,476		2,530,776
Cummins, Inc.		2,079		585,717
Dover Corp.		2,052		377,199
Eaton Corp. PLC		5,866		1,952,498
Emerson Electric Co.		8,371		938,891
Fortive Corp.		5,160		384,110
Graco, Inc.		2,477		200,018
IDEX Corp.		1,105		230,547
Illinois Tool Works, Inc.		4,417		1,072,227
Ingersoll Rand, Inc.		5,939		552,624
Johnson Controls International PLC		9,997		718,884
Keysight Technologies, Inc.^(a)		2,570		355,894
Lennox International, Inc.		468		235,217
Otis Worldwide Corp.		6,013		596,490
Pentair PLC		2,427		197,509
Rockwell Automation, Inc.		1,682		433,165
Toro Co.		1,523		122,129
Trane Technologies PLC		3,338		1,093,061
Trimble, Inc.^(a)		3,651		203,288

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Xylem, Inc.		3,537	$	498,788
				15,290,914
Industrial Services — 3.5%
AECOM		1,994		174,156
CH Robinson Worldwide, Inc.		1,709		147,606
Cintas Corp.		1,338		907,124
CSX Corp.		29,044		980,235
Delta Air Lines, Inc.		2,365		120,662
Expeditors International of Washington, Inc.		2,132		257,759
Fastenal Co.		8,407		554,694
Ferguson PLC		2,988		614,751
JB Hunt Transport Services, Inc.		1,210		194,508
Knight-Swift Transportation Holdings, Inc.		2,367		114,208
Norfolk Southern Corp.		3,324		747,235
Old Dominion Freight Line, Inc.		2,884		505,421
Quanta Services, Inc.		2,132		588,304
Robert Half, Inc.		1,552		99,685
Union Pacific Corp.		8,951		2,083,972
United Parcel Service, Inc. - Class B		10,622		1,475,714
United Rentals, Inc.		992		664,055
Waste Management, Inc.		5,917		1,246,889
WW Grainger, Inc.		653		601,713
				12,078,691
Insurance — 2.3%
Aflac, Inc.		8,146		732,081
Allstate Corp.		3,844		643,947
Arch Capital Group Ltd.^(a)		5,480		562,412
Assurant, Inc.		769		133,399
Equitable Holdings, Inc.		4,971		206,247
Hartford Financial Services Group, Inc.		4,415		456,732
Marsh & McLennan Cos., Inc.		7,238		1,502,464
Principal Financial Group, Inc.		3,498		286,976
Progressive Corp.		8,596		1,815,303
Prudential Financial, Inc.		5,301		637,975
Travelers Cos., Inc.		3,352		723,026
Willis Towers Watson PLC		1,514		386,509
				8,087,071
Materials — 2.8%
Amcor PLC		21,243		216,041
Avery Dennison Corp.		1,181		268,784
Ball Corp.		4,627		321,253
Ecolab, Inc.		3,771		875,626
International Flavors & Fragrances, Inc.		3,747		360,387
International Paper Co.		4,829		217,740

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Linde PLC		7,122	$	3,101,773
LyondellBasell Industries NV - Class A		3,810		378,790
Martin Marietta Materials, Inc.		906		518,305
Newmont Goldcorp Corp.		16,944		710,631
Nucor Corp.		3,604		608,535
Owens Corning		1,302		235,753
PPG Industries, Inc.		3,461		454,810
Sherwin-Williams Co.		3,566		1,083,351
Steel Dynamics, Inc.		2,254		301,743
Westrock Co.		3,766		202,008
				9,855,530
Media — 10.6%
Alphabet, Inc. - Class A^(a)		86,888		14,988,180
Alphabet, Inc. - Class C^(a)		75,640		13,158,334
Booking Holdings, Inc.		508		1,918,386
Comcast Corp. - Class A		58,991		2,361,410
Electronic Arts, Inc.		3,753		498,698
Fox Corp. - Class A		3,625		124,809
Fox Corp. - Class B		2,072		66,180
Interpublic Group of Cos., Inc.		5,625		176,456
Liberty Global Ltd. - Class C^(a)		2,706		46,191
Omnicom Group, Inc.		2,904		269,956
Sirius XM Holdings, Inc.		11,266		31,770
Snap, Inc. - Class A^(a)		15,382		231,038
Take-Two Interactive Software, Inc.^(a)		2,494		399,938
Walt Disney Co.		26,957		2,801,102
				37,072,448
Oil & Gas — 2.2%
Baker Hughes & GE Co.		14,796		495,370
Cheniere Energy, Inc.		3,498		551,949
Halliburton Co.		13,152		482,678
HF Sinclair Corp.		2,346		129,570
Kinder Morgan, Inc.		29,414		573,279
Marathon Petroleum Corp.		5,582		985,837
ONEOK, Inc.		8,559		693,279
Phillips 66		6,464		918,599
Schlumberger, Ltd.		20,992		963,323
Targa Resources Corp.		3,108		367,459
Valero Energy Corp.		5,003		786,171
Williams Cos., Inc.		17,868		741,701
				7,689,215
Real Estate — 2.2%
American Tower Corp.		6,849		1,340,623
Boston Properties, Inc.		2,187		132,685

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
CBRE Group, Inc. - Class A^(a)		4,479	$	394,466
Crown Castle, Inc.		6,370		652,925
Digital Realty Trust, Inc.		4,451		646,908
Equinix, Inc.		1,378		1,051,387
Healthpeak Properties, Inc.		10,389		206,741
Iron Mountain, Inc.		4,289		346,079
Prologis, Inc.		13,565		1,498,797
SBA Communications Corp.		1,583		311,345
Welltower, Inc.		8,127		842,526
Weyerhaeuser Co.		10,730		322,222
				7,746,704
Retail & Wholesale - Discretionary — 3.9%
AutoZone, Inc.^(a)		251		695,255
Best Buy Co., Inc.		2,841		240,974
Builders FirstSource, Inc.^(a)		1,809		290,869
Burlington Stores, Inc.^(a)		947		227,327
CarMax, Inc.^(a)		2,316		162,722
eBay, Inc.		7,626		413,482
Genuine Parts Co.		2,059		296,784
Home Depot, Inc.		14,619		4,895,465
LKQ Corp.		3,931		169,151
Lowe’s Cos., Inc.		8,442		1,868,130
Lululemon Athletica, Inc.^(a)		1,686		526,015
MercadoLibre, Inc.^(a)		666		1,149,236
Pool Corp.		565		205,406
TJX Cos., Inc.		16,742		1,726,100
Tractor Supply Co.		1,585		452,185
Ulta Beauty, Inc.^(a)		710		280,514
				13,599,615
Retail & Wholesale - Staples — 0.5%
Bunge Global SA		2,132		229,382
Kroger Co.		10,049		526,266
Target Corp.		6,778		1,058,452
				1,814,100
Software & Tech Services — 24.3%
Accenture PLC - Class A		9,210		2,599,891
Adobe, Inc.^(a)		6,629		2,948,314
Akamai Technologies, Inc.^(a)		2,209		203,758
ANSYS, Inc.^(a)		1,268		402,527
Autodesk, Inc.^(a)		3,140		633,024
Automatic Data Processing, Inc.		6,037		1,478,582
Broadridge Financial Solutions, Inc.		1,727		346,730
Cadence Design Systems, Inc.^(a)		3,989		1,142,091
Dayforce, Inc.^(a)		2,174		107,526

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
DocuSign, Inc.^(a)		2,997	$	164,056
FactSet Research Systems, Inc.		555		224,364
Fair Isaac Corp.^(a)		361		465,665
Fidelity National Information Services, Inc.		8,704		660,459
Fiserv, Inc.^(a)		8,813		1,319,835
Gartner, Inc.^(a)		1,143		479,683
Gen Digital, Inc.		8,465		210,186
HubSpot, Inc.^(a)		697		425,902
International Business Machines Corp.		13,420		2,239,127
Intuit, Inc.		4,111		2,369,745
MarketAxess Holdings, Inc.		552		109,809
MasterCard, Inc. - Class A		12,311		5,503,879
Microsoft Corp.		103,714		43,054,793
Moody’s Corp.		2,421		961,113
Paychex, Inc.		4,761		572,082
Paylocity Holding Corp.^(a)		656		93,263
PTC, Inc.^(a)		1,753		308,949
S&P Global, Inc.		4,759		2,034,520
Salesforce, Inc.		14,209		3,331,158
ServiceNow, Inc.^(a)		3,010		1,977,359
Synopsys, Inc.^(a)		2,230		1,250,584
TransUnion		2,841		204,325
Twilio, Inc. - Class A^(a)		2,521		144,705
Visa, Inc. - Class A		23,249		6,334,422
Workday, Inc. - Class A^(a)		3,065		648,094
Zscaler, Inc.^(a)		1,302		221,288
				85,171,808
Tech Hardware & Semiconductors — 15.0%
Applied Materials, Inc.		12,196		2,623,116
Hewlett Packard Enterprise Co.		19,091		336,956
HP, Inc.		13,820		504,430
Intel Corp.		61,848		1,908,011
Lam Research Corp.		1,931		1,800,542
Marvell Technology, Inc.		12,702		874,025
NetApp, Inc.		3,026		364,421
NVIDIA Corp.		36,250		39,741,963
NXP Semiconductors NV		3,783		1,029,354
Seagate Technology Holdings PLC		2,917		271,981
Texas Instruments, Inc.		13,331		2,599,678
Western Digital Corp.^(a)		4,760		358,380
				52,412,857
Telecommunications — 0.7%
Verizon Communications, Inc.		61,756		2,541,259

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Utilities — 1.1%
American Water Works Co., Inc.		2,862	$	374,264
Atmos Energy Corp.		2,213		256,531
CMS Energy Corp.		4,285		269,655
Consolidated Edison, Inc.		5,070		479,369
Edison International		5,637		433,203
Essential Utilities, Inc.		3,809		143,714
Eversource Energy		5,131		303,909
Exelon Corp.		14,615		548,793
NRG Energy, Inc.		3,318		268,758
Sempra		9,243		711,988
				3,790,184
TOTAL COMMON STOCKS (Cost $280,020,008)				348,411,096

SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
First American Treasury Obligations Fund - Class X, 5.17%^(c)		840,682		840,682
TOTAL SHORT-TERM INVESTMENTS (Cost $840,682)				840,682

TOTAL INVESTMENTS — 99.9% (Cost $280,860,690)				349,251,778
Other Assets in Excess of Liabilities — 0.1%				514,728
TOTAL NET ASSETS — 100.0%			$	349,766,506

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.

(b)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2024.

(c)	The rate shown represents the 7-day effective yield as of May 31, 2024.

See accompanying notes to financial statements.

Horizon Tactical Fixed Income Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 99.5%
iShares J.P. Morgan USD Emerging Markets Bond ETF^(a)		353,359	$	31,466,619
iShares Preferred and Income Securities ETF^(a)		246,214		7,817,295
SPDR Blackstone Senior Loan ETF		979,993		41,247,905
SPDR Bloomberg 1-3 Month T-Bill ETF		291,605		26,775,171
SPDR Bloomberg Convertible Securities ETF		432,537		30,999,927
VanEck Fallen Angel High Yield Bond ETF		853,054		24,346,161
Vanguard Total International Bond ETF		265,633		12,872,575
Xtrackers USD High Yield Corporate Bond ETF		906,487		32,116,834
TOTAL EXCHANGE TRADED FUNDS (Cost $207,647,052)				207,642,487

SHORT-TERM INVESTMENTS — 18.7%
Investments Purchased with Proceeds from Securities Lending — 18.2%
First American Government Obligations Fund - Class X, 5.17%^(b)		37,906,406		37,906,406

Money Market Funds — 0.5%
First American Treasury Obligations Fund - Class X, 5.22%^(b)		1,172,249		1,172,249
TOTAL SHORT-TERM INVESTMENTS (Cost $39,078,655)				39,078,655

TOTAL INVESTMENTS — 118.2% (Cost $246,725,707)				246,721,142
Liabilities in Excess of Other Assets — (18.2)%				(38,025,708	)
TOTAL NET ASSETS — 100.0%			$	208,695,434

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $37,303,091 which represented 17.9% of net assets.

(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited)
May 31, 2024

	Shares		Value
COMMON STOCKS — 98.9%
Banking — 6.4%
Ameris Bancorp		1,935	$	96,653
Bank OZK		6,203		259,782
BankUnited, Inc.		2,634		75,569
Cathay General Bancorp		1,614		59,460
Central Pacific Financial Corp.		2,871		58,224
Columbia Banking System, Inc.		8,704		167,813
East West Bancorp, Inc.		7,852		582,540
First Bancorp		5,039		89,342
First Financial Bancorp		5,440		121,312
First Horizon National Corp.		30,687		486,082
FNB Corp.		11,696		161,054
Fulton Financial Corp.		10,814		182,108
Hancock Whitney Corp.		3,419		159,770
Hilltop Holdings, Inc.		1,894		57,937
Hope Bancorp, Inc.		5,604		59,010
International Bancshares Corp.		4,125		234,424
National Bank Holdings Corp. - Class A		1,703		62,108
OFG Bancorp		2,257		83,870
Old National Bancorp		7,339		125,424
Preferred Bank		924		69,041
S&T Bancorp, Inc.		1,889		60,278
Stellar Bancorp, Inc.		2,677		60,473
UMB Financial Corp.		1,648		135,861
Westamerica Bancorp		1,230		60,049
Wintrust Financial Corp.		3,817		376,394
WSFS Financial Corp.		1,449		63,843
				3,948,421
Consumer Discretionary Products — 7.4%
American Woodmark Corp.^(a)		702		60,449
Autoliv, Inc.		4,726		602,896
Carter’s, Inc.		1,061		72,573
Crocs, Inc.^(a)		3,677		572,288
Dorman Products, Inc.^(a)		1,525		140,254
Gentex Corp.		3,166		110,810
HNI Corp.		2,457		115,602
Interface, Inc.		3,849		62,007
KB Home		4,496		317,418
Kontoor Brands, Inc.		2,593		190,171
M/I Homes, Inc.^(a)		1,162		145,157
Meritage Homes Corp.		852		150,250
PVH Corp.		2,196		263,542
Skechers USA, Inc. - Class A^(a)		7,538		538,364
Standard Motor Products, Inc.		1,907		58,564

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Taylor Morrison Home Corp.^(a)		999	$	57,772
Toll Brothers, Inc.		6,713		816,569
Urban Outfitters, Inc.^(a)		4,687		195,495
Vista Outdoor, Inc.^(a)		1,784		62,226
				4,532,407
Consumer Discretionary Services — 4.2%
Adtalem Global Education, Inc.^(a)		2,276		146,552
Brinker International, Inc.^(a)		2,723		192,325
Cinemark Holdings, Inc.^(a)		8,105		139,973
Graham Holdings Co. - Class B		111		83,520
Grand Canyon Education, Inc.^(a)		1,141		162,547
Marcus Corp.		5,448		58,021
Monarch Casino & Resort, Inc.		908		60,809
Murphy USA, Inc.		1,139		499,736
Perdoceo Education Corp.		4,376		98,460
Phinia, Inc.		1,379		61,724
PROG Holdings, Inc.		2,377		89,827
Strategic Education, Inc.		664		75,311
Stride, Inc.^(a)		2,741		188,197
Texas Roadhouse, Inc.		2,308		398,522
Wingstop, Inc.		966		356,116
				2,611,640
Consumer Staple Products — 5.8%
BellRing Brands, Inc.^(a)		2,891		168,169
Cal-Maine Foods, Inc.		1,059		65,309
Celsius Holdings, Inc.^(a)		3,254		260,255
Coca-Cola Consolidated, Inc.		617		605,302
Edgewell Personal Care Co.		1,514		58,410
Ingredion, Inc.		4,120		484,430
John B Sanfilippo & Son, Inc.		595		59,994
Performance Food Group Co.^(a)		3,511		244,366
Pilgrim’s Pride Corp.^(a)		11,164		401,122
Post Holdings, Inc.^(a)		4,045		431,076
Premier, Inc. - Class A		3,096		58,576
Quanex Building Products Corp.		1,775		58,504
Universal Corp.		1,137		54,530
US Foods Holding Corp.^(a)		10,099		533,530
USANA Health Sciences, Inc.^(a)		1,259		59,928
				3,543,501
Financial Services — 6.4%
Affiliated Managers Group, Inc.		1,070		173,982
Alliance Data Systems Corp.		3,188		133,131
Axos Financial, Inc.^(a)		3,892		209,662
BGC Group, Inc. - Class A		27,213		235,937

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Enova International, Inc.^(a)		1,795	$	110,662
Essent Group Ltd.		3,152		178,718
Evercore, Inc. - Class A		1,372		278,434
EZCORP, Inc. - Class A^(a)		6,020		63,150
Federated Investors, Inc.		3,523		116,858
Interactive Brokers Group, Inc. - Class A		7,862		988,410
Janus Henderson Group PLC		8,093		271,115
MGIC Investment Corp.		13,678		287,238
Mr Cooper Group, Inc.^(a)		4,012		334,601
PennyMac Mortgage Investment Trust		5,331		72,928
Piper Sandler Cos.		346		73,276
PJT Partners, Inc. - Class A		1,401		149,445
StoneX Group, Inc.^(a)		2,107		158,172
WisdomTree, Inc.		7,769		77,457
				3,913,176
Health Care — 8.2%
Addus HomeCare Corp.^(a)		891		102,296
ANI Pharmaceuticals, Inc.^(a)		951		61,720
Catalyst Pharmaceuticals, Inc.^(a)		3,673		59,392
Chemed Corp.		129		71,514
Collegium Pharmaceutical, Inc.^(a)		1,981		65,650
Corcept Therapeutics, Inc.^(a)		2,203		66,464
Encompass Health Corp.		5,869		507,023
Halozyme Therapeutics, Inc.^(a)		4,947		219,103
Harmony Biosciences Holdings, Inc.^(a)		2,085		61,299
HealthEquity, Inc.^(a)		790		64,527
Innoviva, Inc.^(a)		3,852		60,823
Integer Holdings Corp.^(a)		516		62,560
Lantheus Holdings, Inc.^(a)		2,355		192,710
LeMaitre Vascular, Inc.		780		61,526
Medpace Holdings, Inc.^(a)		596		230,259
National HealthCare Corp.		618		65,353
Neurocrine Biosciences, Inc.^(a)		3,657		495,194
OraSure Technologies, Inc.^(a)		11,514		54,461
Organon & Co.		11,775		251,161
Pacira BioSciences, Inc.^(a)		1,991		60,387
Phibro Animal Health Corp. - Class A		3,361		59,254
Select Medical Holdings Corp.		7,654		264,446
Tenet Healthcare Corp.^(a)		7,044		952,490
UFP Technologies, Inc.^(a)		232		60,404
United Therapeutics Corp.^(a)		3,050		839,146
Varex Imaging Corp.^(a)		3,937		60,827
				5,049,989

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Industrial Products — 7.7%
Acuity Brands, Inc.		1,538	$	399,280
AGCO Corp.		3,933		422,129
AZZ, Inc.		1,577		132,279
Badger Meter, Inc.		812		156,683
Curtiss-Wright Corp.		1,851		523,500
Donaldson Co, Inc.		4,942		364,126
DXP Enterprises Inc.^(a)		1,201		59,666
Enerpac Tool Group Corp.		1,637		64,367
EnerSys		1,492		160,897
Esab Corp.		3,068		315,452
Flowserve Corp.		5,374		267,088
Gibraltar Industries, Inc.^(a)		825		62,254
Itron, Inc.^(a)		732		78,727
MSA Safety, Inc.		994		178,920
Mueller Industries, Inc.		6,224		366,656
Powell Industries, Inc.		665		119,607
Tennant Co.		989		101,531
Terex Corp.		2,977		177,638
Vontier Corp.		8,101		323,878
Woodward, Inc.		2,627		489,935
				4,764,613
Industrial Services — 8.4%
ABM Industries, Inc.		1,853		87,591
Alarm.com Holdings, Inc.^(a)		873		57,103
Alaska Air Group, Inc.^(a)		1,412		59,332
Applied Industrial Technologies, Inc.		741		143,013
Aramark		10,008		321,757
Brady Corp. - Class A		2,213		151,081
Brink’s Co.		2,586		266,979
Comfort Systems USA, Inc.		1,499		490,683
CorVel Corp.^(a)		339		81,309
Cross Country Healthcare, Inc.^(a)		4,156		62,839
Deluxe Corp.		2,631		59,803
Dorian LPG Ltd.		2,624		132,801
Dycom Industries, Inc.^(a)		783		140,909
EMCOR Group, Inc.		3,002		1,166,757
Frontdoor, Inc.^(a)		2,533		89,592
FTI Consulting, Inc.^(a)		657		141,124
GEO Group, Inc.^(a)		5,491		79,839
H&R Block, Inc.		9,293		461,305
Heidrick & Struggles International, Inc.		1,757		60,230
Hub Group, Inc. - Class A		1,416		61,100
Kirby Corp.^(a)		2,214		274,912
Matson, Inc.		528		67,690

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Ryder System, Inc.		735	$	89,280
SkyWest, Inc.^(a)		2,458		183,539
Sun Country Airlines Holdings, Inc.^(a)		5,649		59,823
Tetra Tech, Inc.		1,708		357,809
				5,148,200
Insurance — 8.9%
Erie Indemnity Co. - Class A		1,820		659,623
Fidelity National Financial, Inc.		16,402		826,005
HCI Group, Inc.		657		62,993
Jackson Financial, Inc. - Class A		3,648		277,284
Mercury General Corp.		3,836		214,164
NMI Holdings, Inc.^(a)		5,476		181,694
Old Republic International Corp.		18,125		576,012
Palomar Holdings, Inc.^(a)		1,085		92,051
Reinsurance Group of America, Inc.		4,825		1,012,285
RenaissanceRe Holdings Ltd.		2,873		654,642
SiriusPoint Ltd.^(a)		11,594		152,461
Unum Group		13,714		738,636
				5,447,850
Materials — 8.3%
Alpha Metallurgical Resources, Inc.		319		100,616
Apogee Enterprises, Inc.		1,282		83,292
AptarGroup, Inc.		1,503		221,978
Arch Resources, Inc.		383		66,615
Armstrong World Industries, Inc.		1,966		227,663
Axalta Coating Systems Ltd.^(a)		10,137		360,776
Cabot Corp.		2,949		301,683
Central Garden & Pet Co. - Class A^(a)		4,563		170,428
Clearwater Paper Corp.^(a)		1,199		63,715
Commercial Metals Co.		5,347		301,143
CONSOL Energy, Inc.^(a)		968		100,353
Eagle Materials, Inc.		1,462		339,754
Graphic Packaging Holding Co.		8,622		244,175
Hawkins, Inc.		829		72,388
Innospec, Inc.		929		121,513
Kaiser Aluminum Corp.		613		59,951
Masterbrand, Inc.^(a)		5,506		92,005
Minerals Technologies, Inc.		1,287		111,647
NewMarket Corp.		516		276,096
Owens Corning		5,848		1,058,897
REX American Resources Corp.^(a)		1,079		53,939
Sonoco Products Co.		3,481		213,629
SunCoke Energy, Inc.		5,843		61,644
Sylvamo Corp.		2,289		163,252

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
TimkenSteel Corp.^(a)		2,674	$	64,203
Warrior Met Coal, Inc.		960		65,693
Worthington Enterprises, Inc.		2,274		129,686
				5,126,734
Media — 2.3%
AMC Networks, Inc. - Class A^(a)		4,040		70,054
GoDaddy, Inc. - Class A^(a)		6,557		915,554
HealthStream, Inc.		2,249		61,375
New York Times Co. - Class A		3,138		160,666
Scholastic Corp.		1,693		61,422
TEGNA, Inc.		6,895		102,804
Yelp, Inc.^(a)		1,609		59,485
				1,431,360
Oil & Gas — 5.6%
Antero Midstream Corp.		26,989		395,389
Chord Energy Corp.		1,822		337,817
CNX Resources Corp.^(a)		5,249		138,049
Helmerich & Payne, Inc.		2,905		110,564
Liberty Energy, Inc.		9,831		242,727
Magnolia Oil & Gas Corp. - Class A		6,023		156,297
NOW, Inc.^(a)		6,164		89,933
Ovintiv, Inc.		11,900		614,873
Permian Resources Corp.		29,227		479,030
ProPetro Holding Corp.^(a)		6,307		60,421
SM Energy Co.		4,876		245,897
Weatherford International PLC^(a)		4,626		556,693
				3,427,690
Real Estate — 3.7%
Acadia Realty Trust		3,556		61,305
Agree Realty Corp.		1,526		92,720
American Assets Trust, Inc.		2,710		58,943
Armada Hoffler Properties, Inc.		5,236		59,376
Brandywine Realty Trust		12,578		57,985
CareTrust REIT, Inc.		2,462		62,953
Cousins Properties, Inc.		2,563		59,282
Cushman & Wakefield PLC^(a)		5,309		58,983
Douglas Emmett, Inc.		4,239		59,134
EPR Properties		1,855		76,129
Essential Properties Realty Trust, Inc.		4,223		113,092
Four Corners Property Trust, Inc.		2,447		59,731
Getty Realty Corp.		2,172		59,969
Highwoods Properties, Inc.		3,871		100,530
Innovative Industrial Properties, Inc.		976		105,193
Jones Lang LaSalle, Inc.^(a)		966		195,200

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
LTC Properties, Inc.		1,774	$	61,026
National Storage Affiliates Trust		1,623		59,369
NNN REIT, Inc.		3,756		156,888
Sabra Health Care REIT, Inc.		4,240		61,819
Saul Centers, Inc.		1,637		59,570
St Joe Co.		1,048		59,317
Tanger, Inc.		2,173		60,301
Whitestone REIT		4,919		64,144
WP Carey, Inc.		7,219		407,152
				2,270,111
Retail & Wholesale - Discretionary — 5.9%
Abercrombie & Fitch Co. - Class A^(a)		2,797		483,517
American Eagle Outfitters, Inc.		9,299		204,299
Buckle, Inc.		1,642		63,283
Caleres, Inc.		1,625		56,355
Dick’s Sporting Goods, Inc.		4,283		974,982
ePlus, Inc.^(a)		1,523		113,981
G-III Apparel Group Ltd.^(a)		2,161		64,960
GMS, Inc.^(a)		2,483		233,303
Group 1 Automotive, Inc.		364		113,197
Guess?, Inc.		3,451		80,305
Patrick Industries, Inc.		754		86,408
PC Connection, Inc.		1,172		79,274
ScanSource, Inc.^(a)		1,233		58,481
Shoe Carnival, Inc.		1,733		65,421
Signet Jewelers Ltd.		1,270		139,052
Williams-Sonoma, Inc.		2,877		843,594
				3,660,412
Retail & Wholesale - Staples — 2.0%
Core & Main, Inc. - Class A^(a)		10,912		628,095
PriceSmart, Inc.		911		76,660
Sprouts Farmers Market, Inc.^(a)		6,455		509,816
				1,214,571
Software & Tech Services — 2.7%
ACI Worldwide, Inc.^(a)		2,839		102,232
Adeia, Inc.		5,290		62,581
ASGN, Inc.^(a)		1,327		124,619
CACI International, Inc. - Class A^(a)		1,206		511,923
CommVault Systems, Inc.^(a)		993		106,832
Insight Enterprises, Inc.^(a)		1,907		372,818
Progress Software Corp.		1,188		60,172
Science Applications International Corp.		2,029		273,205
Simulations Plus, Inc.		1,233		59,480
				1,673,862

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
Tech Hardware & Semiconductors — 3.8%
A10 Networks, Inc.		3,841	$	58,191
Amkor Technology, Inc.		1,823		59,412
Axcelis Technologies, Inc.^(a)		536		60,295
Benchmark Electronics, Inc.		1,631		70,247
Ciena Corp.^(a)		2,236		107,708
Cirrus Logic, Inc.^(a)		713		81,781
Crane NXT Co.		1,007		63,663
Diodes, Inc.^(a)		852		63,159
Dolby Laboratories, Inc. - Class A		738		59,785
Fabrinet^(a)		569		136,293
FormFactor, Inc.^(a)		1,127		61,669
InterDigital, Inc.		558		63,539
Knowles Corp.^(a)		3,499		61,303
nVent Electric PLC		4,984		405,598
Onto Innovation, Inc.^(a)		263		56,992
Photronics, Inc.^(a)		2,103		57,517
TD SYNNEX Corp.		5,785		756,909
Universal Display Corp.		347		60,968
Veeco Instruments, Inc.^(a)		1,496		60,812
				2,345,841
Telecommunications — 0.3%
ATN International, Inc.		2,388		58,124
Frontier Communications Parent, Inc.^(a)		2,329		62,091
Telephone and Data Systems, Inc.		3,061		60,883
				181,098
Utilities — 0.9%
Avista Corp.		1,918		70,928
Black Hills Corp.		1,078		60,853
Chesapeake Utilities Corp.		541		60,597
MGE Energy, Inc.		759		60,819
National Fuel Gas Co.		2,044		116,835
OGE Energy Corp.		1,658		60,185
Otter Tail Corp.		1,261		114,083
				544,300
TOTAL COMMON STOCKS (Cost $58,165,588)				60,835,776

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Unaudited) (Continued)
May 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 0.9%
Money Market Funds — 0.9%
First American Treasury Obligations Fund - Class X, 5.22%^(b)		529,091	$	529,091
TOTAL SHORT-TERM INVESTMENTS (Cost $529,091)				529,091

TOTAL INVESTMENTS — 99.8% (Cost $58,694,679)				61,364,867
Other Assets in Excess of Liabilities — 0.2%				95,559
TOTAL NET ASSETS — 100.0%			$	61,460,426

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day effective yield as of May 31, 2024.

See accompanying notes to financial statements.

Horizon Funds

Statements of Assets and Liabilities

May 31, 2024 (Unaudited)

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist^® Fund		Horizon Active Income Fund
Assets:
Investments in Securities, at Cost	$	1,078,862,232	$	1,081,575,443	$	241,284,536
Investments in Securities, at Value ^(a)	$	1,177,144,713	$	1,307,525,350	$	237,968,444
Receivable for Investment Securities Sold		—		336,075		—
Receivable for Fund Shares Sold		1,359,707		727,000		181,786
Dividends and Interest Receivable		55,011		29,897		67,775
Dividend Reclaims		763		—		—
Prepaid Expenses and Other Assets		106,249		99,717		49,348
Total Assets		1,178,666,443		1,308,718,039		238,267,353

Liabilities:
Options Written, at Value (Premiums received $0, $4,916,821, and $0)		—		6,264,500		—
Collateral Received for Securities Loaned (Note 5)		148,635,651		33,412,121		15,495,250
Payable for Investment Securities Purchased		—		285,975		—
Payable for Fund Shares Redeemed		192,133		647,291		122,945
Accrued Administration Fees		66,291		99,829		44,996
Accrued Advisory Fees		862,911		1,066,562		144,777
Accrued Custodian Fees		6,802		6,408		5,257
Accrued Legal Fees		20,552		25,515		8,139
Accrued Distribution Fees (12b-1) - Advisor Class		10,503		—		428
Accrued Shareholder Servicing Fees - Investor Class		81,439		99,562		4,453
Accrued Trustees Fees		—		3,811		3,387
Accrued Expenses and Other Liabilities		112,982		264,820		66,057
Total Liabilities		149,989,264		42,176,394		15,895,689

Net Assets	$	1,028,677,179	$	1,266,541,645	$	222,371,664

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	892,803,629	$	1,108,927,437	$	310,155,781
Distributable Earnings/(Accumulated Deficit)		135,873,550		157,614,208		(87,784,117	)
Net Assets	$	1,028,677,179	$	1,266,541,645	$	222,371,664

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	988,916,978	$	1,257,017,774	$	220,202,826
Shares of Beneficial Interest Outstanding		65,663,189		49,826,320		27,612,026

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	15.06	$	25.23	$	7.97

Advisor Class Shares:
Net Assets	$	1,659,013	$	1,429,842	$	548,121
Shares of Beneficial Interest Outstanding		110,627		56,766		68,136

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	15.00	$	25.19	$	8.04

Institutional Class Shares:
Net Assets	$	38,101,188	$	8,094,029	$	1,620,717
Shares of Beneficial Interest Outstanding		2,520,666		320,049		204,113

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	15.12	$	25.29	$	7.94

^(a) Includes loaned securities with a value of:	$	145,903,358	$	33,153,354	$	15,218,824

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
May 31, 2024 (Unaudited)

	Horizon Equity Premium Income Fund		Horizon Defined Risk Fund		Horizon Multi- Factor U.S. Equity Fund
Assets:
Investments in Securities, at Cost	$	86,059,230	$	459,927,207	$	382,752,372
Investments in Securities, at Value ^(a)	$	105,470,265	$	605,977,146	$	412,796,329
Cash at Broker		122,087		—		100
Receivable for Fund Shares Sold		72,492		1,151,476		1,224,191
Dividends and Interest Receivable		165,663		711,792		672,857
Dividend Reclaims		77,119		—		—
Prepaid Expenses and Other Assets		36,024		83,173		100,794
Total Assets		105,943,650		607,923,587		414,794,271

Liabilities:
Options Written, at Value (Premiums received $122,536, $11,344,812 and $0)		213,975		7,978,725		—
Collateral Received for Securities Loaned (Note 5)		—		105,472		—
Payable for Fund Shares Redeemed		81,327		116,331		201,101
Accrued Administration Fees		10,303		34,394		10,842
Accrued Advisory Fees		61,940		415,322		307,600
Accrued Audit Fees		11,129		11,913		10,694
Accrued Custodian Fees		291		1,136		1,594
Accrued Legal Fees		3,722		7,635		192
Accrued Registration Fees		10,681		3,426		1,651
Accrued Distribution Fees (12b-1) - Investor Class		13,924		76,941		56,105
Accrued Distribution Fees (12b-1) - Advisor Class		1,588		8,783		1,093
Accrued Transfer Agent Fees		6,454		10,971		8,897
Accrued Trustees Fees		255		—		—
Accrued Printing and Mailing Fees		3,644		1,221		—
Accrued Expenses and Other Liabilities		48,961		287,593		8,723
Total Liabilities		468,194		9,059,863		608,492

Net Assets	$	105,475,456	$	598,863,724	$	414,185,779

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	96,229,716	$	486,063,281	$	354,927,722
Distributable Earnings/(Accumulated Deficit)		9,245,740		112,800,443		59,258,057
Net Assets	$	105,475,456	$	598,863,724	$	414,185,779

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	102,583,709	$	578,421,065	$	404,255,798
Shares of Beneficial Interest Outstanding		1,545,938		8,098,483		13,108,177

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	66.36	$	71.42	$	30.84

Advisor Class Shares:
Net Assets	$	2,891,747	$	20,442,659	$	9,929,981
Shares of Beneficial Interest Outstanding		43,535		286,065		321,853

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	66.42	$	71.46	$	30.85

^(a) Includes loaned securities with a value of:	$	—	$	101,294	$	—

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
May 31, 2024 (Unaudited)

	Horizon Defensive Core Fund		Horizon Tactical Fixed Income Fund			Horizon Multi- Factor Small/ Mid Cap Fund
Assets:
Investments in Securities, at Cost	$	280,860,690	$	246,725,707		$	58,694,679
Investments in Securities, at Value ^(a)	$	349,251,778	$	246,721,142		$	61,364,867
Receivable for Investment Securities Sold		—		26,767,932			—
Receivable for Fund Shares Sold		580,948		171,316			68,578
Dividends and Interest Receivable		412,198		12,495			46,087
Prepaid Expenses and Other Assets		65,820		52,174			46,192
Total Assets		350,310,744		273,725,059			61,525,724

Liabilities:
Collateral Received for Securities Loaned (Note 5)		—		37,906,406			—
Payable for Investment Securities Purchased		—		26,778,087			—
Payable for Fund Shares Redeemed		147,328		137,955			20,905
Accrued Administration Fees		17,678		4,054			4,316
Accrued Advisory Fees		219,659		105,607			11,852
Accrued Audit Fees		10,427		10,190			10,154
Accrued Custodian Fees		11,419		855			—
Accrued Legal Fees		9,818		492			4,530
Accrued Registration Fees		1,571		806			520
Accrued Distribution Fees (12b-1) - Investor Class		35,654		72,575			5,322
Accrued Distribution Fees (12b-1) - Advisor Class		61,268		3,131			541
Accrued Transfer Agent Fees		9,099		7,501			5,159
Accrued Expenses and Other Liabilities		20,317		1,966			1,999
Total Liabilities		544,238		65,029,625			65,298

Net Assets	$	349,766,506	$	208,695,434		$	61,460,426

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	294,012,014	$	214,142,609		$	56,590,455
Distributable Earnings/(Accumulated Deficit)		55,754,492		(5,447,175	)		4,869,971
Net Assets	$	349,766,506	$	208,695,434		$	61,460,426

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	294,667,165	$	201,444,858		$	58,295,242
Shares of Beneficial Interest Outstanding		7,253,949		4,253,425			1,681,187

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	40.62	$	47.36		$	34.68

Advisor Class Shares:
Net Assets	$	55,099,341	$	7,250,576		$	3,165,184
Shares of Beneficial Interest Outstanding		1,361,807		153,120			91,430

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	40.46	$	47.35		$	34.62

^(a) Includes loaned securities with a value of:	$	—	$	37,303,091		$	—

See accompanying notes to financial statements.

Horizon Funds

Statements of Operations

For the Period Ended May 31, 2024 (Unaudited)

	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 $1,536, $19, and $0)	$	9,516,470		$	10,625,854		$	5,681,256
Interest Income		92,095			52,928			23,622
Total Investment Income		9,608,565			10,678,782			5,704,878

Expenses:
Investment Advisory Fees		4,950,945			6,281,206			865,769
Shareholder Servicing Fees - Investor Class		481,925			623,020			111,374
Administrative & Accounting Service Fees		200,387			272,158			75,731
Transfer Agent Fees		118,327			88,737			41,067
Trustees’ Fees and Expenses		50,029			69,044			15,359
Legal Fees		42,838			59,891			17,838
Registration Fees		39,374			40,497			27,211
Chief Compliance Officer & Compliance Fees		24,641			32,244			7,495
Printing and Postage Expenses		25,900			21,827			11,199
Custodian Fees		22,967			34,987			8,680
Miscellaneous Expenses		13,069			16,161			7,917
Audit Fees		10,268			10,459			9,937
Interest Expense		19,286			189,443			1,409
Insurance Fees		7,409			10,884			1,644
Distribution Fees (12b-1) - Advisor Class		2,148			1,882			539
Total Expenses		6,009,513			7,752,440			1,203,169
Securities Lending Expense Offset		(155,934	)		(39,209	)		(95,041	)

Net Expenses		5,853,579			7,713,231			1,108,128

Net Investment Income		3,754,986			2,965,551			4,596,750

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		70,092,855			24,273,761			(5,350,290	)
Purchased Options		2,773,708			4,698,470			(187,325	)
Written Options		788,180			7,197,341			81,675
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		51,793,718			137,431,336			7,357,236
Purchased Options		333,799			2,052,994			178,325
Written Options		—			(949,020	)		(78,675	)
Net Realized and Unrealized Gain on Investments		125,782,260			174,704,882			2,000,946

Net Increase in Net Assets Resulting From Operations	$	129,537,246		$	177,670,433		$	6,597,696

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended May 31, 2024 (Unaudited)

	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 $3,032, $1,047 and $0)	$	905,186		$	4,043,200		$	2,683,092
Interest Income		6,372			66,440			79,668
Total Investment Income		911,558			4,109,640			2,762,760

Expenses:
Investment Advisory Fees		384,894			2,222,469			1,339,307
Administrative & Accounting Service Fees		35,489			124,306			66,213
Transfer Agent Fees		19,744			36,677			30,445
Trustees’ Fees and Expenses		5,485			27,784			14,788
Legal Fees		5,074			23,985			11,404
Registration Fees		14,207			35,237			19,448
Chief Compliance Officer & Compliance Fees		3,249			13,707			7,605
Printing and Postage Expenses		8,640			23,559			10,700
Custodian Fees		14,317			33,917			16,338
Miscellaneous Expenses		12,225			7,949			4,419
Audit Fees		9,577			10,392			10,698
Interest Expense		156,816			1,586,271			—
Insurance Fees		841			4,450			1,672
Distribution Fees (12b-1) - Advisor Class		3,907			24,758			11,405
Distribution Fees (12b-1) - Investor Class		49,756			267,905			162,851
Total Expenses		724,221			4,443,366			1,707,293
Securities Lending Expense Offset		—			(632	)		(2	)
Fees Recouped by the Adviser		—			47,885			120,997
Fees Waived by the Adviser		(5,681	)		(284	)		—

Net Expenses		718,540			4,490,335			1,828,288

Net Investment Income (Loss)		193,018			(380,695	)		934,472

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		894,157			5,793,518			29,533,008
Purchased Options		(4,647	)		(20,196,201	)		—
Written Options		(988,064	)		(14,630,426	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		13,372,435			73,364,320			13,689,993
Purchased Options		—			(114,785	)		—
Written Options		(17,193	)		2,520,010			—
Net Realized and Unrealized Gain on Investments		13,256,688			46,736,436			43,223,001

Net Increase in Net Assets Resulting From Operations	$	13,449,706		$	46,355,741		$	44,157,473

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Period Ended May 31, 2024 (Unaudited)

	Horizon Defensive Core Fund			Horizon Tactical Fixed Income Fund			Horizon Multi- Factor Small/ Mid Cap Fund
Investment Income:
Dividend Income from Securities (net of foreign withholdings tax of $935, $0 and $125)	$	1,839,353		$	5,500,814		$	178,390
Interest Income		54,839			37,656			11,074
Total Investment Income		1,894,192			5,538,470			189,464

Expenses:
Investment Advisory Fees		956,908			601,207			91,238
Administrative & Accounting Service Fees		64,530			47,574			26,309
Transfer Agent Fees		29,294			28,705			16,117
Trustees’ Fees and Expenses		13,247			9,447			724
Legal Fees		9,586			6,327			2,366
Registration Fees		28,171			13,855			7,932
Chief Compliance Officer & Compliance Fees		7,071			5,123			1,000
Printing and Postage Expenses		10,597			6,482			1,678
Custodian Fees		25,641			4,249			11,087
Miscellaneous Expenses		3,772			4,061			1,367
Audit Fees		9,892			9,700			9,562
Interest Expense		1,908			—			168
Insurance Fees		1,864			953			53
Distribution Fees (12b-1) - Advisor Class		64,661			9,487			906
Distribution Fees (12b-1) - Investor Class		114,857			96,406			11,042
Total Expenses		1,341,999			843,576			181,549
Securities Lending Expense Offset		—			(84,897	)		(31	)
Fees Recouped by the Adviser		64,126			—			—
Fees Waived by the Adviser		(420	)		—			(56,494	)

Net Expenses		1,405,705			758,679			125,024

Net Investment Income		488,487			4,779,791			64,440

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		1,238,058			(541,504	)		2,147,916
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		39,040,875			(2,712,594	)		2,006,175
Net Realized and Unrealized Gain (Loss) on Investments		40,278,933			(3,254,098	)		4,154,091

Net Increase in Net Assets Resulting From Operations	$	40,767,420		$	1,525,693		$	4,218,531

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Statements of Changes in Net Assets

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	3,754,986		$	5,285,404
Net Realized Gain (Loss) Investments		73,654,743			(24,734,608	)
Net Change in Unrealized Appreciation on Investments		52,127,517			67,667,134
Net Increase in Net Assets Resulting From Operations		129,537,246			48,217,930

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(7,200,339	)		(7,765,620	)
Advisor Class		(12,047	)		(16,229	)
Institutional Class		(275,154	)		(279,324	)
Total Distributions to Shareholders		(7,487,540	)		(8,061,173	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		129,118,299			315,310,785
Advisor Class		506,895			599,357
Institutional Class		5,813,557			9,499,315
Distributions Reinvested
Investor Class		6,993,420			7,556,372
Advisor Class		7,230			11,704
Institutional Class		274,852			278,971
Cost of Shares Redeemed
Investor Class		(137,760,979	)		(250,116,156	)
Advisor Class		(985,447	)		(901,005	)
Institutional Class		(2,364,903	)		(6,510,758	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		1,602,924			75,728,585

Increase in Net Assets		123,652,630			115,885,342

Net Assets:
Beginning of Period/Year		905,024,549			789,139,207
End of Period/Year	$	1,028,677,179		$	905,024,549

Share Activity:
Investor Class:
Shares Issued		9,006,316			25,176,093
Shares Reinvested		504,575			631,804
Shares Redeemed		(9,515,968	)		(20,027,460	)
Net Increase (Decrease)		(5,077	)		5,780,437
Advisor Class:
Shares Issued		35,946			47,896
Shares Reinvested		524			982
Shares Redeemed		(70,112	)		(72,803	)
Net Decrease		(33,642	)		(23,925	)
Institutional Class:
Shares Issued		402,106			755,666
Shares Reinvested		19,759			23,267
Shares Redeemed		(165,084	)		(520,185	)
Net Increase		256,781			258,748

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	2,965,551		$	10,263,842
Net Realized Gain on Investments		36,169,572			139,088
Net Change in Unrealized Appreciation on Investments		138,535,310			73,861,655
Net Increase in Net Assets Resulting From Operations		177,670,433			84,264,585

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(10,144,000	)		(6,402,141	)
Advisor Class		(8,289	)		(20,211	)
Institutional Class		(308,627	)		(188,695	)
Total Distributions to Shareholders		(10,460,916	)		(6,611,047	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		137,066,259			243,088,446
Advisor Class		189,297			1,443,633
Institutional Class		2,874,954			7,455,174
Distributions Reinvested
Investor Class		10,030,004			6,351,952
Advisor Class		4,986			14,896
Institutional Class		308,397			188,560
Cost of Shares Redeemed
Investor Class		(211,649,479	)		(405,000,606	)
Advisor Class		(463,422	)		(4,491,763	)
Institutional Class		(31,122,411	)		(8,067,349	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(92,761,415	)		(159,017,057	)

Increase (Decrease) in Net Assets		74,448,102			(81,363,519	)

Net Assets:
Beginning of Period/Year		1,192,093,543			1,273,457,062
End of Period/Year	$	1,266,541,645		$	1,192,093,543

Share Activity:
Investor Class:
Shares Issued		5,710,243			11,565,968
Shares Reinvested		432,701			315,546
Shares Redeemed		(8,789,464	)		(19,203,575	)
Net Decrease		(2,646,520	)		(7,322,061	)
Advisor Class:
Shares Issued		7,969			67,713
Shares Reinvested		215			742
Shares Redeemed		(19,129	)		(217,260	)
Net Decrease		(10,945	)		(148,805	)
Institutional Class:
Shares Issued		118,687			354,041
Shares Reinvested		13,282			9,353
Shares Redeemed		(1,274,900	)		(383,809	)
Net Decrease		(1,142,931	)		(20,415	)

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	4,596,750		$	11,365,302
Net Realized Loss on Investments		(5,455,940	)		(33,137,970	)
Net Change in Unrealized Appreciation on Investments		7,456,886			23,387,212
Net Increase in Net Assets Resulting From Operations		6,597,696			1,614,544

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(7,090,672	)		(10,897,730	)
Advisor Class		(14,262	)		(28,517	)
Institutional Class		(56,328	)		(53,498	)
Total Distributions to Shareholders		(7,161,262	)		(10,979,745	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		25,846,417			76,224,976
Advisor Class		488,323			310,965
Institutional Class		3,293			162,859
Distributions Reinvested
Investor Class		6,974,090			10,792,712
Advisor Class		9,733			24,996
Institutional Class		56,328			53,499
Cost of Shares Redeemed
Investor Class		(57,612,056	)		(271,623,986	)
Advisor Class		(634,457	)		(1,602,884	)
Institutional Class		(151,594	)		(147,452	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(25,019,923	)		(185,804,315	)

Decrease in Net Assets		(25,583,489	)		(195,169,516	)

Net Assets:
Beginning of Period/Year		247,955,153			443,124,669
End of Period/Year	$	222,371,664		$	247,955,153

Share Activity:
Investor Class:
Shares Issued		3,197,576			9,354,546
Shares Reinvested		861,773			1,335,279
Shares Redeemed		(7,016,944	)		(33,433,329	)
Net Decrease		(2,957,595	)		(22,743,504	)
Advisor Class:
Shares Issued		60,184			38,167
Shares Reinvested		1,197			3,055
Shares Redeemed		(76,699	)		(194,128	)
Net Decrease		(15,318	)		(152,906	)
Institutional Class:
Shares Issued		406			19,871
Shares Reinvested		6,987			6,657
Shares Redeemed		(18,860	)		(18,450	)
Net Increase (Decrease)		(11,467	)		8,078

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	193,018		$	1,756,242
Net Realized Loss on Investments		(98,554	)		(2,808,529	)
Net Change in Unrealized Appreciation on Investments		13,355,242			354,150
Net Increase (Decrease) in Net Assets Resulting From Operations		13,449,706			(698,137	)

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(3,295,746	)		(1,987,356	)
Advisor Class		(94,004	)		(79,785	)
Total Distributions to Shareholders		(3,389,750	)		(2,067,141	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		11,686,590			20,884,076
Advisor Class		181,364			1,053,672
Distributions Reinvested
Investor Class		3,295,724			1,987,144
Advisor Class		93,192			79,779
Cost of Shares Redeemed
Investor Class		(14,452,526	)		(30,065,892	)
Advisor Class		(1,154,161	)		(2,377,007	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(349,817	)		(8,438,228	)

Increase (Decrease) in Net Assets		9,710,139			(11,203,506	)

Net Assets:
Beginning of Period/Year		95,765,317			106,968,823
End of Period/Year	$	105,475,456		$	95,765,317

Share Activity:
Investor Class:
Shares Issued		179,874			356,150
Shares Reinvested		50,217			34,134
Shares Redeemed		(222,038	)		(509,803	)
Net Increase (Decrease)		8,053			(119,519	)
Advisor Class:
Shares Issued		2,811			18,008
Shares Reinvested		1,420			1,368
Shares Redeemed		(18,014	)		(40,452	)
Net Decrease		(13,783	)		(21,076	)

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income (Loss)	$	(380,695	)	$	1,102,577
Net Realized Loss on Investments		(29,033,109	)		(13,036,810	)
Net Change in Unrealized Appreciation on Investments		75,769,545			52,976,005
Net Increase in Net Assets Resulting From Operations		46,355,741			41,041,772

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(1,033,525	)		(5,646,606	)
Advisor Class		(16,068	)		(157,956	)
Total Distributions to Shareholders		(1,049,593	)		(5,804,562	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		99,812,336			211,848,362
Advisor Class		2,610,496			14,024,777
Distributions Reinvested
Investor Class		1,030,080			5,645,765
Advisor Class		15,796			147,061
Cost of Shares Redeemed
Investor Class		(55,324,612	)		(121,823,388	)
Advisor Class		(3,545,851	)		(8,089,982	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		44,598,245			101,752,595

Increase in Net Assets		89,904,393			136,989,805

Net Assets:
Beginning of Period/Year		508,959,331			371,969,526
End of Period/Year	$	598,863,724		$	508,959,331

Share Activity:
Investor Class:
Shares Issued		1,450,793			3,413,261
Shares Reinvested		15,395			96,707
Shares Redeemed		(805,840	)		(1,953,882	)
Net Increase		660,348			1,556,086
Advisor Class:
Shares Issued		38,029			226,105
Shares Reinvested		236			2,515
Shares Redeemed		(52,082	)		(128,808	)
Net Increase (Decrease)		(13,817	)		99,812

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	934,472		$	1,355,581
Net Realized Gain on Investments		29,533,008			7,815,333
Net Change in Unrealized Appreciation on Investments		13,689,993			5,744,082
Net Increase in Net Assets Resulting From Operations		44,157,473			14,914,996

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(7,458,860	)		(1,076,099	)
Advisor Class		(210,698	)		(799	)
Total Distributions to Shareholders		(7,669,558	)		(1,076,898	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		155,712,356			154,344,738
Advisor Class		1,886,649			7,332,999
Distributions Reinvested
Investor Class		7,457,396			1,075,745
Advisor Class		209,589			799
Cost of Shares Redeemed
Investor Class		(55,910,733	)		(50,455,727	)
Advisor Class		(701,384	)		(518,058	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		108,653,873			111,780,496

Increase in Net Assets		145,141,788			125,618,594

Net Assets:
Beginning of Period/Year		269,043,991			143,425,397
End of Period/Year	$	414,185,779		$	269,043,991

Share Activity:
Investor Class:
Shares Issued		5,214,078			5,925,193
Shares Reinvested		269,220			43,359
Shares Redeemed		(1,861,237	)		(1,920,630	)
Net Increase		3,622,061			4,047,922
Advisor Class:
Shares Issued		64,396			285,971
Shares Reinvested		7,561			32
Shares Redeemed		(23,762	)		(19,549	)
Net Increase		48,195			266,454

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	488,487		$	1,799,091
Net Realized Gain on Investments		1,238,058			5,117,657
Net Change in Unrealized Appreciation on Investments		39,040,875			21,692,941
Net Increase in Net Assets Resulting From Operations		40,767,420			28,609,689

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(1,193,042	)		(747,401	)
Advisor Class		(229,487	)		(114,622	)
Total Distributions to Shareholders		(1,422,529	)		(862,023	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		101,510,996			85,507,352
Advisor Class		7,133,135			32,829,258
Distributions Reinvested
Investor Class		1,189,464			747,163
Advisor Class		225,515			104,263
Cost of Shares Redeemed
Investor Class		(30,916,072	)		(66,257,003	)
Advisor Class		(6,880,344	)		(25,064,328	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		72,262,694			27,866,705

Increase in Net Assets		111,607,585			55,614,371

Net Assets:
Beginning of Period/Year		238,158,921			182,544,550
End of Period/Year	$	349,766,506		$	238,158,921

Share Activity:
Investor Class:
Shares Issued		2,591,540			2,652,558
Shares Reinvested		32,858			25,251
Shares Redeemed		(805,843	)		(2,047,138	)
Net Increase		1,818,555			630,671
Advisor Class:
Shares Issued		187,281			1,045,626
Shares Reinvested		6,250			3,535
Shares Redeemed		(182,458	)		(788,665	)
Net Increase		11,073			260,496

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Period Ended November 30, 2023 ⁽¹⁾

Operations:
Net Investment Income	$	4,779,791		$	3,178,953
Net Realized Loss on Investments		(541,504	)		(4,860,994	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,712,594	)		2,708,029
Net Increase in Net Assets Resulting From Operations		1,525,693			1,025,988

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(6,442,147	)		(1,310,607	)
Advisor Class		(245,510	)		(593	)
Total Distributions to Shareholders		(6,687,657	)		(1,311,200	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		61,846,965			184,030,226
Advisor Class		400,808			8,216,275
Distributions Reinvested
Investor Class		6,441,212			1,310,506
Advisor Class		245,510			593
Cost of Shares Redeemed
Investor Class		(19,812,579	)		(26,884,780	)
Advisor Class		(1,334,578	)		(317,548	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		47,787,338			166,355,272

Increase in Net Assets		42,625,374			166,070,060

Net Assets:
Beginning of Period		166,070,060			—
End of Period	$	208,695,434		$	166,070,060

Share Activity:
Investor Class:
Shares Issued		1,264,044			3,800,025
Shares Reinvested		133,385			27,533
Shares Redeemed		(410,422	)		(561,140	)
Net Increase		987,007			3,266,418
Advisor Class:
Shares Issued		8,308			173,837
Shares Reinvested		5,079			13
Shares Redeemed		(27,429	)		(6,688	)
Net Increase (Decrease)		(14,042	)		167,162

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

See accompanying notes to financial statements.

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

	For the Period Ended May 31, 2024 (Unaudited)			For the Period Ended November 30, 2023 ⁽¹⁾

Operations:
Net Investment Income	$	64,440		$	28,070
Net Realized Gain on Investments		2,147,916			62,886
Net Change in Unrealized Appreciation on Investments		2,006,175			664,013
Net Increase in Net Assets Resulting From Operations		4,218,531			754,969

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(100,238	)		—
Advisor Class		(3,296	)		—
Total Distributions to Shareholders		(103,534	)		—

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		45,053,493			12,880,268
Advisor Class		2,789,112			411,028
Distributions Reinvested
Investor Class		100,237			—
Advisor Class		3,296			—
Cost of Shares Redeemed
Investor Class		(3,360,255	)		(1,131,057	)
Advisor Class		(148,861	)		(6,801	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		44,437,022			12,153,438

Increase in Net Assets		48,552,019			12,908,407

Net Assets:
Beginning of Period		12,908,407			—
End of Period	$	61,460,426		$	12,908,407

Share Activity:
Investor Class:
Shares Issued		1,342,799			481,358
Shares Reinvested		3,271			—
Shares Redeemed		(104,916	)		(41,325	)
Net Increase		1,241,154			440,033
Advisor Class:
Shares Issued		80,695			15,316
Shares Reinvested		108			—
Shares Redeemed		(4,438	)		(251	)
Net Increase		76,365			15,065

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

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Financial Highlights

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

	Investor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	13.29		$	12.71		$	16.17		$	14.07		$	12.61		$	12.68
Income From Investment Operations:
Net investment income (b,e)		0.06			0.08			0.15			0.06			0.09			0.08
Net gain (loss) from investments (both realized and unrealized)		1.82			0.63			(1.42	)		2.96			1.46			0.65
Total from investment operations		1.88			0.71			(1.27	)		3.02			1.55			0.73

Less Distributions:
From net investment income		(0.11	)		(0.13	)		(0.10	)		(0.07	)		(0.09	)		(0.08	)
From net realized gains		—			—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.11	)		(0.13	)		(2.19	)		(0.92	)		(0.09	)		(0.80	)

Net Asset Value, End of Period/Year	$	15.06		$	13.29		$	12.71		$	16.17		$	14.07		$	12.61

Total Return		14.20	%^(g)		5.69	%		(9.63	)%		22.63	%		12.32	%		7.23	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	988,917		$	872,904		$	761,418		$	729,517		$	521,477		$	508,839
Ratio to average net assets:
Gross expenses (c,d)		1.20	%^(f)		1.22	%		1.21	%		1.23	%		1.25	%		1.21	%
Net expenses (a,c)		1.17	%^(f)		1.18	%		1.14	%		1.14	%		1.20	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.75	%^(f)		0.62	%		1.15	%		0.35	%		0.75	%		0.66	%
Portfolio turnover rate		90	%^(g)		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%, 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.

(f)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	13.22		$	12.64		$	16.10		$	14.01		$	12.55		$	12.62
Income From Investment Operations:
Net investment income (b,e)		0.07			0.05			0.14			0.03			0.08			0.07
Net gain (loss) from investments (both realized and unrealized)		1.80			0.62			(1.42	)		2.95			1.45			0.65
Total from investment operations		1.87			0.67			(1.28	)		2.98			1.53			0.72

Less Distributions:
From net investment income		(0.09	)		(0.09	)		(0.09	)		(0.04	)		(0.07	)		(0.07	)
From net realized gains		—			—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.09	)		(0.09	)		(2.18	)		(0.89	)		(0.07	)		(0.79	)

Net Asset Value, End of Period/Year	$	15.00		$	13.22		$	12.64		$	16.10		$	14.01		$	12.55

Total Return		14.27	%^(g)		5.44	%		(9.76	)%		22.43	%		12.24	%		7.12	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	1,659		$	1,907		$	2,126		$	3,893		$	10,052		$	7,879
Ratio to average net assets:
Gross expenses (c,d)		1.35	%^(f)		1.42	%		1.36	%		1.38	%		1.41	%		1.39	%
Net expenses (a,c)		1.32	%^(f)		1.38	%		1.28	%		1.29	%		1.25	%		1.39	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.88	%^(f)		0.46	%		1.11	%		0.21	%		0.63	%		0.57	%
Portfolio turnover rate		90	%^(g)		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%, 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)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	13.35		$	12.76		$	16.23		$	14.11		$	12.64		$	12.71
Income From Investment Operations:
Net investment income (b,e)		0.06			0.09			0.14			0.08			0.12			0.10
Net gain (loss) from investments (both realized and unrealized)		1.83			0.64			(1.40	)		2.97			1.44			0.65
Total from investment operations		1.89			0.73			(1.26	)		3.05			1.56			0.75

Less Distributions:
From net investment income		(0.12	)		(0.14	)		(0.12	)		(0.08	)		(0.09	)		(0.10	)
From net realized gains		—			—			(2.09	)		(0.85	)		—			(0.72	)
Total Distributions		(0.12	)		(0.14	)		(2.21	)		(0.93	)		(0.09	)		(0.82	)

Net Asset Value, End of Period/Year	$	15.12		$	13.35		$	12.76		$	16.23		$	14.11		$	12.64

Total Return		14.24	%^(g)		5.86	%		(9.57	)%		22.82	%		12.44	%		7.33	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	38,101		$	30,215		$	25,595		$	8,894		$	1,732		$	28,631
Ratio to average net assets:
Gross expenses (c,d)		1.10	%^(f)		1.12	%		1.11	%		1.13	%		1.16	%		1.14	%
Net expenses (a,c)		1.07	%^(f)		1.08	%		1.04	%		1.05	%		1.01	%		1.16	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.80	%^(f)		0.71	%		1.10	%		0.47	%		1.01	%		0.80	%
Portfolio turnover rate		90	%^(g)		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%, 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)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	22.07		$	20.71		$	26.13		$	21.74		$	21.38		$	21.69
Income From Investment Operations:
Net investment income (b,e)		0.06			0.18			0.13			0.08			0.16	^(f)		0.12
Net gain (loss) from investments (both realized and unrealized)		3.29			1.29			(3.48	)		4.39			0.42	^(f)		0.33
Total from investment operations		3.35			1.47			(3.35	)		4.47			0.58			0.45

Less Distributions:
From net investment income		(0.19	)		(0.11	)		(0.17	)		(0.08	)		(0.22	)		(0.12	)
From net realized gains		—			—			(2	)		—			—			(0.64	)
Total Distributions		(0.19	)		(0.11	)		(2.07	)		(0.08	)		(0.22	)		(0.76	)

Net Asset Value, End of Period/Year	$	25.23		$	22.07		$	20.71		$	26.13		$	21.74		$	21.38

Total Return		15.27	%^(h)		7.13	%		(14.24	)%		20.64	%		2.71	%		2.52	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	1,257,018		$	1,158,227		$	1,238,187		$	1,156,627		$	764,775		$	738,854
Ratio to average net assets:
Gross expenses (c,d)		1.22	%^(g)		1.21	%		1.19	%		1.22	%		1.25	%		1.20	%
Net expenses (a,c)		1.22	%^(g)		1.19	%		1.17	%		1.16	%		1.20	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.46	%^(g)		0.83	%		0.58	%		0.34	%		0.81	%		0.60	%
Portfolio turnover rate		11	%^(h)		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 0.03%, 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.

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	21.99		$	20.66		$	26.08		$	21.73		$	21.36		$	21.66
Income From Investment Operations:
Net investment income (loss) (b,e)		0.04			0.16			0.12			0.05			(0.04	)^(f)		0.10
Net gain (loss) from investments (both realized and unrealized)		3.28			1.27			(3.49	)		4.37			0.57	^(f)		0.32
Total from investment operations		3.32			1.43			(3.37	)		4.42			0.53			0.42

Less Distributions:
From net investment income		(0.12	)		(0.10	)		(0.15	)		(0.07	)		(0.16	)		(0.08	)
From net realized gains		—			—			(1.90	)		—			—			(0.64	)
Total Distributions		(0.12	)		(0.10	)		(2.05	)		(0.07	)		(0.16	)		(0.72	)

Net Asset Value, End of Period/Year	$	25.19		$	21.99		$	20.66		$	26.08		$	21.73		$	21.36

Total Return		15.16	%^(h)		6.98	%		(14.34	)%		20.41	%		2.50	%		2.37	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	1,430		$	1,489		$	4,472		$	8,312		$	6,399		$	177
Ratio to average net assets:
Gross expenses (c,d)		1.37	%^(g)		1.36	%		1.34	%		1.37	%		1.43	%		1.38	%
Net expenses (a,c)		1.37	%^(g)		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)		0.39	%^(g)		0.75	%		0.53	%		0.21	%		(0.18	)%		0.49	%
Portfolio turnover rate		11	%^(h)		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 0.03%, 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.

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	22.13		$	20.76		$	26.19		$	21.79		$	21.43		$	21.72
Income From Investment Operations:
Net investment income (b,e)		0.13			0.19			0.16			0.13			0.23	^(f)		0.10
Net gain (loss) from investments (both realized and unrealized)		3.25			1.31			(3.50	)		4.37			0.36	^(f)		0.39
Total from investment operations		3.38			1.50			(3.34	)		4.50			0.59			0.49

Less Distributions:
From net investment income		(0.22	)		(0.13	)		(0.19	)		(0.10	)		(0.23	)		(0.14	)
From net realized gains		—			—			(1.90	)		—			—			(0.64	)
Total Distributions		(0.22	)		(0.13	)		(2.09	)		(0.10	)		(0.23	)		(0.78	)

Net Asset Value, End of Period/Year	$	25.29		$	22.13		$	20.76		$	26.19		$	21.79		$	21.43

Total Return		15.35	%^(h)		7.27	%		(14.17	)%		20.75	%		2.78	%		2.70	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	8,094		$	32,378		$	30,798		$	34,320		$	40,562		$	62,964
Ratio to average net assets:
Gross expenses (c,d)		1.12	%^(g)		1.11	%		1.09	%		1.12	%		1.15	%		1.13	%
Net expenses (a,c)		1.11	%^(g)		1.09	%		1.06	%		1.06	%		1.09	%		1.08	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		1.05	%^(g)		0.90	%		0.70	%		0.54	%		1.14	%		0.47	%
Portfolio turnover rate		11	%^(h)		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 0.02%, 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.

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Income 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 Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	8.03		$	8.24		$	9.72		$	9.90		$	9.44		$	9.13
Income From Investment Operations:
Net investment income (b,e)		0.16			0.26			0.13			0.19			0.18			0.29
Net gain (loss) from investments (both realized and unrealized)		0.04			(0.23	)		(1.48	)		(0.18	)		0.50			0.31
Total from investment operations		0.20			0.03			(1.35	)		0.01			0.68			0.60

Less Distributions:
From net investment income		(0.26	)		(0.24	)		(0.13	)		(0.19	)		(0.22	)		(0.29	)
Total Distributions		(0.26	)		(0.24	)		(0.13	)		(0.19	)		(0.22	)		(0.29	)

Net Asset Value, End of Period/Year	$	7.97		$	8.03		$	8.24		$	9.72		$	9.90		$	9.44

Total Return		2.49	%^(g)		0.38	%		(14.04	)%		0.11	%		7.29	%		6.78	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	220,203		$	245,555		$	439,460		$	432,982		$	430,958		$	272,400
Ratio to average net assets:
Gross expenses (c,d)		1.07	%^(f)		1.01	%		0.99	%		1.03	%		1.05	%		1.03	%
Net expenses (a,c)		0.99	%^(f)		0.95	%		0.89	%		0.95	%		0.90	%		0.88	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.09	%^(f)		3.20	%		1.47	%		1.98	%		1.87	%		3.13	%
Portfolio turnover rate		64	%^(g)		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%, 0.00%, 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.

(f)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	8.09		$	8.29		$	9.77		$	9.95		$	9.47		$	9.16
Income From Investment Operations:
Net investment income (b,e)		0.17			0.24			0.12			0.18			0.18			0.26
Net gain (loss) from investments (both realized and unrealized)		0.03			(0.22	)		(1.49	)		(0.18	)		0.47			0.32
Total from investment operations		0.20			0.02			(1.37	)		(0.00	)		0.65			0.58

Less Distributions:
From net investment income		(0.25	)		(0.22	)		(0.11	)		(0.18	)		(0.17	)		(0.27	)
Total Distributions		(0.25	)		(0.22	)		(0.11	)		(0.18	)		(0.17	)		(0.27	)

Net Asset Value, End of Period/Year	$	8.04		$	8.09		$	8.29		$	9.77		$	9.95		$	9.47

Total Return		2.48	%^(g)		0.26	%		(14.12	)%		(0.05	)%		6.96	%		6.53	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	548		$	675		$	1,960		$	4,391		$	3,896		$	2,328
Ratio to average net assets:
Gross expenses (c,d)		1.21	%^(f)		1.16	%		1.14	%		1.18	%		1.17	%		1.20	%
Net expenses (a,c)		1.13	%^(f)		1.10	%		1.03	%		1.10	%		1.06	%		1.05	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.26	%^(f)		3.02	%		1.31	%		1.82	%		1.90	%		2.79	%
Portfolio turnover rate		64	%^(g)		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%, 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)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	8.00		$	8.21		$	9.68		$	9.86		$	9.43		$	9.13
Income From Investment Operations:
Net investment income (b,e)		0.17			0.26			0.14			0.17			0.49	^(f)		0.29
Net gain (loss) from investments (both realized and unrealized)		0.04			(0.22	)		(1.47	)		(0.15	)		0.17	^(f)		0.31
Total from investment operations		0.21			0.04			(1.33	)		0.02			0.66			0.60

Less Distributions:
From net investment income		(0.27	)		(0.25	)		(0.14	)		(0.20	)		(0.23	)		(0.30	)
Total Distributions		(0.27	)		(0.25	)		(0.14	)		(0.20	)		(0.23	)		(0.30	)

Net Asset Value, End of Period/Year	$	7.94		$	8.00		$	8.21		$	9.68		$	9.86		$	9.43

Total Return		2.58	%^(h)		0.49	%		(13.90	)%		0.20	%		7.07	%		6.83	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	1,621		$	1,725		$	1,704		$	1,840		$	184		$	8,040
Ratio to average net assets:
Gross expenses (c,d)		0.97	%^(g)		0.91	%		0.89	%		0.94	%		0.93	%		0.95	%
Net expenses (a,c)		0.89	%^(g)		0.84	%		0.79	%		0.85	%		0.82	%		0.80	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.18	%^(g)		3.27	%		1.57	%		1.74	%		5.13	%		3.15	%
Portfolio turnover rate		64	%^(h)		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%, 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.

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

Horizon Equity Premium Income 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 Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	60.03		$	61.62		$	63.02		$	55.01		$	58.58		$	60.03
Income From Investment Operations:
Net investment income ^(a)		0.12			1.06			1.23			1.03			1.19			1.47
Net gain (loss) from investments (both realized and unrealized)		8.39			(1.42	)		0.02	^(c)		8.02			(3.25	)		0.27	^(c)
Total from investment operations		8.51			(0.36	)		1.25			9.05			(2.06	)		1.74

Less Distributions:
From net investment income		(2.18	)		(1.23	)		(1.16	)		(1.04	)		(1.29	)		(1.14	)
From net realized gains		—			—			(1.49	)		—			(0.22	)		(2.05	)
Total Distributions		(2.18	)		(1.23	)		(2.65	)		(1.04	)		(1.51	)		(3.19	)

Net Asset Value, End of Period/Year	$	66.36		$	60.03		$	61.62		$	63.02		$	55.01		$	58.58

Total Return		14.15	%^(g)		(0.51	)%		1.90	%		16.58	%		(3.41	)%		3.67	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	102,584		$	92,322		$	102,135		$	123,269		$	104,774		$	156,452
Ratio to average net assets:
Gross expenses ^(b)		1.41	%^(f)		1.13	%		1.10	%		1.06	%		1.11	%		1.09	%
Net expenses ^(d)		1.40	%^(f)		1.12	%		1.09	%		1.08	%		1.09	%		1.09	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.38	%^(f)		1.80	%		2.03	%		1.67	%		2.28	%		2.59	%
Portfolio turnover rate		9	%^(g)		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 0.31%, 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.

(f)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	60.07		$	61.66		$	63.04		$	54.99		$	58.56		$	60.00
Income From Investment Operations:
Net investment income ^(a)		0.07			0.97			1.09			0.95			1.13			1.37
Net gain (loss) from investments (both realized and unrealized)		8.39			(1.43	)		0.06	^(c)		8.04			(3.28	)		0.29	^(c)
Total from investment operations		8.46			(0.46	)		1.15			8.99			(2.15	)		1.66

Less Distributions:
From net investment income		(2.11	)		(1.13	)		(1.04	)		(0.94	)		(1.21	)		(1.05	)
From net realized gains		—			—			(1.49	)		—			(0.21	)		(2.05	)
Total Distributions		(2.11	)		(1.13	)		(2.53	)		(0.94	)		(1.42	)		(3.10	)

Net Asset Value, End of Period/Year	$	66.42		$	60.07		$	61.66		$	63.04		$	54.99		$	58.56

Total Return		14.04	%^(g)		(0.68	)%		1.73	%		16.45	%		(3.55	)%		3.50	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	2,892		$	3,443		$	4,834		$	10,941		$	8,781		$	27,452
Ratio to average net assets:
Gross expenses ^(b)		1.56	%^(f)		1.28	%		1.23	%		1.21	%		1.25	%		1.24	%
Net expenses ^(d)		1.55	%^(f)		1.29	%		1.25	%		1.24	%		1.24	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.22	%^(f)		1.63	%		1.76	%		1.52	%		2.17	%		2.42	%
Portfolio turnover rate		9	%^(g)		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 0.31%, 0.05%, 0.01%, 0.00%, 0.00% and 0.00%, respectively.

(e)

(f)	Annualized.

(g)	Not annualized.

See accompanying notes to financial statements.

Horizon Defined Risk Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	65.77		$	61.16		$	63.49		$	56.98		$	54.09		$	51.00
Income From Investment Operations:
Net investment income (loss) ^(a)		(0.04	)		0.16			0.26			0.22			0.37			0.51
Net gain (loss) from investments (both realized and unrealized)		5.83			5.39			(2.41	)		6.62			2.82			2.86
Total from investment operations		5.79			5.55			(2.15	)		6.84			3.19			3.37

Less Distributions:
From net investment income		(0.14	)		(0.21	)		(0.18	)		(0.33	)		(0.30	)		(0.17	)
From net realized gains		—			(0.73	)		—			—			—			(0.11	)
Total Distributions		(0.14	)		(0.94	)		(0.18	)		(0.33	)		(0.30	)		(0.28	)

Net Asset Value, End of Period/Year	$	71.42		$	65.77		$	61.16		$	63.49		$	56.98		$	54.09

Total Return		8.81	%^(e)		9.26	%		(3.40	)%		12.06	%		5.93	%		6.69	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	578,421		$	489,234		$	359,743		$	247,061		$	210,993		$	163,322
Ratio to average net assets:
Gross expenses ^(b)		1.59	%^(d)		1.44	%		1.12	%		1.11	%		1.12	%		1.20	%
Net expenses ^(c)		1.61	%^(d)		1.44	%		1.12	%		1.05	%		1.04	%		1.04	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		(0.13	)%^(d)		0.25	%		0.43	%		0.35	%		0.70	%		0.99	%
Portfolio turnover rate		3	%^(e)		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 0.57%, 0.40%, 0.08%, 0.01%, 0.00% and 0.00%, respectively.

(d)	Annualized.

(e)	Not annualized.

See accompanying notes to financial statements.

Horizon Defined Risk Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Period Ended May 31, 2024			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
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	65.78		$	61.11		$	63.45		$	56.93		$	54.06		$	50.98
Income From Investment Operations:
Net investment income (loss) ^(a)		(0.10	)		0.07			0.13			0.13			0.29			0.42
Net gain (loss) from investments (both realized and unrealized)		5.84			5.40			(2.39	)		6.62			2.82			2.87
Total from investment operations		5.74			5.47			(2.26	)		6.75			3.11			3.29

Less Distributions:
From net investment income		(0.06	)		(0.07	)		(0.08	)		(0.23	)		(0.24	)		(0.10	)
From net realized gains		—			(0.73	)		—			—			—			(0.11	)
Total Distributions		(0.06	)		(0.80	)		(0.08	)		(0.23	)		(0.24	)		(0.21	)

Net Asset Value, End of Period/Year	$	71.46		$	65.78		$	61.11		$	63.45		$	56.93		$	54.06

Total Return		8.72	%^(e)		9.12	%		(3.57	)%		11.90	%		5.78	%		6.51	%

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	20,443		$	19,725		$	12,227		$	19,816		$	24,804		$	22,807
Ratio to average net assets:
Gross expenses ^(b)		1.74	%^(d)		1.60	%		1.26	%		1.26	%		1.28	%		1.37	%
Net expenses ^(c)		1.76	%^(d)		1.60	%		1.26	%		1.20	%		1.19	%		1.19	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		(0.28	)%^(d)		0.11	%		0.20	%		0.21	%		0.56	%		0.80	%
Portfolio turnover rate		3	%^(e)		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 0.57%, 0.41%, 0.07%, 0.01%, 0.00% and 0.00%, respectively.

(d)	Annualized.

(e)	Not annualized.

See accompanying notes to financial statements.

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 Period Ended May 31, 2024			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)
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	27.57		$	26.34		$	33.53		$	27.19		$	26.22		$	25.00
Income From Investment Operations:
Net investment income ^(b)		0.08			0.18			0.22			0.15			0.12			0.12
Net gain (loss) from investments (both realized and unrealized)		3.97			1.25			(0.29	)		6.27			0.91			1.10
Total from investment operations		4.05			1.43			(0.07	)		6.42			1.03			1.22

Less Distributions:
From net investment income		(0.14	)		(0.20	)		(0.18	)		(0.08	)		(0.06	)		—
From net realized gains		(0.64	)		—			(6.94	)		—			—			—
Total Distributions		(0.78	)		(0.20	)		(7.12	)		(0.08	)		(0.06	)		—

Net Asset Value, End of Period/Year	$	30.84		$	27.57		$	26.34		$	33.53		$	27.19		$	26.22

Total Return		15.00	%^(f)		5.51	%		(1.62	)%		23.70	%		3.96	%		4.88	%^(f)

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)		404,256			261,501			143,236			128,449			205,886			85,776
Ratio to average net assets:
Gross expenses ^(c)		1.02	%^(e)		1.07	%		1.12	%		1.17	%		1.14	%		1.93	%^(e)
Net expenses ^(d)		1.09	%^(e)		1.09	%		1.11	%		1.09	%		1.09	%		1.09	%^(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.56	%^(e)		0.68	%		0.83	%		0.50	%		0.49	%		1.10	%^(e)
Portfolio turnover rate		106	%^(f)		238	%		197	%		218	%		325.00	%		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%, 0.00%, 0.02%, 0.00%, 0.00% and 0.00%, respectively.

(e)	Annualized.

(f)	Not annualized.

See accompanying notes to financial statements.

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 Period Ended May 31, 2024			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)
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	27.56		$	26.27		$	33.46		$	27.16		$	26.23
Income From Investment Operations:
Net investment income ^(b)		0.07			0.14			0.14			0.10			0.04
Net gain (loss) from investments (both realized and unrealized)		3.97			1.26			(0.26	)		6.27			0.89
Total from investment operations		4.04			1.40			(0.12	)		6.37			0.93

Less Distributions:
From net investment income		(0.11	)		(0.11	)		(0.13	)		(0.07	)		—
From net realized gains		(0.64	)		—			(6.94	)		—			—
Total Distributions		(0.75	)		(0.11	)		(7.07	)		(0.07	)		—

Net Asset Value, End of Period/Year	$	30.85		$	27.56		$	26.27		$	33.46		$	27.16

Total Return		14.98	%^(f)		5.38	%		(1.79	)%		23.53	%		3.55	%^(f)

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	9,930		$	7,543		$	189		$	544		$	730
Ratio to average net assets:
Gross expenses ^(c)		1.17	%^(e)		1.21	%		1.27	%		1.32	%		1.30	%^(e)
Net expenses ^(d)		1.17	%^(e)		1.22	%		1.25	%		1.24	%		1.24	%^(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.47	%^(e)		0.52	%		0.52	%		0.34	%		0.17	%^(e)
Portfolio turnover rate		106	%^(f)		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%, 0.00%, 0.01%, 0.00% and 0.00%, respectively.

(e)	Annualized.

(f)	Not annualized.

See accompanying notes to financial statements.

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 Period Ended May 31, 2024			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)
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	35.13		$	30.99		$	36.09		$	28.78		$	25.00
Income From Investment Operations:
Net investment income (b,g)		0.07			0.28			0.11			0.11			0.19	^(d)
Net gain (loss) from investments (both realized and unrealized)		5.64			4.01			(4.29	)		8.01			3.59	^(d)
Total from investment operations		5.71			4.29			(4.18	)		8.12			3.78

Less Distributions:
From net investment income		(0.22	)		(0.15	)		(0.08	)		(0.10	)		—
From net realized gains		—			—			(0.84	)		(0.71	)		—
Total Distributions		(0.22	)		(0.15	)		(0.92	)		(0.81	)		—

Net Asset Value, End of Period/Year	$	40.62		$	35.13		$	30.99		$	36.09		$	28.78

Total Return		16.33	%⁽ⁱ⁾		13.95	%		(11.99	)%		28.91	%		15.12	%⁽ⁱ⁾

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	294,667		$	190,927		$	148,912		$	120,315		$	3,985
Ratio to average net assets:
Gross expenses (c,f)		0.93	%^(h)		0.97	%		1.04	%		1.09	%		6.24	%^(h)
Net expenses (e,f)		0.97	%^(h)		0.98	%		1.03	%		1.04	%		1.04	%^(h)
Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g)		0.38	%^(h)		0.89	%		0.36	%		0.32	%		0.73	%^(h)
Portfolio turnover rate		3	%⁽ⁱ⁾		139	%		270	%		29	%		81	%⁽ⁱ⁾

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

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

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

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

(h)	Annualized.

(i)	Not annualized.

See accompanying notes to financial statements.

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 Period Ended May 31, 2024			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)
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	34.97		$	30.85		$	35.95		$	28.69		$	25.04
Income From Investment Operations:
Net investment income (b,g)		0.04			0.23			0.06			0.07			0.13	^(d)
Net gain (loss) from investments (both realized and unrealized)		5.62			3.99			(4.27	)		7.97			3.52	^(d)
Total from investment operations		5.66			4.22			(4.21	)		8.04			3.65

Less Distributions:
From net investment income		(0.17	)		(0.10	)		(0.05	)		(0.07	)		—
From net realized gains		—			—			(0.84	)		(0.71	)		—
Total Distributions		(0.17	)		(0.10	)		(0.89	)		(0.78	)		—

Net Asset Value, End of Period/Year	$	40.46		$	34.97		$	30.85		$	35.95		$	28.69

Total Return		16.25	%⁽ⁱ⁾		13.76	%		(12.11	)%		28.69	%		14.58	%⁽ⁱ⁾

Ratios/Supplemental Data
Net assets, end of period/year (in 000’s)	$	55,099		$	47,232		$	33,632		$	35,205		$	4,283
Ratio to average net assets:
Gross expenses (c,f)		1.08	%^(h)		1.12	%		1.18	%		1.28	%		4.56	%^(h)
Net expenses (e,f)		1.12	%^(h)		1.13	%		1.18	%		1.19	%		1.19	%^(h)
Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g)		0.21	%^(h)		0.72	%		0.17	%		0.19	%		0.52	%^(h)
Portfolio turnover rate		3	%⁽ⁱ⁾		139	%		270	%		29	%		81	%⁽ⁱ⁾

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

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

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

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

(h)	Annualized.

(i)	Not annualized.

See accompanying notes to financial statements.

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 May 31, 2024			For the Period Ended November 30, 2023 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	48.37		$	50.00
Income From Investment Operations:
Net investment income (b,f)		1.15			1.88
Net loss from investments (both realized and unrealized)		(0.54	)		(2.68	)
Total from investment operations		0.61			(0.80	)

Less Distributions:
From net investment income		(1.62	)		(0.83	)
Total Distributions		(1.62	)		(0.83	)

Net Asset Value, End of Period	$	47.36		$	48.37

Total Return		1.22	%^(h)		(1.63	)%^(h)

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	201,445		$	157,988
Ratio to average net assets:
Gross expenses (c,e)		0.84	%^(g)		0.90	%^(g)
Net expenses (d,e)		0.75	%^(g)		0.84	%^(g)
Net investment income net of reimbursement (recapture) and securities lending expense offset		4.77	%^(g)		4.13	%^(g)
Portfolio turnover rate		200	%^(h)		638	%^(h)

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

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

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

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

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 May 31, 2024			For the Period Ended November 30, 2023 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	48.35		$	49.48
Income From Investment Operations:
Net investment income (b,f)		1.17			0.90
Net loss from investments (both realized and unrealized)		(0.60	)		(1.45	)
Total from investment operations		0.57			(0.55	)

Less Distributions:
From net investment income		(1.57	)		(0.58	)
Total Distributions		(1.57	)		(0.58	)

Net Asset Value, End of Period	$	47.35		$	48.35

Total Return		1.14	%^(h)		(1.10	)%^(h)

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	7,251		$	8,082
Ratio to average net assets:
Gross expenses (c,e)		0.99	%^(g)		1.16	%^(g)
Net expenses (d,e)		0.90	%^(g)		0.96	%^(g)
Net investment income net of reimbursement (recapture) and securities lending expense offset		4.86	%^(g)		2.58	%^(g)
Portfolio turnover rate		200	%^(h)		638	%^(h)

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

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

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

(g)	Annualized.

(h)	Not annualized.

See accompanying notes to financial statements.

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 May 31, 2024			For the Period Ended November 30, 2023 ^(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	28.36		$	25.00
Income From Investment Operations:
Net investment income ^(b)		0.09			0.14
Net gain from investments (both realized and unrealized)		6.45			3.22
Total from investment operations		6.54			3.36

Less Distributions:
From net investment income		(0.07	)		—
From net realized gains		(0.15	)		—
Total Distributions		(0.22	)		—

Net Asset Value, End of Period	$	34.68		$	28.36

Total Return		23.16	%^(f)		13.48	%^(f)

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	58,295		$	12,482
Ratio to average net assets:
Gross expenses ^(c)		1.59	%^(e)		3.38	%^(e)
Net expenses ^(d)		1.09	%^(e)		1.09	%^(e)
Net investment income net of reimbursement and securities lending expense offset		0.57	%^(e)		0.53	%^(e)
Portfolio turnover rate		86	%^(f)		179	%^(f)

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

(e)	Annualized.

(f)	Not annualized.

See accompanying notes to financial statements.

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 May 31, 2023			For the Period Ended November 30, 2023 ^(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	28.34		$	26.88
Income From Investment Operations:
Net investment income ^(b)		0.07			0.09
Net gain from investments (both realized and unrealized)		6.44			1.37
Total from investment operations		6.51			1.46

Less Distributions:
From net investment income		(0.07	)		—
From net realized gains		(0.16	)		—
Total Distributions		(0.23	)		—

Net Asset Value, End of Period	$	34.62		$	28.34

Total Return		23.05	%^(f)		5.43	%^(f)

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	3,165		$	427
Ratio to average net assets:
Gross expenses ^(c)		1.71	%^(e)		3.64	%^(e)
Net expenses ^(d)		1.24	%^(e)		1.24	%^(e)
Net investment income net of reimbursement and securities lending expense offset		0.40	%^(e)		0.43	%^(e)
Portfolio turnover rate		86	%^(f)		179	%^(f)

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

(e)	Annualized.

(f)	Not annualized.

See accompanying notes to financial statements.

100

Horizon Funds

Notes to Financial Statements (Unaudited)

May 31, 2024

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, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund (each a “Fund” and together the “Funds”) are each a series of shares of beneficial interest of Horizon Funds (the “Trust”), a Delaware business trust organized on May 21, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. Each Fund is a diversified series of the Trust. The investment objective of the Horizon Active Asset Allocation Fund is capital appreciation. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on January 31, 2012, September 4, 2015 and September 9, 2016, respectively. The investment objective of the Horizon Active Risk^® Assist 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 to capture the majority of the returns associated with domestic equity market investments, while mitigating downside risk through use of a risk overlay strategy. The Fund presently offers Investor Class shares and Advisor Class shares which commenced operations on June 26, 2019 and January 31, 2020, respectively. The investment objective of the Horizon 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 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.

101

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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

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

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

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

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

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

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

102

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2024, for the Funds’ investments measured at fair value:

Horizon Active Asset Allocation Fund
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	973,630,304	$	—	$	—	$	973,630,304
Common Stocks		52,478,984		—		—		52,478,984
Investments Purchased With Proceeds From Securities Lending		148,635,651		—		—		148,635,651
Money Market Funds		2,399,774		—		—		2,399,774
Total	$	1,177,144,713	$	—	$	—	$	1,177,144,713

Horizon Active Risk Assist^® Fund
Assets *	Level 1		Level 2		Level 3			Total
Exchange Traded Funds	$	1,247,039,351	$	—	$	—		$	1,247,039,351
Common Stocks		19,713,712		—		0	^(a)		19,713,712
Purchased Options		309,000		6,047,000		—			6,356,000
Investments Purchased With Proceeds From Securities Lending		33,412,121		—		—			33,412,121
Money Market Funds		1,004,166		—		—			1,004,166
Total	$	1,301,478,350	$	6,047,000	$	—		$	1,307,525,350

Liabilities *	Level 1			Level 2			Level 3		Total
Written Options	$	(210,000	)	$	(6,054,500	)	$	—	$	(6,264,500	)
Total	$	(210,000	)	$	(6,054,500	)	$	—	$	(6,264,500	)

Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	221,188,587	$	—	$	—	$	221,188,587
Investments Purchased With Proceeds From Securities Lending		15,495,250		—		—		15,495,250
Money Market Funds		1,284,607		—		—		1,284,607
Total	$	237,968,444	$	—	$	—	$	237,968,444

103

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

Horizon Equity Premium Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	105,320,632	$	—	$	—	$	105,320,632
Money Market Funds		149,633		—		—		149,633
Total	$	105,470,265	$	—	$	—	$	105,470,265

Liabilities *	Level 1		Level 2			Level 3		Total
Written Options	$	—	$	(213,975	)	$	—	$	(213,975	)
Total	$	—	$	(213,975	)	$	—	$	(213,975	)

Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	598,319,227	$	—	$	0	^(a)	$	598,319,227
Purchased Options		—		4,744,250		—			4,744,250
Investments Purchased With Proceeds From Securities Lending		105,472		—		—			105,472
Money Market Funds		2,808,197		—		—			2,808,197
Total	$	601,232,896	$	4,744,250	$	—		$	605,977,146

Liabilities *	Level 1		Level 2			Level 3		Total
Written Options	$	—	$	(7,978,725	)	$	—	$	(7,978,725	)
Total	$	—	$	(7,978,725	)	$	—	$	(7,978,725	)

Horizon Multi-Factor U.S. Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	409,737,208	$	—	$	—	$	409,737,208
Money Market Funds		3,059,121		—		—		3,059,121
Total	$	412,796,329	$	—	$	—	$	412,796,329

Horizon Defensive Core Fund
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	348,411,096	$	—	$	0	^(a)	$	348,411,096
Money Market Funds		840,682		—		—			840,682
Total	$	349,251,778	$	—	$	—		$	349,251,778

104

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

Horizon Tactical Fixed Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	207,642,487	$	—	$	—	$	207,642,487
Investments Purchased With Proceeds From Securities Lending		37,906,406		—		—		37,906,406
Money Market Funds		1,172,249		—		—		1,172,249
Total	$	246,721,142	$	—	$	—	$	246,721,142

Horizon Multi-Factor Small/Mid Cap Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	60,835,776	$	—	$	—	$	60,835,776
Money Market Funds		529,091		—		—		529,091
Total	$	61,364,867	$	—	$	—	$	61,364,867

*	Refer to the Schedule of Investments for security classifications.

^(a)	Amount is less than $0.50.

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

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

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

A Fund may purchase put and call options. The Funds engage in options transactions on individual securities, ETFs, or indices to hedge against market declines or generate returns from falling asset prices. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if

105

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such a favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The average quarterly value outstanding of purchased and written options during the period ended May 31, 2024, were as follows:

	Horizon Active Risk Assist^® Fund		Horizon Equity Premium Income Fund		Horizon Defined Risk Fund
Purchased Options	$	6,711,188	$	0	$	3,761,338
Written Options	$	6,261,875	$	106,988	$	12,373,032

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of May 31, 2024:

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

Horizon Active Risk Assist^® Fund
Derivatives Investment Value
Purchased Options	$	6,356,000
Written Options	$	6,264,500

Horizon Equity Premium Income Fund
Derivatives Investment Value
Purchased Options	$	0
Written Options	$	213,975

Horizon Defined Risk Fund
Derivatives Investment Value
Purchased Options	$	4,744,250
Written Options	$	7,978,725

106

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended May 31, 2024:

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

Horizon Active Asset Allocation Fund
Realized gain on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	2,773,708
Written Options		788,180
	$	3,561,888

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

Horizon Active Risk Assist^® Fund
Realized gain on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	4,698,470
Written Options		7,197,341
	$	11,895,811

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	2,052,993
Written Options		(949,020	)
	$	(1,103,973	)

Horizon Active Income Fund
Realized gain (loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(187,325	)
Written Options		81,675
	$	(105,650	)

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

107

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

Horizon Equity Premium Income Fund
Realized loss on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(4,647	)
Written Options		(988,064	)
	$	(992,711	)

Changes in unrealized depreciation on derivatives recognized in the Statements of Operations
Purchased Options	$	0
Written Options		(17,193	)
	$	(17,193	)

Horizon Defined Risk Fund
Realized loss on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(20,196,201	)
Written Options		(14,630,426	)
	$	(34,826,627	)

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(114,785	)
Written Options		2,520,010
	$	2,405,225

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 May 31, 2024.

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	$	6,264,500	⁽¹⁾	$	—	$	6,264,500	$	(6,264,500	)⁽²⁾	$	—	$	—
Total	$	6,264,500		$	—	$	6,264,500	$	(6,264,500	)	$	—	$	—

108

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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	$	213,975	⁽¹⁾	$	—	$	213,975	$	(213,975	)⁽²⁾	$	—	$	—
Total	$	213,975		$	—	$	213,975	$	(213,975	)	$	—	$	—

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	$	7,978,725	⁽¹⁾	$	—	$	7,978,725	$	(7,978,725	)⁽²⁾	$	—	$	—
Total	$	7,978,725		$	—	$	7,978,725	$	(7,978,725	)	$	—	$	—

(1)	Written options at value as presented in the Schedule 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.

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.

109

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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

Rule 12b-1 – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon 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 period ended May 31, 2024 the distribution fees accrued for the Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets,

110

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

respectively. During the period ended May 31, 2024, 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 $2,148, $1,882, $539, $3,907, $24,758, $11,405, $64,661, $9,487, and $906, respectively, pursuant to the plan. During the period ended May 31, 2024, the 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 Investor Class shares incurred $49,756, $267,905, $162,851, $114,857, $96,406, and $11,042 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, 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 to waive a portion of the Fund’s advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust’s Rule 12b-1 Distribution Plan; payments by the Fund, if any, under the Trust’s Shareholder Services Plan;

111

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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.

The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through November 30 of the period indicated. During the period ended May 31, 2024, 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, the Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund $0, $0, $0, $0, $47,885, $120,997, $64,126, $0, and $0 respectively.

Fund	2024		2025		2026		2027		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—	$	—	$	—
Horizon Active Risk Assist^® Fund		—		—		—		—		—
Horizon Active Income Fund		—		—		—		—		—
Horizon Equity Premium Income Fund		—		869		—		4,966		5,835
Horizon Defined Risk Fund		66,655		74,784		58,577		284		200,300
Horizon Multi-Factor U.S. Equity Fund		7,668		31,382		5,295		—		44,345
Horizon Defensive Core Fund		—		15,911		19,996		420		36,327
Horizon Tactical Fixed Income Fund		—		—		—		—		—
Horizon Multi-Factor Small/Mid Cap Fund		—		—		120,585		56,494		177,079

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 and direct compensation from the Trust.

112

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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 period ended May 31, 2024, were as follows:

Fund	Purchases		Sales
Horizon Active Asset Allocation Fund	$	894,415,762	$	888,796,291
Horizon Active Risk Assist^® Fund		132,332,704		215,197,236
Horizon Active Income Fund		144,915,921		173,189,472
Horizon Equity Premium Income Fund		9,150,292		13,511,136
Horizon Defined Risk Fund		32,142,713		17,927,417
Horizon Multi-Factor U.S. Equity Fund		451,628,791		350,704,782
Horizon Defensive Core Fund		78,159,448		7,141,452
Horizon Tactical Fixed Income Fund		441,575,606		396,190,777
Horizon Multi-Factor Small/Mid Cap Fund		65,800,392		21,934,962

5.	SECURITIES LENDING

The Funds may lend domestic securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program effective December 20, 2017, which is administered by U.S. Bank N.A. (the “Custodian”). The net income to which the Funds are entitled may be used to offset against costs and other charges incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. Investment Advisory Fees, Shareholder Servicing Fees - Investor Class, Distribution Fees (12b-1) - Advisor Class and Distribution Fees (12b-1) - Investor Class as noted in the Statements of Operations are not eligible to be offset by securities lending income. The securities lending agreement requires that loans are collateralized in an amount equal to at least 102% at the outset of the loan and at least 100%, at all times thereafter, of the value of any loaned securities. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Amounts earned from security lending is disclosed in each Fund’s Statement of Operations as a securities lending credit. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. Gain or loss on the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the period ended May 31, 2024, 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.

113

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

As of the period ended May 31, 2024, 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	$	145,903,358	$	148,635,651
Horizon Active Risk Assist^® Fund		33,153,354		33,412,121
Horizon Active Income Fund		15,218,824		15,495,250
Horizon Equity Premium Income Fund		—		—
Horizon Defined Risk Fund		101,294		105,472
Horizon Multi-Factor U.S. Equity Fund		—		—
Horizon Defensive Core Fund		—		—
Horizon Tactical Fixed Income Fund		37,303,091		37,906,406
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 Schedule of Investments. These amounts were not included in the offsetting disclosures in Note 2 (Offsetting of Financial Assets and Derivative Liabilities).

6.	LINE OF CREDIT ARRANGEMENT

Throughout the period ended May 31, 2024, and renewed effective February 22, 2024, the Funds are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 20, 2025, 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 May 31, 2024, if they borrow. For the period ended May 31, 2024, 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, Horizon Defensive Core Fund, and Horizon Multi-Factor Small/Mid Cap Fund had average borrowings of $392,361, $549,699, $21,913, $55,820, $140,984, $139,503, $23,563, and $3,699 and the weighted average interest rate on the line of credit borrowings was 8.50%, 8.50%, 8.50%, 8.50%, 8.50%, 8.50%, 8.50% and 8.50%, respectively. The Horizon Tactical Fixed Income Fund did not borrow on the line of credit during the period. On May 8, 2024, the Horizon Active Asset Allocation Fund had borrowings of $18,679,000, on May 9, 2024, the Horizon Active Risk Assist^® Fund had borrowings of $24,808,000, on January 26, 2024, the Horizon Active Income Fund had borrowings of $492,000, on May 22, 2024, the Horizon Equity Premium Income Fund had borrowings of $1,477,000, on February 16, 2024, the Horizon Defined Risk Fund had borrowings of $3,241,000, on May 21, 2024, the Horizon Multi-Factor U.S. Equity Fund had borrowings of $12,980,000, on May 28, 2024, the Horizon Defensive Core Fund had borrowings of $1,392,000, and on December 21, 2023, the Horizon Multi-Factor Small/Mid Cap Fund had borrowings of $82,000, which represent the largest borrowing amounts, respectively, during the period ended May 31, 2024.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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		—		—		—		—

	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

115

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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.

116

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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.

117

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

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		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 May 31, 2024, 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.

118

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
May 31, 2024

9.	SUBSEQUENT EVENTS

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

119

Horizon Funds

Additional Information (Unaudited)

May 31, 2024

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

120

Horizon Funds

Additional Information (Unaudited) (Continued)

May 31, 2024

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%

121

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)

Financial Highlights are included within the financial statements filed under Item 7 of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the period covered by this report.

Item 9. Proxy Disclosure for Open-End Investment Companies.

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

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)

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

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

(b)

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

SIGNATURES

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

(Registrant)	Horizon Funds

By (Signature and Title)*	/s/ John Drahzal
	John Drahzal, President and Principal Executive Officer

Date	August 9, 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, President and Principal Executive Officer

Date	August 9, 2024

By (Signature and Title)*	/s/ Stephen Terry
	Stephen Terry, Treasurer and Principal Financial Officer

Date	August 9, 2024

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

Horizon Funds N-CSRSCertified semi-annual shareholder report (management investment company)