Horizon Funds NCSR Certified annual shareholder report (management investment company)

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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: November 30, 2024

Updated June 27, 2024

Item 1. Reports to Stockholders.

(a)

Horizon Active Asset Allocation Fund

Advisor Class

Ticker: HASAX

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$151.54	1.36%

How did the Fund perform during the reporting period?

The Horizon Active Asset Allocation Fund seeks to deliver capital appreciation by dynamically allocating across global equity markets, leveraging a flexible and diversified approach that is responsive to changing trends in global equities. For the year ending November 30, 2024, the Fund delivered on these expectations in terms of return and risk.

Global equity market performance was generally narrow and concentrated in U.S. large-cap growth stocks during the period. While the Fund maintained large allocations to this part of the global equity market during the period, the Fund's diversified approach was a headwind to performance as many international markets and much of the domestic equity universe underperformed capitalization-weighted market indices.

Key drivers of Fund performance included allocations to large-cap growth equities, which captured upside from outperforming sectors, and tactical adjustments to sector and domestic size exposures. Some of the Fund's tactical allocations to small-cap and value equities were also accretive to performance over the period, although the choppiness of trend changes were a headwind to the Fund's investment process. Exposure to international equities were the main detractors as those markets underperformed over the period.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$906,616,788
Number of Portfolio Holdings	80
Total Advisory Fees Paid ($)	$10,141,573
Portfolio Turnover Rate (%)	198%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	89.5%
Common Stocks	10.5%
Purchased Call Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Active Asset Allocation Fund (Adv)	S&P 500 Total Return Index	S&P Global BMI ex-US Index
09/04/2015	10000	10000	10000
09/30/2015	9911	10008	9917
10/31/2015	10678	10852	10647
11/30/2015	10696	10884	10464
12/31/2015	10375	10713	10302
01/31/2016	9814	10181	9578
02/29/2016	9685	10167	9486
03/31/2016	10357	10857	10263
04/30/2016	10403	10899	10542
05/31/2016	10458	11095	10388
06/30/2016	10485	11123	10217
07/31/2016	10844	11534	10731
08/31/2016	10780	11550	10790
09/30/2016	10780	11552	10938
10/31/2016	10495	11341	10764
11/30/2016	10633	11761	10504
12/31/2016	10841	11994	10759
01/31/2017	11073	12221	11147
02/28/2017	11427	12706	11350
03/31/2017	11529	12721	11626
04/30/2017	11743	12852	11886
05/31/2017	12012	13033	12264
06/30/2017	11985	13114	12306
07/31/2017	12273	13384	12753
08/31/2017	12282	13425	12830
09/30/2017	12570	13702	13069
10/31/2017	12886	14021	13322
11/30/2017	13147	14451	13448
12/31/2017	13248	14612	13761
01/31/2018	14188	15449	14516
02/28/2018	13771	14879	13857
03/31/2018	13436	14501	13625
04/30/2018	13405	14557	13828
05/31/2018	13582	14907	13550
06/30/2018	13562	14999	13274
07/31/2018	13938	15557	13550
08/31/2018	14356	16064	13293
09/30/2018	14293	16156	13322
10/31/2018	12997	15051	12202
11/30/2018	13185	15358	12333
12/31/2018	12065	13972	11752
01/31/2019	13145	15091	12632
02/28/2019	13382	15576	12879
03/31/2019	13461	15878	12955
04/30/2019	13843	16521	13278
05/31/2019	12785	15471	12588
06/30/2019	13629	16562	13307
07/31/2019	13674	16800	13150
08/31/2019	13303	16534	12759
09/30/2019	13528	16843	13082
10/31/2019	13809	17208	13552
11/30/2019	14125	17832	13687
12/31/2019	14529	18371	14285
01/31/2020	14258	18363	13897
02/29/2020	13103	16852	12776
03/31/2020	11282	14770	10855
04/30/2020	12605	16664	11742
05/31/2020	13284	17458	12196
06/30/2020	13352	17805	12730
07/31/2020	13986	18809	13284
08/31/2020	14880	20161	13914
09/30/2020	14393	19395	13601
10/31/2020	14054	18879	13314
11/30/2020	15853	20945	15110
12/31/2020	16661	21751	15960
01/31/2021	16806	21531	15981
02/28/2021	17469	22125	16335
03/31/2021	17963	23094	16535
04/30/2021	18529	24326	17060
05/31/2021	18746	24496	17557
06/30/2021	18831	25068	17467
07/31/2021	19072	25663	17238
08/31/2021	19578	26444	17588
09/30/2021	18626	25214	17049
10/31/2021	19831	26980	17406
11/30/2021	19410	26793	16606
12/31/2021	20147	27994	17273
01/31/2022	19108	26546	16541
02/28/2022	18554	25751	16227
03/31/2022	18984	26707	16250
04/30/2022	17570	24378	15204
05/31/2022	17847	24423	15273
06/30/2022	16351	22407	13932
07/31/2022	17473	24473	14458
08/31/2022	16808	23475	14034
09/30/2022	15228	21313	12609
10/31/2022	16475	23038	12975
11/30/2022	17515	24326	14439
12/31/2022	16707	22924	14345
01/31/2023	17503	24365	15469
02/28/2023	16721	23770	14949
03/31/2023	17084	24643	15259
04/30/2023	17168	25028	15508
05/31/2023	17084	25136	14983
06/30/2023	18062	26797	15639
07/31/2023	18760	27658	16299
08/31/2023	18299	27218	15609
09/30/2023	17545	25920	15116
10/31/2023	17056	25375	14459
11/30/2023	18467	27692	15766
12/31/2023	19539	28950	16586
01/31/2024	19511	29437	16396
02/29/2024	20411	31009	16800
03/31/2024	21044	32006	17300
04/30/2024	20186	30699	17008
05/31/2024	21086	32221	17498
06/30/2024	21423	33378	17446
07/31/2024	21676	33784	17895
08/31/2024	22056	34603	18353
09/30/2024	22281	35342	18892
10/31/2024	21803	35022	17980
11/30/2024	22688	37078	17849

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (09/04/2015)
Horizon Active Asset Allocation Fund - Advisor Class	22.86%	9.94%	9.27%
S&P 500 Total Return Index	33.89%	15.77%	15.24%
S&P Global BMI ex-US Index	13.21%	5.45%	6.47%

Past performance is not a good predictor of the Fund's future performance. Performance data current to the most recent month end may be obtained by calling 866-371-2399 or visiting the Fund's website. The graph and table shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares.

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

We will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. This is often referred to as householding.

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

Horizon Active Asset Allocation Fund

Institutional Class

Ticker: HASIX

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$124.93	1.12%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$906,616,788
Number of Portfolio Holdings	80
Total Advisory Fees Paid ($)	$10,141,573
Portfolio Turnover Rate (%)	198%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	89.5%
Common Stocks	10.5%
Purchased Call Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform since its inception?

Performance of Hypothetical $10 million investment (Inception to November 30, 2024)

Date	Horizon Active Asset Allocation Fund - Institutional Class	S&P 500 Total Return Index	S&P Global BMI ex-US Index
09/09/2016	10000000	10000000	10000000
09/30/2016	10173310	10200770	9991282
10/31/2016	9913345	10014696	9832164
11/30/2016	10043328	10385589	9594395
12/31/2016	10237223	10590872	9827660
01/31/2017	10456342	10791743	10182230
02/28/2017	10798167	11220239	10367199
03/31/2017	10903344	11233327	10619266
04/30/2017	11096169	11348692	10857298
05/31/2017	11359111	11508400	11202513
06/30/2017	11332817	11580230	11240936
07/31/2017	11604524	11818351	11649105
08/31/2017	11622053	11854529	11719754
09/30/2017	11893760	12099067	11937521
10/31/2017	12200527	12381403	12168711
11/30/2017	12445940	12761138	12284121
12/31/2017	12544088	12903025	12570194
01/31/2018	13430248	13641774	13259226
02/28/2018	13046245	13138977	12657550
03/31/2018	12731166	12805073	12445953
04/30/2018	12701627	12854207	12631246
05/31/2018	12878859	13163762	12376879
06/30/2018	12859167	13244784	12124719
07/31/2018	13213631	13737670	12377173
08/31/2018	13617326	14185316	12142621
09/30/2018	13558249	14266058	12168698
10/31/2018	12337317	13290971	11145875
11/30/2018	12514549	13561819	11265158
12/31/2018	11455756	12337311	10735169
01/31/2019	12486561	13325972	11538139
02/28/2019	12709726	13753845	11764199
03/31/2019	12784114	14021106	11833434
04/30/2019	13145427	14588816	12128726
05/31/2019	12146502	13661723	11498809
06/30/2019	12954143	14624550	12154992
07/31/2019	13007278	14834736	12012079
08/31/2019	12645964	14599749	11654357
09/30/2019	12869128	14872917	11949467
10/31/2019	13134800	15195060	12378718
11/30/2019	13432352	15746624	12502536
12/31/2019	13819334	16221889	13048083
01/31/2020	13562429	16215528	12693697
02/29/2020	12470584	14880679	11669981
03/31/2020	10736477	13042724	9915269
04/30/2020	11999592	14714720	10725430
05/31/2020	12652558	15415554	11139894
06/30/2020	12716785	15722126	11628132
07/31/2020	13316229	16608620	12133772
08/31/2020	14172578	17802456	12709606
09/30/2020	13722995	17126022	12423397
10/31/2020	13391159	16670576	12161357
11/30/2020	15103858	18495404	13802408
12/31/2020	15876213	19206518	14578111
01/31/2021	16013372	19012613	14597865
02/28/2021	16653450	19536884	14921477
03/31/2021	17133508	20392515	15103439
04/30/2021	17682146	21480839	15583582
05/31/2021	17887885	21630869	16037320
06/30/2021	17979325	22135837	15955083
07/31/2021	18207924	22661672	15745595
08/31/2021	18687982	23350715	16065240
09/30/2021	17785016	22264678	15573318
10/31/2021	18950871	23824581	15899470
11/30/2021	18550823	23659502	15168808
12/31/2021	19260618	24719829	15777542
01/31/2022	18274579	23440651	15109431
02/28/2022	17735545	22738804	14822255
03/31/2022	18156255	23583085	14843433
04/30/2022	16815242	21526597	13887594
05/31/2022	17078186	21566090	13950898
06/30/2022	15658291	19785944	12726193
07/31/2022	16736359	21610296	13206548
08/31/2022	16092148	20728988	12819249
09/30/2022	14593369	18819876	11517194
10/31/2022	15789762	20343559	11851909
11/30/2022	16775801	21480439	13189235
12/31/2022	16015696	20242854	13103558
01/31/2023	16773914	21514792	14130442
02/28/2023	16028998	20989854	13654796
03/31/2023	16374852	21760480	13938409
04/30/2023	16467966	22100127	14165592
05/31/2023	16388154	22196189	13686094
06/30/2023	17345903	23662808	14285387
07/31/2023	18024309	24422975	14888014
08/31/2023	17598642	24034124	14257435
09/30/2023	16867028	22888227	13807824
10/31/2023	16401456	22406967	13207408
11/30/2023	17758267	24453292	14401619
12/31/2023	18784961	25564220	15150204
01/31/2024	18758125	25993808	14976387
02/29/2024	19616866	27381764	15345340
03/31/2024	20247504	28262761	15802622
04/30/2024	19415599	27108381	15535770
05/31/2024	20287757	28452541	15983211
06/30/2024	20609785	29473478	15936231
07/31/2024	20864724	29832240	16346357
08/31/2024	21227005	30555872	16764653
09/30/2024	21455109	31208457	17256795
10/31/2024	20998902	30925440	16424003
11/30/2024	21857643	32740799	16303574

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Asset Allocation Fund - Institutional Class	23.08%	10.23%	9.97%
S&P 500 Total Return Index	33.89%	15.77%	15.51%
S&P Global BMI ex-US Index	13.21%	5.45%	6.12%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$134.92	1.21%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$906,616,788
Number of Portfolio Holdings	80
Total Advisory Fees Paid ($)	$10,141,573
Portfolio Turnover Rate (%)	198%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	89.5%
Common Stocks	10.5%
Purchased Call Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform over the past 10 years?

Performance of Hypothetical $10,000 investment (November 30, 2014 to November 30, 2024)

Date	Horizon Active Asset Allocation Fund (Inv)	S&P 500 Total Return Index	S&P Global BMI ex-US Index
11/30/2014	10000	10000	10000
12/31/2014	9921	9975	9670
01/31/2015	9668	9675	9663
02/28/2015	10215	10231	10162
03/31/2015	10044	10070	10021
04/30/2015	10117	10166	10539
05/31/2015	10134	10297	10417
06/30/2015	9954	10098	10144
07/31/2015	10117	10309	10074
08/31/2015	9406	9687	9336
09/30/2015	9079	9447	8931
10/31/2015	9782	10244	9587
11/30/2015	9799	10275	9423
12/31/2015	9505	10113	9277
01/31/2016	8991	9611	8625
02/29/2016	8873	9598	8543
03/31/2016	9488	10249	9242
04/30/2016	9530	10289	9494
05/31/2016	9581	10474	9354
06/30/2016	9606	10501	9200
07/31/2016	9943	10888	9663
08/31/2016	9876	10903	9716
09/30/2016	9876	10905	9850
10/31/2016	9623	10706	9693
11/30/2016	9741	11103	9459
12/31/2016	9938	11322	9689
01/31/2017	10142	11537	10038
02/28/2017	10474	11995	10221
03/31/2017	10567	12009	10469
04/30/2017	10763	12132	10704
05/31/2017	11009	12303	11044
06/30/2017	10984	12380	11082
07/31/2017	11247	12635	11484
08/31/2017	11264	12673	11554
09/30/2017	11528	12935	11769
10/31/2017	11817	13237	11997
11/30/2017	12055	13642	12110
12/31/2017	12149	13794	12392
01/31/2018	13009	14584	13072
02/28/2018	12627	14046	12478
03/31/2018	12331	13689	12270
04/30/2018	12302	13742	12453
05/31/2018	12464	14073	12202
06/30/2018	12445	14160	11953
07/31/2018	12799	14686	12202
08/31/2018	13181	15165	11971
09/30/2018	13123	15251	11997
10/31/2018	11939	14209	10988
11/30/2018	12111	14498	11106
12/31/2018	11081	13189	10583
01/31/2019	12080	14246	11375
02/28/2019	12296	14704	11598
03/31/2019	12368	14989	11666
04/30/2019	12718	15596	11957
05/31/2019	11750	14605	11336
06/30/2019	12533	15635	11983
07/31/2019	12584	15859	11842
08/31/2019	12234	15608	11489
09/30/2019	12440	15900	11780
10/31/2019	12708	16245	12204
11/30/2019	12986	16834	12326
12/31/2019	13363	17342	12864
01/31/2020	13114	17335	12514
02/29/2020	12057	15908	11505
03/31/2020	10377	13944	9775
04/30/2020	11601	15731	10574
05/31/2020	12223	16480	10982
06/30/2020	12275	16808	11464
07/31/2020	12855	17756	11962
08/31/2020	13685	19032	12530
09/30/2020	13249	18309	12248
10/31/2020	12928	17822	11989
11/30/2020	14587	19773	13607
12/31/2020	15332	20533	14372
01/31/2021	15465	20326	14391
02/28/2021	16084	20886	14710
03/31/2021	16549	21801	14890
04/30/2021	17069	22964	15363
05/31/2021	17257	23125	15810
06/30/2021	17346	23665	15729
07/31/2021	17567	24227	15523
08/31/2021	18031	24963	15838
09/30/2021	17157	23802	15353
10/31/2021	18275	25470	15675
11/30/2021	17888	25294	14954
12/31/2021	18582	26427	15554
01/31/2022	17615	25060	14896
02/28/2022	17107	24309	14613
03/31/2022	17501	25212	14633
04/30/2022	16204	23013	13691
05/31/2022	16458	23056	13754
06/30/2022	15097	21152	12546
07/31/2022	16127	23103	13020
08/31/2022	15504	22161	12638
09/30/2022	14067	20120	11354
10/31/2022	15212	21749	11684
11/30/2022	16166	22964	13003
12/31/2022	15427	21641	12918
01/31/2023	16160	23001	13931
02/28/2023	15453	22440	13462
03/31/2023	15775	23263	13741
04/30/2023	15865	23626	13965
05/31/2023	15787	23729	13492
06/30/2023	16700	25297	14083
07/31/2023	17356	26110	14677
08/31/2023	16944	25694	14056
09/30/2023	16237	24469	13612
10/31/2023	15787	23955	13021
11/30/2023	17086	26142	14198
12/31/2023	18088	27330	14936
01/31/2024	18049	27789	14765
02/29/2024	18878	29273	15128
03/31/2024	19474	30215	15579
04/30/2024	18684	28981	15316
05/31/2024	19513	30418	15757
06/30/2024	19837	31509	15711
07/31/2024	20070	31893	16115
08/31/2024	20420	32666	16527
09/30/2024	20640	33364	17013
10/31/2024	20200	33061	16192
11/30/2024	21016	35002	16073

Average Annual Returns

November 30, 2024

	One Year	Five Years	Ten Years
Horizon Active Asset Allocation Fund - Investor Class	23.00%	10.11%	7.71%
S&P 500 Total Return Index	33.89%	15.77%	13.35%
S&P Global BMI ex-US Index	13.21%	5.45%	4.86%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$153.05	1.36%

How did the Fund perform during the reporting period?

The Horizon Active Risk Assist Fund seeks to capture the majority of returns associated with equity market investments while mitigating downside risk through a dynamic risk overlay strategy. For the year ending November 30, 2024, global equity markets delivered strong returns with a consistent upward trend. Given this market environment, the Fund performed as expected in terms of risk and return during the period.

The Fund's underlying equity portfolio was tilted toward U.S. large-cap growth and U.S. large-cap quality equities throughout the period, which benefited from robust earnings and improving macroeconomic sentiment. The Fund's diversified approach was a headwind to performance during the period as many international markets and much of the domestic equity universe underperformed capitalization-weighted market indices.

There was no tactical de-risking or reinvestment activity during the period. Therefore, the Fund's realized volatility aligned with that of the global equity market. This realized volatility was higher than what can be expected on average through a full market cycle.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$1,380,428,065
Number of Portfolio Holdings	73
Total Advisory Fees Paid ($)	$12,859,784
Portfolio Turnover Rate (%)	66%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	94.6%
Common Stocks	4.9%
Purchased Call Options	0.5%
Purchased Put Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Active Risk Assist Fund (Adv)	S&P 500 Total Return Index	S&P Global BMI ex-US Index	Bloomberg Aggregate Bond Index
09/04/2015	10000	10000	10000	10000
09/30/2015	9847	10008	9917	10034
10/31/2015	10337	10852	10647	10036
11/30/2015	10343	10884	10464	10009
12/31/2015	10111	10713	10302	9977
01/31/2016	9615	10181	9578	10114
02/29/2016	9493	10167	9486	10186
03/31/2016	9983	10857	10263	10279
04/30/2016	9983	10899	10542	10319
05/31/2016	9988	11095	10388	10321
06/30/2016	10063	11123	10217	10507
07/31/2016	10436	11534	10731	10573
08/31/2016	10356	11550	10790	10561
09/30/2016	10372	11552	10938	10555
10/31/2016	10175	11341	10764	10474
11/30/2016	10276	11761	10504	10227
12/31/2016	10425	11994	10759	10241
01/31/2017	10635	12221	11147	10261
02/28/2017	10941	12706	11350	10330
03/31/2017	11054	12721	11626	10325
04/30/2017	11194	12852	11886	10404
05/31/2017	11393	13033	12264	10484
06/30/2017	11360	13114	12306	10474
07/31/2017	11618	13384	12753	10519
08/31/2017	11624	13425	12830	10613
09/30/2017	11833	13702	13069	10563
10/31/2017	12032	14021	13322	10569
11/30/2017	12231	14451	13448	10555
12/31/2017	12298	14612	13761	10604
01/31/2018	13046	15449	14516	10482
02/28/2018	12720	14879	13857	10382
03/31/2018	12501	14501	13625	10449
04/30/2018	12467	14557	13828	10371
05/31/2018	12602	14907	13550	10445
06/30/2018	12523	14999	13274	10432
07/31/2018	12849	15557	13550	10435
08/31/2018	13192	16064	13293	10502
09/30/2018	13147	16156	13322	10434
10/31/2018	12017	15051	12202	10352
11/30/2018	12175	15358	12333	10414
12/31/2018	11367	13972	11752	10605
01/31/2019	11828	15091	12632	10718
02/28/2019	11968	15576	12879	10711
03/31/2019	12038	15878	12955	10917
04/30/2019	12329	16521	13278	10920
05/31/2019	11501	15471	12588	11114
06/30/2019	12149	16562	13307	11253
07/31/2019	12154	16800	13150	11278
08/31/2019	11828	16534	12759	11570
09/30/2019	11979	16843	13082	11509
10/31/2019	12207	17208	13552	11543
11/30/2019	12464	17832	13687	11537
12/31/2019	12781	18371	14285	11529
01/31/2020	12605	18363	13897	11751
02/29/2020	11629	16852	12776	11963
03/31/2020	10647	14770	10855	11892
04/30/2020	10806	16664	11742	12104
05/31/2020	10876	17458	12196	12160
06/30/2020	10912	17805	12730	12237
07/31/2020	11405	18809	13284	12419
08/31/2020	12105	20161	13914	12319
09/30/2020	11758	19395	13601	12312
10/31/2020	11499	18879	13314	12257
11/30/2020	12775	20945	15110	12378
12/31/2020	13307	21751	15960	12395
01/31/2021	13301	21531	15981	12306
02/28/2021	13773	22125	16335	12128
03/31/2021	14274	23094	16535	11977
04/30/2021	14752	24326	17060	12071
05/31/2021	14917	24496	17557	12111
06/30/2021	15035	25068	17467	12196
07/31/2021	15283	25663	17238	12332
08/31/2021	15619	26444	17588	12309
09/30/2021	14882	25214	17049	12202
10/31/2021	15725	26980	17406	12199
11/30/2021	15383	26793	16606	12235
12/31/2021	16021	27994	17273	12204
01/31/2022	15179	26546	16541	11941
02/28/2022	14682	25751	16227	11808
03/31/2022	14969	26707	16250	11479
04/30/2022	13987	24378	15204	11044
05/31/2022	13929	24423	15273	11115
06/30/2022	13298	22407	13932	10941
07/31/2022	13636	24473	14458	11208
08/31/2022	13234	23475	14034	10891
09/30/2022	12730	21313	12609	10421
10/31/2022	12851	23038	12975	10286
11/30/2022	13177	24326	14439	10664
12/31/2022	12891	22924	14345	10616
01/31/2023	13366	24365	15469	10943
02/28/2023	12930	23770	14949	10660
03/31/2023	13218	24643	15259	10930
04/30/2023	13359	25028	15508	10997
05/31/2023	13199	25136	14983	10877
06/30/2023	13956	26797	15639	10838
07/31/2023	14456	27658	16299	10831
08/31/2023	14064	27218	15609	10761
09/30/2023	13430	25920	15116	10488
10/31/2023	13000	25375	14459	10322
11/30/2023	14097	27692	15766	10790
12/31/2023	15022	28950	16586	11203
01/31/2024	15048	29437	16396	11172
02/29/2024	15737	31009	16800	11014
03/31/2024	16143	32006	17300	11116
04/30/2024	15557	30699	17008	10835
05/31/2024	16233	32221	17498	11019
06/30/2024	16665	33378	17446	11123
07/31/2024	16833	33784	17895	11383
08/31/2024	17194	34603	18353	11547
09/30/2024	17464	35342	18892	11701
10/31/2024	17045	35022	17980	11411
11/30/2024	17632	37078	17849	11532

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (09/04/2015)
Horizon Active Risk Assist^® Fund - Advisor Class	25.08%	7.18%	6.33%
S&P 500 Total Return Index	33.89%	15.77%	15.24%
S&P Global BMI ex-US Index	13.21%	5.45%	6.47%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.55%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$125.14	1.11%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$1,380,428,065
Number of Portfolio Holdings	73
Total Advisory Fees Paid ($)	$12,859,784
Portfolio Turnover Rate (%)	66%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	94.6%
Common Stocks	4.9%
Purchased Call Options	0.5%
Purchased Put Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform since its inception?

Performance of Hypothetical $10 million investment (Inception to November 30, 2024)

Date	Horizon Active Risk Assist Fund - Institutional Class	S&P 500 Total Return Index	S&P Global BMI ex-US Index	Bloomberg Aggregate Bond Index
09/09/2016	10000000	10000000	10000000	10000000
09/30/2016	10145757	10200770	9991282	10047372
10/31/2016	9953149	10014696	9832164	9970520
11/30/2016	10062467	10385589	9594395	9734680
12/31/2016	10205955	10590872	9827660	9748410
01/31/2017	10411126	10791743	10182230	9767538
02/28/2017	10716253	11220239	10367199	9833185
03/31/2017	10831990	11233327	10619266	9828029
04/30/2017	10968771	11348692	10857298	9903872
05/31/2017	11173942	11508400	11202513	9980104
06/30/2017	11142378	11580230	11240936	9970059
07/31/2017	11394896	11818351	11649105	10012962
08/31/2017	11405418	11854529	11719754	10102776
09/30/2017	11610589	12099067	11937521	10054658
10/31/2017	11805239	12381403	12168711	10060482
11/30/2017	12005149	12761138	12284121	10047569
12/31/2017	12079277	12903025	12570194	10093682
01/31/2018	12812859	13641774	13259226	9977435
02/28/2018	12492951	13138977	12657550	9882854
03/31/2018	12283356	12805073	12445953	9946233
04/30/2018	12250262	12854207	12631246	9872258
05/31/2018	12382638	13163762	12376879	9942715
06/30/2018	12316450	13244784	12124719	9930486
07/31/2018	12630842	13737670	12377173	9932848
08/31/2018	12972813	14185316	12142621	9996761
09/30/2018	12934203	14266058	12168698	9932386
10/31/2018	11825557	13290971	11145875	9853896
11/30/2018	11979996	13561819	11265158	9912720
12/31/2018	11190076	12337311	10735169	10094830
01/31/2019	11649392	13325972	11538139	10202031
02/28/2019	11792928	13753845	11764199	10196120
03/31/2019	11867567	14021106	11833434	10391905
04/30/2019	12154639	14588816	12128726	10394565
05/31/2019	11339354	13661723	11498809	10579085
06/30/2019	11970913	14624550	12154992	10711939
07/31/2019	11982396	14834736	12012079	10735501
08/31/2019	11666616	14599749	11654357	11013676
09/30/2019	11815894	14872917	11949467	10955017
10/31/2019	12045552	15195060	12378718	10988015
11/30/2019	12303917	15746624	12502536	10982420
12/31/2019	12622467	16221889	13048083	10974766
01/31/2020	12448364	16215528	12693697	11185970
02/29/2020	11484994	14880679	11669981	11387302
03/31/2020	10521624	13042724	9915269	11320289
04/30/2020	10678317	14714720	10725430	11521521
05/31/2020	10753762	15415554	11139894	11575164
06/30/2020	10794386	15722126	11628132	11648078
07/31/2020	11281874	16608620	12133772	11822065
08/31/2020	11978286	17802456	12709606	11726639
09/30/2020	11641687	17126022	12423397	11720211
10/31/2020	11380533	16670576	12161357	11667878
11/30/2020	12645681	18495404	13802408	11782366
12/31/2020	13177016	19206518	14578111	11798601
01/31/2021	13177016	19012613	14597865	11714007
02/28/2021	13643459	19536884	14921477	11544851
03/31/2021	14144886	20392515	15103439	11400694
04/30/2021	14617159	21480839	15583582	11490758
05/31/2021	14786245	21630869	16037320	11528300
06/30/2021	14908686	22135837	15955083	11609298
07/31/2021	15153569	22661672	15745595	11739103
08/31/2021	15491740	23350715	16065240	11716752
09/30/2021	14762923	22264678	15573318	11615309
10/31/2021	15602520	23824581	15899470	11612106
11/30/2021	15270180	23659502	15168808	11646461
12/31/2021	15903061	24719829	15777542	11616661
01/31/2022	15069713	23440651	15109431	11366390
02/28/2022	14583593	22738804	14822255	11239584
03/31/2022	14867689	23583085	14843433	10927327
04/30/2022	13895449	21526597	13887594	10512657
05/31/2022	13838630	21566090	13950898	10580439
06/30/2022	13213619	19785944	12726193	10414452
07/31/2022	13554534	21610296	13206548	10668926
08/31/2022	13156800	20728988	12819249	10367458
09/30/2022	12658053	18819876	11517194	9919517
10/31/2022	12778005	20343559	11851909	9791036
11/30/2022	13106294	21480439	13189235	10151108
12/31/2022	12826749	20242854	13103558	10105319
01/31/2023	13303225	21514792	14130442	10416199
02/28/2023	12871220	20989854	13654796	10146884
03/31/2023	13157106	21760480	13938409	10404640
04/30/2023	13303225	22100127	14165592	10467700
05/31/2023	13150753	22196189	13686094	10353721
06/30/2023	13906762	23662808	14285387	10316793
07/31/2023	14408651	24422975	14888014	10309601
08/31/2023	14021116	24034124	14257435	10243751
09/30/2023	13392167	22888227	13807824	9983439
10/31/2023	12960162	22406967	13207408	9825889
11/30/2023	14059234	24453292	14401619	10270867
12/31/2023	14985612	25564220	15150204	10664025
01/31/2024	15017674	25993808	14976387	10634740
02/29/2024	15710205	27381764	15345340	10484490
03/31/2024	16120594	28262761	15802622	10581303
04/30/2024	15537072	27108381	15535770	10314035
05/31/2024	16216779	28452541	15983211	10488892
06/30/2024	16652817	29473478	15936231	10588193
07/31/2024	16819538	29832240	16346357	10835502
08/31/2024	17185041	30555872	16764653	10991206
09/30/2024	17460771	31208457	17256795	11138371
10/31/2024	17050382	30925440	16424003	10862153
11/30/2024	17640316	32740799	16303574	10976996

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Risk Assist^® Fund - Institutional Class	25.47%	7.47%	7.14%
S&P 500 Total Return Index	33.89%	15.77%	15.51%
S&P Global BMI ex-US Index	13.21%	5.45%	6.12%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.14%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$136.29	1.21%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$1,380,428,065
Number of Portfolio Holdings	73
Total Advisory Fees Paid ($)	$12,859,784
Portfolio Turnover Rate (%)	66%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	94.6%
Common Stocks	4.9%
Purchased Call Options	0.5%
Purchased Put Options^(a)	0.0%
	100.0%


^(a)	Rounds to less than 0.1%.

How did the Fund perform over the past 10 years?

Performance of Hypothetical $10,000 investment (November 30, 2014 to November 30, 2024)

Date	Horizon Active Risk Assist Fund (Inv)	S&P 500 Total Return Index	S&P Global BMI ex-US Index	Bloomberg Aggregate Bond Index
11/30/2014	10000	10000	10000	10000
12/31/2014	9907	9975	9670	10009
01/31/2015	9683	9675	9663	10219
02/28/2015	10185	10231	10162	10123
03/31/2015	10010	10070	10021	10170
04/30/2015	10093	10166	10539	10134
05/31/2015	10102	10297	10417	10109
06/30/2015	9917	10098	10144	9999
07/31/2015	10063	10309	10074	10069
08/31/2015	9463	9687	9336	10054
09/30/2015	9112	9447	8931	10122
10/31/2015	9566	10244	9587	10124
11/30/2015	9571	10275	9423	10097
12/31/2015	9356	10113	9277	10064
01/31/2016	8898	9611	8625	10203
02/29/2016	8789	9598	8543	10275
03/31/2016	9238	10249	9242	10370
04/30/2016	9238	10289	9494	10409
05/31/2016	9243	10474	9354	10412
06/30/2016	9312	10501	9200	10599
07/31/2016	9662	10888	9663	10666
08/31/2016	9588	10903	9716	10654
09/30/2016	9598	10905	9850	10648
10/31/2016	9420	10706	9693	10566
11/30/2016	9514	11103	9459	10316
12/31/2016	9650	11322	9689	10331
01/31/2017	9844	11537	10038	10351
02/28/2017	10128	11995	10221	10421
03/31/2017	10232	12009	10469	10415
04/30/2017	10361	12132	10704	10496
05/31/2017	10545	12303	11044	10576
06/30/2017	10521	12380	11082	10566
07/31/2017	10754	12635	11484	10611
08/31/2017	10764	12673	11554	10706
09/30/2017	10953	12935	11769	10655
10/31/2017	11142	13237	11997	10662
11/30/2017	11326	13642	12110	10648
12/31/2017	11395	13794	12392	10697
01/31/2018	12087	14584	13072	10574
02/28/2018	11785	14046	12478	10473
03/31/2018	11588	13689	12270	10540
04/30/2018	11551	13742	12453	10462
05/31/2018	11681	14073	12202	10537
06/30/2018	11614	14160	11953	10524
07/31/2018	11910	14686	12202	10526
08/31/2018	12228	15165	11971	10594
09/30/2018	12191	15251	11997	10526
10/31/2018	11150	14209	10988	10443
11/30/2018	11291	14498	11106	10505
12/31/2018	10547	13189	10583	10698
01/31/2019	10975	14246	11375	10812
02/28/2019	11110	14704	11598	10805
03/31/2019	11175	14989	11666	11013
04/30/2019	11446	15596	11957	11016
05/31/2019	10677	14605	11336	11211
06/30/2019	11273	15635	11983	11352
07/31/2019	11283	15859	11842	11377
08/31/2019	10980	15608	11489	11672
09/30/2019	11121	15900	11780	11610
10/31/2019	11338	16245	12204	11645
11/30/2019	11576	16834	12326	11639
12/31/2019	11878	17342	12864	11630
01/31/2020	11714	17335	12514	11854
02/29/2020	10806	15908	11505	12068
03/31/2020	9899	13944	9775	11997
04/30/2020	10046	15731	10574	12210
05/31/2020	10112	16480	10982	12267
06/30/2020	10150	16808	11464	12344
07/31/2020	10609	17756	11962	12528
08/31/2020	11260	19032	12530	12427
09/30/2020	10943	18309	12248	12420
10/31/2020	10702	17822	11989	12365
11/30/2020	11889	19773	13607	12486
12/31/2020	12384	20533	14372	12504
01/31/2021	12384	20326	14391	12414
02/28/2021	12823	20886	14710	12235
03/31/2021	13295	21801	14890	12082
04/30/2021	13734	22964	15363	12177
05/31/2021	13893	23125	15810	12217
06/30/2021	14009	23665	15729	12303
07/31/2021	14239	24227	15523	12440
08/31/2021	14552	24963	15838	12417
09/30/2021	13866	23802	15353	12309
10/31/2021	14657	25470	15675	12306
11/30/2021	14344	25294	14954	12342
12/31/2021	14932	26427	15554	12311
01/31/2022	14148	25060	14896	12046
02/28/2022	13690	24309	14613	11911
03/31/2022	13958	25212	14633	11580
04/30/2022	13049	23013	13691	11141
05/31/2022	12995	23056	13754	11213
06/30/2022	12407	21152	12546	11037
07/31/2022	12728	23103	13020	11306
08/31/2022	12348	22161	12638	10987
09/30/2022	11879	20120	11354	10512
10/31/2022	11992	21749	11684	10376
11/30/2022	12301	22964	13003	10758
12/31/2022	12038	21641	12918	10709
01/31/2023	12479	23001	13931	11039
02/28/2023	12079	22440	13462	10753
03/31/2023	12342	23263	13741	11026
04/30/2023	12479	23626	13965	11093
05/31/2023	12330	23729	13492	10972
06/30/2023	13041	25297	14083	10933
07/31/2023	13512	26110	14677	10926
08/31/2023	13148	25694	14056	10856
09/30/2023	12557	24469	13612	10580
10/31/2023	12151	23955	13021	10413
11/30/2023	13178	26142	14198	10885
12/31/2023	14047	27330	14936	11301
01/31/2024	14077	27789	14765	11270
02/29/2024	14721	29273	15128	11111
03/31/2024	15101	30215	15579	11214
04/30/2024	14553	28981	15316	10930
05/31/2024	15191	30418	15757	11116
06/30/2024	15600	31509	15711	11221
07/31/2024	15757	31893	16115	11483
08/31/2024	16094	32666	16527	11648
09/30/2024	16347	33364	17013	11804
10/31/2024	15962	33061	16192	11511
11/30/2024	16510	35002	16073	11633

Average Annual Returns

November 30, 2024

	One Year	Five Years	Ten Years
Horizon Active Risk Assist^® Fund - Investor Class	25.28%	7.36%	5.14%
S&P 500 Total Return Index	33.89%	15.77%	13.35%
S&P Global BMI ex-US Index	13.21%	5.45%	4.86%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.52%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$121.28	1.17%

How did the Fund perform during the reporting period?

The Horizon Active Income Fund looks to generate income by seeking to improve the return characteristics of traditional fixed income portfolios by opportunistically adding exposure to non-traditional fixed income market segments. For the year ending November 30, 2024, the Fund delivered on these expectations in terms of return and risk.

The Fund's active process was generally tilted toward corporate credit, including high yield, and away from higher quality U.S. government debt during the period. The Fund's duration profile was dynamic during the period, responding to shifts in interest rates and Fed expectations with an eye toward mean reversion. Interest rates were volatile but rangebound over the period, while credit spreads tightened meaningfully toward their multi-year lows.

The key drivers of Fund performance include high yield corporate credit allocations and a tactical core plus bond holding focused on mortgage-backed securities. Allocations to short-term investment grade corporate credit and Treasury Inflation Protected Securities were the biggest detractors to relative performance over the period.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$237,589,110
Number of Portfolio Holdings	29
Total Advisory Fees Paid ($)	$1,760,181
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Active Income Fund (Adv)	Bloomberg Aggregate Bond Index
02/08/2016	10000	10000
02/29/2016	10010	10005
03/31/2016	10061	10097
04/30/2016	10102	10135
05/31/2016	10078	10138
06/30/2016	10262	10320
07/31/2016	10312	10385
08/31/2016	10327	10374
09/30/2016	10307	10367
10/31/2016	10194	10288
11/30/2016	9826	10045
12/31/2016	9883	10059
01/31/2017	9966	10079
02/28/2017	10057	10146
03/31/2017	10057	10141
04/30/2017	10150	10219
05/31/2017	10228	10298
06/30/2017	10228	10288
07/31/2017	10301	10332
08/31/2017	10333	10425
09/30/2017	10281	10375
10/31/2017	10270	10381
11/30/2017	10249	10368
12/31/2017	10287	10415
01/31/2018	10181	10295
02/28/2018	10064	10198
03/31/2018	10074	10263
04/30/2018	10021	10187
05/31/2018	10022	10259
06/30/2018	10032	10247
07/31/2018	10064	10249
08/31/2018	10152	10315
09/30/2018	10076	10249
10/31/2018	9914	10168
11/30/2018	9882	10229
12/31/2018	9795	10416
01/31/2019	9970	10527
02/28/2019	10002	10521
03/31/2019	10155	10723
04/30/2019	10177	10726
05/31/2019	10267	10916
06/30/2019	10411	11053
07/31/2019	10388	11078
08/31/2019	10571	11365
09/30/2019	10527	11304
10/31/2019	10549	11338
11/30/2019	10527	11332
12/31/2019	10622	11324
01/31/2020	10746	11542
02/29/2020	10768	11750
03/31/2020	10476	11681
04/30/2020	10701	11889
05/31/2020	10791	11944
06/30/2020	10814	12019
07/31/2020	11130	12199
08/31/2020	11124	12100
09/30/2020	11056	12094
10/31/2020	10999	12040
11/30/2020	11260	12158
12/31/2020	11397	12175
01/31/2021	11317	12087
02/28/2021	11212	11913
03/31/2021	11063	11764
04/30/2021	11177	11857
05/31/2021	11195	11896
06/30/2021	11321	11979
07/31/2021	11367	12113
08/31/2021	11381	12090
09/30/2021	11301	11985
10/31/2021	11301	11982
11/30/2021	11254	12018
12/31/2021	11292	11987
01/31/2022	10991	11729
02/28/2022	10829	11598
03/31/2022	10539	11275
04/30/2022	10075	10848
05/31/2022	10049	10918
06/30/2022	9921	10746
07/31/2022	10084	11009
08/31/2022	9863	10698
09/30/2022	9490	10236
10/31/2022	9385	10103
11/30/2022	9665	10475
12/31/2022	9597	10427
01/31/2023	9914	10748
02/28/2023	9667	10470
03/31/2023	9820	10736
04/30/2023	9843	10801
05/31/2023	9732	10684
06/30/2023	9744	10645
07/31/2023	9756	10638
08/31/2023	9678	10570
09/30/2023	9402	10302
10/31/2023	9223	10139
11/30/2023	9690	10598
12/31/2023	10066	11004
01/31/2024	10041	10974
02/29/2024	9923	10819
03/31/2024	10021	10918
04/30/2024	9789	10643
05/31/2024	9930	10823
06/30/2024	10004	10926
07/31/2024	10214	11181
08/31/2024	10348	11341
09/30/2024	10473	11493
10/31/2024	10273	11208
11/30/2024	10398	11327

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (02/08/2016)
Horizon Active Income Fund - Advisor Class	7.31%	-0.25%	0.44%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.42%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$96.51	0.93%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$237,589,110
Number of Portfolio Holdings	29
Total Advisory Fees Paid ($)	$1,760,181
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10 million investment (Inception to November 30, 2024)

Date	Horizon Active Income Fund - Institutional Class	Bloomberg Aggregate Bond Index
09/09/2016	10000000	10000000
09/30/2016	10050000	10047372
10/31/2016	9930000	9970520
11/30/2016	9570000	9734680
12/31/2016	9619109	9748410
01/31/2017	9700027	9767538
02/28/2017	9792013	9833185
03/31/2017	9792013	9828029
04/30/2017	9893380	9903872
05/31/2017	9964772	9980104
06/30/2017	9964772	9970059
07/31/2017	10036241	10012962
08/31/2017	10074538	10102776
09/30/2017	10023137	10054658
10/31/2017	10012857	10060482
11/30/2017	9992297	10047569
12/31/2017	10032419	10093682
01/31/2018	9938949	9977435
02/28/2018	9824709	9882854
03/31/2018	9835094	9946233
04/30/2018	9783166	9872258
05/31/2018	9782506	9942715
06/30/2018	9803476	9930486
07/31/2018	9834931	9932848
08/31/2018	9913608	9996761
09/30/2018	9850127	9932386
10/31/2018	9691424	9853896
11/30/2018	9659684	9912720
12/31/2018	9571917	10094830
01/31/2019	9744190	10202031
02/28/2019	9779468	10196120
03/31/2019	9941379	10391905
04/30/2019	9952173	10394565
05/31/2019	10045983	10579085
06/30/2019	10187323	10711939
07/31/2019	10165578	10735501
08/31/2019	10351958	11013676
09/30/2019	10308186	10955017
10/31/2019	10341015	10988015
11/30/2019	10319129	10982420
12/31/2019	10389401	10974766
01/31/2020	10511238	11185970
02/29/2020	10553343	11387302
03/31/2020	10264210	11320289
04/30/2020	10486620	11521521
05/31/2020	10570616	11575164
06/30/2020	10604138	11648078
07/31/2020	10905836	11822065
08/31/2020	10914584	11726639
09/30/2020	10847348	11720211
10/31/2020	10780113	11667878
11/30/2020	11049055	11782366
12/31/2020	11186649	11798601
01/31/2021	11107551	11714007
02/28/2021	11014598	11544851
03/31/2021	10867284	11400694
04/30/2021	10969271	11490758
05/31/2021	10993752	11528300
06/30/2021	11118939	11609298
07/31/2021	11175843	11739103
08/31/2021	11196636	11716752
09/30/2021	11105142	11615309
10/31/2021	11116579	11612106
11/30/2021	11070832	11646461
12/31/2021	11109775	11616661
01/31/2022	10810134	11366390
02/28/2022	10653290	11239584
03/31/2022	10376281	10927327
04/30/2022	9914600	10512657
05/31/2022	9894992	10580439
06/30/2022	9779125	10414452
07/31/2022	9941338	10668926
08/31/2022	9729496	10367458
09/30/2022	9357963	9919517
10/31/2022	9253470	9791036
11/30/2022	9532119	10151108
12/31/2022	9463019	10105319
01/31/2023	9779626	10416199
02/28/2023	9536792	10146884
03/31/2023	9689663	10404640
04/30/2023	9724941	10467700
05/31/2023	9602949	10353721
06/30/2023	9626690	10316793
07/31/2023	9638560	10309601
08/31/2023	9554969	10243751
09/30/2023	9291549	9983439
10/31/2023	9111944	9825889
11/30/2023	9578916	10270867
12/31/2023	9951782	10664025
01/31/2024	9927391	10634740
02/29/2024	9814242	10484490
03/31/2024	9900010	10581303
04/30/2024	9679465	10314035
05/31/2024	9826490	10488892
06/30/2024	9888369	10588193
07/31/2024	10111136	10835502
08/31/2024	10239617	10991206
09/30/2024	10364643	11138371
10/31/2024	10164602	10862153
11/30/2024	10302130	10976996

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (09/09/2016)
Horizon Active Income Fund - Institutional Class	7.55%	-0.03%	0.36%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.14%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$106.92	1.03%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$237,589,110
Number of Portfolio Holdings	29
Total Advisory Fees Paid ($)	$1,760,181
Portfolio Turnover Rate (%)	90%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%
	100.0%

How did the Fund perform over the past 10 years?

Performance of Hypothetical $10,000 investment (November 30, 2014 to November 30, 2024)

Date	Horizon Active Income Fund (Inv)	Bloomberg Aggregate Bond Index
11/30/2014	10000	10000
12/31/2014	10001	10009
01/31/2015	10249	10219
02/28/2015	10149	10123
03/31/2015	10159	10170
04/30/2015	10109	10134
05/31/2015	10029	10109
06/30/2015	9869	9999
07/31/2015	9909	10069
08/31/2015	9856	10054
09/30/2015	9866	10122
10/31/2015	9896	10124
11/30/2015	9882	10097
12/31/2015	9833	10064
01/31/2016	9883	10203
02/29/2016	9934	10275
03/31/2016	9994	10370
04/30/2016	10004	10409
05/31/2016	9989	10412
06/30/2016	10160	10599
07/31/2016	10200	10666
08/31/2016	10219	10654
09/30/2016	10178	10648
10/31/2016	10057	10566
11/30/2016	9682	10316
12/31/2016	9743	10331
01/31/2017	9815	10351
02/28/2017	9914	10421
03/31/2017	9914	10415
04/30/2017	10007	10496
05/31/2017	10073	10576
06/30/2017	10073	10566
07/31/2017	10145	10611
08/31/2017	10190	10706
09/30/2017	10138	10655
10/31/2017	10117	10662
11/30/2017	10107	10648
12/31/2017	10142	10697
01/31/2018	10048	10574
02/28/2018	9922	10473
03/31/2018	9943	10540
04/30/2018	9890	10462
05/31/2018	9886	10537
06/30/2018	9897	10524
07/31/2018	9929	10526
08/31/2018	10011	10594
09/30/2018	9947	10526
10/31/2018	9787	10443
11/30/2018	9745	10505
12/31/2018	9658	10698
01/31/2019	9831	10812
02/28/2019	9876	10805
03/31/2019	10029	11013
04/30/2019	10050	11016
05/31/2019	10143	11211
06/30/2019	10274	11352
07/31/2019	10263	11377
08/31/2019	10438	11672
09/30/2019	10394	11610
10/31/2019	10427	11645
11/30/2019	10405	11639
12/31/2019	10495	11630
01/31/2020	10618	11854
02/29/2020	10659	12068
03/31/2020	10379	11997
04/30/2020	10591	12210
05/31/2020	10684	12267
06/30/2020	10707	12344
07/31/2020	11022	12528
08/31/2020	11028	12427
09/30/2020	10961	12420
10/31/2020	10893	12365
11/30/2020	11164	12486
12/31/2020	11298	12504
01/31/2021	11219	12414
02/28/2021	11114	12235
03/31/2021	10966	12082
04/30/2021	11080	12177
05/31/2021	11101	12217
06/30/2021	11227	12303
07/31/2021	11285	12440
08/31/2021	11291	12417
09/30/2021	11211	12309
10/31/2021	11211	12306
11/30/2021	11176	12342
12/31/2021	11210	12311
01/31/2022	10909	12046
02/28/2022	10750	11911
03/31/2022	10471	11580
04/30/2022	9996	11141
05/31/2022	9974	11213
06/30/2022	9857	11037
07/31/2022	10020	11306
08/31/2022	9805	10987
09/30/2022	9432	10512
10/31/2022	9327	10376
11/30/2022	9607	10758
12/31/2022	9534	10709
01/31/2023	9864	11039
02/28/2023	9607	10753
03/31/2023	9760	11026
04/30/2023	9795	11093
05/31/2023	9682	10972
06/30/2023	9694	10933
07/31/2023	9706	10926
08/31/2023	9619	10856
09/30/2023	9355	10580
10/31/2023	9175	10413
11/30/2023	9643	10885
12/31/2023	10014	11301
01/31/2024	9989	11270
02/29/2024	9874	11111
03/31/2024	9973	11214
04/30/2024	9739	10930
05/31/2024	9884	11116
06/30/2024	9958	11221
07/31/2024	10169	11483
08/31/2024	10308	11648
09/30/2024	10433	11804
10/31/2024	10233	11511
11/30/2024	10358	11633

Average Annual Returns

November 30, 2024

	One Year	Five Years	Ten Years
Horizon Active Income Fund - Investor Class	7.41%	-0.09%	0.35%
Bloomberg Aggregate Bond Index	6.88%	-0.01%	1.52%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$162.40	1.41%

How did the Fund perform during the reporting period?

The Horizon Equity Premium Income Fund consists of an underlying equity portfolio of large-cap stocks tilted towards dividend paying securities, and a covered call strategy that sells short maturity out-of-the money call options on a portion of the Fund's total assets. The goal of this combined portfolio is capital appreciation and income. For the year ending November 30, 2024, the Fund outperformed expectations in a strong up market for domestic equities.

The Fund's stock selection process aims to deliver a portfolio of stocks that Horizon Investments believes are high quality with balanced fundamentals, while maintaining modest sector deviations from broad markets. The Fund's underlying equity portfolio captured a majority of the gains in broad large-cap stocks during the period, a better-than-expected result given the narrow mega-cap led market environment.

The covered call option overlay detracted from performance during the period by capping some of the gains in the Fund relative to its underlying equity portfolio. Some of this headwind to performance was mitigated by two design choices for the call overlay: covering only a portion of the Funds assets and selecting short maturity options.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$123,916,189
Number of Portfolio Holdings	201
Total Advisory Fees Paid ($)	$806,714
Portfolio Turnover Rate (%)	23%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.4%
Investment Companies	0.6%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Equity Premium Income Fund (Adv)	S&P 500 Total Return Index	S&P 500 Buy/Write Monthly Index
06/20/2017	10000	10000	10000
06/30/2017	10026	9948	10003
07/31/2017	10171	10153	10135
08/31/2017	10224	10184	10163
09/30/2017	10485	10394	10257
10/31/2017	10577	10636	10318
11/30/2017	10928	10962	10475
12/31/2017	11346	11084	10543
01/31/2018	11858	11719	10644
02/28/2018	11251	11287	10493
03/31/2018	11175	11000	10379
04/30/2018	11119	11042	10517
05/31/2018	11269	11308	10737
06/30/2018	11455	11378	10731
07/31/2018	11920	11801	11045
08/31/2018	11966	12186	11255
09/30/2018	11844	12255	11258
10/31/2018	11212	11418	10644
11/30/2018	11427	11650	10882
12/31/2018	10380	10598	10041
01/31/2019	11203	11448	10385
02/28/2019	11368	11815	10534
03/31/2019	11317	12045	10720
04/30/2019	11625	12533	10888
05/31/2019	10905	11736	10539
06/30/2019	11606	12563	11072
07/31/2019	11711	12744	11189
08/31/2019	11144	12542	11062
09/30/2019	11456	12777	11133
10/31/2019	11615	13053	11363
11/30/2019	11828	13527	11510
12/31/2019	12147	13935	11616
01/31/2020	11700	13930	11484
02/29/2020	10641	12783	10617
03/31/2020	9063	11204	9034
04/30/2020	9859	12641	9454
05/31/2020	10096	13243	9872
06/30/2020	10034	13506	9860
07/31/2020	10367	14268	10240
08/31/2020	10719	15293	10506
09/30/2020	10580	14712	10503
10/31/2020	10267	14321	10121
11/30/2020	11408	15888	11099
12/31/2020	11740	16499	11296
01/31/2021	11648	16333	11308
02/28/2021	12016	16783	11425
03/31/2021	12854	17518	11943
04/30/2021	13127	18453	12041
05/31/2021	13466	18582	12274
06/30/2021	13275	19016	12550
07/31/2021	13397	19467	12612
08/31/2021	13599	20059	12943
09/30/2021	12853	19126	12720
10/31/2021	13542	20466	13313
11/30/2021	13285	20325	13114
12/31/2021	14108	21236	13608
01/31/2022	13729	20137	13270
02/28/2022	13436	19534	13179
03/31/2022	14000	20259	13720
04/30/2022	13221	18492	13072
05/31/2022	13631	18526	12584
06/30/2022	12407	16997	12221
07/31/2022	12992	18564	12697
08/31/2022	12555	17807	12088
09/30/2022	11508	16167	11294
10/31/2022	12823	17476	11987
11/30/2022	13515	18453	12219
12/31/2022	13113	17390	12062
01/31/2023	13343	18482	12566
02/28/2023	12901	18031	12546
03/31/2023	12892	18693	12779
04/30/2023	13087	18985	12926
05/31/2023	12607	19068	13050
06/30/2023	13210	20328	13324
07/31/2023	13651	20981	13515
08/31/2023	13352	20646	13301
09/30/2023	12979	19662	12946
10/31/2023	12677	19249	12858
11/30/2023	13424	21007	13230
12/31/2023	13908	21961	13488
01/31/2024	14183	22330	13726
02/29/2024	14843	23522	13991
03/31/2024	15314	24279	14299
04/30/2024	14782	23287	14105
05/31/2024	15321	24442	14259
06/30/2024	15801	25319	14511
07/31/2024	16038	25627	14676
08/31/2024	16429	26249	15104
09/30/2024	16787	26810	15316
10/31/2024	16732	26566	15239
11/30/2024	17498	28126	15849

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (06/20/2017)
Horizon Equity Premium Income Fund - Advisor Class	30.35%	8.15%	7.80%
S&P 500 Total Return Index	33.89%	15.77%	14.90%
S&P 500 Buy/Write Monthly Index	19.80%	6.61%	6.38%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$144.10	1.25%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$123,916,189
Number of Portfolio Holdings	201
Total Advisory Fees Paid ($)	$806,714
Portfolio Turnover Rate (%)	23%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.4%
Investment Companies	0.6%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Equity Premium Income Fund (Inv)	S&P 500 Total Return Index	S&P 500 Buy/Write Monthly Index
12/28/2016	10000	10000	10000
12/31/2016	9996	9952	9965
01/31/2017	10012	10140	10186
02/28/2017	10388	10543	10327
03/31/2017	10496	10555	10364
04/30/2017	10602	10664	10459
05/31/2017	10761	10814	10646
06/30/2017	10974	10881	10683
07/31/2017	11123	11105	10824
08/31/2017	11172	11139	10854
09/30/2017	11458	11369	10954
10/31/2017	11559	11634	11019
11/30/2017	11945	11991	11187
12/31/2017	12403	12124	11260
01/31/2018	12965	12818	11367
02/28/2018	12300	12346	11206
03/31/2018	12220	12032	11084
04/30/2018	12161	12078	11232
05/31/2018	12327	12369	11467
06/30/2018	12530	12445	11461
07/31/2018	13040	12909	11796
08/31/2018	13094	13329	12020
09/30/2018	12961	13405	12023
10/31/2018	12271	12489	11367
11/30/2018	12509	12743	11622
12/31/2018	11363	11593	10723
01/31/2019	12267	12522	11091
02/28/2019	12448	12924	11251
03/31/2019	12394	13175	11449
04/30/2019	12734	13708	11628
05/31/2019	11945	12837	11255
06/30/2019	12716	13742	11824
07/31/2019	12830	13939	11949
08/31/2019	12213	13719	11813
09/30/2019	12556	13975	11890
10/31/2019	12733	14278	12136
11/30/2019	12968	14796	12292
12/31/2019	13318	15243	12405
01/31/2020	12830	15237	12265
02/29/2020	11670	13983	11338
03/31/2020	9939	12256	9648
04/30/2020	10814	13827	10096
05/31/2020	11077	14485	10543
06/30/2020	11011	14773	10531
07/31/2020	11376	15606	10936
08/31/2020	11765	16728	11220
09/30/2020	11613	16092	11217
10/31/2020	11271	15664	10809
11/30/2020	12526	17379	11853
12/31/2020	12887	18047	12063
01/31/2021	12789	17865	12077
02/28/2021	13194	18358	12202
03/31/2021	14117	19162	12755
04/30/2021	14415	20184	12859
05/31/2021	14792	20325	13108
06/30/2021	14585	20800	13403
07/31/2021	14718	21294	13470
08/31/2021	14944	21941	13822
09/30/2021	14124	20921	13584
10/31/2021	14884	22387	14218
11/30/2021	14603	22231	14006
12/31/2021	15511	23228	14533
01/31/2022	15099	22026	14172
02/28/2022	14775	21366	14075
03/31/2022	15401	22160	14653
04/30/2022	14546	20227	13961
05/31/2022	14998	20264	13440
06/30/2022	13655	18592	13052
07/31/2022	14299	20306	13560
08/31/2022	13819	19478	12910
09/30/2022	12667	17684	12062
10/31/2022	14116	19116	12801
11/30/2022	14881	20184	13050
12/31/2022	14441	19021	12881
01/31/2023	14694	20216	13420
02/28/2023	14212	19723	13399
03/31/2023	14202	20447	13648
04/30/2023	14419	20766	13805
05/31/2023	13893	20857	13937
06/30/2023	14559	22235	14230
07/31/2023	15047	22949	14434
08/31/2023	14721	22584	14205
09/30/2023	14309	21507	13826
10/31/2023	13981	21055	13732
11/30/2023	14805	22977	14129
12/31/2023	15342	24021	14404
01/31/2024	15649	24425	14659
02/29/2024	16376	25729	14942
03/31/2024	16899	26557	15271
04/30/2024	16314	25472	15064
05/31/2024	16913	26735	15228
06/30/2024	17443	27695	15498
07/31/2024	17709	28032	15674
08/31/2024	18143	28712	16130
09/30/2024	18541	29325	16357
10/31/2024	18480	29059	16275
11/30/2024	19329	30765	16926

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (12/28/2016)
Horizon Equity Premium Income Fund - Investor Class	30.56%	8.31%	8.67%
S&P 500 Total Return Index	33.89%	15.77%	15.24%
S&P 500 Buy/Write Monthly Index	19.80%	6.61%	6.87%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$163.99	1.50%

How did the Fund perform during the reporting period?

The Horizon Defined Risk Fund performed in line with its objectives of capital appreciation and capital preservation in the year ended November 30, 2024. The Fund pursues its objective by investing in a basket of U.S. large-cap equities that track the S&P 500 Index, while seeking to generate income, hedge volatility, and reduce downside risk by buying and selling put and call options.

The Fund is expected to underperform the S&P 500 Index in an up market while realizing less volatility. Given the strong upward trend in domestic equity markets, the Fund performed in line with its expectations in terms of return and risk during the period.

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

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$689,972,110
Number of Portfolio Holdings	514
Total Advisory Fees Paid ($)	$4,856,161
Portfolio Turnover Rate (%)	8%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.0%
Purchased Put Options	0.7%
Investment Companies	0.3%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Defined Risk Fund (Adv)	Bloomberg US Treasury 1-3 Years Index	S&P 500 Total Return Index
02/02/2018	10000	10000	10000
02/28/2018	9921	9998	9844
03/31/2018	9688	10018	9594
04/30/2018	9707	10000	9631
05/31/2018	9814	10038	9863
06/30/2018	9860	10039	9923
07/31/2018	10077	10037	10293
08/31/2018	10263	10070	10628
09/30/2018	10318	10058	10688
10/31/2018	10012	10072	9958
11/30/2018	10077	10109	10161
12/31/2018	9594	10190	9243
01/31/2019	9864	10217	9984
02/28/2019	9991	10227	10305
03/31/2019	10110	10291	10505
04/30/2019	10298	10312	10930
05/31/2019	9989	10388	10236
06/30/2019	10338	10442	10957
07/31/2019	10459	10430	11114
08/31/2019	10350	10515	10938
09/30/2019	10426	10503	11143
10/31/2019	10567	10538	11384
11/30/2019	10733	10534	11798
12/31/2019	10846	10556	12154
01/31/2020	10818	10615	12149
02/29/2020	10151	10710	11149
03/31/2020	9525	10847	9772
04/30/2020	10060	10862	11025
05/31/2020	10275	10870	11550
06/30/2020	10331	10874	11779
07/31/2020	10678	10884	12444
08/31/2020	10991	10882	13338
09/30/2020	10933	10885	12831
10/31/2020	10734	10880	12490
11/30/2020	11354	10884	13857
12/31/2020	11612	10890	14390
01/31/2021	11536	10893	14245
02/28/2021	11656	10887	14637
03/31/2021	11688	10884	15278
04/30/2021	11962	10888	16094
05/31/2021	11982	10899	16206
06/30/2021	12198	10880	16585
07/31/2021	12393	10899	16979
08/31/2021	12591	10898	17495
09/30/2021	12297	10887	16681
10/31/2021	12787	10852	17850
11/30/2021	12741	10847	17726
12/31/2021	13109	10824	18521
01/31/2022	12706	10748	17562
02/28/2022	12249	10704	17036
03/31/2022	12471	10553	17669
04/30/2022	11854	10502	16128
05/31/2022	11950	10565	16158
06/30/2022	11533	10498	14824
07/31/2022	12002	10542	16191
08/31/2022	11892	10458	15531
09/30/2022	11395	10335	14100
10/31/2022	11886	10325	15242
11/30/2022	12251	10393	16094
12/31/2022	11909	10411	15166
01/31/2023	12342	10488	16119
02/28/2023	12214	10407	15726
03/31/2023	12405	10577	16303
04/30/2023	12561	10605	16558
05/31/2023	12624	10568	16630
06/30/2023	12947	10513	17729
07/31/2023	13069	10550	18298
08/31/2023	13130	10591	18007
09/30/2023	12878	10587	17148
10/31/2023	12832	10624	16788
11/30/2023	13368	10734	18321
12/31/2023	13668	10858	19153
01/31/2024	13814	10897	19475
02/29/2024	14099	10850	20515
03/31/2024	14280	10888	21175
04/30/2024	14154	10847	20310
05/31/2024	14534	10923	21317
06/30/2024	14766	10987	22082
07/31/2024	14849	11115	22351
08/31/2024	15159	11216	22893
09/30/2024	15392	11306	23382
10/31/2024	15390	11238	23170
11/30/2024	15862	11270	24530

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (02/02/2018)
Horizon Defined Risk Fund - Advisor Class	18.66%	8.13%	6.99%
Bloomberg US Treasury 1-3 Years Index	4.99%	1.36%	1.77%
S&P 500 Total Return Index	33.89%	15.77%	14.05%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$145.54	1.33%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$689,972,110
Number of Portfolio Holdings	514
Total Advisory Fees Paid ($)	$4,856,161
Portfolio Turnover Rate (%)	8%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.0%
Purchased Put Options	0.7%
Investment Companies	0.3%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Defined Risk Fund (Inv)	Bloomberg US Treasury 1-3 Years Index	S&P 500 Total Return Index
12/28/2017	10000	10000	10000
12/31/2017	9986	10005	9949
01/31/2018	10206	9974	10518
02/28/2018	10032	9969	10131
03/31/2018	9796	9989	9873
04/30/2018	9818	9972	9911
05/31/2018	9928	10009	10150
06/30/2018	9974	10010	10212
07/31/2018	10196	10008	10592
08/31/2018	10384	10041	10938
09/30/2018	10442	10029	11000
10/31/2018	10132	10044	10248
11/30/2018	10200	10080	10457
12/31/2018	9711	10161	9513
01/31/2019	9987	10188	10275
02/28/2019	10115	10198	10605
03/31/2019	10238	10262	10811
04/30/2019	10431	10282	11249
05/31/2019	10120	10358	10534
06/30/2019	10474	10412	11276
07/31/2019	10598	10400	11438
08/31/2019	10488	10485	11257
09/30/2019	10566	10473	11468
10/31/2019	10711	10508	11716
11/30/2019	10882	10503	12141
12/31/2019	10995	10526	12508
01/31/2020	10969	10584	12503
02/29/2020	10295	10679	11474
03/31/2020	9662	10816	10057
04/30/2020	10204	10831	11346
05/31/2020	10424	10839	11886
06/30/2020	10481	10843	12122
07/31/2020	10837	10853	12806
08/31/2020	11155	10851	13726
09/30/2020	11096	10854	13205
10/31/2020	10896	10849	12854
11/30/2020	11527	10853	14261
12/31/2020	11788	10859	14809
01/31/2021	11715	10862	14660
02/28/2021	11839	10856	15064
03/31/2021	11872	10853	15724
04/30/2021	12152	10857	16563
05/31/2021	12173	10867	16678
06/30/2021	12394	10849	17068
07/31/2021	12594	10868	17473
08/31/2021	12797	10867	18004
09/30/2021	12498	10856	17167
10/31/2021	12999	10820	18370
11/30/2021	12954	10816	18243
12/31/2021	13329	10793	19060
01/31/2022	12921	10717	18074
02/28/2022	12460	10673	17533
03/31/2022	12687	10522	18184
04/30/2022	12058	10472	16598
05/31/2022	12162	10534	16628
06/30/2022	11740	10468	15256
07/31/2022	12219	10512	16662
08/31/2022	12107	10428	15983
09/30/2022	11601	10306	14511
10/31/2022	12105	10296	15686
11/30/2022	12478	10363	16562
12/31/2022	12129	10381	15608
01/31/2023	12573	10458	16589
02/28/2023	12445	10377	16184
03/31/2023	12639	10547	16778
04/30/2023	12801	10575	17040
05/31/2023	12867	10538	17114
06/30/2023	13199	10483	18245
07/31/2023	13326	10519	18831
08/31/2023	13388	10560	18531
09/30/2023	13133	10557	17648
10/31/2023	13087	10593	17277
11/30/2023	13635	10703	18855
12/31/2023	13945	10827	19711
01/31/2024	14095	10866	20042
02/29/2024	14388	10819	21113
03/31/2024	14575	10857	21792
04/30/2024	14446	10816	20902
05/31/2024	14836	10892	21938
06/30/2024	15075	10956	22725
07/31/2024	15162	11083	23002
08/31/2024	15480	11183	23560
09/30/2024	15721	11274	24063
10/31/2024	15721	11206	23845
11/30/2024	16205	11238	25245

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (12/28/2017)
Horizon Defined Risk Fund - Investor Class	18.85%	8.29%	7.22%
Bloomberg US Treasury 1-3 Years Index	4.99%	1.36%	1.70%
S&P 500 Total Return Index	33.89%	15.77%	14.31%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$135.81	1.19%

How did the Fund perform during the reporting period?

The Horizon Multi-Factor U.S. Equity Fund is actively managed, selecting and weighting securities using a proprietary quantitative approach to allocate the Fund's portfolio between issuers, sectors, and/or factors (e.g. value, momentum, quality, and volatility). This process is designed to be defensive in nature in order to help the Fund navigate volatile market swings. The Fund's defensive bias resulted in smaller gains than those for the S&P 500 Index given strong market returns for the year ending November 30, 2024.

The Fund is expected to outperform the S&P 500 Index in a down market and underperform it in an up market, while realizing less volatility across all market environments. Given the strong upward trend in domestic large-cap equities during the period, the Fund met expectations by realizing a more defensive return profile.

The Fund's approach seeks diversification across styles and characteristics to construct a balanced portfolio. This process resulted in lower average weights to several mega-cap names during the period. The narrow and concentrated leadership in equity markets was a headwind to Fund performance.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$598,878,346
Number of Portfolio Holdings	157
Total Advisory Fees Paid ($)	$3,394,770
Portfolio Turnover Rate (%)	164%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.7%
Investment Companies	0.3%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Multi-Factor US Equity Fund (Adv)	S&P 500 Total Return Index	MSCI USA Minimum Volatility Index
01/31/2020	10000	10000	10000
02/29/2020	9123	9177	9189
03/31/2020	8166	8043	8096
04/30/2020	8593	9074	8849
05/31/2020	9009	9507	9235
06/30/2020	9032	9696	9138
07/31/2020	9577	10242	9549
08/31/2020	10130	10979	9824
09/30/2020	9752	10561	9665
10/31/2020	9554	10281	9333
11/30/2020	10355	11406	10099
12/31/2020	10566	11845	10335
01/31/2021	10501	11725	10058
02/28/2021	10876	12048	10020
03/31/2021	11426	12576	10574
04/30/2021	11908	13247	11003
05/31/2021	12164	13340	11094
06/30/2021	12107	13651	11297
07/31/2021	12420	13975	11691
08/31/2021	12799	14400	11919
09/30/2021	12099	13730	11327
10/31/2021	12849	14692	11946
11/30/2021	12791	14591	11710
12/31/2021	13451	15245	12505
01/31/2022	12724	14456	11768
02/28/2022	12509	14023	11409
03/31/2022	13011	14544	12035
04/30/2022	12122	13275	11403
05/31/2022	12289	13300	11401
06/30/2022	11390	12202	10935
07/31/2022	12069	13327	11493
08/31/2022	11739	12783	11142
09/30/2022	10816	11606	10343
10/31/2022	11978	12546	11152
11/30/2022	12562	13247	11796
12/31/2022	11994	12484	11357
01/31/2023	12296	13268	11524
02/28/2023	11927	12944	11129
03/31/2023	12157	13420	11504
04/30/2023	12431	13629	11677
05/31/2023	12316	13688	11298
06/30/2023	13026	14593	11809
07/31/2023	13319	15061	11969
08/31/2023	13223	14822	11903
09/30/2023	12806	14115	11567
10/31/2023	12402	13818	11469
11/30/2023	13238	15080	12140
12/31/2023	13770	15765	12468
01/31/2024	14194	16030	12749
02/29/2024	14944	16886	13016
03/31/2024	15373	17429	13427
04/30/2024	14549	16718	12931
05/31/2024	15220	17546	13294
06/30/2024	15482	18176	13533
07/31/2024	15669	18397	14038
08/31/2024	16148	18844	14733
09/30/2024	16316	19246	14797
10/31/2024	16099	19071	14583
11/30/2024	16977	20191	15317

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (01/31/2020)
Horizon Multi-Factor U.S. Equity Fund - Advisor Class	28.24%	11.57%
S&P 500 Total Return Index	33.89%	15.65%
MSCI USA Minimum Volatility Index	26.18%	9.22%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$123.31	1.08%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$598,878,346
Number of Portfolio Holdings	157
Total Advisory Fees Paid ($)	$3,394,770
Portfolio Turnover Rate (%)	164%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.7%
Investment Companies	0.3%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Multi-Factor US Equity Fund (Inv)	S&P 500 Total Return Index	MSCI USA Minimum Volatility Index
06/26/2019	10000	10000	10000
06/30/2019	10060	10098	10081
07/31/2019	10124	10243	10247
08/31/2019	10236	10081	10418
09/30/2019	10392	10270	10513
10/31/2019	10352	10492	10495
11/30/2019	10488	10873	10634
12/31/2019	10579	11201	10836
01/31/2020	10518	11197	11088
02/29/2020	9596	10275	10189
03/31/2020	8590	9006	8977
04/30/2020	9039	10160	9812
05/31/2020	9480	10644	10240
06/30/2020	9504	10856	10132
07/31/2020	10077	11468	10589
08/31/2020	10663	12292	10893
09/30/2020	10266	11825	10717
10/31/2020	10061	11511	10348
11/30/2020	10903	12771	11198
12/31/2020	11126	13262	11459
01/31/2021	11061	13128	11153
02/28/2021	11460	13490	11110
03/31/2021	12039	14081	11724
04/30/2021	12546	14832	12200
05/31/2021	12815	14936	12301
06/30/2021	12759	15284	12526
07/31/2021	13093	15648	12963
08/31/2021	13491	16123	13216
09/30/2021	12755	15373	12559
10/31/2021	13547	16451	13246
11/30/2021	13487	16337	12985
12/31/2021	14185	17069	13866
01/31/2022	13420	16185	13049
02/28/2022	13193	15701	12650
03/31/2022	13727	16284	13345
04/30/2022	12785	14864	12644
05/31/2022	12971	14891	12642
06/30/2022	12019	13662	12125
07/31/2022	12740	14922	12744
08/31/2022	12387	14313	12354
09/30/2022	11420	12995	11468
10/31/2022	12649	14047	12365
11/30/2022	13269	14832	13080
12/31/2022	12664	13977	12593
01/31/2023	12984	14856	12778
02/28/2023	12598	14493	12340
03/31/2023	12842	15025	12756
04/30/2023	13131	15260	12947
05/31/2023	13015	15326	12528
06/30/2023	13766	16339	13094
07/31/2023	14076	16864	13271
08/31/2023	13979	16595	13198
09/30/2023	13538	15804	12826
10/31/2023	13111	15472	12717
11/30/2023	14000	16885	13461
12/31/2023	14560	17652	13825
01/31/2024	15009	17948	14137
02/29/2024	15803	18907	14433
03/31/2024	16262	19515	14888
04/30/2024	15390	18718	14338
05/31/2024	16100	19646	14741
06/30/2024	16377	20351	15006
07/31/2024	16575	20599	15566
08/31/2024	17082	21098	16336
09/30/2024	17264	21549	16408
10/31/2024	17040	21354	16170
11/30/2024	17969	22607	16984

Average Annual Returns

November 30, 2024

	One Year	Five Years	Since Commencement of Operations (06/26/2019)
Horizon Multi-Factor U.S. Equity Fund - Investor Class	28.35%	11.37%	11.40%
S&P 500 Total Return Index	33.89%	15.77%	16.21%
MSCI USA Minimum Volatility Index	26.18%	9.82%	10.25%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$129.69	1.12%

How did the Fund perform during the reporting period?

The Horizon Defensive Core Fund is a risk mitigation strategy designed with the goal to mitigate catastrophic loss of portfolio value. To achieve this objective, the Fund invests in large-cap stocks and uses an active process to shift the portfolio towards short-term U.S. Treasuries during periods of elevated volatility and equity market losses. Given the general upward trend for domestic equity markets for the year ending November 30, 2024, the Fund performed as expected in terms of risk and return during the period.

The underlying equity portfolio, managed by Horizon Investments, follows an index replication strategy designed to track the MSCI USA ESG Leaders Index. Thes performance and risk of the Fund's underlying equity portfolio matched that of the Index over the period. The Index generally performed in line with the S&P 500 Index over that time.

There was no tactical de-risking or reinvestment activity during the period. Therefore, the Fund's realized volatility aligned with that of the domestic large-cap equity market. This realized volatility was higher than what can be expected on average through a full market cycle.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$467,113,155
Number of Portfolio Holdings	296
Total Advisory Fees Paid ($)	$2,425,386
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.6%
Investment Companies	0.4%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Defensive Core Fund (Adv)	MSCI USA Index	MSCI USA ESG Leaders Index
01/08/2020	10000	10000	10000
01/31/2020	9916	9939	10023
02/29/2020	9081	9129	9265
03/31/2020	8630	7971	8107
04/30/2020	9325	9020	9116
05/31/2020	9621	9489	9599
06/30/2020	9784	9705	9759
07/31/2020	10232	10281	10161
08/31/2020	11030	11053	10929
09/30/2020	10635	10641	10552
10/31/2020	10268	10364	10260
11/30/2020	11458	11563	11385
12/31/2020	12087	12040	11812
01/31/2021	12116	11928	11716
02/28/2021	12333	12240	12085
03/31/2021	12920	12700	12636
04/30/2021	13428	13391	13295
05/31/2021	13593	13456	13403
06/30/2021	13966	13831	13758
07/31/2021	14347	14158	14163
08/31/2021	14807	14575	14600
09/30/2021	14052	13887	13883
10/31/2021	15098	14856	15185
11/30/2021	14745	14706	14931
12/31/2021	15376	15287	15561
01/31/2022	14603	14422	14599
02/28/2022	14212	13999	14113
03/31/2022	14708	14492	14645
04/30/2022	13548	13178	13383
05/31/2022	13447	13149	13293
06/30/2022	12645	12061	12309
07/31/2022	13271	13185	13327
08/31/2022	12872	12669	12670
09/30/2022	12069	11494	11534
10/31/2022	12544	12406	12376
11/30/2022	12960	13081	13206
12/31/2022	12462	12312	12416
01/31/2023	12964	13122	13224
02/28/2023	12665	12809	12910
03/31/2023	13044	13264	13432
04/30/2023	13171	13432	13567
05/31/2023	13293	13520	13701
06/30/2023	14157	14421	14611
07/31/2023	14634	14918	15117
08/31/2023	14553	14666	15050
09/30/2023	13811	13979	14293
10/31/2023	13440	13657	13936
11/30/2023	14743	14945	15365
12/31/2023	15368	15649	16033
01/31/2024	15695	15893	16393
02/29/2024	16555	16745	17309
03/31/2024	17143	17278	17945
04/30/2024	16360	16565	17129
05/31/2024	17139	17356	17959
06/30/2024	17762	17977	18619
07/31/2024	17808	18202	18683
08/31/2024	18135	18641	19058
09/30/2024	18533	19042	19499
10/31/2024	18329	18902	19299
11/30/2024	19401	20085	20455

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (01/08/2020)
Horizon Defensive Core Fund - Advisor Class	31.59%	14.50%
MSCI USA Index	34.39%	15.31%
MSCI USA ESG Leaders Index	33.13%	15.74%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$110.12	0.95%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$467,113,155
Number of Portfolio Holdings	296
Total Advisory Fees Paid ($)	$2,425,386
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	99.6%
Investment Companies	0.4%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Defensive Core Fund (Inv)	MSCI USA Index	MSCI USA ESG Leaders Index
12/26/2019	10000	10000	10000
12/31/2019	9976	9974	9967
01/31/2020	9932	9993	10052
02/29/2020	9096	9178	9291
03/31/2020	8660	8014	8130
04/30/2020	9360	9068	9142
05/31/2020	9660	9540	9626
06/30/2020	9824	9758	9786
07/31/2020	10276	10337	10189
08/31/2020	11076	11113	10959
09/30/2020	10684	10698	10582
10/31/2020	10316	10420	10288
11/30/2020	11512	11626	11417
12/31/2020	12147	12105	11845
01/31/2021	12175	11993	11749
02/28/2021	12398	12306	12119
03/31/2021	12990	12769	12672
04/30/2021	13504	13464	13332
05/31/2021	13668	13529	13440
06/30/2021	14046	13905	13796
07/31/2021	14433	14234	14203
08/31/2021	14898	14654	14641
09/30/2021	14141	13962	13922
10/31/2021	15194	14936	15227
11/30/2021	14840	14786	14973
12/31/2021	15476	15370	15604
01/31/2022	14701	14500	14640
02/28/2022	14309	14075	14153
03/31/2022	14806	14570	14686
04/30/2022	13639	13249	13421
05/31/2022	13546	13220	13330
06/30/2022	12741	12126	12344
07/31/2022	13373	13257	13365
08/31/2022	12973	12737	12705
09/30/2022	12164	11556	11566
10/31/2022	12640	12473	12411
11/30/2022	13061	13152	13243
12/31/2022	12562	12379	12451
01/31/2023	13070	13193	13261
02/28/2023	12770	12878	12946
03/31/2023	13155	13336	13470
04/30/2023	13282	13505	13605
05/31/2023	13409	13593	13740
06/30/2023	14282	14499	14652
07/31/2023	14765	14998	15160
08/31/2023	14685	14746	15092
09/30/2023	13939	14054	14333
10/31/2023	13566	13731	13975
11/30/2023	14884	15025	15408
12/31/2023	15516	15733	16079
01/31/2024	15848	15978	16439
02/29/2024	16718	16836	17358
03/31/2024	17314	17371	17996
04/30/2024	16526	16654	17177
05/31/2024	17314	17450	18010
06/30/2024	17945	18074	18672
07/31/2024	17996	18301	18736
08/31/2024	18329	18742	19112
09/30/2024	18734	19145	19554
10/31/2024	18529	19004	19354
11/30/2024	19621	20193	20512

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (12/26/2019)
Horizon Defensive Core Fund - Investor Class	31.82%	14.65%
MSCI USA Index	34.39%	15.32%
MSCI USA ESG Leaders Index	33.13%	15.68%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$104.07	1.01%

How did the Fund perform during the reporting period?

The Horizon Tactical Fixed Income Fund, through its actively managed approach to fixed income markets, seeks to provide total return through a combination of current income and capital appreciation. To achieve this objective, the Fund makes dynamic adjustments to duration, as well as tactically de-risking higher-yielding fixed income investments during bouts of volatility, while otherwise maintaining exposure to higher risk parts of the fixed income universe. The year ending November 30, 2024, featured elevated bond market volatility, and Fund performance met expectations given that market environment.

Elevated interest rate volatility impacted the Fund's tactical duration positioning, causing underperformance relative to broad investment-grade bonds early in the period. As rates trended upward following the start of the Federal Reserve's cutting cycle in September, the Fund's duration positioning was a tailwind to performance.

Spreads on corporate credit and other higher-risk portions of the fixed income market generally contracted throughout this period as the economy proved stronger-than-anticipated and monetary policy headwinds flipped to tailwinds. The Fund's structural tilt toward these higher-yielding securities was accretive to performance during the period.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$227,452,598
Number of Portfolio Holdings	11
Total Advisory Fees Paid ($)	$1,256,288
Portfolio Turnover Rate (%)	316%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Tactical Fixed Income Fund (Adv)	Bloomberg Aggregate Bond Index
03/07/2023	10000	10000
03/31/2023	9885	10297
04/30/2023	9857	10360
05/31/2023	9727	10247
06/30/2023	9848	10210
07/31/2023	9945	10203
08/31/2023	9841	10138
09/30/2023	9743	9880
10/31/2023	9694	9725
11/30/2023	9892	10165
12/31/2023	10200	10554
01/31/2024	10094	10525
02/29/2024	10017	10376
03/31/2024	10145	10472
04/30/2024	9890	10208
05/31/2024	10005	10381
06/30/2024	9965	10479
07/31/2024	10136	10724
08/31/2024	10291	10878
09/30/2024	10436	11023
10/31/2024	10288	10750
11/30/2024	10494	10864

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (03/07/2023)
Horizon Tactical Fixed Income Fund - Advisor Class	6.08%	2.82%
Bloomberg Aggregate Bond Index	6.88%	4.89%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$88.67	0.86%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$227,452,598
Number of Portfolio Holdings	11
Total Advisory Fees Paid ($)	$1,256,288
Portfolio Turnover Rate (%)	316%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Investment Companies	100.0%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Tactical Fixed Income Fund (Inv)	Bloomberg Aggregate Bond Index
12/20/2022	10000	10000
12/31/2022	9956	9910
01/31/2023	10196	10214
02/28/2023	9947	9950
03/31/2023	9824	10203
04/30/2023	9796	10265
05/31/2023	9669	10153
06/30/2023	9792	10117
07/31/2023	9887	10110
08/31/2023	9787	10045
09/30/2023	9689	9790
10/31/2023	9640	9636
11/30/2023	9841	10072
12/31/2023	10149	10457
01/31/2024	10044	10429
02/29/2024	9970	10281
03/31/2024	10096	10376
04/30/2024	9845	10114
05/31/2024	9961	10286
06/30/2024	9921	10383
07/31/2024	10094	10626
08/31/2024	10249	10778
09/30/2024	10396	10923
10/31/2024	10251	10652
11/30/2024	10454	10764

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (12/20/2022)
Horizon Tactical Fixed Income Fund - Investor Class	6.22%	2.31%
Bloomberg Aggregate Bond Index	6.88%	3.86%

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

Annual Shareholder Report

November 30, 2024

This annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2023 to November 30, 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 year?

(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	$150.72	1.24%

How did the Fund perform during the reporting period?

The Horizon Multi-Factor Small/Mid Fund is actively managed, selecting and weighting securities using a proprietary quantitative approach to allocate the Fund's portfolio between issuers, sectors, and/or factors (e.g. value, momentum, quality, and volatility). This process is designed to be defensive in nature in order to help the Fund navigate volatile market swings. For the year ending November 30, 2024, the Fund's tilt toward stocks with both lower valuations and above average measures of profitability was rewarded relative to the broad small- and mid-cap universe.

The Fund is expected to outperform the S&P 1000 Index in a down market and underperform in an up market, while realizing less volatility across all market environments. Small- and mid-cap equities posted strong but choppy returns during the period. Given that market backdrop, the Fund outperformed expectations in terms of returns.

The Fund's approach seeks diversification across styles and characteristics to construct a balanced portfolio. Lower levels of market concentration in the small- and mid-cap space favored the Fund's more diversified and balanced positioning, while the Fund's portfolio construction process resulted in lower volatility than the S&P 1000 Index.

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$255,279,744
Number of Portfolio Holdings	311
Total Advisory Fees Paid ($)	$347,059
Portfolio Turnover Rate (%)	107%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	98.4%
Real Estate Investment Trusts	1.1%
Investment Companies	0.5%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Multi Factor Small Mid Cap Fund (Adv)	S&P 500 Total Return Index	S&P 1000 Total Return Index
03/07/2023	10000	10000	10000
03/31/2023	9632	10321	9706
04/30/2023	9524	10482	9572
05/31/2023	9423	10528	9308
06/30/2023	10372	11224	10134
07/31/2023	10852	11584	10595
08/31/2023	10632	11400	10248
09/30/2023	10205	10856	9686
10/31/2023	9743	10628	9157
11/30/2023	10543	11598	9930
12/31/2023	11474	12125	10918
01/31/2024	11463	12329	10655
02/29/2024	12258	12987	11202
03/31/2024	12913	13405	11750
04/30/2024	12273	12858	11057
05/31/2024	12973	13495	11565
06/30/2024	12681	13980	11358
07/31/2024	13603	14150	12192
08/31/2024	13798	14493	12130
09/30/2024	13903	14802	12259
10/31/2024	13876	14668	12097
11/30/2024	15087	15529	13243

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (03/07/2023)
Horizon Multi-Factor Small/Mid Cap Fund - Advisor Class	43.10%	26.76%
S&P 500 Total Return Index	33.89%	28.89%
S&P 1000 Total Return Index	33.37%	17.58%

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

Annual Shareholder Report

November 30, 2024

What were the Fund costs for the last year?

(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	$132.62	1.09%

How did the Fund perform during the reporting period?

What are some key Fund statistics?

(as of November 30, 2024)

Net Assets ($)	$255,279,744
Number of Portfolio Holdings	311
Total Advisory Fees Paid ($)	$347,059
Portfolio Turnover Rate (%)	107%

What did the Fund invest in?

(as of November 30, 2024)

Portfolio Composition

Type of Security	% of Total Investments
Common Stocks	98.4%
Real Estate Investment Trusts	1.1%
Investment Companies	0.5%
	100.0%

How did the Fund perform since its inception?

Performance of Hypothetical $10,000 investment (Inception to November 30, 2024)

Date	Horizon Multi Factor Small Mid Cap Fund (Inv)	S&P 500 Total Return Index	S&P 1000 Total Return Index
12/20/2022	10000	10000	10000
12/31/2022	9984	10051	10115
01/31/2023	10892	10683	11056
02/28/2023	10800	10422	10875
03/31/2023	10356	10805	10462
04/30/2023	10244	10973	10318
05/31/2023	10136	11021	10033
06/30/2023	11160	11749	10924
07/31/2023	11676	12127	11420
08/31/2023	11444	11934	11046
09/30/2023	10984	11365	10441
10/31/2023	10484	11126	9871
11/30/2023	11348	12142	10704
12/31/2023	12352	12694	11769
01/31/2024	12340	12907	11485
02/29/2024	13195	13596	12075
03/31/2024	13908	14033	12665
04/30/2024	13219	13460	11919
05/31/2024	13976	14128	12466
06/30/2024	13662	14635	12243
07/31/2024	14657	14813	13142
08/31/2024	14867	15172	13075
09/30/2024	14984	15496	13214
10/31/2024	14960	15356	13039
11/30/2024	16265	16257	14275

Average Annual Returns

November 30, 2024

	One Year	Since Commencement of Operations (12/20/2022)
Horizon Multi-Factor Small/Mid Cap Fund - Investor Class	43.33%	28.41%
S&P 500 Total Return Index	33.89%	28.38%
S&P 1000 Total Return Index	33.37%	20.08%

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.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 11/30/2024	FYE 11/30/2023
( a ) Audit Fees	$153,000	$139,500
( b ) Audit-Related Fees	$0	$0
( c ) Tax Fees	$31,500	$31,500
( d ) All Other Fees	$6,000	$1,500

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 11/30/2024	FYE 11/30/2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) None of the hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the fiscal year ended November 30, 2024 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

Non-Audit Related Fees	FYE 11/30/2024	FYE 11/30/2023
Registrant	$3,250	$3,200
Registrant’s Investment Adviser	$0	$0

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) Not applicable.

(j) Not applicable.

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

November 30, 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
Schedules of Investments	1
Statements of Assets and Liabilities	59
Statements of Operations	62
Statements of Changes in Net Assets	65
Financial Highlights	74
Notes to Financial Statements	95
Report of Independent Registered Public Accounting Firm	115
Additional Information	117
Privacy Notice	119

Horizon Active Asset Allocation Fund

Schedule of Investments

November 30, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 89.9%
Communication Services Select Sector SPDR Fund		476	$	46,838
Consumer Discretionary Select Sector SPDR Fund		285		63,355
Energy Select Sector SPDR Fund		749		71,552
Goldman Sachs Equal Weight US Large Cap Equity ETF ^(a)		219,083		18,124,737
Health Care Select Sector SPDR Fund		274		40,390
Invesco KBW Bank ETF ^(a)		381,390		27,090,132
Invesco QQQ Trust Series 1		253		128,964
Invesco S&P 500 Equal Weight ETF ^(a)		291,220		54,638,696
iShares Core MSCI Emerging Markets ETF		1,339,406		72,743,140
iShares Core MSCI International Developed Markets ETF ^(a)		1,223,907		82,821,787
iShares Core S&P Mid-Cap ETF		665		44,821
iShares Core S&P Small-Cap ETF		501,317		63,431,640
iShares MSCI EAFE ETF		510		40,275
iShares MSCI Japan ETF ^(a)		665,751		46,396,187
iShares MSCI USA Minimum Volatility ETF		1,264		119,511
iShares MSCI USA Quality Factor ETF		396,614		73,488,608
iShares MSCI USA Value Factor ETF		315,451		36,139,644
iShares U.S. Aerospace & Defense ETF ^(a)		291		45,271
JPMorgan BetaBuilders Europe ETF		682		39,447
SPDR Portfolio Emerging Markets ETF		926,402		36,500,239
SPDR Portfolio S&P 500 Growth ETF ^(g)		2,211,789		193,221,887
SPDR Portfolio S&P 500 Value ETF		1,982,323		109,562,992
SPDR S&P Regional Banking ETF ^(a)		935		63,327
Technology Select Sector SPDR Fund		362		84,610
VanEck Semiconductor ETF ^(b)		212		51,332
WisdomTree Japan Hedged Equity Fund ^(a)		241		26,214
TOTAL EXCHANGE TRADED FUNDS (Cost $764,485,657)				815,025,596

COMMON STOCKS — 11.0%
Consumer Discretionary Products — 0.5%
Tesla, Inc. ^(b)		13,133		4,532,986

Health Care — 0.6%
Agilent Technologies, Inc.		10,212		1,408,949
Danaher Corp.		5,904		1,415,130
Eli Lilly & Co.		1,888		1,501,621
Intuitive Surgical, Inc. ^(b)		2,676		1,450,392
				5,776,092
Industrial Products — 1.0%
AeroVironment, Inc. ^(b)		7,686		1,494,927
Amphenol Corp. - Class A		20,175		1,465,714
Eaton Corp. PLC		3,978		1,493,421
GE Vernova, Inc. ^(b)		4,092		1,367,219
Powell Industries, Inc.		5,505		1,471,927

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Trane Technologies PLC		3,298	$	1,372,693
				8,665,901
Industrial Services — 0.1%
Quanta Services, Inc.		3,980		1,371,190

Materials — 0.2%
Freeport-McMoRan, Inc.		33,146		1,465,053

Media — 1.1%
GoDaddy, Inc. - Class A ^(b)		6,466		1,277,488
Meta Platforms, Inc. - Class A		9,734		5,590,431
Netflix, Inc. ^(b)		2,132		1,890,679
Uber Technologies, Inc. ^(b)		20,989		1,510,368
				10,268,966
Real Estate — 0.2%
Digital Realty Trust, Inc.		7,239		1,416,600

Retail & Wholesale — Discretionary — 1.0%
Alibaba Group Holding Ltd. - ADR		11,714		1,023,452
Amazon.com, Inc. ^(b)		38,831		8,072,577
				9,096,029
Software & Tech Services — 2.1%
Cadence Design Systems, Inc. ^(b)		4,826		1,480,665
Cognizant Technology Solutions Corp., Class A - Class A		16,429		1,322,370
Crowdstrike Holdings, Inc. - Class A ^(b)		4,021		1,391,145
Intuit, Inc.		2,263		1,452,235
Microsoft Corp.		4,237		1,794,200
Oracle Corp.		13,108		2,422,883
Palantir Technologies, Inc. - Class A ^(b)		23,037		1,545,322
Paycom Software, Inc.		4,268		989,834
Qualys, Inc. ^(b)		6,400		983,040
Salesforce, Inc.		5,096		1,681,629
SAP SE - ADR ^(a)		4,271		1,014,790
ServiceNow, Inc. ^(b)		1,581		1,659,165
Synopsys, Inc. ^(b)		2,720		1,519,093
				19,256,371
Tech Hardware & Semiconductors — 3.9%
Advanced Micro Devices, Inc. ^(b)		15,412		2,114,141
Analog Devices, Inc.		7,074		1,542,486
Apple, Inc.		17,077		4,052,885
Applied Materials, Inc.		10,165		1,775,927
Arista Networks, Inc. ^(b)		3,983		1,616,381
ARM Holdings PLC - ADR ^(b)		7,316		982,466
Broadcom, Inc.		31,844		5,161,276

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Corning, Inc.		28,317	$	1,378,188
Dell Technologies, Inc. - Class C		10,743		1,370,699
Intel Corp.		63,325		1,522,966
KLA Corp.		2,437		1,576,812
Micron Technology, Inc.		15,924		1,559,756
NVIDIA Corp.		65,996		9,123,947
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		8,206		1,515,320
				35,293,250
Utilities — 0.3%
Constellation Energy Corp.		5,593		1,434,940
Vistra Corp.		8,724		1,394,444
				2,829,384
TOTAL COMMON STOCKS (Cost $90,766,317)				99,971,822

	Notional Amount		Contracts		Value
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%^(c)
iShares MSCI Emerging Markets ETF ^(d)(e)
Expiration: 01/17/2025; Exercise Price: $48.00	$	43,260,000		10,000	$	130,000
Expiration: 01/17/2025; Exercise Price: $47.00		2,764,314		639		2,237
TOTAL PURCHASED OPTIONS (Cost $765,391)						132,237

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 4.6%
Investments Purchased with Proceeds from Securities Lending — 4.4%
First American Government Obligations Fund - Class X, 4.50% ^(f)		39,768,195	$	39,768,195

Money Market Funds — 0.2%
First American Treasury Obligations Fund - Class X, 4.55% ^(f)		1,857,187		1,857,187
TOTAL SHORT-TERM INVESTMENTS (Cost $41,625,382)				41,625,382

TOTAL INVESTMENTS — 105.5% (Cost $897,642,747)				956,755,037
Liabilities in Excess of Other Assets — (5.5)%				(50,138,249	)
TOTAL NET ASSETS — 100.0%			$	906,616,788

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

SE - Societas Europeae

(a)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $39,459,280 which represented 4.4% of net assets.

(b)	Non-income producing security.

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

(d)	Exchange-traded.

(e)	100 shares per contract.

(f)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

(g)	All or portion of the security is segregated as collateral at the broker on November 30, 2024. The value of the securities segregated as collateral is $9,609,600, which is 1.06% of total net assets.

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

SCHEDULE OF WRITTEN OPTIONS
November 30, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (0.0)%
Call Options — (0.0)% ^(a)
iShares MSCI Emerging Markets ETF, Expiration: 12/20/2024; Exercise Price: $47.00 ^(b)(c)	$	(2,764,314	)		(639	)	$	(639	)
TOTAL WRITTEN OPTIONS (Premiums received $56,011)							$	(639	)

Percentages are stated as a percent of net assets.

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

(b)	Exchange-traded.

(c)	100 shares per contract.

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments
November 30, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 94.9%
Invesco S&P 500 Equal Weight ETF		658,553	$	123,557,714
iShares Bitcoin Trust ETF ^(a)		252,714		13,952,340
iShares Core S&P Mid-Cap ETF		807,791		54,445,113
iShares MSCI USA Minimum Volatility ETF		583,597		55,179,096
iShares MSCI USA Quality Factor ETF		672,629		124,631,428
SPDR Portfolio Developed World ex-US ETF ^(b)		6,951,152		248,990,265
SPDR Portfolio Emerging Markets ETF		3,485,274		137,319,796
SPDR Portfolio S&P 500 Growth ETF ^(h)		3,804,976		332,402,703
SPDR Portfolio S&P 500 Value ETF ^(h)		3,980,000		219,974,600
TOTAL EXCHANGE TRADED FUNDS (Cost $1,132,823,745)				1,310,453,055

COMMON STOCKS — 5.0%
Consumer Discretionary Products — 0.2%
Tesla, Inc. ^(a)		9,051		3,124,043

Health Care — 0.3%
Abiomed, Inc. ^(a)(c)		113		0
Agilent Technologies, Inc.		6,956		959,719
Danaher Corp.		4,001		959,000
Eli Lilly & Co.		1,295		1,029,978
Intuitive Surgical, Inc. ^(a)		1,820		986,440
				3,935,137
Industrial Products — 0.4%
AeroVironment, Inc. ^(a)		5,246		1,020,347
Amphenol Corp. - Class A		13,721		996,830
Eaton Corp. PLC		2,719		1,020,767
GE Vernova, Inc. ^(a)		2,773		926,515
Powell Industries, Inc.		3,782		1,011,231
Trane Technologies PLC		2,250		936,495
				5,912,185
Industrial Services — 0.1%
Quanta Services, Inc.		2,715		935,372

Materials — 0.1%
Freeport-McMoRan, Inc.		22,503		994,633

Media — 0.5%
GoDaddy, Inc. - Class A ^(a)		4,417		872,667
Meta Platforms, Inc. - Class A		6,655		3,822,099
Netflix, Inc. ^(a)		1,460		1,294,743
Uber Technologies, Inc. ^(a)		14,398		1,036,080
				7,025,589

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Real Estate — 0.1%
Digital Realty Trust, Inc.		4,891	$	957,120

Retail & Wholesale — Discretionary — 0.4%
Alibaba Group Holding Ltd. - ADR		7,974		696,689
Amazon.com, Inc. ^(a)		26,334		5,474,575
				6,171,264
Software & Tech Services — 1.0%
Cadence Design Systems, Inc. ^(a)		3,293		1,010,325
Cognizant Technology Solutions Corp., - Class A		11,175		899,476
Crowdstrike Holdings, Inc. - Class A ^(a)		2,772		959,029
Intuit, Inc.		1,545		991,473
Microsoft Corp.		2,879		1,219,142
Oracle Corp.		8,955		1,655,242
Palantir Technologies, Inc. - Class A ^(a)		15,778		1,058,388
Paycom Software, Inc.		2,892		670,713
Qualys, Inc. ^(a)		4,367		670,771
Salesforce, Inc.		3,468		1,144,405
SAP SE - ADR		2,907		690,703
ServiceNow, Inc. ^(a)		1,078		1,131,296
Synopsys, Inc. ^(a)		1,849		1,032,648
				13,133,611
Tech Hardware & Semiconductors — 1.8%
Advanced Micro Devices, Inc. ^(a)		10,525		1,443,767
Analog Devices, Inc.		4,873		1,062,558
Apple, Inc.		11,613		2,756,113
Applied Materials, Inc.		6,912		1,207,595
Arista Networks, Inc. ^(a)		2,730		1,107,888
ARM Holdings PLC - ADR ^(a)		5,014		673,330
Broadcom, Inc.		21,826		3,537,558
Corning, Inc.		19,283		938,504
Dell Technologies, Inc. - Class C		7,369		940,211
Intel Corp.		43,652		1,049,831
KLA Corp.		1,661		1,074,717
Micron Technology, Inc.		10,963		1,073,826
NVIDIA Corp.		45,009		6,222,494
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		5,593		1,032,803
				24,121,195
Utilities — 0.1%
Constellation Energy Corp.		3,825		981,342
Vistra Corp.		5,976		955,204
				1,936,546
TOTAL COMMON STOCKS (Cost $68,495,933)				68,246,695

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Continued)
November 30, 2024

	Notional Amount		Contracts		Value
PURCHASED OPTIONS — 0.5%^(d)(e)
Call Options — 0.5%
iShares China Large-Cap ETF, Expiration: 03/21/2025; Exercise Price: $34.00 ⁽ⁱ⁾	$	21,217,000		7,000	$	532,000
iShares MSCI Emerging Markets ETF
Expiration: 01/17/2025; Exercise Price: $48.00		108,150,000		25,000		325,000
Expiration: 01/17/2025; Exercise Price: $47.00		55,126,218		12,743		44,600
iShares Russell 2000 ETF, Expiration: 12/31/2024; Exercise Price: $234.00 ⁽ⁱ⁾		120,935,000		5,000		5,572,500
Xtrackers Harvest CSI 300 China A-Shares ETF, Expiration: 02/21/2025; Exercise Price: $31.00 ⁽ⁱ⁾		22,506,000		8,250		334,125
Total Call Options						6,808,225

Put Options — 0.0%^(f)
CBOE Volatility Index, Expiration: 12/18/2024; Exercise Price: $13.50 ⁽ⁱ⁾		13,510,000		10,000		270,000
iShares China Large-Cap ETF, Expiration: 12/20/2024; Exercise Price: $29.00 ⁽ⁱ⁾		15,155,000		5,000		217,500
Total Put Options						487,500
TOTAL PURCHASED OPTIONS (Cost $7,036,946)						7,295,725

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 0.5%
Investments Purchased with Proceeds from Securities Lending — 0.3%
First American Government Obligations Fund - Class X, 4.50% ^(g)		4,651,378	$	4,651,378

Money Market Funds — 0.2%
First American Treasury Obligations Fund - Class X, 4.55% ^(g)		2,355,134		2,355,134
TOTAL SHORT-TERM INVESTMENTS (Cost $7,006,512)				7,006,512

TOTAL INVESTMENTS — 100.9% (Cost $1,215,363,136)				1,393,001,987
Liabilities in Excess of Other Assets — (0.9)%				(12,573,922	)
TOTAL NET ASSETS — 100.0%			$	1,380,428,065

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

SE - Societas Europeae

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $4,595,706 which represented 0.3% of net assets.

(c)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2024.

(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 annualized effective yield as of November 30, 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 $142,630,000, which is 10.33% 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
November 30, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (0.4)% ^(a)(b)
Call Options — (0.4)%
iShares China Large-Cap ETF, Expiration: 01/17/2025; Exercise Price: $33.85	$	(21,217,000	)		(7,000	)	$	(189,000	)
iShares Russell 2000 ETF, Expiration: 12/20/2024; Exercise Price: $234.00		(120,935,000	)		(5,000	)		(5,250,000	)
Xtrackers Harvest CSI 300 China A-Shares ETF, Expiration: 02/21/2025; Exercise Price: $36.00		(45,012,000	)		(16,500	)		(231,000	)
Total Call Options								(5,670,000	)

Put Options — (0.0)% ^(c)
CBOE Volatility Index, Expiration: 12/18/2024; Exercise Price: $12.50		(6,755,000	)		(5,000	)		(27,500	)
iShares China Large-Cap ETF, Expiration: 12/20/2024; Exercise Price: $27.00		(15,155,000	)		(5,000	)		(40,000	)
Total Put Options								(67,500	)
TOTAL WRITTEN OPTIONS (Premiums received $2,466,503)							$	(5,737,500	)

Percentages are stated as a percent of net assets.

(a)	100 shares per contract.

(b)	Exchange-traded.

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

See accompanying notes to financial statements.

Horizon Active Income Fund
Schedule of Investments
November 30, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 99.2%
First Trust TCW Opportunistic Fixed Income ETF ^(a)(c)		265,737	$	11,697,743
Hartford Total Return Bond ETF ^(a)		343,878		11,709,046
iShares 10+ Year Investment Grade Corporate Bond ETF		317,968		16,575,672
iShares 1-3 Year Treasury Bond ETF		497		40,913
iShares 1-5 Year Investment Grade Corporate Bond ETF		1,002		52,254
iShares 20+ Year Treasury Bond ETF		150,804		14,171,052
iShares 7-10 Year Treasury Bond ETF		1,627		154,874
iShares iBoxx Investment Grade Corporate Bond ETF		1,428		157,865
iShares J.P. Morgan USD Emerging Markets Bond ETF ^(a)		354		32,621
iShares TIPS Bond ETF		85,828		9,334,653
Janus Henderson AAA CLO ETF		1,011		51,521
Janus Henderson B-BBB CLO ETF ^(a)		213		10,524
Janus Henderson Mortgage-Backed Securities ETF		414,878		18,852,056
PIMCO Active Bond Exchange-Traded Fund ^(a)		126,491		11,733,305
PIMCO Multi Sector Bond Active ETF ^(a)		445,368		11,713,178
Simplify MBS ETF ^(a)		92,944		4,685,307
SPDR Blackstone High Income ETF ^(a)		122,282		3,511,939
SPDR Blackstone Senior Loan ETF		1,222		51,422
SPDR Doubleline Total Return Tactical ETF ^(a)		637,184		25,742,234
SPDR Portfolio High Yield Bond ETF		293,936		7,033,889
SPDR Portfolio Intermediate Term Corporate Bond ETF		1,578		52,484
SPDR Portfolio Long Term Treasury ETF		2,992		83,387
SPDR Portfolio Short Term Corporate Bond ETF		931,009		27,958,200
VanEck Fallen Angel High Yield Bond ETF		965,888		28,261,883
VanEck J. P. Morgan EM Local Currency Bond ETF ^(a)		1,639		39,172
Vanguard Total International Bond ETF		326,525		16,505,839
Xtrackers USD High Yield Corporate Bond ETF		416,660		15,316,422
TOTAL EXCHANGE TRADED FUNDS (Cost $232,227,779)				235,529,455

See accompanying notes to financial statements.

Horizon Active Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 5.5%
Investments Purchased with Proceeds from Securities Lending — 4.6%
First American Government Obligations Fund - Class X, 4.50% ^(b)		11,101,258	$	11,101,258

Money Market Funds — 0.9%
First American Treasury Obligations Fund - Class X, 4.55% ^(b)		2,081,443		2,081,443
TOTAL SHORT-TERM INVESTMENTS (Cost $13,182,701)				13,182,701

TOTAL INVESTMENTS — 104.7% (Cost $245,410,480)				248,712,156
Liabilities in Excess of Other Assets — (4.7)%				(11,123,046	)
TOTAL NET ASSETS — 100.0%			$	237,589,110

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $10,871,595 which represented 4.6% of net assets.

(b)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

(c)	All or portion of the security is segregated as collateral at the broker on November 30, 2024. The value of the securities segregated as collateral is $3,301,500, which is 1.39% of total net assets.

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments
November 30, 2024

	Shares		Value
COMMON STOCKS — 99.4%
Banking — 5.7%
Bank of America Corp.		30,726	$	1,459,792
Citigroup, Inc.		8,603		609,695
JPMorgan Chase & Co. ^(d)		11,164		2,787,874
PNC Financial Services Group, Inc.		1,769		379,840
Truist Financial Corp.		6,149		293,184
US Bancorp		7,291		388,537
Wells Fargo & Co.		14,469		1,102,104
				7,021,026
Consumer Discretionary Products — 2.2%
DR Horton, Inc.		1,420		239,668
Ford Motor Co.		28,146		313,265
General Motors Co.		5,079		282,342
Lennar Corp., Class A - Class A		1,430		249,378
Nike, Inc. - Class B		7,298		574,863
Tesla, Inc. ^(a)		2,957		1,020,638
				2,680,154
Consumer Discretionary Services — 2.1%
Las Vegas Sands Corp.		5,125		271,932
Marriott International, Inc. - Class A		1,213		350,666
McDonald’s Corp.		3,574		1,057,940
Starbucks Corp.		6,699		686,380
Yum! Brands, Inc.		1,858		258,151
				2,625,069
Consumer Staple Products — 4.6%
Altria Group, Inc.		5,531		319,360
Coca-Cola Co.		16,780		1,075,262
Colgate-Palmolive Co.		1,171		113,154
Constellation Brands, Inc. - Class A		452		108,909
General Mills, Inc.		1,820		120,593
Hershey Co.		607		106,911
Keurig Dr Pepper, Inc.		3,528		115,189
Kimberly-Clark Corp.		806		112,316
Kraft Heinz Co.		3,549		113,462
Mondelez International, Inc. - Class A		3,016		195,889
PepsiCo, Inc.		5,359		875,929
Philip Morris International, Inc.		6,631		882,321
Procter & Gamble Co.		8,675		1,555,081
				5,694,376
Financial Services — 6.4%
American Express Co.		1,846		562,439
Ameriprise Financial, Inc.		253		145,214
Bank of New York Mellon Corp.		2,470		202,219

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Blackrock, Inc.		572	$	585,042
Blackstone, Inc.		2,622		501,038
Capital One Financial Corp.		961		184,522
Charles Schwab Corp.		5,030		416,283
CME Group, Inc.		1,752		416,976
Goldman Sachs Group, Inc.		1,239		754,018
Intercontinental Exchange, Inc.		1,394		224,378
KKR & Co., Inc.		1,307		212,871
MasterCard, Inc. - Class A		1,686		898,537
Moody’s Corp.		309		154,494
Morgan Stanley		7,382		971,545
S&P Global, Inc.		595		310,893
Visa, Inc. - Class A		4,432		1,396,435
				7,936,904
Health Care — 11.0%
Abbott Laboratories		1,443		171,385
AbbVie, Inc.		8,786		1,607,223
Amgen, Inc.		2,313		654,278
Becton Dickinson & Co.		902		200,154
Boston Scientific Corp. ^(a)		1,899		172,163
Bristol-Myers Squibb Co.		11,145		660,007
Cigna Group		960		324,288
CVS Health Corp.		6,447		385,853
Danaher Corp.		559		133,987
Elevance Health, Inc.		663		269,815
Eli Lilly & Co. ^(d)		1,698		1,350,504
Gilead Sciences, Inc.		6,298		583,069
HCA Healthcare, Inc.		572		187,170
Humana, Inc.		295		87,432
Intuitive Surgical, Inc. ^(a)		518		280,756
Johnson & Johnson		11,538		1,788,505
McKesson Corp.		216		135,756
Medtronic PLC		6,207		537,154
Merck & Co., Inc.		10,417		1,058,784
Pfizer, Inc.		3,964		103,897
Regeneron Pharmaceuticals, Inc. ^(a)		114		85,525
Stryker Corp.		958		375,680
Thermo Fisher Scientific, Inc.		626		331,548
UnitedHealth Group, Inc.		2,998		1,829,380
Vertex Pharmaceuticals, Inc. ^(a)		303		141,843
Zoetis, Inc.		1,153		202,063
				13,658,219
Industrial Products — 5.5%
3M Co.		2,297		306,718

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Amphenol Corp. - Class A		5,534	$	402,045
Carrier Global Corp.		2,397		185,456
Caterpillar, Inc.		1,497		607,947
Deere & Co.		872		406,265
Eaton Corp. PLC		1,078		404,703
Emerson Electric Co.		1,880		249,288
General Dynamics Corp.		959		272,365
General Electric Co.		2,369		431,537
Honeywell International, Inc.		2,405		560,197
Illinois Tool Works, Inc.		1,113		308,880
Johnson Controls International PLC		2,432		203,947
L3Harris Technologies, Inc.		683		168,189
Lockheed Martin Corp.		1,031		545,822
Northrop Grumman Corp.		499		244,335
Otis Worldwide Corp.		1,255		129,240
PACCAR, Inc.		2,641		308,997
Parker-Hannifin Corp.		337		236,877
RTX Corp.		5,513		671,649
Trane Technologies PLC		564		234,748
				6,879,205
Industrial Services — 2.5%
Automatic Data Processing, Inc.		1,572		482,494
Cintas Corp.		833		188,083
CSX Corp.		5,668		207,165
FedEx Corp.		826		250,006
Paychex, Inc.		1,622		237,250
Republic Services, Inc.		796		173,767
Union Pacific Corp.		2,347		574,217
United Parcel Service, Inc. - Class B		4,303		584,003
United Rentals, Inc.		162		140,292
Waste Management, Inc.		1,170		267,017
				3,104,294
Insurance — 3.0%
Aflac, Inc.		1,716		195,624
Allstate Corp.		761		157,824
American International Group, Inc.		1,919		147,533
Aon PLC - Class A		381		149,177
Arthur J Gallagher & Co.		419		130,828
Berkshire Hathaway, Inc. - Class B ^(a)		3,185		1,538,419
Chubb Ltd.		1,098		317,025
Marsh & McLennan Cos., Inc.		1,308		305,065
MetLife, Inc.		2,626		231,692
Progressive Corp.		739		198,702
Prudential Financial, Inc.		1,472		190,491

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Travelers Cos., Inc.		591	$	157,230
				3,719,610
Materials — 1.7%
Air Products & Chemicals, Inc.		924		308,921
DuPont de Nemours, Inc.		1,417		118,447
Ecolab, Inc.		699		173,890
Freeport-McMoRan, Inc.		3,857		170,479
Linde PLC		1,406		648,152
LyondellBasell Industries NV - Class A		1,678		139,845
Newmont Goldcorp Corp.		4,086		171,367
Nucor Corp.		691		106,891
PPG Industries, Inc.		869		108,078
Sherwin-Williams Co.		571		226,915
				2,172,985
Media — 8.3%
Airbnb, Inc. - Class A ^(a)		1,638		222,948
Alphabet, Inc. - Class A ^(d)		22,951		3,877,571
Booking Holdings, Inc.		104		541,006
Comcast Corp. - Class A		24,186		1,044,593
Meta Platforms, Inc. - Class A ^(d)		4,931		2,831,972
Netflix, Inc. ^(a)		966		856,659
Uber Technologies, Inc. ^(a)		3,214		231,279
Walt Disney Co.		6,042		709,754
				10,315,782
Oil & Gas — 3.7%
Chevron Corp.		7,218		1,168,811
ConocoPhillips		2,623		284,176
EOG Resources, Inc.		873		116,336
Exxon Mobil Corp.		18,411		2,171,761
Marathon Petroleum Corp.		682		106,494
Occidental Petroleum Corp.		1,855		93,826
ONEOK, Inc.		1,338		151,997
Phillips 66		822		110,132
Schlumberger, Ltd.		2,408		105,807
Valero Energy Corp.		773		107,509
Williams Cos., Inc.		2,670		156,248
				4,573,097
Retail & Wholesale - Discretionary — 5.5%
Amazon.com, Inc. ^(a)(d)		16,367		3,402,536
Home Depot, Inc.		4,459		1,913,491
Lowe’s Cos., Inc.		2,459		669,905
Ross Stores, Inc.		1,611		249,495

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
TJX Cos., Inc.		4,429	$	556,681
				6,792,108
Retail & Wholesale - Staples — 2.4%
Archer-Daniels-Midland Co.		1,800		98,280
Costco Wholesale Corp.		605		587,987
Kroger Co.		2,186		133,521
Sysco Corp.		1,585		122,219
Target Corp.		828		109,553
Walmart, Inc. ^(d)		20,553		1,901,153
				2,952,713
Software & Tech Services — 11.7%
Accenture PLC - Class A		2,690		974,775
Adobe, Inc. ^(a)		1,034		533,472
International Business Machines Corp.		5,713		1,299,193
Intuit, Inc.		841		539,695
Microsoft Corp. ^(d)		16,296		6,900,704
Oracle Corp.		9,018		1,666,887
Palo Alto Networks, Inc. ^(a)		1,003		388,983
Roper Technologies, Inc.		592		335,333
Salesforce, Inc.		2,792		921,332
ServiceNow, Inc. ^(a)		533		559,352
TE Connectivity PLC		2,408		363,897
				14,483,623
Tech Hardware & Semiconductors — 18.1%
Advanced Micro Devices, Inc. ^(a)		2,584		354,460
Analog Devices, Inc.		2,503		545,779
Apple, Inc. ^(d)		27,452		6,515,183
Applied Materials, Inc.		2,600		454,246
Arista Networks, Inc. ^(a)		1,064		431,792
Broadcom, Inc. ^(d)		15,150		2,455,512
Cisco Systems, Inc.		24,164		1,430,750
Corning, Inc.		8,259		401,966
Garmin, Ltd.		1,281		272,341
Hewlett Packard Enterprise Co.		16,132		342,321
HP, Inc.		10,259		363,476
KLA Corp.		540		349,396
Lam Research Corp.		4,926		363,933
Micron Technology, Inc.		3,509		343,707
Motorola Solutions, Inc.		991		495,203
NVIDIA Corp. ^(d)		40,137		5,548,940
QUALCOMM, Inc.		4,769		756,030
Texas Instruments, Inc.		4,944		993,892
				22,418,927

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Telecommunications — 2.1%
T-Mobile US, Inc.		5,088	$	1,256,431
Verizon Communications, Inc.		29,349		1,301,334
				2,557,765
Utilities — 2.9%
American Electric Power Co., Inc.		2,541		253,744
Consolidated Edison, Inc.		1,510		151,891
Constellation Energy Corp.		583		149,574
Dominion Energy, Inc.		4,259		250,216
Duke Energy Corp.		3,719		435,309
Edison International		1,712		150,228
Exelon Corp.		4,934		195,189
NextEra Energy, Inc.		9,234		726,439
Public Service Enterprise Group, Inc.		2,135		201,331
Sempra		2,697		252,628
Southern Co.		5,194		462,941
WEC Energy Group, Inc.		1,436		145,108
Xcel Energy, Inc.		2,582		187,350
				3,561,948
TOTAL COMMON STOCKS (Cost $91,066,408)				123,147,805

SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.6%
First American Treasury Obligations Fund - Class X, 4.50% ^(b)		793,216		793,216
TOTAL SHORT-TERM INVESTMENTS (Cost $793,216)				793,216

TOTAL INVESTMENTS — 100.0% (Cost $91,859,624)				123,941,021
Liabilities in Excess of Other Assets — (0.0)% ^(c)				(24,832	)
TOTAL NET ASSETS — 100.0%			$	123,916,189

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 annualized effective yield as of November 30, 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 $26,726,800, which is 21.57% of total net assets.

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
Schedule of Written Options
November 30, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (0.2)%
Call Options — (0.2)%
S&P 500 Index, Expiration: 12/05/2024; Exercise Price: $6,055.00 ^(a)(b)	$	(81,437,130	)		(135	)	$	(206,550	)
TOTAL WRITTEN OPTIONS (Premiums received $104,297)								(206,550	)

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
November 30, 2024

	Shares		Value
COMMON STOCKS — 100.7%
Banking — 3.6%
Bank of America Corp.		92,075	$	4,374,483
Citigroup, Inc.		26,017		1,843,825
Citizens Financial Group, Inc.		6,113		294,280
Fifth Third Bancorp		9,226		443,402
Huntington Bancshares, Inc.		19,806		356,706
JPMorgan Chase & Co. ^(f)		38,796		9,688,137
KeyCorp		12,663		246,675
M&T Bank Corp.		2,275		500,477
PNC Financial Services Group, Inc.		5,417		1,163,138
Regions Financial Corp.		12,478		340,150
Truist Financial Corp.		18,265		870,875
US Bancorp		21,286		1,134,331
Wells Fargo & Co.		46,422		3,535,964
				24,792,443
Consumer Discretionary Products — 2.8%
Aptiv PLC ^(a)		3,622		201,130
BorgWarner, Inc.		3,104		106,529
Deckers Outdoor Corp. ^(a)		2,076		406,813
DR Horton, Inc.		4,001		675,289
Ford Motor Co.		53,293		593,151
General Motors Co.		15,329		852,139
Hasbro, Inc.		1,786		116,358
Lennar Corp., Class A - Class A		3,294		574,441
Masco Corp.		2,976		239,746
Mohawk Industries, Inc. ^(a)		713		98,986
Nike, Inc. - Class B		16,383		1,290,489
NVR, Inc. ^(a)		40		369,423
PulteGroup, Inc.		2,828		382,543
Ralph Lauren Corp., Class A		546		126,344
Tapestry, Inc.		3,138		195,435
Tesla, Inc. ^(a)		37,829		13,057,058
				19,285,874
Consumer Discretionary Services — 1.5%
Caesars Entertainment, Inc. ^(a)		2,947		113,430
Carnival Corp. ^(a)		13,782		350,476
Chipotle Mexican Grill, Inc. ^(a)		18,675		1,148,886
Darden Restaurants, Inc.		1,613		284,323
Domino’s Pizza, Inc.		475		226,190
Hilton Worldwide Holdings, Inc.		3,358		851,052
Las Vegas Sands Corp.		4,818		255,643
Live Nation Entertainment, Inc. ^(a)		2,133		294,887
Marriott International, Inc. - Class A		3,184		920,463

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
McDonald’s Corp.		9,781	$	2,895,274
MGM Resorts International ^(a)		3,145		120,579
Norwegian Cruise Line Holdings Ltd. ^(a)		6,000		161,340
Royal Caribbean Cruises Ltd.		3,230		788,314
Starbucks Corp.		15,476		1,585,671
Wynn Resorts Ltd.		1,274		120,240
Yum! Brands, Inc.		3,835		532,835
				10,649,603
Consumer Staple Products — 3.7%
Altria Group, Inc.		23,264		1,343,263
Brown-Forman Corp. - Class B		2,498		105,116
Church & Dwight Co., Inc.		3,337		367,504
Clorox Co.		1,687		282,016
Coca-Cola Co.		52,908		3,390,345
Colgate-Palmolive Co.		11,140		1,076,458
Conagra Brands, Inc.		6,531		179,929
Constellation Brands, Inc. - Class A		2,134		514,187
Estee Lauder Cos., Inc. - Class A		3,175		228,981
General Mills, Inc.		7,588		502,781
Hershey Co.		2,012		354,374
Hormel Foods Corp.		3,962		128,488
J M Smucker Co.		1,450		170,795
Kellanova		3,657		297,278
Kenvue, Inc.		26,116		628,873
Keurig Dr Pepper, Inc.		14,422		470,878
Kimberly-Clark Corp.		4,590		639,616
Kraft Heinz Co.		12,032		384,663
Lamb Weston Holdings, Inc.		1,957		151,159
McCormick & Co., Inc.		3,436		269,417
Molson Coors Brewing Co. - Class B		2,394		148,572
Mondelez International, Inc. - Class A		18,220		1,183,389
Monster Beverage Corp. ^(a)		9,615		530,075
PepsiCo, Inc.		18,732		3,061,745
Philip Morris International, Inc.		21,203		2,821,271
Procter & Gamble Co. ^(f)		32,100		5,754,246
The Campbell’s Co.		2,685		124,047
Tyson Foods, Inc., Class A - Class A		3,896		251,292
				25,360,758
Financial Services — 6.8%
American Express Co.		7,657		2,332,935
Ameriprise Financial, Inc.		1,338		767,972
Bank of New York Mellon Corp.		10,060		823,612
Blackrock, Inc.		1,897		1,940,252
Blackstone, Inc.		9,818		1,876,122
Broadridge Financial Solutions, Inc.		1,589		375,036

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Capital One Financial Corp.		5,206	$	999,604
CBOE Global Markets, Inc.		1,425		307,586
Charles Schwab Corp.		20,379		1,686,566
CME Group, Inc.		4,907		1,167,866
Corpay, Inc. ^(a)		945		360,215
Discover Financial Services		3,423		624,458
Equifax, Inc.		1,685		440,729
FactSet Research Systems, Inc.		517		253,676
Fair Isaac Corp. ^(a)		332		788,510
Fidelity National Information Services, Inc.		7,437		634,376
Fiserv, Inc. ^(a)		7,851		1,734,757
Franklin Resources, Inc.		4,204		95,683
Global Payments, Inc.		3,470		412,791
Goldman Sachs Group, Inc.		4,305		2,619,894
Intercontinental Exchange, Inc.		7,827		1,259,834
Invesco, Ltd.		6,162		111,471
Jack Henry & Associates, Inc.		993		174,947
KKR & Co., Inc.		9,197		1,497,915
MarketAxess Holdings, Inc.		513		132,708
MasterCard, Inc. - Class A ^(f)		11,249		5,995,042
Moody’s Corp.		2,133		1,066,457
Morgan Stanley		16,987		2,235,659
MSCI, Inc.		1,071		652,914
Nasdaq, Inc.		5,644		468,395
Northern Trust Corp.		2,749		305,579
PayPal Holdings, Inc. ^(a)		13,940		1,209,574
Raymond James Financial, Inc.		2,524		427,263
S&P Global, Inc.		4,365		2,280,756
State Street Corp.		4,072		401,133
Synchrony Financial		5,386		363,663
T. Rowe Price Group, Inc.		3,034		375,730
Verisk Analytics, Inc.		1,940		570,767
Visa, Inc. - Class A ^(f)		22,779		7,177,207
				46,949,654
Health Care — 10.6%
Abbott Laboratories		23,741		2,819,719
AbbVie, Inc.^(f)		24,096		4,407,881
ABIOMED INC ^(a)(b)		495		0
Agilent Technologies, Inc.		3,979		548,983
Align Technology, Inc. ^(a)		955		222,295
Amgen, Inc.		7,329		2,073,154
Baxter International, Inc.		6,956		234,487
Becton Dickinson & Co.		3,941		874,508
Biogen, Inc. ^(a)		1,985		318,851
Bio-Techne Corp.		2,148		161,873

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Boston Scientific Corp. ^(a)		20,082	$	1,820,634
Bristol-Myers Squibb Co.		27,660		1,638,025
Cardinal Health, Inc.		3,324		406,326
Catalent, Inc. ^(a)		2,466		150,697
Cencora, Inc.		2,377		597,934
Centene Corp. ^(a)		7,172		430,320
Charles River Laboratories International, Inc. ^(a)		703		139,939
Cigna Group		3,809		1,286,680
Cooper Cos., Inc. ^(a)		2,713		283,400
CVS Health Corp.		17,154		1,026,667
Danaher Corp.		8,766		2,101,123
DaVita, Inc. ^(a)		626		104,023
Dexcom, Inc. ^(a)		5,465		426,215
Edwards Lifesciences Corp. ^(a)		8,217		586,283
Elevance Health, Inc.		3,159		1,285,587
Eli Lilly & Co. ^(f)		10,749		8,549,217
GE HealthCare Technologies, Inc.		5,790		481,844
Gilead Sciences, Inc.		16,974		1,571,453
HCA Healthcare, Inc.		2,533		828,848
Henry Schein, Inc. ^(a)		1,728		133,142
Hologic, Inc. ^(a)		3,166		251,697
Humana, Inc.		1,640		486,063
IDEXX Laboratories, Inc. ^(a)		1,121		472,782
Incyte Corp. ^(a)		2,181		162,681
Insulet Corp. ^(a)		954		254,508
Intuitive Surgical, Inc. ^(a)		4,836		2,621,112
IQVIA Holdings, Inc. ^(a)		2,361		474,183
Johnson & Johnson ^(f)		32,831		5,089,133
Labcorp Holdings, Inc.		1,144		275,887
McKesson Corp.		1,766		1,109,931
Medtronic PLC		17,496		1,514,104
Merck & Co., Inc. ^(f)		34,555		3,512,170
Mettler-Toledo International, Inc. ^(a)		287		359,095
Moderna, Inc. ^(a)		4,609		198,464
Molina Healthcare, Inc. ^(a)		797		237,426
Pfizer, Inc.		77,304		2,026,138
Quest Diagnostics, Inc.		1,517		246,755
Regeneron Pharmaceuticals, Inc. ^(a)		1,445		1,084,068
ResMed, Inc.		2,004		499,036
Revvity, Inc.		1,680		195,115
Solventum Corp. ^(a)		1,882		134,582
STERIS PLC		1,343		294,198
Stryker Corp.		4,675		1,833,301
Teleflex, Inc.		641		123,617
Thermo Fisher Scientific, Inc.		5,211		2,759,902

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
UnitedHealth Group, Inc. ^(f)		12,588	$	7,681,198
Universal Health Services, Inc. - Class B		810		166,050
Vertex Pharmaceuticals, Inc. ^(a)		3,518		1,646,881
Viatris, Inc.		16,282		213,131
Waters Corp. ^(a)		807		310,469
West Pharmaceutical Services, Inc.		987		321,446
Zimmer Biomet Holdings, Inc.		2,777		311,302
Zoetis, Inc.		6,176		1,082,344
				73,458,877
Industrial Products — 5.7%
3M Co.		7,489		1,000,006
Allegion PLC		1,186		167,036
AMETEK, Inc.		3,155		613,269
Amphenol Corp. - Class A		16,416		1,192,622
AO Smith Corp.		1,632		121,568
Axon Enterprise, Inc. ^(a)		977		632,080
Boeing Co. ^(a)		7,980		1,240,411
Carrier Global Corp.		11,452		886,041
Caterpillar, Inc.		6,612		2,685,199
Cummins, Inc.		1,867		700,200
Deere & Co.		3,494		1,627,855
Dover Corp.		1,872		385,445
Eaton Corp. PLC		5,428		2,037,780
Emerson Electric Co.		7,812		1,035,871
Fortive Corp.		4,776		378,880
GE Vernova, Inc. ^(a)		3,745		1,251,279
Generac Holdings, Inc. ^(a)		818		153,948
General Dynamics Corp.		3,514		998,011
General Electric Co.		14,786		2,693,418
Honeywell International, Inc.		8,879		2,068,186
Howmet Aerospace, Inc.		5,565		658,785
Hubbell, Inc.		731		336,326
Huntington Ingalls Industries, Inc.		534		105,689
IDEX Corp.		1,030		237,549
Illinois Tool Works, Inc.		3,685		1,022,661
Ingersoll Rand, Inc.		5,501		573,039
Johnson Controls International PLC		9,107		763,713
Keysight Technologies, Inc. ^(a)		2,379		406,428
L3Harris Technologies, Inc.		2,585		636,556
Lockheed Martin Corp.		2,890		1,529,995
Nordson Corp.		740		193,133
Northrop Grumman Corp.		1,872		916,625
Otis Worldwide Corp.		5,461		562,374
PACCAR, Inc.		7,153		836,901
Parker-Hannifin Corp.		1,753		1,232,184

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Pentair PLC		2,255	$	245,772
Rockwell Automation, Inc.		1,545		455,991
RTX Corp.		18,136		2,209,509
Snap-on, Inc.		717		265,068
Stanley Black & Decker, Inc.		2,097		187,577
Textron, Inc.		2,553		218,613
Trane Technologies PLC		3,076		1,280,293
TransDigm Group, Inc.		763		956,016
Trimble, Inc. ^(a)		3,328		242,844
Veralto Corp.		3,368		364,384
Wabtec Corp.		2,387		478,880
Xylem, Inc.		3,311		419,669
				39,205,679
Industrial Services — 2.5%
Automatic Data Processing, Inc.		5,562		1,707,145
CH Robinson Worldwide, Inc.		1,597		168,611
Cintas Corp.		4,671		1,054,665
CSX Corp.		26,422		965,724
Delta Air Lines, Inc.		8,744		558,042
Expeditors International of Washington, Inc.		1,922		233,792
Fastenal Co.		7,806		652,269
FedEx Corp.		3,072		929,802
Jacobs Solutions, Inc.		1,706		240,939
JB Hunt Transport Services, Inc.		1,098		207,643
Norfolk Southern Corp.		3,081		849,894
Old Dominion Freight Line, Inc.		2,570		578,610
Paychex, Inc.		4,370		639,200
Quanta Services, Inc.		2,006		691,107
Republic Services, Inc.		2,783		607,529
Rollins, Inc.		3,829		192,714
Southwest Airlines Co.		8,170		264,381
Union Pacific Corp.		8,306		2,032,146
United Airlines Holdings, Inc. ^(a)		4,486		434,379
United Parcel Service, Inc. - Class B		9,993		1,356,250
United Rentals, Inc.		906		784,596
Waste Management, Inc.		4,977		1,135,851
WW Grainger, Inc.		604		728,025
				17,013,314
Insurance — 3.9%
Aflac, Inc.		6,873		783,522
Allstate Corp.		3,598		746,189
American International Group, Inc.		8,781		675,083
Aon PLC - Class A		2,960		1,158,958
Arch Capital Group Ltd.		5,106		514,276

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Arthur J Gallagher & Co.		2,986	$	932,349
Assurant, Inc.		705		160,106
Berkshire Hathaway, Inc. - Class B ^(a)(f)		24,985		12,068,255
Brown & Brown, Inc.		3,227		364,974
Chubb Ltd.		5,122		1,478,875
Cincinnati Financial Corp.		2,128		340,118
Erie Indemnity Co. - Class A		338		148,909
Everest Group Ltd.		589		228,273
Globe Life, Inc.		1,222		135,935
Hartford Financial Services Group, Inc.		3,994		492,500
Loews Corp.		2,483		215,351
Marsh & McLennan Cos., Inc.		6,704		1,563,574
MetLife, Inc.		8,021		707,693
Principal Financial Group, Inc.		2,903		252,822
Progressive Corp.		7,985		2,147,007
Prudential Financial, Inc.		4,866		629,709
Travelers Cos., Inc.		3,106		826,320
Willis Towers Watson PLC		1,383		445,326
WR Berkley Corp.		4,099		264,591
				27,280,715
Materials — 2.1%
Air Products & Chemicals, Inc.		3,031		1,013,354
Albemarle Corp.		1,601		172,428
Amcor PLC		19,701		209,619
Avery Dennison Corp.		1,097		225,927
Ball Corp.		4,138		257,218
Celanese Corp.		1,487		108,863
CF Industries Holdings, Inc.		2,458		220,384
Corteva, Inc.		9,439		587,483
Dow, Inc.		9,559		422,603
DuPont de Nemours, Inc.		5,694		475,962
Eastman Chemical Co.		1,592		166,714
Ecolab, Inc.		3,453		859,003
FMC Corp.		1,701		100,512
Freeport-McMoRan, Inc.		19,604		866,497
International Flavors & Fragrances, Inc.		3,486		318,481
International Paper Co.		4,735		278,560
Linde PLC		6,554		3,021,328
LyondellBasell Industries NV - Class A		3,547		295,607
Martin Marietta Materials, Inc.		831		498,600
Mosaic Co.		4,349		115,075
Newmont Goldcorp Corp.		15,646		656,193
Nucor Corp.		3,235		500,422
Packaging Corp. of America		1,213		301,855
PPG Industries, Inc.		3,179		395,372
Sherwin-Williams Co.		3,164		1,257,374

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Smurfit WestRock PLC		6,727	$	370,120
Steel Dynamics, Inc.		1,954		283,858
Vulcan Materials Co.		1,799		518,346
				14,497,758
Media — 8.9%
Airbnb, Inc. - Class A ^(a)		5,999		816,524
Alphabet, Inc. - Class A ^(f)		79,896		13,498,429
Alphabet, Inc. - Class C ^(f)		65,494		11,166,072
Booking Holdings, Inc.		455		2,366,901
Charter Communications, Inc. - Class A ^(a)		1,324		525,582
Comcast Corp. - Class A		52,686		2,275,508
Electronic Arts, Inc.		3,276		536,183
Expedia Group, Inc. ^(a)		1,699		313,669
Fox Corp. - Class A		3,062		144,282
Fox Corp. - Class B		1,807		80,827
GoDaddy, Inc. - Class A ^(a)		1,919		379,137
Interpublic Group of Cos., Inc.		5,120		157,747
Match Group, Inc. ^(a)		3,516		115,114
Meta Platforms, Inc. - Class A^(f)		29,772		17,098,655
Netflix, Inc. ^(a)		5,851		5,188,725
News Corp., Class A - Class A		5,158		151,387
News Corp., Class B - Class B		1,528		49,034
Omnicom Group, Inc.		2,666		279,450
Paramount Global - Class B		8,103		87,918
Take-Two Interactive Software, Inc. ^(a)		2,222		418,580
Uber Technologies, Inc. ^(a)		28,651		2,061,726
VeriSign, Inc. ^(a)		1,143		213,947
Walt Disney Co.		24,719		2,903,741
Warner Bros Discovery, Inc. ^(a)		30,427		318,875
				61,148,013
Oil & Gas — 3.4%
APA Corp.		5,042		114,201
Baker Hughes & GE Co., Class A		13,546		595,347
Chevron Corp.		23,192		3,755,481
ConocoPhillips		17,781		1,926,347
Coterra Energy, Inc.		10,080		269,338
Devon Energy Corp.		8,537		323,979
Diamondback Energy, Inc.		2,431		431,721
EOG Resources, Inc.		7,753		1,033,165
EQT Corp.		8,096		367,882
Exxon Mobil Corp. ^(f)		60,577		7,145,663
Halliburton Co.		12,036		383,467
Hess Corp.		3,766		554,280
Kinder Morgan, Inc.		26,333		744,434

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Marathon Petroleum Corp.		4,565	$	712,825
Occidental Petroleum Corp.		9,178		464,223
ONEOK, Inc.		7,964		904,710
Phillips 66		5,708		764,758
Schlumberger, Ltd.		19,367		850,986
Targa Resources Corp.		2,986		610,040
Valero Energy Corp.		4,368		607,501
Williams Cos., Inc.		16,622		972,719
				23,533,067
Real Estate — 2.3%
Alexandria Real Estate Equities, Inc.		2,122		233,908
American Tower Corp.		6,370		1,331,330
AvalonBay Communities, Inc.		1,935		455,402
BXP, Inc.		1,978		162,176
Camden Property Trust		1,452		182,662
CBRE Group, Inc. - Class A ^(a)		4,109		575,219
CoStar Group, Inc. ^(a)		5,588		454,528
Crown Castle, Inc.		5,925		629,531
Digital Realty Trust, Inc.		4,193		820,528
Equinix, Inc.		1,294		1,270,035
Equity Residential		4,652		356,622
Essex Property Trust, Inc.		875		271,653
Extra Space Storage, Inc.		2,887		493,562
Federal Realty Investment Trust		1,022		119,216
Healthpeak Properties, Inc.		9,595		210,994
Host Hotels & Resorts, Inc.		9,580		176,464
Invitation Homes, Inc.		7,768		266,054
Iron Mountain, Inc.		3,999		494,556
Kimco Realty Corp.		9,188		234,937
Mid-America Apartment Communities, Inc.		1,591		261,179
Prologis, Inc.		12,627		1,474,581
Public Storage		2,147		747,263
Realty Income Corp.		11,874		687,386
Regency Centers Corp.		2,226		168,263
SBA Communications Corp.		1,465		331,456
Simon Property Group, Inc.		4,176		766,714
UDR, Inc.		4,092		187,659
Ventas, Inc.		5,637		361,163
VICI Properties, Inc.		14,276		465,540
Welltower, Inc.		7,891		1,090,378
Weyerhaeuser Co.		9,917		319,923
				15,600,882
Renewable Energy — 0.1%
Enphase Energy, Inc. ^(a)		1,845		131,641

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
First Solar, Inc. ^(a)		1,458	$	290,535
				422,176
Retail & Wholesale — Discretionary — 6.1%
Amazon.com, Inc. ^(a)(f)		127,340		26,472,713
AutoZone, Inc. ^(a)		231		732,164
Bath & Body Works, Inc.		3,041		110,206
Best Buy Co., Inc.		2,674		240,660
Builders FirstSource, Inc. ^(a)		1,586		295,741
CarMax, Inc. ^(a)		2,127		178,604
Copart, Inc. ^(a)		11,940		756,877
eBay, Inc.		6,669		422,081
Genuine Parts Co.		1,898		240,533
Home Depot, Inc.^(f)		13,522		5,802,696
LKQ Corp.		3,586		140,894
Lowe’s Cos., Inc.		7,770		2,116,781
Lululemon Athletica, Inc. ^(a)		1,566		502,153
O’Reilly Automotive, Inc. ^(a)		789		980,901
Pool Corp.		520		196,087
Ross Stores, Inc.		4,548		704,349
TJX Cos., Inc.		15,412		1,937,134
Tractor Supply Co.		1,469		416,711
Ulta Beauty, Inc. ^(a)		649		250,929
				42,498,214
Retail & Wholesale — Staples — 2.1%
Archer-Daniels-Midland Co.		6,520		355,992
Bunge Global SA		1,929		173,108
Costco Wholesale Corp.		6,045		5,875,015
Dollar General Corp.		2,999		231,733
Dollar Tree, Inc. ^(a)		2,755		196,349
Kroger Co.		9,055		553,079
Sysco Corp.		6,704		516,945
Target Corp.		6,307		834,479
Walgreens Boots Alliance, Inc.		9,816		88,540
Walmart, Inc.		59,235		5,479,238
				14,304,478
Software & Tech Services — 11.5%
Accenture PLC - Class A		8,539		3,094,277
Adobe, Inc. ^(a)		6,047		3,119,829
Akamai Technologies, Inc. ^(a)		2,064		194,057
Amentum Holdings, Inc. ^(a)		1,706		41,541
ANSYS, Inc. ^(a)		1,189		417,458
Autodesk, Inc. ^(a)		2,935		856,727
Cadence Design Systems, Inc. ^(a)		3,728		1,143,788
CDW Corp./DE		1,820		320,193

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Cognizant Technology Solutions Corp., Class A - Class A		6,758	$	543,951
Crowdstrike Holdings, Inc. - Class A ^(a)		3,146		1,088,422
Dayforce, Inc. ^(a)		2,155		172,378
EPAM Systems, Inc. ^(a)		774		188,794
Fortinet, Inc. ^(a)		8,655		822,658
Gartner, Inc. ^(a)		1,047		542,273
Gen Digital, Inc.		7,386		227,858
International Business Machines Corp.		12,560		2,856,270
Intuit, Inc.		3,810		2,444,991
Leidos Holdings, Inc.		1,836		303,674
Microsoft Corp. ^(f)		101,342		42,914,283
Oracle Corp.		21,797		4,028,958
Palantir Technologies, Inc. - Class A ^(a)		26,164		1,755,081
Palo Alto Networks, Inc. ^(a)		4,414		1,711,837
Paycom Software, Inc.		663		153,763
PTC, Inc. ^(a)		1,635		327,098
Roper Technologies, Inc.		1,460		827,002
Salesforce, Inc.		13,214		4,360,488
ServiceNow, Inc. ^(a)		2,809		2,947,877
Synopsys, Inc. ^(a)		2,086		1,165,010
TE Connectivity PLC		4,143		626,090
Tyler Technologies, Inc. ^(a)		581		365,548
				79,562,174
Tech Hardware & Semiconductors — 19.7%
Advanced Micro Devices, Inc. ^(a)		22,056		3,025,532
Analog Devices, Inc.		6,766		1,475,326
Apple, Inc. ^(f)		207,317		49,202,544
Applied Materials, Inc.		11,283		1,971,253
Arista Networks, Inc. ^(a)		3,510		1,424,428
Broadcom, Inc. ^(f)		63,464		10,286,245
Cisco Systems, Inc.		54,942		3,253,116
Corning, Inc.		10,500		511,035
Dell Technologies, Inc. - Class C		3,921		500,280
F5, Inc. ^(a)		792		198,277
Garmin, Ltd.		2,095		445,397
Hewlett Packard Enterprise Co.		17,716		375,934
HP, Inc.		13,339		472,601
Intel Corp.		58,102		1,397,353
Jabil, Inc.		1,544		209,722
Juniper Networks, Inc.		4,488		161,209
KLA Corp.		1,832		1,185,359
Lam Research Corp.		17,767		1,312,626
Microchip Technology, Inc.		7,311		498,391
Micron Technology, Inc.		15,116		1,480,612
Monolithic Power Systems, Inc.		664		376,913

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Motorola Solutions, Inc.		2,273	$	1,135,818
NetApp, Inc.		2,802		343,637
NVIDIA Corp. ^(f)		335,279		46,352,322
NXP Semiconductors NV		3,472		796,373
ON Semiconductor Corp. ^(a)		5,837		415,127
Qorvo, Inc. ^(a)		1,293		89,282
QUALCOMM, Inc.		15,186		2,407,437
Seagate Technology Holdings PLC		2,862		290,006
Skyworks Solutions, Inc.		2,176		190,596
Super Micro Computer, Inc. ^(a)		6,854		223,715
Teledyne Technologies, Inc. ^(a)		635		308,140
Teradyne, Inc.		2,223		244,530
Texas Instruments, Inc.		12,450		2,502,823
Western Digital Corp. ^(a)		4,452		324,951
Zebra Technologies Corp. - Class A ^(a)		702		285,714
				135,674,624
Telecommunications — 0.9%
AT&T, Inc.		97,827		2,265,673
T-Mobile US, Inc.		6,683		1,650,300
Verizon Communications, Inc.		57,425		2,546,225
				6,462,198
Utilities — 2.5%
AES Corp.		9,696		126,436
Alliant Energy Corp.		3,497		221,010
Ameren Corp.		3,638		343,391
American Electric Power Co., Inc.		7,254		724,384
American Water Works Co., Inc.		2,656		363,713
Atmos Energy Corp.		2,115		320,042
CenterPoint Energy, Inc.		8,887		289,894
CMS Energy Corp.		4,074		283,999
Consolidated Edison, Inc.		4,715		474,282
Constellation Energy Corp.		4,262		1,093,459
Dominion Energy, Inc.		11,440		672,100
DTE Energy Co.		2,822		354,951
Duke Energy Corp.		10,528		1,232,302
Edison International		5,265		462,004
Entergy Corp.		2,914		455,079
Evergy, Inc.		3,134		202,550
Eversource Energy		4,871		314,131
Exelon Corp.		13,636		539,440
FirstEnergy Corp.		6,988		297,339
NextEra Energy, Inc.		28,022		2,204,491
NiSource, Inc.		6,116		232,958
NRG Energy, Inc.		2,812		285,727

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
PG&E Corp.		29,148	$	630,471
Pinnacle West Capital Corp.		1,547		144,954
PPL Corp.		10,057		351,291
Public Service Enterprise Group, Inc.		6,792		640,486
Sempra		8,635		808,841
Southern Co.		14,911		1,329,017
Vistra Corp.		4,680		748,051
WEC Energy Group, Inc.		4,309		435,425
Xcel Energy, Inc.		7,601		551,529
				17,133,747
TOTAL COMMON STOCKS (Cost $466,616,281)				694,834,248

	Notional Amount		Contracts		Value
PURCHASED OPTIONS — 0.8%
Put Options — 0.8%
S&P 500 Index ^(c)(d)(g)
Expiration: 12/20/2024; Exercise Price: $5,700.00	$	235,262,820		390	$	308,100
Expiration: 01/17/2025; Exercise Price: $5,825.00		229,230,440		380		1,318,600
Expiration: 02/21/2025; Exercise Price: $5,975.00		232,246,630		385		3,501,575
TOTAL PURCHASED OPTIONS (Cost $14,776,088)						5,128,275

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
First American Treasury Obligations Fund - Class X, 4.50% ^(e)		2,233,339	$	2,233,339
TOTAL SHORT-TERM INVESTMENTS (Cost $2,233,339)				2,233,339

TOTAL INVESTMENTS — 101.8% (Cost $483,625,708)				702,195,862
Liabilities in Excess of Other Assets — (1.8)%				(12,223,752	)
TOTAL NET ASSETS — 100.0%			$	689,972,110

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 November 30, 2024.

(c)	Exchange-traded.

(d)	100 shares per contract.

(e)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

(f)	All or portion of the security is segregated as collateral for written options. The value of the securities segregates as collateral for written option is $254,869,502, which is 36.94% of total net assets.

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

See accompanying notes to financial statements.

Horizon Defined Risk Fund
Schedule of Written Options
November 30, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — (1.6)%
Call Options — (1.3)%
S&P 500 Index ^(a)(b)
Expiration: 12/20/2024; Exercise Price: $5,980.00	$	(235,262,820	)		(390	)	$	(4,143,750	)
Expiration: 01/17/2025; Exercise Price: $6,125.00		(229,230,440	)		(380	)		(2,530,800	)
Expiration: 02/21/2025; Exercise Price: $6,250.00		(232,246,630	)		(385	)		(2,373,525	)
Total Call Options								(9,048,075	)

Put Options — (0.3)%
S&P 500 Index ^(a)(b)
Expiration: 12/20/2024; Exercise Price: $5,225.00		(235,262,820	)		(390	)		(114,075	)
Expiration: 01/17/2025; Exercise Price: $5,400.00		(229,230,440	)		(380	)		(433,200	)
Expiration: 02/21/2025; Exercise Price: $5,600.00		(232,246,630	)		(385	)		(1,420,650	)
Total Put Options								(1,967,925	)
TOTAL WRITTEN OPTIONS (Premiums received $13,462,943)								(11,016,000	)

Percentages are stated as a percent of net assets.

(a)	100 shares per contract.

(b)	Exchange-traded.

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments
November 30, 2024

	Shares		Value
COMMON STOCKS — 98.9%
Banking — 2.1%
M&T Bank Corp.		2,743	$	603,433
PNC Financial Services Group, Inc.		17,963		3,857,015
Regions Financial Corp.		22,517		613,813
Wells Fargo & Co.		95,724		7,291,297
				12,365,558
Consumer Discretionary Products — 1.4%
BorgWarner, Inc.		17,065		585,671
DR Horton, Inc.		7,909		1,334,881
General Motors Co.		37,688		2,095,076
Lennar Corp., Class A - Class A		9,904		1,727,158
Masco Corp.		8,908		717,628
NVR, Inc. ^(a)		120		1,108,270
Tapestry, Inc.		15,770		982,156
				8,550,840
Consumer Discretionary Services — 1.1%
Carnival Corp. ^(a)		56,925		1,447,603
Chipotle Mexican Grill, Inc. ^(a)		15,009		923,353
Las Vegas Sands Corp.		11,900		631,414
McDonald’s Corp.		11,603		3,434,604
				6,436,974
Consumer Staple Products — 6.8%
Altria Group, Inc.		83,166		4,802,005
Clorox Co.		7,175		1,199,445
Coca-Cola Co.		100,558		6,443,757
Colgate-Palmolive Co.		21,826		2,109,046
General Mills, Inc.		9,479		628,079
Keurig Dr Pepper, Inc.		29,933		977,312
McCormick & Co., Inc.		8,697		681,932
Philip Morris International, Inc.		76,552		10,186,009
Procter & Gamble Co.		72,644		13,022,163
Tyson Foods, Inc., Class A - Class A		9,970		643,065
				40,692,813
Financial Services — 6.0%
CBOE Global Markets, Inc.		5,442		1,174,656
Corpay, Inc. ^(a)		3,233		1,232,355
Fair Isaac Corp. ^(a)		2,043		4,852,186
Fiserv, Inc. ^(a)		16,997		3,755,657
MarketAxess Holdings, Inc.		2,506		648,277
MasterCard, Inc. - Class A		36,299		19,345,189
Nasdaq, Inc.		20,829		1,728,599
Synchrony Financial		21,077		1,423,119

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Verisk Analytics, Inc.		5,768	$	1,697,003
				35,857,041
Health Care — 9.9%
Abbott Laboratories		29,850		3,545,284
AbbVie, Inc.		35,004		6,403,282
Agilent Technologies, Inc.		4,360		601,549
Boston Scientific Corp. ^(a)		40,381		3,660,941
Bristol-Myers Squibb Co.		71,442		4,230,795
Cardinal Health, Inc.		10,121		1,237,191
Cencora, Inc.		5,724		1,439,872
Cigna Group		2,556		863,417
Danaher Corp.		4,559		1,092,747
DaVita, Inc. ^(a)		3,824		635,434
Gilead Sciences, Inc.		51,644		4,781,202
HCA Healthcare, Inc.		11,144		3,646,540
Intuitive Surgical, Inc. ^(a)		7,585		4,111,070
Johnson & Johnson		47,386		7,345,304
Medtronic PLC		42,337		3,663,844
Merck & Co., Inc.		77,683		7,895,700
Regeneron Pharmaceuticals, Inc. ^(a)		717		537,908
Stryker Corp.		4,208		1,650,167
Thermo Fisher Scientific, Inc.		2,579		1,365,916
Universal Health Services, Inc. - Class B		4,339		889,495
				59,597,658
Industrial Products — 4.7%
3M Co.		18,408		2,458,020
Allegion PLC		5,234		737,157
AMETEK, Inc.		8,671		1,685,469
Amphenol Corp. - Class A		50,754		3,687,278
Dover Corp.		4,255		876,105
L3Harris Technologies, Inc.		4,729		1,164,516
Lockheed Martin Corp.		11,266		5,964,333
Northrop Grumman Corp.		4,261		2,086,399
Parker-Hannifin Corp.		1,512		1,062,785
Pentair PLC		9,094		991,155
Snap-on, Inc.		1,634		604,073
Trane Technologies PLC		9,648		4,015,691
Veralto Corp.		9,428		1,020,015
Wabtec Corp.		8,805		1,766,459
				28,119,455
Industrial Services — 4.0%
Automatic Data Processing, Inc.		18,082		5,549,908
Cintas Corp.		12,160		2,745,606
CSX Corp.		68,524		2,504,552

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Delta Air Lines, Inc.		9,639	$	615,161
Norfolk Southern Corp.		3,705		1,022,024
Republic Services, Inc.		15,036		3,282,359
Union Pacific Corp.		11,615		2,841,726
United Airlines Holdings, Inc. ^(a)		8,195		793,522
United Rentals, Inc.		1,168		1,011,488
Waste Management, Inc.		15,953		3,640,794
				24,007,140
Insurance — 9.3%
Allstate Corp.		13,727		2,846,843
Arch Capital Group Ltd.		16,496		1,661,477
Berkshire Hathaway, Inc. - Class B ^(a)		63,314		30,581,928
Chubb Ltd.		20,237		5,843,029
Cincinnati Financial Corp.		9,089		1,452,695
Hartford Financial Services Group, Inc.		16,382		2,020,064
Progressive Corp.		29,438		7,915,290
Travelers Cos., Inc.		12,127		3,226,267
				55,547,593
Materials — 1.5%
CF Industries Holdings, Inc.		7,027		630,041
DuPont de Nemours, Inc.		7,095		593,071
Ecolab, Inc.		11,184		2,782,244
Packaging Corp. of America		4,533		1,128,037
PPG Industries, Inc.		4,958		616,626
Sherwin-Williams Co.		6,700		2,662,580
Vulcan Materials Co.		2,605		750,579
				9,163,178
Media — 10.8%
Booking Holdings, Inc.		1,198		6,231,972
Comcast Corp. - Class A		176,960		7,642,902
Electronic Arts, Inc.		3,698		605,252
Expedia Group, Inc. ^(a)		5,276		974,055
Fox Corp. - Class A		13,462		634,329
GoDaddy, Inc. - Class A ^(a)		17,830		3,522,673
Meta Platforms, Inc. - Class A		49,560		28,463,299
Netflix, Inc. ^(a)		14,906		13,218,790
VeriSign, Inc. ^(a)		17,786		3,329,184
				64,622,456
Oil & Gas — 2.4%
ConocoPhillips		12,300		1,332,582
EOG Resources, Inc.		9,468		1,261,706
Exxon Mobil Corp.		83,012		9,792,095

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Targa Resources Corp.		8,309	$	1,697,529
				14,083,912
Real Estate — 2.5%
American Tower Corp.		17,446		3,646,214
Camden Property Trust		4,842		609,124
CBRE Group, Inc. - Class A ^(a)		9,926		1,389,541
Equity Residential		8,079		619,336
Healthpeak Properties, Inc.		26,641		585,835
Kimco Realty Corp.		28,729		734,600
Mid-America Apartment Communities, Inc.		3,698		607,064
Public Storage		4,689		1,632,006
Regency Centers Corp.		7,981		603,284
Simon Property Group, Inc.		15,066		2,766,118
VICI Properties, Inc.		19,005		619,753
Welltower, Inc.		8,124		1,122,574
				14,935,449
Retail & Wholesale — Discretionary — 3.9%
Home Depot, Inc.		26,525		11,382,673
Lowe’s Cos., Inc.		10,170		2,770,613
O’Reilly Automotive, Inc. ^(a)		2,449		3,044,646
TJX Cos., Inc.		48,130		6,049,460
				23,247,392
Retail & Wholesale — Staples — 3.4%
Dollar General Corp.		7,906		610,897
Kroger Co.		34,993		2,137,372
Walmart, Inc.		190,566		17,627,355
				20,375,624
Software & Tech Services — 7.8%
Accenture PLC - Class A		16,983		6,154,130
EPAM Systems, Inc. ^(a)		12,310		3,002,655
Fortinet, Inc. ^(a)		43,036		4,090,572
Leidos Holdings, Inc.		7,468		1,235,207
Microsoft Corp.		58,137		24,618,694
Salesforce, Inc.		13,128		4,332,109
Tyler Technologies, Inc. ^(a)		5,430		3,416,393
				46,849,760
Tech Hardware & Semiconductors — 15.3%
Apple, Inc.		131,870		31,296,707
Applied Materials, Inc.		16,794		2,934,080
Cisco Systems, Inc.		89,062		5,273,361
F5, Inc. ^(a)		13,265		3,320,893
Garmin, Ltd.		7,740		1,645,524
Micron Technology, Inc.		28,855		2,826,347

See accompanying notes to financial statements.

Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Motorola Solutions, Inc.		12,871	$	6,431,639
NVIDIA Corp.		200,541		27,724,793
QUALCOMM, Inc.		25,348		4,018,418
Skyworks Solutions, Inc.		31,068		2,721,246
Teledyne Technologies, Inc. ^(a)		7,057		3,424,480
				91,617,488
Telecommunications — 3.5%
AT&T, Inc.		346,342		8,021,281
T-Mobile US, Inc.		53,017		13,092,018
				21,113,299
Utilities — 2.5%
American Electric Power Co., Inc.		22,881		2,284,897
CMS Energy Corp.		8,648		602,852
Consolidated Edison, Inc.		10,922		1,098,644
Duke Energy Corp.		17,880		2,092,854
Evergy, Inc.		9,288		600,283
Exelon Corp.		32,957		1,303,779
PG&E Corp.		88,299		1,909,907
PPL Corp.		17,662		616,934
Southern Co.		18,514		1,650,153
Vistra Corp.		13,646		2,181,177
Xcel Energy, Inc.		8,600		624,016
				14,965,496
TOTAL COMMON STOCKS (Cost $530,312,622)				592,149,126

SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
First American Treasury Obligations Fund - Class X, 4.50% ^(b)		1,908,442		1,908,442
TOTAL SHORT-TERM INVESTMENTS (Cost $1,908,442)				1,908,442

TOTAL INVESTMENTS — 99.2% (Cost $532,221,064)				594,057,568
Other Assets in Excess of Liabilities — 0.8%				4,820,778
TOTAL NET ASSETS — 100.0%			$	598,878,346

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 annualized effective yield as of November 30, 2024.

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments
November 30, 2024

	Shares		Value
COMMON STOCKS — 99.6%
Banking — 1.2%
Citizens Financial Group, Inc.		7,608	$	366,249
Huntington Bancshares, Inc.		24,278		437,247
KeyCorp		15,770		307,199
PNC Financial Services Group, Inc.		6,655		1,428,962
Regions Financial Corp.		15,303		417,160
Truist Financial Corp.		22,419		1,068,938
US Bancorp		26,150		1,393,533
				5,419,288
Consumer Discretionary Products — 4.5%
Aptiv PLC ^(a)		4,555		252,939
Deckers Outdoor Corp. ^(a)		2,549		499,502
DR Horton, Inc.		4,945		834,617
Fortune Brands Innovations, Inc.		2,084		163,177
Nike, Inc. - Class B		20,299		1,598,952
NVR, Inc. ^(a)		40		369,423
PulteGroup, Inc.		3,507		474,392
Rivian Automotive, Inc. - Class A ^(a)		12,397		151,616
Tesla, Inc. ^(a)		48,014		16,572,512
				20,917,130
Consumer Discretionary Services — 1.5%
Darden Restaurants, Inc.		1,999		352,364
Domino’s Pizza, Inc.		584		278,095
Hilton Worldwide Holdings, Inc.		4,180		1,059,379
McDonald’s Corp.		12,062		3,570,473
Royal Caribbean Cruises Ltd.		4,079		995,521
Yum! Brands, Inc.		4,714		654,963
				6,910,795
Consumer Staple Products — 4.5%
Campbell Soup Co.		3,247		150,011
Church & Dwight Co., Inc.		4,091		450,542
Clorox Co.		2,072		346,376
Coca-Cola Co.		68,535		4,391,723
Colgate-Palmolive Co.		13,037		1,259,765
Conagra Brands, Inc.		8,006		220,565
General Mills, Inc.		9,342		619,001
Hormel Foods Corp.		5,043		163,545
J M Smucker Co.		1,781		209,784
Kellanova		4,581		372,389
Keurig Dr Pepper, Inc.		18,152		592,663
Kimberly-Clark Corp.		5,637		785,516
Lamb Weston Holdings, Inc.		2,416		186,612
McCormick & Co., Inc.		4,214		330,420
PepsiCo, Inc.		22,983		3,756,571

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Procter & Gamble Co.		39,479	$	7,077,006
				20,912,489
Financial Services — 9.9%
Ally Financial, Inc.		4,573		182,828
American Express Co.		9,628		2,933,459
Ameriprise Financial, Inc.		1,661		953,364
Annaly Capital Management, Inc.		8,374		166,894
Bank of New York Mellon Corp.		12,337		1,010,030
Blackrock, Inc.		2,493		2,549,840
Broadridge Financial Solutions, Inc.		1,975		466,139
Capital One Financial Corp.		6,388		1,226,560
CBOE Global Markets, Inc.		1,762		380,328
Charles Schwab Corp.		25,307		2,094,407
Discover Financial Services		4,189		764,199
FactSet Research Systems, Inc.		634		311,085
Fair Isaac Corp. ^(a)		410		973,762
Fidelity National Information Services, Inc.		9,304		793,631
Fiserv, Inc. ^(a)		9,807		2,166,955
Franklin Resources, Inc.		4,842		110,204
Intercontinental Exchange, Inc.		9,608		1,546,504
LPL Financial Holdings, Inc.		1,252		407,088
MarketAxess Holdings, Inc.		634		164,009
MasterCard, Inc. - Class A		13,916		7,416,393
Moody’s Corp.		2,750		1,374,945
Morgan Stanley		20,414		2,686,687
Nasdaq, Inc.		7,243		601,097
Northern Trust Corp.		3,416		379,723
PayPal Holdings, Inc. ^(a)		16,618		1,441,944
Raymond James Financial, Inc.		3,285		556,085
S&P Global, Inc.		5,363		2,802,221
State Street Corp.		5,008		493,338
Synchrony Financial		6,600		445,632
T. Rowe Price Group, Inc.		3,733		462,295
TransUnion		3,246		329,469
Visa, Inc. - Class A		26,388		8,314,331
				46,505,446
Health Care — 10.1%
ABIOMED INC ^(a)(b)		239		0
Agilent Technologies, Inc.		4,876		672,742
Align Technology, Inc. ^(a)		1,195		278,160
Amgen, Inc.		8,977		2,539,324
Avantor, Inc. ^(a)		11,347		238,968
Biogen, Inc. ^(a)		2,431		390,492
Bio-Techne Corp.		2,629		198,121

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Bristol-Myers Squibb Co.		34,046	$	2,016,204
Catalent, Inc. ^(a)		3,028		185,041
Cencora, Inc.		2,999		754,398
Cigna Group		4,747		1,603,537
Cooper Cos., Inc. ^(a)		3,327		347,538
Danaher Corp.		11,172		2,677,817
DaVita, Inc. ^(a)		878		145,897
Dexcom, Inc. ^(a)		6,635		517,464
Edwards Lifesciences Corp. ^(a)		10,116		721,777
Elevance Health, Inc.		3,878		1,578,191
Eli Lilly & Co.		13,546		10,773,811
GE HealthCare Technologies, Inc.		7,262		604,344
Gilead Sciences, Inc.		20,828		1,928,256
HCA Healthcare, Inc.		3,280		1,073,282
Henry Schein, Inc. ^(a)		2,135		164,502
Hologic, Inc. ^(a)		3,905		310,447
Humana, Inc.		2,013		596,613
IDEXX Laboratories, Inc. ^(a)		1,382		582,858
Insulet Corp. ^(a)		1,160		309,465
IQVIA Holdings, Inc. ^(a)		3,043		611,156
Johnson & Johnson		40,388		6,260,544
Labcorp Holdings, Inc.		1,410		340,036
Merck & Co., Inc.		42,447		4,314,313
Mettler-Toledo International, Inc. ^(a)		353		441,674
Molina Healthcare, Inc. ^(a)		973		289,857
Neurocrine Biosciences, Inc. ^(a)		1,686		213,700
Quest Diagnostics, Inc.		1,856		301,897
Solventum Corp. ^(a)		2,456		175,629
STERIS PLC		1,652		361,887
Teleflex, Inc.		784		151,194
Waters Corp. ^(a)		991		381,257
West Pharmaceutical Services, Inc.		1,218		396,678
Zimmer Biomet Holdings, Inc.		3,444		386,072
Zoetis, Inc.		7,628		1,336,807
				47,171,950
Industrial Products — 5.3%
3M Co.		9,233		1,232,882
Allegion PLC		1,452		204,500
Axon Enterprise, Inc. ^(a)		1,192		771,176
Carrier Global Corp.		13,534		1,047,126
Caterpillar, Inc.		8,179		3,321,574
CNH Industrial NV		14,714		184,808
Cummins, Inc.		2,283		856,216
Deere & Co.		4,365		2,033,654
Dover Corp.		2,296		472,746

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Eaton Corp. PLC		6,666	$	2,502,550
Fortive Corp.		5,875		466,064
General Electric Co.		18,327		3,338,446
Graco, Inc.		2,827		257,483
IDEX Corp.		1,256		289,671
Illinois Tool Works, Inc.		4,989		1,384,547
Ingersoll Rand, Inc.		6,730		701,064
Johnson Controls International PLC		11,270		945,102
Keysight Technologies, Inc. ^(a)		2,914		497,828
Lennox International, Inc.		539		359,583
Pentair PLC		2,764		301,248
Rockwell Automation, Inc.		1,898		560,176
Toro Co.		1,734		150,997
Trane Technologies PLC		3,769		1,568,733
Trimble, Inc. ^(a)		4,083		297,937
Veralto Corp.		4,128		446,608
Xylem, Inc.		4,053		513,718
				24,706,437
Industrial Services — 3.1%
Automatic Data Processing, Inc.		6,852		2,103,084
CH Robinson Worldwide, Inc.		1,951		205,987
Cintas Corp.		6,119		1,381,609
CSX Corp.		32,647		1,193,248
Delta Air Lines, Inc.		2,697		172,122
EMCOR Group, Inc.		782		398,914
Expeditors International of Washington, Inc.		2,355		286,462
JB Hunt Transport Services, Inc.		1,377		260,404
Knight-Swift Transportation Holdings, Inc.		2,699		160,213
Old Dominion Freight Line, Inc.		3,256		733,056
Paychex, Inc.		5,429		794,100
Quanta Services, Inc.		2,439		840,284
Union Pacific Corp.		10,192		2,493,575
United Parcel Service, Inc. - Class B		12,206		1,656,598
United Rentals, Inc.		1,107		958,662
WW Grainger, Inc.		738		889,541
				14,527,859
Insurance — 2.3%
Aflac, Inc.		9,032		1,029,648
Allstate Corp.		4,406		913,760
Arch Capital Group Ltd.		6,283		632,824
Assurant, Inc.		868		197,123
Equitable Holdings, Inc.		5,433		262,034
Hartford Financial Services Group, Inc.		4,945		609,768
Marsh & McLennan Cos., Inc.		8,255		1,925,314

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Principal Financial Group, Inc.		3,921	$	341,480
Progressive Corp.		9,810		2,637,713
Prudential Financial, Inc.		5,996		775,942
Travelers Cos., Inc.		3,835		1,020,263
Willis Towers Watson PLC		1,708		549,976
				10,895,845
Materials — 2.7%
Air Products & Chemicals, Inc.		3,719		1,243,373
Avery Dennison Corp.		1,344		276,797
Ball Corp.		5,194		322,859
CRH PLC		11,463		1,172,321
Ecolab, Inc.		4,295		1,068,467
International Flavors & Fragrances, Inc.		4,256		388,828
International Paper Co.		5,523		324,918
Linde PLC		8,042		3,707,282
LyondellBasell Industries NV - Class A		4,364		363,696
Martin Marietta Materials, Inc.		1,022		613,200
Newmont Goldcorp Corp.		19,371		812,420
Nucor Corp.		3,995		617,986
Owens Corning		1,444		296,915
PPG Industries, Inc.		3,919		487,406
Smurfit WestRock PLC		8,691		478,179
Steel Dynamics, Inc.		2,495		362,449
				12,537,096
Media — 9.4%
Alphabet, Inc. - Class A		98,514		16,643,940
Alphabet, Inc. - Class C		84,774		14,453,119
Booking Holdings, Inc.		565		2,939,119
Charter Communications, Inc. - Class A ^(a)		1,561		619,662
Comcast Corp. - Class A		65,434		2,826,094
DoorDash, Inc. - Class A ^(a)		5,096		919,726
Electronic Arts, Inc.		4,225		691,506
Fox Corp. - Class A		3,866		182,166
Fox Corp. - Class B		2,364		105,742
Interpublic Group of Cos., Inc.		6,310		194,411
Omnicom Group, Inc.		3,275		343,286
Take-Two Interactive Software, Inc. ^(a)		2,781		523,885
Walt Disney Co.		30,536		3,587,064
				44,029,720
Oil & Gas — 1.9%
Baker Hughes & GE Co., Class A		16,710		734,405
Cheniere Energy, Inc.		3,833		858,630
Halliburton Co.		14,842		472,866
HF Sinclair Corp.		2,716		111,166

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Marathon Petroleum Corp.		5,894	$	920,348
ONEOK, Inc.		9,757		1,108,395
Phillips 66		7,101		951,392
Schlumberger, Ltd.		23,919		1,051,001
Targa Resources Corp.		3,521		719,340
Valero Energy Corp.		5,489		763,410
Williams Cos., Inc.		20,378		1,192,521
				8,883,474
Real Estate — 2.3%
American Tower Corp.		7,805		1,631,245
BXP, Inc.		2,491		204,237
CBRE Group, Inc. - Class A ^(a)		5,133		718,569
Crown Castle, Inc.		7,273		772,756
Digital Realty Trust, Inc.		5,427		1,062,010
Equinix, Inc.		1,586		1,556,627
Healthpeak Properties, Inc.		11,802		259,526
Iron Mountain, Inc.		4,880		603,509
Prologis, Inc.		15,524		1,812,893
SBA Communications Corp.		1,791		405,214
Welltower, Inc.		10,029		1,385,807
Weyerhaeuser Co.		12,215		394,056
				10,806,449
Renewable Energy — 0.1%
Enphase Energy, Inc. ^(a)		2,275		162,321
First Solar, Inc. ^(a)		1,699		338,560
				500,881
Retail & Wholesale — Discretionary — 4.4%
AutoZone, Inc. ^(a)		283		896,980
Bath & Body Works, Inc.		3,541		128,326
Best Buy Co., Inc.		3,420		307,800
Burlington Stores, Inc. ^(a)		1,066		300,484
CarMax, Inc. ^(a)		2,598		218,154
Dick’s Sporting Goods, Inc.		964		199,779
eBay, Inc.		8,403		531,826
Ferguson Enterprises, Inc.		3,372		728,116
Genuine Parts Co.		2,328		295,027
Home Depot, Inc.		16,573		7,111,972
LKQ Corp.		4,460		175,233
Lowe’s Cos., Inc.		9,521		2,593,806
Lululemon Athletica, Inc. ^(a)		1,901		609,575
MercadoLibre, Inc. ^(a)		764		1,516,670
O’Reilly Automotive, Inc. ^(a)		985		1,224,572
Pool Corp.		636		239,829
TJX Cos., Inc.		18,921		2,378,180

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Tractor Supply Co.		1,796	$	509,471
Ulta Beauty, Inc. ^(a)		795		307,379
Williams-Sonoma, Inc.		2,145		368,983
				20,642,162
Retail & Wholesale — Staples — 0.5%
Albertsons Cos., Inc. - Class A		6,316		125,373
Bunge Global SA		2,368		212,504
Kroger Co.		11,479		701,137
Target Corp.		7,745		1,024,741
Walgreens Boots Alliance, Inc.		12,288		110,838
				2,174,593
Software & Tech Services — 18.2%
Accenture PLC - Class A		10,503		3,805,972
Adobe, Inc. ^(a)		7,408		3,822,009
Akamai Technologies, Inc. ^(a)		2,546		239,375
ANSYS, Inc. ^(a)		1,461		512,957
Aspen Technology, Inc. ^(a)		475		118,750
Atlassian Corp. - Class A ^(a)		2,672		704,286
Autodesk, Inc. ^(a)		3,597		1,049,964
Cadence Design Systems, Inc. ^(a)		4,558		1,398,440
Dayforce, Inc. ^(a)		2,647		211,734
DocuSign, Inc. ^(a)		3,420		272,540
Gartner, Inc. ^(a)		1,294		670,201
Gen Digital, Inc.		9,410		290,298
HubSpot, Inc. ^(a)		809		583,329
International Business Machines Corp.		15,360		3,493,018
Intuit, Inc.		4,667		2,994,954
Manhattan Associates, Inc. ^(a)		1,030		294,003
Microsoft Corp.		118,282		50,087,696
Palo Alto Networks, Inc. ^(a)		5,396		2,092,677
PTC, Inc. ^(a)		2,001		400,320
Salesforce, Inc.		16,220		5,352,438
ServiceNow, Inc. ^(a)		3,427		3,596,431
Synopsys, Inc. ^(a)		2,563		1,431,410
Twilio, Inc. - Class A ^(a)		2,716		283,931
Workday, Inc. - Class A ^(a)		3,549		887,215
Zscaler, Inc. ^(a)		1,516		313,190
				84,907,138
Tech Hardware & Semiconductors — 15.9%
Advanced Micro Devices, Inc. ^(a)		27,055		3,711,270
Applied Materials, Inc.		13,879		2,424,800
Hewlett Packard Enterprise Co.		21,741		461,344
HP, Inc.		16,413		581,512
Intel Corp.		71,277		1,714,212

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Juniper Networks, Inc.		5,442	$	195,477
Lam Research Corp.		21,927		1,619,967
Marvell Technology, Inc.		14,522		1,346,044
NetApp, Inc.		3,437		421,514
NVIDIA Corp.		411,667		56,912,963
NXP Semiconductors NV		4,271		979,639
Seagate Technology Holdings PLC		3,342		338,645
Texas Instruments, Inc.		15,260		3,067,718
Western Digital Corp. ^(a)		5,467		399,036
				74,174,141
Telecommunications — 0.7%
Verizon Communications, Inc.		70,394		3,121,270

Utilities — 1.1%
American Water Works Co., Inc.		3,254		445,603
Atmos Energy Corp.		2,514		380,418
CMS Energy Corp.		4,996		348,271
Consolidated Edison, Inc.		5,789		582,316
Edison International		6,438		564,935
Essential Utilities, Inc.		4,347		174,010
Eversource Energy		5,895		380,169
Exelon Corp.		16,722		661,522
NiSource, Inc.		7,494		285,446
NRG Energy, Inc.		3,478		353,400
Sempra		10,575		990,560
				5,166,650
TOTAL COMMON STOCKS (Cost $349,540,675)				464,910,813

See accompanying notes to financial statements.

Horizon Defensive Core Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 0.4%
Money Market Funds — 0.4%
First American Treasury Obligations Fund - Class X, 4.50% ^(c)		2,076,144	$	2,076,144
TOTAL SHORT-TERM INVESTMENTS (Cost $2,076,144)				2,076,144

TOTAL INVESTMENTS — 100.0% (Cost $351,616,819)				466,986,957
Other Assets in Excess of Liabilities — 0.0% ^(d)				126,198
TOTAL NET ASSETS — 100.0%			$	467,113,155

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 November 30, 2024.

(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

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

See accompanying notes to financial statements.

Horizon Tactical Fixed Income Fund
Schedule of Investments
November 30, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 99.4%
iShares iBoxx Investment Grade Corporate Bond ETF ^(a)		77,545	$	8,572,600
iShares J.P. Morgan USD Emerging Markets Bond ETF ^(a)		152,047		14,011,131
iShares Preferred and Income Securities ETF ^(a)		1,011,945		33,343,588
SPDR Blackstone Senior Loan ETF ^(b)		1,491,227		62,750,832
SPDR Bloomberg 1-3 Month T-Bill ETF ^(a)		91,545		8,402,000
SPDR Bloomberg Convertible Securities ETF		373,619		30,584,451
VanEck Fallen Angel High Yield Bond ETF		708,819		20,740,044
Vanguard Total International Bond ETF		169,869		8,586,878
Xtrackers USD High Yield Corporate Bond ETF		1,061,765		39,030,482
TOTAL EXCHANGE TRADED FUNDS (Cost $221,609,769)				226,022,006

SHORT-TERM INVESTMENTS — 23.7%
Investments Purchased with Proceeds from Securities Lending — 23.0%
First American Government Obligations Fund - Class X, 4.50% ^(c)		52,418,946		52,418,946

Money Market Funds — 0.7%
First American Treasury Obligations Fund - Class X, 4.55% ^(c)		1,583,113		1,583,113
TOTAL SHORT-TERM INVESTMENTS (Cost $54,002,059)				54,002,059

TOTAL INVESTMENTS — 123.1% (Cost $275,611,828)				280,024,065
Liabilities in Excess of Other Assets — (23.1)%				(52,571,467	)
TOTAL NET ASSETS — 100.0%			$	227,452,598

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $51,518,457 which represented 22.7% of net assets.

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

(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments
November 30, 2024

	Shares		Value
COMMON STOCKS — 96.5%
Banking — 6.8%
Ameris Bancorp		15,308	$	1,075,846
Axos Financial, Inc. ^(a)		10,993		910,770
Bancorp, Inc. ^(a)		6,316		369,044
BankUnited, Inc.		14,930		628,105
Banner Corp.		6,338		472,751
Brookline Bancorp, Inc.		23,023		289,860
Central Pacific Financial Corp.		7,856		250,764
Columbia Banking System, Inc.		37,621		1,166,627
First BanCorp		37,534		776,203
First Commonwealth Financial Corp.		19,434		365,942
First Financial Bancorp		17,991		531,274
First Horizon Corp.		98,180		2,074,543
Fulton Financial Corp.		38,132		822,889
Hancock Whitney Corp.		11,633		690,768
Heritage Financial Corp.		10,676		282,380
Hilltop Holdings, Inc.		13,785		436,295
Hope Bancorp, Inc.		22,262		303,208
International Bancshares Corp.		12,729		930,872
OFG Bancorp		11,198		508,613
Pathward Financial, Inc.		5,623		471,657
Prosperity Bancshares, Inc.		18,942		1,586,014
S&T Bancorp, Inc.		6,669		285,367
Simmons First National Corp. - Class A		23,055		563,925
Stellar Bancorp, Inc.		8,941		277,260
Texas Capital Bancshares, Inc. ^(a)		7,279		643,828
Veritex Holdings, Inc.		9,455		287,527
Westamerica BanCorp		4,675		267,550
				17,269,882
Consumer Discretionary Products — 5.9%
Armstrong World Industries, Inc.		8,045		1,285,832
Autoliv, Inc.		6,483		642,595
Carter’s, Inc.		3,542		193,287
Century Communities, Inc.		2,564		231,683
Dorman Products, Inc. ^(a)		6,207		868,856
Green Brick Partners, Inc. ^(a)		4,244		303,276
Griffon Corp.		7,503		632,503
Harley-Davidson, Inc.		5,945		199,930
HNI Corp.		10,042		568,879
Interface, Inc.		12,172		323,167
KB Home		4,721		390,616
M/I Homes, Inc. ^(a)		6,122		1,010,314
Masterbrand, Inc. ^(a)		25,130		434,749
Meritage Homes Corp.		4,648		888,093

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Phinia, Inc.		5,021	$	281,578
Revelyst, Inc. ^(a)		5,813		109,866
Skechers USA, Inc. - Class A ^(a)		23,496		1,499,515
Standard Motor Products, Inc.		7,016		230,686
Taylor Morrison Home Corp. ^(a)		10,202		753,622
Toll Brothers, Inc.		18,925		3,125,842
Tri Pointe Homes, Inc. ^(a)		16,255		707,580
Visteon Corp. ^(a)		3,222		300,838
				14,983,307
Consumer Discretionary Services — 3.6%
Adtalem Global Education, Inc. ^(a)		8,395		767,387
Boyd Gaming Corp.		12,292		907,764
Brinker International, Inc. ^(a)		8,652		1,144,400
Graham Holdings Co. - Class B		418		389,208
Grand Canyon Education, Inc. ^(a)		5,371		884,013
Madison Square Garden Sports Corp. ^(a)		2,691		618,795
Monarch Casino & Resort, Inc.		3,675		308,737
Perdoceo Education Corp.		10,391		285,233
PROG Holdings, Inc.		10,010		487,087
Strategic Education, Inc.		2,909		287,438
Stride, Inc. ^(a)		5,757		615,250
Texas Roadhouse, Inc.		9,943		2,041,000
TKO Group Holdings, Inc. ^(a)		1,832		252,743
Upbound Group, Inc.		7,276		250,222
				9,239,277
Consumer Staple Products — 5.3%
BellRing Brands, Inc. ^(a)		21,097		1,655,271
Cal-Maine Foods, Inc.		9,527		929,930
Central Garden & Pet Co. - Class A ^(a)		13,410		453,124
Coca-Cola Consolidated, Inc.		2,046		2,668,577
Fresh Del Monte Produce, Inc.		8,977		302,974
Ingredion, Inc.		16,397		2,415,934
John B Sanfilippo & Son, Inc.		2,421		209,053
Pilgrim’s Pride Corp. ^(a)		49,520		2,555,727
Post Holdings, Inc. ^(a)		13,789		1,661,299
Prestige Consumer Healthcare, Inc. ^(a)		3,195		270,840
Quanex Building Products Corp.		8,339		248,169
USANA Health Sciences, Inc. ^(a)		6,120		235,804
				13,606,702
Financial Services — 11.7%
Affiliated Managers Group, Inc.		6,120		1,147,745
Brightsphere Investment Group, Inc.		9,092		283,489
Enova International, Inc. ^(a)		6,301		664,818
Essent Group Ltd.		23,695		1,369,097

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Evercore, Inc. - Class A		8,005	$	2,464,739
Federated Investors, Inc. - Class B		19,375		828,281
Fidelity National Financial, Inc.		66,688		4,227,352
Interactive Brokers Group, Inc. - Class A		27,788		5,310,009
Janus Henderson Group PLC		34,104		1,544,229
MGIC Investment Corp.		57,204		1,502,177
Morningstar, Inc.		6,299		2,230,791
Mr Cooper Group, Inc. ^(a)		14,609		1,441,470
Piper Sandler Cos.		3,312		1,135,983
PJT Partners, Inc. - Class A		3,082		515,804
SEI Investments Co.		22,087		1,825,049
StoneX Group, Inc. ^(a)		6,881		713,973
Virtu Financial, Inc. - Class A		21,901		817,126
Voya Financial, Inc.		21,516		1,785,828
				29,807,960
Health Care — 7.9%
Addus HomeCare Corp. ^(a)		3,685		452,665
Alkermes PLC ^(a)		8,215		238,399
Amedisys, Inc. ^(a)		2,369		216,550
Amphastar Pharmaceuticals, Inc. ^(a)		4,726		213,568
Avanos Medical, Inc. ^(a)		9,634		184,587
Catalyst Pharmaceuticals, Inc. ^(a)		12,987		286,623
Chemed Corp.		1,860		1,064,645
Collegium Pharmaceutical, Inc. ^(a)		5,915		180,407
Concentra Group Holdings Parent, Inc.		12,451		271,692
CONMED Corp.		3,223		238,631
CorVel Corp. ^(a)		1,880		686,952
Encompass Health Corp.		23,314		2,399,943
Exelixis, Inc. ^(a)		32,057		1,168,798
Globus Medical, Inc. - Class A ^(a)		3,227		276,263
Halozyme Therapeutics, Inc. ^(a)		4,767		229,769
Innoviva, Inc. ^(a)		11,938		226,703
Jazz Pharmaceuticals PLC ^(a)		6,854		833,378
Lantheus Holdings, Inc. ^(a)		3,550		316,909
Merit Medical Systems, Inc. ^(a)		3,901		405,314
National HealthCare Corp.		1,845		230,994
Neurocrine Biosciences, Inc. ^(a)		4,854		615,245
Omnicell, Inc. ^(a)		5,274		245,716
Organon & Co.		16,945		268,917
Pacira BioSciences, Inc. ^(a)		15,449		261,243
Pediatrix Medical Group, Inc. ^(a)		20,151		301,459
Phibro Animal Health Corp. - Class A		10,233		239,145
Premier, Inc. - Class A		11,560		264,724
Protagonist Therapeutics, Inc. ^(a)		7,742		339,100
Select Medical Holdings Corp.		15,430		325,727

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Tenet Healthcare Corp. ^(a)		24,926	$	3,556,442
United Therapeutics Corp. ^(a)		9,736		3,607,091
				20,147,599
Industrial Products — 5.5%
Alamo Group, Inc.		1,266		253,137
Albany International Corp. - Class A		2,603		215,789
Badger Meter, Inc.		1,437		311,570
BWX Technologies, Inc.		14,172		1,854,406
Curtiss-Wright Corp.		7,766		2,901,611
Donaldson Co., Inc.		19,275		1,504,414
Enerpac Tool Group Corp.		5,900		284,734
ESCO Technologies, Inc.		1,786		265,060
Flowserve Corp.		10,753		656,148
Franklin Electric Co., Inc.		5,304		574,423
Gibraltar Industries, Inc. ^(a)		3,282		237,748
Graco, Inc.		9,610		875,279
ITT, Inc.		6,554		1,023,210
Mueller Industries, Inc.		12,430		1,003,971
Powell Industries, Inc.		1,026		274,332
Tennant Co.		2,578		227,818
Trinity Industries, Inc.		15,014		566,028
Vontier Corp.		6,843		268,656
Watts Water Technologies, Inc. - Class A		3,447		743,828
				14,042,162
Industrial Services — 8.1%
ABM Industries, Inc.		11,203		640,476
Alaska Air Group, Inc. ^(a)		5,117		269,154
Applied Industrial Technologies, Inc.		3,314		910,422
Aramark		36,846		1,499,264
Brady Corp. - Class A		11,344		849,552
Brink’s Co.		7,684		743,120
Comfort Systems USA, Inc.		5,448		2,687,335
Dorian LPG Ltd.		6,728		164,634
Dycom Industries, Inc. ^(a)		2,798		506,886
EMCOR Group, Inc.		8,129		4,146,765
Everus Construction Group, Inc. ^(a)		2,983		189,898
Frontdoor, Inc. ^(a)		18,779		1,100,449
FTI Consulting, Inc. ^(a)		4,702		952,249
Heidrick & Struggles International, Inc.		5,988		276,286
Hub Group, Inc. - Class A		5,057		261,143
Kirby Corp. ^(a)		6,911		874,311
Knight-Swift Transportation Holdings, Inc.		4,254		252,517
Korn Ferry		6,752		528,952
Landstar System, Inc.		1,202		223,476

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
LiveRamp Holdings, Inc. ^(a)		9,341	$	283,593
Matson, Inc.		6,125		938,227
Ryder System, Inc.		3,969		670,126
SkyWest, Inc. ^(a)		9,182		1,053,543
UniFirst Corp.		2,627		527,685
World Kinect Corp.		7,467		216,170
				20,766,233
Insurance — 7.3%
CNO Financial Group, Inc.		25,936		1,034,846
Horace Mann Educators Corp.		9,353		391,610
Jackson Financial, Inc. - Class A		11,620		1,164,208
Mercury General Corp.		14,349		1,132,997
NMI Holdings, Inc. - Class A ^(a)		19,900		795,801
Old Republic International Corp.		64,682		2,520,658
Reinsurance Group of America, Inc.		16,334		3,730,686
RenaissanceRe Holdings Ltd.		11,225		3,212,034
SiriusPoint Ltd. ^(a)		39,685		611,943
United Fire Group, Inc.		11,114		340,088
Unum Group		46,966		3,611,685
				18,546,556
Materials — 9.4%
Apogee Enterprises, Inc.		3,312		278,904
AptarGroup, Inc.		10,729		1,855,688
Axalta Coating Systems Ltd. ^(a)		52,981		2,143,611
Balchem Corp.		2,743		495,166
Berry Global Group, Inc.		15,049		1,088,193
CONSOL Energy, Inc.		2,195		286,886
Crown Holdings, Inc.		28,012		2,579,625
Innospec, Inc.		2,037		241,609
Knife River Corp. ^(a)		10,749		1,112,522
Koppers Holdings, Inc.		6,278		241,452
Louisiana-Pacific Corp.		17,031		2,013,064
Magnera Corp. ^(a)		4,037		82,678
MDU Resources Group, Inc.		11,948		239,438
Minerals Technologies, Inc.		3,632		296,262
NewMarket Corp.		1,928		1,028,704
Owens Corning		12,292		2,527,481
Reliance, Inc.		2,410		774,188
RPM International, Inc.		17,991		2,496,791
Sealed Air Corp.		24,883		910,718
Sensient Technologies Corp.		3,736		290,063
Sonoco Products Co.		13,130		681,184
Sylvamo Corp.		6,078		560,939
UFP Industries, Inc.		9,042		1,228,808

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
WD-40 Co.		880	$	243,839
Worthington Steel, Inc.		6,816		305,629
				24,003,442
Media — 1.0%
Cable One, Inc.		637		267,680
Cars.com, Inc. ^(a)		13,728		272,775
HealthStream, Inc.		8,039		266,091
New York Times Co. - Class A		24,509		1,329,858
Scholastic Corp.		7,175		189,277
Yelp, Inc. ^(a)		6,564		250,876
				2,576,557
Oil & Gas — 2.2%
Antero Midstream Corp.		52,377		836,461
Archrock, Inc.		16,021		410,458
Chord Energy Corp.		2,038		259,886
DNOW, Inc. ^(a)		18,090		272,254
HF Sinclair Corp.		5,571		228,021
Innovex International, Inc. ^(a)		15,803		257,115
Matador Resources Co.		4,665		279,946
Murphy Oil Corp.		6,810		221,121
NOV, Inc.		37,195		595,864
Ovintiv, Inc.		14,821		673,170
Permian Resources Corp.		75,993		1,190,050
Viper Energy, Inc.		6,543		354,042
				5,578,388
Real Estate — 5.9%
Agree Realty Corp.		5,874		451,123
American Assets Trust, Inc.		9,935		282,551
Brixmor Property Group, Inc.		65,435		1,967,631
CareTrust REIT, Inc.		33,693		1,003,715
Community Healthcare Trust, Inc.		12,754		241,051
Cousins Properties, Inc.		23,759		754,111
Cushman & Wakefield PLC ^(a)		16,903		258,616
EPR Properties		8,395		380,881
Four Corners Property Trust, Inc.		7,859		233,491
Getty Realty Corp.		7,222		237,459
Highwoods Properties, Inc.		6,927		224,851
Innovative Industrial Properties, Inc.		1,702		185,552
Jones Lang LaSalle, Inc. ^(a)		8,554		2,400,252
NNN REIT, Inc.		27,239		1,197,971
Omega Healthcare Investors, Inc.		40,181		1,631,750
Sabra Health Care REIT, Inc.		22,337		418,372
Saul Centers, Inc.		5,501		226,146
Tanger, Inc.		12,398		458,354

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Urban Edge Properties		23,428	$	539,078
WP Carey, Inc.		34,725		1,981,409
				15,074,364
Renewable Energy — 0.3%
EnerSys		6,075		587,210
REX American Resources Corp. ^(a)		4,977		215,554
				802,764
Retail & Wholesale — Discretionary — 3.6%
Abercrombie & Fitch Co. - Class A ^(a)		8,835		1,322,511
Academy Sports & Outdoors, Inc.		3,944		194,242
American Eagle Outfitters, Inc.		14,208		273,362
Buckle, Inc.		5,262		274,098
Burlington Stores, Inc. ^(a)		7,510		2,116,919
ePlus, Inc. ^(a)		4,465		361,040
FirstCash Holdings, Inc.		8,409		915,404
Gap, Inc.		29,065		704,826
G-III Apparel Group Ltd. ^(a)		7,616		225,662
Group 1 Automotive, Inc.		580		246,964
La-Z-Boy, Inc.		5,337		241,606
Nordstrom, Inc.		11,286		256,305
PC Connection, Inc.		4,100		297,578
Sally Beauty Holdings, Inc. ^(a)		16,954		236,169
ScanSource, Inc. ^(a)		4,823		243,127
Shoe Carnival, Inc.		5,311		179,299
Urban Outfitters, Inc. ^(a)		7,059		343,985
Victoria’s Secret & Co. ^(a)		16,778		651,658
				9,084,755
Retail & Wholesale — Staples — 3.4%
Performance Food Group Co. ^(a)		31,083		2,742,764
SpartanNash Co.		10,304		195,570
Sprouts Farmers Market, Inc. ^(a)		16,334		2,523,276
US Foods Holding Corp. ^(a)		47,152		3,289,795
				8,751,405
Software & Tech Services — 4.6%
ACI Worldwide, Inc. ^(a)		23,362		1,327,429
Agilysys, Inc. ^(a)		2,107		282,970
Box, Inc. - Class A ^(a)		14,896		522,701
CACI International, Inc. - Class A ^(a)		5,372		2,470,475
Commvault Systems, Inc. ^(a)		7,067		1,212,627
Dropbox, Inc. - Class A ^(a)		40,915		1,131,709
Dynatrace, Inc. ^(a)		17,211		967,086
ExlService Holdings, Inc. ^(a)		27,073		1,255,104
Genpact Ltd.		25,413		1,173,064
Maximus, Inc.		14,172		1,055,814

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
Progress Software Corp.		4,006	$	274,050
				11,673,029
Tech Hardware & Semiconductors — 2.6%
A10 Networks, Inc.		16,117		274,795
Alpha & Omega Semiconductor Ltd. ^(a)		6,274		260,183
Amkor Technology, Inc.		7,561		199,913
Arrow Electronics, Inc. ^(a)		3,903		468,984
Benchmark Electronics, Inc.		5,238		253,991
Ciena Corp. ^(a)		3,761		262,217
Cirrus Logic, Inc. ^(a)		2,290		239,190
Dolby Laboratories, Inc. - Class A		3,004		235,273
Fabrinet ^(a)		970		227,543
FormFactor, Inc. ^(a)		5,020		201,101
Harmonic, Inc. ^(a)		15,870		203,453
InterDigital, Inc.		2,420		474,223
Onto Innovation, Inc. ^(a)		1,099		180,434
Photronics, Inc. ^(a)		9,363		233,232
Plexus Corp. ^(a)		3,145		517,038
Rambus, Inc. ^(a)		5,484		317,030
TD SYNNEX Corp.		12,494		1,486,661
TTM Technologies, Inc. ^(a)		12,786		311,723
Ultra Clean Holdings, Inc. ^(a)		5,832		224,124
Universal Display Corp.		1,082		178,011
				6,749,119
Telecommunications — 0.2%
Iridium Communications, Inc.		7,606		226,050
Telephone and Data Systems, Inc.		9,928		339,339
				565,389
Utilities — 1.2%
Avista Corp.		13,325		515,544
Black Hills Corp.		11,252		720,915
California Water Service Group		9,736		498,386
Chesapeake Utilities Corp.		1,856		244,528
Northwestern Energy Group, Inc.		5,037		278,244
OGE Energy Corp.		15,356		675,050
Unitil Corp.		3,797		227,896
				3,160,563
TOTAL COMMON STOCKS (Cost $227,585,151)				246,429,453

See accompanying notes to financial statements.

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments (Continued)
November 30, 2024

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 1.1%
COPT Defense Properties		8,610	$	283,700
Equity LifeStyle Properties, Inc.		24,174		1,724,331
Retail Opportunity Investments Corp.		26,333		458,194
Universal Health Realty Income Trust		5,088		214,663
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,634,913)				2,680,888

SHORT-TERM INVESTMENTS — 0.5%
Money Market Funds — 0.5%
First American Treasury Obligations Fund - Class X, 4.55% ^(b)		1,320,192		1,320,192
TOTAL SHORT-TERM INVESTMENTS (Cost $1,320,192)				1,320,192

TOTAL INVESTMENTS — 98.1% (Cost $231,540,256)				250,430,533
Other Assets in Excess of Liabilities — 1.9%				4,849,211
TOTAL NET ASSETS — 100.0%			$	255,279,744

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 annualized effective yield as of November 30, 2024.

See accompanying notes to financial statements.

Horizon Funds

Statements of Assets and Liabilities

November 30, 2024

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist^® Fund		Horizon Active Income Fund
Assets:
Investments in Securities, at Cost	$	897,642,747	$	1,215,363,136	$	245,410,480
Investments in Securities, at Value ^(a)	$	956,755,037	$	1,393,001,987	$	248,712,156
Cash		—		—		10,875
Receivable for Investment Securities Sold		—		668,135		—
Receivable for Fund Shares Sold		121,400		1,588,410		177,607
Dividends and Interest Receivable		39,900		16,497		75,645
Dividend Reclaims		285		—		—
Prepaid Expenses and Other Assets		65,939		108,061		45,488
Total Assets		956,982,561		1,395,383,090		249,021,771

Liabilities:
Options Written, at Value (Premiums received $56,011, $2,466,503, and $0)		639		5,737,500		—
Collateral Received for Securities Loaned (Note 5)		39,768,195		4,651,378		11,101,258
Payable for Investment Securities Purchased		—		548,836		—
Payable for Fund Shares Redeemed		9,351,057		2,374,273		32,867
Due to Custodian		—		63,447		—
Accrued Administration Fees		142,500		175,500		40,904
Accrued Advisory Fees		773,143		1,105,295		148,011
Accrued Custodian Fees		13,662		16,328		3,557
Accrued Legal Fees		35,727		32,934		6,624
Accrued Distribution Fees (12b-1) - Advisor Class		3,355		—		427
Accrued Shareholder Servicing Fees - Investor Class		46,438		68,652		6,579
Accrued Trustees Fees		—		1,868		457
Accrued Expenses and Other Liabilities		231,057		179,014		91,977
Total Liabilities		50,365,773		14,955,025		11,432,661

Net Assets	$	906,616,788	$	1,380,428,065	$	237,589,110

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	718,257,603	$	1,115,649,697	$	316,954,946
Distributable Earnings/(Accumulated Deficit)		188,359,185		264,778,368		(79,365,836	)
Net Assets	$	906,616,788	$	1,380,428,065	$	237,589,110

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	863,137,999	$	1,370,290,871	$	234,450,723
Shares of Beneficial Interest Outstanding		53,215,768		49,966,832		28,338,852

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	16.22	$	27.42	$	8.27

Advisor Class Shares:
Net Assets	$	1,371,198	$	1,506,880	$	535,104
Shares of Beneficial Interest Outstanding		84,964		55,076		64,139

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	16.14	$	27.36	$	8.34

Institutional Class Shares:
Net Assets	$	42,107,591	$	8,630,314	$	2,603,283
Shares of Beneficial Interest Outstanding		2,585,328		313,769		316,025

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	16.29	$	27.51	$	8.24

^(a) Includes loaned securities with a value of:	$	39,459,280	$	4,595,706	$	10,871,595

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2024

	Horizon Equity Premium Income Fund		Horizon Defined Risk Fund		Horizon Multi- Factor U.S. Equity Fund
Assets:
Investments in Securities, at Cost	$	91,859,624	$	483,625,708	$	532,221,064
Investments in Securities, at Value	$	123,941,021	$	702,195,862	$	594,057,568
Cash		103,430		—		100
Receivable for Fund Shares Sold		25,022		712,003		4,822,316
Dividends and Interest Receivable		186,582		776,496		679,136
Dividend Reclaims		73,935		1,371		—
Prepaid Expenses and Other Assets		26,262		85,468		72,309
Total Assets		124,356,252		703,771,200		599,631,429

Liabilities:
Options Written, at Value (Premiums received $104,297, $13,462,943 and $0)		206,550		11,016,000		—
Payable for Fund Shares Redeemed		33,068		2,024,354		124,683
Accrued Administration Fees		23,000		86,000		59,000
Accrued Advisory Fees		74,153		421,109		370,368
Accrued Audit Fees		19,776		21,665		21,452
Accrued Custodian Fees		5,500		25,500		12,643
Accrued Legal Fees		3,861		12,873		8,402
Accrued Registration Fees		3,681		18,058		15,187
Accrued Distribution Fees (12b-1) - Investor Class		16,161		92,347		80,084
Accrued Distribution Fees (12b-1) - Advisor Class		1,665		7,955		1,396
Accrued Transfer Agent Fees		13,550		25,800		23,200
Accrued Trustees Fees		72		732		64
Accrued Printing and Mailing Fees		6,783		20,498		25,258
Accrued Expenses and Other Liabilities		32,243		26,199		11,346
Total Liabilities		440,063		13,799,090		753,083

Net Assets	$	123,916,189	$	689,972,110	$	598,878,346

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	97,024,810	$	520,136,871	$	492,233,900
Distributable Earnings/(Accumulated Deficit)		26,891,379		169,835,239		106,644,446
Net Assets	$	123,916,189	$	689,972,110	$	598,878,346

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	120,714,401	$	672,955,034	$	588,164,568
Shares of Beneficial Interest Outstanding		1,593,495		8,626,257		17,088,576

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	75.75	$	78.01	$	34.42

Advisor Class Shares:
Net Assets	$	3,201,788	$	17,017,076	$	10,713,778
Shares of Beneficial Interest Outstanding		42,238		218,184		311,364

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	75.80	$	77.99	$	34.41

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
November 30, 2024

	Horizon Defensive Core Fund		Horizon Tactical Fixed Income Fund		Horizon Multi- Factor Small/ Mid Cap Fund
Assets:
Investments in Securities, at Cost	$	351,616,819	$	275,611,828	$	231,540,256
Investments in Securities, at Value ^(a)	$	466,986,957	$	280,024,065	$	250,430,533
Cash		—		—		153,254
Receivable for Fund Shares Sold		138,337		125,165		4,764,929
Dividends and Interest Receivable		532,809		25,425		155,599
Dividend Reclaims		1,884		—		—
Prepaid Expenses and Other Assets		82,838		48,170		49,954
Total Assets		467,742,825		280,222,825		255,554,269

Liabilities:
Collateral Received for Securities Loaned (Note 5)		—		52,418,946		—
Payable for Fund Shares Redeemed		64,540		42,432		58,564
Accrued Administration Fees		53,000		38,000		20,000
Accrued Advisory Fees		254,161		110,362		111,401
Accrued Audit Fees		19,943		19,801		19,754
Accrued Custodian Fees		17,221		2,405		13,763
Accrued Legal Fees		8,127		5,025		696
Accrued Registration Fees		12,023		5,966		5,860
Accrued Distribution Fees (12b-1) - Investor Class		59,264		89,755		23,649
Accrued Distribution Fees (12b-1) - Advisor Class		83,377		3,449		1,427
Accrued Transfer Agent Fees		22,000		20,250		11,900
Accrued Expenses and Other Liabilities		36,014		13,836		7,511
Total Liabilities		629,670		52,770,227		274,525

Net Assets	$	467,113,155	$	227,452,598	$	255,279,744

Composition of Net Assets:
Net assets consisted of:
Paid in Capital	$	359,680,406	$	224,936,463	$	231,852,756
Distributable Earnings/(Accumulated Deficit)		107,432,749		2,516,135		23,426,988
Net Assets	$	467,113,155	$	227,452,598	$	255,279,744

Investor Class Shares:
Net Asset Value Per Share:
Net Assets	$	406,274,172	$	219,292,397	$	251,872,444
Shares of Beneficial Interest Outstanding		8,826,878		4,464,999		6,240,471

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	46.03	$	49.11	$	40.36

Advisor Class Shares:
Net Assets	$	60,838,983	$	8,160,201	$	3,407,300
Shares of Beneficial Interest Outstanding		1,328,288		166,245		84,626

Net Asset Value, (Net Assets / Shares Outstanding) Offering and Redemption Price Per Share	$	45.80	$	49.09	$	40.26

^(a) Includes loaned securities with a value of:	$	—	$	51,518,457	$	—

See accompanying notes to financial statements.

Horizon Funds

Statements of Operations

For the Year Ended November 30, 2024

	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 $6,788, $80, and $0)	$	18,863,559		$	21,770,986		$	11,301,718
Interest Income		152,847			120,281			48,852
Total Investment Income		19,016,406			21,891,267			11,350,570

Expenses:
Investment Advisory Fees		10,141,573			12,859,784			1,760,181
Shareholder Servicing Fees - Investor Class		985,025			1,282,494			226,313
Administrative & Accounting Service Fees		420,327			523,518			110,399
Transfer Agent Fees		255,991			169,084			73,749
Legal Fees		106,189			126,869			26,691
Trustees’ Fees and Expenses		103,116			131,761			23,803
Registration Fees		69,436			60,347			46,121
Chief Compliance Officer & Compliance Fees		47,346			58,978			11,525
Printing and Postage Expenses		71,316			46,332			19,299
Custodian Fees		50,577			72,773			11,593
Miscellaneous Expenses		29,307			34,048			19,161
Audit Fees		19,694			19,989			20,000
Insurance Fees		19,076			25,385			4,048
Interest Expense		79,010			253,741			1,760
Distribution Fees (12b-1) - Advisor Class		4,053			3,604			1,210
Total Expenses		12,402,036			15,668,707			2,355,853
Securities Lending Expense Offset		(294,677	)		(74,175	)		(279,067	)

Net Expenses		12,107,359			15,594,532			2,076,786

Net Investment Income		6,909,047			6,296,735			9,273,784

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		183,038,138			189,861,347			(5,925,051	)
Purchased Options		1,748,411			(8,278,049	)		(187,325	)
Written Options		1,510,430			11,972,964			81,675
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		13,256,681			88,681,813			13,975,004
Purchased Options		(299,355	)		2,491,461			178,325
Written Options		55,372			(2,872,338	)		(78,675	)
Net Realized and Unrealized Gain on Investments		199,309,677			281,857,198			8,043,953

Net Increase in Net Assets Resulting From Operations	$	206,218,724		$	288,153,933		$	17,317,737

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended November 30, 2024

	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 $5,004, $2,109 and $1,604)	$	1,872,341		$	8,302,210		$	5,931,984
Interest Income		20,397			143,204			164,055
Total Investment Income		1,892,738			8,445,414			6,096,039

Expenses:
Investment Advisory Fees		809,081			4,795,560			3,229,429
Administrative & Accounting Service Fees		75,623			271,213			177,642
Transfer Agent Fees		40,203			77,682			68,102
Trustees’ Fees and Expenses		10,723			59,549			37,928
Legal Fees		10,180			57,049			38,732
Registration Fees		30,684			76,670			73,789
Chief Compliance Officer & Compliance Fees		6,072			27,664			18,660
Printing and Postage Expenses		15,597			61,664			51,632
Custodian Fees		27,411			103,637			50,536
Miscellaneous Expenses		24,433			17,040			9,481
Audit Fees		18,310			20,636			21,798
Interest Expense		176,936			1,761,543			5,500
Insurance Fees		2,036			11,034			5,743
Distribution Fees (12b-1) - Advisor Class		7,674			49,820			24,601
Distribution Fees (12b-1) - Investor Class		104,808			579,517			393,838
Total Expenses		1,359,771			7,970,278			4,207,411
Securities Lending Expense Offset		—			(5,216	)		(2	)
Fees Recouped by the Adviser		3,828			85,517			165,341
Fees Waived by the Adviser		(6,195	)		(24,916	)		—

Net Expenses		1,357,404			8,025,663			4,372,750

Net Investment Income		535,334			419,751			1,723,289

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		3,481,101			17,461,117			50,590,013
Purchased Options		(7,250	)		(43,930,707	)		—
Written Options		(1,419,517	)		(17,930,822	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		26,042,797			148,400,949			45,482,540
Purchased Options		—			(2,631,199	)		—
Written Options		(28,007	)		1,600,866			—
Net Realized and Unrealized Gain on Investments		28,069,124			102,970,204			96,072,553

Net Increase in Net Assets Resulting From Operations	$	28,604,458		$	103,389,955		$	97,795,842

See accompanying notes to financial statements.

Horizon Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended November 30, 2024

	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 $2,101, $0 and $1,514)	$	4,315,455		$	11,772,870		$	827,556
Interest Income		128,871			75,863			56,041
Total Investment Income		4,444,326			11,848,733			883,597

Expenses:
Investment Advisory Fees		2,325,353			1,256,288			466,475
Administrative & Accounting Service Fees		156,960			119,840			65,969
Transfer Agent Fees		64,212			61,633			34,505
Trustees’ Fees and Expenses		32,347			20,917			4,256
Legal Fees		24,198			20,524			1,016
Registration Fees		61,488			34,314			29,443
Chief Compliance Officer & Compliance Fees		16,085			10,639			3,365
Printing and Postage Expenses		34,775			22,483			9,357
Custodian Fees		56,667			9,831			59,785
Miscellaneous Expenses		7,465			10,138			3,074
Audit Fees		19,701			19,480			19,211
Interest Expense		1,908			—			168
Insurance Fees		5,221			2,857			312
Distribution Fees (12b-1) - Advisor Class		136,948			19,356			4,817
Distribution Fees (12b-1) - Investor Class		287,184			201,639			56,383
Total Expenses		3,230,512			1,809,939			758,136
Securities Lending Expense Offset		—			(146,619	)		(90	)
Fees Recouped by the Adviser		100,453			—			—
Fees Waived by the Adviser		(420	)		—			(119,416	)

Net Expenses		3,330,545			1,663,320			638,630

Net Investment Income		1,113,781			10,185,413			244,967

Net Realized and Unrealized Gain on Investments:
Net Realized Gain on:
Investments		5,311,971			199,882			4,662,566
Net Change in Unrealized Appreciation on:
Investments		86,019,925			1,704,208			18,226,264
Net Realized and Unrealized Gain on Investments		91,331,896			1,904,090			22,888,830

Net Increase in Net Assets Resulting From Operations	$	92,445,677		$	12,089,503		$	23,133,797

See accompanying notes to financial statements.

Horizon Active Asset Allocation Fund

Statements of Changes in Net Assets

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	6,909,047		$	5,285,404
Net Realized Gain (Loss) on Investments		186,296,979			(24,734,608	)
Net Change in Unrealized Appreciation on Investments		13,012,698			67,667,134
Net Increase in Net Assets Resulting From Operations		206,218,724			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		225,717,272			315,310,785
Advisor Class		509,048			599,357
Institutional Class		9,632,964			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		(433,669,385	)		(250,116,156	)
Advisor Class		(1,380,629	)		(901,005	)
Institutional Class		(5,223,717	)		(6,510,758	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		(197,138,945	)		75,728,585

Increase in Net Assets		1,592,239			115,885,342

Net Assets:
Beginning of Year		905,024,549			789,139,207
End of Year	$	906,616,788		$	905,024,549

Share Activity:
Investor Class:
Shares Issued		15,223,256			25,176,093
Shares Reinvested		504,575			631,804
Shares Redeemed		(28,180,329	)		(20,027,460	)
Net Increase (Decrease)		(12,452,498	)		5,780,437
Advisor Class:
Shares Issued		36,086			47,896
Shares Reinvested		524			982
Shares Redeemed		(95,915	)		(72,803	)
Net Decrease		(59,305	)		(23,925	)
Institutional Class:
Shares Issued		646,179			755,666
Shares Reinvested		19,759			23,267
Shares Redeemed		(344,495	)		(520,185	)
Net Increase		321,443			258,748

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	6,296,735		$	10,263,842
Net Realized Gain on Investments		193,556,262			139,088
Net Change in Unrealized Appreciation on Investments		88,300,936			73,861,655
Net Increase in Net Assets Resulting From Operations		288,153,933			84,264,585

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(10,144,000	)		(6,402,141	)
Advisor Class		(8,290	)		(20,211	)
Institutional Class		(308,627	)		(188,695	)
Total Distributions to Shareholders		(10,460,917	)		(6,611,047	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		283,402,653			243,088,446
Advisor Class		406,846			1,443,633
Institutional Class		3,492,008			7,455,174
Distributions Reinvested
Investor Class		10,030,004			6,351,952
Advisor Class		4,987			14,896
Institutional Class		308,397			188,560
Cost of Shares Redeemed
Investor Class		(354,356,811	)		(405,000,606	)
Advisor Class		(720,865	)		(4,491,763	)
Institutional Class		(31,925,713	)		(8,067,349	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(89,358,494	)		(159,017,057	)

Increase (Decrease) in Net Assets		188,334,522			(81,363,519	)

Net Assets:
Beginning of Year		1,192,093,543			1,273,457,062
End of Year	$	1,380,428,065		$	1,192,093,543

Share Activity:
Investor Class:
Shares Issued		11,228,946			11,565,968
Shares Reinvested		432,701			315,546
Shares Redeemed		(14,167,655	)		(19,203,575	)
Net Decrease		(2,506,008	)		(7,322,061	)
Advisor Class:
Shares Issued		16,173			67,713
Shares Reinvested		215			742
Shares Redeemed		(29,023	)		(217,260	)
Net Decrease		(12,635	)		(148,805	)
Institutional Class:
Shares Issued		142,097			354,041
Shares Reinvested		13,282			9,353
Shares Redeemed		(1,304,590	)		(383,809	)
Net Decrease		(1,149,211	)		(20,415	)

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	9,273,784		$	11,365,302
Net Realized Loss on Investments		(6,030,701	)		(33,137,970	)
Net Change in Unrealized Appreciation on Investments		14,074,654			23,387,212
Net Increase in Net Assets Resulting From Operations		17,317,737			1,614,544

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(9,375,498	)		(10,897,730	)
Advisor Class		(19,378	)		(28,517	)
Institutional Class		(73,007	)		(53,498	)
Total Distributions to Shareholders		(9,467,883	)		(10,979,745	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		53,358,313			76,224,976
Advisor Class		490,219			310,965
Institutional Class		1,185,668			162,859
Distributions Reinvested
Investor Class		9,213,903			10,792,712
Advisor Class		14,849			24,996
Institutional Class		73,007			53,499
Cost of Shares Redeemed
Investor Class		(81,445,742	)		(271,623,986	)
Advisor Class		(674,178	)		(1,602,884	)
Institutional Class		(431,936	)		(147,452	)
Net Decrease in Net Assets Resulting From Beneficial Interest Transactions		(18,215,897	)		(185,804,315	)

Decrease in Net Assets		(10,366,043	)		(195,169,516	)

Net Assets:
Beginning of Year		247,955,153			443,124,669
End of Year	$	237,589,110		$	247,955,153

Share Activity:
Investor Class:
Shares Issued		6,556,398			9,354,546
Shares Reinvested		1,134,256			1,335,279
Shares Redeemed		(9,921,423	)		(33,433,329	)
Net Decrease		(2,230,769	)		(22,743,504	)
Advisor Class:
Shares Issued		60,411			38,167
Shares Reinvested		1,814			3,055
Shares Redeemed		(81,540	)		(194,128	)
Net Decrease		(19,315	)		(152,906	)
Institutional Class:
Shares Issued		144,358			19,871
Shares Reinvested		9,023			6,657
Shares Redeemed		(52,936	)		(18,450	)
Net Increase (Decrease)		100,445			8,078

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	535,334		$	1,756,242
Net Realized Gain (Loss) on Investments		2,054,334			(2,808,529	)
Net Change in Unrealized Appreciation on Investments		26,014,790			354,150
Net Increase (Decrease) in Net Assets Resulting From Operations		28,604,458			(698,137	)

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(872,994	)		(1,987,356	)
Advisor Class		(25,869	)		(79,785	)
Return of Capital
Investor Class		(2,552,119	)		—
Advisor Class		(70,453	)		—
Total Distributions to Shareholders		(3,521,435	)		(2,067,141	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		27,015,783			20,884,076
Advisor Class		507,891			1,053,672
Distributions Reinvested
Investor Class		3,425,001			1,987,144
Advisor Class		95,509			79,779
Cost of Shares Redeemed
Investor Class		(26,402,915	)		(30,065,892	)
Advisor Class		(1,573,420	)		(2,377,007	)
Net Increase (Decrease) in Net Assets Resulting From Beneficial Interest Transactions		3,067,849			(8,438,228	)

Increase (Decrease) in Net Assets		28,150,872			(11,203,506	)

Net Assets:
Beginning of Year		95,765,317			106,968,823
End of Year	$	123,916,189		$	95,765,317

Share Activity:
Investor Class:
Shares Issued		393,608			356,150
Shares Reinvested		52,051			34,134
Shares Redeemed		(390,049	)		(509,803	)
Net Increase (Decrease)		55,610			(119,519	)
Advisor Class:
Shares Issued		7,383			18,008
Shares Reinvested		1,453			1,368
Shares Redeemed		(23,916	)		(40,452	)
Net Decrease		(15,080	)		(21,076	)

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	419,751		$	1,102,577
Net Realized Loss on Investments		(44,400,412	)		(13,036,810	)
Net Change in Unrealized Appreciation on Investments		147,370,616			52,976,005
Net Increase in Net Assets Resulting From Operations		103,389,955			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		201,641,669			211,848,362
Advisor Class		5,105,659			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		(117,926,837	)		(121,823,388	)
Advisor Class		(11,193,950	)		(8,089,982	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		78,672,417			101,752,595

Increase in Net Assets		181,012,779			136,989,805

Net Assets:
Beginning of Year		508,959,331			371,969,526
End of Year	$	689,972,110		$	508,959,331

Share Activity:
Investor Class:
Shares Issued		2,820,414			3,413,261
Shares Reinvested		15,395			96,707
Shares Redeemed		(1,647,687	)		(1,953,882	)
Net Increase		1,188,122			1,556,086
Advisor Class:
Shares Issued		71,557			226,105
Shares Reinvested		236			2,515
Shares Redeemed		(153,491	)		(128,808	)
Net Increase (Decrease)		(81,698	)		99,812

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	1,723,289		$	1,355,581
Net Realized Gain on Investments		50,590,013			7,815,333
Net Change in Unrealized Appreciation on Investments		45,482,540			5,744,082
Net Increase in Net Assets Resulting From Operations		97,795,842			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		345,675,096			154,344,738
Advisor Class		4,123,266			7,332,999
Distributions Reinvested
Investor Class		7,457,396			1,075,745
Advisor Class		209,590			799
Cost of Shares Redeemed
Investor Class		(114,456,343	)		(50,455,727	)
Advisor Class		(3,300,934	)		(518,058	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		239,708,071			111,780,496

Increase in Net Assets		329,834,355			125,618,594

Net Assets:
Beginning of Year		269,043,991			143,425,397
End of Year	$	598,878,346		$	269,043,991

Share Activity:
Investor Class:
Shares Issued		11,002,570			5,925,193
Shares Reinvested		269,220			43,359
Shares Redeemed		(3,669,330	)		(1,920,630	)
Net Increase		7,602,460			4,047,922
Advisor Class:
Shares Issued		132,622			285,971
Shares Reinvested		7,561			32
Shares Redeemed		(102,477	)		(19,549	)
Net Increase		37,706			266,454

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Year Ended November 30, 2023

Operations:
Net Investment Income	$	1,113,781		$	1,799,091
Net Realized Gain on Investments		5,311,971			5,117,657
Net Change in Unrealized Appreciation on Investments		86,019,925			21,692,941
Net Increase in Net Assets Resulting From Operations		92,445,677			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		200,270,247			85,507,352
Advisor Class		15,458,117			32,829,258
Distributions Reinvested
Investor Class		1,189,464			747,163
Advisor Class		225,515			104,263
Cost of Shares Redeemed
Investor Class		(62,545,077	)		(66,257,003	)
Advisor Class		(16,667,180	)		(25,064,328	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		137,931,086			27,866,705

Increase in Net Assets		228,954,234			55,614,371

Net Assets:
Beginning of Year		238,158,921			182,544,550
End of Year	$	467,113,155		$	238,158,921

Share Activity:
Investor Class:
Shares Issued		4,892,983			2,652,558
Shares Reinvested		32,858			25,251
Shares Redeemed		(1,534,357	)		(2,047,138	)
Net Increase		3,391,484			630,671
Advisor Class:
Shares Issued		381,544			1,045,626
Shares Reinvested		6,250			3,535
Shares Redeemed		(410,240	)		(788,665	)
Net Increase (Decrease)		(22,446	)		260,496

See accompanying notes to financial statements.

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

	For the Year Ended November 30, 2024			For the Period Ended November 30, 2023 ⁽¹⁾

Operations:
Net Investment Income	$	10,185,413		$	3,178,953
Net Realized Gain (Loss) on Investments		199,882			(4,860,994	)
Net Change in Unrealized Appreciation on Investments		1,704,208			2,708,029
Net Increase in Net Assets Resulting From Operations		12,089,503			1,025,988

Distributions to Shareholders From:
Distributable Earnings
Investor Class		(8,951,302	)		(1,310,607	)
Advisor Class		(338,600	)		(593	)
Total Distributions to Shareholders		(9,289,902	)		(1,311,200	)

Capital Share Transactions:
Proceeds from Shares Issued
Investor Class		86,820,386			184,030,226
Advisor Class		1,759,472			8,216,275
Distributions Reinvested
Investor Class		8,950,098			1,310,506
Advisor Class		338,576			593
Cost of Shares Redeemed
Investor Class		(37,125,171	)		(26,884,780	)
Advisor Class		(2,160,424	)		(317,548	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		58,582,937			166,355,272

Increase in Net Assets		61,382,538			166,070,060

Net Assets:
Beginning of Year/Period		166,070,060			—
End of Year/Period	$	227,452,598		$	166,070,060

Share Activity:
Investor Class:
Shares Issued		1,782,214			3,800,025
Shares Reinvested		185,534			27,533
Shares Redeemed		(769,167	)		(561,140	)
Net Increase		1,198,581			3,266,418
Advisor Class:
Shares Issued		36,577			173,837
Shares Reinvested		7,013			13
Shares Redeemed		(44,507	)		(6,688	)
Net Increase (Decrease)		(917	)		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 Year Ended November 30, 2024			For the Period Ended November 30, 2023 ⁽¹⁾

Operations:
Net Investment Income	$	244,967		$	28,070
Net Realized Gain on Investments		4,662,566			62,886
Net Change in Unrealized Appreciation on Investments		18,226,264			664,013
Net Increase in Net Assets Resulting From Operations		23,133,797			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		228,109,162			12,880,268
Advisor Class		3,055,435			411,028
Distributions Reinvested
Investor Class		100,237			—
Advisor Class		3,296			—
Cost of Shares Redeemed
Investor Class		(11,273,795	)		(1,131,057	)
Advisor Class		(653,261	)		(6,801	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		219,341,074			12,153,438

Increase in Net Assets		242,371,337			12,908,407

Net Assets:
Beginning of Year/Period		12,908,407			—
End of Year/Period	$	255,279,744		$	12,908,407

Share Activity:
Investor Class:
Shares Issued		6,115,088			481,358
Shares Reinvested		3,271			—
Shares Redeemed		(317,921	)		(41,325	)
Net Increase		5,800,438			440,033
Advisor Class:
Shares Issued		88,111			15,316
Shares Reinvested		108			—
Shares Redeemed		(18,658	)		(251	)
Net Increase		69,561			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 year.

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	13.29		$	12.71		$	16.17		$	14.07		$	12.61
Income From Investment Operations:
Net investment income (b,e)		0.10			0.08			0.15			0.06			0.09
Net gain (loss) from investments (both realized and unrealized)		2.94			0.63			(1.42	)		2.96			1.46
Total from investment operations		3.04			0.71			(1.27	)		3.02			1.55

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

Net Asset Value, End of Year	$	16.22		$	13.29		$	12.71		$	16.17		$	14.07

Total Return		23.00	%		5.69	%		(9.63	)%		22.63	%		12.32	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	863,138		$	872,904		$	761,418		$	729,517		$	521,477
Ratio to average net assets:
Gross expenses (c,d)		1.21	%		1.22	%		1.21	%		1.23	%		1.25	%
Net expenses (a,c)		1.19	%		1.18	%		1.14	%		1.14	%		1.20	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.67	%		0.62	%		1.15	%		0.35	%		0.75	%
Portfolio turnover rate		198	%		247	%		139	%		142	%		208	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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 year.

	Advisor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	13.22		$	12.64		$	16.10		$	14.01		$	12.55
Income From Investment Operations:
Net investment income (b,e)		0.10			0.05			0.14			0.03			0.08
Net gain (loss) from investments (both realized and unrealized)		2.91			0.62			(1.42	)		2.95			1.45
Total from investment operations		3.01			0.67			(1.28	)		2.98			1.53

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

Net Asset Value, End of Year	$	16.14		$	13.22		$	12.64		$	16.10		$	14.01

Total Return		22.86	%		5.44	%		(9.76	)%		22.43	%		12.24	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,371		$	1,907		$	2,126		$	3,893		$	10,052
Ratio to average net assets:
Gross expenses (c,d)		1.36	%		1.42	%		1.36	%		1.38	%		1.41	%
Net expenses (a,c)		1.33	%		1.38	%		1.28	%		1.29	%		1.25	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.69	%		0.46	%		1.11	%		0.21	%		0.63	%
Portfolio turnover rate		198	%		247	%		139	%		142	%		208	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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 year.

	Institutional Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	13.35		$	12.76		$	16.23		$	14.11		$	12.64
Income From Investment Operations:
Net investment income (b,e)		0.11			0.09			0.14			0.08			0.12
Net gain (loss) from investments (both realized and unrealized)		2.95			0.64			(1.40	)		2.97			1.44
Total from investment operations		3.06			0.73			(1.26	)		3.05			1.56

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

Net Asset Value, End of Year	$	16.29		$	13.35		$	12.76		$	16.23		$	14.11

Total Return		23.08	%		5.86	%		(9.57	)%		22.82	%		12.44	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	42,108		$	30,215		$	25,595		$	8,894		$	1,732
Ratio to average net assets:
Gross expenses (c,d)		1.12	%		1.12	%		1.11	%		1.13	%		1.16	%
Net expenses (a,c)		1.09	%		1.08	%		1.04	%		1.05	%		1.01	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.71	%		0.71	%		1.10	%		0.47	%		1.01	%
Portfolio turnover rate		198	%		247	%		139	%		142	%		208	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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 year.

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	22.07		$	20.71		$	26.13		$	21.74		$	21.38
Income From Investment Operations:
Net investment income (b,e)		0.12			0.18			0.13			0.08			0.16	^(f)
Net gain (loss) from investments (both realized and unrealized)		5.42			1.29			(3.48	)		4.39			0.42	^(f)
Total from investment operations		5.54			1.47			(3.35	)		4.47			0.58

Less Distributions:
From net investment income		(0.19	)		(0.11	)		(0.17	)		(0.08	)		(0.22	)
From net realized gains		—			—			(1.90	)		—			—
Total Distributions		(0.19	)		(0.11	)		(2.07	)		(0.08	)		(0.22	)

Net Asset Value, End of Year	$	27.42		$	22.07		$	20.71		$	26.13		$	21.74

Total Return		25.28	%		7.13	%		(14.24	)%		20.64	%		2.71	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,370,291		$	1,158,227		$	1,238,187		$	1,156,627		$	764,775
Ratio to average net assets:
Gross expenses (c,d)		1.21	%		1.21	%		1.19	%		1.22	%		1.25	%
Net expenses (a,c)		1.20	%		1.19	%		1.17	%		1.16	%		1.20	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		0.48	%		0.83	%		0.58	%		0.34	%		0.81	%
Portfolio turnover rate		66	%		176	%		366	%		108	%		462	%

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% and 0.00%, respectively.

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

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

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

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

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

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	21.99		$	20.66		$	26.08		$	21.73		$	21.36
Income From Investment Operations:
Net investment income (loss) (b,e)		0.09			0.16			0.12			0.05			(0.04	)^(f)
Net gain (loss) from investments (both realized and unrealized)		5.40			1.27			(3.49	)		4.37			0.57	^(f)
Total from investment operations		5.49			1.43			(3.37	)		4.42			0.53

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

Net Asset Value, End of Year	$	27.36		$	21.99		$	20.66		$	26.08		$	21.73

Total Return		25.08	%		6.98	%		(14.34	)%		20.41	%		2.50	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,507		$	1,489		$	4,472		$	8,312		$	6,399
Ratio to average net assets:
Gross expenses (c,d)		1.36	%		1.36	%		1.34	%		1.37	%		1.43	%
Net expenses (a,c)		1.35	%		1.33	%		1.31	%		1.31	%		1.37	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		0.37	%		0.75	%		0.53	%		0.21	%		(0.18	)%
Portfolio turnover rate		66	%		176	%		366	%		108	%		462	%

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%, 0.01%, 0.00% and 0.00%, respectively.

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

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

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

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

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

See accompanying notes to financial statements.

Horizon Active Risk Assist^® Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	22.13		$	20.76		$	26.19		$	21.79		$	21.43
Income From Investment Operations:
Net investment income (b,e)		0.23			0.19			0.16			0.13			0.23	^(f)
Net gain (loss) from investments (both realized and unrealized)		5.37			1.31			(3.50	)		4.37			0.36	^(f)
Total from investment operations		5.60			1.50			(3.34	)		4.50			0.59

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

Net Asset Value, End of Year	$	27.51		$	22.13		$	20.76		$	26.19		$	21.79

Total Return		25.47	%		7.27	%		(14.17	)%		20.75	%		2.78	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	8,630		$	32,378		$	30,798		$	34,320		$	40,562
Ratio to average net assets:
Gross expenses (c,d)		1.11	%		1.11	%		1.09	%		1.12	%		1.15	%
Net expenses (a,c)		1.11	%		1.09	%		1.06	%		1.06	%		1.09	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset (c,e)		0.92	%		0.90	%		0.70	%		0.54	%		1.14	%
Portfolio turnover rate		66	%		176	%		366	%		108	%		462	%

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% and 0.00%, respectively.

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

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

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

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

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

See accompanying notes to financial statements.

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	8.03		$	8.24		$	9.72		$	9.90		$	9.44
Income From Investment Operations:
Net investment income (b,e)		0.33			0.26			0.13			0.19			0.18
Net gain (loss) from investments (both realized and unrealized)		0.25			(0.23	)		(1.48	)		(0.18	)		0.50
Total from investment operations		0.58			0.03			(1.35	)		0.01			0.68

Less Distributions:
From net investment income		(0.34	)		(0.24	)		(0.13	)		(0.19	)		(0.22	)
Total Distributions		(0.34	)		(0.24	)		(0.13	)		(0.19	)		(0.22	)

Net Asset Value, End of Year	$	8.27		$	8.03		$	8.24		$	9.72		$	9.90

Total Return		7.41	%		0.38	%		(14.04	)%		0.11	%		7.29	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	234,451		$	245,555		$	439,460		$	432,982		$	430,958
Ratio to average net assets:
Gross expenses (c,d)		1.03	%		1.01	%		0.99	%		1.03	%		1.05	%
Net expenses (a,c)		0.91	%		0.95	%		0.89	%		0.95	%		0.90	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.06	%		3.20	%		1.47	%		1.98	%		1.87	%
Portfolio turnover rate		90	%		175	%		110	%		93	%		225	%

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% and 0.01%, respectively.

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

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

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

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

See accompanying notes to financial statements.

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	8.09		$	8.29		$	9.77		$	9.95		$	9.47
Income From Investment Operations:
Net investment income (b,e)		0.33			0.24			0.12			0.18			0.18
Net gain (loss) from investments (both realized and unrealized)		0.25			(0.22	)		(1.49	)		(0.18	)		0.47
Total from investment operations		0.58			0.02			(1.37	)		(0.00	)		0.65

Less Distributions:
From net investment income		(0.33	)		(0.22	)		(0.11	)		(0.18	)		(0.17	)
Total Distributions		(0.33	)		(0.22	)		(0.11	)		(0.18	)		(0.17	)

Net Asset Value, End of Year	$	8.34		$	8.09		$	8.29		$	9.77		$	9.95

Total Return		7.31	%		0.26	%		(14.12	)%		(0.05	)%		6.96	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	535		$	675		$	1,960		$	4,391		$	3,896
Ratio to average net assets:
Gross expenses (c,d)		1.17	%		1.16	%		1.14	%		1.18	%		1.17	%
Net expenses (a,c)		1.05	%		1.10	%		1.03	%		1.10	%		1.06	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.06	%		3.02	%		1.31	%		1.82	%		1.90	%
Portfolio turnover rate		90	%		175	%		110	%		93	%		225	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

See accompanying notes to financial statements.

Horizon Active Income Fund
FINANCIAL HIGHLIGHTS

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

	Institutional Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	8.00		$	8.21		$	9.68		$	9.86		$	9.43
Income From Investment Operations:
Net investment income (b,e)		0.33			0.26			0.14			0.17			0.49	^(f)
Net gain (loss) from investments (both realized and unrealized)		0.26			(0.22	)		(1.47	)		(0.15	)		0.17	^(f)
Total from investment operations		0.59			0.04			(1.33	)		0.02			0.66

Less Distributions:
From net investment income		(0.35	)		(0.25	)		(0.14	)		(0.20	)		(0.23	)
Total Distributions		(0.35	)		(0.25	)		(0.14	)		(0.20	)		(0.23	)

Net Asset Value, End of Year	$	8.24		$	8.00		$	8.21		$	9.68		$	9.86

Total Return		7.55	%		0.49	%		(13.90	)%		0.20	%		7.07	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	2,603		$	1,725		$	1,704		$	1,840		$	184
Ratio to average net assets:
Gross expenses (c,d)		0.93	%		0.91	%		0.89	%		0.94	%		0.93	%
Net expenses (a,c)		0.80	%		0.84	%		0.79	%		0.85	%		0.82	%
Net investment income net of reimbursement (recapture) and securities lending expense offset (c,e)		4.05	%		3.27	%		1.57	%		1.74	%		5.13	%
Portfolio turnover rate		90	%		175	%		110	%		93	%		225	%

Portfolio turnover is calculated for the Fund as a whole.

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

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

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

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

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

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

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
FINANCIAL HIGHLIGHTS

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

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	60.03		$	61.62		$	63.02		$	55.01		$	58.58
Income From Investment Operations:
Net investment income ^(a)		0.34			1.06			1.23			1.03			1.19
Net gain (loss) from investments (both realized and unrealized)		17.65			(1.42	)		0.02	^(c)		8.02			(3.25	)
Total from investment operations		17.99			(0.36	)		1.25			9.05			(2.06	)

Less Distributions:
From net investment income		(0.58	)		(1.23	)		(1.16	)		(1.04	)		(1.29	)
From Return of Capital		(1.69	)		—			—			—			—
From net realized gains		—			—			(1.49	)		—			(0.22	)
Total Distributions		(2.27	)		(1.23	)		(2.65	)		(1.04	)		(1.51	)

Net Asset Value, End of Year	$	75.75		$	60.03		$	61.62		$	63.02		$	55.01

Total Return		30.56	%		(0.51	)%		1.90	%		16.58	%		(3.41	)%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	120,714		$	92,322		$	102,135		$	123,269		$	104,774
Ratio to average net assets:
Gross expenses ^(b)		1.26	%		1.13	%		1.10	%		1.06	%		1.11	%
Net expenses ^(d)		1.25	%		1.12	%		1.09	%		1.08	%		1.09	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.50	%		1.80	%		2.03	%		1.67	%		2.28	%
Portfolio turnover rate		23	%		4	%^(e)		150	%		222	%		376	%

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 0.16%, 0.06%, 0.02%, 0.00% and 0.00%, respectively.

(e)

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

See accompanying notes to financial statements.

Horizon Equity Premium Income Fund
FINANCIAL HIGHLIGHTS

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

	Advisor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	60.07		$	61.66		$	63.04		$	54.99		$	58.56
Income From Investment Operations:
Net investment income ^(a)		0.23			0.97			1.09			0.95			1.13
Net gain (loss) from investments (both realized and unrealized)		17.67			(1.43	)		0.06	^(c)		8.04			(3.28	)
Total from investment operations		17.90			(0.46	)		1.15			8.99			(2.15	)

Less Distributions:
From net investment income		(0.58	)		(1.13	)		(1.04	)		(0.94	)		(1.21	)
From Return of Capital		(1.59	)		—			—			—			—
From net realized gains		—			—			(1.49	)		—			(0.21	)
Total Distributions		(2.17	)		(1.13	)		(2.53	)		(0.94	)		(1.42	)

Net Asset Value, End of Year	$	75.80		$	60.07		$	61.66		$	63.04		$	54.99

Total Return		30.35	%		(0.68	)%		1.73	%		16.45	%		(3.55	)%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	3,202		$	3,443		$	4,834		$	10,941		$	8,781
Ratio to average net assets:
Gross expenses ^(b)		1.42	%		1.28	%		1.23	%		1.21	%		1.25	%
Net expenses ^(d)		1.41	%		1.29	%		1.25	%		1.24	%		1.24	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.34	%		1.63	%		1.76	%		1.52	%		2.17	%
Portfolio turnover rate		23	%		4	%^(e)		150	%		222	%		376	%

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 0.17%, 0.05%, 0.01%, 0.00% and 0.00%, respectively.

(e)

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 year.

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	65.77		$	61.16		$	63.49		$	56.98		$	54.09
Income From Investment Operations:
Net investment income ^(a)		0.06			0.16			0.26			0.22			0.37
Net gain (loss) from investments (both realized and unrealized)		12.32			5.39			(2.41	)		6.62			2.82
Total from investment operations		12.38			5.55			(2.15	)		6.84			3.19

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

Net Asset Value, End of Year	$	78.01		$	65.77		$	61.16		$	63.49		$	56.98

Total Return		18.85	%		9.26	%		(3.40	)%		12.06	%		5.93	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	672,955		$	489,234		$	359,743		$	247,061		$	210,993
Ratio to average net assets:
Gross expenses ^(b)		1.32	%		1.44	%		1.12	%		1.11	%		1.12	%
Net expenses ^(c)		1.33	%		1.44	%		1.12	%		1.05	%		1.04	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.08	%		0.25	%		0.43	%		0.35	%		0.70	%
Portfolio turnover rate		8	%		3	%		15	%		27	%		28	%

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 0.29%, 0.40%, 0.08%, 0.01% and 0.00%, respectively.

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 year.

	Advisor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	65.78		$	61.11		$	63.45		$	56.93		$	54.06
Income From Investment Operations:
Net investment income (loss) ^(a)		(0.07	)		0.07			0.13			0.13			0.29
Net gain (loss) from investments (both realized and unrealized)		12.34			5.40			(2.39	)		6.62			2.82
Total from investment operations		12.27			5.47			(2.26	)		6.75			3.11

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

Net Asset Value, End of Year	$	77.99		$	65.78		$	61.11		$	63.45		$	56.93

Total Return		18.66	%		9.12	%		(3.57	)%		11.90	%		5.78	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	17,017		$	19,725		$	12,227		$	19,816		$	24,804
Ratio to average net assets:
Gross expenses ^(b)		1.49	%		1.60	%		1.26	%		1.26	%		1.28	%
Net expenses ^(c)		1.50	%		1.60	%		1.26	%		1.20	%		1.19	%
Net investment income (loss) net of reimbursement (recapture) and securities lending expense offset		(0.09	)%		0.11	%		0.20	%		0.21	%		0.56	%
Portfolio turnover rate		8	%		3	%		15	%		27	%		28	%

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 0.31%, 0.41%, 0.07%, 0.01% and 0.00%, respectively.

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 year.

	Investor Class
	For the Year Ended November 30, 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

Net Asset Value, Beginning of Year	$	27.57		$	26.34		$	33.53		$	27.19		$	26.22
Income From Investment Operations:
Net investment income ^(a)		0.13			0.18			0.22			0.15			0.12
Net gain (loss) from investments (both realized and unrealized)		7.50			1.25			(0.29	)		6.27			0.91
Total from investment operations		7.63			1.43			(0.07	)		6.42			1.03

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 Year	$	34.42		$	27.57		$	26.34		$	33.53		$	27.19

Total Return		28.35	%		5.51	%		(1.62	)%		23.70	%		3.96	%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	588,165		$	261,501		$	143,236		$	128,449		$	205,886
Ratio to average net assets:
Gross expenses ^(b)		1.04	%		1.07	%		1.12	%		1.17	%		1.14	%
Net expenses ^(c)		1.08	%		1.09	%		1.11	%		1.09	%		1.09	%
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.43	%		0.68	%		0.83	%		0.50	%		0.49	%
Portfolio turnover rate		164	%		238	%		197	%		218	%		325	%

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 0.00%, 0.00%, 0.02%, 0.00% and 0.00%, respectively.

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 year/period.

	Advisor Class
	For the Year Ended November 30, 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)

Net Asset Value, Beginning of Year/Period	$	27.56		$	26.27		$	33.46		$	27.16		$	26.23
Income From Investment Operations:
Net investment income ^(b)		0.10			0.14			0.14			0.10			0.04
Net gain (loss) from investments (both realized and unrealized)		7.50			1.26			(0.26	)		6.27			0.89
Total from investment operations		7.60			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 Year/Period	$	34.41		$	27.56		$	26.27		$	33.46		$	27.16

Total Return		28.24	%		5.38	%		(1.79	)%		23.53	%		3.55	%^(f)

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	10,714		$	7,543		$	189		$	544		$	730
Ratio to average net assets:
Gross expenses ^(c)		1.19	%		1.21	%		1.27	%		1.32	%		1.30	%^(e)
Net expenses ^(d)		1.19	%		1.22	%		1.25	%		1.24	%		1.24	%^(e)
Net investment income net of reimbursement (recapture) and securities lending expense offset		0.32	%		0.52	%		0.52	%		0.34	%		0.17	%^(e)
Portfolio turnover rate		164	%		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 year/period.

	Investor Class
	For the Year Ended November 30, 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)

Net Asset Value, Beginning of Year/Period	$	35.13		$	30.99		$	36.09		$	28.78		$	25.00
Income From Investment Operations:
Net investment income (b,g)		0.15			0.28			0.11			0.11			0.19	^(d)
Net gain (loss) from investments (both realized and unrealized)		10.97			4.01			(4.29	)		8.01			3.59	^(d)
Total from investment operations		11.12			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 Year/Period	$	46.03		$	35.13		$	30.99		$	36.09		$	28.78

Total Return		31.82	%		13.95	%		(11.99	)%		28.91	%		15.12	%⁽ⁱ⁾

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	406,274		$	190,927		$	148,912		$	120,315		$	3,985
Ratio to average net assets:
Gross expenses (c,f)		0.92	%		0.97	%		1.04	%		1.09	%		6.24	%^(h)
Net expenses (e,f)		0.95	%		0.98	%		1.03	%		1.04	%		1.04	%^(h)
Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g)		0.35	%		0.89	%		0.36	%		0.32	%		0.73	%^(h)
Portfolio turnover rate		9	%		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 year/period.

	Advisor Class
	For the Year Ended November 30, 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)

Net Asset Value, Beginning of Year/Period	$	34.97		$	30.85		$	35.95		$	28.69		$	25.04
Income From Investment Operations:
Net investment income (b,g)		0.07			0.23			0.06			0.07			0.13	^(d)
Net gain (loss) from investments (both realized and unrealized)		10.93			3.99			(4.27	)		7.97			3.52	^(d)
Total from investment operations		11.00			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 Year/Period	$	45.80		$	34.97		$	30.85		$	35.95		$	28.69

Total Return		31.59	%		13.76	%		(12.11	)%		28.69	%		14.58	%⁽ⁱ⁾

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	60,839		$	47,232		$	33,632		$	35,205		$	4,283
Ratio to average net assets:
Gross expenses (c,f)		1.07	%		1.12	%		1.18	%		1.28	%		4.56	%^(h)
Net expenses (e,f)		1.12	%		1.13	%		1.18	%		1.19	%		1.19	%^(h)
Net investment income net of reimbursement (recapture) and securities lending expense offset (f,g)		0.18	%		0.72	%		0.17	%		0.19	%		0.52	%^(h)
Portfolio turnover rate		9	%		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 year/period.

	Investor Class
	For the Year Ended November 30, 2024			For the Period Ended November 30, 2023 (a)

Net Asset Value, Beginning of Year/Period	$	48.37		$	50.00
Income From Investment Operations:
Net investment income (b,f)		2.35			1.88
Net gain (loss) from investments (both realized and unrealized)		0.59			(2.68	)
Total from investment operations		2.94			(0.80	)

Less Distributions:
From net investment income		(2.20	)		(0.83	)
Total Distributions		(2.20	)		(0.83	)

Net Asset Value, End of Year/Period	$	49.11		$	48.37

Total Return		6.22	%		(1.63	)%^(h)

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	219,292		$	157,988
Ratio to average net assets:
Gross expenses (c,e)		0.86	%		0.90	%^(g)
Net expenses (d,e)		0.79	%		0.84	%^(g)
Net investment income net of reimbursement (recapture) and securities lending expense offset		4.87	%		4.13	%^(g)
Portfolio turnover rate		316	%		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 year/period.

	Advisor Class
	For the Year Ended November 30, 2024			For the Period Ended November 30, 2023 (a)

Net Asset Value, Beginning of Year/Period	$	48.35		$	49.48
Income From Investment Operations:
Net investment income (b,f)		2.32			0.90
Net gain (loss) from investments (both realized and unrealized)		0.55			(1.45	)
Total from investment operations		2.87			(0.55	)

Less Distributions:
From net investment income		(2.13	)		(0.58	)
Total Distributions		(2.13	)		(0.58	)

Net Asset Value, End of Year/Period	$	49.09		$	48.35

Total Return		6.08	%		(1.10	)%^(h)

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	8,160		$	8,082
Ratio to average net assets:
Gross expenses (c,e)		1.01	%		1.16	%^(g)
Net expenses (d,e)		0.94	%		0.96	%^(g)
Net investment income net of reimbursement and securities lending expense offset		4.81	%		2.58	%^(g)
Portfolio turnover rate		316	%		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 year/period.

	Investor Class
	For the Year Ended November 30, 2024			For the Period Ended November 30, 2023 ^(a)

Net Asset Value, Beginning of Year/Period	$	28.36		$	25.00
Income From Investment Operations:
Net investment income ^(b)		0.16			0.14
Net gain (loss) from investments (both realized and unrealized)		12.07			3.22
Total from investment operations		12.23			3.36

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

Net Asset Value, End of Year/Period	$	40.36		$	28.36

Total Return		43.33	%		13.48	%^(f)

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	251,872		$	12,482
Ratio to average net assets:
Gross expenses ^(c)		1.29	%		3.38	%^(e)
Net expenses ^(d)		1.09	%		1.09	%^(e)
Net investment income net of reimbursement and securities lending expense offset		0.43	%		0.53	%^(e)
Portfolio turnover rate		107	%		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 year/period.

	Advisor Class
	For the Year Ended November 30, 2024			For the Period Ended November 30, 2023 ^(a)

Net Asset Value, Beginning of Year/Period	$	28.34		$	26.88
Income From Investment Operations:
Net investment income ^(b)		0.08			0.09
Net gain (loss) from investments (both realized and unrealized)		12.07			1.37
Total from investment operations		12.15			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 Year/Period	$	40.26		$	28.34

Total Return		43.10	%		5.43	%^(f)

Ratios/Supplemental Data
Net assets, end of year/period (in 000’s)	$	3,407		$	427
Ratio to average net assets:
Gross expenses ^(c)		1.46	%		3.64	%^(e)
Net expenses ^(d)		1.24	%		1.24	%^(e)
Net investment income net of reimbursement and securities lending expense offset		0.24	%		0.43	%^(e)
Portfolio turnover rate		107	%		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.

Horizon Funds

Notes to Financial Statements

November 30, 2024

1.	ORGANIZATION

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

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

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 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 November 30, 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	$	815,025,596	$	—	$	—	$	815,025,596
Common Stocks		99,971,822		—		—		99,971,822
Purchased Options		—		132,237		—		132,237
Investments Purchased With Proceeds From Securities Lending		39,768,195		—		—		39,768,195
Money Market Funds		1,857,187		—		—		1,857,187
Total	$	956,622,800	$	132,237	$	—	$	956,755,037

Liabilities *	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	639	$	—	$	639
Total	$	—	$	639	$	—	$	639

Horizon Active Risk Assist^® Fund
Assets *	Level 1		Level 2		Level 3			Total
Exchange Traded Funds	$	1,310,453,055	$	—	$	—		$	1,310,453,055
Common Stocks		68,246,695		—		0	^(a)		68,246,695
Purchased Options		—		7,295,725		—			7,295,725
Investments Purchased With Proceeds From Securities Lending		4,651,378		—		—			4,651,378
Money Market Funds		2,355,134		—		—			2,355,134
Total	$	1,385,706,262	$	7,295,725	$	—		$	1,393,001,987

Liabilities *	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	5,737,500	$	—	$	5,737,500
Total	$	—	$	5,737,500	$	—	$	5,737,500

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	235,529,455	$	—	$	—	$	235,529,455
Investments Purchased With Proceeds From Securities Lending		11,101,258		—		—		11,101,258
Money Market Funds		2,081,443		—		—		2,081,443
Total	$	248,712,156	$	—	$	—	$	248,712,156

Horizon Equity Premium Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	123,147,805	$	—	$	—	$	123,147,805
Money Market Funds		793,216		—		—		793,216
Total	$	123,941,021	$	—	$	—	$	123,941,021

Liabilities *	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	206,550	$	—	$	206,550
Total	$	—	$	206,550	$	—	$	206,550

Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	694,834,248	$	—	$	0	^(a)	$	694,834,248
Purchased Options		—		5,128,275		—			5,128,275
Money Market Funds		2,233,339		—		—			2,233,339
Total	$	697,067,587	$	5,128,275	$	—		$	702,195,862

Liabilities *	Level 1		Level 2		Level 3		Total
Written Options	$	—	$	11,016,000	$	—	$	11,016,000
Total	$	—	$	11,016,000	$	—	$	11,016,000

Horizon Multi-Factor U.S. Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	592,149,126	$	—	$	—	$	592,149,126
Money Market Funds		1,908,442		—		—		1,908,442
Total	$	594,057,568	$	—	$	—	$	594,057,568

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

Horizon Defensive Core Fund
Assets *	Level 1		Level 2		Level 3			Total
Common Stocks	$	464,910,813	$	—	$	0	^(a)		464,910,813
Money Market Funds		2,076,144		—		—			2,076,144
Total	$	466,986,957	$	—	$	—		$	466,986,957

Horizon Tactical Fixed Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	226,022,006		—		—	$	226,022,006
Investments Purchased With Proceeds From Securities Lending		52,418,946		—		—		52,418,946
Money Market Funds		1,583,113		—		—		1,583,113
Total	$	280,024,065	$	—	$	—	$	280,024,065

Horizon Multi-Factor Small/Mid Cap Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	246,429,453	$	—	$	—	$	246,429,453
Real Estate Investment Trusts		2,680,888		—		—		2,680,888
Money Market Funds		1,320,192		—		—		1,320,192
Total	$	250,430,533	$	—	$	—	$	250,430,533

*	Refer to the Schedules 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

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

transaction, a gain or loss is realized. If a written call or put option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As the writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in price of the security underlying the written option.

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

The average quarterly value outstanding of purchased and written options during the year ended November 30, 2024, were as follows:

	Horizon Active Asset Allocation Fund		Horizon Active Risk Assist^® Fund		Horizon Equity Premium Income Fund		Horizon Defined Risk Fund
Purchased Options	$	33,059	$	7,254,900	$	0	$	4,725,013
Written Options	$	160	$	5,991,625	$	151,369	$	10,737,610

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of November 30, 2024:

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

Horizon Active Asset Allocation Fund
Derivatives Investment Value
Purchased Options	$	132,237
Written Options	$	639

100

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

Horizon Active Risk Assist^® Fund
Derivatives Investment Value
Purchased Options	$	7,295,725
Written Options	$	5,737,500

Horizon Equity Premium Income Fund
Derivatives Investment Value
Purchased Options	$	0
Written Options	$	206,550

Horizon Defined Risk Fund
Derivatives Investment Value
Purchased Options	$	5,128,275
Written Options	$	11,016,000

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended November 30, 2024:

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

Horizon Active Asset Allocation Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	1,748,411
Written Options		1,510,430
	$	3,258,841

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(299,355	)
Written Options		55,372
	$	(243,983	)

101

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NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

Horizon Active Risk Assist^® Fund
Realized gain/(loss) on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(8,278,049	)
Written Options		11,972,964
	$	3,694,915

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	2,491,461
Written Options		(2,872,338	)
	$	(380,877	)

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

Horizon Equity Premium Income Fund
Realized loss on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(7,250	)
Written Options		(1,419,517	)
	$	(1,426,767	)

Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	0
Written Options		(28,007	)
	$	(28,007	)

102

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

Horizon Defined Risk Fund
Realized loss on derivatives recognized in the Statements of Operations
Derivative Investment Type
Purchased Options	$	(43,930,707	)
Written Options		(17,930,822	)
	$	(61,861,529	)

Changes in unrealized Appreciation (Depreciation) on derivatives recognized in the Statements of Operations
Purchased Options	$	(2,631,199	)
Written Options		1,600,866
	$	(1,030,333	)

Offsetting of Financial Assets and Derivative Liabilities

The following table presents the Funds’ liability derivatives and collateral pledged as of November 30, 2024.

Horizon Active Asset Allocation 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	$	639	⁽¹⁾	$	—	$	639	$	(639	)⁽²⁾	$	—	$	—
Total	$	639		$	—	$	639	$	(639	)	$	—	$	—

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	$	5,737,500	⁽¹⁾	$	—	$	5,737,500	$	(5,737,500	)⁽²⁾	$	—	$	—
Total	$	5,737,500		$	—	$	5,737,500	$	(5,737,500	)	$	—	$	—

103

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 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	$	206,550	⁽¹⁾	$	—	$	206,550	$	(206,550	)⁽²⁾	$	—	$	—
Total	$	206,550		$	—	$	206,550	$	(206,550	)	$	—	$	—

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	$	11,016,000	⁽¹⁾	$	—	$	11,016,000	$	(11,016,000	)⁽²⁾	$	—	$	—
Total	$	11,016,000		$	—	$	11,016,000	$	(11,016,000	)	$	—	$	—

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

104

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 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’ 2024 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal, North Carolina State and Delaware State; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

Rule 12b-1 – The Trust, with respect to all Funds, has adopted a Distribution Plan for Advisor Class shares of each Fund, and also for Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, the Horizon Multi-Factor U.S. Equity Fund, the Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, and the Horizon Multi-Factor Small/Mid Cap Fund pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”). However, payments under the 12b-1 Plan are an operating expense of each Fund that is not subject to the expense limitation provided by the Adviser. The 12b-1 Plan provides for the payment of a distribution fee to Quasar Distributors, LLC (the “Distributor”). During the year ended November 30, 2024 the distribution fees accrued for the Investor Class shares of the Horizon Equity Premium Income Fund, Horizon Defined Risk Fund, Horizon Multi-Factor U.S. Equity Fund, Horizon Defensive Core Fund, the Horizon Tactical Fixed Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund and for the Advisor Class shares of all Funds were 0.10% and 0.25% of average daily net assets, respectively.

105

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

During the year ended November 30, 2024, the Funds incurred fees pursuant to the 12b-1 Plan as follows:

Fund	Investor Class		Advisor Class
Horizon Active Asset Allocation Fund	$	—	$	4,053
Horizon Active Risk Assist^® Fund		—		3,604
Horizon Active Income Fund		—		1,210
Horizon Equity Premium Income Fund		104,808		7,674
Horizon Defined Risk Fund		579,517		49,820
Horizon Multi-Factor U.S. Equity Fund		393,838		24,601
Horizon Defensive Core Fund		287,184		136,948
Horizon Tactical Fixed Income Fund		201,639		19,356
Horizon Multi-Factor Small/Mid Cap Fund		56,383		4,817

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, 2026 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 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;

106

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 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 year ended November 30, 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, Horizon Defensive Core Fund, Horizon Tactical Fixed Income Fund, and Horizon Multi-Factor Small/Mid Cap Fund $0, $0, $0, $3,828, $85,517, $165,341, $100,453, $0, and $0 respectively.

Fund	2025		2026		2027		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—	$	—
Horizon Active Risk Assist^® Fund		—		—		—		—
Horizon Active Income Fund		—		—		—		—
Horizon Equity Premium Income Fund		766		—		2,470		3,236
Horizon Defined Risk Fund		74,784		58,577		24,915		158,276
Horizon Multi-Factor U.S. Equity Fund		—		—		—		—
Horizon Defensive Core Fund		—		—		—		—
Horizon Tactical Fixed Income Fund		—		—		—		—
Horizon Multi-Factor Small/Mid Cap Fund		—		120,585		119,416		240,001

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.

107

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 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 year ended November 30, 2024, were as follows:

Fund	Purchases		Sales
Horizon Active Asset Allocation Fund	$	2,006,513,859	$	2,186,408,730
Horizon Active Risk Assist^® Fund		851,218,799		938,971,061
Horizon Active Income Fund		205,199,276		225,174,966
Horizon Equity Premium Income Fund		22,739,757		24,547,271
Horizon Defined Risk Fund		70,635,934		46,475,123
Horizon Multi-Factor U.S. Equity Fund		892,376,899		661,867,847
Horizon Defensive Core Fund		166,015,427		29,473,290
Horizon Tactical Fixed Income Fund		713,191,431		654,585,271
Horizon Multi-Factor Small/Mid Cap Fund		282,989,154		69,393,496

5.	SECURITIES LENDING

The Funds may lend domestic securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program effective December 20, 2017, which is administered by U.S. Bank N.A. (the “Custodian”). The net income to which the Funds are entitled may be used to offset against costs and other charges incurred by the Funds with the Custodian or its affiliates or, as directed in writing by the Funds, other service providers. Investment Advisory Fees, Shareholder Servicing Fees - Investor Class, Distribution Fees (12b-1) - Advisor Class and Distribution Fees (12b-1) - Investor Class as noted in the Statements of Operations are not eligible to be offset by securities lending income. The securities lending agreement requires that loans are collateralized in an amount equal to at least 102% at the outset of the loan and at least 100%, at all times thereafter, of the value of any loaned securities. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Amounts earned from security lending is disclosed in each Fund’s Statement of Operations as a securities lending credit. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing year. Gain or loss on the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the year ended November 30, 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.

108

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

As of the year ended November 30, 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	$	39,459,280	$	39,768,195
Horizon Active Risk Assist^® Fund		4,595,706		4,651,378
Horizon Active Income Fund		10,871,595		11,101,258
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		51,518,457		52,418,946
Horizon Multi-Factor Small/Mid Cap Fund		—		—

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

6.	LINE OF CREDIT ARRANGEMENT

Throughout the year ended November 30, 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 7.75% as of November 30, 2024, if they borrow.

For the year ended November 30, 2024, the Funds’ borrowing activity is summarized below:

Fund	Average Borrowings		Weighted Average Interest Rate			Largest Borrowing		Date of Largest Borrowing
Horizon Active Asset Allocation Fund	$	961,489		7.97	%	$	28,458,000		November 14, 2024
Horizon Active Risk Assist^® Fund		308,757		8.47	%		24,808,000		May 9, 2024
Horizon Active Income Fund		15,025		8.47	%		492,000		January 26, 2024
Horizon Equity Premium Income Fund		30,321		8.50	%		1,477,000		May 22, 2024
Horizon Defined Risk Fund		91,399		8.50	%		3,241,000		February 16, 2024
Horizon Multi-Factor U.S. Equity Fund		108,151		8.38	%		12,980,000		May 21, 2024
Horizon Defensive Core Fund		11,781		8.50	%		1,392,000		May 28, 2024
Horizon Tactical Fixed Income Fund		—		—			—		—
Horizon Multi-Factor Small/Mid Cap Fund		1,850		8.50	%		82,000		December 21, 2023

109

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

7.	DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

	For the year ended November 30, 2024
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Horizon Active Asset Allocation Fund	$	7,487,540	$	—	$	—	$	7,487,540
Horizon Active Risk Assist^® Fund		9,998,226		462,691		—		10,460,917
Horizon Active Income Fund		9,467,883		—		—		9,467,883
Horizon Equity Premium Income Fund		898,863		—		2,622,572		3,521,435
Horizon Defined Risk Fund		1,049,593		—		—		1,049,593
Horizon Multi-Factor U.S. Equity Fund		6,369,413		1,300,145		—		7,669,558
Horizon Defensive Core Fund		1,422,529		—		—		1,422,529
Horizon Tactical Fixed Income Fund		9,289,902		—		—		9,289,902
Horizon Multi-Factor Small/Mid Cap Fund		102,289		1,245		—		103,534

	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		—		—		—		—

110

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

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

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

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

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

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

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

111

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

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

Fund	Cost of Investments, Purchased Options and Written Options		Gross Tax Unrealized Appreciation		Gross Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Horizon Active Asset Allocation Fund	$	898,346,159	$	66,918,519	$	(8,510,280	)	$	58,408,239
Horizon Active Risk Assist^® Fund		1,228,031,594		183,008,611		(23,775,718	)		159,232,893
Horizon Active Income Fund		247,145,368		4,077,295		(2,510,507	)		1,566,788
Horizon Equity Premium Income Fund		91,859,378		33,081,264		(1,206,171	)		31,875,093
Horizon Defined Risk Fund		466,632,607		242,900,322		(18,353,067	)		224,547,255
Horizon Multi-Factor U.S. Equity Fund		533,089,413		65,823,474		(4,855,319	)		60,968,155
Horizon Defensive Core Fund		359,029,885		121,880,437		(13,923,365	)		107,957,072
Horizon Tactical Fixed Income Fund		276,271,609		4,859,046		(1,106,590	)		3,752,456
Horizon Multi-Factor Small/Mid Cap Fund		231,731,244		20,383,970		(1,684,681	)		18,699,289

As of November 30, 2024, 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	$	87,924,067	$	42,026,882	$	(3	)	$	58,408,239	$	188,359,185
Horizon Active Risk Assist^® Fund		—		117,403,564		(11,858,089	)		159,232,893		264,778,368
Horizon Active Income Fund		2,359,697		—		(83,292,321	)		1,566,788		(79,365,836	)
Horizon Equity Premium Income Fund		—		—		(4,983,714	)		31,875,093		26,891,379
Horizon Defined Risk Fund		412,765		—		(55,124,781	)		224,547,255		169,835,239
Horizon Multi-Factor U.S. Equity Fund		42,074,104		3,622,853		(20,666	)		60,968,155		106,644,446
Horizon Defensive Core Fund		1,080,134		—		(1,604,457	)		107,957,072		107,432,749
Horizon Tactical Fixed Income Fund		2,765,010		—		(4,001,331	)		3,752,456		2,516,135
Horizon Multi-Factor Small/Mid Cap Fund		4,507,117		220,582		—			18,699,289		23,426,988

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.

112

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

At November 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring
Fund	Short-Term		Long-Term		Total
Horizon Active Asset Allocation Fund	$	—	$	—	$	—
Horizon Active Risk Assist^® Fund		—		—		—
Horizon Active Income Fund		42,332,318		40,960,003		83,292,321
Horizon Equity Premium Income Fund		3,445,219		1,521,571		4,966,790
Horizon Defined Risk Fund		31,035,749		24,079,368		55,115,117
Horizon Multi-Factor U.S. Equity Fund		—		—		—
Horizon Defensive Core Fund		1,603,708		—		1,603,708
Horizon Tactical Fixed Income Fund		4,001,331		—		4,001,331
Horizon Multi-Factor Small/Mid Cap Fund		—		—		—

The Horizon Active Asset Allocation Fund, Horizon Active Risk Assist^® Fund, Horizon Equity Premium Income Fund, Horizon Defensive Core Fund, and Horizon Tactical Fixed Income Fund utilized capital loss carry forwards of $30,231,232, $56,558,742, $2,565,862, $5,044,885 and $289,045, respectively, during the fiscal year.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These reclassifications were due to the use of equalization and nondeductible excise tax paid. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the year ended November 30, 2024, the following table shows the reclassifications made:

Fund	Distributable Earnings/ (Accumulated Deficit)			Paid In Capital
Horizon Active Asset Allocation Fund	$	(24,195,843	)	$	24,195,843
Horizon Active Risk Assist^® Fund		(3,319,339	)		3,319,339
Horizon Active Income Fund		4,861			(4,861	)
Horizon Equity Premium Income Fund		—			—
Horizon Defined Risk Fund		582			(582	)
Horizon Multi-Factor U.S. Equity Fund		(6,251,980	)		6,251,980
Horizon Defensive Core Fund		—			—
Horizon Tactical Fixed Income		1,745			(1,745	)
Horizon Multi-Factor Small/Mid Cap Fund		(358,249	)		358,249

113

Horizon Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2024

8.	BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of voting securities of a fund creates a presumption of control of that fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 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.

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. On January 27, 2025, the Board approved changes to the Horizon Defensive Core Fund’s investment objective and strategy, effective on or about March 29, 2025. In addition, management noted distributions paid by the Funds subsequent to November 30, 2024 in Note 7.

114

Horizon Funds

Report of Independent Registered Public Accounting Firm

November 30, 2024

To the Shareholders and Board of Trustees of
Horizon Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options, of Horizon Funds, comprising the funds listed below (the “Funds”), as of November 30, 2024, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Horizon Active Asset Allocation Fund Horizon Active Risk Assist^® Fund Horizon Active Income Fund Horizon Equity Premium Income Fund Horizon Defined Risk Fund Horizon Multi-Factor U.S. Equity Fund	For the year ended November 30, 2024	For the years ended November 30, 2024 and 2023	For the years ended November 30, 2024, 2023, 2022, 2021, and 2020
Horizon Defensive Core Fund	For the year ended November 30, 2024	For the years ended November 30, 2024 and 2023	For the years ended November 30, 2024, 2023, 2022, and 2021, and for the period from December 26, 2019 (commencement of operations) through November 30, 2020
Horizon Tactical Fixed Income Fund Horizon Multi-Factor Small/Mid Cap Fund	For the year ended November 30, 2024	For the year ended November 30, 2024, and for the period from December 20, 2022 (commencement of operations) through November 30, 2023

Basis for Opinion

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

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

115

Horizon Funds

Report of Independent Registered Public Accounting Firm (Continued)
November 30, 2024

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2015.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
January 28, 2025

116

Horizon Funds

Additional Information (Unaudited)

November 30, 2024

Qualified Dividend Income/Dividends Received Deduction

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

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

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

Fund Name	Dividends Received Deduction
Horizon Active Asset Allocation Fund	2.69%
Horizon Active Risk Assist^® Fund	1.85%
Horizon Active Income Fund	4.53%
Horizon Equity Premium Income Fund	100.00%
Horizon Defined Risk Fund	100.00%
Horizon Multi-Factor U.S. Equity Fund	47.02%
Horizon Defensive Core Fund	100.00%
Horizon Tactical Fixed Income Fund	0.00%
Horizon Multi-Factor Small/Mid Cap Fund	0.75%

Foreign Tax Credit

For the year ended November 30, 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	$	7,232,699	$	796,018
Horizon Active Risk Assist^® Fund		9,719,157		831,190
Horizon Active Income Fund		793,026		6,482
Horizon Tactical Fixed Income Fund		466,548		1,123

117

Horizon Funds

Additional Information (Unaudited) (Continued)

November 30, 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	78.71%
Horizon Defensive Core Fund	0.00%
Horizon Tactical Fixed Income Fund	0.00%
Horizon Multi-Factor Small/Mid Cap Fund	68.10%

118

PRIVACY NOTICE (Unaudited)

February 2016

FACTS	WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number and account information ● Account balance and transaction history ● Wire Transfer Instructions
How?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Horizon Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information		Does Horizon Funds share?	Can you limit this sharing?
For our everyday business purposes — Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes — to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences or creditworthiness		No	We don’t share
For non-affiliates to market to you		No	We don’t share

Questions?

Call 1-855-754-7932

119

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

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

120

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

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

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

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

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

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

How to Obtain Proxy Voting Information

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

How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. Once filed, the Funds’ Part F of Form N-PORT is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling 1-855-754-7932.

(b)

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.

In considering each Fund’s Advisory Agreement, the Board, considered a variety of factors, including those discussed below, as well as conditions and trends prevailing generally in the economy, the securities markets and the industry. The Board noted that the Board does not treat any single factor as determinative with respect to renewal of an Advisory Agreement with respect to a Fund and that each Trustee has discretion to weight factors differently for each Fund. The Board noted that, any conclusions reached may be based on the Board’s ongoing regular review of each Fund’s performance and operations throughout the year.

Nature, extent, and quality of services. Among the information received by the Board from the Adviser relating to the nature, extent and quality, the Board reviewed information provided by the Adviser relating to its operations and personnel, including descriptions of its organizational and management structure, compliance and regulatory history (including its Form ADV), and its overall responsibilities for the Funds. The Board also noted its regular receipt of reports from the Chief Compliance Officer (CCO) regarding the Funds’ compliance policies and procedures established under Rule 38a-1 of the 1940 Act. Additionally, the Board observed the expanded scope of services provided by the Adviser over time, reflecting regulatory, market, and other developments, including managing the day-to-day operations of the Funds, overseeing third-party service providers, and maintaining risk management programs such as compliance, liquidity, derivatives, and cybersecurity programs.

In its evaluation of the nature, extent, and quality of the services provided by the Adviser, the Board took into account its knowledge of the Adviser’s management and performance through Board meetings, discussions, and reports during the preceding year. Specific considerations included:

(a)

The skills and competency with which the Adviser has managed each Fund’s affairs, including oversight of third-party relationships, investment performance, compliance programs, brokerage matters (e.g., trade allocation and best execution), and timely responsiveness to performance issues, which the Board deemed sufficiently adequate.

(b)

The background, qualifications, and skills of the Adviser’s personnel, including the portfolio managers for each Fund.

(c)

The Adviser’s compliance policies and procedures, responsiveness to regulatory changes, and adaptation to fund industry developments.

(d)

The Adviser’s ability to supervise other service providers, oversee securities lending activities, and handle the administrative needs of the Funds.

(e)

The financial stability and capacity of the Adviser to continue delivering high-quality services.

(f)

The Adviser’s reputation, experience, and the benefits to shareholders of investing in a family of funds offering a variety of investment options.

Following this discussion, the Board concluded that the nature, quality and extent of services provided by the Adviser with respect to each Fund supported the renewal of the Advisory Agreements.

Investment performance. In considering each Fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds’ performance results and that such reviews could be considered as a part of the consideration of each Fund’s Advisory Agreement. As described in Appendix A, the Board reviewed Fund performance against each Fund’s respective benchmark, Adviser Peer Group, and Peer Group median and took into account the Adviser’s analysis of each Fund’s performance and its plans and recommendations generally with respect to the Funds. The Board noted that while it found the Peer Group data generally useful, it recognized its limitations. In cases where a Fund underperformed in respective benchmark and/or peer group medians, the Board considered the Adviser’s explanation of such underperformance.

Fees and expenses. The Board reviewed each Fund’s management fees and total expenses as compared to its Peer Group and Adviser Peer Group in light of the nature, extent and quality of the management and advisory services provided by the Adviser. The Board reviewed management’s discussion and analysis relative to the information set forth in Appendix A. The Board took into account management’s discussion of each Fund’s expenses. The Board also took into account that the Adviser had agreed to implement expense limitation arrangements for each Fund. The Board reviewed information provided by the Adviser concerning investment advisory fees charged by the Adviser to other clients, including separately managed accounts. The Board observed the Adviser’s discussion of the differences between the Adviser’s services to each Fund relative to the services they provide to other comparable clients. Following this discussion, the Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided to the Funds under the Advisory Agreement.

Profitability/Indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Adviser and its affiliates from the Adviser’s relationship with the Trust, the Board received, reviewed and considered, among other things, the following information presented by the Adviser: information regarding the financial condition of the Adviser; information regarding the net profitability to the Adviser of each Fund; profitability information with respect to the Trust as a whole and with respect to each Fund; and information regarding the Adviser’s allocation methodologies used in preparing the profitability data. The Board considered that the Adviser also provides certain oversight of the administrative services to the Funds and noted that the Adviser also derives reputational and other indirect benefits from providing advisory services to the Funds. The Board considered the Adviser’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry. Based upon its review, the Board concluded that the level of profitability, if any, of the Adviser from the Adviser’s relationship with each Fund was reasonable and not excessive.

Economies of scale. In considering the extent to which a Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board considered that the Adviser has contractually agreed to implement expense limitation arrangements for each Fund. The Board considered the extent to which economies of scale will be realized as each Fund grows and whether the fee levels reflect these economies of scale to the benefit of shareholders. The Board considered that the Funds’ management fees did not have breakpoints but that the Adviser had indicated that it will continue to evaluate whether breakpoints are warranted in the future as the Funds’ asset levels increase. The Board also considered the effect of each Fund’s growth in size on their performance and fees. The Board also noted that if the Funds’ assets increase over time, the Funds may realize other economies of scale.

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

APPENDIX A

Fund

Performance

(as of 9.30.2024)

Fees and Expenses

Comments

Horizon Active Risk Assist® I

Performance Indices:

S&P Global BMI ex-US Net (USD)

Bloomberg US Aggregate Bond Index

Performance Indices –The Fund outperformed both performance indices (each as listed in the Fund’s prospectus on Form N-1A, the “Performance Indices”) for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Out of a peer count of 9, the Fund ranked 1st for the one-year period, 2nd for the three-year period, and 3rd for the five-and ten-year periods.

Peer Group – The Fund outperformed the median of the Peer Group for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Management fees for this Fund were lower than the Adviser Peer Group median. The Fund’s net expense ratio was also lower than the Adviser Peer Group median.

Peer Group - Management fees for this Fund were equal to the Peer Group median. The Fund’s net expense ratio was lower than the Peer Group median.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to Adviser Peer Group, Peer Group, and Performance Indices for the one-, three-, five-, and ten-year periods.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Active Asset Allocation I

Performance Index:

S&P Global BMI ex-US Net (USD)

Performance Index –The Fund outperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Out of a peer count of 8, the Fund ranked 5th for the one- and three-year periods, and 4th for the five- and ten-year periods.

Peer Group – The Fund outperformed the peer median for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Management fees for this Fund were higher than the Adviser Peer Group median but the Fund did not have the highest management fee in the Adviser Peer Group. The Fund’s net expense ratio was higher than the Adviser Peer Group median but not the highest in the Adviser Peer Group.

Peer Group – Management fees for this Fund were equal to the Peer Group median. The Fund’s net expense ratio was lower than the Peer Group median.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to the Peer Group and Performance Index for the one-, three-, five-, and ten-year periods.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Active Income I

Performance Index:

Bloomberg US Aggregate Bond Index

Performance Index – The Fund underperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index) for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Out of a peer count of 10, the Fund ranked 5th for the one-year period, 9th for the three-year period, 7th for the five-year period, and 8th for the ten-year period.

Peer Group – The Fund underperformed the peer median for the one-, three-, five-, and ten-year periods.

Adviser Peer Group – Management fees for this Fund were higher than the Adviser Peer Group median but not the highest management fee in the Adviser Peer Group. The Fund’s net expense ratio was higher than the Adviser Peer Group median but not the highest in the Adviser Peer Group

Peer Group – Management fees for this Fund were higher than the Peer Group median, but not the highest in the Peer Group. The Fund’s net expense ratio was higher than the Peer Group median, but not the highest in the Peer Group.

The Board considered management’s discussion of the Fund’s performance relative to the Adviser Peer Group, Peer Group and Performance Index for the one-, three-, five-, and ten-year periods. The Board took into account management’s discussion of the factors that contributed to the Fund’s relative performance.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Equity Premium Income

Performance Indices:

MSCI World High Dividend Yield Index

CBOE S&P 500 Buy-Write Index

Performance Indices – The Fund outperformed one of two performance indices (each as listed in the Fund’s prospectus on Form N-1A, the “Performance Indices”) for the one-, three-, and five-year periods. The Fund outperformed its second Performance Index for the one- and three-year periods, but underperformed for the 5-year period.

Adviser Peer Group – Out of a peer count of 12, the Fund ranked 1st for the one-year period, 3^rd for the three-year period, and 10^th for five-year period.

Peer Group – The Fund outperformed the peer median for the one- and three-year periods, and underperformed for the five-year period.

Adviser Peer Group – Management fees for this Fund were equal to the Adviser Peer Group median. The Fund’s net expense ratio was higher than the Adviser Peer Group median but was not the highest in the Adviser Peer Group

Peer Group – Management fees for this Fund were equal to the Peer Group median. The Fund’s net expense ratio was higher than the Peer Group median, but was not the highest in the Peer Group.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to the Adviser Peer Group, Peer Group and both Performance Indices for the one- and three-year periods. The Board considered that the Fund underwent a strategy change in October 2023.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Defensive Core

Performance Index:

MSCI USA ESG Leaders Index

Performance Index – The Fund underperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the one- and three-year periods.

Adviser Peer Group – Out of a peer count of 7, the Fund ranked 4th for the one- and three- year periods.

Peer Group – The Fund underperformed the peer median for the one- and three-year periods.

Adviser Peer Group – Management fees for this Fund were higher than the Adviser Peer Group median but was not the highest in the Adviser Peer Group. The Fund’s net expense ratio was higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group.

Peer Group – Management fees for this Fund were higher than the Peer Group median, but was not the highest in the Peer Group. The Fund’s net expense ratio was higher than the Peer Group median, but was not the highest in the Peer Group.

The Board took into account management’s discussion of the Fund’s performance, including performance relative to the Performance Index, Adviser Peer Group and Peer Group for the one- and three-year periods. The Board took into account management’s discussion of the factors that contributed to the Fund’s relative performance.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Multi-Factor U.S. Equity

Performance Index:

MSCI USA Minimum Volatility Index

Performance Index – The Fund outperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the three- and five-year periods, but underperformed the Performance Index over the one-year period.

Adviser Peer Group – Out of a peer count of 10, the Fund ranked 7th for the one-year period, 3rd for the three-year period, and 5th for the five-year period.

Peer Group – The Fund underperformed the peer median for the one-and five-year periods. The Fund’s three-year performance was generally in-line with the Peer Group median, underperforming by fewer than 10 basis points.

Adviser Peer Group –Management fees for this Fund were higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group. The Fund’s net expense ratio was higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to Adviser Peer Group over the three-and five-year periods, the Peer Group for the three-year period, and the Performance Index for the three- and five- year periods.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Defined Risk

Performance Index:

Bloomberg US Treasury 1-3 Years

Performance Index – The Fund outperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the one-, three-, and five-year periods.

Adviser Peer Group – Out of a peer count of 8, the Fund ranked 4th for the one-year period, 3rd for the three-year period, and 4th for the five-year period.

Peer Group – The Fund outperformed the peer median for the three- and five-year periods and underperformed the peer median for the one-year period.

Adviser Peer Group – Management fees for this Fund were higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group. The Fund’s net expense ratio was higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to Adviser Peer Group and Peer Group over the three- and five-year periods and relative to the Performance Index for the one-, three-, and five-year periods.

The board took into account management’s discussion of the Fund’s expenses.

Horizon Tactical Fixed Income

Performance Index:

Bloomberg US Aggregate Bond Index

Performance Index – The Fund underperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the one-year period.

Adviser Peer Group – Out of a peer count of 15, the Fund ranked 13th for the one-year period.

Peer Group – The Fund underperformed the peer median for the one-year period.

Adviser Peer Group – Management fees for this Fund were lower than the Adviser Peer Group median. The Fund’s net expense ratio was 3 basis points higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group.

Peer Group – Management fees for this Fund were higher than the Peer Group median, but the Fund did not have the highest management fee in the Peer Group. The Fund’s net expense ratio was higher than the Peer Group median, but was not the highest in the Peer Group.

The Board took into account management’s discussion of the Fund’s performance, including the performance relative to the Adviser Peer Group, Peer Group and Performance Index for the one-year period. The Board took into account management’s discussion of the factors that contributed to the Fund’s relative performance.

The Board took into account management’s discussion of the Fund’s expenses.

Horizon Multifactor SMID

Performance Index:

S&P 1000 TR

Performance Index – The Fund outperformed its performance index (as listed in the Fund’s prospectus on Form N-1A, “Performance Index”) for the one-year period.

Adviser Peer Group – Out of a peer count of 15, the Fund ranked 1st for the one-year period.

Peer Group – The Fund outperformed the peer median for the one-year period.

Adviser Peer Group – Management fees for this Fund were equal to the Adviser Peer Group median. The Fund’s net expense ratio was higher than the Adviser Peer Group median, but was not the highest in the Adviser Peer Group.

The Board took into account management’s discussion of the Fund’s performance, noting favorable performance relative to the Adviser Peer Group, Peer Group and Performance Index for the one-year period.

The Board took into account management’s discussion of the Fund’s expenses.

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.

The registrant’s nominating committee charter does not contain any 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. Filed herewith.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.

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

(5)

Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

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

SIGNATURES

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

(Registrant)	Horizon Funds

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

Date	02/07/25

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

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

Date	02/07/25

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

Date	02/07/25

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

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