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, 2026
Date of reporting period: May 31, 2026
Item 1. Reports to Stockholders.
| (a) |
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Industrials | |
| Materials | |
| Financials | |
| Energy | |
| Real Estate | |
| Health Care | |
| Consumer Staples | |
| Communication Services | |
| Cash & Other |
| Top Holdings | % of Net Assets |
|---|---|
| NVIDIA Corp. | |
| Apple, Inc. | |
| Nucor Corp. | |
| Broadcom, Inc. | |
| Microchip Technology, Inc. | |
| Newmont Goldcorp Corp. | |
| Air Products & Chemicals, Inc. | |
| Antero Resources Corp. | |
| Analog Devices, Inc. | |
| Rockwell Automation, Inc. |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/case-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Industrials | |
| Materials | |
| Financials | |
| Energy | |
| Real Estate | |
| Health Care | |
| Consumer Staples | |
| Communication Services | |
| Cash & Other |
| Top Holdings | % of Net Assets |
|---|---|
| NVIDIA Corp. | |
| Apple, Inc. | |
| Nucor Corp. | |
| Broadcom, Inc. | |
| Microchip Technology, Inc. | |
| Newmont Goldcorp Corp. | |
| Air Products & Chemicals, Inc. | |
| Antero Resources Corp. | |
| Analog Devices, Inc. | |
| Rockwell Automation, Inc. |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/case-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Industry Breakdown | % of Net Assets |
|---|---|
| Oil, Gas & Consumable Fuels | |
| Diversified Telecommunication Services | |
| Electric Utilities | |
| Wireless Telecommunication Services | |
| Multi-Utilities | |
| Electrical Equipment | |
| Transportation Infrastructure | |
| Health Care Providers & Services | |
| Cash & Other |
| Top Holdings | % of Net Assets |
|---|---|
| Enbridge, Inc. | |
| Verizon Communications, Inc. | |
| SoftBank Group Corp. | |
| AT&T, Inc. | |
| Williams Cos., Inc. | |
| Deutsche Telekom AG | |
| TC Energy Corp. | |
| HCA Healthcare, Inc. | |
| Kinder Morgan, Inc. | |
| NextEra Energy, Inc. |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Canada | |
| Japan | |
| Germany | |
| France | |
| Spain | |
| United Kingdom | |
| Switzerland | |
| Australia | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cgi-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Industry Breakdown | % of Net Assets |
|---|---|
| Oil, Gas & Consumable Fuels | |
| Diversified Telecommunication Services | |
| Electric Utilities | |
| Wireless Telecommunication Services | |
| Multi-Utilities | |
| Electrical Equipment | |
| Transportation Infrastructure | |
| Health Care Providers & Services | |
| Cash & Other |
| Top Holdings | % of Net Assets |
|---|---|
| Enbridge, Inc. | |
| Verizon Communications, Inc. | |
| SoftBank Group Corp. | |
| AT&T, Inc. | |
| Williams Cos., Inc. | |
| Deutsche Telekom AG | |
| TC Energy Corp. | |
| HCA Healthcare, Inc. | |
| Kinder Morgan, Inc. | |
| NextEra Energy, Inc. |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Canada | |
| Japan | |
| Germany | |
| France | |
| Spain | |
| United Kingdom | |
| Switzerland | |
| Australia | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cgi-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Utilities | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| Canada | |
| China | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Utilities | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| Canada | |
| China | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Institutional Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Utilities | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| Canada | |
| China | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aaa-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Institutional Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/aim-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Finance and Insurance | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| China | |
| Canada | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Purchased Options | |
| Money Market Funds | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Finance and Insurance | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| China | |
| Canada | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Purchased Options | |
| Money Market Funds | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Institutional Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Consumer Discretionary | |
| Industrials | |
| Materials | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Finance and Insurance | |
| Cash & Other |
| Geographic Breakdown | % of Net Assets |
|---|---|
| United States | |
| Japan | |
| China | |
| Canada | |
| Taiwan | |
| Germany | |
| Hong Kong | |
| Australia | |
| Netherlands | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Common Stocks | |
| Investments Purchased with Proceeds from Securities Lending | |
| Purchased Options | |
| Money Market Funds | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/ara-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Consumer Discretionary | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/defc-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Consumer Discretionary | |
| Health Care | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/defc-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Industrials | |
| Health Care | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Purchased Options | |
| Money Market Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Rights | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/def-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Industrials | |
| Health Care | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Purchased Options | |
| Money Market Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Rights | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/def-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Health Care | |
| Consumer Discretionary | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Money Market Funds | |
| Real Estate Investment Trusts | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/epi-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Health Care | |
| Consumer Discretionary | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Utilities | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Money Market Funds | |
| Real Estate Investment Trusts | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/epi-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Energy | |
| Real Estate | |
| Materials | |
| Consumer Staples | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/smid-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Energy | |
| Real Estate | |
| Materials | |
| Consumer Staples | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/smid-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Health Care | |
| Communication Services | |
| Industrials | |
| Energy | |
| Consumer Staples | |
| Consumer Discretionary | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mfue-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Health Care | |
| Communication Services | |
| Industrials | |
| Energy | |
| Consumer Staples | |
| Consumer Discretionary | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mfue-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/tfi-fund, 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.
Ticker:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Advisor Class | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Investments Purchased with Proceeds from Securities Lending | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/tfi-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Core Bond ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cbf-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Core Equity ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Health Care | |
| Consumer Discretionary | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/cef-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Digital Frontier ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Industrials | |
| Communication Services | |
| Consumer Discretionary | |
| Materials | |
| Financials | |
| Utilities | |
| Health Care | |
| Energy | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/dff-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Dividend Income ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Health Care | |
| Consumer Staples | |
| Financials | |
| Energy | |
| Consumer Discretionary | |
| Industrials | |
| Communication Services | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Money Market Funds | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/dif-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Expedition Plus ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Communication Services | |
| Industrials | |
| Consumer Discretionary | |
| Financials | |
| Health Care | |
| Energy | |
| Consumer Staples | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/hbta-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Flexible Income ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Exchange Traded Funds | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/fif-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon International Equity ETF1 | $ |
| 1 |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Geographic Breakdown | % of Net Assets |
|---|---|
| Japan | |
| Canada | |
| Taiwan | |
| United Kingdom | |
| South Korea | |
| France | |
| Switzerland | |
| Netherlands | |
| China | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Preferred Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://horizonmutualfunds.com/ie-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon International Managed Risk ETF1 | $ |
| 1 |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Geographic Breakdown | % of Net Assets |
|---|---|
| Japan | |
| Canada | |
| Taiwan | |
| United Kingdom | |
| South Korea | |
| France | |
| Switzerland | |
| Netherlands | |
| China | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Preferred Stocks | |
| Real Estate Investment Trusts | |
| Cash & Other |
Additional information is available on the Fund's website, https://horizonmutualfunds.com/imr-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Landmark ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Purchased Options | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/benj-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Managed Risk ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Information Technology | |
| Financials | |
| Communication Services | |
| Health Care | |
| Consumer Discretionary | |
| Industrials | |
| Consumer Staples | |
| Energy | |
| Materials | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Exchange Traded Funds | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/mrf-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Nasdaq-100 Defined Risk ETF | $ |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Type of Security | % of Net Assets |
|---|---|
| Purchased Options | |
| Money Market Funds | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://www.horizonmutualfunds.com/n1d-fund, 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.
Ticker:
Exchange:
Semi-Annual Shareholder Report
May 31, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Horizon Small/Mid Cap Core Equity ETF1 | $ |
| 1 |
| Net Assets ($) | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) |
| Sector Breakdown | % of Net Assets |
|---|---|
| Industrials | |
| Financials | |
| Information Technology | |
| Consumer Discretionary | |
| Health Care | |
| Real Estate | |
| Energy | |
| Materials | |
| Consumer Staples | |
| Cash & Other |
| Type of Security | % of Net Assets |
|---|---|
| Common Stocks | |
| Real Estate Investment Trusts | |
| Money Market Funds | |
| Purchased Options | |
| Written Options | |
| Cash & Other |
Additional information is available on the Fund's website, https://horizonmutualfunds.com/smcc-fund, 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.
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
| HORIZON FUNDS | Financial Statements |
| Centre American Select Equity Fund | Centre Global Infrastructure Fund | |||||
|
Advisor Class
Investor Class |
DHAMX
DHANX |
Advisor Class
Investor Class |
DHIVX
DHINX | |||
| Horizon Active Asset Allocation Fund | Horizon Active Income Fund | |||||
|
Investor Class
Advisor Class
Institutional Class |
Shares
Shares
Shares |
AAANX
HASAX
HASIX |
Investor Class
Advisor Class
Institutional Class |
Shares
Shares
Shares |
AIMNX
AIHAX
AIRIX | |
| Horizon Active Risk Assist® Fund | Horizon Defensive Core Fund | |||||
|
Investor Class
Advisor Class
Institutional Class |
Shares
Shares
Shares |
ARANX
ARAAX
ACRIX |
Investor Class
Advisor Class |
Shares
Shares |
HESGX
HESAX | |
| Horizon Defined Risk Fund | Horizon Equity Premium Income Fund | |||||
|
Investor Class
Advisor Class |
Shares
Shares |
HNDRX
HADRX |
Investor Class
Advisor Class |
Shares
Shares |
HNDDX
HADUX | |
| Horizon Multi-Factor Small/Mid Cap Fund | Horizon Multi-Factor U.S. Equity Fund | |||||
|
Investor Class
Advisor Class |
Shares
Shares |
HSMNX
HSMBX |
Investor Class
Advisor Class |
Shares
Shares |
USRAX
USRTX | |
| Horizon Tactical Fixed Income Fund | ||
|
Investor Class
Advisor Class |
Shares
Shares |
HTFNX
HTFAX |
| May 31, 2026 |
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 Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist® Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income 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 and Written Options | 1 |
| Statements of Assets and Liabilities | 79 |
| Statements of Operations | 83 |
| Statements of Changes in Net Assets | 86 |
| Financial Highlights | 93 |
| Notes to Financial Statements | 122 |
| Additional Information | 143 |
| Privacy Notice | 146 |
Centre American Select Equity Fund
Schedule of Investments (Unaudited)
May 31, 2026
| Shares | Value | |||||||
| COMMON STOCKS — 96.5% | ||||||||
| Aerospace & Defense — 4.1% | ||||||||
| General Dynamics Corp. | 30,742 | $ | 10,661,941 | |||||
| Huntington Ingalls Industries, Inc. | 28,408 | 8,754,493 | ||||||
| 19,416,434 | ||||||||
| Banks — 9.7% | ||||||||
| Citizens Financial Group, Inc. | 138,150 | 8,601,219 | ||||||
| KeyCorp | 447,351 | 9,541,997 | ||||||
| M&T Bank Corp. | 43,712 | 9,446,600 | ||||||
| Truist Financial Corp. | 183,010 | 8,822,912 | ||||||
| US Bancorp | 167,105 | 9,165,709 | ||||||
| 45,578,437 | ||||||||
| Biotechnology — 0.9% | ||||||||
| AbbVie, Inc. | 18,557 | 4,040,230 | ||||||
| Building Products — 1.8% | ||||||||
| Trane Technologies PLC | 18,735 | 8,455,105 | ||||||
| Chemicals — 6.2% | ||||||||
| Air Products & Chemicals, Inc. | 43,064 | 11,998,492 | ||||||
| Celanese Corp. | 150,909 | 8,017,795 | ||||||
| Eastman Chemical Co. | 120,553 | 9,146,356 | ||||||
| 29,162,643 | ||||||||
| Consumer Staples Distribution & Retail — 0.9% | ||||||||
| Costco Wholesale Corp. | 4,626 | 4,423,936 | ||||||
| Containers & Packaging — 1.9% | ||||||||
| Smurfit Westrock PLC | 212,471 | 8,743,182 | ||||||
| Electrical Equipment — 7.1% | ||||||||
| GE Vernova, Inc. | 11,372 | 11,011,735 | ||||||
| Generac Holdings, Inc. (a) | 38,853 | 10,797,637 | ||||||
| Rockwell Automation, Inc. | 26,132 | 11,787,100 | ||||||
| 33,596,472 | ||||||||
| Entertainment — 0.8% | ||||||||
| Netflix, Inc. (a) | 42,005 | 3,613,270 | ||||||
| Financial Services — 1.9% | ||||||||
| Berkshire Hathaway, Inc. - Class B (a) | 18,520 | 8,787,370 | ||||||
See accompanying notes to financial statements.
1
Centre American Select Equity Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Ground Transportation — 6.8% | ||||||||
| CSX Corp. | 235,142 | $ | 10,642,527 | |||||
| JB Hunt Transport Services, Inc. | 39,047 | 10,793,762 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 141,089 | 10,670,561 | ||||||
| 32,106,850 | ||||||||
| Health Care Providers & Services — 2.0% | ||||||||
| Cigna Group | 33,274 | 9,230,208 | ||||||
| Industrial Conglomerates — 1.9% | ||||||||
| 3M Co. | 58,923 | 9,022,879 | ||||||
| Metals & Mining — 8.3% | ||||||||
| Freeport-McMoRan, Inc. | 169,679 | 11,149,607 | ||||||
| Newmont Goldcorp Corp. | 113,953 | 12,513,179 | ||||||
| Nucor Corp. | 62,456 | 15,614,000 | ||||||
| 39,276,786 | ||||||||
| Oil, Gas & Consumable Fuels — 6.7% | ||||||||
| Antero Resources Corp. (a) | 335,626 | 11,998,630 | ||||||
| EQT Corp. | 199,512 | 10,959,194 | ||||||
| Range Resources Corp. | 224,431 | 8,741,587 | ||||||
| 31,699,411 | ||||||||
| Pharmaceuticals — 0.6% | ||||||||
| Merck & Co., Inc. | 25,237 | 2,996,137 | ||||||
| Semiconductors & Semiconductor Equipment — 25.1% (b) | ||||||||
| Advanced Micro Devices, Inc. (a) | 16,543 | 8,537,842 | ||||||
| Analog Devices, Inc. | 28,889 | 11,955,713 | ||||||
| Applied Materials, Inc. | 8,654 | 3,894,819 | ||||||
| Broadcom, Inc. | 34,765 | 15,531,959 | ||||||
| KLA Corp. | 1,382 | 2,655,803 | ||||||
| Lam Research Corp. | 13,420 | 4,269,976 | ||||||
| Microchip Technology, Inc. | 147,047 | 13,917,999 | ||||||
| Micron Technology, Inc. | 11,705 | 11,365,555 | ||||||
| NVIDIA Corp. | 175,886 | 37,136,570 | ||||||
| Texas Instruments, Inc. | 30,112 | 9,204,636 | ||||||
| 118,470,872 | ||||||||
| Software — 2.6% | ||||||||
| Palantir Technologies, Inc. - Class A (a) | 22,814 | 3,571,303 | ||||||
| Salesforce, Inc. | 44,606 | 8,524,207 | ||||||
| 12,095,510 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.2% | ||||||||
| Apple, Inc. | 108,593 | 33,887,532 | ||||||
| TOTAL COMMON STOCKS (Cost $367,523,021) | 454,603,264 | |||||||
See accompanying notes to financial statements.
2
Centre American Select Equity Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 4.1% | ||||||||
| Industrial REITs — 2.2% | ||||||||
| Prologis, Inc. | 71,451 | $ | 10,251,075 | |||||
| Specialized REITs — 1.9% | ||||||||
| Weyerhaeuser Co. | 367,725 | 9,012,939 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18,945,743) | 19,264,014 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.2% (a) | ||||||||||||
| Put Options — 0.2% | ||||||||||||
| S&P 500 Index, Expiration: 09/18/2026; Exercise Price: $5,675.00 (c)(d) | $ | 439,643,480 | 580 | 1,154,200 | ||||||||
| PURCHASED OPTIONS (Cost $3,332,312) | 1,154,200 | |||||||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.5% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (e) | 2,124,106 | 2,124,106 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $2,124,106) | 2,124,106 | |||||||
| TOTAL INVESTMENTS — 101.3% (Cost $391,925,182) | 477,145,584 | |||||||
| Liabilities in Excess of Other Assets — (1.3)% | (6,058,688 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 471,086,896 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
3
| Centre Global Infrastructure Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 98.0% | ||||||||
| Australia — 1.9% | ||||||||
| Transportation Infrastructure — 1.9% | ||||||||
| Transurban Group | 151,684 | $ | 1,633,168 | |||||
| Canada — 13.0% | ||||||||
| Multi-Utilities — 2.0% | ||||||||
| Algonquin Power & Utilities Corp. | 287,814 | 1,695,224 | ||||||
| Oil, Gas & Consumable Fuels — 11.0% (a) | ||||||||
| Enbridge, Inc. | 94,408 | 5,179,720 | ||||||
| Pembina Pipeline Corp. | 25,239 | 1,177,326 | ||||||
| TC Energy Corp. | 44,965 | 2,996,036 | ||||||
| 9,353,082 | ||||||||
| Total Canada | 11,048,306 | |||||||
| France — 4.3% | ||||||||
| Diversified Telecommunication Services — 1.3% | ||||||||
| Orange SA | 51,697 | 1,081,468 | ||||||
| Electrical Equipment — 2.1% | ||||||||
| Schneider Electric SE | 5,705 | 1,796,329 | ||||||
| Multi-Utilities — 0.9% | ||||||||
| Engie SA | 25,780 | 795,946 | ||||||
| Total France | 3,673,743 | |||||||
| Germany — 4.5% | ||||||||
| Diversified Telecommunication Services — 3.6% | ||||||||
| Deutsche Telekom AG | 90,364 | 3,041,856 | ||||||
| Multi-Utilities — 0.9% | ||||||||
| E.ON SE | 35,665 | 757,113 | ||||||
| Total Germany | 3,798,969 | |||||||
| Italy — 1.6% | ||||||||
| Electric Utilities — 1.6% | ||||||||
| Enel SpA | 118,332 | 1,328,464 | ||||||
| Japan — 9.0% | ||||||||
| Diversified Telecommunication Services — 0.9% | ||||||||
| NTT, Inc. | 785,500 | 737,339 | ||||||
See accompanying notes to financial statements.
4
|
Centre Global Infrastructure Fund Schedule
of Investments (Unaudited) (Continued) |
| Shares | Value | |||||||
| Wireless Telecommunication Services — 8.1% | ||||||||
| KDDI Corp. | 88,600 | $ | 1,523,443 | |||||
| SoftBank Corp. | 715,300 | 966,967 | ||||||
| SoftBank Group Corp. | 93,800 | 4,411,866 | ||||||
| 6,902,276 | ||||||||
| Total Japan | 7,639,615 | |||||||
| Netherlands — 0.7% | ||||||||
| Diversified Telecommunication Services — 0.7% | ||||||||
| Koninklijke KPN NV | 106,871 | 556,705 | ||||||
| Singapore — 0.8% | ||||||||
| Diversified Telecommunication Services — 0.8% | ||||||||
| Singapore Telecommunications Ltd. | 205,100 | 697,461 | ||||||
| Spain — 4.0% | ||||||||
| Electric Utilities — 2.6% | ||||||||
| Iberdrola SA | 97,237 | 2,211,633 | ||||||
| Transportation Infrastructure — 1.4% | ||||||||
| Aena SME SA (b) | 39,723 | 1,153,688 | ||||||
| Total Spain | 3,365,321 | |||||||
| Switzerland — 3.1% | ||||||||
| Diversified Telecommunication Services — 0.7% | ||||||||
| Swisscom AG | 729 | 624,350 | ||||||
| Electrical Equipment — 2.4% | ||||||||
| ABB Ltd. | 18,643 | 1,997,217 | ||||||
| Total Switzerland | 2,621,567 | |||||||
| United Kingdom — 3.1% | ||||||||
| Electric Utilities — 0.6% | ||||||||
| SSE PLC | 15,396 | 483,302 | ||||||
| Multi-Utilities — 1.3% | ||||||||
| National Grid PLC | 70,932 | 1,141,985 | ||||||
| Wireless Telecommunication Services — 1.2% | ||||||||
| Vodafone Group PLC | 666,106 | 999,302 | ||||||
| Total United Kingdom | 2,624,589 | |||||||
See accompanying notes to financial statements.
5
|
Centre Global Infrastructure Fund Schedule
of Investments (Unaudited) (Continued) |
| Shares | Value | |||||||
| United States — 52.0% (c) | ||||||||
| Diversified Telecommunication Services — 13.5% | ||||||||
| AST SpaceMobile, Inc. (d) | 4,806 | $ | 545,048 | |||||
| AT&T, Inc. | 168,432 | 4,177,114 | ||||||
| Comcast Corp. - Class A | 78,523 | 1,952,867 | ||||||
| Verizon Communications, Inc. | 99,103 | 4,738,114 | ||||||
| 11,413,143 | ||||||||
| Electric Utilities — 11.2% | ||||||||
| American Electric Power Co., Inc. | 7,179 | 909,364 | ||||||
| Constellation Energy Corp. | 4,233 | 1,218,046 | ||||||
| Duke Energy Corp. | 10,457 | 1,283,388 | ||||||
| Entergy Corp. | 5,850 | 637,942 | ||||||
| Exelon Corp. | 13,559 | 618,833 | ||||||
| NextEra Energy, Inc. | 27,607 | 2,402,085 | ||||||
| PG&E Corp. | 29,490 | 481,867 | ||||||
| Southern Co. | 14,810 | 1,363,260 | ||||||
| Xcel Energy, Inc. | 7,764 | 617,238 | ||||||
| 9,532,023 | ||||||||
| Electrical Equipment — 2.2% | ||||||||
| GE Vernova, Inc. | 1,920 | 1,859,174 | ||||||
| Health Care Providers & Services — 3.2% | ||||||||
| HCA Healthcare, Inc. | 7,173 | 2,715,267 | ||||||
| Multi-Utilities — 3.7% | ||||||||
| Consolidated Edison, Inc. | 4,868 | 514,207 | ||||||
| Dominion Energy, Inc. | 11,484 | 768,739 | ||||||
| Public Service Enterprise Group, Inc. | 7,220 | 567,853 | ||||||
| Sempra | 8,902 | 793,435 | ||||||
| WEC Energy Group, Inc. | 4,291 | 476,516 | ||||||
| 3,120,750 | ||||||||
| Oil, Gas & Consumable Fuels — 15.5% (a) | ||||||||
| Cheniere Energy, Inc. | 9,500 | 2,136,170 | ||||||
| Kinder Morgan, Inc. | 85,869 | 2,668,809 | ||||||
| ONEOK, Inc. | 26,727 | 2,243,464 | ||||||
| Targa Resources Corp. | 9,292 | 2,370,111 | ||||||
| Williams Cos., Inc. | 52,388 | 3,739,979 | ||||||
| 13,158,533 | ||||||||
| Wireless Telecommunication Services — 2.7% | ||||||||
| T-Mobile US, Inc. | 12,349 | 2,315,808 | ||||||
| Total United States | 44,114,698 | |||||||
| TOTAL COMMON STOCKS (Cost $60,742,647) | 83,102,606 | |||||||
See accompanying notes to financial statements.
6
|
Centre Global Infrastructure Fund Schedule
of Investments (Unaudited) (Continued) |
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.4% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (e) | 332,622 | $ | 332,622 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $332,622) | 332,622 | |||||||
| TOTAL INVESTMENTS — 98.4% (Cost $61,075,269) | 83,435,228 | |||||||
| Other Assets in Excess of Liabilities — 1.6% | 1,314,319 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 84,749,547 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector. |
| (b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2026, the value of these securities total $1,153,688 or 1.4% of the Fund’s net assets. |
| (c) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region. |
| (d) | Non-income producing security. |
| (e) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
7
Horizon Active Asset Allocation Fund
Schedule of Investments (Unaudited)
May 31, 2026
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 81.1% | ||||||||
| Avantis International Small Cap Value ETF (a) | 413,313 | $ | 45,555,359 | |||||
| Goldman Sachs Equal Weight US Large Cap Equity ETF (a) | 163,925 | 15,253,221 | ||||||
| Invesco KBW Bank ETF | 255,904 | 22,299,475 | ||||||
| Invesco S&P 500 Equal Weight ETF (a) | 183,141 | 38,245,335 | ||||||
| iShares Core MSCI Emerging Markets ETF | 963,921 | 80,458,486 | ||||||
| iShares Core MSCI International Developed Markets ETF | 1,321,847 | 119,508,187 | ||||||
| iShares International Select Dividend ETF (a) | 664,409 | 29,619,353 | ||||||
| iShares Latin America 40 ETF | 583,908 | 20,401,746 | ||||||
| iShares MSCI All Country Asia ex Japan ETF | 207,925 | 24,755,551 | ||||||
| iShares MSCI Japan ETF (a) | 247,018 | 22,962,793 | ||||||
| State Street Communication Services Select Sector SPDR ETF (a) | 186,642 | 21,592,613 | ||||||
| State Street SPDR Portfolio S&P 500 Growth ETF (b) | 1,343,998 | 163,295,757 | ||||||
| State Street SPDR S&P Regional Banking ETF (a) | 425,600 | 29,626,016 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $512,896,078) | 633,573,892 | |||||||
| COMMON STOCKS — 19.0% | ||||||||
| Aerospace & Defense — 0.1% | ||||||||
| AeroVironment, Inc. (c) | 3,058 | 633,740 | ||||||
| Automobiles — 0.5% | ||||||||
| Tesla, Inc. (c) | 8,579 | 3,738,642 | ||||||
| Banks — 0.1% | ||||||||
| JPMorgan Chase & Co. | 2,713 | 812,028 | ||||||
| Broadline Retail — 1.7% | ||||||||
| Alibaba Group Holding Ltd. - ADR (a) | 7,669 | 952,643 | ||||||
| Amazon.com, Inc. (c) | 46,496 | 12,583,678 | ||||||
| 13,536,321 | ||||||||
| Communications Equipment — 0.1% | ||||||||
| Arista Networks, Inc. (c) | 6,564 | 1,046,761 | ||||||
| Construction & Engineering — 0.2% | ||||||||
| AECOM | 13,890 | 963,549 | ||||||
| Quanta Services, Inc. | 1,101 | 783,615 | ||||||
| 1,747,164 | ||||||||
| Consumer Staples Distribution & Retail — 0.4% | ||||||||
| Costco Wholesale Corp. | 1,106 | 1,057,690 | ||||||
| Walmart, Inc. | 15,155 | 1,754,191 | ||||||
| 2,811,881 | ||||||||
See accompanying notes to financial statements.
8
Horizon Active Asset Allocation Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Electric Utilities — 0.1% | ||||||||
| Constellation Energy Corp. | 2,203 | $ | 633,913 | |||||
| Oklo, Inc. (a)(c) | 7,512 | 502,403 | ||||||
| 1,136,316 | ||||||||
| Electrical Equipment — 0.7% | ||||||||
| ABB Ltd. - ADR | 7,874 | 840,471 | ||||||
| Bloom Energy Corp. - Class A (c) | 3,443 | 981,255 | ||||||
| Eaton Corp. PLC | 1,989 | 796,793 | ||||||
| GE Vernova, Inc. | 1,425 | 1,379,856 | ||||||
| Schneider Electric SE - ADR | 12,878 | 810,026 | ||||||
| Vertiv Holdings Co. - Class A | 2,264 | 714,768 | ||||||
| 5,523,169 | ||||||||
| Electronic Equipment, Instruments & Components — 0.1% | ||||||||
| Corning, Inc. | 4,406 | 798,191 | ||||||
| Entertainment — 0.1% | ||||||||
| Netflix, Inc. (c) | 6,346 | 545,883 | ||||||
| Financial Services — 0.2% | ||||||||
| Berkshire Hathaway, Inc. - Class B (c) | 994 | 471,633 | ||||||
| MasterCard, Inc. - Class A | 899 | 444,088 | ||||||
| Visa, Inc. - Class A | 1,706 | 556,770 | ||||||
| 1,472,491 | ||||||||
| Health Care Equipment & Supplies — 0.1% | ||||||||
| Intuitive Surgical, Inc. (c) | 1,719 | 729,956 | ||||||
| Industrial Conglomerates — 0.2% | ||||||||
| Hitachi Ltd. - ADR | 24,557 | 796,875 | ||||||
| Siemens AG - ADR | 6,410 | 1,005,280 | ||||||
| 1,802,155 | ||||||||
| Interactive Media & Services — 2.1% | ||||||||
| Alphabet, Inc. - Class A | 33,905 | 12,895,428 | ||||||
| Meta Platforms, Inc. - Class A | 1,931 | 1,221,377 | ||||||
| Tencent Holdings Ltd. - ADR | 40,701 | 2,222,274 | ||||||
| 16,339,079 | ||||||||
| IT Services — 0.2% | ||||||||
| Cloudflare, Inc. - Class A (c) | 3,289 | 795,346 | ||||||
| Shopify, Inc. - Class A (c) | 6,033 | 716,177 | ||||||
| 1,511,523 | ||||||||
See accompanying notes to financial statements.
9
Horizon Active Asset Allocation Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Machinery — 0.5% | ||||||||
| Caterpillar, Inc. | 2,722 | $ | 2,384,118 | |||||
| Cummins, Inc. | 943 | 609,772 | ||||||
| Symbotic, Inc. (c) | 10,792 | 501,019 | ||||||
| 3,494,909 | ||||||||
| Metals & Mining — 0.7% | ||||||||
| Agnico Eagle Mines Ltd. | 3,265 | 597,985 | ||||||
| Barrick Mining Corp. | 13,899 | 591,403 | ||||||
| BHP Group Ltd. - ADR (a) | 10,218 | 908,482 | ||||||
| Freeport-McMoRan, Inc. | 8,862 | 582,322 | ||||||
| Newmont Goldcorp Corp. | 6,494 | 713,106 | ||||||
| Rio Tinto PLC - ADR | 6,462 | 687,492 | ||||||
| Southern Copper Corp. | 4,600 | 879,892 | ||||||
| Wheaton Precious Metals Corp. | 3,968 | 526,157 | ||||||
| 5,486,839 | ||||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| Exxon Mobil Corp. | 4,268 | 619,970 | ||||||
| Pharmaceuticals — 0.4% | ||||||||
| Eli Lilly & Co. | 2,363 | 2,611,115 | ||||||
| Johnson & Johnson | 2,569 | 578,873 | ||||||
| 3,189,988 | ||||||||
| Professional Services — 0.2% | ||||||||
| Jacobs Solutions, Inc. | 12,581 | 1,507,959 | ||||||
| Semiconductors & Semiconductor Equipment — 4.9% | ||||||||
| Advanced Micro Devices, Inc. (c) | 3,164 | 1,632,940 | ||||||
| Applied Materials, Inc. | 5,468 | 2,460,928 | ||||||
| Broadcom, Inc. | 16,735 | 7,476,696 | ||||||
| First Solar, Inc. (c) | 2,891 | 886,930 | ||||||
| Intel Corp. (c) | 16,144 | 1,851,394 | ||||||
| Marvell Technology, Inc. | 4,505 | 923,525 | ||||||
| Micron Technology, Inc. | 1,847 | 1,793,437 | ||||||
| NVIDIA Corp. | 88,553 | 18,697,080 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 4,168 | 1,744,100 | ||||||
| Tokyo Electron Ltd. - ADR | 5,241 | 890,551 | ||||||
| 38,357,581 | ||||||||
See accompanying notes to financial statements.
10
Horizon Active Asset Allocation Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Software — 3.9% | ||||||||
| AppLovin Corp. - Class A (c) | 1,901 | $ | 1,165,484 | |||||
| CCC Intelligent Solutions Holdings, Inc. (c) | 45,247 | 212,661 | ||||||
| Crowdstrike Holdings, Inc. - Class A (c) | 2,056 | 1,502,936 | ||||||
| Fair Isaac Corp. (c) | 786 | 982,964 | ||||||
| Microsoft Corp. | 34,279 | 15,433,777 | ||||||
| Nebius Group NV (c) | 3,685 | 851,567 | ||||||
| Oracle Corp. | 15,466 | 3,491,913 | ||||||
| Palantir Technologies, Inc. - Class A (c) | 27,913 | 4,369,501 | ||||||
| Palo Alto Networks, Inc. (c) | 4,851 | 1,366,478 | ||||||
| Salesforce, Inc. | 4,524 | 864,536 | ||||||
| 30,241,817 | ||||||||
| Specialty Retail — 0.0% (d) | ||||||||
| Home Depot, Inc. | 746 | 236,586 | ||||||
| Technology Hardware, Storage & Peripherals — 1.2% | ||||||||
| Apple, Inc. | 30,122 | 9,399,871 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| SoftBank Group Corp. - ADR (a) | 67,378 | 1,593,490 | ||||||
| TOTAL COMMON STOCKS (Cost $124,969,909) | 148,314,310 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.1% (c) | ||||||||||||
| Put Options — 0.1% | ||||||||||||
| Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $650.00 (e)(f) | $ | 73,831,000 | 1,000 | 813,000 | ||||||||
| TOTAL PURCHASED OPTIONS (Cost $834,129) | 813,000 | |||||||||||
See accompanying notes to financial statements.
11
Horizon Active Asset Allocation Fund
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.9% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (g) | 124,509,872 | $ | 124,509,872 | |||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $124,509,872) | 124,509,872 | |||||||
| MONEY MARKET FUNDS — 0.1% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (g) | 826,188 | 826,188 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $826,188) | 826,188 | |||||||
| TOTAL INVESTMENTS — 116.2% (Cost $764,036,176) | 908,037,262 | |||||||
| Liabilities in Excess of Other Assets — (16.2)% | (126,504,924 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 781,532,338 | ||||||
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $122,068,386. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $37,665,000. |
| (c) | Non-income producing security. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Exchange-traded. |
| (f) | 100 shares per contract. |
| (g) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
12
Horizon Active Asset Allocation Fund
Schedule
of written options (Unaudited)
May 31, 2026
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.1)% | ||||||||||||
| Put Options — (0.1)% | ||||||||||||
| Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $650.00 (a)(b) | $ | (73,831,000 | ) | (1,000 | ) | $ | (492,000 | ) | ||||
| TOTAL WRITTEN OPTIONS (Premiums received $482,156) | $ | (492,000 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
13
| Horizon Active Income Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 99.8% | ||||||||
| iShares 10+ Year Investment Grade Corporate Bond ETF (a) | 703,603 | $ | 35,271,618 | |||||
| iShares 20+ Year Treasury Bond ETF | 133,537 | 11,452,133 | ||||||
| iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 1,036,470 | 55,264,580 | ||||||
| iShares TIPS Bond ETF | 131,088 | 14,578,297 | ||||||
| Janus Henderson Mortgage-Backed Securities ETF | 320,378 | 14,452,252 | ||||||
| PIMCO Active Bond Exchange-Traded Fund (b) | 157,178 | 14,490,240 | ||||||
| PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (a) | 294,176 | 14,554,858 | ||||||
| PIMCO Multisector Bond Active ETF | 2,730,022 | 72,318,283 | ||||||
| State Street DoubleLine Total Return Tactical ETF (a) | 655,868 | 25,959,255 | ||||||
| Vanguard Total International Bond ETF | 662,685 | 32,027,566 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $289,277,605) | 290,369,082 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (c) | 8,850,900 | 8,850,900 | ||||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,850,900) | 8,850,900 | |||||||
| MONEY MARKET FUNDS — 0.4% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (c) | 1,144,317 | 1,144,317 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $1,144,317) | 1,144,317 | |||||||
| TOTAL INVESTMENTS — 103.2% (Cost $299,272,822) | 300,364,299 | |||||||
| Liabilities in Excess of Other Assets — (3.2)% | (9,210,207 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 291,154,092 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $8,661,146. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $3,226,650. |
| (c) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
14
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 85.7% | ||||||||
| Invesco S&P 500 Equal Weight ETF (a) | 591,768 | $ | 123,578,911 | |||||
| iShares Core MSCI International Developed Markets ETF (a) | 2,005,802 | 181,344,559 | ||||||
| iShares MSCI All Country Asia ex Japan ETF | 420,056 | 50,011,867 | ||||||
| iShares MSCI USA Minimum Volatility ETF | 787,136 | 76,037,338 | ||||||
| iShares MSCI USA Quality Factor ETF | 291,280 | 62,767,927 | ||||||
| State Street SPDR Portfolio Developed World ex-US ETF | 4,555,058 | 232,991,217 | ||||||
| State Street SPDR Portfolio Emerging Markets ETF (a) | 3,243,748 | 169,745,333 | ||||||
| State Street SPDR Portfolio S&P 500 Growth ETF (b) | 3,125,732 | 379,776,438 | ||||||
| State Street SPDR Portfolio S&P 500 Value ETF (b) | 1,521,997 | 92,917,917 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,054,872,921) | 1,369,171,507 | |||||||
| COMMON STOCKS — 13.6% | ||||||||
| Aerospace & Defense — 0.1% | ||||||||
| AeroVironment, Inc. (c) | 4,493 | 931,129 | ||||||
| Automobiles — 0.3% | ||||||||
| Tesla, Inc. (c) | 12,510 | 5,451,733 | ||||||
| Banks — 0.1% | ||||||||
| JPMorgan Chase & Co. | 3,763 | 1,126,303 | ||||||
| Broadline Retail — 1.2% | ||||||||
| Alibaba Group Holding Ltd. - ADR (a) | 11,283 | 1,401,574 | ||||||
| Amazon.com, Inc. (c) | 67,445 | 18,253,315 | ||||||
| 19,654,889 | ||||||||
| Communications Equipment — 0.1% | ||||||||
| Arista Networks, Inc. (c) | 9,689 | 1,545,105 | ||||||
| Construction & Engineering — 0.2% | ||||||||
| AECOM | 20,436 | 1,417,645 | ||||||
| Quanta Services, Inc. | 1,620 | 1,153,003 | ||||||
| 2,570,648 | ||||||||
| Consumer Staples Distribution & Retail — 0.3% | ||||||||
| Costco Wholesale Corp. | 1,690 | 1,616,181 | ||||||
| Walmart, Inc. | 21,846 | 2,528,674 | ||||||
| 4,144,855 | ||||||||
| Electric Utilities — 0.1% | ||||||||
| Constellation Energy Corp. | 3,251 | 935,475 | ||||||
| Oklo, Inc. (a)(c) | 11,056 | 739,425 | ||||||
| 1,674,900 | ||||||||
See accompanying notes to financial statements.
15
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electrical Equipment — 0.5% | ||||||||
| ABB Ltd. - ADR | 11,624 | $ | 1,240,746 | |||||
| Bloom Energy Corp. - Class A (c) | 5,011 | 1,428,135 | ||||||
| Eaton Corp. PLC | 2,933 | 1,174,960 | ||||||
| GE Vernova, Inc. | 2,097 | 2,030,567 | ||||||
| Schneider Electric SE - ADR | 19,013 | 1,195,918 | ||||||
| Vertiv Holdings Co. - Class A | 3,330 | 1,051,314 | ||||||
| 8,121,640 | ||||||||
| Electronic Equipment, Instruments & Components — 0.1% | ||||||||
| Corning, Inc. | 6,483 | 1,174,460 | ||||||
| Entertainment — 0.1% | ||||||||
| Netflix, Inc. (c) | 9,927 | 853,921 | ||||||
| Financial Services — 0.1% | ||||||||
| Berkshire Hathaway, Inc. - Class B (c) | 1,476 | 700,333 | ||||||
| MasterCard, Inc. - Class A | 1,334 | 658,969 | ||||||
| Visa, Inc. - Class A | 2,662 | 868,770 | ||||||
| 2,228,072 | ||||||||
| Health Care Equipment & Supplies — 0.1% | ||||||||
| Intuitive Surgical, Inc. (c) | 2,530 | 1,074,339 | ||||||
| Healthcare Equipment & Supplies — 0.0% (d) | ||||||||
| ABIOMED INC (c)(e) | 113 | 0 | ||||||
| Industrial Conglomerates — 0.2% | ||||||||
| Hitachi Ltd. - ADR | 36,142 | 1,172,808 | ||||||
| Siemens AG - ADR | 9,466 | 1,484,553 | ||||||
| 2,657,361 | ||||||||
| Interactive Media & Services — 1.5% | ||||||||
| Alphabet, Inc. - Class A | 49,349 | 18,769,398 | ||||||
| Meta Platforms, Inc. - Class A | 2,839 | 1,795,696 | ||||||
| Tencent Holdings Ltd. - ADR | 59,918 | 3,271,523 | ||||||
| 23,836,617 | ||||||||
| IT Services — 0.1% | ||||||||
| Cloudflare, Inc. - Class A (c) | 4,827 | 1,167,265 | ||||||
| Shopify, Inc. - Class A (c) | 8,841 | 1,049,515 | ||||||
| 2,216,780 | ||||||||
| Machinery — 0.3% | ||||||||
| Caterpillar, Inc. | 4,007 | 3,509,611 | ||||||
| Cummins, Inc. | 1,387 | 896,876 | ||||||
| Symbotic, Inc. (c) | 15,814 | 734,165 | ||||||
| 5,140,652 | ||||||||
See accompanying notes to financial statements.
16
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.5% | ||||||||
| Agnico Eagle Mines Ltd. | 4,790 | $ | 877,289 | |||||
| Barrick Mining Corp. | 20,380 | 867,169 | ||||||
| BHP Group Ltd. - ADR (a) | 15,074 | 1,340,229 | ||||||
| Freeport-McMoRan, Inc. | 13,036 | 856,596 | ||||||
| Newmont Goldcorp Corp. | 9,552 | 1,048,905 | ||||||
| Rio Tinto PLC - ADR | 9,516 | 1,012,407 | ||||||
| Southern Copper Corp. | 6,769 | 1,294,914 | ||||||
| Wheaton Precious Metals Corp. | 5,829 | 772,925 | ||||||
| 8,070,434 | ||||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| Exxon Mobil Corp. | 6,685 | 971,063 | ||||||
| Pharmaceuticals — 0.3% | ||||||||
| Eli Lilly & Co. | 3,421 | 3,780,205 | ||||||
| Johnson & Johnson | 4,020 | 905,827 | ||||||
| 4,686,032 | ||||||||
| Professional Services — 0.1% | ||||||||
| Jacobs Solutions, Inc. | 18,527 | 2,220,646 | ||||||
| Semiconductors & Semiconductor Equipment — 3.5% | ||||||||
| Advanced Micro Devices, Inc. (c) | 4,649 | 2,399,349 | ||||||
| Applied Materials, Inc. | 8,050 | 3,622,983 | ||||||
| Broadcom, Inc. | 24,281 | 10,848,022 | ||||||
| First Solar, Inc. (c) | 4,237 | 1,299,869 | ||||||
| Intel Corp. (c) | 23,795 | 2,728,811 | ||||||
| Marvell Technology, Inc. | 6,649 | 1,363,045 | ||||||
| Micron Technology, Inc. | 2,727 | 2,647,917 | ||||||
| NVIDIA Corp. | 128,757 | 27,185,753 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 6,149 | 2,573,049 | ||||||
| Tokyo Electron Ltd. - ADR | 7,768 | 1,319,939 | ||||||
| 55,988,737 | ||||||||
| Software — 2.8% | ||||||||
| AppLovin Corp. - Class A (c) | 2,799 | 1,716,039 | ||||||
| CCC Intelligent Solutions Holdings, Inc. (c) | 66,484 | 312,475 | ||||||
| Crowdstrike Holdings, Inc. - Class A (c) | 3,018 | 2,206,158 | ||||||
| Fair Isaac Corp. (c) | 1,156 | 1,445,682 | ||||||
| Microsoft Corp. | 49,994 | 22,509,299 | ||||||
| Nebius Group NV (c) | 5,414 | 1,251,121 | ||||||
| Oracle Corp. | 22,666 | 5,117,529 | ||||||
| Palantir Technologies, Inc. - Class A (c) | 40,601 | 6,355,680 | ||||||
| Palo Alto Networks, Inc. (c) | 7,123 | 2,006,478 | ||||||
| Salesforce, Inc. | 6,607 | 1,262,598 | ||||||
| 44,183,059 | ||||||||
See accompanying notes to financial statements.
17
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Specialty Retail — 0.0% (d) | ||||||||
| Home Depot, Inc. | 1,166 | $ | 369,785 | |||||
| Technology Hardware, Storage & Peripherals — 0.8% | ||||||||
| Apple, Inc. | 43,014 | 13,422,949 | ||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| SoftBank Group Corp. - ADR (a) | 99,035 | 2,342,178 | ||||||
| TOTAL COMMON STOCKS (Cost $180,687,473) | 216,658,287 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.7% (c) | ||||||||||||
| Call Options — 0.3% (f)(g) | ||||||||||||
| iShares 20+ Year Treasury Bond ETF | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $90.00 | $ | 21,440,000 | 2,500 | 13,750 | ||||||||
| Expiration: 11/20/2026; Exercise Price: $87.00 | 42,880,000 | 5,000 | 950,000 | |||||||||
| iShares Global Clean Energy ETF, Expiration: 07/17/2026; Exercise Price: $25.00 | 23,570,000 | 10,000 | 850,000 | |||||||||
| iShares MSCI Brazil ETF, Expiration: 01/15/2027; Exercise Price: $46.00 | 17,955,000 | 5,000 | 455,000 | |||||||||
| iShares MSCI Emerging Markets ETF, Expiration: 06/18/2026; Exercise Price: $69.00 | 17,150,000 | 2,500 | 447,500 | |||||||||
| iShares U.S. Medical Devices ETF, Expiration: 10/16/2026; Exercise Price: $55.00 | 39,168,000 | 8,000 | 1,000,000 | |||||||||
| KraneShares CSI China Internet ETF, Expiration: 12/18/2026; Exercise Price: $35.00 | 4,009,500 | 1,500 | 130,500 | |||||||||
| State Street Financial Select Sector SPDR ETF, Expiration: 07/17/2026; Exercise Price: $54.00 | 12,895,000 | 2,500 | 127,500 | |||||||||
| State Street SPDR EURO STOXX 50 ETF, Expiration: 06/18/2026; Exercise Price: $69.00 | 67,910,000 | 10,000 | 825,000 | |||||||||
| State Street Utilities Select Sector SPDR ETF, Expiration: 06/18/2026; Exercise Price: $45.00 | 6,663,000 | 1,500 | 76,500 | |||||||||
| Total Call Options | 4,875,750 | |||||||||||
See accompanying notes to financial statements.
18
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| Put Options — 0.4% (f)(g) | ||||||||||||
| CBOE Volatility Index | ||||||||||||
| Expiration: 07/22/2026; Exercise Price: $15.00 | $ | 15,320,000 | 10,000 | $ | 75,000 | |||||||
| Expiration: 07/22/2026; Exercise Price: $17.00 | 9,192,000 | 6,000 | 348,000 | |||||||||
| Expiration: 08/19/2026; Exercise Price: $19.00 | 15,320,000 | 10,000 | 1,575,000 | |||||||||
| Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $650.00 | 110,746,500 | 1,500 | 1,219,500 | |||||||||
| iShares iBoxx USD High Yield Corporate Bond ETF, Expiration: 06/18/2026; Exercise Price: $79.00 | 40,155,000 | 5,000 | 50,000 | |||||||||
| iShares iBoxx USD Investment Grade Corporate Bond ETF, Expiration: 06/18/2026; Exercise Price: $108.00 | 13,670,000 | 1,250 | 31,875 | |||||||||
| iShares Silver Trust, Expiration: 09/18/2026; Exercise Price: $55.00 | 17,082,500 | 2,500 | 368,750 | |||||||||
| iShares U.S. Real Estate ETF, Expiration: 07/17/2026; Exercise Price: $98.00 | 20,286,000 | 2,000 | 300,000 | |||||||||
| Roundhill Magnificent Seven ETF, Expiration: 09/18/2026; Exercise Price: $65.00 | 28,284,000 | 4,000 | 720,000 | |||||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $731.00 | 189,120,000 | 2,500 | 635,000 | |||||||||
| United States Oil Fund LP | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $95.00 | 38,727,000 | 3,000 | 51,000 | |||||||||
| Expiration: 07/17/2026; Exercise Price: $95.00 | 38,727,000 | 3,000 | 186,000 | |||||||||
| Total Put Options | 5,560,125 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $12,524,310) | 10,435,875 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.8% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (h) | 13,473,182 | 13,473,182 | ||||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,473,182) | 13,473,182 | |||||||
See accompanying notes to financial statements.
19
| Horizon Active Risk Assist® Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| MONEY MARKET FUNDS — 0.6% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (h) | 9,494,340 | $ | 9,494,340 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $9,494,340) | 9,494,340 | |||||||
| TOTAL INVESTMENTS — 101.4% (Cost $1,271,052,226) | 1,619,233,191 | |||||||
| Liabilities in Excess of Other Assets — (1.4)% | (22,207,813 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,597,025,378 | ||||||
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $13,116,386. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $182,550,000. |
| (c) | Non-income producing security. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2026. |
| (f) | 100 shares per contract. |
| (g) | Exchange-traded. |
| (h) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
20
| Horizon Active Risk Assist® Fund Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.3)% (a)(b) | ||||||||||||
| Call Options — (0.1)% | ||||||||||||
| iShares 20+ Year Treasury Bond ETF, Expiration: 08/21/2026; Exercise Price: $87.00 | $ | (42,880,000 | ) | (5,000 | ) | $ | (525,000 | ) | ||||
| iShares MSCI Brazil ETF, Expiration: 08/21/2026; Exercise Price: $42.00 | (17,955,000 | ) | (5,000 | ) | (162,500 | ) | ||||||
| iShares MSCI Emerging Markets ETF, Expiration: 06/18/2026; Exercise Price: $73.00 | (17,150,000 | ) | (2,500 | ) | (136,250 | ) | ||||||
| iShares U.S. Medical Devices ETF, Expiration: 10/16/2026; Exercise Price: $60.00 | (39,168,000 | ) | (8,000 | ) | (360,000 | ) | ||||||
| KraneShares CSI China Internet ETF, Expiration: 12/18/2026; Exercise Price: $40.00 | (4,009,500 | ) | (1,500 | ) | (54,750 | ) | ||||||
| State Street Financial Select Sector SPDR ETF, Expiration: 07/17/2026; Exercise Price: $57.00 | (12,895,000 | ) | (2,500 | ) | (25,000 | ) | ||||||
| State Street SPDR EURO STOXX 50 ETF, Expiration: 06/18/2026; Exercise Price: $71.00 | (67,910,000 | ) | (10,000 | ) | (275,000 | ) | ||||||
| Total Call Options | (1,538,500 | ) | ||||||||||
| Put Options — (0.2)% | ||||||||||||
| CBOE Volatility Index | ||||||||||||
| Expiration: 06/17/2026; Exercise Price: $16.50 | (9,192,000 | ) | (6,000 | ) | (363,000 | ) | ||||||
| Expiration: 08/19/2026; Exercise Price: $17.00 | (30,640,000 | ) | (20,000 | ) | (1,230,000 | ) | ||||||
| Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $650.00 | (110,746,500 | ) | (1,500 | ) | (738,000 | ) | ||||||
| iShares iBoxx USD High Yield Corporate Bond ETF, Expiration: 06/18/2026; Exercise Price: $76.00 | (80,310,000 | ) | (10,000 | ) | (60,000 | ) | ||||||
| iShares iBoxx USD Investment Grade Corporate Bond ETF, Expiration: 06/18/2026; Exercise Price: $107.00 | (13,670,000 | ) | (1,250 | ) | (25,000 | ) | ||||||
| iShares Silver Trust, Expiration: 09/18/2026; Exercise Price: $50.00 | (17,082,500 | ) | (2,500 | ) | (187,500 | ) | ||||||
| iShares U.S. Real Estate ETF, Expiration: 07/17/2026; Exercise Price: $93.00 | (40,572,000 | ) | (4,000 | ) | (160,000 | ) | ||||||
| Roundhill Magnificent Seven ETF, Expiration: 07/17/2026; Exercise Price: $65.00 | (28,284,000 | ) | (4,000 | ) | (300,000 | ) | ||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 06/18/2026; Exercise Price: $721.00 | (189,120,000 | ) | (2,500 | ) | (417,500 | ) | ||||||
| United States Oil Fund LP | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $85.00 | (77,454,000 | ) | (6,000 | ) | (72,000 | ) | ||||||
| Expiration: 07/17/2026; Exercise Price: $85.00 | (77,454,000 | ) | (6,000 | ) | (159,000 | ) | ||||||
| Total Put Options | (3,712,000 | ) | ||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $5,660,995) | $ | (5,250,500 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | 100 shares per contract. |
| (b) | Exchange-traded. |
See accompanying notes to financial statements.
21
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 89.4% | ||||||||
| Aerospace & Defense — 0.5% | ||||||||
| Axon Enterprise, Inc. (a) | 952 | $ | 427,182 | |||||
| General Dynamics Corp. | 1,998 | 692,946 | ||||||
| Howmet Aerospace, Inc. | 2,751 | 710,446 | ||||||
| L3Harris Technologies, Inc. | 1,830 | 576,779 | ||||||
| TransDigm Group, Inc. | 378 | 475,645 | ||||||
| 2,882,998 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| Expeditors International of Washington, Inc. | 3,431 | 542,064 | ||||||
| FedEx Corp. | 1,849 | 761,326 | ||||||
| United Parcel Service, Inc. - Class B | 5,643 | 602,051 | ||||||
| 1,905,441 | ||||||||
| Automobile Components — 0.1% | ||||||||
| Aptiv PLC (a) | 6,622 | 449,899 | ||||||
| Versigent PLC (a) | 2,207 | 97,373 | ||||||
| 547,272 | ||||||||
| Automobiles — 1.5% | ||||||||
| Ford Motor Co. | 38,300 | 667,952 | ||||||
| General Motors Co. | 6,930 | 576,853 | ||||||
| Tesla, Inc. (a) | 15,951 | 6,951,286 | ||||||
| 8,196,091 | ||||||||
| Banks — 3.3% | ||||||||
| Bank of America Corp. | 67,140 | 3,464,424 | ||||||
| Fifth Third Bancorp | 11,672 | 582,783 | ||||||
| JPMorgan Chase & Co. | 26,431 | 7,911,063 | ||||||
| KeyCorp | 27,457 | 585,658 | ||||||
| M&T Bank Corp. | 2,635 | 569,450 | ||||||
| PNC Financial Services Group, Inc. | 2,613 | 577,786 | ||||||
| Regions Financial Corp. | 19,830 | 555,240 | ||||||
| Truist Financial Corp. | 10,883 | 524,669 | ||||||
| US Bancorp | 10,297 | 564,790 | ||||||
| Wells Fargo & Co. | 27,968 | 2,168,639 | ||||||
| 17,504,502 | ||||||||
| Beverages — 1.2% | ||||||||
| Coca-Cola Co. | 39,606 | 3,129,270 | ||||||
| Constellation Brands, Inc. - Class A | 3,839 | 532,930 | ||||||
| Keurig Dr Pepper, Inc. | 18,747 | 562,973 | ||||||
| Monster Beverage Corp. (a) | 6,792 | 598,239 | ||||||
| PepsiCo, Inc. | 12,215 | 1,761,281 | ||||||
| 6,584,693 | ||||||||
See accompanying notes to financial statements.
22
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Biotechnology — 1.4% | ||||||||
| AbbVie, Inc. | 16,715 | $ | 3,639,190 | |||||
| Biogen, Inc. (a) | 2,779 | 544,684 | ||||||
| Gilead Sciences, Inc. | 10,445 | 1,404,121 | ||||||
| Incyte Corp. (a) | 4,785 | 462,901 | ||||||
| Regeneron Pharmaceuticals, Inc. | 686 | 421,739 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,966 | 879,864 | ||||||
| 7,352,499 | ||||||||
| Broadline Retail — 3.6% | ||||||||
| Amazon.com, Inc. (a) | 70,633 | 19,116,115 | ||||||
| Building Products — 0.2% | ||||||||
| Lennox International, Inc. | 1,044 | 524,255 | ||||||
| Trane Technologies PLC | 1,569 | 708,090 | ||||||
| 1,232,345 | ||||||||
| Capital Markets — 1.9% | ||||||||
| Blackrock, Inc. | 1,283 | 1,343,147 | ||||||
| Blackstone, Inc. | 5,497 | 642,984 | ||||||
| CBOE Global Markets, Inc. | 1,971 | 657,447 | ||||||
| Charles Schwab Corp. | 15,262 | 1,333,136 | ||||||
| CME Group, Inc. | 2,749 | 751,962 | ||||||
| Interactive Brokers Group, Inc. - Class A | 8,054 | 700,456 | ||||||
| Intercontinental Exchange, Inc. | 4,047 | 598,349 | ||||||
| Moody’s Corp. | 1,257 | 569,735 | ||||||
| MSCI, Inc. | 900 | 568,242 | ||||||
| Nasdaq, Inc. | 5,656 | 523,293 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 6,263 | 590,601 | ||||||
| S&P Global, Inc. | 2,558 | 1,084,592 | ||||||
| T. Rowe Price Group, Inc. | 5,023 | 525,054 | ||||||
| 9,888,998 | ||||||||
| Chemicals — 1.0% | ||||||||
| Air Products & Chemicals, Inc. | 1,953 | 544,145 | ||||||
| Corteva, Inc. | 7,628 | 597,120 | ||||||
| DuPont de Nemours, Inc. | 13,032 | 631,009 | ||||||
| Ecolab, Inc. | 1,841 | 471,296 | ||||||
| Linde PLC | 4,151 | 2,065,911 | ||||||
| PPG Industries, Inc. | 5,054 | 571,001 | ||||||
| Sherwin-Williams Co. | 1,691 | 513,794 | ||||||
| 5,394,276 | ||||||||
See accompanying notes to financial statements.
23
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Commercial Services & Supplies — 0.5% | ||||||||
| Cintas Corp. | 2,749 | $ | 470,794 | |||||
| Copart, Inc. (a) | 12,914 | 423,192 | ||||||
| Republic Services, Inc. | 2,322 | 465,422 | ||||||
| Rollins, Inc. | 8,254 | 392,890 | ||||||
| Veralto Corp. | 4,855 | 399,227 | ||||||
| Waste Management, Inc. | 2,962 | 626,344 | ||||||
| 2,777,869 | ||||||||
| Communications Equipment — 1.2% | ||||||||
| Arista Networks, Inc. (a) | 10,279 | 1,639,192 | ||||||
| Cisco Systems, Inc. | 36,356 | 4,377,990 | ||||||
| Motorola Solutions, Inc. | 1,364 | 550,074 | ||||||
| 6,567,256 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
| EMCOR Group, Inc. | 841 | 695,356 | ||||||
| Quanta Services, Inc. | 1,140 | 811,372 | ||||||
| 1,506,728 | ||||||||
| Construction Materials — 0.2% | ||||||||
| Martin Marietta Materials, Inc. | 818 | 475,782 | ||||||
| Vulcan Materials Co. | 1,735 | 490,866 | ||||||
| 966,648 | ||||||||
| Consumer Finance — 0.4% | ||||||||
| American Express Co. | 5,972 | 1,889,959 | ||||||
| Synchrony Financial | 6,592 | 470,932 | ||||||
| 2,360,891 | ||||||||
| Consumer Staples Distribution & Retail — 2.8% | ||||||||
| Costco Wholesale Corp. | 4,240 | 4,054,797 | ||||||
| Dollar Tree, Inc. (a) | 4,813 | 560,426 | ||||||
| Sysco Corp. | 6,674 | 505,956 | ||||||
| Target Corp. | 5,862 | 744,884 | ||||||
| Walmart, Inc. | 79,065 | 9,151,774 | ||||||
| 15,017,837 | ||||||||
| Containers & Packaging — 0.2% | ||||||||
| Packaging Corp. of America | 2,517 | 550,996 | ||||||
| Smurfit Westrock PLC | 14,526 | 597,745 | ||||||
| 1,148,741 | ||||||||
| Distributors — 0.1% | ||||||||
| Genuine Parts Co. | 3,914 | 386,312 | ||||||
| Diversified Telecommunication Services — 0.4% | ||||||||
| AT&T, Inc. | 61,768 | 1,531,847 | ||||||
| Comcast Corp. - Class A | 27,622 | 686,959 | ||||||
| 2,218,806 | ||||||||
See accompanying notes to financial statements.
24
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electric Utilities — 1.6% | ||||||||
| American Electric Power Co., Inc. | 4,163 | $ | 527,327 | |||||
| Constellation Energy Corp. | 2,437 | 701,247 | ||||||
| Duke Energy Corp. | 5,924 | 727,053 | ||||||
| Edison International | 8,589 | 600,715 | ||||||
| Evergy, Inc. | 6,610 | 542,284 | ||||||
| Eversource Energy | 7,658 | 522,812 | ||||||
| Exelon Corp. | 11,079 | 505,646 | ||||||
| NextEra Energy, Inc. | 18,203 | 1,583,843 | ||||||
| NRG Energy, Inc. | 3,100 | 415,648 | ||||||
| PG&E Corp. | 31,948 | 522,030 | ||||||
| PPL Corp. | 13,921 | 492,664 | ||||||
| Southern Co. | 8,326 | 766,408 | ||||||
| Xcel Energy, Inc. | 6,294 | 500,373 | ||||||
| 8,408,050 | ||||||||
| Electrical Equipment — 0.6% | ||||||||
| AMETEK, Inc. | 2,565 | 579,305 | ||||||
| Eaton Corp. PLC | 3,121 | 1,250,273 | ||||||
| Hubbell, Inc. | 1,179 | 558,386 | ||||||
| Rockwell Automation, Inc. | 1,295 | 584,123 | ||||||
| 2,972,087 | ||||||||
| Electronic Equipment, Instruments & Components — 0.7% | ||||||||
| Amphenol Corp. - Class A | 10,006 | 1,488,492 | ||||||
| Keysight Technologies, Inc. (a) | 2,617 | 885,410 | ||||||
| TE Connectivity PLC | 2,280 | 486,575 | ||||||
| Teledyne Technologies, Inc. (a) | 1,014 | 628,508 | ||||||
| 3,488,985 | ||||||||
| Energy Equipment & Services — 0.4% | ||||||||
| Baker Hughes Co. - Class A | 10,239 | 654,067 | ||||||
| Halliburton Co. | 19,744 | 767,054 | ||||||
| SLB Ltd. | 14,132 | 770,901 | ||||||
| 2,192,022 | ||||||||
| Entertainment — 1.1% | ||||||||
| Live Nation Entertainment, Inc. (a) | 3,933 | 662,356 | ||||||
| Netflix, Inc. (a) | 41,230 | 3,546,605 | ||||||
| Walt Disney Co. | 15,663 | 1,594,963 | ||||||
| 5,803,924 | ||||||||
| Financial Services — 2.2% | ||||||||
| Corpay, Inc. (a) | 1,738 | 628,809 | ||||||
| Global Payments, Inc. | 6,834 | 516,035 | ||||||
| MasterCard, Inc. - Class A | 8,339 | 4,119,299 | ||||||
| PayPal Holdings, Inc. | 8,224 | 368,024 | ||||||
| Visa, Inc. - Class A | 18,220 | 5,946,279 | ||||||
| 11,578,446 | ||||||||
See accompanying notes to financial statements.
25
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Food Products — 0.6% | ||||||||
| Archer-Daniels-Midland Co. | 8,496 | $ | 677,811 | |||||
| General Mills, Inc. | 10,789 | 364,776 | ||||||
| Hershey Co. | 2,713 | 526,403 | ||||||
| McCormick & Co., Inc. | 7,552 | 357,738 | ||||||
| Mondelez International, Inc. - Class A | 8,992 | 550,041 | ||||||
| Tyson Foods, Inc. - Class A | 8,901 | 543,139 | ||||||
| 3,019,908 | ||||||||
| Gas Utilities — 0.1% | ||||||||
| Atmos Energy Corp. | 2,918 | 493,521 | ||||||
| Ground Transportation — 0.9% | ||||||||
| CSX Corp. | 14,493 | 655,953 | ||||||
| JB Hunt Transport Services, Inc. | 2,949 | 815,192 | ||||||
| Old Dominion Freight Line, Inc. | 3,773 | 849,491 | ||||||
| Uber Technologies, Inc. (a) | 18,178 | 1,279,731 | ||||||
| Union Pacific Corp. | 4,759 | 1,249,904 | ||||||
| 4,850,271 | ||||||||
| Health Care Equipment & Supplies — 1.5% | ||||||||
| Abbott Laboratories | 15,182 | 1,299,579 | ||||||
| Becton Dickinson & Co. | 2,596 | 381,924 | ||||||
| Boston Scientific Corp. (a) | 11,915 | 575,614 | ||||||
| Dexcom, Inc. (a) | 8,187 | 603,709 | ||||||
| Edwards Lifesciences Corp. (a) | 5,832 | 504,293 | ||||||
| IDEXX Laboratories, Inc. (a) | 666 | 375,311 | ||||||
| Insulet Corp. (a) | 1,549 | 224,512 | ||||||
| Intuitive Surgical, Inc. (a) | 3,022 | 1,283,262 | ||||||
| Medtronic PLC | 9,945 | 734,040 | ||||||
| ResMed, Inc. | 1,976 | 376,566 | ||||||
| STERIS PLC | 1,889 | 401,847 | ||||||
| Stryker Corp. | 3,072 | 937,237 | ||||||
| Zimmer Biomet Holdings, Inc. | 5,241 | 431,492 | ||||||
| 8,129,386 | ||||||||
| Health Care Providers & Services — 1.0% | ||||||||
| Elevance Health, Inc. | 1,505 | 591,751 | ||||||
| HCA Healthcare, Inc. | 1,661 | 628,755 | ||||||
| Quest Diagnostics, Inc. | 2,623 | 511,222 | ||||||
| UnitedHealth Group, Inc. | 8,032 | 3,054,650 | ||||||
| Universal Health Services, Inc. - Class B | 2,062 | 301,279 | ||||||
| 5,087,657 | ||||||||
| Healthcare Equipment & Supplies — 0.0% (b) | ||||||||
| ABIOMED INC (a)(c) | 239 | 0 | ||||||
See accompanying notes to financial statements.
26
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Hotels, Restaurants & Leisure — 1.4% | ||||||||
| Airbnb, Inc. - Class A (a) | 4,259 | $ | 567,767 | |||||
| Booking Holdings, Inc. | 6,436 | 1,077,580 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 15,236 | 485,419 | ||||||
| Darden Restaurants, Inc. | 2,829 | 576,861 | ||||||
| Expedia Group, Inc. | 1,970 | 444,806 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,782 | 583,890 | ||||||
| Las Vegas Sands Corp. | 7,493 | 378,921 | ||||||
| McDonald’s Corp. | 6,324 | 1,765,661 | ||||||
| Starbucks Corp. | 8,279 | 820,946 | ||||||
| Yum! Brands, Inc. | 3,293 | 487,199 | ||||||
| 7,189,050 | ||||||||
| Household Durables — 0.4% | ||||||||
| DR Horton, Inc. | 3,288 | 483,632 | ||||||
| Garmin, Ltd. | 2,625 | 614,040 | ||||||
| Lennar Corp. - Class A | 3,598 | 323,029 | ||||||
| NVR, Inc. (a) | 68 | 415,126 | ||||||
| 1,835,827 | ||||||||
| Household Products — 0.9% | ||||||||
| Church & Dwight Co., Inc. | 6,012 | 574,927 | ||||||
| Colgate-Palmolive Co. | 6,357 | 572,956 | ||||||
| Kimberly-Clark Corp. | 4,778 | 466,333 | ||||||
| Procter & Gamble Co. | 22,035 | 3,163,345 | ||||||
| 4,777,561 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
| Vistra Corp. | 2,973 | 476,364 | ||||||
| Industrial Conglomerates — 0.2% | ||||||||
| Honeywell International, Inc. | 5,069 | 1,205,712 | ||||||
| Insurance — 1.3% | ||||||||
| Allstate Corp. | 2,366 | 487,609 | ||||||
| Aon PLC - Class A | 1,445 | 456,707 | ||||||
| Arch Capital Group Ltd. (a) | 5,389 | 481,453 | ||||||
| Brown & Brown, Inc. | 6,298 | 354,262 | ||||||
| Chubb Ltd. | 3,148 | 981,326 | ||||||
| Cincinnati Financial Corp. | 2,993 | 471,158 | ||||||
| Erie Indemnity Co. - Class A | 1,708 | 363,924 | ||||||
| Hartford Insurance Group, Inc. | 3,668 | 466,313 | ||||||
| Marsh & McLennan Cos., Inc. | 3,552 | 568,213 | ||||||
| Progressive Corp. | 4,849 | 923,250 | ||||||
| Travelers Cos., Inc. | 1,712 | 499,716 | ||||||
| Willis Towers Watson PLC | 1,570 | 391,982 | ||||||
| WR Berkley Corp. | 6,478 | 411,612 | ||||||
| 6,857,525 | ||||||||
See accompanying notes to financial statements.
27
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Interactive Media & Services — 6.8% | ||||||||
| Alphabet, Inc. - Class A | 70,276 | $ | 26,728,774 | |||||
| Meta Platforms, Inc. - Class A | 14,754 | 9,332,052 | ||||||
| 36,060,826 | ||||||||
| IT Services — 0.1% | ||||||||
| VeriSign, Inc. | 1,977 | 564,196 | ||||||
| Life Sciences Tools & Services — 1.0% | ||||||||
| Agilent Technologies, Inc. | 3,203 | 434,103 | ||||||
| Danaher Corp. | 5,850 | 1,068,619 | ||||||
| IQVIA Holdings, Inc. (a) | 2,174 | 396,125 | ||||||
| Mettler-Toledo International, Inc. (a) | 338 | 399,036 | ||||||
| Thermo Fisher Scientific, Inc. | 3,252 | 1,601,642 | ||||||
| Waters Corp. (a) | 1,585 | 607,958 | ||||||
| West Pharmaceutical Services, Inc. | 1,802 | 581,704 | ||||||
| 5,089,187 | ||||||||
| Machinery — 1.8% | ||||||||
| Caterpillar, Inc. | 4,189 | 3,669,019 | ||||||
| Cummins, Inc. | 1,027 | 664,089 | ||||||
| Dover Corp. | 2,723 | 575,533 | ||||||
| Fortive Corp. | 9,528 | 555,673 | ||||||
| Illinois Tool Works, Inc. | 2,034 | 502,967 | ||||||
| Ingersoll Rand, Inc. | 6,378 | 456,920 | ||||||
| PACCAR, Inc. | 4,814 | 531,321 | ||||||
| Parker-Hannifin Corp. | 947 | 799,865 | ||||||
| Pentair PLC | 4,777 | 338,403 | ||||||
| Snap-on, Inc. | 1,489 | 552,732 | ||||||
| Wabtec Corp. | 2,470 | 645,065 | ||||||
| Xylem, Inc. | 3,555 | 389,415 | ||||||
| 9,681,002 | ||||||||
| Media — 0.2% | ||||||||
| News Corp. - Class A | 19,746 | 515,371 | ||||||
| Omnicom Group, Inc. | 6,934 | 504,171 | ||||||
| Trade Desk, Inc. - Class A (a) | 12,911 | 278,361 | ||||||
| 1,297,903 | ||||||||
| Metals & Mining — 0.6% | ||||||||
| Freeport-McMoRan, Inc. | 12,305 | 808,562 | ||||||
| Newmont Goldcorp Corp. | 7,648 | 839,827 | ||||||
| Nucor Corp. | 3,232 | 808,000 | ||||||
| Steel Dynamics, Inc. | 3,055 | 794,758 | ||||||
| 3,251,147 | ||||||||
See accompanying notes to financial statements.
28
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Multi-Utilities — 0.7% | ||||||||
| Ameren Corp. | 4,830 | $ | 521,495 | |||||
| CMS Energy Corp. | 6,785 | 492,388 | ||||||
| Consolidated Edison, Inc. | 5,099 | 538,607 | ||||||
| DTE Energy Co. | 3,723 | 531,905 | ||||||
| NiSource, Inc. | 11,748 | 542,993 | ||||||
| Public Service Enterprise Group, Inc. | 6,180 | 486,057 | ||||||
| WEC Energy Group, Inc. | 4,543 | 504,500 | ||||||
| 3,617,945 | ||||||||
| Oil, Gas & Consumable Fuels — 2.9% | ||||||||
| Chevron Corp. | 18,991 | 3,465,098 | ||||||
| ConocoPhillips | 9,826 | 1,119,967 | ||||||
| Devon Energy Corp. | 14,130 | 628,644 | ||||||
| Diamondback Energy, Inc. | 3,456 | 661,755 | ||||||
| EOG Resources, Inc. | 4,799 | 640,091 | ||||||
| EQT Corp. | 8,939 | 491,019 | ||||||
| Expand Energy Corp. | 4,376 | 406,880 | ||||||
| Exxon Mobil Corp. | 41,646 | 6,049,498 | ||||||
| Targa Resources Corp. | 2,970 | 757,558 | ||||||
| Texas Pacific Land Corp. | 1,778 | 698,754 | ||||||
| Williams Cos., Inc. | 8,521 | 608,314 | ||||||
| 15,527,578 | ||||||||
| Passenger Airlines — 0.1% | ||||||||
| United Airlines Holdings, Inc. (a) | 5,109 | 586,513 | ||||||
| Pharmaceuticals — 3.3% | ||||||||
| Eli Lilly & Co. | 8,876 | 9,807,980 | ||||||
| Johnson & Johnson | 22,821 | 5,142,256 | ||||||
| Merck & Co., Inc. | 20,543 | 2,438,865 | ||||||
| Zoetis, Inc. | 3,928 | 305,166 | ||||||
| 17,694,267 | ||||||||
| Professional Services — 0.3% | ||||||||
| Automatic Data Processing, Inc. | 3,024 | 670,844 | ||||||
| Broadridge Financial Solutions, Inc. | 2,215 | 340,490 | ||||||
| Leidos Holdings, Inc. | 2,642 | 337,648 | ||||||
| Verisk Analytics, Inc. | 2,266 | 396,527 | ||||||
| 1,745,509 | ||||||||
| Real Estate Management & Development — 0.1% | ||||||||
| CBRE Group, Inc. - Class A (a) | 3,115 | 389,499 | ||||||
| CoStar Group, Inc. (a) | 7,394 | 238,087 | ||||||
| 627,586 | ||||||||
See accompanying notes to financial statements.
29
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Semiconductors & Semiconductor Equipment — 17.1% | ||||||||
| Advanced Micro Devices, Inc. (a) | 15,876 | $ | 8,193,603 | |||||
| Applied Materials, Inc. | 6,387 | 2,874,533 | ||||||
| Broadcom, Inc. | 42,801 | 19,122,203 | ||||||
| KLA Corp. | 1,081 | 2,077,368 | ||||||
| Lam Research Corp. | 10,171 | 3,236,209 | ||||||
| Micron Technology, Inc. | 9,165 | 8,899,215 | ||||||
| Monolithic Power Systems, Inc. | 566 | 886,475 | ||||||
| NVIDIA Corp. | 190,612 | 40,245,818 | ||||||
| NXP Semiconductors NV | 2,639 | 848,043 | ||||||
| Qnity Electronics, Inc. | 6,431 | 1,003,236 | ||||||
| QUALCOMM, Inc. | 9,135 | 2,293,068 | ||||||
| Teradyne, Inc. | 3,032 | 1,134,908 | ||||||
| 90,814,679 | ||||||||
| Software — 8.3% | ||||||||
| Adobe, Inc. (a) | 3,392 | 879,240 | ||||||
| Autodesk, Inc. (a) | 1,708 | 395,078 | ||||||
| Cadence Design Systems, Inc. (a) | 1,941 | 727,739 | ||||||
| Crowdstrike Holdings, Inc. - Class A (a) | 2,029 | 1,483,199 | ||||||
| Fair Isaac Corp. (a) | 284 | 355,168 | ||||||
| Fortinet, Inc. (a) | 6,263 | 864,106 | ||||||
| Intuit, Inc. | 2,395 | 794,014 | ||||||
| Microsoft Corp. | 54,319 | 24,456,587 | ||||||
| Oracle Corp. | 30,345 | 6,851,294 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 21,649 | 3,388,934 | ||||||
| Roper Technologies, Inc. | 1,137 | 370,128 | ||||||
| Salesforce, Inc. | 8,298 | 1,585,748 | ||||||
| ServiceNow, Inc. (a) | 8,750 | 1,088,238 | ||||||
| Synopsys, Inc. (a) | 1,268 | 603,086 | ||||||
| Trimble, Inc. (a) | 6,240 | 351,998 | ||||||
| 44,194,557 | ||||||||
| Specialty Retail — 1.3% | ||||||||
| Home Depot, Inc. | 8,869 | 2,812,715 | ||||||
| O’Reilly Automotive, Inc. (a) | 5,941 | 516,154 | ||||||
| Ross Stores, Inc. | 2,873 | 665,760 | ||||||
| TJX Cos., Inc. | 9,366 | 1,449,388 | ||||||
| Tractor Supply Co. | 9,264 | 292,094 | ||||||
| Ulta Beauty, Inc. (a) | 976 | 496,638 | ||||||
| Williams-Sonoma, Inc. | 2,804 | 570,810 | ||||||
| 6,803,559 | ||||||||
See accompanying notes to financial statements.
30
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Technology Hardware, Storage & Peripherals — 6.8% | ||||||||
| Apple, Inc. | 105,249 | $ | 32,844,003 | |||||
| NetApp, Inc. | 4,523 | 788,314 | ||||||
| Seagate Technology Holdings PLC | 1,941 | 1,707,692 | ||||||
| Super Micro Computer, Inc. (a) | 15,690 | 723,152 | ||||||
| 36,063,161 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
| Lululemon Athletica, Inc. (a) | 2,848 | 373,601 | ||||||
| Nike, Inc. - Class B | 10,563 | 488,327 | ||||||
| Ralph Lauren Corp. - Class A | 1,388 | 505,093 | ||||||
| 1,367,021 | ||||||||
| Tobacco — 0.6% | ||||||||
| Altria Group, Inc. | 12,775 | 888,885 | ||||||
| Philip Morris International, Inc. | 14,093 | 2,499,816 | ||||||
| 3,388,701 | ||||||||
| Trading Companies & Distributors — 0.4% | ||||||||
| Fastenal Co. | 12,656 | 559,395 | ||||||
| United Rentals, Inc. | 621 | 618,311 | ||||||
| WW Grainger, Inc. | 541 | 667,724 | ||||||
| 1,845,430 | ||||||||
| Water Utilities — 0.1% | ||||||||
| American Water Works Co., Inc. | 3,857 | 475,452 | ||||||
| Wireless Telecommunication Services — 0.4% | ||||||||
| T-Mobile US, Inc. | 10,359 | 1,942,623 | ||||||
| TOTAL COMMON STOCKS (Cost $372,321,145) | 474,561,456 | |||||||
| EXCHANGE TRADED FUNDS — 8.8% | ||||||||
| Roundhill Magnificent Seven ETF | 660,091 | 46,675,035 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $42,262,031) | 46,675,035 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 1.6% | ||||||||
| Health Care REITs — 0.2% | ||||||||
| Welltower, Inc. | 5,537 | 1,136,912 | ||||||
| Industrial REITs — 0.2% | ||||||||
| Prologis, Inc. | 7,152 | 1,026,097 | ||||||
See accompanying notes to financial statements.
31
| Horizon Defensive Core Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Residential REITs — 0.5% | ||||||||
| AvalonBay Communities, Inc. | 2,780 | $ | 507,378 | |||||
| Equity Residential | 8,237 | 539,111 | ||||||
| Essex Property Trust, Inc. | 1,930 | 526,195 | ||||||
| Invitation Homes, Inc. | 17,927 | 524,365 | ||||||
| Mid-America Apartment Communities, Inc. | 3,729 | 481,302 | ||||||
| 2,578,351 | ||||||||
| Retail REITs — 0.1% | ||||||||
| Simon Property Group, Inc. | 2,714 | 556,126 | ||||||
| Specialized REITs — 0.6% | ||||||||
| American Tower Corp. | 3,341 | 624,634 | ||||||
| Equinix, Inc. | 672 | 717,723 | ||||||
| Extra Space Storage, Inc. | 3,800 | 548,378 | ||||||
| Public Storage | 1,849 | 561,523 | ||||||
| SBA Communications Corp. | 2,602 | 528,622 | ||||||
| VICI Properties, Inc. | 17,588 | 496,333 | ||||||
| 3,477,213 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $8,279,443) | 8,774,699 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.2% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (d) | 977,150 | 977,150 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $977,150) | 977,150 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $423,839,769) | 530,988,340 | |||||||
| Liabilities in Excess of Other Assets — (0.0)% (b) | (225,666 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 530,762,674 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | Represents less than 0.05% 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 May 31, 2026. |
| (d) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
32
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 95.1% | ||||||||
| Aerospace & Defense — 2.1% | ||||||||
| Axon Enterprise, Inc. (a) | 1,205 | $ | 540,707 | |||||
| Boeing Co. (a) | 12,678 | 2,930,520 | ||||||
| General Dynamics Corp. | 4,268 | 1,480,228 | ||||||
| General Electric Co. | 18,141 | 5,873,330 | ||||||
| Howmet Aerospace, Inc. | 6,834 | 1,764,880 | ||||||
| Huntington Ingalls Industries, Inc. | 647 | 199,386 | ||||||
| L3Harris Technologies, Inc. | 3,165 | 997,545 | ||||||
| Lockheed Martin Corp. | 3,529 | 1,871,958 | ||||||
| Northrop Grumman Corp. | 2,281 | 1,285,754 | ||||||
| RTX Corp. | 22,532 | 4,048,099 | ||||||
| Textron, Inc. | 3,074 | 282,070 | ||||||
| TransDigm Group, Inc. | 930 | 1,170,238 | ||||||
| 22,444,715 | ||||||||
| Air Freight & Logistics — 0.3% | ||||||||
| CH Robinson Worldwide, Inc. | 1,991 | 355,692 | ||||||
| Expeditors International of Washington, Inc. | 2,354 | 371,908 | ||||||
| FedEx Corp. | 3,737 | 1,538,710 | ||||||
| United Parcel Service, Inc. - Class B | 12,362 | 1,318,902 | ||||||
| 3,585,212 | ||||||||
| Automobile Components — 0.0% (b) | ||||||||
| Aptiv PLC (a) | 3,868 | 262,792 | ||||||
| Versigent PLC (a) | 1,287 | 56,782 | ||||||
| 319,574 | ||||||||
| Automobiles — 1.4% | ||||||||
| Ford Motor Co. | 65,861 | 1,148,616 | ||||||
| General Motors Co. | 16,830 | 1,400,929 | ||||||
| Tesla, Inc. (a) | 27,004 | 11,768,073 | ||||||
| 14,317,618 | ||||||||
| Banks — 3.3% | ||||||||
| Bank of America Corp. | 112,047 | 5,781,625 | ||||||
| Citigroup, Inc. | 31,757 | 3,998,206 | ||||||
| Citizens Financial Group, Inc. | 7,387 | 459,915 | ||||||
| Fifth Third Bancorp | 11,324 | 565,407 | ||||||
| Huntington Bancshares, Inc. | 24,580 | 402,129 | ||||||
| JPMorgan Chase & Co. (c) | 47,308 | 14,159,758 | ||||||
| KeyCorp | 16,843 | 359,261 | ||||||
| M&T Bank Corp. | 2,788 | 602,515 | ||||||
| PNC Financial Services Group, Inc. | 6,685 | 1,478,187 | ||||||
| Regions Financial Corp. | 15,381 | 430,668 | ||||||
| Truist Financial Corp. | 22,252 | 1,072,769 | ||||||
| US Bancorp | 26,387 | 1,447,327 | ||||||
| Wells Fargo & Co. | 55,647 | 4,314,868 | ||||||
| 35,072,635 | ||||||||
See accompanying notes to financial statements.
33
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Beverages — 1.0% | ||||||||
| Brown-Forman Corp. - Class B | 3,065 | $ | 78,832 | |||||
| Coca-Cola Co. | 65,517 | 5,176,498 | ||||||
| Constellation Brands, Inc. - Class A | 2,619 | 363,570 | ||||||
| Keurig Dr Pepper, Inc. | 20,192 | 606,366 | ||||||
| Molson Coors Brewing Co. - Class B | 2,902 | 114,716 | ||||||
| Monster Beverage Corp. (a) | 11,837 | 1,042,603 | ||||||
| PepsiCo, Inc. | 23,192 | 3,344,054 | ||||||
| 10,726,639 | ||||||||
| Biotechnology — 1.5% | ||||||||
| AbbVie, Inc. (c) | 29,861 | 6,501,337 | ||||||
| Amgen, Inc. | 9,053 | 3,048,960 | ||||||
| Biogen, Inc. (a) | 2,463 | 482,748 | ||||||
| Gilead Sciences, Inc. | 21,078 | 2,833,516 | ||||||
| Incyte Corp. (a) | 2,691 | 260,327 | ||||||
| Moderna, Inc. (a) | 5,720 | 269,927 | ||||||
| Regeneron Pharmaceuticals, Inc. | 1,762 | 1,083,242 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 4,317 | 1,932,030 | ||||||
| 16,412,087 | ||||||||
| Broadline Retail — 3.2% | ||||||||
| Amazon.com, Inc. (a)(c) | 122,795 | 33,233,239 | ||||||
| eBay, Inc. | 8,097 | 884,759 | ||||||
| 34,117,998 | ||||||||
| Building Products — 0.5% | ||||||||
| Allegion PLC | 1,455 | 189,252 | ||||||
| AO Smith Corp. | 1,989 | 112,816 | ||||||
| Builders FirstSource, Inc. (a) | 1,938 | 147,792 | ||||||
| Carrier Global Corp. | 13,657 | 872,273 | ||||||
| Johnson Controls International PLC | 11,159 | 1,495,975 | ||||||
| Lennox International, Inc. | 525 | 263,634 | ||||||
| Masco Corp. | 3,578 | 251,354 | ||||||
| Trane Technologies PLC | 3,770 | 1,701,401 | ||||||
| 5,034,497 | ||||||||
| Capital Markets — 3.2% | ||||||||
| Ameriprise Financial, Inc. | 1,610 | 717,593 | ||||||
| Ares Management Corp. - Class A | 3,404 | 437,414 | ||||||
| Bank of New York Mellon Corp. | 12,131 | 1,691,425 | ||||||
| Blackrock, Inc. | 2,440 | 2,554,387 | ||||||
| Blackstone, Inc. | 12,372 | 1,447,153 | ||||||
| CBOE Global Markets, Inc. | 1,761 | 587,399 | ||||||
| Charles Schwab Corp. | 28,828 | 2,518,126 | ||||||
| CME Group, Inc. | 6,069 | 1,660,114 | ||||||
| Coinbase Global, Inc. - Class A (a) | 3,770 | 712,643 | ||||||
| FactSet Research Systems, Inc. (d) | 623 | 152,928 | ||||||
See accompanying notes to financial statements.
34
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Franklin Resources, Inc. | 5,221 | $ | 161,956 | |||||
| Goldman Sachs Group, Inc. | 5,260 | 5,394,446 | ||||||
| Interactive Brokers Group, Inc. - Class A | 7,418 | 645,144 | ||||||
| Intercontinental Exchange, Inc. | 9,709 | 1,435,476 | ||||||
| Invesco, Ltd. | 7,569 | 215,414 | ||||||
| KKR & Co., Inc. | 11,412 | 1,094,867 | ||||||
| Moody’s Corp. | 2,605 | 1,180,716 | ||||||
| Morgan Stanley | 20,928 | 4,353,024 | ||||||
| MSCI, Inc. | 1,299 | 820,163 | ||||||
| Nasdaq, Inc. | 6,995 | 647,177 | ||||||
| Northern Trust Corp. | 3,303 | 546,481 | ||||||
| Raymond James Financial, Inc. | 3,103 | 445,001 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 12,864 | 1,213,075 | ||||||
| S&P Global, Inc. | 5,302 | 2,248,048 | ||||||
| State Street Corp. | 4,868 | 757,656 | ||||||
| T. Rowe Price Group, Inc. | 3,746 | 391,569 | ||||||
| 34,029,395 | ||||||||
| Chemicals — 1.0% | ||||||||
| Air Products & Chemicals, Inc. | 3,739 | 1,041,760 | ||||||
| Albemarle Corp. | 1,976 | 348,606 | ||||||
| CF Industries Holdings, Inc. | 2,934 | 329,635 | ||||||
| Corteva, Inc. | 11,591 | 907,343 | ||||||
| Dow, Inc. | 11,896 | 401,490 | ||||||
| DuPont de Nemours, Inc. | 7,064 | 342,039 | ||||||
| Ecolab, Inc. | 4,237 | 1,084,672 | ||||||
| International Flavors & Fragrances, Inc. | 4,312 | 327,928 | ||||||
| Linde PLC | 8,025 | 3,993,962 | ||||||
| LyondellBasell Industries NV - Class A | 4,371 | 291,327 | ||||||
| Mosaic Co. | 5,362 | 128,152 | ||||||
| PPG Industries, Inc. | 3,912 | 441,978 | ||||||
| Sherwin-Williams Co. | 3,899 | 1,184,672 | ||||||
| 10,823,564 | ||||||||
| Commercial Services & Supplies — 0.4% | ||||||||
| Cintas Corp. | 5,791 | 991,767 | ||||||
| Copart, Inc. (a) | 14,833 | 486,077 | ||||||
| Republic Services, Inc. | 3,418 | 685,104 | ||||||
| Rollins, Inc. | 4,740 | 225,624 | ||||||
| Veralto Corp. | 4,172 | 343,063 | ||||||
| Waste Management, Inc. | 6,167 | 1,304,074 | ||||||
| 4,035,709 | ||||||||
See accompanying notes to financial statements.
35
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Communications Equipment — 1.4% | ||||||||
| Arista Networks, Inc. (a) | 17,477 | $ | 2,787,057 | |||||
| Ciena Corp. (a) | 2,411 | 1,398,935 | ||||||
| Cisco Systems, Inc. | 67,389 | 8,114,983 | ||||||
| F5, Inc. (a) | 962 | 368,879 | ||||||
| Lumentum Holdings, Inc. (a) | 1,325 | 1,132,822 | ||||||
| Motorola Solutions, Inc. | 2,802 | 1,129,991 | ||||||
| 14,932,667 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
| Comfort Systems USA, Inc. | 618 | 1,129,834 | ||||||
| EMCOR Group, Inc. | 730 | 603,578 | ||||||
| Quanta Services, Inc. | 2,474 | 1,760,820 | ||||||
| 3,494,232 | ||||||||
| Construction Materials — 0.2% | ||||||||
| CRH PLC | 11,026 | 1,199,519 | ||||||
| Martin Marietta Materials, Inc. | 1,018 | 592,109 | ||||||
| Vulcan Materials Co. | 2,211 | 625,536 | ||||||
| 2,417,164 | ||||||||
| Consumer Finance — 0.5% | ||||||||
| American Express Co. | 9,352 | 2,959,627 | ||||||
| Capital One Financial Corp. | 10,762 | 2,022,503 | ||||||
| Synchrony Financial | 6,563 | 468,861 | ||||||
| 5,450,991 | ||||||||
| Consumer Staples Distribution & Retail — 1.8% | ||||||||
| Casey’s General Stores, Inc. | 664 | 509,381 | ||||||
| Costco Wholesale Corp. | 7,477 | 7,150,405 | ||||||
| Dollar General Corp. | 3,709 | 410,252 | ||||||
| Dollar Tree, Inc. (a) | 3,404 | 396,362 | ||||||
| Kroger Co. | 11,253 | 699,374 | ||||||
| Sysco Corp. | 8,265 | 626,570 | ||||||
| Target Corp. | 7,736 | 983,013 | ||||||
| Walmart, Inc. | 73,389 | 8,494,777 | ||||||
| 19,270,134 | ||||||||
| Containers & Packaging — 0.2% | ||||||||
| Amcor PLC | 4,884 | 189,597 | ||||||
| Avery Dennison Corp. | 1,345 | 213,949 | ||||||
| Ball Corp. | 5,040 | 275,537 | ||||||
| International Paper Co. | 8,906 | 298,084 | ||||||
| Packaging Corp. of America | 1,492 | 326,614 | ||||||
| Smurfit Westrock PLC | 8,356 | 343,849 | ||||||
| 1,647,630 | ||||||||
See accompanying notes to financial statements.
36
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Distributors — 0.0% (b) | ||||||||
| Genuine Parts Co. | 2,340 | $ | 230,958 | |||||
| Pool Corp. | 625 | 113,375 | ||||||
| 344,333 | ||||||||
| Diversified Telecommunication Services — 0.8% | ||||||||
| AT&T, Inc. | 121,477 | 3,012,630 | ||||||
| Comcast Corp. - Class A | 63,811 | 1,586,979 | ||||||
| Verizon Communications, Inc. | 71,228 | 3,405,411 | ||||||
| 8,005,020 | ||||||||
| Electric Utilities — 1.4% | ||||||||
| Alliant Energy Corp. | 4,323 | 309,570 | ||||||
| American Electric Power Co., Inc. | 9,010 | 1,141,297 | ||||||
| Constellation Energy Corp. | 5,272 | 1,517,018 | ||||||
| Duke Energy Corp. | 13,121 | 1,610,340 | ||||||
| Edison International | 6,540 | 457,408 | ||||||
| Entergy Corp. | 7,243 | 789,849 | ||||||
| Evergy, Inc. | 3,880 | 318,315 | ||||||
| Eversource Energy | 6,188 | 422,455 | ||||||
| Exelon Corp. | 17,001 | 775,926 | ||||||
| FirstEnergy Corp. | 8,668 | 402,108 | ||||||
| NextEra Energy, Inc. | 34,784 | 3,026,556 | ||||||
| NRG Energy, Inc. | 3,412 | 457,481 | ||||||
| PG&E Corp. | 37,110 | 606,377 | ||||||
| Pinnacle West Capital Corp. | 1,908 | 190,304 | ||||||
| PPL Corp. | 12,482 | 441,738 | ||||||
| Southern Co. | 18,535 | 1,706,147 | ||||||
| Xcel Energy, Inc. | 9,710 | 771,945 | ||||||
| 14,944,834 | ||||||||
| Electrical Equipment — 1.2% | ||||||||
| AMETEK, Inc. | 3,904 | 881,719 | ||||||
| Eaton Corp. PLC | 6,655 | 2,665,993 | ||||||
| Emerson Electric Co. | 9,531 | 1,370,749 | ||||||
| GE Vernova, Inc. | 4,647 | 4,499,783 | ||||||
| Generac Holdings, Inc. (a) | 996 | 276,798 | ||||||
| Hubbell, Inc. | 892 | 422,460 | ||||||
| Rockwell Automation, Inc. | 1,890 | 852,503 | ||||||
| Vertiv Holdings Co. - Class A | 6,842 | 2,160,088 | ||||||
| 13,130,093 | ||||||||
See accompanying notes to financial statements.
37
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electronic Equipment, Instruments & Components — 1.0% | ||||||||
| Amphenol Corp. - Class A | 20,485 | $ | 3,047,348 | |||||
| CDW Corp. | 2,238 | 280,757 | ||||||
| Coherent Corp. (a) | 3,414 | 1,234,058 | ||||||
| Corning, Inc. | 13,033 | 2,361,058 | ||||||
| Jabil, Inc. | 1,835 | 668,968 | ||||||
| Keysight Technologies, Inc. (a) | 2,914 | 985,894 | ||||||
| TE Connectivity PLC | 5,036 | 1,074,733 | ||||||
| Teledyne Technologies, Inc. (a) | 771 | 477,889 | ||||||
| Zebra Technologies Corp. - Class A (a) | 852 | 207,573 | ||||||
| 10,338,278 | ||||||||
| Energy Equipment & Services — 0.3% | ||||||||
| Baker Hughes Co. - Class A | 16,737 | 1,069,159 | ||||||
| Halliburton Co. | 14,680 | 570,318 | ||||||
| SLB Ltd. | 23,698 | 1,292,726 | ||||||
| 2,932,203 | ||||||||
| Entertainment — 1.2% | ||||||||
| Electronic Arts, Inc. | 4,006 | 808,090 | ||||||
| Live Nation Entertainment, Inc. (a) | 2,642 | 444,939 | ||||||
| Netflix, Inc. (a)(c) | 72,208 | 6,211,332 | ||||||
| Take-Two Interactive Software, Inc. (a) | 2,760 | 618,682 | ||||||
| TKO Group Holdings, Inc. | 1,108 | 227,340 | ||||||
| Walt Disney Co. | 30,577 | 3,113,656 | ||||||
| Warner Bros Discovery, Inc. (a) | 37,788 | 1,020,654 | ||||||
| 12,444,693 | ||||||||
| Financial Services — 3.3% | ||||||||
| Apollo Global Management, Inc. | 7,552 | 972,018 | ||||||
| Berkshire Hathaway, Inc. - Class B (a)(c) | 30,959 | 14,689,426 | ||||||
| Block, Inc. (a) | 8,989 | 680,647 | ||||||
| Corpay, Inc. (a) | 1,164 | 421,135 | ||||||
| Fidelity National Information Services, Inc. | 8,955 | 384,976 | ||||||
| Fiserv, Inc. (a) | 9,617 | 543,938 | ||||||
| Global Payments, Inc. | 4,177 | 315,405 | ||||||
| Jack Henry & Associates, Inc. | 1,218 | 166,038 | ||||||
| MasterCard, Inc. - Class A (c) | 13,732 | 6,783,333 | ||||||
| PayPal Holdings, Inc. | 16,727 | 748,533 | ||||||
| Visa, Inc. - Class A (c) | 29,114 | 9,501,645 | ||||||
| 35,207,094 | ||||||||
| Food Products — 0.4% | ||||||||
| Archer-Daniels-Midland Co. | 8,086 | 645,101 | ||||||
| Bunge Global SA | 2,244 | 276,685 | ||||||
| Campbell’s Co. (d) | 3,312 | 69,916 | ||||||
| Conagra Brands, Inc. | 8,070 | 107,170 | ||||||
See accompanying notes to financial statements.
38
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| General Mills, Inc. | 9,313 | $ | 314,873 | |||||
| Hershey Co. | 2,483 | 481,776 | ||||||
| Hormel Foods Corp. | 4,902 | 113,873 | ||||||
| J M Smucker Co. | 1,786 | 184,315 | ||||||
| Kraft Heinz Co. | 14,750 | 354,147 | ||||||
| McCormick & Co., Inc. | 4,253 | 201,465 | ||||||
| Mondelez International, Inc. - Class A | 21,881 | 1,338,461 | ||||||
| Tyson Foods, Inc. - Class A | 4,827 | 294,544 | ||||||
| 4,382,326 | ||||||||
| Gas Utilities — 0.0% (b) | ||||||||
| Atmos Energy Corp. | 2,673 | 452,084 | ||||||
| Ground Transportation — 0.8% | ||||||||
| CSX Corp. | 32,619 | 1,476,336 | ||||||
| JB Hunt Transport Services, Inc. | 1,331 | 367,928 | ||||||
| Norfolk Southern Corp. | 3,805 | 1,160,373 | ||||||
| Old Dominion Freight Line, Inc. | 3,164 | 712,374 | ||||||
| Uber Technologies, Inc. (a) | 35,344 | 2,488,218 | ||||||
| Union Pacific Corp. | 10,212 | 2,682,080 | ||||||
| 8,887,309 | ||||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
| Abbott Laboratories | 29,341 | 2,511,590 | ||||||
| Align Technology, Inc. (a) | 1,173 | 205,216 | ||||||
| Baxter International, Inc. | 8,633 | 162,128 | ||||||
| Becton Dickinson & Co. | 4,846 | 712,944 | ||||||
| Boston Scientific Corp. (a) | 24,930 | 1,204,368 | ||||||
| Cooper Cos., Inc. (a) | 3,358 | 205,543 | ||||||
| Dexcom, Inc. (a) | 6,594 | 486,242 | ||||||
| Edwards Lifesciences Corp. (a) | 9,970 | 862,106 | ||||||
| GE HealthCare Technologies, Inc. | 7,719 | 481,202 | ||||||
| IDEXX Laboratories, Inc. (a) | 1,367 | 770,345 | ||||||
| Insulet Corp. (a) | 1,169 | 169,435 | ||||||
| Intuitive Surgical, Inc. (a) | 6,003 | 2,549,114 | ||||||
| Medtronic PLC | 21,684 | 1,600,496 | ||||||
| ResMed, Inc. | 2,462 | 469,183 | ||||||
| Solventum Corp. (a) | 2,324 | 174,184 | ||||||
| STERIS PLC | 1,646 | 350,154 | ||||||
| Stryker Corp. | 5,781 | 1,763,725 | ||||||
| Zimmer Biomet Holdings, Inc. | 3,357 | 276,382 | ||||||
| 14,954,357 | ||||||||
See accompanying notes to financial statements.
39
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Health Care Providers & Services — 1.6% | ||||||||
| Cardinal Health, Inc. | 4,074 | $ | 801,763 | |||||
| Cencora, Inc. | 2,903 | 781,952 | ||||||
| Centene Corp. (a) | 8,379 | 499,388 | ||||||
| Cigna Group | 4,613 | 1,279,646 | ||||||
| CVS Health Corp. | 21,324 | 1,940,058 | ||||||
| DaVita, Inc. (a) | 731 | 142,077 | ||||||
| Elevance Health, Inc. | 3,902 | 1,534,227 | ||||||
| HCA Healthcare, Inc. | 3,005 | 1,137,513 | ||||||
| Henry Schein, Inc. (a) | 2,099 | 160,742 | ||||||
| Humana, Inc. | 2,019 | 616,643 | ||||||
| Labcorp Holdings, Inc. | 1,389 | 361,223 | ||||||
| McKesson Corp. | 2,103 | 1,561,351 | ||||||
| Quest Diagnostics, Inc. | 1,856 | 361,735 | ||||||
| UnitedHealth Group, Inc. (c) | 15,561 | 5,918,004 | ||||||
| Universal Health Services, Inc. - Class B | 980 | 143,188 | ||||||
| 17,239,510 | ||||||||
| Healthcare Equipment & Supplies — 0.0% (b) | ||||||||
| ABIOMED INC (a)(e) | 495 | 0 | ||||||
| Hotels, Restaurants & Leisure — 1.6% | ||||||||
| Airbnb, Inc. - Class A (a) | 7,308 | 974,229 | ||||||
| Booking Holdings, Inc. | 13,536 | 2,266,333 | ||||||
| Carnival Corp. Ltd. | 17,717 | 497,139 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 22,928 | 730,486 | ||||||
| Darden Restaurants, Inc. | 1,967 | 401,091 | ||||||
| Domino’s Pizza, Inc. | 570 | 177,031 | ||||||
| DoorDash, Inc. - Class A (a) | 5,707 | 909,068 | ||||||
| Expedia Group, Inc. | 2,075 | 468,514 | ||||||
| Hilton Worldwide Holdings, Inc. | 4,048 | 1,326,368 | ||||||
| Las Vegas Sands Corp. | 5,802 | 293,407 | ||||||
| Marriott International, Inc. - Class A | 3,850 | 1,446,060 | ||||||
| McDonald’s Corp. | 12,082 | 3,373,294 | ||||||
| MGM Resorts International (a) | 3,773 | 164,767 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a) | 7,438 | 136,413 | ||||||
| Royal Caribbean Cruises Ltd. | 4,164 | 1,185,199 | ||||||
| Starbucks Corp. | 19,210 | 1,904,864 | ||||||
| Wynn Resorts Ltd. | 1,501 | 151,931 | ||||||
| Yum! Brands, Inc. | 4,708 | 696,549 | ||||||
| 17,102,743 | ||||||||
See accompanying notes to financial statements.
40
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Household Durables — 0.2% | ||||||||
| DR Horton, Inc. | 4,781 | $ | 703,237 | |||||
| Garmin, Ltd. | 2,592 | 606,321 | ||||||
| Lennar Corp. - Class A | 3,601 | 323,298 | ||||||
| NVR, Inc. (a) | 40 | 244,192 | ||||||
| PulteGroup, Inc. | 3,410 | 402,994 | ||||||
| 2,280,042 | ||||||||
| Household Products — 0.8% | ||||||||
| Church & Dwight Co., Inc. | 4,152 | 397,056 | ||||||
| Clorox Co. | 2,072 | 186,521 | ||||||
| Colgate-Palmolive Co. | 13,723 | 1,236,854 | ||||||
| Kimberly-Clark Corp. | 5,599 | 546,462 | ||||||
| Procter & Gamble Co. (c) | 39,676 | 5,695,887 | ||||||
| 8,062,780 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
| AES Corp. | 12,021 | 176,348 | ||||||
| Vistra Corp. | 5,742 | 920,041 | ||||||
| 1,096,389 | ||||||||
| Industrial Conglomerates — 0.4% | ||||||||
| 3M Co. | 9,173 | 1,404,662 | ||||||
| Honeywell International, Inc. | 10,990 | 2,614,081 | ||||||
| 4,018,743 | ||||||||
| Insurance — 1.5% | ||||||||
| Aflac, Inc. | 8,363 | 940,168 | ||||||
| Allstate Corp. | 4,473 | 921,841 | ||||||
| American International Group, Inc. | 10,026 | 744,230 | ||||||
| Aon PLC - Class A | 3,634 | 1,148,562 | ||||||
| Arch Capital Group Ltd. (a) | 6,331 | 565,611 | ||||||
| Arthur J Gallagher & Co. | 4,275 | 859,745 | ||||||
| Assurant, Inc. | 853 | 212,286 | ||||||
| Brown & Brown, Inc. | 4,002 | 225,112 | ||||||
| Chubb Ltd. | 6,275 | 1,956,106 | ||||||
| Cincinnati Financial Corp. | 2,635 | 414,802 | ||||||
| Erie Indemnity Co. - Class A | 408 | 86,933 | ||||||
| Everest Group Ltd. | 711 | 230,385 | ||||||
| Globe Life, Inc. | 1,402 | 214,842 | ||||||
| Hartford Insurance Group, Inc. | 4,852 | 616,835 | ||||||
| Loews Corp. | 2,976 | 308,165 | ||||||
| Marsh & McLennan Cos., Inc. | 8,301 | 1,327,911 | ||||||
| MetLife, Inc. | 9,781 | 808,791 | ||||||
| Principal Financial Group, Inc. | 3,552 | 368,058 | ||||||
| Progressive Corp. | 9,903 | 1,885,531 | ||||||
| Prudential Financial, Inc. | 5,980 | 601,827 | ||||||
| Travelers Cos., Inc. | 3,812 | 1,112,685 | ||||||
See accompanying notes to financial statements.
41
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Willis Towers Watson PLC | 1,671 | $ | 417,199 | |||||
| WR Berkley Corp. | 5,068 | 322,021 | ||||||
| 16,289,646 | ||||||||
| Interactive Media & Services — 6.6% | ||||||||
| Alphabet, Inc. - Class A (c) | 79,382 | 30,192,150 | ||||||
| Alphabet, Inc. - Class C (c) | 64,474 | 24,269,948 | ||||||
| Meta Platforms, Inc. - Class A (c) | 25,057 | 15,848,803 | ||||||
| 70,310,901 | ||||||||
| IT Services — 0.8% | ||||||||
| Accenture PLC - Class A | 10,575 | 1,978,265 | ||||||
| Akamai Technologies, Inc. (a) | 2,528 | 378,037 | ||||||
| Cognizant Technology Solutions Corp. - Class A | 8,357 | 465,945 | ||||||
| EPAM Systems, Inc. (a) | 944 | 96,722 | ||||||
| Gartner, Inc. (a) | 1,285 | 208,427 | ||||||
| GoDaddy, Inc. - Class A (a) | 2,373 | 203,675 | ||||||
| International Business Machines Corp. | 15,633 | 4,655,507 | ||||||
| VeriSign, Inc. | 1,359 | 387,832 | ||||||
| 8,374,410 | ||||||||
| Leisure Products — 0.0% (b) | ||||||||
| Hasbro, Inc. | 2,205 | 190,005 | ||||||
| Life Sciences Tools & Services — 0.8% | ||||||||
| Agilent Technologies, Inc. | 4,817 | 652,848 | ||||||
| Bio-Techne Corp. | 2,663 | 137,624 | ||||||
| Charles River Laboratories International, Inc. (a) | 851 | 153,784 | ||||||
| Danaher Corp. | 10,819 | 1,976,307 | ||||||
| IQVIA Holdings, Inc. (a) | 2,814 | 512,739 | ||||||
| Mettler-Toledo International, Inc. (a) | 334 | 394,313 | ||||||
| Revvity, Inc. | 2,042 | 213,491 | ||||||
| Thermo Fisher Scientific, Inc. | 6,441 | 3,172,257 | ||||||
| Waters Corp. (a) | 1,647 | 631,740 | ||||||
| West Pharmaceutical Services, Inc. | 1,206 | 389,309 | ||||||
| 8,234,412 | ||||||||
| Machinery — 1.8% | ||||||||
| Caterpillar, Inc. | 8,058 | 7,057,760 | ||||||
| Cummins, Inc. | 2,307 | 1,491,775 | ||||||
| Deere & Co. | 4,260 | 2,309,687 | ||||||
| Dover Corp. | 2,308 | 487,819 | ||||||
| Fortive Corp. | 5,763 | 336,098 | ||||||
| IDEX Corp. | 1,271 | 267,965 | ||||||
| Illinois Tool Works, Inc. | 4,500 | 1,112,760 | ||||||
| Ingersoll Rand, Inc. | 6,804 | 487,439 | ||||||
| Nordson Corp. | 905 | 260,034 | ||||||
| Otis Worldwide Corp. | 6,700 | 474,628 | ||||||
See accompanying notes to financial statements.
42
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| PACCAR, Inc. | 8,860 | $ | 977,878 | |||||
| Parker-Hannifin Corp. | 2,158 | 1,822,711 | ||||||
| Pentair PLC | 2,777 | 196,723 | ||||||
| Snap-on, Inc. | 873 | 324,066 | ||||||
| Stanley Black & Decker, Inc. | 2,599 | 206,413 | ||||||
| Wabtec Corp. | 2,881 | 752,402 | ||||||
| Xylem, Inc. | 4,090 | 448,019 | ||||||
| 19,014,177 | ||||||||
| Media — 0.2% | ||||||||
| Charter Communications, Inc. - Class A (a) | 1,614 | 232,497 | ||||||
| EchoStar Corp. - Class A (a)(d) | 2,545 | 328,789 | ||||||
| Fox Corp. - Class A | 3,669 | 234,522 | ||||||
| Fox Corp. - Class B | 2,213 | 127,004 | ||||||
| News Corp. - Class A | 6,384 | 166,622 | ||||||
| News Corp. - Class B | 1,868 | 55,704 | ||||||
| Omnicom Group, Inc. | 5,479 | 398,378 | ||||||
| Paramount Skydance Corp. (d) | 3,944 | 41,846 | ||||||
| Trade Desk, Inc. - Class A (a) | 7,695 | 165,904 | ||||||
| 1,751,266 | ||||||||
| Metals & Mining — 0.5% | ||||||||
| Freeport-McMoRan, Inc. | 24,306 | 1,597,147 | ||||||
| Newmont Goldcorp Corp. | 19,253 | 2,114,172 | ||||||
| Nucor Corp. | 3,964 | 991,000 | ||||||
| Steel Dynamics, Inc. | 2,380 | 619,157 | ||||||
| 5,321,476 | ||||||||
| Multi-Utilities — 0.6% | ||||||||
| Ameren Corp. | 4,551 | 491,372 | ||||||
| CenterPoint Energy, Inc. | 11,017 | 465,578 | ||||||
| CMS Energy Corp. | 5,048 | 366,333 | ||||||
| Consolidated Edison, Inc. | 5,853 | 618,252 | ||||||
| Dominion Energy, Inc. | 14,205 | 950,883 | ||||||
| DTE Energy Co. | 3,495 | 499,331 | ||||||
| NiSource, Inc. | 7,940 | 366,987 | ||||||
| Public Service Enterprise Group, Inc. | 8,418 | 662,076 | ||||||
| Sempra | 10,711 | 954,671 | ||||||
| WEC Energy Group, Inc. | 5,357 | 594,895 | ||||||
| 5,970,378 | ||||||||
| Oil, Gas & Consumable Fuels — 3.0% | ||||||||
| APA Corp. | 6,244 | 227,469 | ||||||
| Chevron Corp. | 33,055 | 6,031,215 | ||||||
| ConocoPhillips | 21,578 | 2,459,460 | ||||||
| Devon Energy Corp. | 19,816 | 881,592 | ||||||
| Diamondback Energy, Inc. | 3,146 | 602,396 | ||||||
| EOG Resources, Inc. | 9,503 | 1,267,510 | ||||||
See accompanying notes to financial statements.
43
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| EQT Corp. | 10,082 | $ | 553,804 | |||||
| Expand Energy Corp. | 3,604 | 335,100 | ||||||
| Exxon Mobil Corp. (c) | 73,656 | 10,699,271 | ||||||
| Kinder Morgan, Inc. | 32,712 | 1,016,689 | ||||||
| Marathon Petroleum Corp. | 5,333 | 1,326,690 | ||||||
| Occidental Petroleum Corp. | 11,419 | 646,658 | ||||||
| ONEOK, Inc. | 10,491 | 880,615 | ||||||
| Phillips 66 | 6,973 | 1,226,411 | ||||||
| Targa Resources Corp. | 3,673 | 936,872 | ||||||
| Texas Pacific Land Corp. | 907 | 356,451 | ||||||
| Valero Energy Corp. | 5,342 | 1,307,828 | ||||||
| Williams Cos., Inc. | 20,614 | 1,471,634 | ||||||
| 32,227,665 | ||||||||
| Passenger Airlines — 0.2% | ||||||||
| Delta Air Lines, Inc. | 10,847 | 894,660 | ||||||
| Southwest Airlines Co. | 10,015 | 430,144 | ||||||
| United Airlines Holdings, Inc. (a) | 5,552 | 637,370 | ||||||
| 1,962,174 | ||||||||
| Personal Care Products — 0.1% | ||||||||
| Estee Lauder Cos., Inc. - Class A | 3,937 | 350,196 | ||||||
| Kenvue, Inc. | 32,448 | 560,702 | ||||||
| 910,898 | ||||||||
| Pharmaceuticals — 3.2% | ||||||||
| Bristol-Myers Squibb Co. | 34,325 | 1,962,703 | ||||||
| Eli Lilly & Co. (c) | 13,288 | 14,683,240 | ||||||
| Johnson & Johnson (c) | 40,733 | 9,178,367 | ||||||
| Merck & Co., Inc. (c) | 42,797 | 5,080,860 | ||||||
| Pfizer, Inc. | 95,894 | 2,510,505 | ||||||
| Viatris, Inc. | 20,180 | 328,127 | ||||||
| Zoetis, Inc. | 7,566 | 587,802 | ||||||
| 34,331,604 | ||||||||
| Professional Services — 0.3% | ||||||||
| Automatic Data Processing, Inc. | 6,848 | 1,519,160 | ||||||
| Broadridge Financial Solutions, Inc. | 1,966 | 302,213 | ||||||
| Equifax, Inc. | 2,082 | 345,175 | ||||||
| Jacobs Solutions, Inc. | 2,059 | 246,792 | ||||||
| Leidos Holdings, Inc. | 2,206 | 281,927 | ||||||
| Paychex, Inc. | 5,405 | 524,177 | ||||||
| Verisk Analytics, Inc. | 2,367 | 414,201 | ||||||
| 3,633,645 | ||||||||
See accompanying notes to financial statements.
44
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Real Estate Management & Development — 0.1% | ||||||||
| CBRE Group, Inc. - Class A (a) | 4,988 | $ | 623,700 | |||||
| CoStar Group, Inc. (a) | 7,125 | 229,425 | ||||||
| 853,125 | ||||||||
| Semiconductors & Semiconductor Equipment — 17.9% | ||||||||
| Advanced Micro Devices, Inc. (a) | 27,410 | 14,146,301 | ||||||
| Analog Devices, Inc. | 8,383 | 3,469,305 | ||||||
| Applied Materials, Inc. | 13,744 | 6,185,625 | ||||||
| Broadcom, Inc. (c) | 79,308 | 35,432,435 | ||||||
| First Solar, Inc. (a) | 1,796 | 550,995 | ||||||
| Intel Corp. (a) | 73,266 | 8,402,145 | ||||||
| KLA Corp. | 2,226 | 4,277,726 | ||||||
| Lam Research Corp. | 21,708 | 6,907,051 | ||||||
| Microchip Technology, Inc. | 9,077 | 859,138 | ||||||
| Micron Technology, Inc. | 18,835 | 18,288,785 | ||||||
| Monolithic Power Systems, Inc. | 795 | 1,245,137 | ||||||
| NVIDIA Corp. (c) | 364,008 | 76,856,649 | ||||||
| NXP Semiconductors NV | 4,284 | 1,376,663 | ||||||
| ON Semiconductor Corp. (a) | 7,123 | 859,176 | ||||||
| Qnity Electronics, Inc. | 3,531 | 550,836 | ||||||
| QUALCOMM, Inc. | 18,706 | 4,695,580 | ||||||
| Skyworks Solutions, Inc. | 2,701 | 210,273 | ||||||
| Teradyne, Inc. | 2,739 | 1,025,235 | ||||||
| Texas Instruments, Inc. | 15,398 | 4,706,861 | ||||||
| 190,045,916 | ||||||||
| Software — 8.2% | ||||||||
| Adobe, Inc. (a) | 7,331 | 1,900,268 | ||||||
| AppLovin Corp. - Class A (a) | 4,286 | 2,627,704 | ||||||
| Autodesk, Inc. (a) | 3,611 | 835,260 | ||||||
| Cadence Design Systems, Inc. (a) | 4,620 | 1,732,177 | ||||||
| Crowdstrike Holdings, Inc. - Class A (a) | 4,143 | 3,028,533 | ||||||
| Datadog, Inc. - Class A (a) | 5,351 | 1,323,570 | ||||||
| Fair Isaac Corp. (a) | 395 | 493,983 | ||||||
| Fortinet, Inc. (a) | 10,752 | 1,483,453 | ||||||
| Gen Digital, Inc. | 9,169 | 236,468 | ||||||
| Intuit, Inc. | 4,712 | 1,562,169 | ||||||
| Microsoft Corp. (c) | 107,945 | 48,601,157 | ||||||
| Oracle Corp. | 27,406 | 6,187,727 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 34,677 | 5,428,337 | ||||||
| Palo Alto Networks, Inc. (a) | 11,188 | 3,151,548 | ||||||
| PTC, Inc. (a) | 2,020 | 280,235 | ||||||
| Roper Technologies, Inc. | 1,792 | 583,350 | ||||||
| Salesforce, Inc. | 16,181 | 3,092,189 | ||||||
| ServiceNow, Inc. (a) | 17,327 | 2,154,959 | ||||||
See accompanying notes to financial statements.
45
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Synopsys, Inc. (a) | 3,103 | $ | 1,475,849 | |||||
| Trimble, Inc. (a) | 4,148 | 233,989 | ||||||
| Tyler Technologies, Inc. (a) | 708 | 221,710 | ||||||
| Workday, Inc. - Class A (a) | 3,605 | 527,015 | ||||||
| 87,161,650 | ||||||||
| Specialty Retail — 1.5% | ||||||||
| AutoZone, Inc. (a) | 263 | 771,955 | ||||||
| Best Buy Co., Inc. | 3,277 | 255,442 | ||||||
| Carvana Co. (a) | 11,587 | 845,851 | ||||||
| Home Depot, Inc. (c) | 16,795 | 5,326,366 | ||||||
| Lowe’s Cos., Inc. | 9,515 | 2,039,635 | ||||||
| O’Reilly Automotive, Inc. (a) | 14,508 | 1,260,455 | ||||||
| Ross Stores, Inc. | 5,571 | 1,290,968 | ||||||
| TJX Cos., Inc. | 19,008 | 2,941,488 | ||||||
| Tractor Supply Co. | 9,035 | 284,874 | ||||||
| Ulta Beauty, Inc. (a) | 769 | 391,306 | ||||||
| Williams-Sonoma, Inc. | 2,072 | 421,797 | ||||||
| 15,830,137 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.8% | ||||||||
| Apple, Inc. (c) | 220,444 | 68,791,755 | ||||||
| Dell Technologies, Inc. - Class C | 5,268 | 2,217,354 | ||||||
| Hewlett Packard Enterprise Co. | 22,213 | 956,048 | ||||||
| HP, Inc. | 15,861 | 428,881 | ||||||
| NetApp, Inc. | 3,425 | 596,943 | ||||||
| Sandisk Corp. (a) | 2,216 | 3,756,076 | ||||||
| Seagate Technology Holdings PLC | 3,572 | 3,142,646 | ||||||
| Super Micro Computer, Inc. (a) | 8,513 | 392,364 | ||||||
| Western Digital Corp. | 5,873 | 3,119,796 | ||||||
| 83,401,863 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Deckers Outdoor Corp. (a) | 2,557 | 291,115 | ||||||
| Lululemon Athletica, Inc. (a) | 1,881 | 246,750 | ||||||
| Nike, Inc. - Class B | 19,979 | 923,629 | ||||||
| Ralph Lauren Corp. - Class A | 659 | 239,810 | ||||||
| Tapestry, Inc. | 3,494 | 508,237 | ||||||
| 2,209,541 | ||||||||
| Tobacco — 0.6% | ||||||||
| Altria Group, Inc. | 28,665 | 1,994,511 | ||||||
| Philip Morris International, Inc. | 26,297 | 4,664,562 | ||||||
| 6,659,073 | ||||||||
See accompanying notes to financial statements.
46
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| Fastenal Co. | 19,389 | $ | 856,994 | |||||
| United Rentals, Inc. | 1,084 | 1,079,306 | ||||||
| WW Grainger, Inc. | 734 | 905,932 | ||||||
| 2,842,232 | ||||||||
| Water Utilities — 0.0% (b) | ||||||||
| American Water Works Co., Inc. | 3,285 | 404,942 | ||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| T-Mobile US, Inc. | 8,102 | 1,519,368 | ||||||
| TOTAL COMMON STOCKS (Cost $637,253,524) | 1,013,405,796 | |||||||
| EXCHANGE TRADED FUNDS — 6.4% | ||||||||
| Roundhill Magnificent Seven ETF (c) | 963,712 | 68,144,076 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $64,713,045) | 68,144,076 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 1.7% | ||||||||
| Health Care REITs — 0.3% | ||||||||
| Alexandria Real Estate Equities, Inc. | 2,598 | 129,069 | ||||||
| Healthpeak Properties, Inc. | 11,827 | 226,487 | ||||||
| Ventas, Inc. | 7,386 | 623,526 | ||||||
| Welltower, Inc. | 10,297 | 2,114,283 | ||||||
| 3,093,365 | ||||||||
| Hotel & Resort REITs — 0.0% (b) | ||||||||
| Host Hotels & Resorts, Inc. | 11,824 | 271,716 | ||||||
| Industrial REITs — 0.2% | ||||||||
| Prologis, Inc. | 15,666 | 2,247,601 | ||||||
| Office REITs — 0.0% (b) | ||||||||
| BXP, Inc. | 2,447 | 146,844 | ||||||
| Residential REITs — 0.2% | ||||||||
| AvalonBay Communities, Inc. | 2,388 | 435,834 | ||||||
| Camden Property Trust | 1,789 | 190,636 | ||||||
| Equity Residential | 5,765 | 377,319 | ||||||
| Essex Property Trust, Inc. | 1,069 | 291,452 | ||||||
| Invitation Homes, Inc. | 9,636 | 281,853 | ||||||
| Mid-America Apartment Communities, Inc. | 1,964 | 253,493 | ||||||
| UDR, Inc. | 5,073 | 187,194 | ||||||
| 2,017,781 | ||||||||
See accompanying notes to financial statements.
47
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Retail REITs — 0.2% | ||||||||
| Federal Realty Investment Trust | 1,292 | $ | 154,562 | |||||
| Kimco Realty Corp. | 11,486 | 276,583 | ||||||
| Realty Income Corp. | 14,797 | 906,760 | ||||||
| Regency Centers Corp. | 2,744 | 212,248 | ||||||
| Simon Property Group, Inc. | 5,177 | 1,060,819 | ||||||
| 2,610,972 | ||||||||
| Specialized REITs — 0.8% | ||||||||
| American Tower Corp. | 7,894 | 1,475,862 | ||||||
| Crown Castle, Inc. | 7,335 | 671,153 | ||||||
| Digital Realty Trust, Inc. | 5,339 | 1,014,410 | ||||||
| Equinix, Inc. | 1,628 | 1,738,769 | ||||||
| Extra Space Storage, Inc. | 3,575 | 515,908 | ||||||
| Iron Mountain, Inc. | 4,952 | 635,094 | ||||||
| Public Storage | 2,649 | 804,475 | ||||||
| SBA Communications Corp. | 1,802 | 366,095 | ||||||
| VICI Properties, Inc. | 17,837 | 503,360 | ||||||
| Weyerhaeuser Co. | 12,267 | 300,664 | ||||||
| 8,025,790 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $16,454,818) | 18,414,069 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.7% (a) | ||||||||||||
| Put Options — 0.7% | ||||||||||||
| S&P 500 Index (f)(g) | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $6,600.00 | $ | 356,262,820 | 470 | 141,000 | ||||||||
| Expiration: 07/17/2026; Exercise Price: $6,975.00 | 356,262,820 | 470 | 1,327,750 | |||||||||
| Expiration: 08/21/2026; Exercise Price: $7,350.00 | 379,003,000 | 500 | 5,822,500 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $27,051,589) | 7,291,250 | |||||||||||
| Shares | ||||||||||||
| RIGHTS — 0.0% (b) | ||||||||||||
| SYCAMORE PARTNERS LLC -RIGHT, Expires 08/28/2026, Exercise Price $3.00 (a)(e) | 11,159 | 0 | ||||||||||
| Capital Markets — 0.0% (b) | ||||||||||||
| TPG, Inc., Expires 04/08/2027, Exercise Price $3.00 (a)(e) | 3,726 | 0 | ||||||||||
| TOTAL RIGHTS (Cost $0) | 0 | |||||||||||
See accompanying notes to financial statements.
48
| Horizon Defined Risk Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.5% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (h) | 5,456,804 | $ | 5,456,804 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $5,456,804) | 5,456,804 | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.1% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (h) | 598,185 | 598,185 | ||||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $598,185) | 598,185 | |||||||
| TOTAL INVESTMENTS — 104.5% (Cost $751,527,965) | 1,113,310,180 | |||||||
| Liabilities in Excess of Other Assets — (4.5)% | (48,201,071 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 1,065,109,109 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $423,067,898. |
| (d) | All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $584,861. |
| (e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2026. |
| (f) | Exchange-traded. |
| (g) | 100 shares per contract. |
| (h) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
49
| Horizon Defined Risk Fund Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (4.6)% | ||||||||||||
| Call Options — (4.3)% | ||||||||||||
| S&P 500 Index (a)(b) | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $7,050.00 | $ | (356,262,820 | ) | (470 | ) | $ | (25,955,750 | ) | ||||
| Expiration: 07/17/2026; Exercise Price: $7,375.00 | (356,262,820 | ) | (470 | ) | (14,689,850 | ) | ||||||
| Expiration: 08/21/2026; Exercise Price: $7,875.00 | (379,003,000 | ) | (500 | ) | (4,850,000 | ) | ||||||
| Total Call Options | (45,495,600 | ) | ||||||||||
| Put Options — (0.3)% | ||||||||||||
| S&P 500 Index (a)(b) | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $5,875.00 | (356,262,820 | ) | (470 | ) | (49,350 | ) | ||||||
| Expiration: 07/17/2026; Exercise Price: $6,400.00 | (356,262,820 | ) | (470 | ) | (484,100 | ) | ||||||
| Expiration: 08/21/2026; Exercise Price: $6,850.00 | (379,003,000 | ) | (500 | ) | (2,525,000 | ) | ||||||
| Total Put Options | (3,058,450 | ) | ||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $24,911,842) | $ | (48,554,050 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
50
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 99.6% | ||||||||
| Aerospace & Defense — 2.0% | ||||||||
| General Dynamics Corp. | 1,050 | $ | 364,161 | |||||
| General Electric Co. | 2,608 | 844,366 | ||||||
| L3Harris Technologies, Inc. | 748 | 235,755 | ||||||
| Lockheed Martin Corp. | 1,130 | 599,408 | ||||||
| Northrop Grumman Corp. | 545 | 307,206 | ||||||
| RTX Corp. | 6,072 | 1,090,895 | ||||||
| 3,441,791 | ||||||||
| Air Freight & Logistics — 0.5% | ||||||||
| FedEx Corp. | 904 | 372,222 | ||||||
| United Parcel Service, Inc. - Class B | 4,741 | 505,817 | ||||||
| 878,039 | ||||||||
| Automobiles — 1.4% | ||||||||
| Ford Motor Co. | 31,021 | 541,007 | ||||||
| General Motors Co. | 5,592 | 465,478 | ||||||
| Tesla, Inc. (a) | 3,256 | 1,418,932 | ||||||
| 2,425,417 | ||||||||
| Banks — 5.3% | ||||||||
| Bank of America Corp. | 33,866 | 1,747,486 | ||||||
| Citigroup, Inc. | 9,482 | 1,193,784 | ||||||
| JPMorgan Chase & Co. (b) | 12,299 | 3,681,214 | ||||||
| PNC Financial Services Group, Inc. | 1,945 | 430,078 | ||||||
| Truist Financial Corp. | 6,773 | 326,526 | ||||||
| US Bancorp | 8,025 | 440,171 | ||||||
| Wells Fargo & Co. | 15,944 | 1,236,298 | ||||||
| 9,055,557 | ||||||||
| Beverages — 1.5% | ||||||||
| Coca-Cola Co. | 18,494 | 1,461,211 | ||||||
| Constellation Brands, Inc. - Class A | 491 | 68,161 | ||||||
| Keurig Dr Pepper, Inc. | 3,886 | 116,696 | ||||||
| PepsiCo, Inc. | 5,898 | 850,433 | ||||||
| 2,496,501 | ||||||||
| Biotechnology — 2.4% | ||||||||
| AbbVie, Inc. | 9,678 | 2,107,094 | ||||||
| Amgen, Inc. | 2,544 | 856,794 | ||||||
| Gilead Sciences, Inc. | 6,936 | 932,407 | ||||||
| Regeneron Pharmaceuticals, Inc. | 117 | 71,929 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 330 | 147,688 | ||||||
| 4,115,912 | ||||||||
| Broadline Retail — 2.9% | ||||||||
| Amazon.com, Inc. (a)(b) | 18,035 | 4,880,992 | ||||||
See accompanying notes to financial statements.
51
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Building Products — 0.5% | ||||||||
| Carrier Global Corp. | 2,635 | $ | 168,297 | |||||
| Johnson Controls International PLC | 2,674 | 358,476 | ||||||
| Trane Technologies PLC | 612 | 276,196 | ||||||
| 802,969 | ||||||||
| Capital Markets — 3.7% | ||||||||
| Ameriprise Financial, Inc. | 275 | 122,570 | ||||||
| Bank of New York Mellon Corp. | 2,713 | 378,274 | ||||||
| Blackrock, Inc. | 622 | 651,159 | ||||||
| Blackstone, Inc. | 2,885 | 337,459 | ||||||
| Charles Schwab Corp. | 5,537 | 483,657 | ||||||
| CME Group, Inc. | 1,927 | 527,112 | ||||||
| Goldman Sachs Group, Inc. | 1,357 | 1,391,685 | ||||||
| Intercontinental Exchange, Inc. | 1,531 | 226,358 | ||||||
| KKR & Co., Inc. | 1,436 | 137,770 | ||||||
| Moody’s Corp. | 337 | 152,745 | ||||||
| Morgan Stanley | 8,133 | 1,691,664 | ||||||
| S&P Global, Inc. | 652 | 276,448 | ||||||
| 6,376,901 | ||||||||
| Chemicals — 1.1% | ||||||||
| Air Products & Chemicals, Inc. | 1,013 | 282,242 | ||||||
| DuPont de Nemours, Inc. | 1,556 | 75,342 | ||||||
| Ecolab, Inc. | 762 | 195,072 | ||||||
| Linde PLC | 1,545 | 768,931 | ||||||
| LyondellBasell Industries NV - Class A | 1,839 | 122,569 | ||||||
| PPG Industries, Inc. | 950 | 107,331 | ||||||
| Sherwin-Williams Co. | 622 | 188,988 | ||||||
| Solstice Advanced Materials, Inc. | 660 | 55,592 | ||||||
| 1,796,067 | ||||||||
| Commercial Services & Supplies — 0.4% | ||||||||
| Cintas Corp. | 910 | 155,847 | ||||||
| Republic Services, Inc. | 873 | 174,984 | ||||||
| Waste Management, Inc. | 1,283 | 271,303 | ||||||
| 602,134 | ||||||||
| Communications Equipment — 2.6% | ||||||||
| Arista Networks, Inc. (a) | 4,684 | 746,957 | ||||||
| Cisco Systems, Inc. | 26,631 | 3,206,905 | ||||||
| Motorola Solutions, Inc. | 1,085 | 437,559 | ||||||
| 4,391,421 | ||||||||
| Consumer Finance — 0.5% | ||||||||
| American Express Co. | 2,029 | 642,118 | ||||||
| Capital One Financial Corp. | 1,055 | 198,266 | ||||||
| 840,384 | ||||||||
See accompanying notes to financial statements.
52
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Consumer Staples Distribution & Retail — 2.1% | ||||||||
| Costco Wholesale Corp. | 666 | $ | 636,909 | |||||
| Kroger Co. | 2,408 | 149,657 | ||||||
| Sysco Corp. | 1,740 | 131,910 | ||||||
| Target Corp. | 905 | 114,998 | ||||||
| Walmart, Inc. (b) | 22,651 | 2,621,853 | ||||||
| 3,655,327 | ||||||||
| Diversified Telecommunication Services — 1.3% | ||||||||
| Comcast Corp. - Class A | 26,655 | 662,910 | ||||||
| Verizon Communications, Inc. | 32,345 | 1,546,414 | ||||||
| 2,209,324 | ||||||||
| Electric Utilities — 1.8% | ||||||||
| American Electric Power Co., Inc. | 2,797 | 354,296 | ||||||
| Constellation Energy Corp. | 634 | 182,433 | ||||||
| Duke Energy Corp. | 4,091 | 502,088 | ||||||
| Edison International | 1,882 | 131,627 | ||||||
| Exelon Corp. | 5,429 | 247,780 | ||||||
| NextEra Energy, Inc. | 10,173 | 885,153 | ||||||
| Southern Co. | 5,720 | 526,526 | ||||||
| Xcel Energy, Inc. | 2,840 | 225,780 | ||||||
| 3,055,683 | ||||||||
| Electrical Equipment — 0.5% | ||||||||
| Eaton Corp. PLC | 1,188 | 475,913 | ||||||
| Emerson Electric Co. | 2,070 | 297,707 | ||||||
| 773,620 | ||||||||
| Electronic Equipment, Instruments & Components — 1.8% | ||||||||
| Amphenol Corp. - Class A | 6,097 | 906,990 | ||||||
| Corning, Inc. | 9,098 | 1,648,193 | ||||||
| TE Connectivity PLC | 2,651 | 565,750 | ||||||
| 3,120,933 | ||||||||
| Energy Equipment & Services — 0.1% | ||||||||
| SLB Ltd. | 2,651 | 144,612 | ||||||
| Entertainment — 0.9% | ||||||||
| Netflix, Inc. (a) | 10,641 | 915,339 | ||||||
| Walt Disney Co. | 6,655 | 677,678 | ||||||
| 1,593,017 | ||||||||
| Financial Services — 2.4% | ||||||||
| Berkshire Hathaway, Inc. - Class B (a) | 3,506 | 1,663,527 | ||||||
| MasterCard, Inc. - Class A | 1,849 | 913,369 | ||||||
| Visa, Inc. - Class A | 4,878 | 1,591,984 | ||||||
| 4,168,880 | ||||||||
See accompanying notes to financial statements.
53
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Food Products — 0.4% | ||||||||
| Archer-Daniels-Midland Co. | 1,977 | $ | 157,725 | |||||
| General Mills, Inc. | 2,002 | 67,688 | ||||||
| Hershey Co. | 667 | 129,418 | ||||||
| Kraft Heinz Co. | 3,906 | 93,783 | ||||||
| Mondelez International, Inc. - Class A | 3,318 | 202,962 | ||||||
| 651,576 | ||||||||
| Ground Transportation — 0.7% | ||||||||
| CSX Corp. | 6,244 | 282,603 | ||||||
| Uber Technologies, Inc. (a) | 3,535 | 248,864 | ||||||
| Union Pacific Corp. | 2,579 | 677,349 | ||||||
| 1,208,816 | ||||||||
| Health Care Equipment & Supplies — 0.9% | ||||||||
| Abbott Laboratories | 1,588 | 135,933 | ||||||
| Becton Dickinson & Co. | 986 | 145,060 | ||||||
| Boston Scientific Corp. (a) | 2,089 | 100,920 | ||||||
| Intuitive Surgical, Inc. (a) | 564 | 239,497 | ||||||
| Medtronic PLC | 6,832 | 504,270 | ||||||
| Stryker Corp. | 1,049 | 320,039 | ||||||
| 1,445,719 | ||||||||
| Health Care Providers & Services — 1.8% | ||||||||
| Cigna Group | 1,052 | 291,825 | ||||||
| CVS Health Corp. | 7,099 | 645,867 | ||||||
| Elevance Health, Inc. | 725 | 285,063 | ||||||
| HCA Healthcare, Inc. | 622 | 235,452 | ||||||
| Humana, Inc. | 321 | 98,040 | ||||||
| McKesson Corp. | 235 | 174,473 | ||||||
| UnitedHealth Group, Inc. | 3,301 | 1,255,403 | ||||||
| 2,986,123 | ||||||||
| Hotels, Restaurants & Leisure — 2.1% | ||||||||
| Airbnb, Inc. - Class A (a) | 1,800 | 239,958 | ||||||
| Booking Holdings, Inc. | 2,671 | 447,205 | ||||||
| Las Vegas Sands Corp. | 5,645 | 285,468 | ||||||
| Marriott International, Inc. - Class A | 1,331 | 499,924 | ||||||
| McDonald’s Corp. | 3,933 | 1,098,094 | ||||||
| Starbucks Corp. | 7,378 | 731,602 | ||||||
| Yum! Brands, Inc. | 2,039 | 301,670 | ||||||
| 3,603,921 | ||||||||
| Household Durables — 0.4% | ||||||||
| DR Horton, Inc. | 1,559 | 229,313 | ||||||
| Garmin, Ltd. | 1,405 | 328,658 | ||||||
| Lennar Corp. - Class A | 1,436 | 128,924 | ||||||
| 686,895 | ||||||||
See accompanying notes to financial statements.
54
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Household Products — 0.9% | ||||||||
| Colgate-Palmolive Co. | 1,284 | $ | 115,727 | |||||
| Kimberly-Clark Corp. | 885 | 86,376 | ||||||
| Procter & Gamble Co. | 9,558 | 1,372,146 | ||||||
| 1,574,249 | ||||||||
| Industrial Conglomerates — 0.6% | ||||||||
| 3M Co. | 2,528 | 387,113 | ||||||
| Honeywell International, Inc. | 2,647 | 629,615 | ||||||
| 1,016,728 | ||||||||
| Insurance — 1.2% | ||||||||
| Aflac, Inc. | 1,887 | 212,137 | ||||||
| Allstate Corp. | 834 | 171,879 | ||||||
| American International Group, Inc. | 2,111 | 156,700 | ||||||
| Aon PLC - Class A | 418 | 132,113 | ||||||
| Arthur J Gallagher & Co. | 452 | 90,902 | ||||||
| Chubb Ltd. | 1,206 | 375,946 | ||||||
| Marsh & McLennan Cos., Inc. | 1,437 | 229,877 | ||||||
| MetLife, Inc. | 2,889 | 238,891 | ||||||
| Progressive Corp. | 811 | 154,414 | ||||||
| Prudential Financial, Inc. | 1,623 | 163,339 | ||||||
| Travelers Cos., Inc. | 647 | 188,853 | ||||||
| 2,115,051 | ||||||||
| Interactive Media & Services — 7.7% | ||||||||
| Alphabet, Inc. - Class A (b) | 25,296 | 9,621,080 | ||||||
| Meta Platforms, Inc. - Class A (b) | 5,427 | 3,432,632 | ||||||
| 13,053,712 | ||||||||
| IT Services — 1.4% | ||||||||
| Accenture PLC - Class A | 2,959 | 553,540 | ||||||
| International Business Machines Corp. | 6,291 | 1,873,460 | ||||||
| 2,427,000 | ||||||||
| Life Sciences Tools & Services — 0.3% | ||||||||
| Danaher Corp. | 607 | 110,881 | ||||||
| Thermo Fisher Scientific, Inc. | 689 | 339,339 | ||||||
| Waters Corp. (a) | 130 | 49,864 | ||||||
| 500,084 | ||||||||
| Machinery — 1.8% | ||||||||
| Caterpillar, Inc. | 1,647 | 1,442,558 | ||||||
| Deere & Co. | 953 | 516,697 | ||||||
| Illinois Tool Works, Inc. | 1,220 | 301,682 | ||||||
| Otis Worldwide Corp. | 1,376 | 97,476 | ||||||
| PACCAR, Inc. | 2,901 | 320,183 | ||||||
| Parker-Hannifin Corp. | 366 | 309,135 | ||||||
| 2,987,731 | ||||||||
See accompanying notes to financial statements.
55
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Media — 0.0% (c) | ||||||||
| Versant Media Group, Inc. | 1,061 | $ | 45,772 | |||||
| Metals & Mining — 0.6% | ||||||||
| Freeport-McMoRan, Inc. | 4,244 | 278,873 | ||||||
| Newmont Goldcorp Corp. | 4,497 | 493,816 | ||||||
| Nucor Corp. | 754 | 188,500 | ||||||
| 961,189 | ||||||||
| Multi-Utilities — 0.7% | ||||||||
| Consolidated Edison, Inc. | 1,659 | 175,240 | ||||||
| Dominion Energy, Inc. | 4,686 | 313,681 | ||||||
| Public Service Enterprise Group, Inc. | 2,343 | 184,277 | ||||||
| Sempra | 2,966 | 264,359 | ||||||
| WEC Energy Group, Inc. | 1,575 | 174,904 | ||||||
| 1,112,461 | ||||||||
| Oil, Gas & Consumable Fuels — 3.4% | ||||||||
| Chevron Corp. | 7,954 | 1,451,287 | ||||||
| ConocoPhillips | 2,886 | 328,946 | ||||||
| EOG Resources, Inc. | 954 | 127,244 | ||||||
| Exxon Mobil Corp. | 20,291 | 2,947,471 | ||||||
| Marathon Petroleum Corp. | 745 | 185,334 | ||||||
| Occidental Petroleum Corp. | 2,035 | 115,242 | ||||||
| ONEOK, Inc. | 1,470 | 123,392 | ||||||
| Phillips 66 | 900 | 158,292 | ||||||
| Valero Energy Corp. | 849 | 207,852 | ||||||
| Williams Cos., Inc. | 2,935 | 209,530 | ||||||
| 5,854,590 | ||||||||
| Pharmaceuticals — 4.2% | ||||||||
| Bristol-Myers Squibb Co. | 12,279 | 702,113 | ||||||
| Eli Lilly & Co. (b) | 1,862 | 2,057,510 | ||||||
| Johnson & Johnson | 12,717 | 2,865,522 | ||||||
| Merck & Co., Inc. | 11,481 | 1,363,024 | ||||||
| Pfizer, Inc. | 4,365 | 114,276 | ||||||
| Zoetis, Inc. | 1,264 | 98,200 | ||||||
| 7,200,645 | ||||||||
| Professional Services — 0.3% | ||||||||
| Automatic Data Processing, Inc. | 1,730 | 383,783 | ||||||
| Paychex, Inc. | 1,782 | 172,819 | ||||||
| 556,602 | ||||||||
See accompanying notes to financial statements.
56
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Semiconductors & Semiconductor Equipment — 17.8% | ||||||||
| Advanced Micro Devices, Inc. (a) | 2,842 | $ | 1,466,756 | |||||
| Analog Devices, Inc. | 2,750 | 1,138,088 | ||||||
| Applied Materials, Inc. | 2,861 | 1,287,622 | ||||||
| Broadcom, Inc. (b) | 16,698 | 7,460,165 | ||||||
| KLA Corp. | 590 | 1,133,809 | ||||||
| Lam Research Corp. | 5,424 | 1,725,808 | ||||||
| Micron Technology, Inc. | 3,862 | 3,750,002 | ||||||
| NVIDIA Corp. (b) | 44,241 | 9,341,045 | ||||||
| Qnity Electronics, Inc. | 772 | 120,432 | ||||||
| QUALCOMM, Inc. | 5,250 | 1,317,855 | ||||||
| Texas Instruments, Inc. | 5,444 | 1,664,122 | ||||||
| 30,405,704 | ||||||||
| Software — 6.7% | ||||||||
| Adobe, Inc. (a) | 1,133 | 293,685 | ||||||
| Intuit, Inc. | 921 | 305,339 | ||||||
| Microsoft Corp. (b) | 17,962 | 8,087,211 | ||||||
| Oracle Corp. | 4,473 | 1,009,914 | ||||||
| Palo Alto Networks, Inc. (a) | 2,207 | 621,690 | ||||||
| Roper Technologies, Inc. | 648 | 210,944 | ||||||
| Salesforce, Inc. | 3,073 | 587,250 | ||||||
| ServiceNow, Inc. (a) | 2,925 | 363,782 | ||||||
| 11,479,815 | ||||||||
| Specialty Retail — 1.9% | ||||||||
| Home Depot, Inc. | 4,910 | 1,557,157 | ||||||
| Lowe’s Cos., Inc. | 2,704 | 579,629 | ||||||
| Ross Stores, Inc. | 1,771 | 410,394 | ||||||
| TJX Cos., Inc. | 4,877 | 754,716 | ||||||
| 3,301,896 | ||||||||
| Technology Hardware, Storage & Peripherals — 6.2% | ||||||||
| Apple, Inc. (b) | 30,257 | 9,442,000 | ||||||
| Hewlett Packard Enterprise Co. | 17,779 | 765,208 | ||||||
| HP, Inc. | 11,307 | 305,741 | ||||||
| 10,512,949 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Nike, Inc. - Class B | 8,037 | 371,551 | ||||||
| Tobacco — 1.0% | ||||||||
| Altria Group, Inc. | 6,095 | 424,090 | ||||||
| Philip Morris International, Inc. | 7,308 | 1,296,293 | ||||||
| 1,720,383 | ||||||||
See accompanying notes to financial statements.
57
| Horizon Equity Premium Income Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Trading Companies & Distributors — 0.1% | ||||||||
| United Rentals, Inc. | 175 | $ | 174,242 | |||||
| Wireless Telecommunication Services — 0.6% | ||||||||
| T-Mobile US, Inc. | 5,601 | 1,050,356 | ||||||
| TOTAL COMMON STOCKS (Cost $109,996,552) | 169,831,241 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.0% (c) | ||||||||
| Specialized REITs — 0.0% (c) | ||||||||
| Millrose Properties, Inc. | 1,350 | 38,097 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $36,515) | 38,097 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.3% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (d) | 511,593 | 511,593 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $511,593) | 511,593 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $110,544,660) | 170,380,931 | |||||||
| Other Assets in Excess of Liabilities — 0.1% | 86,424 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 170,467,355 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $39,764,220. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
58
| Horizon Equity Premium Income Fund Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.1)% | ||||||||||||
| Call Options — (0.1)% | ||||||||||||
| S&P 500 Index, Expiration: 06/04/2026; Exercise Price: $7,655.00 (a)(b) | $ | (113,700,900 | ) | (150 | ) | $ | (148,500 | ) | ||||
| TOTAL WRITTEN OPTIONS (Premiums received $174,981) | $ | (148,500 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
59
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 94.7% | ||||||||
| Aerospace & Defense — 2.3% | ||||||||
| ATI, Inc. (a) | 35,911 | $ | 6,290,171 | |||||
| Curtiss-Wright Corp. | 10,760 | 8,044,284 | ||||||
| Moog, Inc. - Class A | 8,650 | 3,113,740 | ||||||
| 17,448,195 | ||||||||
| Air Freight & Logistics — 0.1% | ||||||||
| Hub Group, Inc. - Class A | 18,583 | 771,938 | ||||||
| Automobile Components — 2.1% | ||||||||
| BorgWarner, Inc. | 114,174 | 8,199,977 | ||||||
| Gentex Corp. | 117,482 | 2,838,365 | ||||||
| Gentherm, Inc. (a) | 22,747 | 789,094 | ||||||
| Lear Corp. | 11,319 | 1,619,975 | ||||||
| Phinia, Inc. | 10,239 | 791,065 | ||||||
| Standard Motor Products, Inc. | 19,690 | 771,651 | ||||||
| Visteon Corp. | 6,653 | 786,983 | ||||||
| 15,797,110 | ||||||||
| Banks — 8.4% | ||||||||
| Ameris Bancorp | 25,831 | 2,177,812 | ||||||
| Associated Banc-Corp. | 103,562 | 2,880,059 | ||||||
| Banner Corp. | 19,910 | 1,294,150 | ||||||
| Cathay General Bancorp | 39,860 | 2,298,327 | ||||||
| Central Pacific Financial Corp. | 22,738 | 781,278 | ||||||
| Commerce Bancshares, Inc. | 91,603 | 4,783,509 | ||||||
| Customers Bancorp, Inc. (a) | 19,763 | 1,484,992 | ||||||
| East West Bancorp, Inc. | 81,837 | 10,028,306 | ||||||
| First Bancorp | 94,059 | 2,255,535 | ||||||
| First Commonwealth Financial Corp. | 67,584 | 1,280,041 | ||||||
| First Financial Bancorp | 68,512 | 2,107,429 | ||||||
| First Hawaiian, Inc. | 53,016 | 1,430,372 | ||||||
| Hanmi Financial Corp. | 26,301 | 792,186 | ||||||
| International Bancshares Corp. | 31,997 | 2,308,903 | ||||||
| NBT Bancorp, Inc. | 26,489 | 1,224,851 | ||||||
| OFG Bancorp | 17,910 | 815,980 | ||||||
| Provident Financial Services, Inc. | 67,832 | 1,505,192 | ||||||
| Texas Capital Bancshares, Inc. | 22,368 | 2,225,392 | ||||||
| Tompkins Financial Corp. | 9,171 | 790,082 | ||||||
| UMB Financial Corp. | 45,100 | 5,919,826 | ||||||
| Westamerica BanCorp | 14,227 | 789,456 | ||||||
| Wintrust Financial Corp. | 39,448 | 5,926,273 | ||||||
| WSFS Financial Corp. | 28,862 | 2,062,190 | ||||||
| Zions Bancorp NA | 95,801 | 5,982,772 | ||||||
| 63,144,913 | ||||||||
See accompanying notes to financial statements.
60
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Beverages — 0.9% | ||||||||
| Coca-Cola Consolidated, Inc. | 27,934 | $ | 4,839,845 | |||||
| National Beverage Corp. (a) | 21,613 | 799,465 | ||||||
| Vita Coco Co., Inc. (a) | 15,598 | 1,171,878 | ||||||
| 6,811,188 | ||||||||
| Biotechnology — 3.8% | ||||||||
| ACADIA Pharmaceuticals, Inc. (a) | 37,015 | 801,745 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 33,356 | 1,910,965 | ||||||
| Exelixis, Inc. (a) | 52,214 | 2,635,763 | ||||||
| Halozyme Therapeutics, Inc. (a) | 11,459 | 762,482 | ||||||
| Neurocrine Biosciences, Inc. (a) | 67,229 | 10,642,350 | ||||||
| United Therapeutics Corp. (a) | 21,573 | 12,012,278 | ||||||
| 28,765,583 | ||||||||
| Broadline Retail — 0.3% | ||||||||
| Etsy, Inc. (a) | 15,806 | 1,073,543 | ||||||
| Macy’s, Inc. | 35,335 | 768,890 | ||||||
| 1,842,433 | ||||||||
| Building Products — 0.7% | ||||||||
| Apogee Enterprises, Inc. | 21,032 | 807,839 | ||||||
| Armstrong World Industries, Inc. | 7,481 | 1,181,250 | ||||||
| AZZ, Inc. | 15,346 | 2,079,536 | ||||||
| Simpson Manufacturing Co., Inc. | 6,235 | 1,183,029 | ||||||
| 5,251,654 | ||||||||
| Capital Markets — 5.1% | ||||||||
| Acadian Asset Management, Inc. | 12,758 | 922,531 | ||||||
| Affiliated Managers Group, Inc. | 15,242 | 4,616,040 | ||||||
| BGC Group, Inc. - Class A | 346,641 | 3,622,398 | ||||||
| Evercore, Inc. - Class A | 23,285 | 7,936,925 | ||||||
| Federated Investors, Inc. | 39,670 | 2,223,900 | ||||||
| Piper Sandler Cos. | 33,219 | 2,604,702 | ||||||
| SEI Investments Co. | 82,146 | 7,218,991 | ||||||
| StoneX Group, Inc. (a) | 48,765 | 5,527,513 | ||||||
| Virtu Financial, Inc. - Class A | 67,562 | 3,388,234 | ||||||
| 38,061,234 | ||||||||
| Chemicals — 1.1% | ||||||||
| Avient Corp. | 21,816 | 772,723 | ||||||
| Balchem Corp. | 15,064 | 2,360,981 | ||||||
| Cabot Corp. | 16,132 | 1,411,711 | ||||||
| Innospec, Inc. | 10,024 | 831,390 | ||||||
| Koppers Holdings, Inc. | 18,980 | 774,384 | ||||||
| Minerals Technologies, Inc. | 18,306 | 1,409,928 | ||||||
| Sensient Technologies Corp. | 8,741 | 995,163 | ||||||
| 8,556,280 | ||||||||
See accompanying notes to financial statements.
61
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Commercial Services & Supplies — 1.8% | ||||||||
| Brady Corp. - Class A | 28,825 | $ | 2,481,256 | |||||
| Clean Harbors, Inc. (a) | 23,668 | 6,651,418 | ||||||
| Healthcare Services Group, Inc. (a) | 38,309 | 789,165 | ||||||
| Interface, Inc. | 26,601 | 787,390 | ||||||
| Liquidity Services, Inc. (a) | 21,751 | 787,604 | ||||||
| OPENLANE, Inc. (a) | 42,272 | 1,610,563 | ||||||
| 13,107,396 | ||||||||
| Communications Equipment — 0.6% | ||||||||
| Calix, Inc. (a) | 19,655 | 781,286 | ||||||
| Digi International, Inc. (a) | 11,733 | 783,765 | ||||||
| Extreme Networks, Inc. (a) | 45,076 | 1,194,965 | ||||||
| NetScout Systems, Inc. (a) | 41,770 | 1,738,467 | ||||||
| 4,498,483 | ||||||||
| Construction & Engineering — 2.6% | ||||||||
| Argan, Inc. | 5,532 | 3,689,955 | ||||||
| Everus Construction Group, Inc. (a) | 17,894 | 2,662,090 | ||||||
| MYR Group, Inc. (a) | 4,648 | 2,161,599 | ||||||
| Sterling Infrastructure, Inc. (a) | 8,235 | 7,089,017 | ||||||
| Valmont Industries, Inc. | 7,663 | 3,983,304 | ||||||
| 19,585,965 | ||||||||
| Consumer Finance — 1.5% | ||||||||
| Bread Financial Holdings, Inc. | 18,370 | 1,636,216 | ||||||
| Encore Capital Group, Inc. (a) | 13,686 | 1,093,922 | ||||||
| Enova International, Inc. (a) | 17,931 | 2,896,036 | ||||||
| FirstCash Holdings, Inc. | 21,498 | 4,727,625 | ||||||
| PROG Holdings, Inc. | 21,044 | 773,788 | ||||||
| 11,127,587 | ||||||||
| Consumer Staples Distribution & Retail — 1.0% | ||||||||
| Andersons, Inc. | 11,018 | 777,761 | ||||||
| Performance Food Group Co. (a) | 39,300 | 3,858,867 | ||||||
| Sprouts Farmers Market, Inc. (a) | 21,870 | 1,806,899 | ||||||
| United Natural Foods, Inc. (a) | 15,332 | 787,298 | ||||||
| 7,230,825 | ||||||||
| Containers & Packaging — 0.3% | ||||||||
| AptarGroup, Inc. | 6,852 | 793,804 | ||||||
| Crown Holdings, Inc. | 9,831 | 934,731 | ||||||
| Sonoco Products Co. | 15,942 | 776,057 | ||||||
| 2,504,592 | ||||||||
See accompanying notes to financial statements.
62
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Diversified Consumer Services — 2.2% | ||||||||
| ADT, Inc. | 411,901 | $ | 2,763,856 | |||||
| Covista, Inc. (a) | 19,182 | 2,259,640 | ||||||
| Frontdoor, Inc. (a) | 32,237 | 2,000,951 | ||||||
| Graham Holdings Co. - Class B | 761 | 835,038 | ||||||
| Grand Canyon Education, Inc. (a) | 13,352 | 2,000,797 | ||||||
| H&R Block, Inc. | 44,070 | 1,696,254 | ||||||
| Laureate Education, Inc. (a) | 51,167 | 1,636,832 | ||||||
| Perdoceo Education Corp. | 45,010 | 1,457,424 | ||||||
| Strategic Education, Inc. | 14,431 | 1,107,579 | ||||||
| Stride, Inc. (a) | 8,483 | 783,659 | ||||||
| 16,542,030 | ||||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Iridium Communications, Inc. | 15,364 | 795,548 | ||||||
| Uniti Group, Inc. (a) | 69,290 | 777,434 | ||||||
| 1,572,982 | ||||||||
| Electrical Equipment — 2.0% | ||||||||
| Acuity, Inc. | 2,655 | 810,067 | ||||||
| EnerSys | 23,223 | 5,294,147 | ||||||
| nVent Electric PLC | 54,017 | 9,020,299 | ||||||
| 15,124,513 | ||||||||
| Electronic Equipment, Instruments & Components — 4.7% | ||||||||
| Arrow Electronics, Inc. (a) | 30,475 | 6,540,849 | ||||||
| Benchmark Electronics, Inc. | 9,362 | 790,715 | ||||||
| CTS Corp. | 16,082 | 1,032,625 | ||||||
| ePlus, Inc. | 8,913 | 731,668 | ||||||
| Flex Ltd. (a) | 60,697 | 9,151,894 | ||||||
| Knowles Corp. (a) | 20,839 | 779,587 | ||||||
| PC Connection, Inc. | 15,409 | 1,072,312 | ||||||
| Rogers Corp. (a) | 5,410 | 765,623 | ||||||
| TD SYNNEX Corp. | 54,869 | 14,336,173 | ||||||
| 35,201,446 | ||||||||
| Energy Equipment & Services — 0.7% | ||||||||
| Bristow Group, Inc. | 18,798 | 782,749 | ||||||
| Kodiak Gas Services, Inc. | 52,530 | 3,511,630 | ||||||
| Patterson-UTI Energy, Inc. | 111,215 | 1,246,720 | ||||||
| 5,541,099 | ||||||||
| Entertainment — 0.2% | ||||||||
| Warner Music Group Corp. - Class A | 45,359 | 1,430,623 | ||||||
See accompanying notes to financial statements.
63
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Financial Services — 2.5% | ||||||||
| Enact Holdings, Inc. | 64,688 | $ | 2,703,312 | |||||
| Essent Group Ltd. | 69,251 | 4,008,940 | ||||||
| MGIC Investment Corp. | 149,746 | 3,776,594 | ||||||
| NMI Holdings, Inc. - Class A (a) | 54,932 | 1,972,059 | ||||||
| Radian Group, Inc. | 72,769 | 2,485,061 | ||||||
| Voya Financial, Inc. | 41,708 | 3,387,524 | ||||||
| 18,333,490 | ||||||||
| Food Products — 1.0% | ||||||||
| Darling Ingredients, Inc. (a) | 102,574 | 6,062,123 | ||||||
| John B Sanfilippo & Son, Inc. | 10,247 | 767,603 | ||||||
| Marzetti Co. | 6,958 | 778,879 | ||||||
| 7,608,605 | ||||||||
| Gas Utilities — 1.2% | ||||||||
| National Fuel Gas Co. | 54,553 | 4,214,219 | ||||||
| New Jersey Resources Corp. | 38,734 | 2,140,054 | ||||||
| Northwest Natural Holding Co. | 15,864 | 769,245 | ||||||
| Southwest Gas Holdings, Inc. | 24,389 | 2,102,576 | ||||||
| 9,226,094 | ||||||||
| Ground Transportation — 0.9% | ||||||||
| Landstar System, Inc. | 12,263 | 2,537,215 | ||||||
| Marten Transport Ltd. | 45,797 | 789,540 | ||||||
| Ryder System, Inc. | 8,955 | 2,246,362 | ||||||
| Schneider National, Inc. - Class B | 23,689 | 837,169 | ||||||
| 6,410,286 | ||||||||
| Health Care Equipment & Supplies — 0.8% | ||||||||
| Globus Medical, Inc. - Class A (a) | 42,439 | 3,474,905 | ||||||
| Haemonetics Corp. (a) | 11,793 | 799,683 | ||||||
| Merit Medical Systems, Inc. (a) | 17,691 | 1,115,595 | ||||||
| Omnicell, Inc. (a) | 18,159 | 801,538 | ||||||
| 6,191,721 | ||||||||
| Health Care Providers & Services — 3.6% | ||||||||
| Addus HomeCare Corp. (a) | 8,377 | 768,003 | ||||||
| AMN Healthcare Services, Inc. (a) | 28,943 | 838,479 | ||||||
| Chemed Corp. | 4,945 | 2,108,597 | ||||||
| Concentra Group Holdings Parent, Inc. | 80,449 | 2,000,767 | ||||||
| CorVel Corp. (a) | 15,428 | 952,679 | ||||||
| Encompass Health Corp. | 59,599 | 6,308,554 | ||||||
| Molina Healthcare, Inc. (a) | 9,475 | 1,644,860 | ||||||
| National HealthCare Corp. | 9,337 | 1,721,929 | ||||||
| Pediatrix Medical Group, Inc. (a) | 36,861 | 793,986 | ||||||
| Progyny, Inc. (a) | 35,510 | 907,636 | ||||||
| Tenet Healthcare Corp. (a) | 49,628 | 8,700,781 | ||||||
| 26,746,271 | ||||||||
See accompanying notes to financial statements.
64
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Health Care Technology — 0.1% | ||||||||
| HealthStream, Inc. | 31,799 | $ | 794,021 | |||||
| Hotels, Restaurants & Leisure — 0.6% | ||||||||
| Aramark | 25,295 | 1,350,247 | ||||||
| BJ’s Restaurants, Inc. (a) | 16,910 | 795,616 | ||||||
| Life Time Group Holdings, Inc. (a) | 29,810 | 986,115 | ||||||
| Monarch Casino & Resort, Inc. | 11,925 | 1,434,100 | ||||||
| 4,566,078 | ||||||||
| Household Durables — 1.9% | ||||||||
| Green Brick Partners, Inc. (a) | 11,621 | 781,629 | ||||||
| La-Z-Boy, Inc. | 20,854 | 783,693 | ||||||
| M/I Homes, Inc. (a) | 8,461 | 1,113,637 | ||||||
| Mohawk Industries, Inc. (a) | 7,417 | 796,734 | ||||||
| Sonos, Inc. (a) | 49,470 | 780,637 | ||||||
| Taylor Morrison Home Corp. (a) | 43,434 | 2,540,889 | ||||||
| Toll Brothers, Inc. | 51,386 | 7,119,016 | ||||||
| 13,916,235 | ||||||||
| Household Products — 0.4% | ||||||||
| Central Garden & Pet Co. - Class A (a) | 42,930 | 1,465,201 | ||||||
| Reynolds Consumer Products, Inc. | 35,758 | 774,876 | ||||||
| WD-40 Co. | 3,862 | 772,284 | ||||||
| 3,012,361 | ||||||||
| Insurance — 5.3% | ||||||||
| CNO Financial Group, Inc. | 55,607 | 2,556,254 | ||||||
| Hanover Insurance Group, Inc. | 26,637 | 4,959,809 | ||||||
| HCI Group, Inc. | 8,966 | 1,381,392 | ||||||
| Horace Mann Educators Corp. | 27,216 | 1,244,588 | ||||||
| Mercury General Corp. | 44,341 | 4,346,748 | ||||||
| Reinsurance Group of America, Inc. | 48,369 | 9,709,593 | ||||||
| RenaissanceRe Holdings Ltd. | 32,948 | 9,236,972 | ||||||
| Selective Insurance Group, Inc. | 46,051 | 3,985,253 | ||||||
| SiriusPoint Ltd. (a) | 80,662 | 1,722,134 | ||||||
| United Fire Group, Inc. | 18,365 | 814,120 | ||||||
| 39,956,863 | ||||||||
| Interactive Media & Services — 0.7% | ||||||||
| Match Group, Inc. | 113,084 | 4,085,725 | ||||||
| QuinStreet, Inc. (a) | 63,931 | 800,416 | ||||||
| 4,886,141 | ||||||||
| IT Services — 1.3% | ||||||||
| Twilio, Inc. - Class A (a) | 49,762 | 9,486,628 | ||||||
See accompanying notes to financial statements.
65
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Leisure Products — 0.1% | ||||||||
| YETI Holdings, Inc. (a) | 16,773 | $ | 804,601 | |||||
| Life Sciences Tools & Services — 0.2% | ||||||||
| Illumina, Inc. (a) | 8,008 | 1,304,984 | ||||||
| Machinery — 5.3% | ||||||||
| Enerpac Tool Group Corp. | 23,187 | 776,533 | ||||||
| ESCO Technologies, Inc. | 7,675 | 2,240,332 | ||||||
| Franklin Electric Co., Inc. | 13,923 | 1,369,745 | ||||||
| Gates Industrial Corp. PLC (a) | 31,350 | 812,592 | ||||||
| Graco, Inc. | 29,836 | 2,251,126 | ||||||
| Lincoln Electric Holdings, Inc. | 11,690 | 3,021,748 | ||||||
| Mueller Industries, Inc. | 77,508 | 9,967,529 | ||||||
| Mueller Water Products, Inc. - Class A | 44,173 | 1,113,601 | ||||||
| Proto Labs, Inc. (a) | 10,613 | 804,041 | ||||||
| RBC Bearings, Inc. (a) | 13,864 | 7,929,653 | ||||||
| Timken Co. | 20,023 | 2,562,544 | ||||||
| Toro Co. | 42,078 | 3,781,971 | ||||||
| Watts Water Technologies, Inc. - Class A | 6,921 | 2,138,451 | ||||||
| Worthington Enterprises, Inc. | 14,195 | 805,850 | ||||||
| 39,575,716 | ||||||||
| Marine Transportation — 1.0% | ||||||||
| Kirby Corp. (a) | 40,429 | 5,683,913 | ||||||
| Matson, Inc. | 9,363 | 1,697,512 | ||||||
| 7,381,425 | ||||||||
| Media — 1.3% | ||||||||
| DoubleVerify Holdings, Inc. (a) | 81,439 | 789,958 | ||||||
| John Wiley & Sons, Inc. - Class A | 18,956 | 797,669 | ||||||
| New York Times Co. - Class A | 66,382 | 4,992,590 | ||||||
| Versant Media Group, Inc. | 64,674 | 2,790,036 | ||||||
| 9,370,253 | ||||||||
| Metals & Mining — 2.3% | ||||||||
| Alcoa Corp. | 64,871 | 5,036,584 | ||||||
| Century Aluminum Co. (a) | 24,090 | 1,589,217 | ||||||
| Commercial Metals Co. | 10,291 | 782,631 | ||||||
| Kaiser Aluminum Corp. | 7,413 | 1,349,463 | ||||||
| Reliance, Inc. | 22,685 | 8,637,767 | ||||||
| 17,395,662 | ||||||||
| Multi-Utilities — 0.2% | ||||||||
| Avista Corp. | 18,979 | 787,059 | ||||||
| Unitil Corp. | 15,432 | 772,063 | ||||||
| 1,559,122 | ||||||||
See accompanying notes to financial statements.
66
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 8.0% | ||||||||
| Antero Resources Corp. (a) | 250,398 | $ | 8,951,728 | |||||
| Crescent Energy Co. - Class A | 156,008 | 1,803,452 | ||||||
| Dorian LPG Ltd. | 30,114 | 1,211,185 | ||||||
| HF Sinclair Corp. | 139,020 | 9,716,108 | ||||||
| International Seaways, Inc. | 36,691 | 2,832,178 | ||||||
| Magnolia Oil & Gas Corp. - Class A | 104,222 | 2,851,514 | ||||||
| Ovintiv, Inc. | 216,539 | 12,134,846 | ||||||
| Par Pacific Holdings, Inc. (a) | 27,312 | 1,533,842 | ||||||
| Permian Resources Corp. | 549,972 | 10,575,962 | ||||||
| REX American Resources Corp. (a) | 21,170 | 989,909 | ||||||
| SM Energy Co. | 195,093 | 5,991,306 | ||||||
| Talos Energy, Inc. (a) | 92,591 | 1,358,310 | ||||||
| 59,950,340 | ||||||||
| Passenger Airlines — 0.1% | ||||||||
| SkyWest, Inc. (a) | 9,212 | 789,008 | ||||||
| Pharmaceuticals — 1.2% | ||||||||
| ANI Pharmaceuticals, Inc. (a) | 9,642 | 756,993 | ||||||
| Harmony Biosciences Holdings, Inc. (a) | 27,186 | 858,806 | ||||||
| Indivior Pharmaceuticals, Inc. (a) | 21,656 | 780,049 | ||||||
| Innoviva, Inc. (a) | 46,140 | 988,319 | ||||||
| Jazz Pharmaceuticals PLC (a) | 17,103 | 4,044,688 | ||||||
| Prestige Consumer Healthcare, Inc. (a) | 16,289 | 774,216 | ||||||
| Supernus Pharmaceuticals, Inc. (a) | 16,892 | 780,073 | ||||||
| 8,983,144 | ||||||||
| Professional Services — 1.4% | ||||||||
| Booz Allen Hamilton Holding Corp. | 52,970 | 4,194,165 | ||||||
| ExlService Holdings, Inc. (a) | 71,408 | 2,072,974 | ||||||
| Genpact Ltd. | 55,071 | 1,814,589 | ||||||
| Korn Ferry | 19,962 | 1,396,941 | ||||||
| Maximus, Inc. | 17,202 | 1,065,320 | ||||||
| 10,543,989 | ||||||||
| Real Estate Management & Development — 0.9% | ||||||||
| Jones Lang LaSalle, Inc. (a) | 17,876 | 5,046,574 | ||||||
| St Joe Co. | 27,988 | 1,780,876 | ||||||
| 6,827,450 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.2% | ||||||||
| Amkor Technology, Inc. | 31,277 | 2,175,628 | ||||||
| Axcelis Technologies, Inc. (a) | 5,068 | 762,278 | ||||||
| Cirrus Logic, Inc. (a) | 24,634 | 4,186,548 | ||||||
| Diodes, Inc. (a) | 13,631 | 1,435,617 | ||||||
| Kulicke & Soffa Industries, Inc. | 7,944 | 809,414 | ||||||
| Lattice Semiconductor Corp. (a) | 20,397 | 2,999,991 | ||||||
See accompanying notes to financial statements.
67
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 22,557 | $ | 8,225,184 | |||||
| Onto Innovation, Inc. (a) | 10,159 | 2,623,460 | ||||||
| Universal Display Corp. | 8,497 | 782,744 | ||||||
| 24,000,864 | ||||||||
| Software — 1.8% | ||||||||
| Adeia, Inc. | 28,837 | 770,525 | ||||||
| Alarm.com Holdings, Inc. (a) | 17,842 | 804,853 | ||||||
| Clear Secure, Inc. - Class A | 50,047 | 2,775,106 | ||||||
| Docusign, Inc. (a) | 21,940 | 1,152,289 | ||||||
| Dropbox, Inc. - Class A (a) | 30,170 | 810,970 | ||||||
| Dynatrace, Inc. (a) | 53,845 | 2,293,259 | ||||||
| Nutanix, Inc. - Class A (a) | 18,618 | 969,439 | ||||||
| Qualys, Inc. (a) | 11,648 | 1,273,010 | ||||||
| RingCentral, Inc. - Class A | 18,879 | 817,649 | ||||||
| SPS Commerce, Inc. (a) | 14,679 | 833,033 | ||||||
| Teradata Corp. (a) | 33,186 | 1,129,983 | ||||||
| 13,630,116 | ||||||||
| Specialty Retail — 2.7% | ||||||||
| Abercrombie & Fitch Co. - Class A (a) | 9,909 | 765,173 | ||||||
| Asbury Automotive Group, Inc. (a) | 4,082 | 766,232 | ||||||
| Bath & Body Works, Inc. | 39,390 | 788,588 | ||||||
| Buckle, Inc. | 21,490 | 985,747 | ||||||
| Burlington Stores, Inc. (a) | 3,122 | 1,010,997 | ||||||
| Five Below, Inc. (a) | 27,846 | 6,331,067 | ||||||
| Murphy USA, Inc. | 13,243 | 6,701,355 | ||||||
| Sally Beauty Holdings, Inc. (a) | 59,364 | 788,354 | ||||||
| Upbound Group, Inc. | 41,272 | 792,835 | ||||||
| Urban Outfitters, Inc. (a) | 18,948 | 1,376,572 | ||||||
| 20,306,920 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| Carter’s, Inc. | 19,248 | 742,780 | ||||||
| G-III Apparel Group Ltd. | 23,992 | 775,661 | ||||||
| Kontoor Brands, Inc. | 10,607 | 761,265 | ||||||
| Wolverine World Wide, Inc. | 43,694 | 766,830 | ||||||
| 3,046,536 | ||||||||
| Trading Companies & Distributors — 1.5% | ||||||||
| Applied Industrial Technologies, Inc. | 21,474 | 6,524,016 | ||||||
| MSC Industrial Direct Co., Inc. - Class A | 10,355 | 1,133,562 | ||||||
| Rush Enterprises, Inc. - Class A | 15,966 | 1,106,923 | ||||||
| WESCO International, Inc. | 6,609 | 2,386,972 | ||||||
| 11,151,473 | ||||||||
See accompanying notes to financial statements.
68
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Water Utilities — 0.1% | ||||||||
| American States Water Co. | 13,405 | $ | 1,035,804 | |||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| Telephone and Data Systems, Inc. | 20,355 | 796,084 | ||||||
| TOTAL COMMON STOCKS (Cost $647,190,927) | 709,506,354 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 5.1% | ||||||||
| Commercial Services & Supplies — 0.3% | ||||||||
| CoreCivic, Inc. (a) | 55,536 | 1,170,699 | ||||||
| GEO Group, Inc. (a) | 47,681 | 1,080,928 | ||||||
| 2,251,627 | ||||||||
| Diversified REITs — 0.2% | ||||||||
| American Assets Trust, Inc. | 34,828 | 811,492 | ||||||
| Broadstone Net Lease, Inc. | 49,799 | 1,007,434 | ||||||
| 1,818,926 | ||||||||
| Health Care REITs — 1.2% | ||||||||
| LTC Properties, Inc. | 20,612 | 771,095 | ||||||
| Omega Healthcare Investors, Inc. | 161,175 | 7,536,543 | ||||||
| Universal Health Realty Income Trust | 18,767 | 777,892 | ||||||
| 9,085,530 | ||||||||
| Hotel & Resort REITs — 1.0% | ||||||||
| Apple Hospitality REIT, Inc. | 148,726 | 2,184,785 | ||||||
| Ryman Hospitality Properties, Inc. | 24,964 | 2,874,105 | ||||||
| Sunstone Hotel Investors, Inc. | 112,957 | 1,222,195 | ||||||
| Xenia Hotels & Resorts, Inc. | 45,324 | 787,278 | ||||||
| 7,068,363 | ||||||||
| Office REITs — 0.1% | ||||||||
| Easterly Government Properties, Inc. | 32,585 | 781,388 | ||||||
| Residential REITs — 0.7% | ||||||||
| American Homes 4 Rent - Class A | 157,992 | 5,068,384 | ||||||
| Retail REITs — 1.2% | ||||||||
| Brixmor Property Group, Inc. | 134,385 | 4,106,806 | ||||||
| NNN REIT, Inc. | 46,350 | 2,063,038 | ||||||
| Phillips Edison & Co., Inc. | 40,141 | 1,611,661 | ||||||
| Urban Edge Properties | 48,861 | 1,096,441 | ||||||
| 8,877,946 | ||||||||
See accompanying notes to financial statements.
69
| Horizon Multi-Factor Small/Mid Cap Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Specialized REITs — 0.4% | ||||||||
| Four Corners Property Trust, Inc. | 39,760 | $ | 990,024 | |||||
| Outfront Media, Inc. (a) | 67,121 | 2,163,981 | ||||||
| 3,154,005 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $36,369,655) | 38,106,169 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.2% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (b) | 1,557,882 | 1,557,882 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $1,557,882) | 1,557,882 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $685,118,464) | 749,170,405 | |||||||
| Other Assets in Excess of Liabilities — 0.0% (c) | 175,623 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 749,346,028 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
| (c) | Represents less than 0.05% of net assets. |
See accompanying notes to financial statements.
70
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 97.0% | ||||||||
| Aerospace & Defense — 2.5% | ||||||||
| General Dynamics Corp. | 14,585 | $ | 5,058,370 | |||||
| Howmet Aerospace, Inc. | 16,393 | 4,233,492 | ||||||
| Huntington Ingalls Industries, Inc. | 3,153 | 971,660 | ||||||
| L3Harris Technologies, Inc. | 4,582 | 1,444,155 | ||||||
| Lockheed Martin Corp. | 8,349 | 4,428,727 | ||||||
| Northrop Grumman Corp. | 3,723 | 2,098,580 | ||||||
| Textron, Inc. | 15,430 | 1,415,857 | ||||||
| 19,650,841 | ||||||||
| Air Freight & Logistics — 0.9% | ||||||||
| Expeditors International of Washington, Inc. | 8,751 | 1,382,571 | ||||||
| FedEx Corp. | 13,391 | 5,513,744 | ||||||
| 6,896,315 | ||||||||
| Automobiles — 0.5% | ||||||||
| General Motors Co. | 44,015 | 3,663,809 | ||||||
| Banks — 0.8% | ||||||||
| KeyCorp | 92,271 | 1,968,141 | ||||||
| M&T Bank Corp. | 5,055 | 1,092,436 | ||||||
| US Bancorp | 57,479 | 3,152,723 | ||||||
| 6,213,300 | ||||||||
| Beverages — 2.1% | ||||||||
| Coca-Cola Co. | 88,233 | 6,971,289 | ||||||
| Monster Beverage Corp. (a) | 39,253 | 3,457,404 | ||||||
| PepsiCo, Inc. | 39,971 | 5,763,419 | ||||||
| 16,192,112 | ||||||||
| Biotechnology — 2.2% | ||||||||
| Biogen, Inc. (a) | 8,899 | 1,744,204 | ||||||
| Gilead Sciences, Inc. | 51,638 | 6,941,696 | ||||||
| Incyte Corp. (a) | 15,154 | 1,465,998 | ||||||
| Regeneron Pharmaceuticals, Inc. | 5,684 | 3,494,410 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 8,143 | 3,644,318 | ||||||
| 17,290,626 | ||||||||
| Building Products — 0.1% | ||||||||
| Allegion PLC | 8,358 | 1,087,125 | ||||||
| Capital Markets — 3.4% | ||||||||
| Bank of New York Mellon Corp. | 28,134 | 3,922,724 | ||||||
| CBOE Global Markets, Inc. | 7,944 | 2,649,801 | ||||||
| Charles Schwab Corp. | 58,055 | 5,071,104 | ||||||
| Interactive Brokers Group, Inc. - Class A | 21,558 | 1,874,899 | ||||||
| Intercontinental Exchange, Inc. | 13,663 | 2,020,075 | ||||||
See accompanying notes to financial statements.
71
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Moody’s Corp. | 3,866 | $ | 1,752,264 | |||||
| Nasdaq, Inc. | 20,004 | 1,850,770 | ||||||
| Northern Trust Corp. | 10,886 | 1,801,089 | ||||||
| S&P Global, Inc. | 6,121 | 2,595,304 | ||||||
| State Street Corp. | 19,544 | 3,041,828 | ||||||
| 26,579,858 | ||||||||
| Chemicals — 1.3% | ||||||||
| CF Industries Holdings, Inc. | 15,631 | 1,756,143 | ||||||
| Corteva, Inc. | 31,235 | 2,445,076 | ||||||
| Linde PLC | 12,257 | 6,100,186 | ||||||
| 10,301,405 | ||||||||
| Commercial Services & Supplies — 0.8% | ||||||||
| Cintas Corp. | 9,888 | 1,693,419 | ||||||
| Republic Services, Inc. | 14,351 | 2,876,514 | ||||||
| Veralto Corp. | 18,069 | 1,485,814 | ||||||
| 6,055,747 | ||||||||
| Communications Equipment — 1.8% | ||||||||
| Arista Networks, Inc. (a) | 42,412 | 6,763,442 | ||||||
| Ciena Corp. (a) | 8,231 | 4,775,873 | ||||||
| F5, Inc. (a) | 6,929 | 2,656,925 | ||||||
| 14,196,240 | ||||||||
| Construction & Engineering — 0.7% | ||||||||
| Comfort Systems USA, Inc. | 1,671 | 3,054,939 | ||||||
| EMCOR Group, Inc. | 2,907 | 2,403,566 | ||||||
| 5,458,505 | ||||||||
| Consumer Staples Distribution & Retail — 1.5% | ||||||||
| Costco Wholesale Corp. | 10,657 | 10,191,502 | ||||||
| Dollar General Corp. | 15,407 | 1,704,168 | ||||||
| 11,895,670 | ||||||||
| Containers & Packaging — 0.2% | ||||||||
| Ball Corp. | 26,349 | 1,440,500 | ||||||
| Diversified Telecommunication Services — 1.4% | ||||||||
| AT&T, Inc. | 298,098 | 7,392,830 | ||||||
| Comcast Corp. - Class A | 137,885 | 3,429,200 | ||||||
| 10,822,030 | ||||||||
| Electric Utilities — 1.5% | ||||||||
| American Electric Power Co., Inc. | 18,828 | 2,384,943 | ||||||
| Duke Energy Corp. | 12,004 | 1,473,251 | ||||||
| Edison International | 28,659 | 2,004,410 | ||||||
| Eversource Energy | 21,112 | 1,441,316 | ||||||
| Exelon Corp. | 31,191 | 1,423,557 | ||||||
See accompanying notes to financial statements.
72
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| FirstEnergy Corp. | 22,056 | $ | 1,023,178 | |||||
| PG&E Corp. | 125,869 | 2,056,700 | ||||||
| 11,807,355 | ||||||||
| Electrical Equipment — 0.4% | ||||||||
| AMETEK, Inc. | 13,002 | 2,936,502 | ||||||
| Electronic Equipment, Instruments & Components — 1.5% | ||||||||
| Amphenol Corp. - Class A | 23,075 | 3,432,637 | ||||||
| Keysight Technologies, Inc. (a) | 13,150 | 4,449,039 | ||||||
| TE Connectivity PLC | 18,207 | 3,885,556 | ||||||
| 11,767,232 | ||||||||
| Entertainment — 0.1% | ||||||||
| TKO Group Holdings, Inc. | 4,974 | 1,020,565 | ||||||
| Financial Services — 5.2% | ||||||||
| Berkshire Hathaway, Inc. - Class B (a) | 66,649 | 31,623,617 | ||||||
| MasterCard, Inc. - Class A | 18,307 | 9,043,292 | ||||||
| 40,666,909 | ||||||||
| Food Products — 0.2% | ||||||||
| Tyson Foods, Inc. - Class A | 21,084 | 1,286,546 | ||||||
| Ground Transportation — 0.3% | ||||||||
| JB Hunt Transport Services, Inc. | 7,630 | 2,109,161 | ||||||
| Health Care Equipment & Supplies — 0.2% | ||||||||
| Edwards Lifesciences Corp. (a) | 15,082 | 1,304,141 | ||||||
| Health Care Providers & Services — 2.5% | ||||||||
| Cardinal Health, Inc. | 12,082 | 2,377,738 | ||||||
| Centene Corp. (a) | 43,999 | 2,622,340 | ||||||
| Cigna Group | 5,944 | 1,648,866 | ||||||
| CVS Health Corp. | 33,055 | 3,007,344 | ||||||
| HCA Healthcare, Inc. | 10,764 | 4,074,605 | ||||||
| McKesson Corp. | 3,889 | 2,887,349 | ||||||
| Quest Diagnostics, Inc. | 8,905 | 1,735,584 | ||||||
| Universal Health Services, Inc. - Class B | 6,626 | 968,125 | ||||||
| 19,321,951 | ||||||||
| Hotels, Restaurants & Leisure — 1.5% | ||||||||
| Airbnb, Inc. - Class A (a) | 15,449 | 2,059,506 | ||||||
| Darden Restaurants, Inc. | 7,056 | 1,438,789 | ||||||
| Domino’s Pizza, Inc. | 3,904 | 1,212,504 | ||||||
| Las Vegas Sands Corp. | 37,606 | 1,901,736 | ||||||
| McDonald’s Corp. | 12,032 | 3,359,334 | ||||||
| Yum! Brands, Inc. | 10,119 | 1,497,106 | ||||||
| 11,468,975 | ||||||||
See accompanying notes to financial statements.
73
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Household Durables — 0.7% | ||||||||
| Garmin, Ltd. | 11,655 | $ | 2,726,337 | |||||
| NVR, Inc. (a) | 271 | 1,654,401 | ||||||
| PulteGroup, Inc. | 12,048 | 1,423,833 | ||||||
| 5,804,571 | ||||||||
| Household Products — 1.2% | ||||||||
| Church & Dwight Co., Inc. | 13,061 | 1,249,024 | ||||||
| Colgate-Palmolive Co. | 15,329 | 1,381,603 | ||||||
| Procter & Gamble Co. | 46,031 | 6,608,210 | ||||||
| 9,238,837 | ||||||||
| Industrial Conglomerates — 0.3% | ||||||||
| Honeywell International, Inc. | 9,678 | 2,302,009 | ||||||
| Insurance — 2.8% | ||||||||
| Allstate Corp. | 13,609 | 2,804,679 | ||||||
| Arch Capital Group Ltd. (a) | 18,671 | 1,668,067 | ||||||
| Chubb Ltd. | 19,262 | 6,004,543 | ||||||
| Cincinnati Financial Corp. | 12,041 | 1,895,494 | ||||||
| Globe Life, Inc. | 10,064 | 1,542,208 | ||||||
| Hartford Insurance Group, Inc. | 19,058 | 2,422,844 | ||||||
| Loews Corp. | 16,460 | 1,704,433 | ||||||
| Travelers Cos., Inc. | 12,434 | 3,629,360 | ||||||
| 21,671,628 | ||||||||
| Interactive Media & Services — 9.1% | ||||||||
| Alphabet, Inc. - Class A | 119,740 | 45,541,912 | ||||||
| Meta Platforms, Inc. - Class A | 40,167 | 25,406,029 | ||||||
| 70,947,941 | ||||||||
| IT Services — 1.0% | ||||||||
| Accenture PLC - Class A | 16,236 | 3,037,268 | ||||||
| Cognizant Technology Solutions Corp. - Class A | 33,756 | 1,882,066 | ||||||
| VeriSign, Inc. | 9,219 | 2,630,918 | ||||||
| 7,550,252 | ||||||||
| Machinery — 1.3% | ||||||||
| Cummins, Inc. | 3,951 | 2,554,835 | ||||||
| IDEX Corp. | 7,538 | 1,589,236 | ||||||
| Nordson Corp. | 5,635 | 1,619,105 | ||||||
| Otis Worldwide Corp. | 15,215 | 1,077,831 | ||||||
| Snap-on, Inc. | 2,986 | 1,108,433 | ||||||
| Wabtec Corp. | 9,477 | 2,475,013 | ||||||
| 10,424,453 | ||||||||
| Media — 0.2% | ||||||||
| News Corp. - Class A | 54,085 | 1,411,618 | ||||||
See accompanying notes to financial statements.
74
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 1.4% | ||||||||
| Freeport-McMoRan, Inc. | 38,806 | $ | 2,549,942 | |||||
| Newmont Goldcorp Corp. | 55,122 | 6,052,947 | ||||||
| Nucor Corp. | 7,735 | 1,933,750 | ||||||
| 10,536,639 | ||||||||
| Multi-Utilities — 0.5% | ||||||||
| Ameren Corp. | 16,469 | 1,778,158 | ||||||
| Consolidated Edison, Inc. | 18,363 | 1,939,684 | ||||||
| 3,717,842 | ||||||||
| Oil, Gas & Consumable Fuels — 6.9% | ||||||||
| APA Corp. | 42,721 | 1,556,326 | ||||||
| Chevron Corp. | 86,872 | 15,850,665 | ||||||
| ConocoPhillips | 57,970 | 6,607,421 | ||||||
| Devon Energy Corp. | 50,021 | 2,225,434 | ||||||
| EQT Corp. | 41,978 | 2,305,852 | ||||||
| Expand Energy Corp. | 18,332 | 1,704,509 | ||||||
| Exxon Mobil Corp. | 135,794 | 19,725,436 | ||||||
| Williams Cos., Inc. | 51,330 | 3,664,449 | ||||||
| 53,640,092 | ||||||||
| Pharmaceuticals — 6.4% | ||||||||
| Bristol-Myers Squibb Co. | 88,647 | 5,068,836 | ||||||
| Eli Lilly & Co. | 12,204 | 13,485,420 | ||||||
| Johnson & Johnson | 81,977 | 18,471,877 | ||||||
| Merck & Co., Inc. | 91,422 | 10,853,620 | ||||||
| Viatris, Inc. | 104,370 | 1,697,056 | ||||||
| 49,576,809 | ||||||||
| Professional Services — 0.3% | ||||||||
| Broadridge Financial Solutions, Inc. | 7,437 | 1,143,215 | ||||||
| Leidos Holdings, Inc. | 11,106 | 1,419,347 | ||||||
| 2,562,562 | ||||||||
| Real Estate Management & Development — 0.1% | ||||||||
| CBRE Group, Inc. - Class A (a) | 7,972 | 996,819 | ||||||
| Semiconductors & Semiconductor Equipment — 14.4% | ||||||||
| Analog Devices, Inc. | 18,245 | 7,550,694 | ||||||
| Applied Materials, Inc. | 24,754 | 11,140,785 | ||||||
| Lam Research Corp. | 31,651 | 10,070,715 | ||||||
| Micron Technology, Inc. | 42,279 | 41,052,909 | ||||||
| NVIDIA Corp. | 198,743 | 41,962,597 | ||||||
| 111,777,700 | ||||||||
See accompanying notes to financial statements.
75
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Software — 7.7% | ||||||||
| Adobe, Inc. (a) | 16,538 | $ | 4,286,815 | |||||
| Autodesk, Inc. (a) | 8,510 | 1,968,448 | ||||||
| Cadence Design Systems, Inc. (a) | 7,327 | 2,747,112 | ||||||
| Microsoft Corp. | 90,845 | 40,902,053 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 38,504 | 6,027,416 | ||||||
| PTC, Inc. (a) | 12,440 | 1,725,801 | ||||||
| Synopsys, Inc. (a) | 5,079 | 2,415,674 | ||||||
| 60,073,319 | ||||||||
| Specialty Retail — 2.4% | ||||||||
| Home Depot, Inc. | 8,895 | 2,820,960 | ||||||
| Lowe’s Cos., Inc. | 6,871 | 1,472,867 | ||||||
| Ross Stores, Inc. | 20,431 | 4,734,476 | ||||||
| TJX Cos., Inc. | 50,596 | 7,829,731 | ||||||
| Ulta Beauty, Inc. (a) | 3,213 | 1,634,935 | ||||||
| 18,492,969 | ||||||||
| Technology Hardware, Storage & Peripherals — 5.7% | ||||||||
| Apple, Inc. | 141,216 | 44,067,865 | ||||||
| Tobacco — 1.0% | ||||||||
| Altria Group, Inc. | 27,789 | 1,933,559 | ||||||
| Philip Morris International, Inc. | 34,411 | 6,103,823 | ||||||
| 8,037,382 | ||||||||
| TOTAL COMMON STOCKS (Cost $638,826,097) | 754,264,727 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 2.6% | ||||||||
| Hotel & Resort REITs — 0.2% | ||||||||
| Host Hotels & Resorts, Inc. | 81,439 | 1,871,468 | ||||||
| Residential REITs — 0.4% | ||||||||
| Equity Residential | 20,445 | 1,338,125 | ||||||
| Invitation Homes, Inc. | 59,870 | 1,751,198 | ||||||
| 3,089,323 | ||||||||
| Retail REITs — 0.7% | ||||||||
| Federal Realty Investment Trust | 10,936 | 1,308,274 | ||||||
| Realty Income Corp. | 22,745 | 1,393,814 | ||||||
| Regency Centers Corp. | 15,670 | 1,212,074 | ||||||
| Simon Property Group, Inc. | 8,438 | 1,729,030 | ||||||
| 5,643,192 | ||||||||
See accompanying notes to financial statements.
76
| Horizon Multi-Factor U.S. Equity Fund Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Specialized REITs — 1.3% | ||||||||
| American Tower Corp. | 16,518 | $ | 3,088,205 | |||||
| Equinix, Inc. | 3,821 | 4,080,981 | ||||||
| SBA Communications Corp. | 6,556 | 1,331,917 | ||||||
| VICI Properties, Inc. | 45,469 | 1,283,135 | ||||||
| 9,784,238 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18,931,451) | 20,388,221 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.3% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (b) | 2,556,668 | 2,556,668 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $2,556,668) | 2,556,668 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $660,314,216) | 777,209,616 | |||||||
| Other Assets in Excess of Liabilities — 0.1% | 699,034 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 777,908,650 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
77
| Horizon Tactical Fixed Income Fund Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 99.9% | ||||||||
| iShares J.P. Morgan USD Emerging Markets Bond ETF (a) | 160,740 | $ | 15,500,158 | |||||
| iShares Preferred and Income Securities ETF (a) | 182,562 | 5,761,657 | ||||||
| State Street Blackstone Senior Loan ETF (a)(b) | 1,213,143 | 49,192,949 | ||||||
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 233,183 | 21,373,554 | ||||||
| State Street SPDR Bloomberg Convertible Securities ETF (a) | 272,040 | 29,407,524 | ||||||
| VanEck Fallen Angel High Yield Bond ETF | 753,692 | 22,030,417 | ||||||
| Xtrackers USD High Yield Corporate Bond ETF | 1,060,959 | 38,905,366 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $178,791,836) | 182,171,625 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 34.0% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (c) | 61,926,088 | 61,926,088 | ||||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $61,926,088) | 61,926,088 | |||||||
| MONEY MARKET FUNDS — 0.2% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (c) | 409,453 | 409,453 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $409,453) | 409,453 | |||||||
| TOTAL INVESTMENTS — 134.1% (Cost $241,127,377) | 244,507,166 | |||||||
| Liabilities in Excess of Other Assets — (34.1)% | (62,136,209 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 182,370,957 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $60,627,437. |
| (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 yield as of May 31, 2026. |
See accompanying notes to financial statements.
78
Horizon Funds
Statements of Assets and Liabilities
May 31, 2026 (Unaudited)
| Centre American Select Equity Fund |
Centre Global Infrastructure Fund |
Horizon Active Asset Allocation Fund |
Horizon Active Income Fund |
Horizon Active Risk Assist® Fund |
||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments, at value | $ | 477,145,584 | $ | 83,435,228 | $ | 908,037,262 | $ | 300,364,299 | $ | 1,619,233,191 | ||||||||||
| Receivable for fund shares sold | 980,981 | 810,114 | 132,487 | 129,789 | 781,361 | |||||||||||||||
| Dividends receivable | 431,333 | 240,165 | 103,147 | 67,584 | 165,448 | |||||||||||||||
| Dividend tax reclaims receivable | 23,537 | 51,458 | 3,804 | — | 8,503 | |||||||||||||||
| Deposits at broker for securities sold short | 787 | — | — | — | 12 | |||||||||||||||
| Receivable for investments sold | — | 363,040 | 2,028,670 | — | 2,236,070 | |||||||||||||||
| Security lending income receivable | — | — | 18,515 | 10,749 | 17,216 | |||||||||||||||
| Foreign currency, at value | — | 6,655 | — | — | — | |||||||||||||||
| Deferred organizational expenses | — | 222 | — | — | — | |||||||||||||||
| Prepaid expenses and other assets | 37,876 | 34,243 | 51,609 | 33,919 | 50,521 | |||||||||||||||
| Total assets | 478,620,098 | 84,941,125 | 910,375,494 | 300,606,340 | 1,622,492,322 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value | — | — | 492,000 | — | 5,250,500 | |||||||||||||||
| Payable for fund shares redeemed | 6,955,387 | 23,104 | 817,343 | 281,051 | 796,220 | |||||||||||||||
| Payable to Adviser | 292,346 | 56,755 | 657,464 | 201,386 | 1,323,917 | |||||||||||||||
| Payable for distribution and shareholder servicing fees | 175,345 | 56,364 | 57,274 | 26,434 | 113,364 | |||||||||||||||
| Payable for fund administration and accounting fees | 47,177 | 19,882 | 94,015 | 39,942 | 148,057 | |||||||||||||||
| Payable for transfer agent fees and expenses | 22,741 | 11,673 | 66,929 | 22,220 | 45,062 | |||||||||||||||
| Payable for custodian fees | 12,271 | 9,350 | 8,278 | 2,612 | 15,003 | |||||||||||||||
| Payable for audit fees | 11,688 | 11,486 | 11,575 | 11,675 | 11,192 | |||||||||||||||
| Interest payable | — | — | 3,264 | 8,608 | 37,020 | |||||||||||||||
| Payable for investments purchased | — | 1,009 | 2,093,782 | — | 4,250,254 | |||||||||||||||
| Payable upon return of securities loaned | — | — | 124,509,872 | 8,850,900 | 13,473,182 | |||||||||||||||
| Payable for expenses and other liabilities | 16,247 | 1,955 | 31,360 | 7,420 | 3,173 | |||||||||||||||
| Total liabilities | 7,533,202 | 191,578 | 128,843,156 | 9,452,248 | 25,466,944 | |||||||||||||||
| NET ASSETS | $ | 471,086,896 | $ | 84,749,547 | $ | 781,532,338 | $ | 291,154,092 | $ | 1,597,025,378 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 341,276,267 | $ | 91,782,924 | $ | 593,610,815 | $ | 378,637,636 | $ | 1,288,683,879 | ||||||||||
| Total distributable earnings/(accumulated losses) | 129,810,629 | (7,033,377 | ) | 187,921,523 | (87,483,544 | ) | 308,341,499 | |||||||||||||
| Total net assets | $ | 471,086,896 | $ | 84,749,547 | $ | 781,532,338 | $ | 291,154,092 | $ | 1,597,025,378 | ||||||||||
See accompanying notes to financial statements.
79
| Horizon Funds STATEMENTS OF ASSETS AND LIABILITIES (Continued) May 31, 2026 (Unaudited) |
| Centre American Select Equity Fund |
Centre Global Infrastructure Fund |
Horizon Active Asset Allocation Fund |
Horizon Active Income Fund |
Horizon Active Risk Assist® Fund |
||||||||||||||||
| Advisor Class | ||||||||||||||||||||
| Net assets | $ | 211,901,783 | $ | 29,562,632 | $ | 650,207 | $ | 1,174,325 | $ | 3,037,389 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 12,970,243 | 2,035,542 | 39,346 | 145,575 | 108,701 | |||||||||||||||
| Net asset value per share | $ | 16.34 | $ | 14.52 | $ | 16.53 | $ | 8.07 | $ | 27.94 | ||||||||||
| Institutional Class | ||||||||||||||||||||
| Net assets | $ | — | $ | — | $ | 46,052,101 | $ | 2,033,908 | $ | 8,636,783 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | — | — | 2,760,262 | 255,663 | 306,653 | |||||||||||||||
| Net asset value per share | $ | — | $ | — | $ | 16.68 | $ | 7.96 | $ | 28.16 | ||||||||||
| Investor Class | ||||||||||||||||||||
| Net assets | $ | 259,185,113 | $ | 55,186,915 | $ | 734,830,030 | $ | 287,945,859 | $ | 1,585,351,206 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 15,073,915 | 3,807,891 | 44,226,169 | 36,014,441 | 56,515,958 | |||||||||||||||
| Net asset value per share | $ | 17.19 | $ | 14.49 | $ | 16.62 | $ | 8.00 | $ | 28.05 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments, at cost | $ | 391,925,182 | $ | 61,075,269 | $ | 764,036,176 | $ | 299,272,822 | $ | 1,271,052,226 | ||||||||||
| Foreign currency, at cost | $ | — | $ | 6,772 | $ | — | $ | — | $ | — | ||||||||||
| PROCEEDS: | ||||||||||||||||||||
| Written options premium received | $ | — | $ | — | $ | 482,156 | $ | — | $ | 5,660,995 | ||||||||||
| LOANED SECURITIES: | ||||||||||||||||||||
| at value (included in investments) | $ | — | $ | — | $ | 122,068,386 | $ | 8,661,146 | $ | 13,116,386 | ||||||||||
See accompanying notes to financial statements.
80
| Horizon Funds STATEMENTS OF ASSETS AND LIABILITIES (Continued) May 31, 2026 (Unaudited) |
| Horizon Defensive Core Fund |
Horizon Defined Risk Fund |
Horizon Equity Premium Income Fund |
Horizon Multi- Factor Small/ Mid Cap Fund |
Horizon Multi- Factor U.S. Equity Fund |
||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments, at value | $ | 530,988,340 | $ | 1,113,310,180 | $ | 170,380,931 | $ | 749,170,405 | $ | 777,209,616 | ||||||||||
| Dividends receivable | 384,649 | 918,595 | 190,987 | 471,890 | 856,022 | |||||||||||||||
| Receivable for fund shares sold | 107,310 | 1,327,981 | 216,334 | 854,907 | 772,098 | |||||||||||||||
| Dividend tax reclaims receivable | 2,044 | 2,988 | 74,062 | — | 3,580 | |||||||||||||||
| Security lending income receivable | — | 1,052 | — | 58 | — | |||||||||||||||
| Deposits at broker for securities sold short | — | — | 7 | — | — | |||||||||||||||
| Prepaid expenses and other assets | 33,224 | 54,426 | 30,768 | 31,632 | 48,501 | |||||||||||||||
| Total assets | 531,515,567 | 1,115,615,222 | 170,893,089 | 750,528,892 | 778,889,817 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value | — | 48,554,050 | 148,500 | — | — | |||||||||||||||
| Payable to Adviser | 297,623 | 710,536 | 102,771 | 491,048 | 522,416 | |||||||||||||||
| Payable for distribution fees | 161,820 | 80,594 | 26,419 | 75,354 | 65,920 | |||||||||||||||
| Payable for fund shares redeemed | 139,110 | 370,652 | 57,591 | 452,328 | 252,931 | |||||||||||||||
| Payable for fund administration and accounting fees | 61,970 | 94,084 | 30,970 | 58,987 | 75,167 | |||||||||||||||
| Payable for custodian fees | 25,598 | 38,941 | 7,350 | 40,969 | 13,706 | |||||||||||||||
| Payable for transfer agent fees and expenses | 20,332 | 25,428 | 11,876 | 17,048 | 23,287 | |||||||||||||||
| Payable for audit fees | 11,525 | 11,332 | 11,764 | 11,821 | 11,684 | |||||||||||||||
| Interest payable | 10,617 | 3,211 | 9,279 | (325 | ) | (1,310 | ) | |||||||||||||
| Deferred organizational expenses | 3,237 | — | — | — | 235 | |||||||||||||||
| Payable upon return of securities loaned | — | 598,185 | — | — | — | |||||||||||||||
| Loans payable | — | 320 | — | — | — | |||||||||||||||
| Payable for expenses and other liabilities | 21,061 | 18,780 | 19,214 | 35,634 | 17,131 | |||||||||||||||
| Total liabilities | 752,893 | 50,506,113 | 425,734 | 1,182,864 | 981,167 | |||||||||||||||
| NET ASSETS | $ | 530,762,674 | $ | 1,065,109,109 | $ | 170,467,355 | $ | 749,346,028 | $ | 777,908,650 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 435,399,161 | $ | 771,052,670 | $ | 120,325,775 | $ | 632,186,183 | $ | 639,973,661 | ||||||||||
| Total distributable earnings | 95,363,513 | 294,056,439 | 50,141,580 | 117,159,845 | 137,934,989 | |||||||||||||||
| Total net assets | $ | 530,762,674 | $ | 1,065,109,109 | $ | 170,467,355 | $ | 749,346,028 | $ | 777,908,650 | ||||||||||
| Advisor Class | ||||||||||||||||||||
| Net assets | $ | 49,168,246 | $ | 14,342,394 | $ | 2,223,623 | $ | 4,832,045 | $ | 8,954,626 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 1,084,157 | 159,989 | 26,431 | 109,296 | 251,436 | |||||||||||||||
| Net asset value per share | $ | 45.35 | $ | 89.65 | $ | 84.13 | $ | 44.21 | $ | 35.61 | ||||||||||
| Investor Class | ||||||||||||||||||||
| Net assets | $ | 481,594,428 | $ | 1,050,766,715 | $ | 168,243,732 | $ | 744,513,983 | $ | 768,954,024 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 10,575,101 | 11,718,079 | 2,000,230 | 16,805,478 | 21,624,246 | |||||||||||||||
| Net asset value per share | $ | 45.54 | $ | 89.67 | $ | 84.11 | $ | 44.30 | $ | 35.56 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments, at cost | $ | 423,839,769 | $ | 751,527,965 | $ | 110,544,660 | $ | 685,118,464 | $ | 660,314,216 | ||||||||||
| PROCEEDS: | ||||||||||||||||||||
| Written options premium received | $ | — | $ | 24,911,842 | $ | 174,981 | $ | — | $ | — | ||||||||||
| LOANED SECURITIES: | ||||||||||||||||||||
| at value (included in investments) | $ | — | $ | 584,861 | $ | — | $ | — | $ | — | ||||||||||
See accompanying notes to financial statements.
81
| Horizon Funds STATEMENTS OF ASSETS AND LIABILITIES (Continued) May 31, 2026 (Unaudited) |
| Horizon Tactical Fixed Income Fund |
||||
| ASSETS: | ||||
| Investments, at value | $ | 244,507,166 | ||
| Receivable for fund shares sold | 57,436 | |||
| Security lending income receivable | 18,152 | |||
| Dividends receivable | 3,065 | |||
| Prepaid expenses and other assets | 26,496 | |||
| Total assets | 244,612,315 | |||
| LIABILITIES: | ||||
| Payable upon return of securities loaned | 61,926,088 | |||
| Payable for distribution fees | 92,501 | |||
| Payable to Adviser | 91,944 | |||
| Payable for fund shares redeemed | 58,886 | |||
| Payable for fund administration and accounting fees | 32,985 | |||
| Payable for transfer agent fees and expenses | 17,550 | |||
| Payable for audit fees | 11,713 | |||
| Payable for custodian fees | 1,940 | |||
| Interest payable | 1,221 | |||
| Payable for expenses and other liabilities | 6,530 | |||
| Total liabilities | 62,241,358 | |||
| NET ASSETS | $ | 182,370,957 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 199,153,532 | ||
| Total accumulated losses | (16,782,575 | ) | ||
| Total net assets | $ | 182,370,957 | ||
| Advisor Class | ||||
| Net assets | $ | 6,935,358 | ||
| Shares issued and outstanding (unlimited shares authorized without par value) | 154,527 | |||
| Net asset value per share | $ | 44.88 | ||
| Investor Class | ||||
| Net assets | $ | 175,435,599 | ||
| Shares issued and outstanding (unlimited shares authorized without par value) | 3,908,374 | |||
| Net asset value per share | $ | 44.89 | ||
| COST: | ||||
| Investments, at cost | $ | 241,127,377 | ||
| LOANED SECURITIES: | ||||
| at value (included in investments) | $ | 60,627,437 | ||
See accompanying notes to financial statements.
82
Horizon Funds
Statements of Operations
For the Period Ended May 31, 2026 (Unaudited)
| Centre American Select Equity Fund |
Centre Global Infrastructure Fund |
Horizon Active Asset Allocation Fund |
Horizon Active Income Fund |
Horizon Active Risk Assist® Fund |
||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income | $ | 3,493,294 | $ | 1,480,510 | $ | 8,167,776 | $ | 7,468,874 | $ | 14,195,647 | ||||||||||
| Less: dividend withholding taxes | — | (88,924 | ) | (13,466 | ) | — | (14,239 | ) | ||||||||||||
| Less: issuance fees | (913 | ) | — | (1,638 | ) | — | (2,955 | ) | ||||||||||||
| Total investment income | 3,492,381 | 1,391,586 | 8,152,672 | 7,468,874 | 14,178,453 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 1,396,773 | 357,374 | 3,622,138 | 1,098,428 | 7,201,541 | |||||||||||||||
| Distribution expenses - Advisor Class | 235,015 | 36,048 | 676 | 393 | 1,229 | |||||||||||||||
| Distribution expenses - Investor Class | 92,230 | 27,625 | — | — | — | |||||||||||||||
| Fund administration and accounting fees | 55,536 | 27,291 | 129,180 | 53,224 | 215,772 | |||||||||||||||
| Federal and state registration fees | 35,157 | 19,867 | 41,028 | 36,509 | 86,457 | |||||||||||||||
| Transfer agent fees | 32,442 | 18,321 | 97,170 | 34,371 | 67,345 | |||||||||||||||
| Custodian fees | 21,593 | 13,358 | 17,631 | 5,623 | 27,990 | |||||||||||||||
| Legal fees | 18,591 | 4,630 | 35,429 | 15,032 | 75,438 | |||||||||||||||
| Trustees’ fees | 12,062 | 3,002 | 26,377 | 10,232 | 51,461 | |||||||||||||||
| Audit fees | 11,102 | 11,202 | 11,148 | 10,721 | 11,337 | |||||||||||||||
| Compliance fees | 8,477 | 2,581 | 19,486 | 7,529 | 36,722 | |||||||||||||||
| Reports to shareholders | 3,702 | 5,260 | 23,936 | 9,446 | 22,729 | |||||||||||||||
| Shareholder service costs - Investor Class | — | — | 344,545 | 141,427 | 722,510 | |||||||||||||||
| Interest expense | — | — | 3,674 | 352 | 1,074 | |||||||||||||||
| Income tax expense | — | — | — | 1,135 | — | |||||||||||||||
| Other expenses and fees | 6,031 | 1,941 | 13,191 | 4,181 | 27,556 | |||||||||||||||
| Total expenses | 1,928,711 | 528,500 | 4,385,609 | 1,428,603 | 8,549,161 | |||||||||||||||
| Fee waiver from Adviser | — | (23,364 | ) | — | — | — | ||||||||||||||
| Security lending credit | — | — | (157,734 | ) | (83,843 | ) | (92,142 | ) | ||||||||||||
| Net expenses | 1,928,711 | 505,136 | 4,227,875 | 1,344,760 | 8,457,019 | |||||||||||||||
| NET INVESTMENT INCOME | 1,563,670 | 886,450 | 3,924,797 | 6,124,114 | 5,721,434 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments | 44,400,011 | 280,355 | 49,063,412 | (731,649 | ) | 34,825,306 | ||||||||||||||
| Written options expired or closed | — | — | (981,859 | ) | — | 12,544,841 | ||||||||||||||
| Foreign currency transactions | — | (2,993 | ) | — | — | — | ||||||||||||||
| Net realized gain (loss) | 44,400,011 | 277,362 | 48,081,553 | (731,649 | ) | 47,370,147 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 40,226,796 | 6,981,527 | 44,061,661 | (4,701,471 | ) | 123,395,277 | ||||||||||||||
| Written options | — | — | (9,844 | ) | — | 612,297 | ||||||||||||||
| Foreign currency translation | — | 2,034 | — | — | — | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 40,226,796 | 6,983,561 | 44,051,817 | (4,701,471 | ) | 124,007,574 | ||||||||||||||
| Net realized and unrealized gain (loss) | 84,626,807 | 7,260,923 | 92,133,370 | (5,433,120 | ) | 171,377,721 | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 86,190,477 | $ | 8,147,373 | $ | 96,058,167 | $ | 690,994 | $ | 177,099,155 | ||||||||||
See accompanying notes to financial statements.
83
| Horizon Funds STATEMENTS OF OPERATIONS (Continued) For the Period Ended May 31, 2026 (Unaudited) |
| Horizon Defensive Core Fund |
Horizon Defined Risk Fund |
Horizon Equity Premium Income Fund |
Horizon Multi- Factor Small/ Mid Cap Fund |
Horizon Multi- Factor U.S. Equity Fund |
||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income | $ | 3,313,823 | $ | 6,741,996 | $ | 1,190,833 | $ | 4,293,320 | $ | 5,107,891 | ||||||||||
| Less: issuance fees | (63 | ) | (51 | ) | (8 | ) | — | (49 | ) | |||||||||||
| Less: dividend withholding taxes | (797 | ) | (1,255 | ) | — | (5,648 | ) | — | ||||||||||||
| Total investment income | 3,312,963 | 6,740,690 | 1,190,825 | 4,287,672 | 5,107,842 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 1,642,682 | 3,902,569 | 569,285 | 2,665,432 | 2,948,089 | |||||||||||||||
| Distribution expenses - Investor Class | 218,504 | 480,907 | 74,885 | 331,426 | 364,525 | |||||||||||||||
| Distribution expenses - Advisor Class | 57,667 | 17,285 | 2,550 | 4,383 | 9,965 | |||||||||||||||
| Fund administration and accounting fees | 92,365 | 146,110 | 43,009 | 92,624 | 114,123 | |||||||||||||||
| Federal and state registration fees | 52,708 | 81,043 | 28,681 | 79,008 | 52,952 | |||||||||||||||
| Custodian fees | 30,718 | 59,460 | 12,267 | 52,470 | 25,857 | |||||||||||||||
| Transfer agent fees | 28,199 | 38,076 | 15,909 | 25,150 | 34,335 | |||||||||||||||
| Legal fees | 25,584 | 50,660 | 7,824 | 34,353 | 39,192 | |||||||||||||||
| Reports to shareholders | 19,879 | 38,576 | 11,138 | 29,841 | 32,981 | |||||||||||||||
| Trustees’ fees | 17,264 | 33,936 | 5,291 | 22,645 | 26,160 | |||||||||||||||
| Interest expense | 14,055 | — | 587 | 240 | 7,723 | |||||||||||||||
| Compliance fees | 12,870 | 23,744 | 4,045 | 15,752 | 18,720 | |||||||||||||||
| Audit fees | 10,795 | 10,890 | 10,677 | 11,028 | 11,095 | |||||||||||||||
| Income tax expense | — | 28,276 | — | — | — | |||||||||||||||
| Other expenses and fees | 10,690 | 18,418 | 2,090 | 12,564 | 14,549 | |||||||||||||||
| Total expenses | 2,233,980 | 4,929,950 | 788,238 | 3,376,916 | 3,700,266 | |||||||||||||||
| Fee recoupment to Adviser | — | 1,796 | 98 | 159,964 | — | |||||||||||||||
| Security lending credit | — | (37,380 | ) | (4 | ) | (219 | ) | — | ||||||||||||
| Net expenses | 2,233,980 | 4,894,366 | 788,332 | 3,536,661 | 3,700,266 | |||||||||||||||
| NET INVESTMENT INCOME | 1,078,983 | 1,846,324 | 402,493 | 751,011 | 1,407,576 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments | 6,050,502 | (39,080,369 | ) | 2,886,878 | 57,710,532 | 21,975,805 | ||||||||||||||
| Written options expired or closed | — | 21,850,701 | (1,740,274 | ) | — | — | ||||||||||||||
| Net realized gain (loss) | 6,050,502 | (17,229,668 | ) | 1,146,604 | 57,710,532 | 21,975,805 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 35,202,742 | 93,977,883 | 13,686,908 | 19,514,824 | 40,167,472 | |||||||||||||||
| Written options | — | (28,245,321 | ) | 26,107 | — | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 35,202,742 | 65,732,562 | 13,713,015 | 19,514,824 | 40,167,472 | |||||||||||||||
| Net realized and unrealized gain (loss) | 41,253,244 | 48,502,894 | 14,859,619 | 77,225,356 | 62,143,277 | |||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 42,332,227 | $ | 50,349,218 | $ | 15,262,112 | $ | 77,976,367 | $ | 63,550,853 | ||||||||||
See accompanying notes to financial statements.
84
| Horizon Funds STATEMENTS OF OPERATIONS (Continued) For the Period Ended May 31, 2026 (Unaudited) |
| Horizon Tactical Fixed Income Fund |
||||
| INVESTMENT INCOME: | ||||
| Dividend income | $ | 4,485,168 | ||
| Total investment income | 4,485,168 | |||
| EXPENSES: | ||||
| Investment advisory fee | 533,996 | |||
| Distribution expenses - Investor Class | 85,447 | |||
| Distribution expenses - Advisor Class | 8,881 | |||
| Federal and state registration fees | 43,357 | |||
| Fund administration and accounting fees | 40,997 | |||
| Transfer agent fees | 24,236 | |||
| Audit fees | 10,702 | |||
| Legal fees | 9,589 | |||
| Reports to shareholders | 7,843 | |||
| Trustees’ fees | 7,439 | |||
| Compliance fees | 4,912 | |||
| Custodian fees | 3,837 | |||
| Interest expense | 73 | |||
| Other expenses and fees | 5,449 | |||
| Total expenses | 786,758 | |||
| Security lending credit | (83,775 | ) | ||
| NET INVESTMENT INCOME | 3,782,185 | |||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||
| Net realized gain (loss) from: | ||||
| Investments | (5,273,697 | ) | ||
| Net realized gain (loss) | (5,273,697 | ) | ||
| Net change in unrealized appreciation (depreciation) on: | ||||
| Investments | (160,377 | ) | ||
| Net change in unrealized appreciation (depreciation) | (160,377 | ) | ||
| Net realized and unrealized gain (loss) | (5,434,074 | ) | ||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,651,889 | ) | |
See accompanying notes to financial statements.
85
Centre American Select Equity Fund
Statements of Changes in Net Assets
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025 |
Year ended September 30, 2025 |
||||||||||
| OPERATIONS: | ||||||||||||
| Net investment income (loss) | $ | 1,563,670 | $ | 483,093 | $ | 4,088,388 | ||||||
| Net realized gain (loss) | 44,400,011 | 2,265,809 | 80,862,758 | |||||||||
| Net change in unrealized appreciation (depreciation) | 40,226,796 | 7,192,240 | (68,781,457 | ) | ||||||||
| Net increase (decrease) in net assets from operations | 86,190,477 | 9,941,142 | 16,169,689 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
| From earnings - Advisor Class (a) | (47,109,396 | ) | — | (21,186,709 | ) | |||||||
| From earnings - Investor Class (b) | (32,947,007 | ) | — | (21,977,956 | ) | |||||||
| Total distributions to shareholders | (80,056,403 | ) | — | (43,164,665 | ) | |||||||
| CAPITAL TRANSACTIONS: (a)(b) | ||||||||||||
| Shares sold - Advisor Class | 15,879,521 | 136,102 | 5,564,160 | |||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 45,903,786 | — | 20,788,015 | |||||||||
| Shares redeemed - Advisor Class | (19,057,343 | ) | (4,511,024 | ) | (61,508,183 | ) | ||||||
| Shares redeemed in exchange for Investor Class Shares | — | — | (638,973 | ) | ||||||||
| Redemption fees - Advisor Class | 49 | — | 3,761 | |||||||||
| Shares sold - Investor Class | 143,117,980 | 4,075,764 | 31,781,214 | |||||||||
| Shares issued in exchange for Advisor Class Shares | — | — | 638,973 | |||||||||
| Shares issued from reinvestment of distributions - Investor Class | 30,612,540 | — | 20,718,522 | |||||||||
| Shares redeemed - Investor Class | (49,034,279 | ) | (12,805,749 | ) | (109,541,345 | ) | ||||||
| Redemption fees - Investor Class | 58 | — | 4,040 | |||||||||
| Net increase (decrease) in net assets from capital transactions | 167,422,312 | (13,104,907 | ) | (92,189,816 | ) | |||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 173,556,386 | (3,163,765 | ) | (119,184,792 | ) | |||||||
| NET ASSETS: | ||||||||||||
| Beginning of the period | 297,530,510 | 300,694,275 | 419,879,067 | |||||||||
| End of the period | $ | 471,086,896 | $ | 297,530,510 | $ | 300,694,275 | ||||||
| SHARES TRANSACTIONS (a)(b) | ||||||||||||
| Shares sold - Advisor Class | 1,016,894 | 8,121 | 343,975 | |||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 3,390,235 | — | 1,354,268 | |||||||||
| Shares redeemed - Advisor Class | (1,281,372 | ) | (269,988 | ) | (3,868,747 | ) | ||||||
| Shares redeemed in exchange for Investor Class Shares | — | — | (41,578 | ) | ||||||||
| Shares sold - Investor Class | 9,009,079 | 236,617 | 1,906,846 | |||||||||
| Shares issued in exchange for Advisor Class Shares | — | — | 38,199 | |||||||||
| Shares issued from reinvestment of distributions - Investor Class | 2,149,757 | — | 1,302,232 | |||||||||
| Shares redeemed - Investor Class | (3,088,492 | ) | (741,676 | ) | (7,004,210 | ) | ||||||
| Total increase (decrease) in shares outstanding | 11,196,101 | (766,926 | ) | (5,969,015 | ) | |||||||
| (a) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Investor Class Shares were renamed to the Fund’s Advisor Class Shares. |
| (b) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Institutional Class Shares were renamed to the Fund’s Investor Class Shares. |
See accompanying notes to financial statements.
86
| Centre Global Infrastructure Fund STATEMENTS OF CHANGES IN NET ASSETS |
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025 |
Year ended September 30, 2025 |
||||||||||
| OPERATIONS: | ||||||||||||
| Net investment income (loss) | $ | 886,450 | $ | 275,434 | $ | 1,042,468 | ||||||
| Net realized gain (loss) | 277,362 | (189,304 | ) | 56,696 | ||||||||
| Net change in unrealized appreciation (depreciation) | 6,983,561 | (555,785 | ) | 7,012,130 | ||||||||
| Net increase (decrease) in net assets from operations | 8,147,373 | (469,655 | ) | 8,111,294 | ||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
| From earnings - Advisor Class (a) | (785,515 | ) | (84,377 | ) | (621,326 | ) | ||||||
| From earnings - Investor Class (b) | (1,608,000 | ) | (186,152 | ) | (466,837 | ) | ||||||
| Total distributions to shareholders | (2,393,515 | ) | (270,529 | ) | (1,088,163 | ) | ||||||
| CAPITAL TRANSACTIONS: (a)(b) | ||||||||||||
| Shares sold - Advisor Class | 213,794 | 149,073 | 972,892 | |||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 656,395 | 70,760 | 514,531 | |||||||||
| Shares redeemed - Advisor Class | (969,621 | ) | (744,757 | ) | (3,089,134 | ) | ||||||
| Shares redeemed in exchange for Investor Class Shares | — | — | (107,623 | ) | ||||||||
| Redemption fees - Advisor Class | — | — | 1,014 | |||||||||
| Shares sold - Investor Class | 10,927,826 | 5,008,753 | 53,024,830 | |||||||||
| Shares issued in exchange for Advisor Class Shares | — | — | 107,623 | |||||||||
| Shares issued from reinvestment of distributions - Investor Class | 1,598,437 | 185,105 | 459,298 | |||||||||
| Shares redeemed - Investor Class | (18,088,247 | ) | (3,018,811 | ) | (5,748,592 | ) | ||||||
| Redemption fees - Investor Class | — | — | 245 | |||||||||
| Net increase (decrease) in net assets from capital transactions | (5,661,416 | ) | 1,650,123 | 46,135,084 | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 92,442 | 909,939 | 53,158,215 | |||||||||
| NET ASSETS: | ||||||||||||
| Beginning of the period | 84,657,105 | 83,747,166 | 30,588,951 | |||||||||
| End of the period | $ | 84,749,547 | $ | 84,657,105 | $ | 83,747,166 | ||||||
| SHARES TRANSACTIONS (a)(b) | ||||||||||||
| Shares sold - Advisor Class | 14,893 | 11,016 | 77,543 | |||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 48,368 | 5,233 | 41,164 | |||||||||
| Shares redeemed - Advisor Class | (69,379 | ) | (54,527 | ) | (246,070 | ) | ||||||
| Shares redeemed in exchange for Investor Class Shares | — | — | (8,051 | ) | ||||||||
| Shares sold - Investor Class | 780,099 | 369,452 | 4,124,875 | |||||||||
| Shares issued in exchange for Advisor Class Shares | — | — | 8,068 | |||||||||
| Shares issued from reinvestment of distributions - Investor Class | 118,126 | 13,718 | 35,776 | |||||||||
| Shares redeemed - Investor Class | (1,290,305 | ) | (223,830 | ) | (442,127 | ) | ||||||
| Total increase (decrease) in shares outstanding | (398,198 | ) | 121,062 | 3,591,178 | ||||||||
| (a) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Investor Class Shares were renamed to the Fund’s Advisor Class Shares. |
| (b) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Institutional Class Shares were renamed to the Fund’s Investor Class Shares. |
See accompanying notes to financial statements.
87
Horizon Funds
Statements of Changes in Net Assets
| Horizon Active Asset Allocation Fund | Horizon Active Income Fund | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 3,924,797 | $ | 6,175,819 | $ | 6,124,114 | $ | 10,380,280 | ||||||||
| Net realized gain (loss) | 48,081,553 | 31,151,618 | (731,649 | ) | (2,899,418 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 44,051,817 | 40,771,763 | (4,701,471 | ) | 2,491,272 | |||||||||||
| Net increase (decrease) in net assets from operations | 96,058,167 | 78,099,200 | 690,994 | 9,972,134 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings - Advisor Class | (27,588 | ) | (192,918 | ) | (15,060 | ) | (13,618 | ) | ||||||||
| From earnings - Institutional Class | (1,832,420 | ) | (6,290,316 | ) | (69,380 | ) | (102,065 | ) | ||||||||
| From earnings - Investor Class | (30,096,409 | ) | (128,368,772 | ) | (8,730,231 | ) | (9,850,548 | ) | ||||||||
| Total distributions to shareholders | (31,956,417 | ) | (134,852,006 | ) | (8,814,671 | ) | (9,966,231 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold - Advisor Class | 331,644 | 21,846 | 1,004,721 | 25,051 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 22,479 | 144,427 | 14,651 | 13,613 | ||||||||||||
| Shares redeemed - Advisor Class | (475,973 | ) | (668,485 | ) | (45,977 | ) | (350,872 | ) | ||||||||
| Shares sold - Institutional Class | 3,598,697 | 6,574,078 | 48,059 | 160,755 | ||||||||||||
| Shares issued from reinvestment of distributions - Institutional Class | 1,831,532 | 6,287,069 | 69,380 | 102,065 | ||||||||||||
| Shares redeemed - Institutional Class | (5,195,128 | ) | (10,785,770 | ) | (292,417 | ) | (576,180 | ) | ||||||||
| Shares sold - Investor Class | 55,792,216 | 160,348,202 | 36,695,401 | 101,573,371 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 28,154,640 | 121,801,059 | 8,545,745 | 9,642,377 | ||||||||||||
| Shares redeemed - Investor Class | (109,989,574 | ) | (390,226,353 | ) | (27,406,342 | ) | (67,540,645 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | (25,929,467 | ) | (106,503,927 | ) | 18,633,221 | 43,049,535 | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 38,172,283 | (163,256,733 | ) | 10,509,544 | 43,055,438 | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 743,360,055 | 906,616,788 | 280,644,548 | 237,589,110 | ||||||||||||
| End of the period | $ | 781,532,338 | $ | 743,360,055 | $ | 291,154,092 | $ | 280,644,548 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold - Advisor Class | 20,546 | 1,680 | 123,737 | 3,039 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 1,516 | 10,975 | 1,816 | 1,694 | ||||||||||||
| Shares redeemed - Advisor Class | (31,134 | ) | (49,201 | ) | (5,674 | ) | (43,175 | ) | ||||||||
| Shares sold - Institutional Class | 233,223 | 469,122 | 5,953 | 20,009 | ||||||||||||
| Shares issued from reinvestment of distributions - Institutional Class | 122,511 | 473,781 | 8,667 | 12,884 | ||||||||||||
| Shares redeemed - Institutional Class | (339,048 | ) | (784,655 | ) | (36,399 | ) | (71,476 | ) | ||||||||
| Shares sold - Investor Class | 3,643,362 | 11,626,260 | 4,540,362 | 12,624,618 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 1,889,573 | 9,213,393 | 1,062,428 | 1,211,751 | ||||||||||||
| Shares redeemed - Investor Class | (7,200,039 | ) | (28,162,148 | ) | (3,391,409 | ) | (8,372,161 | ) | ||||||||
| Total increase (decrease) in shares outstanding | (1,659,490 | ) | (7,200,793 | ) | 2,309,481 | 5,387,183 | ||||||||||
See accompanying notes to financial statements.
88
| Horizon Funds STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| Horizon Active Risk Assist® Fund | Horizon Defensive Core Fund | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 5,721,434 | $ | 8,186,679 | $ | 1,078,983 | $ | 1,583,631 | ||||||||
| Net realized gain (loss) | 47,370,147 | 69,363,566 | 6,050,502 | 74,003,525 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 124,007,574 | 50,216,032 | 35,202,742 | (43,424,309 | ) | |||||||||||
| Net increase (decrease) in net assets from operations | 177,099,155 | 127,766,277 | 42,332,227 | 32,162,847 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings - Advisor Class | (63,286 | ) | (125,157 | ) | (6,268,087 | ) | (73,818 | ) | ||||||||
| From earnings - Institutional Class | (752,950 | ) | (781,418 | ) | — | — | ||||||||||
| From earnings - Investor Class | (118,269,699 | ) | (123,509,334 | ) | (63,782,432 | ) | (1,151,819 | ) | ||||||||
| Total distributions to shareholders | (119,085,935 | ) | (124,415,909 | ) | (70,050,519 | ) | (1,225,637 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold - Advisor Class | 2,498,143 | 113,291 | 9,083,604 | 13,233,388 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 59,468 | 94,423 | 5,936,134 | 71,281 | ||||||||||||
| Shares redeemed - Advisor Class | (430,369 | ) | (804,545 | ) | (7,913,691 | ) | (31,339,011 | ) | ||||||||
| Shares sold - Institutional Class | 877,127 | 1,347,038 | — | — | ||||||||||||
| Shares issued from reinvestment of distributions - Institutional Class | 752,950 | 779,452 | — | — | ||||||||||||
| Shares redeemed - Institutional Class | (1,983,613 | ) | (2,102,352 | ) | — | — | ||||||||||
| Shares sold - Investor Class | 155,290,915 | 302,729,729 | 77,885,152 | 164,198,145 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 115,583,795 | 121,082,391 | 63,705,301 | 1,150,129 | ||||||||||||
| Shares redeemed - Investor Class | (145,933,166 | ) | (394,720,952 | ) | (82,139,922 | ) | (153,439,909 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 126,715,250 | 28,518,475 | 66,556,578 | (6,125,977 | ) | |||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 184,728,470 | 31,868,843 | 38,838,286 | 24,811,233 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 1,412,296,908 | 1,380,428,065 | 491,924,388 | 467,113,155 | ||||||||||||
| End of the period | $ | 1,597,025,378 | $ | 1,412,296,908 | $ | 530,762,674 | $ | 491,924,388 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold - Advisor Class | 91,585 | 4,609 | 215,146 | 302,956 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 2,361 | 3,944 | 141,438 | 1,608 | ||||||||||||
| Shares redeemed - Advisor Class | (15,982 | ) | (32,892 | ) | (187,444 | ) | (717,835 | ) | ||||||||
| Shares sold - Institutional Class | 32,862 | 53,052 | — | — | ||||||||||||
| Shares issued from reinvestment of distributions - Institutional Class | 29,690 | 32,369 | — | — | ||||||||||||
| Shares redeemed - Institutional Class | (73,657 | ) | (81,432 | ) | — | — | ||||||||||
| Shares sold - Investor Class | 5,988,508 | 12,244,515 | 1,806,634 | 3,788,116 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 4,573,953 | 5,045,100 | 1,512,472 | 25,863 | ||||||||||||
| Shares redeemed - Investor Class | (5,597,388 | ) | (15,705,562 | ) | (1,916,074 | ) | (3,468,788 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 5,031,932 | 1,563,703 | 1,572,172 | (68,080 | ) | |||||||||||
See accompanying notes to financial statements.
89
| Horizon Funds STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| Horizon Defined Risk Fund | Horizon Equity Premium Income Fund |
|||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 1,846,324 | $ | 1,781,644 | $ | 402,493 | $ | 752,597 | ||||||||
| Net realized gain (loss) | (17,229,668 | ) | 23,245,683 | 1,146,604 | 3,541,861 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 65,732,562 | 51,390,348 | 13,713,015 | 14,170,593 | ||||||||||||
| Net increase (decrease) in net assets from operations | 50,349,218 | 76,417,675 | 15,262,112 | 18,465,051 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings - Advisor Class | (6,188 | ) | (3,213 | ) | (129,500 | ) | (14,896 | ) | ||||||||
| From return of capital - Advisor Class | — | — | — | (144,834 | ) | |||||||||||
| From earnings - Investor Class | (1,904,530 | ) | (631,762 | ) | (9,594,865 | ) | (737,701 | ) | ||||||||
| From return of capital - Investor Class | — | — | — | (7,172,467 | ) | |||||||||||
| Total distributions to shareholders | (1,910,718 | ) | (634,975 | ) | (9,724,365 | ) | (8,069,898 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold - Advisor Class | 1,414,574 | 2,545,685 | 471,832 | 528,533 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 6,161 | 3,155 | 129,080 | 159,715 | ||||||||||||
| Shares redeemed - Advisor Class | (2,066,774 | ) | (6,539,724 | ) | (469,244 | ) | (1,969,212 | ) | ||||||||
| Shares sold - Investor Class | 170,253,797 | 318,548,877 | 27,977,061 | 45,552,714 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 1,900,312 | 630,084 | 9,587,059 | 7,903,521 | ||||||||||||
| Shares redeemed - Investor Class | (76,987,661 | ) | (158,792,687 | ) | (17,880,238 | ) | (41,372,555 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 94,520,409 | 156,395,390 | 19,815,550 | 10,802,716 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 142,958,909 | 232,178,090 | 25,353,297 | 21,197,869 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 922,150,200 | 689,972,110 | 145,114,058 | 123,916,189 | ||||||||||||
| End of the period | $ | 1,065,109,109 | $ | 922,150,200 | $ | 170,467,355 | $ | 145,114,058 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold - Advisor Class | 16,319 | 32,509 | 5,780 | 7,283 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 72 | 41 | 1,608 | 2,273 | ||||||||||||
| Shares redeemed - Advisor Class | (23,931 | ) | (83,205 | ) | (5,776 | ) | (26,975 | ) | ||||||||
| Shares sold - Investor Class | 1,965,967 | 3,985,081 | 347,419 | 621,095 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 22,107 | 8,183 | 119,365 | 112,804 | ||||||||||||
| Shares redeemed - Investor Class | (890,479 | ) | (1,999,037 | ) | (222,258 | ) | (571,690 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 1,090,055 | 1,943,572 | 246,138 | 144,790 | ||||||||||||
See accompanying notes to financial statements.
90
| Horizon Funds STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| Horizon Multi-Factor Small/ Mid Cap Fund |
Horizon Multi-Factor U.S. Equity Fund |
|||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 751,011 | $ | 2,303,964 | $ | 1,407,576 | $ | 2,493,925 | ||||||||
| Net realized gain (loss) | 57,710,532 | (4,705,038 | ) | 21,975,805 | 49,565,814 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 19,514,824 | 25,646,840 | 40,167,472 | 14,891,424 | ||||||||||||
| Net increase (decrease) in net assets from operations | 77,976,367 | 23,245,766 | 63,550,853 | 66,951,163 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings - Advisor Class | (8,495 | ) | (58,523 | ) | (488,789 | ) | (786,434 | ) | ||||||||
| From earnings - Investor Class | (2,664,434 | ) | (4,757,824 | ) | (47,848,140 | ) | (45,246,842 | ) | ||||||||
| Total distributions to shareholders | (2,672,929 | ) | (4,816,347 | ) | (48,336,929 | ) | (46,033,276 | ) | ||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold - Advisor Class | 1,695,176 | 531,393 | 1,339,433 | 2,705,844 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 8,496 | 58,400 | 488,468 | 780,311 | ||||||||||||
| Shares redeemed - Advisor Class | (355,573 | ) | (794,915 | ) | (795,744 | ) | (6,440,141 | ) | ||||||||
| Shares sold - Investor Class | 141,995,956 | 416,691,311 | 118,487,715 | 265,664,202 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 2,664,262 | 4,756,574 | 47,841,478 | 45,236,126 | ||||||||||||
| Shares redeemed - Investor Class | (71,200,234 | ) | (95,717,419 | ) | (135,516,243 | ) | (196,892,956 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 74,808,083 | 325,525,344 | 31,845,107 | 111,053,386 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 150,111,521 | 343,954,763 | 47,059,031 | 131,971,273 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 599,234,507 | 255,279,744 | 730,849,619 | 598,878,346 | ||||||||||||
| End of the period | $ | 749,346,028 | $ | 599,234,507 | $ | 777,908,650 | $ | 730,849,619 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold - Advisor Class | 38,734 | 14,334 | 39,210 | 86,116 | ||||||||||||
| Shares issued from reinvestment of distributions - Advisor Class | 213 | 1,603 | 14,861 | 25,795 | ||||||||||||
| Shares redeemed - Advisor Class | (8,441 | ) | (21,773 | ) | (23,388 | ) | (202,522 | ) | ||||||||
| Shares sold - Investor Class | 3,346,446 | 11,311,200 | 3,512,530 | 8,290,081 | ||||||||||||
| Shares issued from reinvestment of distributions - Investor Class | 66,640 | 130,353 | 1,458,582 | 1,497,389 | ||||||||||||
| Shares redeemed - Investor Class | (1,687,320 | ) | (2,602,312 | ) | (4,031,903 | ) | (6,191,009 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 1,756,272 | 8,833,405 | 969,892 | 3,505,850 | ||||||||||||
See accompanying notes to financial statements.
91
| Horizon Funds STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| Horizon Tactical Fixed Income Fund | ||||||||
| Period ended May 31, 2026 (Unaudited) |
Year ended November 30, 2025 |
|||||||
| OPERATIONS: | ||||||||
| Net investment income (loss) | $ | 3,782,185 | $ | 9,970,703 | ||||
| Net realized gain (loss) | (5,273,697 | ) | (10,210,259 | ) | ||||
| Net change in unrealized appreciation (depreciation) | (160,377 | ) | (872,071 | ) | ||||
| Net increase (decrease) in net assets from operations | (1,651,889 | ) | (1,111,627 | ) | ||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| From earnings - Advisor Class | (229,271 | ) | (422,519 | ) | ||||
| From earnings - Investor Class | (5,681,737 | ) | (10,208,772 | ) | ||||
| Total distributions to shareholders | (5,911,008 | ) | (10,631,291 | ) | ||||
| CAPITAL TRANSACTIONS: | ||||||||
| Shares sold - Advisor Class | 716,857 | 2,503,140 | ||||||
| Shares issued from reinvestment of distributions - Advisor Class | 228,676 | 421,796 | ||||||
| Shares redeemed - Advisor Class | (964,264 | ) | (3,450,727 | ) | ||||
| Shares sold - Investor Class | 25,100,688 | 39,802,286 | ||||||
| Shares issued from reinvestment of distributions - Investor Class | 5,679,470 | 10,206,352 | ||||||
| Shares redeemed - Investor Class | (14,992,965 | ) | (91,027,135 | ) | ||||
| Net increase (decrease) in net assets from capital transactions | 15,768,462 | (41,544,288 | ) | |||||
| NET INCREASE (DECREASE) IN NET ASSETS | 8,205,565 | (53,287,206 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of the period | 174,165,392 | 227,452,598 | ||||||
| End of the period | $ | 182,370,957 | $ | 174,165,392 | ||||
| SHARES TRANSACTIONS | ||||||||
| Shares sold - Advisor Class | 15,785 | 53,912 | ||||||
| Shares issued from reinvestment of distributions - Advisor Class | 5,028 | 9,136 | ||||||
| Shares redeemed - Advisor Class | (21,237 | ) | (74,342 | ) | ||||
| Shares sold - Investor Class | 549,984 | 852,445 | ||||||
| Shares issued from reinvestment of distributions - Investor Class | 124,915 | 220,469 | ||||||
| Shares redeemed - Investor Class | (329,419 | ) | (1,975,019 | ) | ||||
| Total increase (decrease) in shares outstanding | 345,056 | (913,399 | ) | |||||
See accompanying notes to financial statements.
92
Centre American Select Equity Fund
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class (h) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(i) | 2025(j) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 17.38 | $ | 16.80 | $ | 17.53 | $ | 14.40 | $ | 12.84 | $ | 14.73 | $ | 11.88 | ||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.06 | 0.03 | 0.17 | 0.10 | 0.06 | 0.11 | 0.02 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.72 | 0.55 | 1.00 | 3.42 | 1.67 | 0.27 | 3.40 | |||||||||||||||||||||
| Total from investment operations | 3.78 | 0.58 | 1.17 | 3.52 | 1.73 | 0.38 | 3.42 | |||||||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||||||
| Net investment income | (0.08 | ) | — | (0.19 | ) | (0.17 | ) | (0.05 | ) | (0.14 | ) | (0.11 | ) | |||||||||||||||
| Net realized gains | (4.74 | ) | — | (1.71 | ) | (0.22 | ) | (0.13 | ) | (2.15 | ) | (0.46 | ) | |||||||||||||||
| Total distributions | (4.82 | ) | — | (1.90 | ) | (0.39 | ) | (0.18 | ) | (2.29 | ) | (0.57 | ) | |||||||||||||||
| Redemption fee per share | 0.00 | (c) | — | 0.00 | (c) | 0.00 | (c) | 0.01 | 0.02 | 0.00 | (c) | |||||||||||||||||
| Net asset value, end of period | $ | 16.34 | $ | 17.38 | $ | 16.80 | $ | 17.53 | $ | 14.40 | $ | 12.84 | $ | 14.73 | ||||||||||||||
| TOTAL RETURN (d) | 27.49 | % | 3.45 | % | 7.71 | % | 24.88 | % | 13.70 | % | 1.23 | % | 29.60 | % | ||||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 211,902 | $ | 171,120 | $ | 169,761 | $ | 215,959 | $ | 209,752 | $ | 243,353 | $ | 138,985 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 1.11 | % | 1.12 | % | 1.26 | % | 1.34 | % | 1.36 | % | 1.46 | % | 1.44 | % | ||||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 1.11 | % | 1.12 | % | 1.26 | %(k) | 1.34 | % | 1.36 | % | 1.46 | % | 1.46 | % | ||||||||||||||
See accompanying notes to financial statements.
93
Centre American Select Equity Fund
Financial Highlights (Continued)
| Advisor Class (h) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(i) | 2025(j) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| Ratio of interest expense to average net assets (e)(f) | — | % | 0.00 | %(g) | — | % | — | % | — | % | — | % | — | % | ||||||||||||||
| Ratio of expenses to average net assets excluding interest expense (e)(f) | 1.11 | % | 1.12 | % | 1.26 | %(k) | 1.34 | % | 1.36 | % | 1.46 | % | 1.46 | % | ||||||||||||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 0.80 | % | 0.93 | % | 1.08 | % | 0.63 | % | 0.43 | % | 0.78 | % | 0.17 | % | ||||||||||||||
| Portfolio turnover rate (d) | 78 | % | 29 | % | 162 | % | 81 | % | 93 | % | 138 | % | 86 | % | ||||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
| (h) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Investor Class Shares were renamed to the Fund’s Advisor Class Shares. |
| (i) | The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization. |
| (j) | For periods prior to April 17, 2025, the financial and return data is of the Investor Class Shares of the Predecessor Fund, Centre American Select Equity Fund. |
| (k) | Effective April 17, 2025, the net expense limitation changed from 1.10% to 0.95%, excluding, among other fees and expenses, 12b-1 fees. |
See accompanying notes to financial statements.
94
Centre American Select Equity Fund
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class(h) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(i) | 2025(j) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 18.05 | $ | 17.44 | $ | 18.10 | $ | 14.82 | $ | 13.18 | $ | 15.01 | $ | 12.06 | ||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.07 | 0.03 | 0.21 | 0.16 | 0.12 | 0.18 | 0.09 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.89 | 0.58 | 1.05 | 3.52 | 1.72 | 0.30 | 3.45 | |||||||||||||||||||||
| Total from investment operations | 3.96 | 0.61 | 1.26 | 3.68 | 1.84 | 0.48 | 3.54 | |||||||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||||||
| Net investment income | (0.08 | ) | — | (0.21 | ) | (0.18 | ) | (0.07 | ) | (0.16 | ) | (0.13 | ) | |||||||||||||||
| Net realized gains | (4.74 | ) | — | (1.71 | ) | (0.22 | ) | (0.13 | ) | (2.15 | ) | (0.46 | ) | |||||||||||||||
| Total distributions | (4.82 | ) | — | (1.92 | ) | (0.40 | ) | (0.20 | ) | (2.31 | ) | (0.59 | ) | |||||||||||||||
| Redemption fee per share | 0.00 | (c) | — | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | |||||||||||||||
| Net asset value, end of period | $ | 17.19 | $ | 18.05 | $ | 17.44 | $ | 18.10 | $ | 14.82 | $ | 13.18 | $ | 15.01 | ||||||||||||||
| TOTAL RETURN (d) | 27.52 | % | 3.50 | % | 7.96 | % | 25.28 | % | 14.11 | % | 1.78 | % | 30.18 | % | ||||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 259,185 | $ | 126,411 | $ | 130,933 | $ | 203,920 | $ | 170,141 | $ | 99,153 | $ | 15,861 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 0.96 | % | 0.97 | % | 1.04 | % | 1.08 | % | 1.08 | % | 1.05 | % | 1.16 | % | ||||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 0.96 | % | 0.97 | % | 1.02 | % | 1.03 | %(k) | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||||||
See accompanying notes to financial statements.
95
Centre American Select Equity Fund
Financial Highlights (Continued)
| Investor Class(h) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(i) | 2025(j) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| Ratio of interest expense to average net assets (e)(f) | — | % | 0.00 | %(g) | — | % | — | % | — | % | — | % | — | % | ||||||||||||||
| Ratio of expenses to average net assets excluding interest expense (e)(f) | 0.96 | % | 0.97 | % | 1.02 | % | 1.03 | %(k) | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 0.88 | % | 1.06 | % | 1.27 | % | 0.95 | % | 0.81 | % | 1.24 | % | 0.65 | % | ||||||||||||||
| Portfolio turnover rate (d) | 78 | % | 29 | % | 162 | % | 81 | % | 93 | % | 138 | % | 86 | % | ||||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
| (h) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Investor Class Shares were renamed to the Fund’s Advisor Class Shares. |
| (i) | The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization. |
| (j) | For periods prior to April 17, 2025, the financial and return data is of the Institutional Class Shares of the Predecessor Fund, Centre American Select Equity Fund. |
| (k) | Effective January 30, 2024, the net expense limitation changed from 0.90% to 0.95%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. |
See accompanying notes to financial statements.
96
| Centre Global Infrastructure Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class(f) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(g) | 2025(h) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 13.58 | $ | 13.70 | $ | 12.10 | $ | 9.20 | $ | 8.84 | $ | 10.14 | $ | 8.76 | ||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.14 | 0.04 | 0.26 | 0.27 | 0.19 | 0.19 | 0.18 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 1.19 | (0.12 | ) | 1.63 | 2.89 | 0.33 | (1.25 | ) | 1.39 | |||||||||||||||||||
| Total from investment operations | 1.33 | (0.08 | ) | 1.89 | 3.16 | 0.52 | (1.06 | ) | 1.57 | |||||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||||||
| Net investment income | (0.39 | ) | (0.04 | ) | (0.29 | ) | (0.26 | ) | (0.16 | ) | (0.24 | ) | (0.19 | ) | ||||||||||||||
| Return of capital | — | — | — | — | — | (0.00 | )(c) | — | ||||||||||||||||||||
| Total distributions | (0.39 | ) | (0.04 | ) | (0.29 | ) | (0.26 | ) | (0.16 | ) | (0.24 | ) | (0.19 | ) | ||||||||||||||
| Redemption fee per share | — | — | 0.00 | (c) | — | — | 0.00 | (c) | 0.00 | (c) | ||||||||||||||||||
| Net asset value, end of period | $ | 14.52 | $ | 13.58 | $ | 13.70 | $ | 12.10 | $ | 9.20 | $ | 8.84 | $ | 10.14 | ||||||||||||||
| TOTAL RETURN (d) | 9.99 | % | -0.57 | % | 15.88 | % | 34.80 | % | 5.85 | % | -10.77 | % | 18.00 | % | ||||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 29,563 | $ | 27,731 | $ | 28,499 | $ | 26,798 | $ | 24,208 | $ | 27,275 | $ | 34,594 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e) | 1.36 | % | 1.39 | % | 1.60 | % | 1.84 | % | 1.76 | % | 1.75 | % | 1.74 | % | ||||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e) | 1.30 | % | 1.30 | % | 1.44 | %(i) | 1.57 | % | 1.57 | % | 1.57 | % | 1.50 | % | ||||||||||||||
| Ratio of net investment income (loss) to average net assets (e) | 2.03 | % | 1.86 | % | 2.07 | % | 2.61 | % | 1.98 | % | 1.89 | % | 1.79 | % | ||||||||||||||
| Portfolio turnover rate (d) | 7 | % | 8 | % | 16 | % | 10 | % | 18 | % | 39 | % | 25 | % | ||||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
See accompanying notes to financial statements.
97
| Centre Global Infrastructure Fund FINANCIAL HIGHLIGHTS (Continued) |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Investor Class Shares were renamed to the Fund’s Advisor Class Shares. |
| (g) | The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization. |
| (h) | For periods prior to April 17, 2025, the financial and return data is of the Investor Class Shares of the Predecessor Fund, Centre Global Infrastructure Fund. |
| (i) | Effective April 17, 2025, the net expense limitation changed from 1.25% to 1.05%, excluding, among other fees and expenses, 12b-1 fees. |
See accompanying notes to financial statements.
98
| Centre Global Infrastructure Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class(f) | ||||||||||||||||||||||||||||
| Period ended May 31, |
Period ended November 30, |
Year ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025(g) | 2025(h) | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 13.55 | $ | 13.67 | $ | 12.07 | $ | 9.21 | $ | 8.84 | $ | 10.15 | $ | 8.77 | ||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income(a) | 0.15 | 0.05 | 0.30 | 0.31 | 0.23 | 0.23 | 0.21 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 1.19 | (0.13 | ) | 1.62 | 2.88 | 0.34 | (1.26 | ) | 1.40 | |||||||||||||||||||
| Total from investment operations | 1.34 | (0.08 | ) | 1.92 | 3.19 | 0.57 | (1.03 | ) | 1.61 | |||||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||||||
| Net investment income | (0.40 | ) | (0.04 | ) | (0.32 | ) | (0.33 | ) | (0.20 | ) | (0.28 | ) | (0.23 | ) | ||||||||||||||
| Return of capital | — | — | — | — | — | (0.00 | )(c) | — | ||||||||||||||||||||
| Total distributions | (0.40 | ) | (0.04 | ) | (0.32 | ) | (0.33 | ) | (0.20 | ) | (0.28 | ) | (0.23 | ) | ||||||||||||||
| Redemption fee per share | — | — | 0.00 | (c) | — | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | |||||||||||||||||
| Net asset value, end of period | $ | 14.49 | $ | 13.55 | $ | 13.67 | $ | 12.07 | $ | 9.21 | $ | 8.84 | $ | 10.15 | ||||||||||||||
| TOTAL RETURN (d) | 10.08 | % | -0.55 | % | 16.22 | % | 35.21 | % | 6.38 | % | -10.51 | % | 18.35 | % | ||||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 55,187 | $ | 56,926 | $ | 55,248 | $ | 3,791 | $ | 3,553 | $ | 4,484 | $ | 5,932 | ||||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e) | 1.21 | % | 1.24 | % | 1.34 | % | 1.57 | % | 1.48 | % | 1.51 | % | 1.51 | % | ||||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e) | 1.15 | % | 1.15 | % | 1.16 | %(i) | 1.18 | % | 1.18 | % | 1.18 | % | 1.20 | % | ||||||||||||||
| Ratio of net investment income (loss) to average net assets (e) | 2.15 | % | 2.02 | % | 2.34 | % | 2.99 | % | 2.36 | % | 2.28 | % | 2.10 | % | ||||||||||||||
| Portfolio turnover rate (d) | 7 | % | 8 | % | 16 | % | 10 | % | 18 | % | 39 | % | 25 | % | ||||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
See accompanying notes to financial statements.
99
| Centre Global Infrastructure Fund FINANCIAL HIGHLIGHTS (Continued) |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Following the Reorganization on April 17, 2025, the Predecessor Fund’s Institutional Class Shares were renamed to the Fund’s Investor Class Shares. |
| (g) | The Fund changed its fiscal year end from September 30 to November 30 as a result of the April 17, 2025 Reorganization. |
| (h) | For periods prior to April 17, 2025, the financial and return data is of the Institutional Class Shares of the Predecessor Fund, Centre Global Infrastructure Fund. |
| (i) | Effective April 17, 2025, the net expense limitation changed from 1.10% to 1.05%, excluding, among other fees and expenses, 12b-1 fees. |
See accompanying notes to financial statements.
100
Horizon Active Asset Allocation Fund
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 15.17 | $ | 16.14 | $ | 13.22 | $ | 12.64 | $ | 16.10 | $ | 14.01 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.10 | 0.10 | 0.10 | 0.05 | 0.14 | 0.03 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 1.89 | 1.36 | 2.91 | 0.62 | (1.42 | ) | 2.95 | |||||||||||||||||
| Total from investment operations | 1.99 | 1.46 | 3.01 | 0.67 | (1.28 | ) | 2.98 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.12 | ) | (0.09 | ) | (0.09 | ) | (0.09 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||
| Net realized gains | (0.51 | ) | (2.34 | ) | — | — | (2.09 | ) | (0.85 | ) | ||||||||||||||
| Total distributions | (0.63 | ) | (2.43 | ) | (0.09 | ) | (0.09 | ) | (2.18 | ) | (0.89 | ) | ||||||||||||
| Net asset value, end of period | $ | 16.53 | $ | 15.17 | $ | 16.14 | $ | 13.22 | $ | 12.64 | $ | 16.10 | ||||||||||||
| TOTAL RETURN (c) | 13.60 | % | 11.30 | % | 22.86 | % | 5.44 | % | -9.76 | % | 22.43 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 650 | $ | 735 | $ | 1,371 | $ | 1,907 | $ | 2,126 | $ | 3,893 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.35 | % | 1.37 | % | 1.36 | % | 1.42 | % | 1.36 | % | 1.38 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.31 | % | 1.34 | % | 1.33 | % | 1.38 | % | 1.28 | % | 1.29 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.01 | % | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.31 | % | 1.33 | % | 1.32 | % | 1.38 | % | 1.28 | % | 1.29 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 1.26 | % | 0.74 | % | 0.69 | % | 0.46 | % | 1.11 | % | 0.21 | % | ||||||||||||
| Portfolio turnover rate (c) | 36 | % | 90 | % | 198 | % | 247 | % | 139 | % | 142 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
101
Horizon Active Asset Allocation Fund
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Institutional Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 15.33 | $ | 16.29 | $ | 13.35 | $ | 12.76 | $ | 16.23 | $ | 14.11 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.09 | 0.12 | 0.11 | 0.09 | 0.14 | 0.08 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 1.93 | 1.38 | 2.95 | 0.64 | (1.40 | ) | 2.97 | |||||||||||||||||
| Total from investment operations | 2.02 | 1.50 | 3.06 | 0.73 | (1.26 | ) | 3.05 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.16 | ) | (0.12 | ) | (0.12 | ) | (0.14 | ) | (0.12 | ) | (0.08 | ) | ||||||||||||
| Net realized gains | (0.51 | ) | (2.34 | ) | — | — | (2.09 | ) | (0.85 | ) | ||||||||||||||
| Total distributions | (0.67 | ) | (2.46 | ) | (0.12 | ) | (0.14 | ) | (2.21 | ) | (0.93 | ) | ||||||||||||
| Net asset value, end of period | $ | 16.68 | $ | 15.33 | $ | 16.29 | $ | 13.35 | $ | 12.76 | $ | 16.23 | ||||||||||||
| TOTAL RETURN (c) | 13.71 | % | 11.56 | % | 23.08 | % | 5.86 | % | -9.57 | % | 22.82 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 46,052 | $ | 42,069 | $ | 42,108 | $ | 30,215 | $ | 25,595 | $ | 8,894 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.10 | % | 1.11 | % | 1.12 | % | 1.12 | % | 1.11 | % | 1.13 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.06 | % | 1.08 | % | 1.09 | % | 1.08 | % | 1.04 | % | 1.05 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.01 | % | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.06 | % | 1.07 | % | 1.08 | % | 1.08 | % | 1.04 | % | 1.05 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 1.13 | % | 0.85 | % | 0.71 | % | 0.71 | % | 1.10 | % | 0.47 | % | ||||||||||||
| Portfolio turnover rate (c) | 36 | % | 90 | % | 198 | % | 247 | % | 139 | % | 142 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
102
| Horizon Active Asset Allocation Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 15.26 | $ | 16.22 | $ | 13.29 | $ | 12.71 | $ | 16.17 | $ | 14.07 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.08 | 0.11 | 0.10 | 0.08 | 0.15 | 0.06 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 1.94 | 1.38 | 2.94 | 0.63 | (1.42 | ) | 2.96 | |||||||||||||||||
| Total from investment operations | 2.02 | 1.49 | 3.04 | 0.71 | (1.27 | ) | 3.02 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.15 | ) | (0.11 | ) | (0.11 | ) | (0.13 | ) | (0.10 | ) | (0.07 | ) | ||||||||||||
| Net realized gains | (0.51 | ) | (2.34 | ) | — | — | (2.09 | ) | (0.85 | ) | ||||||||||||||
| Total distributions | (0.66 | ) | (2.45 | ) | (0.11 | ) | (0.13 | ) | (2.19 | ) | (0.92 | ) | ||||||||||||
| Net asset value, end of period | $ | 16.62 | $ | 15.26 | $ | 16.22 | $ | 13.29 | $ | 12.71 | $ | 16.17 | ||||||||||||
| TOTAL RETURN (c) | 13.72 | % | 11.46 | % | 23.00 | % | 5.69 | % | -9.63 | % | 22.63 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 734,830 | $ | 700,557 | $ | 863,138 | $ | 872,904 | $ | 761,418 | $ | 729,517 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.20 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.21 | % | 1.23 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.16 | % | 1.18 | % | 1.19 | % | 1.18 | % | 1.14 | % | 1.14 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.01 | % | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.16 | % | 1.17 | % | 1.18 | % | 1.18 | % | 1.14 | % | 1.14 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 1.07 | % | 0.79 | % | 0.67 | % | 0.62 | % | 1.15 | % | 0.35 | % | ||||||||||||
| Portfolio turnover rate (c) | 36 | % | 90 | % | 198 | % | 247 | % | 139 | % | 142 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
103
| Horizon Active Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 8.30 | $ | 8.34 | $ | 8.09 | $ | 8.29 | $ | 9.77 | $ | 9.95 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.09 | 0.35 | 0.33 | 0.24 | 0.12 | 0.18 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | (0.07 | ) | (0.08 | ) | 0.25 | (0.22 | ) | (1.49 | ) | (0.18 | ) | |||||||||||||
| Total from investment operations | 0.02 | 0.27 | 0.58 | 0.02 | (1.37 | ) | — | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.25 | ) | (0.31 | ) | (0.33 | ) | (0.22 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||
| Total distributions | (0.25 | ) | (0.31 | ) | (0.33 | ) | (0.22 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||
| Net asset value, end of period | $ | 8.07 | $ | 8.30 | $ | 8.34 | $ | 8.09 | $ | 8.29 | $ | 9.77 | ||||||||||||
| TOTAL RETURN (c) | 0.22 | % | 3.39 | % | 7.31 | % | 0.26 | % | -14.12 | % | -0.05 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 1,174 | $ | 213 | $ | 535 | $ | 675 | $ | 1,960 | $ | 4,391 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.15 | % | 1.17 | % | 1.17 | % | 1.16 | % | 1.14 | % | 1.18 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.10 | % | 1.09 | % | 1.05 | % | 1.10 | % | 1.03 | % | 1.10 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | — | % | 0.00 | %(f) | ||||||||||||
| Ratio of tax expenses to average net assets (d)(e) | 0.00 | %(f) | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense and tax expense (d)(e) | 1.10 | % | 1.09 | % | 1.05 | % | 1.10 | % | 1.03 | % | 1.10 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 2.32 | % | 4.31 | % | 4.06 | % | 3.02 | % | 1.31 | % | 1.82 | % | ||||||||||||
| Portfolio turnover rate (c) | 20 | % | 93 | % | 90 | % | 175 | % | 110 | % | 93 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
104
| Horizon Active Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Institutional Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 8.19 | $ | 8.24 | $ | 8.00 | $ | 8.21 | $ | 9.68 | $ | 9.86 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.18 | 0.34 | 0.33 | 0.26 | 0.14 | 0.17 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | (0.15 | ) | (0.06 | ) | 0.26 | (0.22 | ) | (1.47 | ) | (0.15 | ) | |||||||||||||
| Total from investment operations | 0.03 | 0.28 | 0.59 | 0.04 | (1.33 | ) | 0.02 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.26 | ) | (0.33 | ) | (0.35 | ) | (0.25 | ) | (0.14 | ) | (0.20 | ) | ||||||||||||
| Total distributions | (0.26 | ) | (0.33 | ) | (0.35 | ) | (0.25 | ) | (0.14 | ) | (0.20 | ) | ||||||||||||
| Net asset value, end of period | $ | 7.96 | $ | 8.19 | $ | 8.24 | $ | 8.00 | $ | 8.21 | $ | 9.68 | ||||||||||||
| TOTAL RETURN (c) | 0.36 | % | 3.61 | % | 7.55 | % | 0.49 | % | -13.90 | % | 0.20 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 2,034 | $ | 2,273 | $ | 2,603 | $ | 1,725 | $ | 1,704 | $ | 1,840 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 0.90 | % | 0.92 | % | 0.93 | % | 0.91 | % | 0.89 | % | 0.94 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 0.84 | % | 0.85 | % | 0.80 | % | 0.84 | % | 0.79 | % | 0.85 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | — | % | 0.00 | %(f) | ||||||||||||
| Ratio of tax expenses to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense and tax expense (d)(e) | 0.84 | % | 0.85 | % | 0.80 | % | 0.84 | % | 0.79 | % | 0.85 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 4.48 | % | 4.26 | % | 4.05 | % | 3.27 | % | 1.57 | % | 1.74 | % | ||||||||||||
| Portfolio turnover rate (c) | 20 | % | 93 | % | 90 | % | 175 | % | 110 | % | 93 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
105
| Horizon Active Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 8.23 | $ | 8.27 | $ | 8.03 | $ | 8.24 | $ | 9.72 | $ | 9.90 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.17 | 0.33 | 0.33 | 0.26 | 0.13 | 0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | (0.15 | ) | (0.05 | ) | 0.25 | (0.23 | ) | (1.48 | ) | (0.18 | ) | |||||||||||||
| Total from investment operations | 0.02 | 0.28 | 0.58 | 0.03 | (1.35 | ) | 0.01 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.25 | ) | (0.32 | ) | (0.34 | ) | (0.24 | ) | (0.13 | ) | (0.19 | ) | ||||||||||||
| Total distributions | (0.25 | ) | (0.32 | ) | (0.34 | ) | (0.24 | ) | (0.13 | ) | (0.19 | ) | ||||||||||||
| Net asset value, end of period | $ | 8.00 | $ | 8.23 | $ | 8.27 | $ | 8.03 | $ | 8.24 | $ | 9.72 | ||||||||||||
| TOTAL RETURN (c) | 0.28 | % | 3.61 | % | 7.41 | % | 0.38 | % | -14.04 | % | 0.11 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 287,946 | $ | 278,159 | $ | 234,451 | $ | 245,555 | $ | 439,460 | $ | 432,982 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.00 | % | 1.02 | % | 1.03 | % | 1.01 | % | 0.99 | % | 1.03 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 0.94 | % | 0.95 | % | 0.91 | % | 0.95 | % | 0.89 | % | 0.95 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | — | % | 0.00 | %(f) | ||||||||||||
| Ratio of tax expenses to average net assets (d)(e) | 0.00 | %(f) | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense and tax expense (d)(e) | 0.94 | % | 0.95 | % | 0.91 | % | 0.95 | % | 0.89 | % | 0.95 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 4.29 | % | 4.06 | % | 4.06 | % | 3.20 | % | 1.47 | % | 1.98 | % | ||||||||||||
| Portfolio turnover rate (c) | 20 | % | 93 | % | 90 | % | 175 | % | 110 | % | 93 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
106
| Horizon Active Risk Assist® Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 27.11 | $ | 27.36 | $ | 21.99 | $ | 20.66 | $ | 26.08 | $ | 21.73 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.03 | 0.14 | 0.09 | 0.16 | 0.12 | 0.05 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.07 | 2.09 | 5.40 | 1.27 | (3.49 | ) | 4.37 | |||||||||||||||||
| Total from investment operations | 3.10 | 2.23 | 5.49 | 1.43 | (3.37 | ) | 4.42 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.15 | ) | (0.14 | ) | (0.12 | ) | (0.10 | ) | (0.15 | ) | (0.07 | ) | ||||||||||||
| Net realized gains | (2.12 | ) | (2.34 | ) | — | — | (1.90 | ) | — | |||||||||||||||
| Total distributions | (2.27 | ) | (2.48 | ) | (0.12 | ) | (0.10 | ) | (2.05 | ) | (0.07 | ) | ||||||||||||
| Net asset value, end of period | $ | 27.94 | $ | 27.11 | $ | 27.36 | $ | 21.99 | $ | 20.66 | $ | 26.08 | ||||||||||||
| TOTAL RETURN (c) | 12.34 | % | 9.36 | % | 25.08 | % | 6.98 | % | -14.34 | % | 20.41 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 3,037 | $ | 833 | $ | 1,507 | $ | 1,489 | $ | 4,472 | $ | 8,312 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.33 | % | 1.33 | % | 1.36 | % | 1.36 | % | 1.34 | % | 1.37 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.31 | % | 1.32 | % | 1.35 | % | 1.33 | % | 1.31 | % | 1.31 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.02 | % | 0.01 | % | 0.01 | % | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.31 | % | 1.32 | % | 1.33 | % | 1.32 | % | 1.30 | % | 1.31 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.26 | % | 0.55 | % | 0.37 | % | 0.75 | % | 0.53 | % | 0.21 | % | ||||||||||||
| Portfolio turnover rate (c) | 21 | % | 172 | % | 66 | % | 176 | % | 366 | % | 108 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
107
| Horizon Active Risk Assist® Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Institutional Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 27.33 | $ | 27.51 | $ | 22.13 | $ | 20.76 | $ | 26.19 | $ | 21.79 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.12 | 0.18 | 0.23 | 0.19 | 0.16 | 0.13 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.03 | 2.12 | 5.37 | 1.31 | (3.50 | ) | 4.37 | |||||||||||||||||
| Total from investment operations | 3.15 | 2.30 | 5.60 | 1.50 | (3.34 | ) | 4.50 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.20 | ) | (0.14 | ) | (0.22 | ) | (0.13 | ) | (0.19 | ) | (0.10 | ) | ||||||||||||
| Net realized gains | (2.12 | ) | (2.34 | ) | — | — | (1.90 | ) | — | |||||||||||||||
| Total distributions | (2.32 | ) | (2.48 | ) | (0.22 | ) | (0.13 | ) | (2.09 | ) | (0.10 | ) | ||||||||||||
| Net asset value, end of period | $ | 28.16 | $ | 27.33 | $ | 27.51 | $ | 22.13 | $ | 20.76 | $ | 26.19 | ||||||||||||
| TOTAL RETURN (c) | 12.46 | % | 9.61 | % | 25.47 | % | 7.27 | % | -14.17 | % | 20.75 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 8,637 | $ | 8,683 | $ | 8,630 | $ | 32,378 | $ | 30,798 | $ | 34,320 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.08 | % | 1.08 | % | 1.11 | % | 1.11 | % | 1.09 | % | 1.12 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.06 | % | 1.07 | % | 1.11 | % | 1.09 | % | 1.06 | % | 1.06 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.02 | % | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.06 | % | 1.07 | % | 1.09 | % | 1.08 | % | 1.06 | % | 1.06 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.92 | % | 0.70 | % | 0.92 | % | 0.90 | % | 0.70 | % | 0.54 | % | ||||||||||||
| Portfolio turnover rate (c) | 21 | % | 172 | % | 66 | % | 176 | % | 366 | % | 108 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
108
| Horizon Active Risk Assist® Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 27.21 | $ | 27.42 | $ | 22.07 | $ | 20.71 | $ | 26.13 | $ | 21.74 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.10 | 0.15 | 0.12 | 0.18 | 0.13 | 0.08 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.04 | 2.12 | 5.42 | 1.29 | (3.48 | ) | 4.39 | |||||||||||||||||
| Total from investment operations | 3.14 | 2.27 | 5.54 | 1.47 | (3.35 | ) | 4.47 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.18 | ) | (0.14 | ) | (0.19 | ) | (0.11 | ) | (0.17 | ) | (0.08 | ) | ||||||||||||
| Net realized gains | (2.12 | ) | (2.34 | ) | — | — | (1.90 | ) | — | |||||||||||||||
| Total distributions | (2.30 | ) | (2.48 | ) | (0.19 | ) | (0.11 | ) | (2.07 | ) | (0.08 | ) | ||||||||||||
| Net asset value, end of period | $ | 28.05 | $ | 27.21 | $ | 27.42 | $ | 22.07 | $ | 20.71 | $ | 26.13 | ||||||||||||
| TOTAL RETURN (c) | 12.45 | % | 9.51 | % | 25.28 | % | 7.13 | % | -14.24 | % | 20.64 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 1,585,351 | $ | 1,402,781 | $ | 1,370,291 | $ | 1,158,227 | $ | 1,238,187 | $ | 1,156,627 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.18 | % | 1.18 | % | 1.21 | % | 1.21 | % | 1.19 | % | 1.22 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.16 | % | 1.17 | % | 1.20 | % | 1.19 | % | 1.17 | % | 1.16 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.02 | % | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.16 | % | 1.17 | % | 1.18 | % | 1.18 | % | 1.17 | % | 1.16 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.79 | % | 0.61 | % | 0.48 | % | 0.83 | % | 0.58 | % | 0.34 | % | ||||||||||||
| Portfolio turnover rate (c) | 21 | % | 172 | % | 66 | % | 176 | % | 366 | % | 108 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
109
| Horizon Defensive Core Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 48.56 | $ | 45.80 | $ | 34.97 | $ | 30.85 | $ | 35.95 | $ | 28.69 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.06 | 0.10 | 0.07 | 0.23 | 0.06 | 0.07 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.61 | 2.72 | 10.93 | 3.99 | (4.27 | ) | 7.97 | |||||||||||||||||
| Total from investment operations | 3.67 | 2.82 | 11.00 | 4.22 | (4.21 | ) | 8.04 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.09 | ) | (0.06 | ) | (0.17 | ) | (0.10 | ) | (0.05 | ) | (0.07 | ) | ||||||||||||
| Net realized gains | (6.79 | ) | — | — | — | (0.84 | ) | (0.71 | ) | |||||||||||||||
| Total distributions | (6.88 | ) | (0.06 | ) | (0.17 | ) | (0.10 | ) | (0.89 | ) | (0.78 | ) | ||||||||||||
| Net asset value, end of period | $ | 45.35 | $ | 48.56 | $ | 45.80 | $ | 34.97 | $ | 30.85 | $ | 35.95 | ||||||||||||
| TOTAL RETURN (c) | 8.69 | % | 6.16 | % | 31.59 | % | 13.76 | % | -12.11 | % | 28.69 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 49,168 | $ | 44,432 | $ | 60,839 | $ | 47,232 | $ | 33,632 | $ | 35,205 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.06 | % | 1.07 | % | 1.07 | % | 1.12 | % | 1.18 | % | 1.28 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.06 | % | 1.07 | % | 1.12 | % | 1.13 | % | 1.18 | % | 1.19 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | 0.01 | % | 0.01 | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.05 | % | 1.07 | % | 1.12 | % | 1.12 | % | 1.17 | % | 1.19 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.30 | % | 0.24 | % | 0.18 | % | 0.72 | % | 0.17 | % | 0.19 | % | ||||||||||||
| Portfolio turnover rate (c) | 7 | % | 216 | % | 9 | % | 139 | % | 270 | % | 29 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
110
| Horizon Defensive Core Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 48.79 | $ | 46.03 | $ | 35.13 | $ | 30.99 | $ | 36.09 | $ | 28.78 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.10 | 0.15 | 0.15 | 0.28 | 0.11 | 0.11 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 3.62 | 2.74 | 10.97 | 4.01 | (4.29 | ) | 8.01 | |||||||||||||||||
| Total from investment operations | 3.72 | 2.89 | 11.12 | 4.29 | (4.18 | ) | 8.12 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.18 | ) | (0.13 | ) | (0.22 | ) | (0.15 | ) | (0.08 | ) | (0.10 | ) | ||||||||||||
| Net realized gains | (6.79 | ) | — | — | — | (0.84 | ) | (0.71 | ) | |||||||||||||||
| Total distributions | (6.97 | ) | (0.13 | ) | (0.22 | ) | (0.15 | ) | (0.92 | ) | (0.81 | ) | ||||||||||||
| Net asset value, end of period | $ | 45.54 | $ | 48.79 | $ | 46.03 | $ | 35.13 | $ | 30.99 | $ | 36.09 | ||||||||||||
| TOTAL RETURN (c) | 8.77 | % | 6.30 | % | 31.82 | % | 13.95 | % | -11.99 | % | 28.91 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 481,594 | $ | 447,492 | $ | 406,274 | $ | 190,927 | $ | 148,912 | $ | 120,315 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 0.91 | % | 0.92 | % | 0.92 | % | 0.97 | % | 1.04 | % | 1.09 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 0.91 | % | 0.92 | % | 0.95 | % | 0.98 | % | 1.03 | % | 1.04 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.01 | % | 0.00 | %(f) | 0.00 | %(f) | 0.01 | % | 0.01 | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 0.90 | % | 0.92 | % | 0.95 | % | 0.97 | % | 1.02 | % | 1.04 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.46 | % | 0.35 | % | 0.35 | % | 0.89 | % | 0.36 | % | 0.32 | % | ||||||||||||
| Portfolio turnover rate (c) | 7 | % | 216 | % | 9 | % | 139 | % | 270 | % | 29 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
111
| Horizon Defined Risk Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 85.39 | $ | 77.99 | $ | 65.78 | $ | 61.11 | $ | 63.45 | $ | 56.93 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income (loss)(a) | 0.09 | 0.07 | (0.07 | ) | 0.07 | 0.13 | 0.13 | |||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 4.21 | 7.35 | 12.34 | 5.40 | (2.39 | ) | 6.62 | |||||||||||||||||
| Total from investment operations | 4.30 | 7.42 | 12.27 | 5.47 | (2.26 | ) | 6.75 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.04 | ) | (0.02 | ) | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.23 | ) | ||||||||||||
| Net realized gains | — | — | — | (0.73 | ) | — | — | |||||||||||||||||
| Total distributions | (0.04 | ) | (0.02 | ) | (0.06 | ) | (0.80 | ) | (0.08 | ) | (0.23 | ) | ||||||||||||
| Net asset value, end of period | $ | 89.65 | $ | 85.39 | $ | 77.99 | $ | 65.78 | $ | 61.11 | $ | 63.45 | ||||||||||||
| TOTAL RETURN (c) | 5.03 | % | 9.51 | % | 18.66 | % | 9.12 | % | -3.57 | % | 11.90 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 14,342 | $ | 14,306 | $ | 17,017 | $ | 19,725 | $ | 12,227 | $ | 19,816 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.16 | % | 1.17 | % | 1.49 | % | 1.60 | % | 1.26 | % | 1.26 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.18 | % | 1.19 | % | 1.50 | % | 1.60 | % | 1.26 | % | 1.20 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | — | % | 0.00 | %(f) | 0.31 | % | 0.41 | % | 0.07 | % | 0.01 | % | ||||||||||||
| Ratio of tax expenses to average net assets (d)(e) | 0.01 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense and tax expense (d)(e) | 1.17 | % | 1.19 | % | 1.19 | % | 1.19 | % | 1.19 | % | 1.19 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.22 | % | 0.08 | % | (0.09 | )% | 0.11 | % | 0.20 | % | 0.21 | % | ||||||||||||
| Portfolio turnover rate (c) | 1 | % | 13 | % | 8 | % | 3 | % | 15 | % | 27 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
112
| Horizon Defined Risk Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 85.48 | $ | 78.01 | $ | 65.77 | $ | 61.16 | $ | 63.49 | $ | 56.98 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.16 | 0.19 | 0.06 | 0.16 | 0.26 | 0.22 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 4.21 | 7.35 | 12.32 | 5.39 | (2.41 | ) | 6.62 | |||||||||||||||||
| Total from investment operations | 4.37 | 7.54 | 12.38 | 5.55 | (2.15 | ) | 6.84 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.18 | ) | (0.07 | ) | (0.14 | ) | (0.21 | ) | (0.18 | ) | (0.33 | ) | ||||||||||||
| Net realized gains | — | — | — | (0.73 | ) | — | — | |||||||||||||||||
| Total distributions | (0.18 | ) | (0.07 | ) | (0.14 | ) | (0.94 | ) | (0.18 | ) | (0.33 | ) | ||||||||||||
| Net asset value, end of period | $ | 89.67 | $ | 85.48 | $ | 78.01 | $ | 65.77 | $ | 61.16 | $ | 63.49 | ||||||||||||
| TOTAL RETURN (c) | 5.12 | % | 9.68 | % | 18.85 | % | 9.26 | % | -3.40 | % | 12.06 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 1,050,767 | $ | 907,844 | $ | 672,955 | $ | 489,234 | $ | 359,743 | $ | 247,061 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.01 | % | 1.02 | % | 1.32 | % | 1.44 | % | 1.12 | % | 1.11 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.00 | % | 1.04 | % | 1.33 | % | 1.44 | % | 1.12 | % | 1.05 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | — | % | 0.00 | %(f) | 0.29 | % | 0.40 | % | 0.08 | % | 0.01 | % | ||||||||||||
| Ratio of tax expenses to average net assets (d)(e) | 0.01 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense and tax expense (d)(e) | 0.99 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.38 | % | 0.23 | % | 0.08 | % | 0.25 | % | 0.43 | % | 0.35 | % | ||||||||||||
| Portfolio turnover rate (c) | 1 | % | 13 | % | 8 | % | 3 | % | 15 | % | 27 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
113
| Horizon Equity Premium Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 81.52 | $ | 75.80 | $ | 60.07 | $ | 61.66 | $ | 63.04 | $ | 54.99 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.15 | 0.30 | 0.23 | 0.97 | 1.09 | 0.95 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 7.59 | 10.10 | 17.67 | (1.43 | ) | 0.06 | 8.04 | |||||||||||||||||
| Total from investment operations | 7.74 | 10.40 | 17.90 | (0.46 | ) | 1.15 | 8.99 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (2.41 | ) | (0.44 | ) | (0.58 | ) | (1.13 | ) | (1.04 | ) | (0.94 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (1.49 | ) | — | |||||||||||||||||
| Return of capital | (2.72 | ) | (4.24 | ) | (1.59 | ) | — | — | — | |||||||||||||||
| Total distributions | (5.13 | ) | (4.68 | ) | (2.17 | ) | (1.13 | ) | (2.53 | ) | (0.94 | ) | ||||||||||||
| Net asset value, end of period | $ | 84.13 | $ | 81.52 | $ | 75.80 | $ | 60.07 | $ | 61.66 | $ | 63.04 | ||||||||||||
| TOTAL RETURN (c) | 9.91 | % | 14.85 | % | 30.35 | % | -0.68 | % | 1.73 | % | 16.45 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 2,224 | $ | 2,023 | $ | 3,202 | $ | 3,443 | $ | 4,834 | $ | 10,941 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.19 | % | 1.23 | % | 1.42 | % | 1.28 | % | 1.23 | % | 1.21 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.20 | % | 1.24 | % | 1.41 | % | 1.29 | % | 1.25 | % | 1.24 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.17 | % | 0.05 | % | 0.01 | % | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.20 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.38 | % | 0.41 | % | 0.34 | % | 1.63 | % | 1.76 | % | 1.52 | % | ||||||||||||
| Portfolio turnover rate (c) | 5 | % | 10 | % | 23 | % | 4 | %(g) | 150 | % | 222 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
| (g) | 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.
114
| Horizon Equity Premium Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 81.50 | $ | 75.75 | $ | 60.03 | $ | 61.62 | $ | 63.02 | $ | 55.01 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.21 | 0.43 | 0.34 | 1.06 | 1.23 | 1.03 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 7.59 | 10.09 | 17.65 | (1.42 | ) | 0.02 | 8.02 | |||||||||||||||||
| Total from investment operations | 7.80 | 10.52 | 17.99 | (0.36 | ) | 1.25 | 9.05 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (2.46 | ) | (0.45 | ) | (0.58 | ) | (1.23 | ) | (1.16 | ) | (1.04 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (1.49 | ) | — | |||||||||||||||||
| Return of capital | (2.73 | ) | (4.32 | ) | (1.69 | ) | — | — | — | |||||||||||||||
| Total distributions | (5.19 | ) | (4.77 | ) | (2.27 | ) | (1.23 | ) | (2.65 | ) | (1.04 | ) | ||||||||||||
| Net asset value, end of period | $ | 84.11 | $ | 81.50 | $ | 75.75 | $ | 60.03 | $ | 61.62 | $ | 63.02 | ||||||||||||
| TOTAL RETURN (c) | 10.00 | % | 15.04 | % | 30.56 | % | -0.51 | % | 1.90 | % | 16.58 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 168,244 | $ | 143,091 | $ | 120,714 | $ | 92,322 | $ | 102,135 | $ | 123,269 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.04 | % | 1.08 | % | 1.26 | % | 1.13 | % | 1.10 | % | 1.06 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d)(e) | 1.04 | % | 1.09 | % | 1.25 | % | 1.12 | % | 1.09 | % | 1.08 | % | ||||||||||||
| Ratio of interest expense to average net assets (d)(e) | 0.00 | %(f) | 0.00 | %(f) | 0.16 | % | 0.06 | % | 0.02 | % | 0.00 | %(f) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d)(e) | 1.04 | % | 1.09 | % | 1.09 | % | 1.06 | % | 1.07 | % | 1.08 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d)(e) | 0.53 | % | 0.59 | % | 0.50 | % | 1.80 | % | 2.03 | % | 1.67 | % | ||||||||||||
| Portfolio turnover rate (c) | 5 | % | 10 | % | 23 | % | 4 | %(g) | 150 | % | 222 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (f) | Amount represents less than 0.005%. |
| (g) | 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.
115
| Horizon Multi-Factor Small/Mid Cap Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||
| Period ended May 31, |
Year ended November 30, | For the Period Ended November 30, |
||||||||||||||
| 2026 | 2025 | 2024 | 2023 (a) | |||||||||||||
| (Unaudited) | ||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||
| Net asset value, beginning of period | $ | 39.42 | $ | 40.26 | $ | 28.34 | $ | 26.88 | ||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income(b) | 0.01 | 0.15 | 0.08 | 0.09 | ||||||||||||
| Net realized and unrealized gain (loss) on investments (c) | 4.89 | (0.29 | ) | 12.07 | 1.37 | |||||||||||
| Total from investment operations | 4.90 | (0.14 | ) | 12.15 | 1.46 | |||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||
| Net investment income | (0.11 | ) | (0.01 | ) | (0.07 | ) | — | |||||||||
| Net realized gains | — | (0.69 | ) | (0.16 | ) | — | ||||||||||
| Total distributions | (0.11 | ) | (0.70 | ) | (0.23 | ) | — | |||||||||
| Net asset value, end of period | $ | 44.21 | $ | 39.42 | $ | 40.26 | $ | 28.34 | ||||||||
| TOTAL RETURN (d) | 12.46 | % | -0.21 | % | 43.10 | % | 5.43 | % | ||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 4,832 | $ | 3,106 | $ | 3,407 | $ | 427 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e) | 1.16 | % | 1.22 | % | 1.46 | % | 3.64 | % | ||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | ||||||||
| Ratio of expenses to average net assets excluding interest expense (e) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||
| Ratio of net investment income (loss) to average net assets (e) | 0.05 | % | 0.41 | % | 0.24 | % | 0.43 | % | ||||||||
| Portfolio turnover rate (d) | 114 | % | 146 | % | 107 | % | 179 | % | ||||||||
| (a) | Inception date of the Fund was March 7, 2023. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
116
| Horizon Multi-Factor Small/Mid Cap Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||
| Period ended May 31, |
Year ended November 30, | For the Period Ended November 30, |
||||||||||||||
| 2026 | 2025 | 2024 | 2023 (a) | |||||||||||||
| (Unaudited) | ||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||
| Net asset value, beginning of period | $ | 39.53 | $ | 40.36 | $ | 28.36 | $ | 25.00 | ||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income(b) | 0.05 | 0.19 | 0.16 | 0.14 | ||||||||||||
| Net realized and unrealized gain (loss) on investments (c) | 4.90 | (0.28 | ) | 12.07 | 3.22 | |||||||||||
| Total from investment operations | 4.95 | (0.09 | ) | 12.23 | 3.36 | |||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||
| Net investment income | (0.18 | ) | (0.05 | ) | (0.07 | ) | — | |||||||||
| Net realized gains | — | (0.69 | ) | (0.16 | ) | — | ||||||||||
| Total distributions | (0.18 | ) | (0.74 | ) | (0.23 | ) | — | |||||||||
| Net asset value, end of period | $ | 44.30 | $ | 39.53 | $ | 40.36 | $ | 28.36 | ||||||||
| TOTAL RETURN (d) | 12.56 | % | -0.07 | % | 43.33 | % | 13.48 | % | ||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 744,514 | $ | 596,129 | $ | 251,872 | $ | 12,482 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e) | 1.01 | % | 1.07 | % | 1.29 | % | 3.38 | % | ||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e) | 1.06 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | 0.00 | %(f) | ||||||||
| Ratio of expenses to average net assets excluding interest expense (e) | 1.06 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||
| Ratio of net investment income (loss) to average net assets (e) | 0.23 | % | 0.52 | % | 0.43 | % | 0.53 | % | ||||||||
| Portfolio turnover rate (d) | 114 | % | 146 | % | 107 | % | 179 | % | ||||||||
| (a) | Inception date of the Fund was December 20, 2022. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
117
| Horizon Multi-Factor U.S. Equity Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 34.96 | $ | 34.41 | $ | 27.56 | $ | 26.27 | $ | 33.46 | $ | 27.16 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.04 | 0.08 | 0.10 | 0.14 | 0.14 | 0.10 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 2.82 | 3.00 | 7.50 | 1.26 | (0.26 | ) | 6.27 | |||||||||||||||||
| Total from investment operations | 2.86 | 3.08 | 7.60 | 1.40 | (0.12 | ) | 6.37 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.06 | ) | (0.05 | ) | (0.11 | ) | (0.11 | ) | (0.13 | ) | (0.07 | ) | ||||||||||||
| Net realized gains | (2.15 | ) | (2.48 | ) | (0.64 | ) | — | (6.94 | ) | — | ||||||||||||||
| Total distributions | (2.21 | ) | (2.53 | ) | (0.75 | ) | (0.11 | ) | (7.07 | ) | (0.07 | ) | ||||||||||||
| Net asset value, end of period | $ | 35.61 | $ | 34.96 | $ | 34.41 | $ | 27.56 | $ | 26.27 | $ | 33.46 | ||||||||||||
| TOTAL RETURN (c) | 8.72 | % | 10.11 | % | 28.24 | % | 5.38 | % | -1.79 | % | 23.53 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 8,955 | $ | 7,718 | $ | 10,714 | $ | 7,543 | $ | 189 | $ | 544 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d) | 1.15 | % | 1.17 | % | 1.19 | % | 1.21 | % | 1.27 | % | 1.32 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d) | 1.15 | % | 1.17 | % | 1.19 | % | 1.22 | % | 1.25 | % | 1.24 | % | ||||||||||||
| Ratio of interest expense to average net assets (d) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.01 | % | 0.00 | %(e) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d) | 1.15 | % | 1.17 | % | 1.19 | % | 1.22 | % | 1.24 | % | 1.24 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d) | 0.24 | % | 0.26 | % | 0.32 | % | 0.52 | % | 0.52 | % | 0.34 | % | ||||||||||||
| Portfolio turnover rate (c) | 33 | % | 134 | % | 164 | % | 238 | % | 197 | % | 218 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
118
| Horizon Multi-Factor U.S. Equity Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||||||||||
| Period ended May 31, |
Year ended November 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||||||||||
| Net asset value, beginning of period | $ | 34.96 | $ | 34.42 | $ | 27.57 | $ | 26.34 | $ | 33.53 | $ | 27.19 | ||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income(a) | 0.06 | 0.13 | 0.13 | 0.18 | 0.22 | 0.15 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments (b) | 2.82 | 3.00 | 7.50 | 1.25 | (0.29 | ) | 6.27 | |||||||||||||||||
| Total from investment operations | 2.88 | 3.13 | 7.63 | 1.43 | (0.07 | ) | 6.42 | |||||||||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||||||||||
| Net investment income | (0.13 | ) | (0.11 | ) | (0.14 | ) | (0.20 | ) | (0.18 | ) | (0.08 | ) | ||||||||||||
| Net realized gains | (2.15 | ) | (2.48 | ) | (0.64 | ) | — | (6.94 | ) | — | ||||||||||||||
| Total distributions | (2.28 | ) | (2.59 | ) | (0.78 | ) | (0.20 | ) | (7.12 | ) | (0.08 | ) | ||||||||||||
| Net asset value, end of period | $ | 35.56 | $ | 34.96 | $ | 34.42 | $ | 27.57 | $ | 26.34 | $ | 33.53 | ||||||||||||
| TOTAL RETURN (c) | 8.80 | % | 10.28 | % | 28.35 | % | 5.51 | % | -1.62 | % | 23.70 | % | ||||||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 768,954 | $ | 723,131 | $ | 588,165 | $ | 261,501 | $ | 143,236 | $ | 128,449 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (d) | 1.00 | % | 1.02 | % | 1.04 | % | 1.07 | % | 1.12 | % | 1.17 | % | ||||||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (d) | 1.00 | % | 1.02 | % | 1.08 | % | 1.09 | % | 1.11 | % | 1.09 | % | ||||||||||||
| Ratio of interest expense to average net assets (d) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.02 | % | 0.00 | %(e) | ||||||||||||
| Ratio of expenses to average net assets excluding interest expense (d) | 1.00 | % | 1.02 | % | 1.08 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets (d) | 0.38 | % | 0.39 | % | 0.43 | % | 0.68 | % | 0.83 | % | 0.50 | % | ||||||||||||
| Portfolio turnover rate (c) | 33 | % | 134 | % | 164 | % | 238 | % | 197 | % | 218 | % | ||||||||||||
| (a) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
119
| Horizon Tactical Fixed Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Advisor Class | ||||||||||||||||
| Period ended May 31, |
Year ended November 30, | For the Period Ended November 30, |
||||||||||||||
| 2026 | 2025 | 2024 | 2023 (a) | |||||||||||||
| (Unaudited) | ||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||
| Net asset value, beginning of period | $ | 46.82 | $ | 49.09 | $ | 48.35 | $ | 49.48 | ||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income(b) | 0.94 | 2.26 | 2.32 | 0.90 | ||||||||||||
| Net realized and unrealized gain (loss) on investments (c) | (1.39 | ) | (2.10 | ) | 0.55 | (1.45 | ) | |||||||||
| Total from investment operations | (0.45 | ) | 0.16 | 2.87 | (0.55 | ) | ||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||
| Net investment income | (1.49 | ) | (2.43 | ) | (2.13 | ) | (0.58 | ) | ||||||||
| Total distributions | (1.49 | ) | (2.43 | ) | (2.13 | ) | (0.58 | ) | ||||||||
| Net asset value, end of period | $ | 44.88 | $ | 46.82 | $ | 49.09 | $ | 48.35 | ||||||||
| TOTAL RETURN (d) | -0.97 | % | 0.49 | % | 6.08 | % | -1.10 | % | ||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 6,935 | $ | 7,255 | $ | 8,160 | $ | 8,082 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 1.03 | % | 1.03 | % | 1.01 | % | 1.16 | % | ||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 0.93 | % | 0.97 | % | 0.94 | % | 0.96 | % | ||||||||
| Ratio of interest expense to average net assets (e)(f) | 0.00 | %(g) | 0.00 | %(g) | — | % | 0.00 | %(g) | ||||||||
| Ratio of expenses to average net assets excluding interest expense (e)(f) | 0.93 | % | 0.97 | % | 0.94 | % | 0.96 | % | ||||||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 4.15 | % | 4.86 | % | 4.81 | % | 2.58 | % | ||||||||
| Portfolio turnover rate (d) | 380 | % | 421 | % | 316 | % | 638 | % | ||||||||
| (a) | Inception date of the Fund was March 7, 2023. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
120
| Horizon Tactical Fixed Income Fund FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year.
| Investor Class | ||||||||||||||||
| Period ended May 31, |
Year ended November 30, | For the Period Ended November 30, |
||||||||||||||
| 2026 | 2025 | 2024 | 2023 (a) | |||||||||||||
| (Unaudited) | ||||||||||||||||
| PER SHARE DATA: | ||||||||||||||||
| Net asset value, beginning of period | $ | 46.85 | $ | 49.11 | $ | 48.37 | $ | 50.00 | ||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income(b) | 0.96 | 2.38 | 2.35 | 1.88 | ||||||||||||
| Net realized and unrealized gain (loss) on investments (c) | (1.37 | ) | (2.14 | ) | 0.59 | (2.68 | ) | |||||||||
| Total from investment operations | (0.41 | ) | 0.24 | 2.94 | (0.80 | ) | ||||||||||
| LESS DISTRIBUTIONS FROM: | ||||||||||||||||
| Net investment income | (1.55 | ) | (2.50 | ) | (2.20 | ) | (0.83 | ) | ||||||||
| Total distributions | (1.55 | ) | (2.50 | ) | (2.20 | ) | (0.83 | ) | ||||||||
| Net asset value, end of period | $ | 44.89 | $ | 46.85 | $ | 49.11 | $ | 48.37 | ||||||||
| TOTAL RETURN (d) | -0.89 | % | 0.66 | % | 6.22 | % | -1.63 | % | ||||||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||
| Net assets, end of period (in thousands) | $ | 175,436 | $ | 166,911 | $ | 219,292 | $ | 157,988 | ||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||
| Before expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 0.88 | % | 0.88 | % | 0.86 | % | 0.90 | % | ||||||||
| After expense waiver/recoupment and securities lending credit including interest expense (e)(f) | 0.78 | % | 0.81 | % | 0.79 | % | 0.84 | % | ||||||||
| Ratio of interest expense to average net assets (e)(f) | 0.00 | %(g) | 0.00 | %(g) | — | % | 0.00 | %(g) | ||||||||
| Ratio of expenses to average net assets excluding interest expense (e)(f) | 0.78 | % | 0.81 | % | 0.79 | % | 0.84 | % | ||||||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 4.25 | % | 5.11 | % | 4.87 | % | 4.13 | % | ||||||||
| Portfolio turnover rate (d) | 380 | % | 421 | % | 316 | % | 638 | % | ||||||||
| (a) | Inception date of the Fund was December 20, 2022. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
See accompanying notes to financial statements.
121
Horizon Funds
Notes to Financial Statements (Unaudited)
May 31, 2026
| 1. | ORGANIZATION |
The Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist® Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income 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 Centre American Select Equity Fund is to seek long-term growth of capital. The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 21, 2011 and January 21, 2014, respectively. The investment objective of the Centre Global Infrastructure Fund seeks long-term growth of capital and current income. The Fund presently offers Investor Class shares and Advisor Class shares, which each commenced operations on January 29, 2018. 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 Income Fund is income. The Fund presently offers Investor Class shares, Advisor Class shares and Institutional Class shares, which commenced operations on September 30, 2013, February 8, 2016 and September 9, 2016, respectively. The investment objective of the Horizon Active 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 Defensive Core Fund is to seek to capture the majority of returns associated with U.S. equity market investments, while mitigating downside risk through the use of a risk overlay strategy (the “Risk Assist® strategy”). The Fund presently offers Investor Class shares and Advisor Class shares, which commenced operations on December 26, 2019 and January 8, 2020, respectively. 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 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 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. 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 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.
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
122
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
The Funds value their investments and financial instruments at fair value as follows. In determining a Fund’s net asset value (“NAV”) per share, equity securities, including common stocks, preferred stocks, and exchange traded funds, for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). If the NOCP is not available, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices on the primary exchange. When market quotations received are from an active market, the securities will be classified within Level 1 of the fair value hierarchy. If market quotations are not readily available, then securities are valued at fair value as determined by Horizon Investments, LLC (the “Adviser” or “Horizon”), 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 Funds’ 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
123
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2026, for the Funds’ investments measured at fair value:
| Centre American Select Equity Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 454,603,264 | $ | — | $ | — | $ | 454,603,264 | ||||||||
| Real Estate Investment Trusts | 19,264,014 | — | — | 19,264,014 | ||||||||||||
| Purchased Options | — | 1,154,200 | — | 1,154,200 | ||||||||||||
| Money Market Funds | 2,124,106 | — | — | 2,124,106 | ||||||||||||
| Total | $ | 475,991,384 | $ | 1,154,200 | $ | — | $ | 477,145,584 | ||||||||
| Centre Global Infrastructure Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 83,102,606 | $ | — | $ | — | $ | 83,102,606 | ||||||||
| Money Market Funds | 332,622 | — | — | 332,622 | ||||||||||||
| Total | $ | 83,435,228 | $ | — | $ | — | $ | 83,435,228 | ||||||||
| Horizon Active Asset Allocation Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 633,573,892 | $ | — | $ | — | $ | 633,573,892 | ||||||||
| Common Stocks | 148,314,310 | — | — | 148,314,310 | ||||||||||||
| Purchased Options | — | 813,000 | — | 813,000 | ||||||||||||
| Investments Purchased With Proceeds From Securities Lending | 124,509,872 | — | — | 124,509,872 | ||||||||||||
| Money Market Funds | 826,188 | — | — | 826,188 | ||||||||||||
| Total | $ | 907,224,262 | $ | 813,000 | $ | — | $ | 908,037,262 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (492,000 | ) | $ | — | (492,000 | ) | |||||||
| Total | $ | — | $ | (492,000 | ) | $ | — | $ | (492,000 | ) | ||||||
124
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Active Income Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 290,369,082 | $ | — | $ | — | $ | 290,369,082 | ||||||||
| Investments Purchased With Proceeds From Securities Lending | 8,850,900 | — | — | 8,850,900 | ||||||||||||
| Money Market Funds | 1,144,317 | — | — | 1,144,317 | ||||||||||||
| Total | $ | 300,364,299 | $ | — | $ | — | $ | 300,364,299 | ||||||||
| Horizon Active Risk Assist® Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 1,369,171,507 | $ | — | $ | — | $ | 1,369,171,507 | ||||||||
| Common Stocks | 216,658,287 | — | 0 | (a) | 216,658,287 | |||||||||||
| Purchased Options | — | 10,435,875 | — | 10,435,875 | ||||||||||||
| Investments Purchased With Proceeds From Securities Lending | 13,473,182 | — | — | 13,473,182 | ||||||||||||
| Money Market Funds | 9,494,340 | — | — | 9,494,340 | ||||||||||||
| Total | $ | 1,608,797,316 | $ | 10,435,875 | $ | — | $ | 1,619,233,191 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (5,250,500 | ) | $ | — | $ | (5,250,500 | ) | ||||||
| Total | $ | — | $ | (5,250,500 | ) | $ | — | $ | (5,250,500 | ) | ||||||
| Horizon Defensive Core Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 474,561,456 | $ | — | $ | 0 | (a) | 474,561,456 | ||||||||
| Exchange Traded Funds | 46,675,035 | — | — | 46,675,035 | ||||||||||||
| Real Estate Investment Trusts | 8,774,699 | — | — | 8,774,699 | ||||||||||||
| Money Market Funds | 977,150 | — | — | 977,150 | ||||||||||||
| Total | $ | 530,988,340 | $ | — | $ | — | $ | 530,988,340 | ||||||||
125
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Defined Risk Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 1,013,405,796 | $ | — | $ | 0 | (a) | $ | 1,013,405,796 | |||||||
| Exchange Traded Funds | 68,144,076 | — | — | 68,144,076 | ||||||||||||
| Real Estate Investment Trusts | 18,414,069 | — | — | 18,414,069 | ||||||||||||
| Purchased Options | — | 7,291,250 | — | 7,291,250 | ||||||||||||
| Rights | — | — | 0 | (a) | — | |||||||||||
| Money Market Funds | 5,456,804 | — | — | 5,456,804 | ||||||||||||
| Investments Purchased With Proceeds From Securities Lending | 598,185 | — | — | 598,185 | ||||||||||||
| Total | $ | 1,106,018,930 | $ | 7,291,250 | $ | — | $ | 1,113,310,180 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (48,554,050 | ) | $ | — | $ | (48,554,050 | ) | ||||||
| Total | $ | — | $ | (48,554,050 | ) | $ | — | $ | (48,554,050 | ) | ||||||
| Horizon Equity Premium Income Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 169,831,241 | $ | — | $ | — | $ | 169,831,241 | ||||||||
| Real Estate Investment Trusts | 38,097 | — | — | 38,097 | ||||||||||||
| Money Market Funds | 511,593 | — | — | 511,593 | ||||||||||||
| Total | $ | 170,380,931 | $ | — | $ | — | $ | 170,380,931 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (148,500 | ) | $ | — | $ | (148,500 | ) | ||||||
| Total | $ | — | $ | (148,500 | ) | $ | — | $ | (148,500 | ) | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 709,506,354 | $ | — | $ | — | $ | 709,506,354 | ||||||||
| Real Estate Investment Trusts | 38,106,169 | — | — | 38,106,169 | ||||||||||||
| Money Market Funds | 1,557,882 | — | — | 1,557,882 | ||||||||||||
| Total | $ | 749,170,405 | $ | — | $ | — | $ | 749,170,405 | ||||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Multi-Factor U.S. Equity Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 754,264,727 | $ | — | $ | — | $ | 754,264,727 | ||||||||
| Real Estate Investment Trusts | 20,388,221 | — | — | 20,388,221 | ||||||||||||
| Money Market Funds | 2,556,668 | — | — | 2,556,668 | ||||||||||||
| Total | $ | 777,209,616 | $ | — | $ | — | $ | 777,209,616 | ||||||||
| Horizon Tactical Fixed Income Fund | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 182,171,625 | — | — | $ | 182,171,625 | ||||||||||
| Investments Purchased With Proceeds From Securities Lending | 61,926,088 | — | — | 61,926,088 | ||||||||||||
| Money Market Funds | 409,453 | — | — | 409,453 | ||||||||||||
| Total | $ | 244,507,166 | $ | — | $ | — | $ | 244,507,166 | ||||||||
| * | 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 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
127
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
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 period ended May 31, 2026, were as follows:
| Centre American Select Equity Fund |
Horizon Active Asset Allocation Fund |
Horizon Active Risk Assist® Fund |
Horizon Defined Risk Fund |
Horizon Equity Premium Income Fund |
||||||||||||||||
| Purchased Options | $ | 1,635,163 | $ | 460,250 | $ | 10,359,563 | $ | 11,899,438 | $ | — | ||||||||||
| Written Options | $ | — | $ | 258,500 | $ | 4,566,000 | $ | 29,913,600 | $ | 99,263 | ||||||||||
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of May 31, 2026:
| Location on the Statements of Assets and Liabilities | |||
| Fund | Derivatives Investment Type | Asset Derivatives | Liability Derivatives |
| Centre American Select Equity Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Active Asset Allocation Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Active Risk Assist® Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Defined Risk Fund | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Horizon Equity Premium Income | Equity Risk Contracts | Investments, at Value | Written option contracts, at value |
| Centre American Select Equity Fund | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 1,154,200 | ||
| Written Options | $ | — | ||
| Horizon Active Asset Allocation Fund | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 813,000 | ||
| Written Options | $ | 492,000 | ||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Active Risk Assist® Fund | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 10,435,875 | ||
| Written Options | $ | 5,250,500 | ||
| Horizon Defined Risk Fund | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 7,291,250 | ||
| Written Options | $ | 48,554,050 | ||
| Horizon Equity Premium Income Fund | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | — | ||
| Written Options | $ | 148,500 | ||
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended May 31, 2026:
| Derivative Investment Type | Location of Gain (Loss) on Derivatives in the Statements of Operations |
| Equity Risk contracts | Net realized gain (loss) from Investments |
| Net realized gain (loss) on Written option expired or closed | |
| Net change in unrealized appreciation (depreciation) on Investments | |
| Net change in unrealized appreciation (depreciation) on Written option |
| Centre American Select Equity Fund | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (3,979,996 | ) | |
| Written Options | — | |||
| $ | (3,979,996 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (884,444 | ) | |
| Written Options | — | |||
| $ | (884,444 | ) | ||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Active Asset Allocation Fund | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | 1,270,661 | ||
| Written Options | (981,859 | ) | ||
| $ | 288,802 | |||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (21,129 | ) | |
| Written Options | (9,844 | ) | ||
| $ | (30,973 | ) | ||
| Horizon Active Risk Assist® Fund | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (9,246,179 | ) | |
| Written Options | 12,544,841 | |||
| $ | 3,298,662 | |||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (1,981,519 | ) | |
| Written Options | 612,297 | |||
| $ | (1,369,222 | ) | ||
| Horizon Defined Risk Fund | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (42,773,374 | ) | |
| Written Options | 21,850,701 | |||
| $ | (20,922,673 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (5,068,903 | ) | |
| Written Options | (28,245,321 | ) | ||
| $ | (33,314,224 | ) | ||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Equity Premium Income Fund | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | — | ||
| Written Options | (1,740,274 | ) | ||
| $ | (1,740,274 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | — | ||
| Written Options | 26,107 | |||
| $ | 26,107 | |||
Offsetting of Financial Assets and Derivative Liabilities
The following table presents the Funds’ liability derivatives and collateral pledged for the Funds as of May 31, 2026.
| 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 | $ | 492,000 | (1) | $ | — | $ | 492,000 | $ | (492,000 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 492,000 | $ | — | $ | 492,000 | $ | (492,000 | ) | $ | — | $ | — | |||||||||||
| 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 | $ | 5,250,500 | (1) | $ | — | $ | 5,250,500 | $ | (5,250,500 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 5,250,500 | $ | — | $ | 5,250,500 | $ | (5,250,500 | ) | $ | — | $ | — | |||||||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| 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 | $ | 48,554,050 | (1) | $ | — | $ | 48,554,050 | $ | (48,554,050 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 48,554,050 | $ | — | $ | 48,554,050 | $ | (48,554,050 | ) | $ | — | $ | — | |||||||||||
| 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 | $ | 148,500 | (1) | $ | — | $ | 148,500 | $ | (148,500 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 148,500 | $ | — | $ | 148,500 | $ | (148,500 | ) | $ | — | $ | — | |||||||||||
| (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 7 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.
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
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’ 2025 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 Centre American Select Equity Fund, Horizon Active Asset Allocation Fund, Horizon Active Risk Assist® Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, quarterly for the Horizon Active Income Fund, and Horizon Tactical Fixed Income Fund, and monthly for Horizon Equity Premium Income Fund and Centre Global Infrastructure Fund. Each 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 Income Fund, and the Horizon Active Risk Assist® 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 Income Fund, and the Horizon Active Risk Assist® 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 Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income 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 period ended May 31, 2026, the distribution fees accrued for the Investor Class shares of the Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income Fund and for the Advisor Class shares of Centre American Select Equity Fund, Centre Global Infrastructure
133
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist® Fund, Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income Fund were 0.10% and 0.25% of average daily net assets, respectively.
During the period ended May 31, 2026, the Funds’ incurred fees pursuant to the 12b-1 Plan as follows:
| Fund | Investor Class | Advisor Class | ||||||
| Centre American Select Equity Fund | $ | 92,230 | $ | 235,015 | ||||
| Centre Global Infrastructure Fund | 27,625 | 36,048 | ||||||
| Horizon Active Asset Allocation Fund | — | 676 | ||||||
| Horizon Active Income Fund | — | 393 | ||||||
| Horizon Active Risk Assist® Fund | — | 1,229 | ||||||
| Horizon Defensive Core Fund | 218,504 | 57,667 | ||||||
| Horizon Defined Risk Fund | 480,907 | 17,285 | ||||||
| Horizon Equity Premium Income Fund | 74,885 | 2,550 | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 331,426 | 4,383 | ||||||
| Horizon Multi-Factor U.S. Equity Fund | 364,525 | 9,965 | ||||||
| Horizon Tactical Fixed Income Fund | 85,447 | 8,881 | ||||||
Investor Class shares of the Horizon Active Asset Allocation Fund, Horizon Active Income Fund, and Horizon Active Risk Assist® 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:
| Fund | Management Fee Rate |
|||
| Centre American Select Equity Fund (total net assets less than or equal to $1 billion) | 0.75% | |||
| Centre American Select Equity Fund (total net assets over $1 billion) | 0.70% | |||
| Centre Global Infrastructure Fund | 0.85% | |||
| Horizon Active Asset Allocation Fund | 0.99% | |||
| Horizon Active Income Fund | 0.77% | |||
| Horizon Active Risk Assist® Fund | 0.99% | |||
| Horizon Defensive Core Fund | 0.68% | |||
| Horizon Defined Risk Fund | 0.80% | |||
134
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Fund | Management Fee Rate |
|||
| Horizon Equity Premium Income Fund | 0.75% | |||
| Horizon Multi-Factor Small/Mid Cap Fund | 0.80% | |||
| Horizon Multi-Factor U.S. Equity Fund | 0.80% | |||
| Horizon Tactical Fixed Income Fund | 0.60% | |||
Pursuant to the Expense Limitation Agreement (the “Waiver Agreement”), the Adviser has agreed, until March 31, 2027 for the Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist® Fund, the Horizon Defensive Core Fund, Horizon Defined Risk Fund, Horizon Equity Premium Income Fund, the Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and the Horizon Tactical Fixed Income Fund and until March 31, 2028 for the Centre American Select Equity Fund and Centre Global Infrastructure Fund to waive a portion of the Fund’s advisory fee and has agreed to reimburse the Fund for other expenses to the extent that the aggregate expenses of every character, including but not limited to investment advisory fees of the Adviser (but excluding front-end or contingent sales loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs, such as interest and dividend expense on securities sold short; payments by the Fund, if any, under the Trust’s Rule 12b-1 Distribution Plan; payments by the Fund, if any, under the Trust’s Shareholder Services Plan; expenses paid with securities lending expense offset credits; taxes; and extraordinary expenses, such as litigation) incurred by a class of shares of the Fund in any fiscal year do not exceed the percentage of average daily net assets in the below table.
| Fund | Investor | Advisor | Institutional | |||||||||
| Centre American Select Equity Fund | 0.95 | % | 0.95 | % | 0.95 | % | ||||||
| Centre Global Infrastructure Fund | 1.05 | % | 1.05 | % | 1.05 | % | ||||||
| Horizon Active Asset Allocation Fund | 1.17 | % | 1.17 | % | 1.17 | % | ||||||
| Horizon Active Income Fund | 0.99 | % | 0.99 | % | 0.99 | % | ||||||
| Horizon Active Risk Assist® Fund | 1.17 | % | 1.17 | % | 1.17 | % | ||||||
| Horizon Defensive Core Fund | 0.87 | % | 0.87 | % | 0.87 | % | ||||||
| Horizon Defined Risk Fund | 0.94 | % | 0.94 | % | 0.94 | % | ||||||
| Horizon Equity Premium Income Fund | 0.99 | % | 0.99 | % | 0.99 | % | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 0.99 | % | 0.99 | % | 0.99 | % | ||||||
| Horizon Multi-Factor U.S. Equity Fund | 0.99 | % | 0.99 | % | 0.99 | % | ||||||
| Horizon Tactical Fixed Income Fund | 0.80 | % | 0.80 | % | 0.80 | % | ||||||
Any fees waived or expenses reimbursed by the Adviser are subject to possible recoupment by the Adviser within 36 months after such fees have been waived or expenses reimbursed, if such recoupment can be achieved without exceeding the lower of the expense limit in place at the time of the waiver or reimbursement and the expense limit in place at the time of recoupment.
The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Adviser through November 30 of the period indicated. During the period ended May 31, 2026, the Adviser recouped from Centre American Select Equity Fund, Centre Global Infrastructure Fund, Horizon Active Asset Allocation Fund, Horizon Active Income Fund, Horizon Active Risk Assist® Fund, Horizon Defensive Core Fund, Horizon Defined
135
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
Risk Fund, Horizon Equity Premium Income Fund, Horizon Multi-Factor Small/Mid Cap Fund, Horizon Multi-Factor U.S. Equity Fund, and Horizon Tactical Fixed Income Fund in the amounts of $0, $0, $0, $0, $0, $0, $1,796, $98, $159,964, $0, and $0 respectively.
| Fund | 2026 | 2027 | 2028 | 2029 | Total | |||||||||||||||
| Centre American Select Equity Fund | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Centre Global Infrastructure Fund | — | — | 64,579 | 23,364 | 87,942 | |||||||||||||||
| Horizon Active Asset Allocation Fund | — | — | — | — | — | |||||||||||||||
| Horizon Active Income Fund | — | — | — | — | — | |||||||||||||||
| Horizon Active Risk Assist® Fund | — | — | — | — | — | |||||||||||||||
| Horizon Defensive Core Fund | — | — | — | — | — | |||||||||||||||
| Horizon Defined Risk Fund | — | — | — | — | — | |||||||||||||||
| Horizon Equity Premium Income Fund | — | — | — | — | — | |||||||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 105 | 4,135 | 103 | — | 4,343 | |||||||||||||||
| Horizon Multi-Factor U.S. Equity Fund | — | — | — | — | — | |||||||||||||||
| Horizon Tactical Fixed Income Fund | — | — | — | — | — | |||||||||||||||
Trustees – The Trust pays each Trustee of the Trust who is not an interested person an annual retainer of $140,000 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.
Chief Compliance Officer Compensation – The Board of Trustees renewed the approval of a compensation policy with respect to the Trust’s Chief Compliance Officer pursuant to which the Horizon Funds and the Adviser each pay 50% of the Chief Compliance Officer’s salary, with the portion paid by the Horizon Funds allocated among the Funds in accordance with their relative net assets.
| 4. | INVESTMENT TRANSACTIONS |
The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended May 31, 2026, were as follows:
| Fund | Purchases | Sales | ||||||
| Centre American Select Equity Fund | $ | 377,467,996 | $ | 288,705,314 | ||||
| Centre Global Infrastructure Fund | 6,289,594 | 14,632,640 | ||||||
| Horizon Active Asset Allocation Fund | 263,736,507 | 316,450,628 | ||||||
| Horizon Active Income Fund | 72,869,880 | 57,523,741 | ||||||
| Horizon Active Risk Assist® Fund | 312,460,961 | 305,867,943 | ||||||
| Horizon Defensive Core Fund | 31,720,437 | 33,322,157 | ||||||
| Horizon Defined Risk Fund | 83,853,171 | 11,091,331 | ||||||
| Horizon Equity Premium Income Fund | 16,032,119 | 7,454,941 | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 835,074,641 | 761,157,541 | ||||||
| Horizon Multi-Factor U.S. Equity Fund | 244,406,097 | 258,140,774 | ||||||
| Horizon Tactical Fixed Income Fund | 689,521,963 | 675,806,701 | ||||||
136
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| 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, 2025, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent.
As of the period ended May 31, 2026, 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* |
||||||
| Centre American Select Equity Fund | $ | — | $ | — | ||||
| Centre Global Infrastructure Fund | — | — | ||||||
| Horizon Active Asset Allocation Fund | 122,068,386 | 124,509,872 | ||||||
| Horizon Active Income Fund | 8,661,146 | 8,850,900 | ||||||
| Horizon Active Risk Assist® Fund | 13,116,386 | 13,473,182 | ||||||
| Horizon Defensive Core Fund | — | — | ||||||
| Horizon Defined Risk Fund | 584,861 | 598,185 | ||||||
| Horizon Equity Premium Income Fund | — | — | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | — | — | ||||||
| Horizon Multi-Factor U.S. Equity Fund | — | — | ||||||
| Horizon Tactical Fixed Income Fund | 60,627,437 | 61,926,088 | ||||||
| * | 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). |
137
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| 6. | LINE OF CREDIT ARRANGEMENT |
Throughout the period ended May 31, 2026, and renewed effective February 19, 2026, the Funds are party to an unsecured line of credit arrangement with the Custodian. The Loan Agreement has an expiration date of February 18, 2027, 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 6.75% as of May 31, 2026, if they borrow.
For the period ended May 31, 2026 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 | $ | 111,126 | 6.76 | % | $ | 8,008,000 | January 14, 2026 | |||||||||
| Horizon Active Risk Assist® Fund | 31,714 | 6.78 | % | 1,770,000 | February 10, 2026 | |||||||||||
| Horizon Defensive Core Fund | 439,995 | 6.75 | % | 6,980,000 | February 13, 2026 | |||||||||||
| Horizon Equity Premium Income Fund | 17,214 | 6.75 | % | 2,253,000 | January 8, 2026 | |||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 8,857 | 6.75 | % | 440,000 | April 23, 2026 | |||||||||||
| Horizon Multi-Factor U.S. Equity Fund | 327,742 | 6.76 | % | 25,095,000 | February 5, 2026 | |||||||||||
| Horizon Tactical Fixed Income Fund | 2,148 | 6.75 | % | 251,000 | April 13, 2026 | |||||||||||
| 7. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the period/years ended November 30, 2025, November 30, 2024, and September 30, 2025 was as follows:
| For the year ended November 30, 2025 | ||||||||||||||||
| Fund | Ordinary Income | Long-Term Capital Gains |
Return of Capital | Total | ||||||||||||
| Centre American Select Equity Fund | $ | — | $ | — | $ | — | $ | — | ||||||||
| Centre Global Infrastructure Fund | 270,529 | — | — | 270,529 | ||||||||||||
| Horizon Active Asset Allocation Fund | 92,824,899 | 42,027,107 | — | 134,852,006 | ||||||||||||
| Horizon Active Income Fund | 9,966,231 | — | — | 9,966,231 | ||||||||||||
| Horizon Active Risk Assist® Fund | 7,012,190 | 117,403,719 | — | 124,415,909 | ||||||||||||
| Horizon Defensive Core Fund | 1,225,637 | — | — | 1,225,637 | ||||||||||||
| Horizon Defined Risk Fund | 634,975 | — | — | 634,975 | ||||||||||||
| Horizon Equity Premium Income Fund | 752,597 | — | 7,317,301 | 8,069,898 | ||||||||||||
138
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| For the year ended November 30, 2025 | ||||||||||||||||
| Fund | Ordinary Income | Long-Term Capital Gains |
Return of Capital | Total | ||||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 4,598,024 | 218,323 | — | 4,816,347 | ||||||||||||
| Horizon Multi-Factor U.S. Equity Fund | 42,406,993 | 3,626,283 | — | 46,033,276 | ||||||||||||
| Horizon Tactical Fixed Income Fund | 10,631,291 | — | — | 10,631,291 | ||||||||||||
| 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 Income Fund | 9,467,883 | — | — | 9,467,883 | ||||||||||||
| Horizon Active Risk Assist® Fund | 9,998,226 | 462,691 | — | 10,460,917 | ||||||||||||
| Horizon Defensive Core Fund | 1,422,529 | — | — | 1,422,529 | ||||||||||||
| Horizon Defined Risk Fund | 1,049,593 | — | — | 1,049,593 | ||||||||||||
| Horizon Equity Premium Income Fund | 898,863 | — | 2,622,572 | 3,521,435 | ||||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 102,289 | 1,245 | — | 103,534 | ||||||||||||
| Horizon Multi-Factor U.S. Equity Fund | 6,369,413 | 1,300,145 | — | 7,669,558 | ||||||||||||
| Horizon Tactical Fixed Income Fund | 9,289,902 | — | — | 9,289,902 | ||||||||||||
| For the year ended September 30, 2025 | ||||||||||||||||
| Fund | Ordinary Income | Long-Term Capital Gains |
Return of Capital | Total | ||||||||||||
| Centre American Select Equity Fund | $ | 4,467,289 | $ | 38,697,376 | $ | — | $ | 43,164,665 | ||||||||
| Centre Global Infrastructure Fund | 1,088,163 | — | — | 1,088,163 | ||||||||||||
139
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2025, 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) |
||||||||||||
| Centre American Select Equity Fund | $ | 251,515,134 | $ | 50,152,276 | $ | (4,291,651 | ) | $ | 45,860,625 | |||||||
| Centre Global Infrastructure Fund | 71,195,712 | 15,806,783 | (2,529,062 | ) | 13,277,721 | |||||||||||
| Horizon Active Asset Allocation Fund | 695,580,597 | 104,343,574 | (6,586,576 | ) | 97,756,998 | |||||||||||
| Horizon Active Income Fund | 345,528,663 | 6,026,073 | (1,059,734 | ) | 4,966,339 | |||||||||||
| Horizon Active Risk Assist® Fund | 1,302,648,327 | 230,730,720 | (34,479,281 | ) | 196,251,439 | |||||||||||
| Horizon Defensive Core Fund | 438,321,458 | 80,975,364 | (27,690,298 | ) | 53,285,066 | |||||||||||
| Horizon Defined Risk Fund | 653,074,441 | 314,923,108 | (37,056,518 | ) | 277,866,590 | |||||||||||
| Horizon Equity Premium Income Fund | 100,547,078 | 49,958,847 | (4,297,579 | ) | 45,661,268 | |||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 557,788,401 | 67,960,797 | (26,836,821 | ) | 41,123,976 | |||||||||||
| Horizon Multi-Factor U.S. Equity Fund | 655,191,347 | 88,553,410 | (13,442,882 | ) | 75,110,528 | |||||||||||
| Horizon Tactical Fixed Income Fund | 194,988,564 | 3,545,767 | (4,080,897 | ) | (535,130 | ) | ||||||||||
As of November 30, 2025, 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) |
|||||||||||||||
| Centre American Select Equity Fund | $ | 1,196,049 | $ | 76,638,890 | $ | (19,009 | ) | $ | 45,860,625 | $ | 123,676,555 | |||||||||
| Centre Global Infrastructure Fund | 1,544,164 | — | (27,609,120 | ) | 13,277,721 | (12,787,235 | ) | |||||||||||||
| Horizon Active Asset Allocation Fund | 1,274,985 | 24,795,123 | (7,333 | ) | 97,756,998 | 123,819,773 | ||||||||||||||
| Horizon Active Income Fund | 2,716,747 | — | (87,042,953 | ) | 4,966,339 | (79,359,867 | ) | |||||||||||||
| Horizon Active Risk Assist® Fund | 47,287,341 | 63,826,188 | (57,036,689 | ) | 196,251,439 | 250,328,279 | ||||||||||||||
| Horizon Defensive Core Fund | 17,872,297 | 51,925,191 | (749 | ) | 53,285,066 | 123,081,805 | ||||||||||||||
| Horizon Defined Risk Fund | 1,559,434 | — | (33,808,085 | ) | 277,866,590 | 245,617,939 | ||||||||||||||
| Horizon Equity Premium Income Fund | — | — | (1,057,435 | ) | 45,661,268 | 44,603,833 | ||||||||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 2,212,226 | — | (1,479,795 | ) | 41,123,976 | 41,856,407 | ||||||||||||||
| Horizon Multi-Factor U.S. Equity Fund | 18,968,852 | 28,820,808 | (179,123 | ) | 75,110,528 | 122,721,065 | ||||||||||||||
| Horizon Tactical Fixed Income Fund | 2,111,527 | — | (10,796,075 | ) | (535,130 | ) | (9,219,678 | ) | ||||||||||||
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.
140
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
At November 30, 2025, 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 | |||||||||
| Centre American Select Equity Fund | $ | — | $ | — | $ | — | ||||||
| Centre Global Infrastructure Fund | 12,799,530 | 14,800,369 | 27,599,899 | |||||||||
| Horizon Active Asset Allocation Fund | — | — | — | |||||||||
| Horizon Active Income Fund | 44,106,775 | 42,936,178 | 87,042,953 | |||||||||
| Horizon Active Risk Assist® Fund | — | — | — | |||||||||
| Horizon Defensive Core Fund | — | — | — | |||||||||
| Horizon Defined Risk Fund | 33,798,421 | — | 33,798,421 | |||||||||
| Horizon Equity Premium Income Fund | 1,019,932 | — | 1,019,932 | |||||||||
| Horizon Multi-Factor Small/Mid Cap Fund | 1,479,795 | — | 1,479,795 | |||||||||
| Horizon Multi-Factor U.S. Equity Fund | — | — | — | |||||||||
| Horizon Tactical Fixed Income Fund | 9,038,450 | 1,580,854 | 10,619,304 | |||||||||
The Horizon Equity Premium Income Fund, Horizon Defensive Core Fund, and Horizon Defined Risk Fund utilized capital loss carry forwards of $3,946,858, $1,596,467, and $21,314,058, 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, net operating losses, and non-deductible excise taxes paid. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the period/year ended November 30, 2025, the following table shows the reclassifications made:
| Fund | Distributable Earnings/ (Accumulated Deficit) |
Paid In Capital |
||||||
| Centre American Select Equity Fund | $ | — | $ | — | ||||
| Centre Global Infrastructure Fund | 160,789 | (160,789 | ) | |||||
| Horizon Active Asset Allocation Fund | (7,786,606 | ) | 7,786,606 | |||||
| Horizon Active Income Fund | 66 | (66 | ) | |||||
| Horizon Active Risk Assist® Fund | (17,800,457 | ) | 17,800,457 | |||||
| Horizon Defensive Core Fund | (15,288,154 | ) | 15,288,154 | |||||
| Horizon Defined Risk Fund | — | — | ||||||
| Horizon Equity Premium Income Fund | — | — | ||||||
| Horizon Multi-Factor Small/Mid Cap Fund | — | — | ||||||
| Horizon Multi-Factor U.S. Equity Fund | (4,841,268 | ) | 4,841,268 | |||||
| Horizon Tactical Fixed Income Fund | 7,105 | (7,105 | ) | |||||
141
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| 8. | BENEFICIAL OWNERSHIP |
The beneficial ownership, either directly or indirectly, of more than 25% of voting securities of a fund creates a presumption of control of that fund, under Section 2(a)(9) of the 1940 Act. As of May 31, 2026, 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. SIGNIFICANT ACCOUNTING PRONOUNCEMENTS
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Trust’s Treasurer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
| 10. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.
142
Horizon Funds
Additional Information (Unaudited)
May 31, 2026
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended November 30, 2025, 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 |
| Centre American Select Equity Fund | 100.00% |
| Centre Global Infrastructure Fund | 67.96% |
| Horizon Active Asset Allocation Fund | 17.87% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist® Fund | 32.29% |
| Horizon Defensive Core Fund | 90.41% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon Equity Premium Income Fund | 100.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 15.84% |
| Horizon Multi-Factor U.S. Equity Fund | 13.09% |
| Horizon Tactical Fixed Income Fund | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2025 was as follows:
| Fund Name | Dividends Received Deduction |
| Centre American Select Equity Fund | 100.00% |
| Centre Global Infrastructure Fund | 37.88% |
| Horizon Active Asset Allocation Fund | 2.78% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist® Fund | 0.92% |
| Horizon Defensive Core Fund | 90.41% |
| Horizon Defined Risk Fund | 100.00% |
| Horizon Equity Premium Income Fund | 100.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 15.84% |
| Horizon Multi-Factor U.S. Equity Fund | 13.09% |
| Horizon Tactical Fixed Income Fund | 0.00% |
143
Horizon Funds
Additional
Information (Unaudited) (Continued)
May 31, 2026
Foreign Tax Credit
For the year ended November 30, 2025, the following Funds 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 | $ | 8,041,356 | $ | 641,184 | ||||
| Horizon Active Income Fund | 843,588 | 1,605 | ||||||
| Horizon Active Risk Assist® Fund | 8,071,018 | 863,207 | ||||||
| Horizon Tactical Fixed Income Fund | 188,421 | 379 | ||||||
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 |
| Centre American Select Equity Fund | 0.00% |
| Centre Global Infrastructure Fund | 0.00% |
| Horizon Active Asset Allocation Fund | 93.70% |
| Horizon Active Income Fund | 0.00% |
| Horizon Active Risk Assist® Fund | 0.00% |
| Horizon Defensive Core Fund | 0.00% |
| Horizon Defined Risk Fund | 0.00% |
| Horizon Equity Premium Income Fund | 0.00% |
| Horizon Multi-Factor Small/Mid Cap Fund | 92.78% |
| Horizon Multi-Factor U.S. Equity Fund | 95.42% |
| Horizon Tactical Fixed Income Fund | 0.00% |
144
Horizon Funds
Additional
Information (Unaudited) (Continued)
May 31, 2026
Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items “Chief Compliance Officer & Compliance Fees” and “Trustees’ Fees and Expenses”.
Statement Regarding Basis for Approval of Investment Advisory Contract.
This disclosure was included in the Form N-CSR for the year ended November 30, 2025.
145
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 |
146
| 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
147
THIS PAGE INTENTIONALLY LEFT BLANK
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.
| HORIZON FUNDS | Financial Statements |
| Horizon Core Bond ETF | Horizon Core Equity ETF | |
| BNDY | STOX |
| Horizon Digital Frontier ETF | Horizon Dividend Income ETF | |
| YNOT | DIVN |
| Horizon Expedition Plus ETF | Horizon Flexible Income ETF | |
| HBTA | FLXN |
| Horizon International Equity ETF | Horizon International Managed Risk ETF | |
| FRGN | SFTX |
| Horizon Landmark ETF | Horizon Managed Risk ETF | |
| BENJ | SFTY |
| Horizon Nasdaq-100 Defined Risk ETF | Horizon Small/Mid Cap Core Equity ETF | |
| QGRD | SMOX |
| May 31, 2026 |
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 Core Bond ETF, Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Dividend Income ETF, Horizon Expedition Plus ETF, Horizon Flexible Income ETF, Horizon International Equity ETF, Horizon International Managed Risk ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, Horizon Nasdaq-100 Defined Risk ETF, and Horizon Small/Mid Cap Core Equity ETF. 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 and Written Options | 1 |
| Statements of Assets and Liabilities | 93 |
| Statements of Operations | 96 |
| Statements of Changes in Net Assets | 99 |
| Financial Highlights | 105 |
| Notes to Financial Statements | 117 |
| Additional Information | 138 |
| Privacy Notice | 141 |
| Horizon Core Bond ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 99.3% | ||||||||
| State Street SPDR Portfolio Aggregate Bond ETF (a)(b) | 9,707,462 | $ | 247,928,580 | |||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $247,255,280) | 247,928,580 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.1% (c) | ||||||||||||
| Put Options — 0.1% | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (d)(e) | ||||||||||||
| Expiration: 06/25/2026; Exercise Price: $702.51 | $ | 101,443,968 | 1,341 | 186,466 | ||||||||
| Expiration: 06/25/2026; Exercise Price: $712.07 | 24,283,008 | 321 | 60,669 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $344,894) | 247,135 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.4% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (f) | 1,117,695 | 1,117,695 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $1,117,695) | 1,117,695 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $248,717,869) | 249,293,410 | |||||||
| Other Assets in Excess of Liabilities — 0.2% | 550,033 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 249,843,443 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | 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. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $77,120,278. |
| (c) | Non-income producing security. |
| (d) | Exchange-traded. |
| (e) | 100 shares per contract. |
| (f) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
1
| Horizon Core Bond ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.3)% | ||||||||||||
| Put Options — (0.3)% | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (a)(b) | ||||||||||||
| Expiration: 06/25/2026; Exercise Price: $736.35 | $ | (101,443,968 | ) | (1,341 | ) | $ | (599,360 | ) | ||||
| Expiration: 06/25/2026; Exercise Price: $743.24 | (24,283,008 | ) | (321 | ) | (189,390 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $1,062,427) | $ | (788,750 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
2
| Horizon Core Equity ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 91.3% | ||||||||
| Aerospace & Defense — 2.6% | ||||||||
| General Dynamics Corp. | 1,547 | $ | 536,531 | |||||
| General Electric Co. | 2,401 | 777,348 | ||||||
| Howmet Aerospace, Inc. | 2,018 | 521,148 | ||||||
| L3Harris Technologies, Inc. | 964 | 303,834 | ||||||
| Lockheed Martin Corp. | 1,084 | 575,008 | ||||||
| Northrop Grumman Corp. | 656 | 369,774 | ||||||
| RTX Corp. | 5,231 | 939,801 | ||||||
| 4,023,444 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| FedEx Corp. | 1,461 | 601,567 | ||||||
| Automobiles — 1.0% | ||||||||
| General Motors Co. | 11,036 | 918,637 | ||||||
| Tesla, Inc. (a) | 1,581 | 688,984 | ||||||
| 1,607,621 | ||||||||
| Banks — 2.3% | ||||||||
| Bank of America Corp. | 15,159 | 782,204 | ||||||
| Citigroup, Inc. | 4,798 | 604,068 | ||||||
| JPMorgan Chase & Co. | 3,414 | 1,021,844 | ||||||
| PNC Financial Services Group, Inc. | 1,671 | 369,492 | ||||||
| US Bancorp | 7,782 | 426,843 | ||||||
| Wells Fargo & Co. | 5,030 | 390,026 | ||||||
| 3,594,477 | ||||||||
| Beverages — 1.6% | ||||||||
| Coca-Cola Co. | 15,008 | 1,185,782 | ||||||
| Monster Beverage Corp. (a) | 5,655 | 498,092 | ||||||
| PepsiCo, Inc. | 5,661 | 816,260 | ||||||
| 2,500,134 | ||||||||
| Biotechnology — 1.5% | ||||||||
| AbbVie, Inc. | 2,216 | 482,468 | ||||||
| Amgen, Inc. | 1,093 | 368,111 | ||||||
| Gilead Sciences, Inc. | 5,044 | 678,065 | ||||||
| Regeneron Pharmaceuticals, Inc. | 481 | 295,709 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 1,004 | 449,330 | ||||||
| 2,273,683 | ||||||||
| Broadline Retail — 2.1% | ||||||||
| Amazon.com, Inc. (a) | 11,734 | 3,175,690 | ||||||
| Building Products — 0.5% | ||||||||
| Johnson Controls International PLC | 2,767 | 370,944 | ||||||
| Trane Technologies PLC | 990 | 446,787 | ||||||
| 817,731 | ||||||||
See accompanying notes to financial statements.
3
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Capital Markets — 2.6% | ||||||||
| Bank of New York Mellon Corp. | 3,786 | $ | 527,882 | |||||
| Blackrock, Inc. | 315 | 329,767 | ||||||
| Charles Schwab Corp. | 7,703 | 672,857 | ||||||
| CME Group, Inc. | 1,213 | 331,804 | ||||||
| Goldman Sachs Group, Inc. | 469 | 480,988 | ||||||
| Intercontinental Exchange, Inc. | 2,293 | 339,020 | ||||||
| Moody’s Corp. | 716 | 324,527 | ||||||
| Morgan Stanley | 2,780 | 578,240 | ||||||
| S&P Global, Inc. | 1,034 | 438,416 | ||||||
| 4,023,501 | ||||||||
| Chemicals — 1.1% | ||||||||
| Corteva, Inc. | 4,218 | 330,185 | ||||||
| Ecolab, Inc. | 1,286 | 329,216 | ||||||
| Linde PLC | 1,569 | 780,876 | ||||||
| Sherwin-Williams Co. | 1,010 | 306,878 | ||||||
| 1,747,155 | ||||||||
| Commercial Services & Supplies — 0.7% | ||||||||
| Cintas Corp. | 1,948 | 333,615 | ||||||
| Republic Services, Inc. | 1,926 | 386,047 | ||||||
| Waste Management, Inc. | 1,945 | 411,290 | ||||||
| 1,130,952 | ||||||||
| Communications Equipment — 1.5% | ||||||||
| Arista Networks, Inc. (a) | 4,279 | 682,372 | ||||||
| Ciena Corp. (a) | 434 | 251,820 | ||||||
| Cisco Systems, Inc. | 9,862 | 1,187,582 | ||||||
| Motorola Solutions, Inc. | 507 | 204,463 | ||||||
| 2,326,237 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
| Comfort Systems USA, Inc. | 235 | 429,629 | ||||||
| Consumer Finance — 0.4% | ||||||||
| American Express Co. | 2,024 | 640,535 | ||||||
| Consumer Staples Distribution & Retail — 2.3% | ||||||||
| Costco Wholesale Corp. | 1,587 | 1,517,680 | ||||||
| Target Corp. | 2,556 | 324,791 | ||||||
| Walmart, Inc. | 14,505 | 1,678,953 | ||||||
| 3,521,424 | ||||||||
| Diversified Telecommunication Services — 0.6% | ||||||||
| AT&T, Inc. | 14,178 | 351,614 | ||||||
| Comcast Corp. - Class A | 4,933 | 122,684 | ||||||
| Verizon Communications, Inc. | 9,536 | 455,916 | ||||||
| 930,214 | ||||||||
See accompanying notes to financial statements.
4
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electric Utilities — 1.4% | ||||||||
| American Electric Power Co., Inc. | 4,270 | $ | 540,881 | |||||
| Duke Energy Corp. | 4,220 | 517,920 | ||||||
| NextEra Energy, Inc. | 6,494 | 565,043 | ||||||
| Southern Co. | 5,293 | 487,221 | ||||||
| 2,111,065 | ||||||||
| Electrical Equipment — 1.0% | ||||||||
| AMETEK, Inc. | 1,696 | 383,042 | ||||||
| Eaton Corp. PLC | 930 | 372,558 | ||||||
| GE Vernova, Inc. | 833 | 806,610 | ||||||
| 1,562,210 | ||||||||
| Electronic Equipment, Instruments & Components — 0.9% | ||||||||
| Amphenol Corp. - Class A | 3,535 | 525,866 | ||||||
| Corning, Inc. | 1,674 | 303,262 | ||||||
| Keysight Technologies, Inc. (a) | 705 | 238,523 | ||||||
| TE Connectivity PLC | 1,146 | 244,568 | ||||||
| 1,312,219 | ||||||||
| Entertainment — 0.4% | ||||||||
| Netflix, Inc. (a) | 5,150 | 443,003 | ||||||
| Walt Disney Co. | 1,429 | 145,515 | ||||||
| 588,518 | ||||||||
| Financial Services — 3.9% | ||||||||
| Berkshire Hathaway, Inc. - Class B (a) | 7,986 | 3,789,198 | ||||||
| Mastercard, Inc. - Class A | 2,991 | 1,477,494 | ||||||
| Visa, Inc. - Class A | 2,445 | 797,950 | ||||||
| 6,064,642 | ||||||||
| Ground Transportation — 0.3% | ||||||||
| Uber Technologies, Inc. (a) | 6,231 | 438,662 | ||||||
| Health Care Equipment & Supplies — 1.0% | ||||||||
| Abbott Laboratories | 4,155 | 355,668 | ||||||
| Boston Scientific Corp. (a) | 3,440 | 166,187 | ||||||
| Intuitive Surgical, Inc. (a) | 810 | 343,958 | ||||||
| Medtronic PLC | 3,083 | 227,556 | ||||||
| Stryker Corp. | 1,233 | 376,176 | ||||||
| 1,469,545 | ||||||||
| Health Care Providers & Services — 1.6% | ||||||||
| Cardinal Health, Inc. | 1,151 | 226,517 | ||||||
| Cencora, Inc. | 736 | 198,249 | ||||||
| Cigna Group | 952 | 264,085 | ||||||
| CVS Health Corp. | 4,506 | 409,956 | ||||||
| HCA Healthcare, Inc. | 1,014 | 383,839 | ||||||
See accompanying notes to financial statements.
5
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| McKesson Corp. | 483 | $ | 358,598 | |||||
| UnitedHealth Group, Inc. | 1,589 | 604,313 | ||||||
| 2,445,557 | ||||||||
| Hotels, Restaurants & Leisure — 1.7% | ||||||||
| Airbnb, Inc. - Class A (a) | 5,930 | 790,528 | ||||||
| Booking Holdings, Inc. | 4,905 | 821,244 | ||||||
| McDonald’s Corp. | 3,909 | 1,091,393 | ||||||
| 2,703,165 | ||||||||
| Household Durables — 0.5% | ||||||||
| Garmin Ltd. | 3,214 | 751,819 | ||||||
| Household Products — 0.7% | ||||||||
| Procter & Gamble Co. | 7,985 | 1,146,327 | ||||||
| Industrial Conglomerates — 0.3% | ||||||||
| Honeywell International, Inc. | 2,238 | 532,331 | ||||||
| Insurance — 1.9% | ||||||||
| Allstate Corp. | 1,685 | 347,262 | ||||||
| Aon PLC - Class A | 1,223 | 386,541 | ||||||
| Chubb Ltd. | 1,977 | 616,290 | ||||||
| Hartford Insurance Group, Inc. | 2,201 | 279,813 | ||||||
| Marsh & McLennan Cos., Inc. | 2,569 | 410,963 | ||||||
| Progressive Corp. | 2,724 | 518,650 | ||||||
| Travelers Cos., Inc. | 1,307 | 381,500 | ||||||
| 2,941,019 | ||||||||
| Interactive Media & Services — 7.9% | ||||||||
| Alphabet, Inc. - Class A (b) | 24,602 | 9,357,125 | ||||||
| Meta Platforms, Inc. - Class A | 4,455 | 2,817,832 | ||||||
| 12,174,957 | ||||||||
| IT Services — 0.4% | ||||||||
| Accenture PLC - Class A | 1,745 | 326,437 | ||||||
| International Business Machines Corp. | 1,186 | 353,191 | ||||||
| 679,628 | ||||||||
| Life Sciences Tools & Services — 0.4% | ||||||||
| Danaher Corp. | 1,669 | 304,876 | ||||||
| Thermo Fisher Scientific, Inc. | 496 | 244,285 | ||||||
| 549,161 | ||||||||
| Machinery — 1.0% | ||||||||
| Caterpillar, Inc. | 835 | 731,351 | ||||||
| Cummins, Inc. | 719 | 464,927 | ||||||
| Parker-Hannifin Corp. | 479 | 404,578 | ||||||
| 1,600,856 | ||||||||
See accompanying notes to financial statements.
6
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.7% | ||||||||
| Freeport-McMoRan, Inc. | 6,675 | $ | 438,614 | |||||
| Newmont Corp. | 5,805 | 637,447 | ||||||
| 1,076,061 | ||||||||
| Multi-Utilities — 0.3% | ||||||||
| Consolidated Edison, Inc. | 4,382 | 462,871 | ||||||
| Oil, Gas & Consumable Fuels — 3.5% | ||||||||
| Chevron Corp. | 7,076 | 1,291,087 | ||||||
| ConocoPhillips | 4,476 | 510,174 | ||||||
| EOG Resources, Inc. | 1,441 | 192,200 | ||||||
| EQT Corp. | 2,219 | 121,890 | ||||||
| Exxon Mobil Corp. | 14,356 | 2,085,352 | ||||||
| Kinder Morgan, Inc. | 7,950 | 247,086 | ||||||
| Marathon Petroleum Corp. | 701 | 174,388 | ||||||
| Phillips 66 | 1,085 | 190,830 | ||||||
| Targa Resources Corp. | 583 | 148,706 | ||||||
| Valero Energy Corp. | 651 | 159,378 | ||||||
| Williams Cos., Inc. | 3,943 | 281,491 | ||||||
| 5,402,582 | ||||||||
| Pharmaceuticals — 4.5% | ||||||||
| Bristol-Myers Squibb Co. | 7,754 | 443,374 | ||||||
| Eli Lilly & Co. | 2,731 | 3,017,755 | ||||||
| Johnson & Johnson | 8,910 | 2,007,690 | ||||||
| Merck & Co., Inc. | 9,665 | 1,147,429 | ||||||
| Pfizer, Inc. | 13,746 | 359,870 | ||||||
| 6,976,118 | ||||||||
| Semiconductors & Semiconductor Equipment — 17.7% | ||||||||
| Advanced Micro Devices, Inc. (a) | 4,832 | 2,493,795 | ||||||
| Analog Devices, Inc. | 1,668 | 690,302 | ||||||
| Applied Materials, Inc. | 2,587 | 1,164,305 | ||||||
| Broadcom, Inc. | 11,904 | 5,318,350 | ||||||
| Intel Corp. (a) | 8,226 | 943,358 | ||||||
| KLA Corp. | 323 | 620,712 | ||||||
| Lam Research Corp. | 3,796 | 1,207,811 | ||||||
| Micron Technology, Inc. | 3,790 | 3,680,090 | ||||||
| NVIDIA Corp. | 48,103 | 10,156,468 | ||||||
| QUALCOMM, Inc. | 1,768 | 443,803 | ||||||
| Teradyne, Inc. | 525 | 196,513 | ||||||
| Texas Instruments, Inc. | 1,732 | 529,438 | ||||||
| 27,444,945 | ||||||||
| Software — 6.7% | ||||||||
| Adobe, Inc. (a) | 1,400 | 362,894 | ||||||
See accompanying notes to financial statements.
7
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Intuit, Inc. | 472 | $ | 156,482 | |||||
| Microsoft Corp. | 16,695 | 7,516,757 | ||||||
| Oracle Corp. | 2,839 | 640,989 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 5,962 | 933,292 | ||||||
| Salesforce, Inc. | 1,943 | 371,307 | ||||||
| ServiceNow, Inc. (a) | 1,560 | 194,017 | ||||||
| Synopsys, Inc. (a) | 406 | 193,102 | ||||||
| 10,368,840 | ||||||||
| Specialty Retail — 2.6% | ||||||||
| Home Depot, Inc. | 3,499 | 1,109,673 | ||||||
| O’Reilly Automotive, Inc. (a) | 8,640 | 750,643 | ||||||
| Ross Stores, Inc. | 4,156 | 963,070 | ||||||
| TJX Cos., Inc. | 7,749 | 1,199,158 | ||||||
| 4,022,544 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.3% | ||||||||
| Apple, Inc. | 31,786 | 9,919,139 | ||||||
| Sandisk Corp. (a) | 418 | 708,502 | ||||||
| Seagate Technology Holdings PLC | 509 | 447,818 | ||||||
| Western Digital Corp. | 573 | 304,383 | ||||||
| 11,379,842 | ||||||||
| Tobacco — 0.9% | ||||||||
| Altria Group, Inc. | 6,439 | 448,026 | ||||||
| Philip Morris International, Inc. | 5,727 | 1,015,855 | ||||||
| 1,463,881 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| T-Mobile US, Inc. | 2,767 | 518,896 | ||||||
| TOTAL COMMON STOCKS (Cost $124,326,909) | 141,532,255 | |||||||
| EXCHANGE TRADED FUNDS — 6.7% | ||||||||
| Roundhill Magnificent Seven ETF (b) | 147,455 | 10,426,543 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $9,599,758) | 10,426,543 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 1.6% | ||||||||
| Health Care REITs — 0.3% | ||||||||
| Welltower, Inc. | 2,243 | 460,555 | ||||||
| Industrial REITs — 0.3% | ||||||||
| Prologis, Inc. | 3,445 | 494,254 | ||||||
| Retail REITs — 0.4% | ||||||||
| Realty Income Corp. | 4,660 | 285,565 | ||||||
| Simon Property Group, Inc. | 1,551 | 317,815 | ||||||
| 603,380 | ||||||||
See accompanying notes to financial statements.
8
| Horizon Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Specialized REITs — 0.6% | ||||||||
| American Tower Corp. | 2,237 | $ | 418,230 | |||||
| Equinix, Inc. | 483 | 515,863 | ||||||
| 934,093 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,273,710) | 2,492,282 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.0% (a)(c) | ||||||||||||
| Put Options — 0.0% (c) | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (d)(e) | ||||||||||||
| Expiration: 06/02/2026; Exercise Price: $703.72 | $ | 22,845,696 | 302 | 985 | ||||||||
| Expiration: 06/16/2026; Exercise Price: $712.23 | 23,299,584 | 308 | 26,848 | |||||||||
| Expiration: 06/16/2026; Exercise Price: $743.01 | 1,664,256 | 22 | 7,832 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $335,378) | 35,665 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.2% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (f) | 319,776 | 319,776 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $319,776) | 319,776 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $136,855,531) | 154,806,521 | |||||||
| Other Assets in Excess of Liabilities — 0.2% | 342,709 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 155,149,230 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $10,561,599. |
| (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 yield as of May 31, 2026. |
See accompanying notes to financial statements.
9
| Horizon Core Equity ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.0)% | ||||||||||||
| Put Options — (0.0)% (a) | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (b)(c) | ||||||||||||
| Expiration: 06/02/2026; Exercise Price: $718.49 | $ | (22,845,696 | ) | (302 | ) | $ | (1,522 | ) | ||||
| Expiration: 06/16/2026; Exercise Price: $727.93 | (23,299,584 | ) | (308 | ) | (52,074 | ) | ||||||
| Expiration: 06/16/2026; Exercise Price: $752.62 | (1,664,256 | ) | (22 | ) | (12,804 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $554,446) | $ | (66,400 | ) | |||||||||
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.
10
| Horizon Digital Frontier ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 99.6% | ||||||||
| Aerospace & Defense — 1.4% | ||||||||
| AeroVironment, Inc. (a)(b) | 2,720 | $ | 563,693 | |||||
| BAE Systems PLC - ADR | 3,522 | 384,990 | ||||||
| L3Harris Technologies, Inc. | 933 | 294,063 | ||||||
| Rocket Lab Corp. (a) | 3,975 | 570,333 | ||||||
| 1,813,079 | ||||||||
| Automobiles — 1.2% | ||||||||
| BYD Co. Ltd. - ADR | 27,268 | 316,036 | ||||||
| Tesla, Inc. (a)(b) | 2,811 | 1,225,006 | ||||||
| 1,541,042 | ||||||||
| Banks — 0.3% | ||||||||
| NU Holdings Ltd. - Class A (a)(b) | 28,328 | 371,947 | ||||||
| Broadline Retail — 7.1% | ||||||||
| Alibaba Group Holding Ltd. - ADR (b) | 11,055 | 1,373,252 | ||||||
| Amazon.com, Inc. (a)(b) | 24,742 | 6,696,175 | ||||||
| MercadoLibre, Inc. (a) | 206 | 349,304 | ||||||
| Prosus NV - ADR | 43,264 | 393,702 | ||||||
| 8,812,433 | ||||||||
| Capital Markets — 1.5% | ||||||||
| Coinbase Global, Inc. - Class A (a)(b) | 1,712 | 323,619 | ||||||
| Interactive Brokers Group, Inc. - Class A (b) | 11,511 | 1,001,112 | ||||||
| Robinhood Markets, Inc. - Class A (a)(b) | 5,696 | 537,133 | ||||||
| 1,861,864 | ||||||||
| Communications Equipment — 2.2% | ||||||||
| Arista Networks, Inc. (a)(b) | 9,233 | 1,472,386 | ||||||
| Ciena Corp. (a) | 1,043 | 605,180 | ||||||
| Lumentum Holdings, Inc. (a) | 501 | 428,335 | ||||||
| Ubiquiti, Inc. | 413 | 241,134 | ||||||
| 2,747,035 | ||||||||
| Construction & Engineering — 2.1% | ||||||||
| AECOM | 8,558 | 593,668 | ||||||
| Comfort Systems USA, Inc. | 261 | 477,163 | ||||||
| Quanta Services, Inc. (b) | 2,127 | 1,513,850 | ||||||
| 2,584,681 | ||||||||
| Electric Utilities — 0.9% | ||||||||
| Constellation Energy Corp. (b) | 2,613 | 751,891 | ||||||
| Oklo, Inc. (a) | 5,249 | 351,053 | ||||||
| 1,102,944 | ||||||||
| Electrical Equipment — 5.8% | ||||||||
| ABB Ltd. - ADR (b) | 10,702 | 1,142,331 | ||||||
See accompanying notes to financial statements.
11
| Horizon Digital Frontier ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Bloom Energy Corp. - Class A (a) | 1,657 | $ | 472,245 | |||||
| Eaton Corp. PLC (b) | 2,999 | 1,201,399 | ||||||
| GE Vernova, Inc. (b) | 2,012 | 1,948,260 | ||||||
| Legrand SA - ADR | 9,439 | 322,436 | ||||||
| Schneider Electric SE - ADR | 18,183 | 1,143,711 | ||||||
| Vertiv Holdings Co. - Class A (b) | 3,008 | 949,656 | ||||||
| 7,180,038 | ||||||||
| Electronic Equipment, Instruments & Components — 2.5% | ||||||||
| Coherent Corp. (a) | 1,254 | 453,284 | ||||||
| Corning, Inc. (b) | 12,569 | 2,277,000 | ||||||
| Keysight Technologies, Inc. (a) | 1,240 | 419,529 | ||||||
| 3,149,813 | ||||||||
| Entertainment — 0.4% | ||||||||
| NetEase, Inc. - ADR | 3,875 | 475,927 | ||||||
| Health Care Equipment & Supplies — 0.7% | ||||||||
| Boston Scientific Corp. (a) | 6,900 | 333,339 | ||||||
| Intuitive Surgical, Inc. (a)(b) | 1,217 | 516,787 | ||||||
| 850,126 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
| Vistra Corp. (b) | 2,689 | 430,858 | ||||||
| Industrial Conglomerates — 2.0% | ||||||||
| Hitachi Ltd. - ADR (b) | 34,416 | 1,116,799 | ||||||
| Siemens AG - ADR (b) | 9,093 | 1,426,055 | ||||||
| 2,542,854 | ||||||||
| Interactive Media & Services — 10.3% | ||||||||
| Alphabet, Inc. - Class C (b) | 23,938 | 9,010,981 | ||||||
| Meta Platforms, Inc. - Class A | 1,886 | 1,192,914 | ||||||
| Tencent Holdings Ltd. - ADR (b) | 47,988 | 2,620,145 | ||||||
| 12,824,040 | ||||||||
| IT Services — 2.3% | ||||||||
| Akamai Technologies, Inc. (a)(b) | 1,769 | 264,536 | ||||||
| Cloudflare, Inc. - Class A (a)(b) | 3,316 | 801,875 | ||||||
| International Business Machines Corp. | 4,357 | 1,297,515 | ||||||
| Shopify, Inc. - Class A (a) | 4,571 | 542,623 | ||||||
| 2,906,549 | ||||||||
| Machinery — 3.5% | ||||||||
| Caterpillar, Inc. | 3,384 | 2,963,944 | ||||||
| Cummins, Inc. | 925 | 598,133 | ||||||
| Mitsubishi Heavy Industries Ltd. - ADR | 35,633 | 422,964 | ||||||
| Symbotic, Inc. (a) | 8,912 | 413,739 | ||||||
| 4,398,780 | ||||||||
See accompanying notes to financial statements.
12
| Horizon Digital Frontier ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 8.2% | ||||||||
| Agnico Eagle Mines Ltd. | 4,545 | $ | 832,417 | |||||
| Anglo American PLC - ADR | 15,518 | 417,745 | ||||||
| Anglogold Ashanti PLC | 4,312 | 417,574 | ||||||
| Barrick Mining Corp. | 15,486 | 658,929 | ||||||
| BHP Group Ltd. - ADR | 15,294 | 1,359,790 | ||||||
| Franco-Nevada Corp. | 1,687 | 389,191 | ||||||
| Freeport-McMoRan, Inc. (b) | 10,054 | 660,648 | ||||||
| Glencore PLC - ADR | 38,203 | 579,157 | ||||||
| Gold Fields Ltd. - ADR | 8,227 | 327,928 | ||||||
| Kinross Gold Corp. | 10,276 | 310,130 | ||||||
| Newmont Corp. | 9,866 | 1,083,385 | ||||||
| Rio Tinto PLC - ADR | 8,109 | 862,717 | ||||||
| Southern Copper Corp. | 7,364 | 1,408,814 | ||||||
| Vale SA - ADR | 27,088 | 440,180 | ||||||
| Wheaton Precious Metals Corp. | 3,844 | 509,714 | ||||||
| 10,258,319 | ||||||||
| Oil, Gas & Consumable Fuels — 0.6% | ||||||||
| Cameco Corp. | 4,036 | 454,857 | ||||||
| Petroleo Brasileiro SA - Petrobras - ADR | 17,494 | 293,375 | ||||||
| 748,232 | ||||||||
| Professional Services — 0.8% | ||||||||
| Jacobs Solutions, Inc. | 8,387 | 1,005,266 | ||||||
| Semiconductors & Semiconductor Equipment — 24.2% | ||||||||
| Advanced Micro Devices, Inc. (a) | 3,193 | 1,647,907 | ||||||
| Applied Materials, Inc. (b) | 3,832 | 1,724,630 | ||||||
| ASE Technology Holding Co. Ltd. - ADR | 17,323 | 664,337 | ||||||
| Broadcom, Inc. | 13,041 | 5,826,328 | ||||||
| First Solar, Inc. (a) | 1,290 | 395,759 | ||||||
| Intel Corp. (a) | 21,864 | 2,507,364 | ||||||
| Kioxia Holdings Corp. - ADR (a) | 28,540 | 1,184,125 | ||||||
| Marvell Technology, Inc. | 4,614 | 945,870 | ||||||
| Micron Technology, Inc. (b) | 2,483 | 2,410,993 | ||||||
| NVIDIA Corp. | 48,839 | 10,311,866 | ||||||
| Rigetti Computing, Inc. (a)(b) | 8,249 | 210,679 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (b) | 4,335 | 1,813,981 | ||||||
| Teradyne, Inc. | 1,175 | 439,814 | ||||||
| 30,083,653 | ||||||||
| Software — 17.8% | ||||||||
| AppLovin Corp. - Class A (a) | 2,370 | 1,453,023 | ||||||
| Cadence Design Systems, Inc. (a)(b) | 1,751 | 656,502 | ||||||
| CCC Intelligent Solutions Holdings, Inc. (a) | 48,264 | 226,841 | ||||||
| Crowdstrike Holdings, Inc. - Class A (a) | 1,726 | 1,261,706 | ||||||
See accompanying notes to financial statements.
13
| Horizon Digital Frontier ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| D-Wave Quantum, Inc. (a)(b) | 7,844 | $ | 236,418 | |||||
| Fair Isaac Corp. (a) | 492 | 615,290 | ||||||
| Microsoft Corp. | 15,975 | 7,192,584 | ||||||
| Nebius Group NV (a) | 6,332 | 1,463,262 | ||||||
| Oracle Corp. (b) | 11,469 | 2,589,471 | ||||||
| Palantir Technologies, Inc. - Class A (a)(b) | 23,357 | 3,656,305 | ||||||
| Palo Alto Networks, Inc. (a) | 4,442 | 1,251,267 | ||||||
| Qualys, Inc. (a)(b) | 1,949 | 213,006 | ||||||
| Salesforce, Inc. | 4,145 | 792,110 | ||||||
| Synopsys, Inc. (a) | 1,104 | 525,085 | ||||||
| 22,132,870 | ||||||||
| Technology Hardware, Storage & Peripherals — 1.7% | ||||||||
| Dell Technologies, Inc. - Class C | 2,457 | 1,034,176 | ||||||
| IonQ, Inc. (a)(b) | 3,620 | 260,894 | ||||||
| Quantum Computing, Inc. (a)(b) | 16,070 | 192,197 | ||||||
| Xiaomi Corp. - ADR (a) | 32,682 | 584,354 | ||||||
| 2,071,621 | ||||||||
| Wireless Telecommunication Services — 1.8% | ||||||||
| SoftBank Group Corp. - ADR | 92,773 | 2,194,081 | ||||||
| TOTAL COMMON STOCKS (Cost $108,101,707) | 124,088,052 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.0% (a)(c) | ||||||||||||
| Call Options — 0.0% (c) | ||||||||||||
| iShares Bitcoin Trust ETF (d)(e) | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $51.51 | $ | 212,313 | 51 | 342 | ||||||||
| Expiration: 06/18/2026; Exercise Price: $55.00 | 1,053,239 | 253 | 933 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $189,602) | 1,275 | |||||||||||
See accompanying notes to financial statements.
14
| Horizon Digital Frontier ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.3% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (f) | 312,194 | $ | 312,194 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $312,194) | 312,194 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $108,603,503) | 124,401,521 | |||||||
| Other Assets in Excess of Liabilities — 0.1% | 112,626 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 124,514,147 | ||||||
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $24,647,737. |
| (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 yield as of May 31, 2026. |
See accompanying notes to financial statements.
15
| Horizon Digital Frontier ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.3)% | ||||||||||||
| Put Options - (0.3)% | ||||||||||||
| iShares Bitcoin Trust ETF (a)(b) | ||||||||||||
| Expiration: 06/18/2026; Exercise Price: $51.51 | $ | (212,313 | ) | (51 | ) | $ | (50,063 | ) | ||||
| Expiration: 06/18/2026; Exercise Price: $55.00 | (1,053,239 | ) | (253 | ) | (335,680 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $180,479) | $ | (385,743 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
16
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 100.0% | ||||||||
| Aerospace & Defense — 0.5% | ||||||||
| Lockheed Martin Corp. | 1,794 | $ | 951,627 | |||||
| Air Freight & Logistics — 0.2% | ||||||||
| FedEx Corp. | 813 | 334,753 | ||||||
| Banks — 1.2% | ||||||||
| Fifth Third Bancorp | 19,535 | 975,383 | ||||||
| M&T Bank Corp. | 2,177 | 470,471 | ||||||
| PNC Financial Services Group, Inc. | 1,921 | 424,771 | ||||||
| Regions Financial Corp. | 13,261 | 371,308 | ||||||
| 2,241,933 | ||||||||
| Beverages — 1.9% | ||||||||
| Brown-Forman Corp. - Class B | 9,685 | 249,098 | ||||||
| Constellation Brands, Inc. - Class A | 4,271 | 592,900 | ||||||
| Molson Coors Beverage Co. - Class B | 3,962 | 156,618 | ||||||
| PepsiCo, Inc. | 18,103 | 2,610,272 | ||||||
| 3,608,888 | ||||||||
| Biotechnology — 7.2% | ||||||||
| AbbVie, Inc. (a) | 31,656 | 6,892,144 | ||||||
| Amgen, Inc. | 8,797 | 2,962,742 | ||||||
| Gilead Sciences, Inc. | 25,959 | 3,489,668 | ||||||
| 13,344,554 | ||||||||
| Building Products — 0.3% | ||||||||
| A O Smith Corp. | 2,970 | 168,458 | ||||||
| Allegion PLC | 1,251 | 162,718 | ||||||
| Masco Corp. | 4,246 | 298,281 | ||||||
| 629,457 | ||||||||
| Capital Markets — 5.3% | ||||||||
| Ameriprise Financial, Inc. | 1,654 | 737,204 | ||||||
| Ares Management Corp. - Class A | 7,450 | 957,325 | ||||||
| Blackstone, Inc. | 27,254 | 3,187,900 | ||||||
| CME Group, Inc. | 4,456 | 1,218,894 | ||||||
| FactSet Research Systems, Inc. | 814 | 199,813 | ||||||
| Franklin Resources, Inc. | 7,219 | 223,934 | ||||||
| Invesco Ltd. | 7,658 | 217,947 | ||||||
| MSCI, Inc. | 1,827 | 1,153,531 | ||||||
| State Street Corp. | 7,654 | 1,191,269 | ||||||
| T Rowe Price Group, Inc. | 7,240 | 756,797 | ||||||
| 9,844,614 | ||||||||
| Chemicals — 0.2% | ||||||||
| CF Industries Holdings, Inc. | 2,395 | 269,078 | ||||||
See accompanying notes to financial statements.
17
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| LyondellBasell Industries NV - Class A | 2,742 | $ | 182,755 | |||||
| 451,833 | ||||||||
| Commercial Services & Supplies — 0.1% | ||||||||
| Rollins, Inc. | 5,248 | 249,805 | ||||||
| Consumer Finance — 0.4% | ||||||||
| Synchrony Financial | 9,447 | 674,894 | ||||||
| Consumer Staples Distribution & Retail — 0.2% | ||||||||
| Target Corp. | 3,079 | 391,248 | ||||||
| Containers & Packaging — 0.4% | ||||||||
| Avery Dennison Corp. | 1,093 | 173,863 | ||||||
| Packaging Corp. of America | 786 | 172,063 | ||||||
| Smurfit Westrock PLC | 8,951 | 368,334 | ||||||
| 714,260 | ||||||||
| Distributors — 0.1% | ||||||||
| Pool Corp. | 824 | 149,474 | ||||||
| Diversified Telecommunication Services — 4.6% | ||||||||
| AT&T, Inc. | 92,741 | 2,299,977 | ||||||
| Comcast Corp. - Class A | 131,853 | 3,279,184 | ||||||
| Verizon Communications, Inc. | 61,305 | 2,930,992 | ||||||
| 8,510,153 | ||||||||
| Electric Utilities — 0.3% | ||||||||
| Edison International | 8,232 | 575,746 | ||||||
| Electronic Equipment, Instruments & Components — 1.0% | ||||||||
| TE Connectivity PLC | 8,549 | 1,824,442 | ||||||
| Energy Equipment & Services — 0.1% | ||||||||
| SLB Ltd. | 3,818 | 208,272 | ||||||
| Financial Services — 0.1% | ||||||||
| Jack Henry & Associates, Inc. | 1,109 | 151,179 | ||||||
| Food Products — 0.6% | ||||||||
| Conagra Brands, Inc. | 10,166 | 135,004 | ||||||
| General Mills, Inc. | 6,843 | 231,362 | ||||||
| Hershey Co. | 1,517 | 294,344 | ||||||
| Hormel Foods Corp. | 7,818 | 181,612 | ||||||
| Lamb Weston Holdings, Inc. | 4,059 | 175,268 | ||||||
| 1,017,590 | ||||||||
See accompanying notes to financial statements.
18
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Ground Transportation — 1.3% | ||||||||
| Union Pacific Corp. | 9,482 | $ | 2,490,352 | |||||
| Health Care Equipment & Supplies — 1.6% | ||||||||
| Abbott Laboratories | 34,407 | 2,945,239 | ||||||
| Health Care Providers & Services — 0.1% | ||||||||
| Quest Diagnostics, Inc. | 1,242 | 242,066 | ||||||
| Hotels, Restaurants & Leisure — 3.9% | ||||||||
| Darden Restaurants, Inc. | 2,550 | 519,971 | ||||||
| Domino’s Pizza, Inc. | 741 | 230,140 | ||||||
| Las Vegas Sands Corp. | 20,402 | 1,031,729 | ||||||
| McDonald’s Corp. | 16,655 | 4,650,076 | ||||||
| Yum! Brands, Inc. | 5,572 | 824,377 | ||||||
| 7,256,293 | ||||||||
| Household Durables — 0.6% | ||||||||
| Garmin Ltd. | 4,477 | 1,047,260 | ||||||
| Household Products — 4.7% | ||||||||
| Clorox Co. | 2,407 | 216,678 | ||||||
| Colgate-Palmolive Co. | 14,882 | 1,341,315 | ||||||
| Kimberly-Clark Corp. | 4,622 | 451,107 | ||||||
| Procter & Gamble Co. (a) | 46,487 | 6,673,674 | ||||||
| 8,682,774 | ||||||||
| Insurance — 6.2% | ||||||||
| Aflac, Inc. | 6,346 | 713,417 | ||||||
| Allstate Corp. | 6,366 | 1,311,969 | ||||||
| Cincinnati Financial Corp. | 3,952 | 622,124 | ||||||
| Erie Indemnity Co. - Class A | 1,470 | 313,213 | ||||||
| Everest Group Ltd. | 574 | 185,993 | ||||||
| Hartford Insurance Group, Inc. | 6,854 | 871,349 | ||||||
| Marsh & McLennan Cos., Inc. | 8,704 | 1,392,379 | ||||||
| Principal Financial Group, Inc. | 6,128 | 634,983 | ||||||
| Progressive Corp. | 22,074 | 4,202,890 | ||||||
| Prudential Financial, Inc. | 4,409 | 443,722 | ||||||
| W R Berkley Corp. | 11,526 | 732,362 | ||||||
| 11,424,401 | ||||||||
| Interactive Media & Services — 0.1% | ||||||||
| Match Group, Inc. | 5,905 | 213,348 | ||||||
| IT Services — 3.5% | ||||||||
| Accenture PLC - Class A | 27,989 | 5,235,902 | ||||||
See accompanying notes to financial statements.
19
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Cognizant Technology Solutions Corp. - Class A | 23,456 | $ | 1,307,789 | |||||
| 6,543,691 | ||||||||
| Leisure Products — 0.1% | ||||||||
| Hasbro, Inc. | 2,424 | 208,876 | ||||||
| Machinery — 1.8% | ||||||||
| IDEX Corp. | 869 | 183,211 | ||||||
| Illinois Tool Works, Inc. | 8,056 | 1,992,088 | ||||||
| Nordson Corp. | 666 | 191,362 | ||||||
| PACCAR, Inc. | 2,603 | 287,293 | ||||||
| Snap-on, Inc. | 1,667 | 618,807 | ||||||
| 3,272,761 | ||||||||
| Media — 0.1% | ||||||||
| Omnicom Group, Inc. | 2,314 | 168,251 | ||||||
| Multi-Utilities — 0.1% | ||||||||
| DTE Energy Co. | 1,250 | 178,587 | ||||||
| Oil, Gas & Consumable Fuels — 7.7% | ||||||||
| APA Corp. | 9,046 | 329,546 | ||||||
| Chevron Corp. (a) | 25,081 | 4,576,279 | ||||||
| ConocoPhillips | 15,965 | 1,819,691 | ||||||
| Devon Energy Corp. | 10,094 | 449,082 | ||||||
| EOG Resources, Inc. | 17,787 | 2,372,430 | ||||||
| Expand Energy Corp. | 7,569 | 703,766 | ||||||
| Exxon Mobil Corp. (a) | 7,273 | 1,056,476 | ||||||
| Kinder Morgan, Inc. | 5,609 | 174,328 | ||||||
| ONEOK, Inc. | 10,614 | 890,939 | ||||||
| Targa Resources Corp. | 2,745 | 700,167 | ||||||
| Texas Pacific Land Corp. | 396 | 155,628 | ||||||
| Valero Energy Corp. | 3,366 | 824,064 | ||||||
| Williams Cos., Inc. | 2,501 | 178,546 | ||||||
| 14,230,942 | ||||||||
| Pharmaceuticals — 9.6% | ||||||||
| Bristol-Myers Squibb Co. | 67,229 | 3,844,154 | ||||||
| Johnson & Johnson (a) | 23,481 | 5,290,974 | ||||||
| Merck & Co., Inc. (a) | 58,560 | 6,952,243 | ||||||
| Pfizer, Inc. | 33,358 | 873,312 | ||||||
| Zoetis, Inc. | 11,878 | 922,802 | ||||||
| 17,883,485 | ||||||||
| Professional Services — 2.3% | ||||||||
| Automatic Data Processing, Inc. | 12,178 | 2,701,567 | ||||||
| Broadridge Financial Solutions, Inc. | 3,240 | 498,053 | ||||||
| Paychex, Inc. | 11,716 | 1,136,218 | ||||||
| 4,335,838 | ||||||||
See accompanying notes to financial statements.
20
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Semiconductors & Semiconductor Equipment — 16.9% | ||||||||
| Analog Devices, Inc. | 6,983 | $ | 2,889,914 | |||||
| Applied Materials, Inc. | 7,676 | 3,454,661 | ||||||
| KLA Corp. | 1,704 | 3,274,594 | ||||||
| Lam Research Corp. | 11,024 | 3,507,616 | ||||||
| NXP Semiconductors NV | 5,751 | 1,848,084 | ||||||
| QUALCOMM, Inc. (a) | 41,634 | 10,450,967 | ||||||
| Skyworks Solutions, Inc. | 19,049 | 1,482,965 | ||||||
| Texas Instruments, Inc. | 14,486 | 4,428,080 | ||||||
| 31,336,881 | ||||||||
| Specialty Retail — 2.6% | ||||||||
| Best Buy Co., Inc. | 3,626 | 282,647 | ||||||
| Home Depot, Inc. | 4,694 | 1,488,655 | ||||||
| Lowe’s Cos., Inc. | 5,928 | 1,270,726 | ||||||
| TJX Cos., Inc. | 8,134 | 1,258,736 | ||||||
| Williams-Sonoma, Inc. | 2,758 | 561,446 | ||||||
| 4,862,210 | ||||||||
| Technology Hardware, Storage & Peripherals — 2.1% | ||||||||
| HP, Inc. | 66,169 | 1,789,210 | ||||||
| NetApp, Inc. | 12,224 | 2,130,521 | ||||||
| 3,919,731 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| NIKE, Inc. - Class B | 3,677 | 169,988 | ||||||
| Ralph Lauren Corp. | 549 | 199,781 | ||||||
| Tapestry, Inc. | 2,474 | 359,868 | ||||||
| 729,637 | ||||||||
| Tobacco — 6.1% | ||||||||
| Altria Group, Inc. | 59,544 | 4,143,072 | ||||||
| Philip Morris International, Inc. | 40,285 | 7,145,753 | ||||||
| 11,288,825 | ||||||||
| Trading Companies & Distributors — 0.9% | ||||||||
| Fastenal Co. | 27,495 | 1,215,279 | ||||||
| WW Grainger, Inc. | 415 | 512,210 | ||||||
| 1,727,489 | ||||||||
| Wireless Telecommunication Services — 2.6% | ||||||||
| T-Mobile US, Inc. | 25,754 | 4,829,648 | ||||||
| TOTAL COMMON STOCKS (Cost $171,760,908) | 185,693,307 | |||||||
See accompanying notes to financial statements.
21
| Horizon Dividend Income ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.0% (b) | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (c) | 67,524 | $ | 67,524 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $67,524) | 67,524 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $171,828,432) | 185,760,831 | |||||||
| Liabilities in Excess of Other Assets — (0.0)% (b) | (58,201 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 185,702,630 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $26,600,137. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
22
| Horizon Dividend Income ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.0)% | ||||||||||||
| Call Options — (0.0)% (a) | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (b)(c) | ||||||||||||
| Expiration: 06/02/2026; Exercise Price: $760.65 | $ | (34,798,080 | ) | (460 | ) | $ | (47,297 | ) | ||||
| Expiration: 06/09/2026; Exercise Price: $767.60 | (6,808,320 | ) | (90 | ) | (12,240 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $70,230) | $ | (59,537 | ) | |||||||||
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.
23
Horizon Expedition Plus ETF
Schedule of Investments (Unaudited)
May 31, 2026
| Shares | Value | |||||||
| COMMON STOCKS — 89.3% | ||||||||
| Aerospace & Defense — 3.0% | ||||||||
| Axon Enterprise, Inc. (a) | 342 | $ | 153,462 | |||||
| Boeing Co. (a) | 3,096 | 715,640 | ||||||
| General Dynamics Corp. | 917 | 318,034 | ||||||
| General Electric Co. | 4,064 | 1,315,761 | ||||||
| Howmet Aerospace, Inc. | 1,760 | 454,520 | ||||||
| L3Harris Technologies, Inc. | 742 | 233,863 | ||||||
| Lockheed Martin Corp. | 693 | 367,602 | ||||||
| Northrop Grumman Corp. | 398 | 224,345 | ||||||
| RTX Corp. | 4,586 | 823,921 | ||||||
| 4,607,148 | ||||||||
| Air Freight & Logistics — 0.3% | ||||||||
| FedEx Corp. | 1,038 | 427,396 | ||||||
| Automobiles — 2.8% | ||||||||
| General Motors Co. | 3,155 | 262,622 | ||||||
| Tesla, Inc. (a) | 9,416 | 4,103,399 | ||||||
| 4,366,021 | ||||||||
| Banks — 1.3% | ||||||||
| Citigroup, Inc. | 6,536 | 822,883 | ||||||
| Fifth Third Bancorp | 5,396 | 269,422 | ||||||
| PNC Financial Services Group, Inc. | 1,478 | 326,815 | ||||||
| Truist Financial Corp. | 5,774 | 278,365 | ||||||
| US Bancorp | 6,451 | 353,837 | ||||||
| 2,051,322 | ||||||||
| Beverages — 0.7% | ||||||||
| Coca-Cola Co. | 6,970 | 550,700 | ||||||
| Monster Beverage Corp. (a) | 3,055 | 269,084 | ||||||
| PepsiCo, Inc. | 2,029 | 292,562 | ||||||
| 1,112,346 | ||||||||
| Biotechnology — 0.8% | ||||||||
| Amgen, Inc. | 1,622 | 546,273 | ||||||
| Gilead Sciences, Inc. | 3,816 | 512,985 | ||||||
| Regeneron Pharmaceuticals, Inc. | 319 | 196,115 | ||||||
| 1,255,373 | ||||||||
| Broadline Retail — 3.1% | ||||||||
| Amazon.com, Inc. (a) | 17,289 | 4,679,095 | ||||||
| eBay, Inc. | 1,829 | 199,855 | ||||||
| 4,878,950 | ||||||||
| Building Products — 0.5% | ||||||||
| Johnson Controls International PLC | 2,698 | 361,694 | ||||||
See accompanying notes to financial statements.
24
Horizon Expedition Plus ETF
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Trane Technologies PLC | 796 | $ | 359,235 | |||||
| 720,929 | ||||||||
| Capital Markets — 4.2% | ||||||||
| Bank of New York Mellon Corp. | 3,095 | 431,536 | ||||||
| Blackstone, Inc. | 2,740 | 320,498 | ||||||
| Charles Schwab Corp. | 5,944 | 519,208 | ||||||
| CME Group, Inc. | 1,219 | 333,445 | ||||||
| Coinbase Global, Inc. - Class A (a) | 1,348 | 254,813 | ||||||
| Goldman Sachs Group, Inc. | 1,170 | 1,199,905 | ||||||
| Interactive Brokers Group, Inc. - Class A | 3,725 | 323,963 | ||||||
| KKR & Co., Inc. | 3,252 | 311,997 | ||||||
| Moody’s Corp. | 727 | 329,513 | ||||||
| Morgan Stanley | 5,559 | 1,156,272 | ||||||
| MSCI, Inc. | 447 | 282,227 | ||||||
| Nasdaq, Inc. | 2,896 | 267,938 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 4,778 | 450,565 | ||||||
| State Street Corp. | 1,954 | 304,121 | ||||||
| 6,486,001 | ||||||||
| Chemicals — 0.6% | ||||||||
| Corteva, Inc. | 2,704 | 211,669 | ||||||
| Ecolab, Inc. | 716 | 183,296 | ||||||
| Linde PLC | 1,153 | 573,837 | ||||||
| 968,802 | ||||||||
| Commercial Services & Supplies — 0.3% | ||||||||
| Cintas Corp. | 1,148 | 196,606 | ||||||
| Waste Management, Inc. | 976 | 206,385 | ||||||
| 402,991 | ||||||||
| Communications Equipment — 0.6% | ||||||||
| Arista Networks, Inc. (a) | 4,402 | 701,987 | ||||||
| Ciena Corp. (a) | 418 | 242,536 | ||||||
| 944,523 | ||||||||
| Construction & Engineering — 0.6% | ||||||||
| Comfort Systems USA, Inc. | 181 | 330,906 | ||||||
| EMCOR Group, Inc. | 249 | 205,878 | ||||||
| Quanta Services, Inc. | 665 | 473,301 | ||||||
| 1,010,085 | ||||||||
| Construction Materials — 0.1% | ||||||||
| CRH PLC | 1,953 | 212,467 | ||||||
| Consumer Finance — 0.6% | ||||||||
| American Express Co. | 1,974 | 624,712 | ||||||
| Capital One Financial Corp. | 2,046 | 384,505 | ||||||
| 1,009,217 | ||||||||
See accompanying notes to financial statements.
25
Horizon Expedition Plus ETF
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Consumer Staples Distribution & Retail — 1.7% | ||||||||
| Target Corp. | 1,732 | $ | 220,085 | |||||
| Walmart, Inc. | 20,581 | 2,382,251 | ||||||
| 2,602,336 | ||||||||
| Diversified Telecommunication Services — 0.5% | ||||||||
| AT&T, Inc. | 10,021 | 248,521 | ||||||
| Comcast Corp. - Class A | 6,482 | 161,207 | ||||||
| Verizon Communications, Inc. | 8,458 | 404,377 | ||||||
| 814,105 | ||||||||
| Electric Utilities — 0.9% | ||||||||
| American Electric Power Co., Inc. | 1,475 | 186,838 | ||||||
| Constellation Energy Corp. | 1,235 | 355,371 | ||||||
| Entergy Corp. | 1,607 | 175,244 | ||||||
| NextEra Energy, Inc. | 5,709 | 496,740 | ||||||
| NRG Energy, Inc. | 1,040 | 139,443 | ||||||
| 1,353,636 | ||||||||
| Electrical Equipment — 1.7% | ||||||||
| AMETEK, Inc. | 1,037 | 234,206 | ||||||
| Eaton Corp. PLC | 1,470 | 588,882 | ||||||
| Emerson Electric Co. | 2,229 | 320,575 | ||||||
| GE Vernova, Inc. | 1,078 | 1,043,849 | ||||||
| Hubbell, Inc. | 311 | 147,293 | ||||||
| Rockwell Automation, Inc. | 538 | 242,670 | ||||||
| 2,577,475 | ||||||||
| Electronic Equipment, Instruments & Components — 1.1% | ||||||||
| Amphenol Corp. - Class A | 4,252 | 632,528 | ||||||
| Corning, Inc. | 2,885 | 522,647 | ||||||
| Jabil, Inc. | 552 | 201,237 | ||||||
| Keysight Technologies, Inc. (a) | 489 | 165,443 | ||||||
| Teledyne Technologies, Inc. (a) | 215 | 133,263 | ||||||
| 1,655,118 | ||||||||
| Energy Equipment & Services — 0.5% | ||||||||
| Baker Hughes Co. | 4,507 | 287,907 | ||||||
| Halliburton Co. | 4,416 | 171,562 | ||||||
| SLB Ltd. | 6,121 | 333,900 | ||||||
| 793,369 | ||||||||
| Entertainment — 0.7% | ||||||||
| Live Nation Entertainment, Inc. (a) | 923 | 155,443 | ||||||
| Netflix, Inc. (a) | 6,594 | 567,216 | ||||||
| Walt Disney Co. | 2,998 | 305,286 | ||||||
| 1,027,945 | ||||||||
See accompanying notes to financial statements.
26
Horizon Expedition Plus ETF
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Financial Services — 1.1% | ||||||||
| Apollo Global Management, Inc. | 2,313 | $ | 297,706 | |||||
| Block, Inc. (a) | 3,971 | 300,684 | ||||||
| Visa, Inc. - Class A | 3,174 | 1,035,867 | ||||||
| 1,634,257 | ||||||||
| Food Products — 0.1% | ||||||||
| Hershey Co. | 714 | 138,537 | ||||||
| Ground Transportation — 0.5% | ||||||||
| CSX Corp. | 6,433 | 291,157 | ||||||
| Old Dominion Freight Line, Inc. | 1,114 | 250,817 | ||||||
| Uber Technologies, Inc. (a) | 4,014 | 282,586 | ||||||
| 824,560 | ||||||||
| Health Care Equipment & Supplies — 0.6% | ||||||||
| IDEXX Laboratories, Inc. (a) | 334 | 188,219 | ||||||
| Intuitive Surgical, Inc. (a) | 1,043 | 442,899 | ||||||
| Medtronic PLC | 1,901 | 140,313 | ||||||
| Stryker Corp. | 690 | 210,512 | ||||||
| 981,943 | ||||||||
| Health Care Providers & Services — 0.7% | ||||||||
| Cardinal Health, Inc. | 911 | 179,285 | ||||||
| Cencora, Inc. | 554 | 149,225 | ||||||
| CVS Health Corp. | 2,348 | 213,621 | ||||||
| HCA Healthcare, Inc. | 698 | 264,221 | ||||||
| McKesson Corp. | 363 | 269,506 | ||||||
| 1,075,858 | ||||||||
| Hotels, Restaurants & Leisure — 1.6% | ||||||||
| Airbnb, Inc. - Class A (a) | 2,559 | 341,140 | ||||||
| Carnival Corp. Ltd. | 6,588 | 184,859 | ||||||
| Expedia Group, Inc. | 740 | 167,085 | ||||||
| Hilton Worldwide Holdings, Inc. | 925 | 303,085 | ||||||
| Las Vegas Sands Corp. | 2,811 | 142,152 | ||||||
| Marriott International, Inc. - Class A | 1,138 | 427,433 | ||||||
| McDonald’s Corp. | 1,113 | 310,750 | ||||||
| Royal Caribbean Cruises Ltd. | 1,071 | 304,839 | ||||||
| Starbucks Corp. | 3,699 | 366,793 | ||||||
| 2,548,136 | ||||||||
| Household Durables — 0.1% | ||||||||
| Garmin Ltd. | 940 | 219,885 | ||||||
| Household Products — 0.3% | ||||||||
| Colgate-Palmolive Co. | 1,938 | 174,672 | ||||||
| Procter & Gamble Co. | 2,446 | 351,148 | ||||||
| 525,820 | ||||||||
See accompanying notes to financial statements.
27
Horizon Expedition Plus ETF
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
| Vistra Corp. | 1,346 | $ | 215,670 | |||||
| Industrial Conglomerates — 0.3% | ||||||||
| Honeywell International, Inc. | 2,064 | 490,943 | ||||||
| Insurance — 0.4% | ||||||||
| Chubb Ltd. | 1,122 | 349,761 | ||||||
| Travelers Cos., Inc. | 887 | 258,906 | ||||||
| 608,667 | ||||||||
| Interactive Media & Services — 9.4% | ||||||||
| Alphabet, Inc. - Class A | 30,263 | 11,510,229 | ||||||
| Meta Platforms, Inc. - Class A | 4,845 | 3,064,511 | ||||||
| 14,574,740 | ||||||||
| IT Services — 0.3% | ||||||||
| International Business Machines Corp. | 1,379 | 410,666 | ||||||
| Life Sciences Tools & Services — 0.3% | ||||||||
| Danaher Corp. | 1,151 | 210,253 | ||||||
| Thermo Fisher Scientific, Inc. | 567 | 279,253 | ||||||
| 489,506 | ||||||||
| Machinery — 2.3% | ||||||||
| Caterpillar, Inc. | 1,777 | 1,556,421 | ||||||
| Cummins, Inc. | 573 | 370,519 | ||||||
| Deere & Co. | 860 | 466,275 | ||||||
| Dover Corp. | 721 | 152,390 | ||||||
| Ingersoll Rand, Inc. | 1,973 | 141,346 | ||||||
| PACCAR, Inc. | 1,897 | 209,372 | ||||||
| Parker-Hannifin Corp. | 542 | 457,789 | ||||||
| Westinghouse Air Brake Technologies Corp. | 886 | 231,388 | ||||||
| 3,585,500 | ||||||||
| Metals & Mining — 0.8% | ||||||||
| Freeport-McMoRan, Inc. | 6,170 | 405,431 | ||||||
| Newmont Corp. | 4,145 | 455,162 | ||||||
| Nucor Corp. | 999 | 249,750 | ||||||
| Steel Dynamics, Inc. | 812 | 211,242 | ||||||
| 1,321,585 | ||||||||
| Multi-Utilities — 0.1% | ||||||||
| Sempra | 1,918 | 170,951 | ||||||
| Oil, Gas & Consumable Fuels — 3.0% | ||||||||
| ConocoPhillips | 4,559 | 519,635 | ||||||
| Devon Energy Corp. | 3,596 | 159,986 | ||||||
See accompanying notes to financial statements.
28
Horizon Expedition Plus ETF
Schedule
of Investments (Unaudited) (Continued)
May 31, 2026
| Shares | Value | |||||||
| Diamondback Energy, Inc. | 1,366 | $ | 261,562 | |||||
| EQT Corp. | 2,696 | 148,091 | ||||||
| Exxon Mobil Corp. | 10,807 | 1,569,825 | ||||||
| Kinder Morgan, Inc. | 8,596 | 267,164 | ||||||
| Marathon Petroleum Corp. | 1,199 | 298,275 | ||||||
| Phillips 66 | 1,728 | 303,921 | ||||||
| Targa Resources Corp. | 1,076 | 274,455 | ||||||
| Texas Pacific Land Corp. | 386 | 151,698 | ||||||
| Valero Energy Corp. | 1,345 | 329,283 | ||||||
| Williams Cos., Inc. | 4,826 | 344,528 | ||||||
| 4,628,423 | ||||||||
| Passenger Airlines — 0.1% | ||||||||
| Delta Air Lines, Inc. | 2,618 | 215,933 | ||||||
| Personal Care Products — 0.1% | ||||||||
| Estee Lauder Cos., Inc. - Class A | 1,707 | 151,838 | ||||||
| Pharmaceuticals — 3.0% | ||||||||
| Eli Lilly & Co. | 2,397 | 2,648,685 | ||||||
| Johnson & Johnson | 5,624 | 1,267,256 | ||||||
| Merck & Co., Inc. | 6,566 | 779,515 | ||||||
| 4,695,456 | ||||||||
| Semiconductors & Semiconductor Equipment — 21.4% | ||||||||
| Advanced Micro Devices, Inc. (a) | 5,764 | 2,974,800 | ||||||
| Analog Devices, Inc. | 1,761 | 728,790 | ||||||
| Applied Materials, Inc. | 2,902 | 1,306,074 | ||||||
| Broadcom, Inc. (b) | 16,226 | 7,249,290 | ||||||
| Intel Corp. (a) | 14,928 | 1,711,943 | ||||||
| KLA Corp. | 463 | 889,752 | ||||||
| Lam Research Corp. | 4,593 | 1,461,401 | ||||||
| Microchip Technology, Inc. | 2,140 | 202,551 | ||||||
| Micron Technology, Inc. | 4,198 | 4,076,258 | ||||||
| Monolithic Power Systems, Inc. | 149 | 233,365 | ||||||
| NVIDIA Corp. (b) | 57,729 | 12,188,901 | ||||||
| NXP Semiconductors NV | 690 | 221,732 | ||||||
| Teradyne, Inc. | 466 | 174,428 | ||||||
| 33,419,285 | ||||||||
| Software — 5.2% | ||||||||
| Adobe, Inc. (a) | 506 | 131,160 | ||||||
| AppLovin Corp. - Class A (a) | 1,247 | 764,523 | ||||||
| Cadence Design Systems, Inc. (a) | 675 | 253,078 | ||||||
| Crowdstrike Holdings, Inc. - Class A (a) | 647 | 472,957 | ||||||
| Datadog, Inc. - Class A (a) | 1,139 | 281,732 | ||||||
| Fortinet, Inc. (a) | 1,661 | 229,168 | ||||||
See accompanying notes to financial statements.
29
| Horizon Expedition Plus ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Microsoft Corp. (b) | 5,528 | $ | 2,488,927 | |||||
| Oracle Corp. | 5,920 | 1,336,618 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 8,564 | 1,340,609 | ||||||
| Palo Alto Networks, Inc. (a) | 851 | 239,718 | ||||||
| Salesforce, Inc. | 862 | 164,728 | ||||||
| ServiceNow, Inc. (a) | 1,217 | 151,358 | ||||||
| Synopsys, Inc. (a) | 442 | 210,224 | ||||||
| 8,064,800 | ||||||||
| Specialty Retail — 1.1% | ||||||||
| Carvana Co. (a) | 3,404 | 248,492 | ||||||
| Home Depot, Inc. | 1,043 | 330,777 | ||||||
| Lowe’s Cos., Inc. | 816 | 174,918 | ||||||
| Ross Stores, Inc. | 1,437 | 332,996 | ||||||
| TJX Cos., Inc. | 2,985 | 461,928 | ||||||
| Ulta Beauty, Inc. (a) | 248 | 126,195 | ||||||
| 1,675,306 | ||||||||
| Technology Hardware, Storage & Peripherals — 8.9% | ||||||||
| Apple, Inc. (b) | 35,314 | 11,020,087 | ||||||
| Dell Technologies, Inc. - Class C | 2,136 | 899,064 | ||||||
| Sandisk Corp. (a) | 451 | 764,436 | ||||||
| Seagate Technology Holdings PLC | 679 | 597,384 | ||||||
| Western Digital Corp. | 1,094 | 581,144 | ||||||
| 13,862,115 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
| Tapestry, Inc. | 1,187 | 172,661 | ||||||
| Tobacco — 0.5% | ||||||||
| Altria Group, Inc. | 3,005 | 209,088 | ||||||
| Philip Morris International, Inc. | 3,004 | 532,849 | ||||||
| 741,937 | ||||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| United Rentals, Inc. | 256 | 254,891 | ||||||
| WW Grainger, Inc. | 195 | 240,677 | ||||||
| 495,568 | ||||||||
| TOTAL COMMON STOCKS (Cost $112,473,352) | 139,218,101 | |||||||
| EXCHANGE TRADED FUNDS — 8.7% | ||||||||
| Roundhill Magnificent Seven ETF (b) | 192,671 | 13,623,766 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $12,217,607) | 13,623,766 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 1.4% | ||||||||
| Health Care REITs — 0.2% | ||||||||
| Welltower, Inc. | 1,760 | 361,381 | ||||||
See accompanying notes to financial statements.
30
| Horizon Expedition Plus ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Industrial REITs — 0.3% | ||||||||
| Prologis, Inc. | 2,979 | $ | 427,397 | |||||
| Retail REITs — 0.3% | ||||||||
| Realty Income Corp. | 2,439 | 149,462 | ||||||
| Simon Property Group, Inc. | 1,161 | 237,901 | ||||||
| 387,363 | ||||||||
| Specialized REITs — 0.6% | ||||||||
| Digital Realty Trust, Inc. | 1,285 | 244,150 | ||||||
| Equinix, Inc. | 388 | 414,399 | ||||||
| Iron Mountain, Inc. | 1,576 | 202,122 | ||||||
| Public Storage | 494 | 150,023 | ||||||
| 1,010,694 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,951,143) | 2,186,835 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.3% (a) | ||||||||||||
| Put Options — 0.3% | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (c)(d) | ||||||||||||
| Expiration: 06/04/2026; Exercise Price: $711.17 | $ | 36,840,576 | 487 | 4,398 | ||||||||
| Expiration: 06/11/2026; Exercise Price: $727.82 | 37,067,520 | 490 | 45,776 | |||||||||
| Expiration: 06/18/2026; Exercise Price: $722.44 | 36,764,928 | 486 | 86,722 | |||||||||
| Expiration: 06/25/2026; Exercise Price: $736.72 | 37,067,520 | 490 | 222,190 | |||||||||
| Expiration: 06/25/2026; Exercise Price: $738.55 | 7,867,392 | 104 | 50,336 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $1,069,883) | 409,422 | |||||||||||
See accompanying notes to financial statements.
31
| Horizon Expedition Plus ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.4% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (e) | 595,817 | $ | 595,817 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $595,817) | 595,817 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $128,307,802) | 156,033,941 | |||||||
| Liabilities in Excess of Other Assets — (0.1)% | (140,073 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 155,893,868 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $22,510,045. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
32
Horizon Expedition Plus ETF
SCHEDULE
OF WRITTEN OPTIONS (Unaudited)
May 31, 2026
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.5)% | ||||||||||||
| Put Options — (0.5)% | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (a)(b) | ||||||||||||
| Expiration: 06/04/2026; Exercise Price: $726.09 | $ | (36,840,576 | ) | (487 | ) | $ | (10,193 | ) | ||||
| Expiration: 06/11/2026; Exercise Price: $742.71 | (37,067,520 | ) | (490 | ) | (113,455 | ) | ||||||
| Expiration: 06/18/2026; Exercise Price: $737.60 | (36,764,928 | ) | (486 | ) | (168,802 | ) | ||||||
| Expiration: 06/25/2026; Exercise Price: $750.00 | (37,067,520 | ) | (490 | ) | (379,956 | ) | ||||||
| Expiration: 06/25/2026; Exercise Price: $751.49 | (7,867,392 | ) | (104 | ) | (84,968 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $1,811,567) | $ | (757,374 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
33
| Horizon Flexible Income ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| EXCHANGE TRADED FUNDS — 99.5% | ||||||||
| State Street SPDR Portfolio High Yield Bond ETF (a)(b) | 2,085,313 | $ | 49,067,415 | |||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $49,318,700) | 49,067,415 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.0% (c)(d) | ||||||||||||
| Put Options — 0.0% (c) | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (e)(f) | ||||||||||||
| Expiration: 06/11/2026; Exercise Price: $690.72 | $ | 19,290,240 | 255 | 5,636 | ||||||||
| Expiration: 06/11/2026; Exercise Price: $729.32 | 4,387,584 | 58 | 6,554 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $60,119) | 12,190 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.0% (c) | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (g) | 12,639 | 12,639 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $12,639) | 12,639 | |||||||
| TOTAL INVESTMENTS — 99.5% (Cost $49,391,458) | 49,092,244 | |||||||
| Other Assets in Excess of Liabilities — 0.5% | 223,346 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 49,315,590 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | 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. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $24,027,565. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | Non-income producing security. |
| (e) | Exchange-traded. |
| (f) | 100 shares per contract. |
| (g) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
34
| Horizon Flexible Income ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.1)% | ||||||||||||
| Put Options — (0.1)% | ||||||||||||
| State Street SPDR S&P 500 ETF Trust (a)(b) | ||||||||||||
| Expiration: 06/11/2026; Exercise Price: $726.72 | $ | (19,290,240 | ) | (255 | ) | $ | (22,466 | ) | ||||
| Expiration: 06/11/2026; Exercise Price: $748.08 | (4,387,584 | ) | (58 | ) | (19,720 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $187,746) | $ | (42,186 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
35
| Horizon International Equity ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 97.3% | ||||||||
| Australia — 2.4% | ||||||||
| Banks — 0.3% | ||||||||
| Commonwealth Bank of Australia | 2,475 | $ | 293,556 | |||||
| Broadline Retail — 0.2% | ||||||||
| Wesfarmers Ltd. | 3,085 | 176,923 | ||||||
| Commercial Services & Supplies — 0.1% | ||||||||
| Brambles Ltd. | 11,674 | 139,034 | ||||||
| Consumer Staples Distribution & Retail — 0.1% | ||||||||
| Coles Group Ltd. | 10,529 | 164,371 | ||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Telstra Group Ltd. | 50,722 | 189,939 | ||||||
| Financial Services — 0.2% | ||||||||
| Washington H Soul Pattinson & Co. Ltd. Old | 5,567 | 174,056 | ||||||
| Insurance — 0.3% | ||||||||
| QBE Insurance Group Ltd. | 17,696 | 287,959 | ||||||
| Metals & Mining — 0.8% | ||||||||
| Fortescue Ltd. | 19,377 | 310,717 | ||||||
| Rio Tinto Ltd. | 3,526 | 470,446 | ||||||
| 781,163 | ||||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Woodside Energy Group Ltd. | 11,096 | 244,522 | ||||||
| Total Australia | 2,451,523 | |||||||
| Austria — 0.1% | ||||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| OMV AG | 1,968 | 141,516 | ||||||
| Belgium — 1.0% | ||||||||
| Beverages — 0.5% | ||||||||
| Anheuser-Busch InBev SA | 6,628 | 533,431 | ||||||
| Insurance — 0.2% | ||||||||
| Ageas SA | 2,337 | 181,543 | ||||||
| Pharmaceuticals — 0.3% | ||||||||
| UCB SA | 985 | 289,179 | ||||||
| Total Belgium | 1,004,153 | |||||||
See accompanying notes to financial statements.
36
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Brazil — 0.8% | ||||||||
| Beverages — 0.2% | ||||||||
| Ambev SA | 67,872 | $ | 220,789 | |||||
| Capital Markets — 0.2% | ||||||||
| B3 SA - Brasil Bolsa Balcao | 67,095 | 219,325 | ||||||
| Metals & Mining — 0.4% | ||||||||
| Vale SA | 23,246 | 379,941 | ||||||
| Total Brazil | 820,055 | |||||||
| Canada — 9.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Bombardier, Inc. - Class B (a) | 873 | 196,927 | ||||||
| Automobile Components — 0.2% | ||||||||
| Magna International, Inc. | 2,912 | 188,726 | ||||||
| Banks — 2.6% | ||||||||
| Royal Bank of Canada | 5,055 | 969,604 | ||||||
| Toronto-Dominion Bank | 14,495 | 1,658,569 | ||||||
| 2,628,173 | ||||||||
| Consumer Staples Distribution & Retail — 0.3% | ||||||||
| Alimentation Couche-Tard, Inc. | 6,336 | 357,967 | ||||||
| Ground Transportation — 0.4% | ||||||||
| Canadian National Railway Co. | 3,230 | 382,474 | ||||||
| Insurance — 0.3% | ||||||||
| Great-West Lifeco, Inc. | 3,110 | 181,549 | ||||||
| iA Financial Corp., Inc. | 1,100 | 137,140 | ||||||
| 318,689 | ||||||||
| Metals & Mining — 2.9% | ||||||||
| Agnico Eagle Mines Ltd. | 4,879 | 897,058 | ||||||
| Barrick Mining Corp. | 19,254 | 822,588 | ||||||
| Kinross Gold Corp. | 14,457 | 439,168 | ||||||
| Pan American Silver Corp. | 5,539 | 316,313 | ||||||
| Wheaton Precious Metals Corp. | 3,745 | 503,517 | ||||||
| 2,978,644 | ||||||||
| Oil, Gas & Consumable Fuels — 2.2% | ||||||||
| Canadian Natural Resources Ltd. | 17,485 | 795,205 | ||||||
| Cenovus Energy, Inc. | 14,255 | 393,534 | ||||||
| Imperial Oil Ltd. | 1,523 | 180,696 | ||||||
| Suncor Energy, Inc. | 10,720 | 670,034 | ||||||
See accompanying notes to financial statements.
37
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Whitecap Resources, Inc. | 16,844 | $ | 193,529 | |||||
| 2,232,998 | ||||||||
| Trading Companies & Distributors — 0.2% | ||||||||
| Toromont Industries Ltd. | 1,080 | 178,132 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| Rogers Communications, Inc. - Class B | 4,975 | 191,978 | ||||||
| Total Canada | 9,654,708 | |||||||
| China — 4.5% | ||||||||
| Air Freight & Logistics — 0.2% | ||||||||
| ZTO Express Cayman, Inc. | 7,150 | 158,475 | ||||||
| Banks — 0.6% | ||||||||
| Bank of China Ltd. - Class H | 355,000 | 236,005 | ||||||
| China CITIC Bank Corp. Ltd. - Class H | 146,000 | 135,812 | ||||||
| China Merchants Bank Co. Ltd. - Class H | 33,000 | 198,331 | ||||||
| 570,148 | ||||||||
| Communications Equipment — 0.1% | ||||||||
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. - Class H (b) | 4,500 | 130,460 | ||||||
| Entertainment — 0.4% | ||||||||
| NetEase, Inc. | 14,500 | 359,128 | ||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||
| Yum China Holdings, Inc. | 3,300 | 144,432 | ||||||
| Insurance — 0.8% | ||||||||
| China Life Insurance Co. Ltd. - Class H | 83,000 | 305,866 | ||||||
| China Pacific Insurance Group Co. Ltd. - Class H | 39,800 | 159,568 | ||||||
| Ping An Insurance Group Co. of China Ltd. - Class H | 45,000 | 344,811 | ||||||
| 810,245 | ||||||||
| Interactive Media & Services — 0.3% | ||||||||
| Baidu, Inc. - Class A (a) | 11,450 | 189,935 | ||||||
| Kuaishou Technology (b) | 23,700 | 137,720 | ||||||
| 327,655 | ||||||||
| Life Sciences Tools & Services — 0.2% | ||||||||
| Wuxi Biologics Cayman, Inc. (a)(b) | 35,000 | 148,898 | ||||||
| Machinery — 0.3% | ||||||||
| Weichai Power Co. Ltd. - Class H | 31,000 | 164,713 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 48,114 | 137,226 | ||||||
| 301,939 | ||||||||
See accompanying notes to financial statements.
38
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.6% | ||||||||
| China Hongqiao Group Ltd. | 42,500 | $ | 151,954 | |||||
| CMOC Group Ltd. - Class H | 69,000 | 160,682 | ||||||
| Zijin Mining Group Co. Ltd. - Class H | 74,000 | 309,526 | ||||||
| 622,162 | ||||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| PetroChina Co. Ltd. - Class H | 224,000 | 311,266 | ||||||
| Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
| Lenovo Group Ltd. | 104,000 | 318,493 | ||||||
| Xiaomi Corp. - Class B (a)(b) | 52,800 | 188,916 | ||||||
| 507,409 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
| ANTA Sports Products Ltd. | 15,200 | 147,017 | ||||||
| Total China | 4,539,234 | |||||||
| Denmark — 1.0% | ||||||||
| Biotechnology — 0.2% | ||||||||
| Genmab AS (a) | 593 | 157,695 | ||||||
| Electrical Equipment — 0.2% | ||||||||
| Vestas Wind Systems AS | 6,302 | 177,079 | ||||||
| Pharmaceuticals — 0.6% | ||||||||
| Novo Nordisk AS | 14,251 | 651,528 | ||||||
| Total Denmark | 986,302 | |||||||
| Finland — 0.7% | ||||||||
| Communications Equipment — 0.3% | ||||||||
| Nokia Oyj | 17,167 | 250,094 | ||||||
| Insurance — 0.1% | ||||||||
| Sampo Oyj | 12,865 | 136,012 | ||||||
| Machinery — 0.1% | ||||||||
| Wartsila OYJ Abp | 3,408 | 138,731 | ||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Neste Oyj | 4,615 | 151,583 | ||||||
| Total Finland | 676,420 | |||||||
| France — 6.1% | ||||||||
| Automobile Components — 0.2% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 6,195 | 227,686 | ||||||
See accompanying notes to financial statements.
39
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Banks — 0.6% | ||||||||
| BNP Paribas SA | 6,005 | $ | 651,043 | |||||
| Chemicals — 0.4% | ||||||||
| Air Liquide SA | 2,116 | 439,519 | ||||||
| Construction & Engineering — 0.8% | ||||||||
| Bouygues SA | 2,510 | 147,730 | ||||||
| Eiffage SA | 1,088 | 158,313 | ||||||
| Vinci SA | 3,167 | 461,932 | ||||||
| 767,975 | ||||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Orange SA | 9,589 | 200,596 | ||||||
| Electrical Equipment — 0.4% | ||||||||
| Legrand SA | 2,140 | 368,548 | ||||||
| Insurance — 0.5% | ||||||||
| AXA SA | 11,729 | 543,534 | ||||||
| IT Services — 0.2% | ||||||||
| Capgemini SE | 1,330 | 158,156 | ||||||
| Media — 0.2% | ||||||||
| Publicis Groupe SA | 2,156 | 210,586 | ||||||
| Multi-Utilities — 0.2% | ||||||||
| Engie SA | 6,229 | 192,318 | ||||||
| Oil, Gas & Consumable Fuels — 1.3% | ||||||||
| TotalEnergies SE | 15,574 | 1,365,681 | ||||||
| Personal Care Products — 0.3% | ||||||||
| L’Oreal SA | 633 | 282,448 | ||||||
| Pharmaceuticals — 0.4% | ||||||||
| Ipsen SA | 758 | 138,455 | ||||||
| Sanofi SA | 2,483 | 218,052 | ||||||
| 356,507 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 662 | 365,268 | ||||||
| Total France | 6,129,865 | |||||||
See accompanying notes to financial statements.
40
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Germany — 2.5% | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| Deutsche Post AG | 7,455 | $ | 445,210 | |||||
| Construction Materials — 0.2% | ||||||||
| Heidelberg Materials AG | 982 | 218,543 | ||||||
| Diversified Telecommunication Services — 0.5% | ||||||||
| Deutsche Telekom AG | 15,144 | 509,781 | ||||||
| Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
| RWE AG | 2,227 | 141,723 | ||||||
| Insurance — 1.0% | ||||||||
| Allianz SE | 1,761 | 783,817 | ||||||
| Hannover Rueck SE | 481 | 130,385 | ||||||
| Talanx AG | 1,091 | 131,072 | ||||||
| 1,045,274 | ||||||||
| Pharmaceuticals — 0.2% | ||||||||
| Bayer AG | 3,770 | 160,634 | ||||||
| Total Germany | 2,521,165 | |||||||
| Hong Kong — 2.3% | ||||||||
| Automobiles — 0.2% | ||||||||
| Geely Automobile Holdings Ltd. | 94,000 | 225,737 | ||||||
| Food Products — 0.2% | ||||||||
| WH Group Ltd. (b) | 140,000 | 161,671 | ||||||
| Industrial Conglomerates — 0.2% | ||||||||
| CK Hutchison Holdings Ltd. | 25,500 | 229,233 | ||||||
| Insurance — 0.8% | ||||||||
| AIA Group Ltd. | 53,400 | 560,445 | ||||||
| Prudential PLC | 19,891 | 287,023 | ||||||
| 847,468 | ||||||||
| Machinery — 0.3% | ||||||||
| Techtronic Industries Co. Ltd. | 17,000 | 252,281 | ||||||
| Real Estate Management & Development — 0.6% | ||||||||
| China Resources Land Ltd. | 38,500 | 173,515 | ||||||
| CK Asset Holdings Ltd. | 29,000 | 175,179 | ||||||
| Sun Hung Kai Properties Ltd. | 17,500 | 294,090 | ||||||
| 642,784 | ||||||||
| Total Hong Kong | 2,359,174 | |||||||
See accompanying notes to financial statements.
41
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Ireland — 0.9% | ||||||||
| Broadline Retail — 0.4% | ||||||||
| PDD Holdings, Inc. - ADR (a) | 4,839 | $ | 408,605 | |||||
| Passenger Airlines — 0.2% | ||||||||
| Ryanair Holdings PLC | 8,357 | 244,957 | ||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| AerCap Holdings NV | 1,888 | 263,168 | ||||||
| Total Ireland | 916,730 | |||||||
| Israel — 1.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Elbit Systems Ltd. | 221 | 198,543 | ||||||
| Banks — 0.5% | ||||||||
| Bank Hapoalim BM | 11,707 | 301,031 | ||||||
| Mizrahi Tefahot Bank Ltd. | 2,301 | 176,850 | ||||||
| 477,881 | ||||||||
| Insurance — 0.2% | ||||||||
| Phoenix Financial Ltd. | 3,238 | 215,216 | ||||||
| Pharmaceuticals — 0.2% | ||||||||
| Teva Pharmaceutical Industries Ltd. - ADR (a) | 7,470 | 263,840 | ||||||
| Semiconductors & Semiconductor Equipment — 0.4% | ||||||||
| Nova Ltd. (a) | 357 | 186,509 | ||||||
| Tower Semiconductor Ltd. (a) | 692 | 197,746 | ||||||
| 384,255 | ||||||||
| Total Israel | 1,539,735 | |||||||
| Italy — 2.8% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Leonardo SpA | 2,689 | 170,685 | ||||||
| Banks — 0.9% | ||||||||
| BPER Banca SPA | 18,154 | 246,009 | ||||||
| UniCredit SpA | 7,397 | 640,531 | ||||||
| 886,540 | ||||||||
| Electric Utilities — 0.4% | ||||||||
| Enel SpA | 20,940 | 235,085 | ||||||
| Terna - Rete Elettrica Nazionale | 13,665 | 157,029 | ||||||
| 392,114 | ||||||||
See accompanying notes to financial statements.
42
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electrical Equipment — 0.4% | ||||||||
| Prysmian SpA | 2,552 | $ | 440,544 | |||||
| Gas Utilities — 0.1% | ||||||||
| Italgas SpA | 11,877 | 139,434 | ||||||
| Insurance — 0.5% | ||||||||
| Generali | 8,935 | 403,427 | ||||||
| Unipol Assicurazioni SpA | 6,383 | 158,134 | ||||||
| 561,561 | ||||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Eni SpA | 10,837 | 284,785 | ||||||
| Total Italy | 2,875,663 | |||||||
| Japan — 15.3% | ||||||||
| Automobile Components — 0.6% | ||||||||
| Bridgestone Corp. | 8,000 | 172,944 | ||||||
| Sumitomo Electric Industries Ltd. | 5,900 | 466,214 | ||||||
| 639,158 | ||||||||
| Automobiles — 0.2% | ||||||||
| Suzuki Motor Corp. | 12,400 | 153,652 | ||||||
| Banks — 0.4% | ||||||||
| Japan Post Bank Co. Ltd. | 11,000 | 211,968 | ||||||
| Sumitomo Mitsui Trust Group, Inc. | 6,300 | 216,533 | ||||||
| 428,501 | ||||||||
| Beverages — 0.1% | ||||||||
| Kirin Holdings Co. Ltd. | 9,000 | 153,621 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Ryohin Keikaku Co. Ltd. | 7,100 | 173,103 | ||||||
| Building Products — 0.3% | ||||||||
| Daikin Industries Ltd. | 2,300 | 336,267 | ||||||
| Chemicals — 0.8% | ||||||||
| Asahi Kasei Corp. | 13,900 | 155,962 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 13,400 | 652,731 | ||||||
| 808,693 | ||||||||
| Electrical Equipment — 1.2% | ||||||||
| Fuji Electric Co. Ltd. | 1,900 | 184,196 | ||||||
| Fujikura Ltd. | 14,600 | 437,363 | ||||||
| Mitsubishi Electric Corp. | 14,300 | 588,826 | ||||||
| 1,210,385 | ||||||||
See accompanying notes to financial statements.
43
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electronic Equipment, Instruments & Components — 1.4% | ||||||||
| Keyence Corp. | 1,400 | $ | 704,197 | |||||
| Murata Manufacturing Co. Ltd. | 11,600 | 701,033 | ||||||
| 1,405,230 | ||||||||
| Financial Services — 0.4% | ||||||||
| ORIX Corp. | 10,000 | 391,611 | ||||||
| Food Products — 0.2% | ||||||||
| Ajinomoto Co., Inc. | 6,900 | 223,205 | ||||||
| Gas Utilities — 0.1% | ||||||||
| Tokyo Gas Co. Ltd. | 3,600 | 144,213 | ||||||
| Ground Transportation — 0.2% | ||||||||
| Central Japan Railway Co. | 7,900 | 172,568 | ||||||
| Health Care Equipment & Supplies — 0.3% | ||||||||
| Hoya Corp. | 1,600 | 272,050 | ||||||
| Insurance — 1.2% | ||||||||
| Daiichi Life Group, Inc. | 22,200 | 228,043 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 7,400 | 199,189 | ||||||
| Sompo Holdings, Inc. | 8,700 | 325,461 | ||||||
| Tokio Marine Holdings, Inc. | 9,800 | 437,559 | ||||||
| 1,190,252 | ||||||||
| Machinery — 1.3% | ||||||||
| Ebara Corp. | 4,400 | 157,004 | ||||||
| FANUC Corp. | 7,500 | 371,645 | ||||||
| Komatsu Ltd. | 7,200 | 297,331 | ||||||
| Kubota Corp. | 10,600 | 189,151 | ||||||
| SMC Corp. | 600 | 260,358 | ||||||
| 1,275,489 | ||||||||
| Marine Transportation — 0.1% | ||||||||
| Nippon Yusen KK | 3,900 | 130,102 | ||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Inpex Corp. | 10,300 | 233,078 | ||||||
| Pharmaceuticals — 0.8% | ||||||||
| Astellas Pharma, Inc. | 17,700 | 253,723 | ||||||
| Otsuka Holdings Co. Ltd. | 4,700 | 345,716 | ||||||
| Shionogi & Co. Ltd. | 8,700 | 163,878 | ||||||
| 763,317 | ||||||||
See accompanying notes to financial statements.
44
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Real Estate Management & Development — 0.1% | ||||||||
| Mitsui Fudosan Co. Ltd. | 14,600 | $ | 140,303 | |||||
| Semiconductors & Semiconductor Equipment — 2.2% | ||||||||
| Advantest Corp. | 5,400 | 887,314 | ||||||
| Lasertec Corp. | 1,000 | 251,970 | ||||||
| SCREEN Holdings Co. Ltd. | 2,300 | 160,588 | ||||||
| Tokyo Electron Ltd. | 2,900 | 954,497 | ||||||
| 2,254,369 | ||||||||
| Specialty Retail — 0.6% | ||||||||
| Fast Retailing Co. Ltd. | 1,200 | 620,325 | ||||||
| Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
| FUJIFILM Holdings Corp. | 9,400 | 196,068 | ||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Asics Corp. | 7,700 | 234,145 | ||||||
| Trading Companies & Distributors — 0.6% | ||||||||
| Sumitomo Corp. | 7,100 | 316,472 | ||||||
| Toyota Tsusho Corp. | 6,900 | 300,235 | ||||||
| 616,707 | ||||||||
| Wireless Telecommunication Services — 1.4% | ||||||||
| KDDI Corp. | 10,500 | 180,543 | ||||||
| SoftBank Corp. | 111,100 | 150,189 | ||||||
| SoftBank Group Corp. | 22,100 | 1,039,470 | ||||||
| 1,370,202 | ||||||||
| Total Japan | 15,536,614 | |||||||
| Luxembourg — 0.4% | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
| Tenaris SA | 5,725 | 174,219 | ||||||
| Metals & Mining — 0.2% | ||||||||
| ArcelorMittal SA | 3,190 | 220,719 | ||||||
| Total Luxembourg | 394,938 | |||||||
| Mexico — 1.3% | ||||||||
| Banks — 0.2% | ||||||||
| Grupo Financiero Banorte SAB de CV | 17,008 | 177,202 | ||||||
| Beverages — 0.2% | ||||||||
| Fomento Economico Mexicano SAB de CV | 18,376 | 219,003 | ||||||
See accompanying notes to financial statements.
45
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.6% | ||||||||
| Grupo Mexico SAB de CV - Class B | 34,722 | $ | 429,173 | |||||
| Industrias Penoles SAB de CV | 3,372 | 196,442 | ||||||
| 625,615 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| America Movil SAB de CV | 219,404 | 279,428 | ||||||
| Total Mexico | 1,301,248 | |||||||
| Netherlands — 5.0% | ||||||||
| Banks — 0.4% | ||||||||
| ING Groep NV | 12,609 | 392,680 | ||||||
| Biotechnology — 0.2% | ||||||||
| Argenx SE (a) | 310 | 258,749 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Prosus NV | 4,057 | 184,646 | ||||||
| Consumer Staples Distribution & Retail — 0.3% | ||||||||
| Koninklijke Ahold Delhaize NV | 7,358 | 310,424 | ||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Koninklijke KPN NV | 32,548 | 169,547 | ||||||
| Semiconductors & Semiconductor Equipment — 3.7% | ||||||||
| ASML Holding NV | 2,223 | 3,590,653 | ||||||
| BE Semiconductor Industries NV | 623 | 206,664 | ||||||
| 3,797,317 | ||||||||
| Total Netherlands | 5,113,363 | |||||||
| Norway — 0.4% | ||||||||
| Chemicals — 0.1% | ||||||||
| Yara International ASA | 2,873 | 156,227 | ||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Equinor ASA | 7,454 | 270,140 | ||||||
| Total Norway | 426,367 | |||||||
| Peru — 0.2% | ||||||||
| Banks — 0.2% | ||||||||
| Credicorp Ltd. | 515 | 176,454 | ||||||
| Poland — 0.4% | ||||||||
| Metals & Mining — 0.2% | ||||||||
| KGHM Polska Miedz SA (a) | 1,782 | 171,751 | ||||||
See accompanying notes to financial statements.
46
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| ORLEN SA | 6,374 | $ | 249,143 | |||||
| Total Poland | 420,894 | |||||||
| Singapore — 0.5% | ||||||||
| Banks — 0.1% | ||||||||
| Oversea-Chinese Banking Corp. Ltd. | 9,278 | 170,112 | ||||||
| Capital Markets — 0.2% | ||||||||
| Singapore Exchange Ltd. | 10,111 | 173,342 | ||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Trip.com Group Ltd. (a) | 3,800 | 178,826 | ||||||
| Total Singapore | 522,280 | |||||||
| South Africa — 1.4% | ||||||||
| Banks — 0.2% | ||||||||
| Standard Bank Group Ltd. | 7,902 | 153,216 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Naspers Ltd. | 3,748 | 196,965 | ||||||
| Insurance — 0.1% | ||||||||
| Discovery Ltd. | 8,516 | 146,182 | ||||||
| Metals & Mining — 0.6% | ||||||||
| Gold Fields Ltd. | 9,796 | 387,532 | ||||||
| Impala Platinum Holdings Ltd. | 14,281 | 204,188 | ||||||
| 591,720 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| MTN Group Ltd. | 22,710 | 303,640 | ||||||
| Total South Africa | 1,391,723 | |||||||
| South Korea — 7.6% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Hanwha Aerospace Co. Ltd. | 192 | 149,447 | ||||||
| Air Freight & Logistics — 0.1% | ||||||||
| Hyundai Glovis Co. Ltd. | 889 | 143,054 | ||||||
| Automobile Components — 0.4% | ||||||||
| Hyundai Mobis Co. Ltd. | 691 | 352,149 | ||||||
| Automobiles — 0.3% | ||||||||
| Kia Corp. | 2,522 | 283,160 | ||||||
See accompanying notes to financial statements.
47
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Banks — 0.1% | ||||||||
| Shinhan Financial Group Co. Ltd. | 2,362 | $ | 146,704 | |||||
| Electrical Equipment — 0.2% | ||||||||
| HD Hyundai Electric Co. Ltd. | 240 | 167,697 | ||||||
| Household Durables — 0.2% | ||||||||
| LG Electronics, Inc. | 1,103 | 214,452 | ||||||
| Industrial Conglomerates — 0.5% | ||||||||
| Samsung C&T Corp. | 963 | 276,375 | ||||||
| SK Square Co. Ltd. | 243 | 198,818 | ||||||
| 475,193 | ||||||||
| Insurance — 0.2% | ||||||||
| Samsung Life Insurance Co. Ltd. | 841 | 216,807 | ||||||
| Machinery — 0.3% | ||||||||
| HD Hyundai Heavy Industries Co. Ltd. | 333 | 153,794 | ||||||
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 678 | 190,308 | ||||||
| 344,102 | ||||||||
| Metals & Mining — 0.2% | ||||||||
| POSCO Holdings, Inc. | 528 | 148,380 | ||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| HD Hyundai Co. Ltd. | 765 | 140,868 | ||||||
| Semiconductors & Semiconductor Equipment — 2.2% | ||||||||
| SK hynix, Inc. | 1,457 | 2,255,595 | ||||||
| Technology Hardware, Storage & Peripherals — 2.6% | ||||||||
| Samsung Electronics Co. Ltd. | 12,486 | 2,626,451 | ||||||
| Total South Korea | 7,664,059 | |||||||
| Spain — 1.8% | ||||||||
| Banks — 0.7% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 22,634 | 530,909 | ||||||
| CaixaBank SA | 15,200 | 205,660 | ||||||
| 736,569 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
| ACS Actividades de Construccion y Servicios SA | 1,784 | 258,650 | ||||||
| Electric Utilities — 0.2% | ||||||||
| Endesa SA | 3,677 | 153,798 | ||||||
See accompanying notes to financial statements.
48
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Repsol SA | 10,697 | $ | 274,992 | |||||
| Specialty Retail — 0.2% | ||||||||
| Industria de Diseno Textil SA | 3,847 | 239,164 | ||||||
| Transportation Infrastructure — 0.1% | ||||||||
| Aena SME SA (b) | 5,125 | 148,847 | ||||||
| Total Spain | 1,812,020 | |||||||
| Sweden — 2.4% | ||||||||
| Building Products — 0.2% | ||||||||
| Assa Abloy AB - Class B | 4,923 | 177,393 | ||||||
| Communications Equipment — 0.3% | ||||||||
| Telefonaktiebolaget LM Ericsson - Class B | 25,254 | 328,493 | ||||||
| Financial Services — 0.9% | ||||||||
| Industrivarden AB | 2,903 | 159,155 | ||||||
| Investor AB (a) | 17,797 | 733,904 | ||||||
| 893,059 | ||||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||
| Evolution AB (a)(b) | 2,075 | 156,595 | ||||||
| Machinery — 0.5% | ||||||||
| Alfa Laval AB | 2,714 | 152,674 | ||||||
| Atlas Copco AB - Class B | 8,318 | 141,439 | ||||||
| Sandvik AB | 5,076 | 206,985 | ||||||
| 501,098 | ||||||||
| Metals & Mining — 0.2% | ||||||||
| Boliden AB | 4,001 | 249,513 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| Tele2 AB - Class B | 8,345 | 156,631 | ||||||
| Total Sweden | 2,462,782 | |||||||
| Switzerland — 6.1% | ||||||||
| Beverages — 0.2% | ||||||||
| Coca-Cola HBC AG | 2,793 | 160,382 | ||||||
| Capital Markets — 1.0% | ||||||||
| UBS Group AG | 20,307 | 963,643 | ||||||
| Diversified Telecommunication Services — 0.3% | ||||||||
| Swisscom AG | 293 | 250,939 | ||||||
See accompanying notes to financial statements.
49
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electrical Equipment — 0.8% | ||||||||
| ABB Ltd. | 7,759 | $ | 831,218 | |||||
| Insurance — 0.1% | ||||||||
| Swiss Re AG | 867 | 130,736 | ||||||
| Machinery — 0.2% | ||||||||
| VAT Group AG (b) | 274 | 214,412 | ||||||
| Metals & Mining — 0.2% | ||||||||
| Glencore PLC | 31,721 | 242,555 | ||||||
| Pharmaceuticals — 2.5% | ||||||||
| Novartis AG | 7,264 | 1,096,463 | ||||||
| Roche Holding AG | 3,505 | 1,478,697 | ||||||
| 2,575,160 | ||||||||
| Semiconductors & Semiconductor Equipment — 0.2% | ||||||||
| STMicroelectronics NV | 2,721 | 187,094 | ||||||
| Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
| Logitech International SA | 1,584 | 192,584 | ||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| Cie Financiere Richemont SA | 1,835 | 397,068 | ||||||
| Total Switzerland | 6,145,791 | |||||||
| Taiwan — 8.7% | ||||||||
| Banks — 0.2% | ||||||||
| CTBC Financial Holding Co. Ltd. | 90,611 | 175,000 | ||||||
| Communications Equipment — 0.4% | ||||||||
| Accton Technology Corp. | 4,851 | 376,305 | ||||||
| Electrical Equipment — 0.2% | ||||||||
| Bizlink Holding, Inc. | 3,065 | 204,004 | ||||||
| Electronic Equipment, Instruments & Components — 1.2% | ||||||||
| Chroma ATE, Inc. | 3,977 | 319,932 | ||||||
| Delta Electronics, Inc. | 5,531 | 431,702 | ||||||
| Largan Precision Co. Ltd. | 1,321 | 148,228 | ||||||
| Yageo Corp. | 14,867 | 350,253 | ||||||
| 1,250,115 | ||||||||
| Insurance — 0.2% | ||||||||
| Cathay Financial Holding Co. Ltd. | 88,900 | 243,212 | ||||||
See accompanying notes to financial statements.
50
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Semiconductors & Semiconductor Equipment — 6.0% | ||||||||
| ASPEED Technology, Inc. | 384 | $ | 232,296 | |||||
| Hon Precision, Inc. | 933 | 246,016 | ||||||
| MediaTek, Inc. | 4,381 | 602,771 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 60,267 | 4,530,775 | ||||||
| United Microelectronics Corp. | 106,243 | 490,084 | ||||||
| 6,101,942 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
| Asia Vital Components Co. Ltd. | 3,606 | 306,779 | ||||||
| King Slide Works Co. Ltd. | 1,042 | 168,480 | ||||||
| 475,259 | ||||||||
| Total Taiwan | 8,825,837 | |||||||
| Thailand — 0.3% | ||||||||
| Electronic Equipment, Instruments & Components — 0.3% | ||||||||
| Delta Electronics Thailand PCL | 24,242 | 262,941 | ||||||
| United Kingdom — 8.2% | ||||||||
| Aerospace & Defense — 0.6% | ||||||||
| Rolls-Royce Holdings PLC | 33,328 | 600,260 | ||||||
| Beverages — 0.2% | ||||||||
| Coca-Cola Europacific Partners PLC | 1,799 | 163,151 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Next PLC | 1,152 | 205,016 | ||||||
| Capital Markets — 0.2% | ||||||||
| 3i Group PLC | 7,692 | 235,662 | ||||||
| Consumer Staples Distribution & Retail — 0.2% | ||||||||
| Tesco PLC | 34,701 | 201,039 | ||||||
| Diversified Consumer Services — 0.1% | ||||||||
| Pearson PLC | 8,967 | 134,283 | ||||||
| Electronic Equipment, Instruments & Components — 0.2% | ||||||||
| Halma PLC | 3,893 | 245,462 | ||||||
| Hotels, Restaurants & Leisure — 0.3% | ||||||||
| Compass Group PLC | 10,754 | 345,956 | ||||||
| Metals & Mining — 1.3% | ||||||||
| Endeavour Mining PLC | 3,231 | 199,892 | ||||||
| Rio Tinto PLC | 10,174 | 1,091,716 | ||||||
| 1,291,608 | ||||||||
See accompanying notes to financial statements.
51
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 2.1% | ||||||||
| BP PLC | 73,167 | $ | 514,147 | |||||
| Shell PLC | 37,841 | 1,588,939 | ||||||
| 2,103,086 | ||||||||
| Pharmaceuticals — 1.5% | ||||||||
| AstraZeneca PLC | 5,203 | 967,084 | ||||||
| GSK PLC | 22,500 | 570,106 | ||||||
| 1,537,190 | ||||||||
| Professional Services — 0.1% | ||||||||
| Intertek Group PLC | 1,836 | 131,538 | ||||||
| Tobacco — 0.9% | ||||||||
| British American Tobacco PLC | 14,482 | 895,374 | ||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| Vodafone Group PLC | 168,685 | 253,064 | ||||||
| Total United Kingdom | 8,342,689 | |||||||
| United States — 1.2% | ||||||||
| Biotechnology — 0.2% | ||||||||
| BeOne Medicines Ltd. (a) | 11,000 | 248,159 | ||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Restaurant Brands International, Inc. | 2,575 | 192,660 | ||||||
| Metals & Mining — 0.5% | ||||||||
| Anglogold Ashanti PLC | 5,395 | 519,125 | ||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| Sunbelt Rentals Holdings, Inc. | 3,747 | 294,791 | ||||||
| Total United States | 1,254,735 | |||||||
| TOTAL COMMON STOCKS (Cost $84,729,171) | 98,670,978 | |||||||
| EXCHANGE TRADED FUNDS — 1.0% | ||||||||
| iShares MSCI India ETF (a) | 20,028 | 972,560 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,032,752) | 972,560 | |||||||
| PREFERRED STOCKS — 0.7% | ||||||||
| Brazil — 0.4% | ||||||||
| Oil, Gas & Consumable Fuels — 0.4% | ||||||||
| Petroleo Brasileiro SA - Petrobras, 0.00% | 50,413 | 421,428 | ||||||
See accompanying notes to financial statements.
52
| Horizon International Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| South Korea — 0.3% | ||||||||
| Technology Hardware, Storage & Peripherals — 0.3% | ||||||||
| Samsung Electronics Co. Ltd., 0.00% | 2,136 | $ | 287,021 | |||||
| TOTAL PREFERRED STOCKS (Cost $546,262) | 708,449 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.6% | ||||||||
| Australia — 0.3% | ||||||||
| Industrial REITs — 0.3% | ||||||||
| Goodman Group | 11,389 | 259,246 | ||||||
| France — 0.3% | ||||||||
| Retail REITs — 0.3% | ||||||||
| Klepierre SA | 3,445 | 140,719 | ||||||
| Unibail-Rodamco-Westfield | 1,660 | 192,344 | ||||||
| Total France | 333,063 | |||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $551,053) | 592,309 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.0% (c) | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (d) | 27,780 | 27,780 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $27,780) | 27,780 | |||||||
| TOTAL INVESTMENTS — 99.6% (Cost $86,887,018) | 100,972,076 | |||||||
| Other Assets in Excess of Liabilities — 0.4% | 390,147 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 101,362,223 | ||||||
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PCL - Public Company Limited
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2026, the value of these securities total $1,287,519 or 1.3% of the Fund’s net assets. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
53
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 97.4% | ||||||||
| Australia — 2.4% | ||||||||
| Banks — 0.3% | ||||||||
| Commonwealth Bank of Australia | 10,381 | $ | 1,231,275 | |||||
| Broadline Retail — 0.2% | ||||||||
| Wesfarmers Ltd. | 12,923 | 741,124 | ||||||
| Commercial Services & Supplies — 0.1% | ||||||||
| Brambles Ltd. | 48,951 | 582,993 | ||||||
| Consumer Staples Distribution & Retail — 0.1% | ||||||||
| Coles Group Ltd. | 44,150 | 689,239 | ||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Telstra Group Ltd. | 212,668 | 796,378 | ||||||
| Financial Services — 0.2% | ||||||||
| Washington H Soul Pattinson & Co. Ltd. Old | 23,345 | 729,898 | ||||||
| Insurance — 0.3% | ||||||||
| QBE Insurance Group Ltd. | 74,198 | 1,207,391 | ||||||
| Metals & Mining — 0.8% | ||||||||
| Fortescue Ltd. | 81,246 | 1,302,809 | ||||||
| Rio Tinto Ltd. | 14,788 | 1,973,044 | ||||||
| 3,275,853 | ||||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Woodside Energy Group Ltd. | 46,523 | 1,025,225 | ||||||
| Total Australia | 10,279,376 | |||||||
| Austria — 0.1% | ||||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| OMV AG | 8,201 | 589,721 | ||||||
| Belgium — 1.0% | ||||||||
| Beverages — 0.5% | ||||||||
| Anheuser-Busch InBev SA | 27,615 | 2,222,497 | ||||||
| Insurance — 0.2% | ||||||||
| Ageas SA | 9,743 | 756,857 | ||||||
| Pharmaceuticals — 0.3% | ||||||||
| UCB SA | 4,107 | 1,205,743 | ||||||
| Total Belgium | 4,185,097 | |||||||
See accompanying notes to financial statements.
54
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Brazil — 0.8% | ||||||||
| Beverages — 0.2% | ||||||||
| Ambev SA | 299,402 | $ | 973,960 | |||||
| Capital Markets — 0.2% | ||||||||
| B3 SA - Brasil Bolsa Balcao | 295,975 | 967,505 | ||||||
| Metals & Mining — 0.4% | ||||||||
| Vale SA | 97,471 | 1,593,102 | ||||||
| Total Brazil | 3,534,567 | |||||||
| Canada — 9.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Bombardier, Inc. - Class B (a) | 3,641 | 821,321 | ||||||
| Automobile Components — 0.2% | ||||||||
| Magna International, Inc. | 12,133 | 786,337 | ||||||
| Banks — 2.6% | ||||||||
| Royal Bank of Canada | 21,066 | 4,040,687 | ||||||
| Toronto-Dominion Bank | 60,388 | 6,909,808 | ||||||
| 10,950,495 | ||||||||
| Consumer Staples Distribution & Retail — 0.3% | ||||||||
| Alimentation Couche-Tard, Inc. | 26,396 | 1,491,303 | ||||||
| Ground Transportation — 0.4% | ||||||||
| Canadian National Railway Co. | 13,463 | 1,594,193 | ||||||
| Insurance — 0.3% | ||||||||
| Great-West Lifeco, Inc. | 12,960 | 756,552 | ||||||
| iA Financial Corp., Inc. | 4,589 | 572,123 | ||||||
| 1,328,675 | ||||||||
| Metals & Mining — 2.9% | ||||||||
| Agnico Eagle Mines Ltd. | 20,330 | 3,737,895 | ||||||
| Barrick Mining Corp. | 80,225 | 3,427,449 | ||||||
| Kinross Gold Corp. | 60,238 | 1,829,882 | ||||||
| Pan American Silver Corp. | 23,084 | 1,318,249 | ||||||
| Wheaton Precious Metals Corp. | 15,606 | 2,098,232 | ||||||
| 12,411,707 | ||||||||
| Oil, Gas & Consumable Fuels — 2.2% | ||||||||
| Canadian Natural Resources Ltd. | 72,850 | 3,313,165 | ||||||
| Cenovus Energy, Inc. | 59,396 | 1,639,729 | ||||||
| Imperial Oil Ltd. | 6,350 | 753,396 | ||||||
| Suncor Energy, Inc. | 44,667 | 2,791,829 | ||||||
See accompanying notes to financial statements.
55
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Whitecap Resources, Inc. | 70,182 | $ | 806,356 | |||||
| 9,304,475 | ||||||||
| Trading Companies & Distributors — 0.2% | ||||||||
| Toromont Industries Ltd. | 4,501 | 742,380 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| Rogers Communications, Inc. - Class B | 20,729 | 799,901 | ||||||
| Total Canada | 40,230,787 | |||||||
| China — 4.5% | ||||||||
| Air Freight & Logistics — 0.2% | ||||||||
| ZTO Express Cayman, Inc. | 30,150 | 668,256 | ||||||
| Banks — 0.6% | ||||||||
| Bank of China Ltd. - Class H | 1,495,000 | 993,882 | ||||||
| China CITIC Bank Corp. Ltd. - Class H | 615,000 | 572,082 | ||||||
| China Merchants Bank Co. Ltd. - Class H | 139,000 | 835,394 | ||||||
| 2,401,358 | ||||||||
| Communications Equipment — 0.1% | ||||||||
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. - Class H (b) | 20,000 | 579,821 | ||||||
| Entertainment — 0.4% | ||||||||
| NetEase, Inc. | 61,200 | 1,515,768 | ||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||
| Yum China Holdings, Inc. | 13,750 | 601,801 | ||||||
| Insurance — 0.8% | ||||||||
| China Life Insurance Co. Ltd. - Class H | 352,000 | 1,297,166 | ||||||
| China Pacific Insurance Group Co. Ltd. - Class H | 166,800 | 668,741 | ||||||
| Ping An Insurance Group Co. of China Ltd. - Class H | 191,000 | 1,463,531 | ||||||
| 3,429,438 | ||||||||
| Interactive Media & Services — 0.3% | ||||||||
| Baidu, Inc. - Class A (a) | 47,950 | 795,404 | ||||||
| Kuaishou Technology (b) | 99,700 | 579,354 | ||||||
| 1,374,758 | ||||||||
| Life Sciences Tools & Services — 0.2% | ||||||||
| Wuxi Biologics Cayman, Inc. (a)(b) | 147,500 | 627,499 | ||||||
| Machinery — 0.3% | ||||||||
| Weichai Power Co. Ltd. - Class H | 136,000 | 722,612 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 201,729 | 575,353 | ||||||
| 1,297,965 | ||||||||
See accompanying notes to financial statements.
56
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.6% | ||||||||
| China Hongqiao Group Ltd. | 180,000 | $ | 643,571 | |||||
| CMOC Group Ltd. - Class H | 303,000 | 705,604 | ||||||
| Zijin Mining Group Co. Ltd. - Class H | 312,000 | 1,305,026 | ||||||
| 2,654,201 | ||||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| PetroChina Co. Ltd. - Class H | 948,000 | 1,317,322 | ||||||
| Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
| Lenovo Group Ltd. | 444,000 | 1,359,721 | ||||||
| Xiaomi Corp. - Class B (a)(b) | 221,400 | 792,157 | ||||||
| 2,151,878 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
| ANTA Sports Products Ltd. | 64,400 | 622,889 | ||||||
| Total China | 19,242,954 | |||||||
| Denmark — 1.0% | ||||||||
| Biotechnology — 0.2% | ||||||||
| Genmab AS (a) | 2,474 | 657,906 | ||||||
| Electrical Equipment — 0.2% | ||||||||
| Vestas Wind Systems AS | 26,255 | 737,734 | ||||||
| Pharmaceuticals — 0.6% | ||||||||
| Novo Nordisk AS | 59,377 | 2,714,602 | ||||||
| Total Denmark | 4,110,242 | |||||||
| Finland — 0.7% | ||||||||
| Communications Equipment — 0.3% | ||||||||
| Nokia Oyj | 71,527 | 1,042,028 | ||||||
| Insurance — 0.1% | ||||||||
| Sampo Oyj | 53,601 | 566,682 | ||||||
| Machinery — 0.1% | ||||||||
| Wartsila OYJ Abp | 14,200 | 578,044 | ||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Neste Oyj | 19,229 | 631,591 | ||||||
| Total Finland | 2,818,345 | |||||||
| France — 6.0% | ||||||||
| Automobile Components — 0.2% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 25,816 | 948,821 | ||||||
See accompanying notes to financial statements.
57
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Banks — 0.6% | ||||||||
| BNP Paribas SA | 25,027 | $ | 2,713,346 | |||||
| Chemicals — 0.4% | ||||||||
| Air Liquide SA | 8,820 | 1,832,022 | ||||||
| Construction & Engineering — 0.8% | ||||||||
| Bouygues SA | 10,464 | 615,874 | ||||||
| Eiffage SA | 4,537 | 660,170 | ||||||
| Vinci SA | 13,196 | 1,924,744 | ||||||
| 3,200,788 | ||||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Orange SA | 39,955 | 835,833 | ||||||
| Electrical Equipment — 0.4% | ||||||||
| Legrand SA | 8,922 | 1,536,535 | ||||||
| Insurance — 0.5% | ||||||||
| AXA SA | 48,866 | 2,264,500 | ||||||
| IT Services — 0.2% | ||||||||
| Capgemini SE | 5,549 | 659,856 | ||||||
| Media — 0.2% | ||||||||
| Publicis Groupe SA | 8,981 | 877,212 | ||||||
| Multi-Utilities — 0.2% | ||||||||
| Engie SA | 25,957 | 801,411 | ||||||
| Oil, Gas & Consumable Fuels — 1.3% | ||||||||
| TotalEnergies SE | 64,886 | 5,689,842 | ||||||
| Personal Care Products — 0.3% | ||||||||
| L’Oreal SA | 2,641 | 1,178,429 | ||||||
| Pharmaceuticals — 0.3% | ||||||||
| Ipsen SA | 3,161 | 577,382 | ||||||
| Sanofi SA | 10,345 | 908,478 | ||||||
| 1,485,860 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 2,760 | 1,522,871 | ||||||
| Total France | 25,547,326 | |||||||
See accompanying notes to financial statements.
58
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Germany — 2.5% | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| Deutsche Post AG | 31,061 | $ | 1,854,950 | |||||
| Construction Materials — 0.2% | ||||||||
| Heidelberg Materials AG | 4,091 | 910,447 | ||||||
| Diversified Telecommunication Services — 0.5% | ||||||||
| Deutsche Telekom AG | 63,099 | 2,124,055 | ||||||
| Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
| RWE AG | 9,279 | 590,504 | ||||||
| Insurance — 1.0% | ||||||||
| Allianz SE | 7,345 | 3,269,242 | ||||||
| Hannover Rueck SE | 2,012 | 545,395 | ||||||
| Talanx AG | 4,547 | 546,272 | ||||||
| 4,360,909 | ||||||||
| Pharmaceuticals — 0.2% | ||||||||
| Bayer AG | 15,712 | 669,465 | ||||||
| Total Germany | 10,510,330 | |||||||
| Hong Kong — 2.3% | ||||||||
| Automobiles — 0.2% | ||||||||
| Geely Automobile Holdings Ltd. | 399,000 | 958,182 | ||||||
| Food Products — 0.2% | ||||||||
| WH Group Ltd. (b) | 589,500 | 680,751 | ||||||
| Industrial Conglomerates — 0.2% | ||||||||
| CK Hutchison Holdings Ltd. | 109,500 | 984,353 | ||||||
| Insurance — 0.8% | ||||||||
| AIA Group Ltd. | 224,000 | 2,350,929 | ||||||
| Prudential PLC | 82,873 | 1,195,842 | ||||||
| 3,546,771 | ||||||||
| Machinery — 0.3% | ||||||||
| Techtronic Industries Co. Ltd. | 71,000 | 1,053,644 | ||||||
| Real Estate Management & Development — 0.6% | ||||||||
| China Resources Land Ltd. | 163,500 | 736,875 | ||||||
| CK Asset Holdings Ltd. | 125,000 | 755,082 | ||||||
| Sun Hung Kai Properties Ltd. | 73,500 | 1,235,176 | ||||||
| 2,727,133 | ||||||||
| Total Hong Kong | 9,950,834 | |||||||
See accompanying notes to financial statements.
59
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Ireland — 0.9% | ||||||||
| Broadline Retail — 0.4% | ||||||||
| PDD Holdings, Inc. - ADR (a) | 20,161 | $ | 1,702,395 | |||||
| Passenger Airlines — 0.2% | ||||||||
| Ryanair Holdings PLC | 34,819 | 1,020,600 | ||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| AerCap Holdings NV | 7,874 | 1,097,557 | ||||||
| Total Ireland | 3,820,552 | |||||||
| Israel — 1.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Elbit Systems Ltd. | 926 | 831,906 | ||||||
| Banks — 0.5% | ||||||||
| Bank Hapoalim BM | 48,780 | 1,254,318 | ||||||
| Mizrahi Tefahot Bank Ltd. | 9,589 | 736,988 | ||||||
| 1,991,306 | ||||||||
| Insurance — 0.2% | ||||||||
| Phoenix Financial Ltd. | 13,494 | 896,888 | ||||||
| Pharmaceuticals — 0.2% | ||||||||
| Teva Pharmaceutical Industries Ltd. - ADR (a) | 31,128 | 1,099,441 | ||||||
| Semiconductors & Semiconductor Equipment — 0.4% | ||||||||
| Nova Ltd. (a) | 1,497 | 782,082 | ||||||
| Tower Semiconductor Ltd. (a) | 2,886 | 824,703 | ||||||
| 1,606,785 | ||||||||
| Total Israel | 6,426,326 | |||||||
| Italy — 2.8% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Leonardo SpA | 11,205 | 711,242 | ||||||
| Banks — 0.9% | ||||||||
| BPER Banca SPA | 75,635 | 1,024,946 | ||||||
| UniCredit SpA | 30,822 | 2,668,983 | ||||||
| 3,693,929 | ||||||||
| Electric Utilities — 0.4% | ||||||||
| Enel SpA | 87,247 | 979,486 | ||||||
| Terna - Rete Elettrica Nazionale | 56,935 | 654,260 | ||||||
| 1,633,746 | ||||||||
See accompanying notes to financial statements.
60
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electrical Equipment — 0.4% | ||||||||
| Prysmian SpA | 10,633 | $ | 1,835,543 | |||||
| Gas Utilities — 0.1% | ||||||||
| Italgas SpA | 49,488 | 580,979 | ||||||
| Insurance — 0.5% | ||||||||
| Generali | 37,232 | 1,681,072 | ||||||
| Unipol Assicurazioni SpA | 26,599 | 658,972 | ||||||
| 2,340,044 | ||||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Eni SpA | 45,158 | 1,186,705 | ||||||
| Total Italy | 11,982,188 | |||||||
| Japan — 15.5% | ||||||||
| Automobile Components — 0.6% | ||||||||
| Bridgestone Corp. | 33,800 | 730,690 | ||||||
| Sumitomo Electric Industries Ltd. | 24,600 | 1,943,874 | ||||||
| 2,674,564 | ||||||||
| Automobiles — 0.2% | ||||||||
| Suzuki Motor Corp. | 52,500 | 650,543 | ||||||
| Banks — 0.4% | ||||||||
| Japan Post Bank Co. Ltd. | 46,500 | 896,044 | ||||||
| Sumitomo Mitsui Trust Group, Inc. | 27,100 | 931,438 | ||||||
| 1,827,482 | ||||||||
| Beverages — 0.2% | ||||||||
| Kirin Holdings Co. Ltd. | 38,400 | 655,451 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Ryohin Keikaku Co. Ltd. | 30,000 | 731,422 | ||||||
| Building Products — 0.3% | ||||||||
| Daikin Industries Ltd. | 9,800 | 1,432,788 | ||||||
| Chemicals — 0.8% | ||||||||
| Asahi Kasei Corp. | 58,300 | 654,143 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 56,100 | 2,732,702 | ||||||
| 3,386,845 | ||||||||
| Electrical Equipment — 1.2% | ||||||||
| Fuji Electric Co. Ltd. | 8,400 | 814,341 | ||||||
| Fujikura Ltd. | 61,800 | 1,851,303 | ||||||
| Mitsubishi Electric Corp. | 60,100 | 2,474,717 | ||||||
| 5,140,361 | ||||||||
See accompanying notes to financial statements.
61
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electronic Equipment, Instruments & Components — 1.4% | ||||||||
| Keyence Corp. | 5,800 | $ | 2,917,389 | |||||
| Murata Manufacturing Co. Ltd. | 49,300 | 2,979,390 | ||||||
| 5,896,779 | ||||||||
| Financial Services — 0.4% | ||||||||
| ORIX Corp. | 42,000 | 1,644,768 | ||||||
| Food Products — 0.2% | ||||||||
| Ajinomoto Co., Inc. | 29,100 | 941,344 | ||||||
| Gas Utilities — 0.2% | ||||||||
| Tokyo Gas Co. Ltd. | 15,000 | 600,885 | ||||||
| Ground Transportation — 0.2% | ||||||||
| Central Japan Railway Co. | 33,500 | 731,777 | ||||||
| Health Care Equipment & Supplies — 0.3% | ||||||||
| Hoya Corp. | 6,800 | 1,156,211 | ||||||
| Insurance — 1.2% | ||||||||
| Daiichi Life Group, Inc. | 93,900 | 964,558 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 31,300 | 842,515 | ||||||
| Sompo Holdings, Inc. | 36,800 | 1,376,664 | ||||||
| Tokio Marine Holdings, Inc. | 41,200 | 1,839,533 | ||||||
| 5,023,270 | ||||||||
| Machinery — 1.3% | ||||||||
| Ebara Corp. | 18,600 | 663,698 | ||||||
| FANUC Corp. | 31,500 | 1,560,908 | ||||||
| Komatsu Ltd. | 30,200 | 1,247,138 | ||||||
| Kubota Corp. | 44,500 | 794,079 | ||||||
| SMC Corp. | 2,600 | 1,128,220 | ||||||
| 5,394,043 | ||||||||
| Marine Transportation — 0.1% | ||||||||
| Nippon Yusen KK | 16,700 | 557,104 | ||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| Inpex Corp. | 43,400 | 982,097 | ||||||
| Pharmaceuticals — 0.8% | ||||||||
| Astellas Pharma, Inc. | 74,400 | 1,066,494 | ||||||
| Otsuka Holdings Co. Ltd. | 20,300 | 1,493,200 | ||||||
| Shionogi & Co. Ltd. | 37,100 | 698,836 | ||||||
| 3,258,530 | ||||||||
See accompanying notes to financial statements.
62
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Real Estate Management & Development — 0.1% | ||||||||
| Mitsui Fudosan Co. Ltd. | 61,600 | $ | 591,962 | |||||
| Semiconductors & Semiconductor Equipment — 2.2% | ||||||||
| Advantest Corp. | 22,700 | 3,730,003 | ||||||
| Lasertec Corp. | 4,100 | 1,033,077 | ||||||
| SCREEN Holdings Co. Ltd. | 10,200 | 712,172 | ||||||
| Tokyo Electron Ltd. | 11,900 | 3,916,730 | ||||||
| 9,391,982 | ||||||||
| Specialty Retail — 0.6% | ||||||||
| Fast Retailing Co. Ltd. | 5,200 | 2,688,073 | ||||||
| Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
| FUJIFILM Holdings Corp. | 40,200 | 838,504 | ||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Asics Corp. | 32,800 | 997,397 | ||||||
| Trading Companies & Distributors — 0.6% | ||||||||
| Sumitomo Corp. | 29,900 | 1,332,748 | ||||||
| Toyota Tsusho Corp. | 28,800 | 1,253,157 | ||||||
| 2,585,905 | ||||||||
| Wireless Telecommunication Services — 1.4% | ||||||||
| KDDI Corp. | 44,000 | 756,563 | ||||||
| SoftBank Corp. | 465,800 | 629,685 | ||||||
| SoftBank Group Corp. | 93,100 | 4,378,941 | ||||||
| 5,765,189 | ||||||||
| Total Japan | 65,545,276 | |||||||
| Luxembourg — 0.4% | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
| Tenaris SA | 23,854 | 725,909 | ||||||
| Metals & Mining — 0.2% | ||||||||
| ArcelorMittal SA | 13,297 | 920,029 | ||||||
| Total Luxembourg | 1,645,938 | |||||||
| Mexico — 1.3% | ||||||||
| Banks — 0.2% | ||||||||
| Grupo Financiero Banorte SAB de CV | 71,732 | 747,358 | ||||||
| Beverages — 0.2% | ||||||||
| Fomento Economico Mexicano SAB de CV | 77,504 | 923,682 | ||||||
See accompanying notes to financial statements.
63
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.6% | ||||||||
| Grupo Mexico SAB de CV - Class B | 145,581 | $ | 1,799,420 | |||||
| Industrias Penoles SAB de CV | 14,226 | 828,763 | ||||||
| 2,628,183 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| America Movil SAB de CV | 919,897 | 1,171,560 | ||||||
| Total Mexico | 5,470,783 | |||||||
| Netherlands — 5.0% | ||||||||
| Banks — 0.4% | ||||||||
| ING Groep NV | 52,535 | 1,636,089 | ||||||
| Biotechnology — 0.2% | ||||||||
| Argenx SE (a) | 1,298 | 1,083,408 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Prosus NV | 16,906 | 769,440 | ||||||
| Consumer Staples Distribution & Retail — 0.3% | ||||||||
| Koninklijke Ahold Delhaize NV | 30,657 | 1,293,377 | ||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Koninklijke KPN NV | 135,603 | 706,374 | ||||||
| Semiconductors & Semiconductor Equipment — 3.7% | ||||||||
| ASML Holding NV | 9,262 | 14,960,246 | ||||||
| BE Semiconductor Industries NV | 2,597 | 861,487 | ||||||
| 15,821,733 | ||||||||
| Total Netherlands | 21,310,421 | |||||||
| Norway — 0.4% | ||||||||
| Chemicals — 0.1% | ||||||||
| Yara International ASA | 11,971 | 650,954 | ||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Equinor ASA | 31,058 | 1,125,571 | ||||||
| Total Norway | 1,776,525 | |||||||
| Peru — 0.2% | ||||||||
| Banks — 0.2% | ||||||||
| Credicorp Ltd. | 2,151 | 736,997 | ||||||
| Poland — 0.4% | ||||||||
| Metals & Mining — 0.2% | ||||||||
| KGHM Polska Miedz SA (a) | 7,428 | 715,918 | ||||||
See accompanying notes to financial statements.
64
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 0.2% | ||||||||
| ORLEN SA | 26,559 | $ | 1,038,121 | |||||
| Total Poland | 1,754,039 | |||||||
| Singapore — 0.5% | ||||||||
| Banks — 0.1% | ||||||||
| Oversea-Chinese Banking Corp. Ltd. | 38,898 | 713,193 | ||||||
| Capital Markets — 0.2% | ||||||||
| Singapore Exchange Ltd. | 42,400 | 726,905 | ||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Trip.com Group Ltd. (a) | 16,100 | 757,657 | ||||||
| Total Singapore | 2,197,755 | |||||||
| South Africa — 1.4% | ||||||||
| Banks — 0.2% | ||||||||
| Standard Bank Group Ltd. | 32,924 | 638,378 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Naspers Ltd. | 15,623 | 821,019 | ||||||
| Insurance — 0.1% | ||||||||
| Discovery Ltd. | 35,487 | 609,155 | ||||||
| Metals & Mining — 0.6% | ||||||||
| Gold Fields Ltd. | 40,813 | 1,614,574 | ||||||
| Impala Platinum Holdings Ltd. | 59,501 | 850,738 | ||||||
| 2,465,312 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| MTN Group Ltd. | 94,622 | 1,265,128 | ||||||
| Total South Africa | 5,798,992 | |||||||
| South Korea — 7.7% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Hanwha Aerospace Co. Ltd. | 853 | 663,948 | ||||||
| Air Freight & Logistics — 0.1% | ||||||||
| Hyundai Glovis Co. Ltd. | 3,949 | 635,456 | ||||||
| Automobile Components — 0.3% | ||||||||
| Hyundai Mobis Co. Ltd. | 2,882 | 1,468,730 | ||||||
| Automobiles — 0.3% | ||||||||
| Kia Corp. | 10,513 | 1,180,358 | ||||||
See accompanying notes to financial statements.
65
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Banks — 0.2% | ||||||||
| Shinhan Financial Group Co. Ltd. | 10,486 | $ | 651,287 | |||||
| Electrical Equipment — 0.2% | ||||||||
| HD Hyundai Electric Co. Ltd. | 1,065 | 744,157 | ||||||
| Household Durables — 0.2% | ||||||||
| LG Electronics, Inc. | 4,895 | 951,715 | ||||||
| Industrial Conglomerates — 0.5% | ||||||||
| Samsung C&T Corp. | 4,013 | 1,151,707 | ||||||
| SK Square Co. Ltd. | 1,077 | 881,182 | ||||||
| 2,032,889 | ||||||||
| Insurance — 0.2% | ||||||||
| Samsung Life Insurance Co. Ltd. | 3,733 | 962,356 | ||||||
| Machinery — 0.4% | ||||||||
| HD Hyundai Heavy Industries Co. Ltd. | 1,478 | 682,606 | ||||||
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3,009 | 844,597 | ||||||
| 1,527,203 | ||||||||
| Metals & Mining — 0.2% | ||||||||
| POSCO Holdings, Inc. | 2,344 | 658,715 | ||||||
| Oil, Gas & Consumable Fuels — 0.1% | ||||||||
| HD Hyundai Co. Ltd. | 3,396 | 625,342 | ||||||
| Semiconductors & Semiconductor Equipment — 2.2% | ||||||||
| SK hynix, Inc. | 6,072 | 9,400,117 | ||||||
| Technology Hardware, Storage & Peripherals — 2.6% | ||||||||
| Samsung Electronics Co. Ltd. | 52,051 | 10,949,016 | ||||||
| Total South Korea | 32,451,289 | |||||||
| Spain — 1.8% | ||||||||
| Banks — 0.7% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 94,302 | 2,211,973 | ||||||
| CaixaBank SA | 63,330 | 856,869 | ||||||
| 3,068,842 | ||||||||
| Construction & Engineering — 0.3% | ||||||||
| ACS Actividades de Construccion y Servicios SA | 7,437 | 1,078,241 | ||||||
| Electric Utilities — 0.2% | ||||||||
| Endesa SA | 15,324 | 640,958 | ||||||
See accompanying notes to financial statements.
66
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Oil, Gas & Consumable Fuels — 0.3% | ||||||||
| Repsol SA | 44,572 | $ | 1,145,831 | |||||
| Specialty Retail — 0.2% | ||||||||
| Industria de Diseno Textil SA | 16,035 | 996,881 | ||||||
| Transportation Infrastructure — 0.1% | ||||||||
| Aena SME SA (b) | 21,359 | 620,336 | ||||||
| Total Spain | 7,551,089 | |||||||
| Sweden — 2.4% | ||||||||
| Building Products — 0.2% | ||||||||
| Assa Abloy AB - Class B | 20,519 | 739,369 | ||||||
| Communications Equipment — 0.3% | ||||||||
| Telefonaktiebolaget LM Ericsson - Class B | 105,219 | 1,368,641 | ||||||
| Financial Services — 0.9% | ||||||||
| Industrivarden AB | 12,102 | 663,486 | ||||||
| Investor AB (a) | 74,150 | 3,057,761 | ||||||
| 3,721,247 | ||||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Evolution AB (a)(b) | 8,649 | 652,720 | ||||||
| Machinery — 0.5% | ||||||||
| Alfa Laval AB | 11,307 | 636,065 | ||||||
| Atlas Copco AB - Class B | 34,661 | 589,377 | ||||||
| Sandvik AB | 21,150 | 862,438 | ||||||
| 2,087,880 | ||||||||
| Metals & Mining — 0.2% | ||||||||
| Boliden AB | 16,672 | 1,039,709 | ||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| Tele2 AB - Class B | 34,772 | 652,651 | ||||||
| Total Sweden | 10,262,217 | |||||||
| Switzerland — 6.0% | ||||||||
| Beverages — 0.2% | ||||||||
| Coca-Cola HBC AG | 11,641 | 668,461 | ||||||
| Capital Markets — 0.9% | ||||||||
| UBS Group AG | 84,604 | 4,014,775 | ||||||
See accompanying notes to financial statements.
67
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Diversified Telecommunication Services — 0.3% | ||||||||
| Swisscom AG | 1,229 | $ | 1,052,574 | |||||
| Electrical Equipment — 0.8% | ||||||||
| ABB Ltd. | 32,332 | 3,463,714 | ||||||
| Insurance — 0.1% | ||||||||
| Swiss Re AG | 3,617 | 545,412 | ||||||
| Machinery — 0.2% | ||||||||
| VAT Group AG (b) | 1,147 | 897,556 | ||||||
| Metals & Mining — 0.2% | ||||||||
| Glencore PLC | 132,165 | 1,010,602 | ||||||
| Pharmaceuticals — 2.5% | ||||||||
| Novartis AG | 30,269 | 4,568,949 | ||||||
| Roche Holding AG | 14,605 | 6,161,587 | ||||||
| 10,730,536 | ||||||||
| Semiconductors & Semiconductor Equipment — 0.2% | ||||||||
| STMicroelectronics NV | 11,339 | 779,660 | ||||||
| Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
| Logitech International SA | 6,605 | 803,042 | ||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| Cie Financiere Richemont SA | 7,647 | 1,654,703 | ||||||
| Total Switzerland | ||||||||
| 25,621,035 | ||||||||
| Taiwan — 8.7% | ||||||||
| Banks — 0.2% | ||||||||
| CTBC Financial Holding Co. Ltd. | 402,250 | 776,879 | ||||||
| Communications Equipment — 0.4% | ||||||||
| Accton Technology Corp. | 20,223 | 1,568,751 | ||||||
| Electrical Equipment — 0.2% | ||||||||
| Bizlink Holding, Inc. | 12,778 | 850,493 | ||||||
| Electronic Equipment, Instruments & Components — 1.2% | ||||||||
| Chroma ATE, Inc. | 16,579 | 1,333,708 | ||||||
| Delta Electronics, Inc. | 23,057 | 1,799,632 | ||||||
| Largan Precision Co. Ltd. | 5,863 | 657,881 | ||||||
| Yageo Corp. | 61,975 | 1,460,074 | ||||||
| 5,251,295 | ||||||||
See accompanying notes to financial statements.
68
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Insurance — 0.2% | ||||||||
| Cathay Financial Holding Co. Ltd. | 370,602 | $ | 1,013,889 | |||||
| Semiconductors & Semiconductor Equipment — 6.0% | ||||||||
| ASPEED Technology, Inc. | 1,602 | 969,112 | ||||||
| Hon Precision, Inc. | 3,888 | 1,025,199 | ||||||
| MediaTek, Inc. | 18,265 | 2,513,038 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 251,239 | 18,887,738 | ||||||
| United Microelectronics Corp. | 442,901 | 2,043,038 | ||||||
| 25,438,125 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
| Asia Vital Components Co. Ltd. | 15,031 | 1,278,754 | ||||||
| King Slide Works Co. Ltd. | 4,626 | 747,975 | ||||||
| 2,026,729 | ||||||||
| Total Taiwan | 36,926,161 | |||||||
| Thailand — 0.3% | ||||||||
| Electronic Equipment, Instruments & Components — 0.3% | ||||||||
| Delta Electronics Thailand PCL | 101,642 | 1,102,462 | ||||||
| United Kingdom — 8.2% | ||||||||
| Aerospace & Defense — 0.6% | ||||||||
| Rolls-Royce Holdings PLC | 138,862 | 2,500,997 | ||||||
| Beverages — 0.2% | ||||||||
| Coca-Cola Europacific Partners PLC | 7,494 | 679,631 | ||||||
| Broadline Retail — 0.2% | ||||||||
| Next PLC | 4,803 | 854,768 | ||||||
| Capital Markets — 0.2% | ||||||||
| 3i Group PLC | 32,052 | 981,985 | ||||||
| Consumer Staples Distribution & Retail — 0.2% | ||||||||
| Tesco PLC | 144,575 | 837,591 | ||||||
| Diversified Consumer Services — 0.1% | ||||||||
| Pearson PLC | 37,365 | 559,549 | ||||||
| Electronic Equipment, Instruments & Components — 0.2% | ||||||||
| Halma PLC | 16,220 | 1,022,706 | ||||||
| Hotels, Restaurants & Leisure — 0.3% | ||||||||
| Compass Group PLC | 44,807 | 1,441,441 | ||||||
See accompanying notes to financial statements.
69
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 1.3% | ||||||||
| Endeavour Mining PLC | 13,469 | $ | 833,288 | |||||
| Rio Tinto PLC | 42,394 | 4,549,065 | ||||||
| 5,382,353 | ||||||||
| Oil, Gas & Consumable Fuels — 2.1% | ||||||||
| BP PLC | 304,831 | 2,142,060 | ||||||
| Shell PLC | 157,656 | 6,619,956 | ||||||
| 8,762,016 | ||||||||
| Pharmaceuticals — 1.5% | ||||||||
| AstraZeneca PLC | 21,682 | 4,030,044 | ||||||
| GSK PLC | 93,741 | 2,375,212 | ||||||
| 6,405,256 | ||||||||
| Professional Services — 0.1% | ||||||||
| Intertek Group PLC | 7,652 | 548,220 | ||||||
| Tobacco — 0.9% | ||||||||
| British American Tobacco PLC | 60,340 | 3,730,620 | ||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| Vodafone Group PLC | 702,786 | 1,054,330 | ||||||
| Total United Kingdom | 34,761,463 | |||||||
| United States — 1.2% | ||||||||
| Biotechnology — 0.2% | ||||||||
| BeOne Medicines Ltd. (a) | 46,400 | 1,046,781 | ||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Restaurant Brands International, Inc. | 10,735 | 803,188 | ||||||
| Metals & Mining — 0.5% | ||||||||
| Anglogold Ashanti PLC | 22,477 | 2,162,810 | ||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| Sunbelt Rentals Holdings, Inc. | 15,617 | 1,228,649 | ||||||
| Total United States | 5,241,428 | |||||||
| TOTAL COMMON STOCKS (Cost $359,414,067) | 413,382,515 | |||||||
| EXCHANGE TRADED FUNDS — 1.0% | ||||||||
| iShares MSCI India ETF (a) | 83,447 | 4,052,186 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $4,249,249) | 4,052,186 | |||||||
See accompanying notes to financial statements.
70
| Horizon International Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| PREFERRED STOCKS — 0.7% | ||||||||
| Brazil — 0.4% | ||||||||
| Oil, Gas & Consumable Fuels — 0.4% | ||||||||
| Petroleo Brasileiro SA - Petrobras, 0.00% | 211,385 | $ | 1,767,076 | |||||
| South Korea — 0.3% | ||||||||
| Technology Hardware, Storage & Peripherals — 0.3% | ||||||||
| Samsung Electronics Co. Ltd., 0.00% | 8,905 | 1,196,591 | ||||||
| TOTAL PREFERRED STOCKS (Cost $2,331,776) | 2,963,667 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.6% | ||||||||
| Australia — 0.3% | ||||||||
| Industrial REITs — 0.3% | ||||||||
| Goodman Group | 47,749 | 1,086,905 | ||||||
| France — 0.3% | ||||||||
| Retail REITs — 0.3% | ||||||||
| Klepierre SA | 14,355 | 586,363 | ||||||
| Unibail-Rodamco-Westfield | 6,924 | 802,284 | ||||||
| Total France | 1,388,647 | |||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,322,157) | 2,475,552 | |||||||
| TOTAL INVESTMENTS — 99.7% (Cost $368,317,249) | 422,873,920 | |||||||
| Other Assets in Excess of Liabilities — 0.3% | 1,482,944 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 424,356,864 | ||||||
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PCL - Public Company Limited
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2026, the value of these securities total $5,430,194 or 1.3% of the Fund’s net assets. |
See accompanying notes to financial statements.
71
| Horizon Landmark ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 100.0% (a) | ||||||||||||
| Call Options — 25.2% (b)(c) | ||||||||||||
| SPDR S&P 500 ETF Trust, Expiration: 07/17/2026; Exercise Price: $3.00 | $ | 54,617,856 | 722 | $ | 54,288,538 | |||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 12/18/2026; Exercise Price: $3.00 | 5,371,008 | 71 | 5,311,226 | |||||||||
| Total Call Options | 59,599,764 | |||||||||||
| Put Options — 74.8% (b)(c) | ||||||||||||
| SPDR S&P 500 ETF Trust, Expiration: 07/17/2026; Exercise Price: $3,003.00 | 54,617,856 | 722 | 161,145,548 | |||||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 12/18/2026; Exercise Price: $3,003.00 | 5,371,008 | 71 | 15,498,945 | |||||||||
| Total Put Options | 176,644,493 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $233,277,748) | 236,244,257 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.4% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (d) | 926,622 | 926,622 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $926,622) | 926,622 | |||||||
| TOTAL INVESTMENTS — 100.4% (Cost $234,204,370) | 237,170,879 | |||||||
| Liabilities in Excess of Other Assets — (0.4)% | (883,604 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 236,287,275 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | 100 shares per contract. |
| (c) | Exchange-traded. |
| (d) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
72
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 91.3% | ||||||||
| Aerospace & Defense — 2.6% | ||||||||
| General Dynamics Corp. | 4,695 | $ | 1,628,320 | |||||
| General Electric Co. | 7,296 | 2,362,153 | ||||||
| Howmet Aerospace, Inc. | 6,128 | 1,582,556 | ||||||
| L3Harris Technologies, Inc. | 2,930 | 923,477 | ||||||
| Lockheed Martin Corp. | 3,287 | 1,743,589 | ||||||
| Northrop Grumman Corp. | 1,850 | 1,042,808 | ||||||
| RTX Corp. | 15,815 | 2,841,323 | ||||||
| 12,124,226 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| FedEx Corp. | 4,439 | 1,827,758 | ||||||
| Automobiles — 1.0% | ||||||||
| General Motors Co. | 33,511 | 2,789,456 | ||||||
| Tesla, Inc. (a) | 4,798 | 2,090,920 | ||||||
| 4,880,376 | ||||||||
| Banks — 2.3% | ||||||||
| Bank of America Corp. | 45,892 | 2,368,027 | ||||||
| Citigroup, Inc. | 14,715 | 1,852,619 | ||||||
| JPMorgan Chase & Co. | 10,311 | 3,086,185 | ||||||
| PNC Financial Services Group, Inc. | 4,930 | 1,090,122 | ||||||
| US Bancorp | 23,778 | 1,304,223 | ||||||
| Wells Fargo & Co. | 15,272 | 1,184,191 | ||||||
| 10,885,367 | ||||||||
| Beverages — 1.6% | ||||||||
| Coca-Cola Co. | 45,611 | 3,603,725 | ||||||
| Monster Beverage Corp. (a) | 17,029 | 1,499,914 | ||||||
| PepsiCo, Inc. | 17,047 | 2,458,007 | ||||||
| 7,561,646 | ||||||||
| Biotechnology — 1.5% | ||||||||
| AbbVie, Inc. | 6,584 | 1,433,469 | ||||||
| Amgen, Inc. | 3,313 | 1,115,785 | ||||||
| Gilead Sciences, Inc. | 15,315 | 2,058,795 | ||||||
| Regeneron Pharmaceuticals, Inc. | 1,461 | 898,194 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 3,048 | 1,364,102 | ||||||
| 6,870,345 | ||||||||
| Broadline Retail — 2.1% | ||||||||
| Amazon.com, Inc. (a) | 35,654 | 9,649,399 | ||||||
| Building Products — 0.5% | ||||||||
| Johnson Controls International PLC | 8,550 | 1,146,213 | ||||||
| Trane Technologies PLC | 3,007 | 1,357,059 | ||||||
| 2,503,272 | ||||||||
See accompanying notes to financial statements.
73
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Capital Markets — 2.6% | ||||||||
| Bank of New York Mellon Corp. | 11,643 | $ | 1,623,384 | |||||
| Blackrock, Inc. | 1,101 | 1,152,615 | ||||||
| Charles Schwab Corp. | 23,246 | 2,030,538 | ||||||
| CME Group, Inc. | 3,537 | 967,511 | ||||||
| Goldman Sachs Group, Inc. | 1,424 | 1,460,397 | ||||||
| Intercontinental Exchange, Inc. | 7,332 | 1,084,036 | ||||||
| Moody’s Corp. | 2,028 | 919,191 | ||||||
| Morgan Stanley | 8,590 | 1,786,720 | ||||||
| S&P Global, Inc. | 3,138 | 1,330,512 | ||||||
| 12,354,904 | ||||||||
| Chemicals — 1.1% | ||||||||
| Corteva, Inc. | 12,662 | 991,181 | ||||||
| Ecolab, Inc. | 4,052 | 1,037,312 | ||||||
| Linde PLC | 4,760 | 2,369,004 | ||||||
| Sherwin-Williams Co. | 3,066 | 931,574 | ||||||
| 5,329,071 | ||||||||
| Commercial Services & Supplies — 0.7% | ||||||||
| Cintas Corp. | 5,918 | 1,013,517 | ||||||
| Republic Services, Inc. | 5,860 | 1,174,578 | ||||||
| Waste Management, Inc. | 5,910 | 1,249,729 | ||||||
| 3,437,824 | ||||||||
| Communications Equipment — 1.5% | ||||||||
| Arista Networks, Inc. (a) | 13,141 | 2,095,595 | ||||||
| Ciena Corp. (a) | 1,321 | 766,484 | ||||||
| Cisco Systems, Inc. | 29,955 | 3,607,181 | ||||||
| Motorola Solutions, Inc. | 1,538 | 620,245 | ||||||
| 7,089,505 | ||||||||
| Construction & Engineering — 0.2% | ||||||||
| Comfort Systems USA, Inc. | 567 | 1,036,595 | ||||||
| Consumer Finance — 0.4% | ||||||||
| American Express Co. | 6,146 | 1,945,025 | ||||||
| Consumer Staples Distribution & Retail — 2.3% | ||||||||
| Costco Wholesale Corp. | 4,823 | 4,612,331 | ||||||
| Target Corp. | 7,760 | 986,063 | ||||||
| Walmart, Inc. | 44,253 | 5,122,285 | ||||||
| 10,720,679 | ||||||||
| Diversified Telecommunication Services — 0.6% | ||||||||
| AT&T, Inc. | 42,911 | 1,064,193 | ||||||
| Comcast Corp. - Class A | 14,985 | 372,677 | ||||||
| Verizon Communications, Inc. | 28,955 | 1,384,338 | ||||||
| 2,821,208 | ||||||||
See accompanying notes to financial statements.
74
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Electric Utilities — 1.4% | ||||||||
| American Electric Power Co., Inc. | 13,114 | $ | 1,661,151 | |||||
| Duke Energy Corp. | 12,669 | 1,554,866 | ||||||
| NextEra Energy, Inc. | 19,722 | 1,716,011 | ||||||
| Southern Co. | 16,218 | 1,492,867 | ||||||
| 6,424,895 | ||||||||
| Electrical Equipment — 1.0% | ||||||||
| AMETEK, Inc. | 5,004 | 1,130,154 | ||||||
| Eaton Corp. PLC | 2,828 | 1,132,897 | ||||||
| GE Vernova, Inc. | 2,673 | 2,588,319 | ||||||
| 4,851,370 | ||||||||
| Electronic Equipment, Instruments & Components — 0.8% | ||||||||
| Amphenol Corp. - Class A | 10,732 | 1,596,492 | ||||||
| Corning, Inc. | 4,939 | 894,749 | ||||||
| Keysight Technologies, Inc. (a) | 1,996 | 675,307 | ||||||
| TE Connectivity PLC | 3,337 | 712,149 | ||||||
| 3,878,697 | ||||||||
| Entertainment — 0.4% | ||||||||
| Netflix, Inc. (a) | 15,496 | 1,332,966 | ||||||
| Walt Disney Co. | 4,344 | 442,349 | ||||||
| 1,775,315 | ||||||||
| Financial Services — 3.9% | ||||||||
| Berkshire Hathaway, Inc. - Class B (a) | 24,367 | 11,561,654 | ||||||
| Mastercard, Inc. - Class A | 9,128 | 4,509,049 | ||||||
| Visa, Inc. - Class A | 7,429 | 2,424,529 | ||||||
| 18,495,232 | ||||||||
| Ground Transportation — 0.3% | ||||||||
| Uber Technologies, Inc. (a) | 18,774 | 1,321,690 | ||||||
| Health Care Equipment & Supplies — 1.0% | ||||||||
| Abbott Laboratories | 12,474 | 1,067,775 | ||||||
| Boston Scientific Corp. (a) | 10,451 | 504,888 | ||||||
| Intuitive Surgical, Inc. (a) | 2,605 | 1,106,187 | ||||||
| Medtronic PLC | 9,356 | 690,566 | ||||||
| Stryker Corp. | 3,597 | 1,097,409 | ||||||
| 4,466,825 | ||||||||
| Health Care Providers & Services — 1.6% | ||||||||
| Cardinal Health, Inc. | 3,352 | 659,674 | ||||||
| Cencora, Inc. | 2,088 | 562,424 | ||||||
| Cigna Group | 2,894 | 802,795 | ||||||
| CVS Health Corp. | 13,683 | 1,244,879 | ||||||
| HCA Healthcare, Inc. | 3,079 | 1,165,525 | ||||||
| McKesson Corp. | 1,468 | 1,089,902 | ||||||
See accompanying notes to financial statements.
75
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| UnitedHealth Group, Inc. | 4,821 | $ | 1,833,474 | |||||
| 7,358,673 | ||||||||
| Hotels, Restaurants & Leisure — 1.7% | ||||||||
| Airbnb, Inc. - Class A (a) | 18,013 | 2,401,313 | ||||||
| Booking Holdings, Inc. | 14,750 | 2,469,593 | ||||||
| McDonald’s Corp. | 11,940 | 3,333,648 | ||||||
| 8,204,554 | ||||||||
| Household Durables — 0.5% | ||||||||
| Garmin Ltd. | 9,615 | 2,249,141 | ||||||
| Household Products — 0.7% | ||||||||
| Procter & Gamble Co. | 24,365 | 3,497,839 | ||||||
| Industrial Conglomerates — 0.3% | ||||||||
| Honeywell International, Inc. | 6,647 | 1,581,055 | ||||||
| Insurance — 1.9% | ||||||||
| Allstate Corp. | 4,972 | 1,024,680 | ||||||
| Aon PLC - Class A | 3,567 | 1,127,386 | ||||||
| Chubb Ltd. | 6,005 | 1,871,939 | ||||||
| Hartford Insurance Group, Inc. | 6,539 | 831,303 | ||||||
| Marsh & McLennan Cos., Inc. | 7,796 | 1,247,126 | ||||||
| Progressive Corp. | 8,126 | 1,547,190 | ||||||
| Travelers Cos., Inc. | 4,115 | 1,201,127 | ||||||
| 8,850,751 | ||||||||
| Interactive Media & Services — 7.9% | ||||||||
| Alphabet, Inc. - Class A | 74,934 | 28,500,398 | ||||||
| Meta Platforms, Inc. - Class A | 13,598 | 8,600,871 | ||||||
| 37,101,269 | ||||||||
| IT Services — 0.4% | ||||||||
| Accenture PLC - Class A | 5,152 | 963,785 | ||||||
| International Business Machines Corp. | 3,456 | 1,029,197 | ||||||
| 1,992,982 | ||||||||
| Life Sciences Tools & Services — 0.4% | ||||||||
| Danaher Corp. | 4,923 | 899,285 | ||||||
| Thermo Fisher Scientific, Inc. | 1,508 | 742,705 | ||||||
| 1,641,990 | ||||||||
| Machinery — 1.0% | ||||||||
| Caterpillar, Inc. | 2,680 | 2,347,332 | ||||||
| Cummins, Inc. | 2,037 | 1,317,185 | ||||||
| Parker-Hannifin Corp. | 1,456 | 1,229,781 | ||||||
| 4,894,298 | ||||||||
See accompanying notes to financial statements.
76
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Metals & Mining — 0.7% | ||||||||
| Freeport-McMoRan, Inc. | 20,127 | $ | 1,322,545 | |||||
| Newmont Corp. | 17,773 | 1,951,653 | ||||||
| 3,274,198 | ||||||||
| Multi-Utilities — 0.3% | ||||||||
| Consolidated Edison, Inc. | 13,315 | 1,406,464 | ||||||
| Oil, Gas & Consumable Fuels — 3.5% | ||||||||
| Chevron Corp. | 21,576 | 3,936,757 | ||||||
| ConocoPhillips | 13,593 | 1,549,330 | ||||||
| EOG Resources, Inc. | 4,379 | 584,071 | ||||||
| EQT Corp. | 6,592 | 362,098 | ||||||
| Exxon Mobil Corp. | 43,822 | 6,365,584 | ||||||
| Kinder Morgan, Inc. | 24,146 | 750,458 | ||||||
| Marathon Petroleum Corp. | 1,983 | 493,311 | ||||||
| Phillips 66 | 3,291 | 578,821 | ||||||
| Targa Resources Corp. | 1,764 | 449,943 | ||||||
| Valero Energy Corp. | 1,835 | 449,245 | ||||||
| Williams Cos., Inc. | 11,977 | 855,038 | ||||||
| 16,374,656 | ||||||||
| Pharmaceuticals — 4.5% | ||||||||
| Bristol-Myers Squibb Co. | 23,399 | 1,337,955 | ||||||
| Eli Lilly & Co. | 8,187 | 9,046,635 | ||||||
| Johnson & Johnson | 27,198 | 6,128,525 | ||||||
| Merck & Co., Inc. | 29,353 | 3,484,788 | ||||||
| Pfizer, Inc. | 41,593 | 1,088,905 | ||||||
| 21,086,808 | ||||||||
| Semiconductors & Semiconductor Equipment — 17.8% | ||||||||
| Advanced Micro Devices, Inc. (a) | 14,817 | 7,647,054 | ||||||
| Analog Devices, Inc. | 4,922 | 2,036,970 | ||||||
| Applied Materials, Inc. | 7,879 | 3,546,023 | ||||||
| Broadcom, Inc. | 36,332 | 16,232,048 | ||||||
| Intel Corp. (a) | 24,833 | 2,847,848 | ||||||
| KLA Corp. | 1,125 | 2,161,924 | ||||||
| Lam Research Corp. | 11,674 | 3,714,433 | ||||||
| Micron Technology, Inc. | 11,674 | 11,335,454 | ||||||
| NVIDIA Corp. | 146,631 | 30,959,669 | ||||||
| QUALCOMM, Inc. | 5,515 | 1,384,375 | ||||||
| Teradyne, Inc. | 1,592 | 595,901 | ||||||
| Texas Instruments, Inc. | 5,113 | 1,562,942 | ||||||
| 84,024,641 | ||||||||
| Software — 6.7% | ||||||||
| Adobe, Inc. (a) | 4,257 | 1,103,457 | ||||||
| Intuit, Inc. | 1,435 | 475,745 | ||||||
See accompanying notes to financial statements.
77
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Microsoft Corp. | 50,795 | $ | 22,869,941 | |||||
| Oracle Corp. | 8,765 | 1,978,962 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 18,107 | 2,834,470 | ||||||
| Salesforce, Inc. | 5,904 | 1,128,254 | ||||||
| ServiceNow, Inc. (a) | 4,734 | 588,768 | ||||||
| Synopsys, Inc. (a) | 1,239 | 589,293 | ||||||
| 31,568,890 | ||||||||
| Specialty Retail — 2.6% | ||||||||
| Home Depot, Inc. | 10,674 | 3,385,152 | ||||||
| O’Reilly Automotive, Inc. (a) | 26,096 | 2,267,221 | ||||||
| Ross Stores, Inc. | 12,548 | 2,907,748 | ||||||
| TJX Cos., Inc. | 23,791 | 3,681,657 | ||||||
| 12,241,778 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.4% | ||||||||
| Apple, Inc. | 97,012 | 30,273,565 | ||||||
| Sandisk Corp. (a) | 1,275 | 2,161,099 | ||||||
| Seagate Technology Holdings PLC | 1,544 | 1,358,411 | ||||||
| Western Digital Corp. | 1,737 | 922,712 | ||||||
| 34,715,787 | ||||||||
| Tobacco — 0.9% | ||||||||
| Altria Group, Inc. | 19,557 | 1,360,776 | ||||||
| Philip Morris International, Inc. | 17,243 | 3,058,563 | ||||||
| 4,419,339 | ||||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| T-Mobile US, Inc. | 8,551 | 1,603,569 | ||||||
| TOTAL COMMON STOCKS (Cost $370,337,098) | 430,339,906 | |||||||
| EXCHANGE TRADED FUNDS — 6.7% | ||||||||
| Roundhill Magnificent Seven ETF | 449,660 | 31,795,458 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $30,340,554) | 31,795,458 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 1.6% | ||||||||
| Health Care REITs — 0.3% | ||||||||
| Welltower, Inc. | 6,664 | 1,368,319 | ||||||
| Industrial REITs — 0.3% | ||||||||
| Prologis, Inc. | 10,466 | 1,501,557 | ||||||
| Retail REITs — 0.4% | ||||||||
| Realty Income Corp. | 14,008 | 858,410 | ||||||
| Simon Property Group, Inc. | 4,707 | 964,512 | ||||||
| 1,822,922 | ||||||||
See accompanying notes to financial statements.
78
| Horizon Managed Risk ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Specialized REITs — 0.6% | ||||||||
| American Tower Corp. | 6,645 | $ | 1,242,349 | |||||
| Equinix, Inc. | 1,467 | 1,566,815 | ||||||
| 2,809,164 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,790,337) | 7,501,962 | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.3% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (b) | 1,462,362 | 1,462,362 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $1,462,362) | 1,462,362 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $408,930,351) | 471,099,688 | |||||||
| Other Assets in Excess of Liabilities — 0.1% | 520,582 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 471,620,270 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
79
| Horizon Nasdaq-100 Defined Risk ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 99.7% (a) | ||||||||||||
| Call Options — 99.1% | ||||||||||||
| Invesco QQQ Trust Series 1, Expiration: 07/09/2026; Exercise Price: $3.00 (b)(c) | $ | 104,470,865 | 1,415 | $ | 103,924,675 | |||||||
| Put Options — 0.6% | ||||||||||||
| Invesco QQQ Trust Series 1 (b)(c) | ||||||||||||
| Expiration: 06/04/2026; Exercise Price: $567.40 | 31,156,682 | 422 | 1,156 | |||||||||
| Expiration: 07/02/2026; Exercise Price: $579.68 | 31,082,851 | 421 | 22,586 | |||||||||
| Expiration: 07/30/2026; Exercise Price: $660.19 | 30,049,217 | 407 | 231,099 | |||||||||
| Expiration: 08/27/2026; Exercise Price: $701.39 | 16,095,158 | 218 | 365,368 | |||||||||
| Total Put Options | 620,209 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $90,829,225) | 104,544,884 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.1% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (d) | 114,833 | 114,833 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $114,833) | 114,833 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $90,944,058) | 104,659,717 | |||||||
| Other Assets in Excess of Liabilities — 0.2% | 257,333 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 104,917,050 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
See accompanying notes to financial statements.
80
Horizon
Nasdaq-100 Defined Risk ETF
SCHEDULE OF WRITTEN OPTIONS (Unaudited)
May 31, 2026
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.3)% | ||||||||||||
| Call Options — (0.1)% | ||||||||||||
| Invesco QQQ Trust Series 1 (a)(b) | ||||||||||||
| Expiration: 06/04/2026; Exercise Price: $751.08 | $ | (8,047,579 | ) | (109 | ) | $ | (18,530 | ) | ||||
| Expiration: 06/04/2026; Exercise Price: $751.34 | (44,298,600 | ) | (600 | ) | (92,250 | ) | ||||||
| Total Call Options | (110,780 | ) | ||||||||||
| Put Options — (0.2)% | ||||||||||||
| Invesco QQQ Trust Series 1 (a)(b) | ||||||||||||
| Expiration: 06/04/2026; Exercise Price: $507.67 | (31,156,682 | ) | (422 | ) | (528 | ) | ||||||
| Expiration: 07/02/2026; Exercise Price: $518.66 | (31,082,851 | ) | (421 | ) | (9,729 | ) | ||||||
| Expiration: 07/30/2026; Exercise Price: $590.70 | (30,049,217 | ) | (407 | ) | (78,087 | ) | ||||||
| Expiration: 08/27/2026; Exercise Price: $627.56 | (16,095,158 | ) | (218 | ) | (123,824 | ) | ||||||
| Total Put Options | (212,168 | ) | ||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $932,700) | $ | (322,948 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
81
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) May 31, 2026 |
| Shares | Value | |||||||
| COMMON STOCKS — 91.7% | ||||||||
| Aerospace & Defense — 3.8% | ||||||||
| ATI, Inc. (a) | 2,976 | $ | 521,276 | |||||
| BWX Technologies, Inc. | 1,697 | 332,409 | ||||||
| Curtiss-Wright Corp. | 1,178 | 880,685 | ||||||
| Moog, Inc. - Class A | 995 | 358,170 | ||||||
| Woodward, Inc. | 1,777 | 622,003 | ||||||
| 2,714,543 | ||||||||
| Automobile Components — 1.6% | ||||||||
| Autoliv, Inc. | 1,252 | 159,154 | ||||||
| BorgWarner, Inc. | 8,228 | 590,935 | ||||||
| Gentex Corp. | 8,561 | 206,834 | ||||||
| Lear Corp. | 1,054 | 150,848 | ||||||
| 1,107,771 | ||||||||
| Banks — 4.6% | ||||||||
| Ameris Bancorp | 1,866 | 157,322 | ||||||
| Associated Banc-Corp. | 6,022 | 167,472 | ||||||
| Atlantic Union Bankshares Corp. | 2,812 | 105,787 | ||||||
| BankUnited, Inc. | 2,301 | 106,743 | ||||||
| Commerce Bancshares, Inc. | 3,190 | 166,582 | ||||||
| East West Bancorp, Inc. | 3,401 | 416,759 | ||||||
| First BanCorp | 5,417 | 129,900 | ||||||
| FNB Corp. | 7,568 | 132,289 | ||||||
| International Bancshares Corp. | 1,597 | 115,240 | ||||||
| Pinnacle Financial Partners, Inc. | 3,956 | 386,659 | ||||||
| Provident Financial Services, Inc. | 4,736 | 105,092 | ||||||
| Texas Capital Bancshares, Inc. | 1,412 | 140,480 | ||||||
| UMB Financial Corp. | 2,437 | 319,881 | ||||||
| United Bankshares, Inc. | 3,401 | 147,637 | ||||||
| Wintrust Financial Corp. | 1,780 | 267,409 | ||||||
| WSFS Financial Corp. | 1,491 | 106,532 | ||||||
| Zions Bancorp NA | 3,829 | 239,121 | ||||||
| 3,210,905 | ||||||||
| Beverages — 0.7% | ||||||||
| Boston Beer Co., Inc. - Class A (a) | 331 | 58,680 | ||||||
| Coca-Cola Consolidated, Inc. | 2,378 | 412,012 | ||||||
| 470,692 | ||||||||
| Biotechnology — 4.1% | ||||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 1,595 | 124,267 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 6,490 | 371,812 | ||||||
| Catalyst Pharmaceuticals, Inc. (a) | 4,567 | 142,627 | ||||||
| Exelixis, Inc. (a) | 7,057 | 356,237 | ||||||
| Halozyme Therapeutics, Inc. (a) | 1,472 | 97,947 | ||||||
| Krystal Biotech, Inc. (a) | 342 | 105,688 | ||||||
See accompanying notes to financial statements.
82
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Neurocrine Biosciences, Inc. (a) | 2,858 | $ | 452,421 | |||||
| PTC Therapeutics, Inc. (a) | 2,576 | 190,238 | ||||||
| Roivant Sciences Ltd. (a) | 6,574 | 197,154 | ||||||
| United Therapeutics Corp. (a)(b) | 1,474 | 820,753 | ||||||
| 2,859,144 | ||||||||
| Broadline Retail — 0.4% | ||||||||
| Etsy, Inc. (a) | 2,541 | 172,585 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc. (a) | 1,672 | 136,485 | ||||||
| 309,070 | ||||||||
| Building Products — 1.4% | ||||||||
| Advanced Drainage Systems, Inc. | 1,287 | 179,099 | ||||||
| Armstrong World Industries, Inc. | 1,270 | 200,533 | ||||||
| AZZ, Inc. | 1,042 | 141,202 | ||||||
| Simpson Manufacturing Co., Inc. | 803 | 152,361 | ||||||
| UFP Industries, Inc. | 1,460 | 118,260 | ||||||
| Zurn Elkay Water Solutions Corp. | 3,484 | 163,748 | ||||||
| 955,203 | ||||||||
| Capital Markets — 3.9% | ||||||||
| Affiliated Managers Group, Inc. | 974 | 294,976 | ||||||
| BGC Group, Inc. - Class A | 18,008 | 188,184 | ||||||
| Evercore, Inc. - Class A | 896 | 305,411 | ||||||
| Federated Hermes, Inc. | 2,904 | 162,798 | ||||||
| Houlihan Lokey, Inc. | 1,546 | 219,006 | ||||||
| MarketAxess Holdings, Inc. | 1,092 | 142,004 | ||||||
| Morningstar, Inc. | 705 | 128,324 | ||||||
| Piper Sandler Cos. | 2,123 | 166,464 | ||||||
| SEI Investments Co. | 3,609 | 317,159 | ||||||
| Stifel Financial Corp. | 3,668 | 257,310 | ||||||
| StoneX Group, Inc. (a) | 2,699 | 305,932 | ||||||
| Victory Capital Holdings, Inc. - Class A | 1,463 | 123,697 | ||||||
| Virtu Financial, Inc. - Class A | 2,783 | 139,567 | ||||||
| 2,750,832 | ||||||||
| Chemicals — 0.8% | ||||||||
| Balchem Corp. | 1,228 | 192,464 | ||||||
| Celanese Corp. | 2,123 | 112,795 | ||||||
| RPM International, Inc. | 2,673 | 283,258 | ||||||
| 588,517 | ||||||||
| Commercial Services & Supplies — 1.3% | ||||||||
| Brady Corp. - Class A | 1,596 | 137,384 | ||||||
| Brink’s Co. | 1,053 | 109,533 | ||||||
| Clean Harbors, Inc. (a) | 1,671 | 469,601 | ||||||
| MSA Safety, Inc. | 656 | 108,765 | ||||||
| Tetra Tech, Inc. | 4,400 | 120,956 | ||||||
| 946,239 | ||||||||
See accompanying notes to financial statements.
83
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Communications Equipment — 0.3% | ||||||||
| NetScout Systems, Inc. (a) | 5,299 | $ | 220,544 | |||||
| Construction & Engineering — 2.4% | ||||||||
| API Group Corp. (a) | 7,673 | 314,593 | ||||||
| Arcosa, Inc. | 928 | 117,624 | ||||||
| Dycom Industries, Inc. (a) | 742 | 378,420 | ||||||
| Everus Construction Group, Inc. (a) | 1,121 | 166,771 | ||||||
| Granite Construction, Inc. | 785 | 107,420 | ||||||
| MYR Group, Inc. (a) | 518 | 240,901 | ||||||
| Primoris Services Corp. | 876 | 110,183 | ||||||
| Valmont Industries, Inc. | 444 | 230,796 | ||||||
| 1,666,708 | ||||||||
| Consumer Finance — 1.1% | ||||||||
| Ally Financial, Inc. | 2,863 | 122,565 | ||||||
| Bread Financial Holdings, Inc. | 1,306 | 116,325 | ||||||
| Enova International, Inc. (a) | 992 | 160,218 | ||||||
| FirstCash Holdings, Inc. | 1,623 | 356,914 | ||||||
| 756,022 | ||||||||
| Consumer Staples Distribution & Retail — 2.8% | ||||||||
| Albertsons Cos., Inc. - Class A | 4,970 | 77,582 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (a) | 1,977 | 168,599 | ||||||
| Casey’s General Stores, Inc. (b) | 1,218 | 934,377 | ||||||
| PriceSmart, Inc. | 769 | 130,722 | ||||||
| Sprouts Farmers Market, Inc. (a) | 1,844 | 152,351 | ||||||
| US Foods Holding Corp. (a) | 6,306 | 516,146 | ||||||
| 1,979,777 | ||||||||
| Containers & Packaging — 1.1% | ||||||||
| AptarGroup, Inc. | 1,967 | 227,877 | ||||||
| Crown Holdings, Inc. | 4,129 | 392,585 | ||||||
| Sonoco Products Co. | 3,600 | 175,248 | ||||||
| 795,710 | ||||||||
| Diversified Consumer Services — 1.6% | ||||||||
| ADT, Inc. | 21,485 | 144,164 | ||||||
| Covista, Inc. (a) | 1,529 | 180,116 | ||||||
| Frontdoor, Inc. (a) | 3,425 | 212,590 | ||||||
| Graham Holdings Co. - Class B | 144 | 158,010 | ||||||
| Grand Canyon Education, Inc. (a) | 1,127 | 168,881 | ||||||
| Perdoceo Education Corp. | 3,786 | 122,591 | ||||||
| Service Corp. International | 1,905 | 143,237 | ||||||
| 1,129,589 | ||||||||
| Electric Utilities — 0.5% | ||||||||
| OGE Energy Corp. | 4,640 | 219,147 | ||||||
See accompanying notes to financial statements.
84
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Portland General Electric Co. | 1,976 | $ | 99,037 | |||||
| 318,184 | ||||||||
| Electrical Equipment — 3.1% | ||||||||
| Acuity, Inc. | 743 | 226,697 | ||||||
| EnerSys | 1,357 | 309,355 | ||||||
| Nextpower, Inc. - Class A (a) | 1,970 | 308,108 | ||||||
| nVent Electric PLC | 4,511 | 753,292 | ||||||
| Regal Rexnord Corp. | 1,486 | 299,815 | ||||||
| Vicor Corp. (a) | 775 | 259,501 | ||||||
| 2,156,768 | ||||||||
| Electronic Equipment, Instruments & Components — 5.8% | ||||||||
| Advanced Energy Industries, Inc. | 668 | 201,856 | ||||||
| Arrow Electronics, Inc. (a) | 1,956 | 419,816 | ||||||
| Avnet, Inc. | 2,829 | 245,925 | ||||||
| Cognex Corp. | 6,020 | 396,417 | ||||||
| Coherent Corp. (a)(b) | 3,155 | 1,140,438 | ||||||
| Littelfuse, Inc. | 605 | 282,456 | ||||||
| TD SYNNEX Corp. | 3,296 | 861,179 | ||||||
| TTM Technologies, Inc. (a) | 2,493 | 433,084 | ||||||
| Vontier Corp. | 4,994 | 141,730 | ||||||
| 4,122,901 | ||||||||
| Energy Equipment & Services — 2.0% | ||||||||
| Archrock, Inc. | 4,134 | 138,447 | ||||||
| Kodiak Gas Services, Inc. | 1,902 | 127,149 | ||||||
| Oceaneering International, Inc. (a) | 2,090 | 79,901 | ||||||
| TechnipFMC PLC (b) | 12,750 | 872,355 | ||||||
| Tidewater, Inc. (a) | 928 | 68,199 | ||||||
| Weatherford International PLC | 1,175 | 121,777 | ||||||
| 1,407,828 | ||||||||
| Entertainment — 0.3% | ||||||||
| Warner Music Group Corp. - Class A | 7,560 | 238,442 | ||||||
| Financial Services — 1.4% | ||||||||
| Enact Holdings, Inc. | 4,866 | 203,350 | ||||||
| Essent Group Ltd. | 3,591 | 207,883 | ||||||
| Jackson Financial, Inc. - Class A | 2,154 | 222,099 | ||||||
| MGIC Investment Corp. | 8,435 | 212,731 | ||||||
| NMI Holdings, Inc. (a) | 3,116 | 111,864 | ||||||
| 957,927 | ||||||||
| Food Products — 1.1% | ||||||||
| Cal-Maine Foods, Inc. | 1,386 | 103,562 | ||||||
| Darling Ingredients, Inc. (a) | 5,412 | 319,849 | ||||||
| Ingredion, Inc. | 1,634 | 165,753 | ||||||
See accompanying notes to financial statements.
85
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Marzetti Co. | 648 | $ | 72,537 | |||||
| Pilgrim’s Pride Corp. | 4,387 | 124,196 | ||||||
| 785,897 | ||||||||
| Gas Utilities — 1.3% | ||||||||
| National Fuel Gas Co. | 3,671 | 283,585 | ||||||
| New Jersey Resources Corp. | 3,335 | 184,259 | ||||||
| ONE Gas, Inc. | 2,277 | 177,014 | ||||||
| Southwest Gas Holdings, Inc. | 1,873 | 161,471 | ||||||
| Spire, Inc. | 975 | 80,203 | ||||||
| 886,532 | ||||||||
| Ground Transportation — 1.0% | ||||||||
| Knight-Swift Transportation Holdings, Inc. | 2,684 | 202,991 | ||||||
| Landstar System, Inc. | 693 | 143,382 | ||||||
| Ryder System, Inc. | 771 | 193,405 | ||||||
| XPO, Inc. (a) | 926 | 198,396 | ||||||
| 738,174 | ||||||||
| Health Care Equipment & Supplies — 0.8% | ||||||||
| Globus Medical, Inc. - Class A (a) | 4,388 | 359,289 | ||||||
| Haemonetics Corp. (a) | 1,489 | 100,969 | ||||||
| Merit Medical Systems, Inc. (a) | 1,297 | 81,789 | ||||||
| 542,047 | ||||||||
| Health Care Providers & Services — 2.6% | ||||||||
| BrightSpring Health Services, Inc. (a) | 2,081 | 128,356 | ||||||
| Chemed Corp. | 397 | 169,285 | ||||||
| Concentra Group Holdings Parent, Inc. | 3,953 | 98,311 | ||||||
| Encompass Health Corp. | 3,296 | 348,882 | ||||||
| Ensign Group, Inc. | 1,956 | 327,923 | ||||||
| National HealthCare Corp. | 642 | 118,398 | ||||||
| Tenet Healthcare Corp. (a) | 3,675 | 644,301 | ||||||
| 1,835,456 | ||||||||
| Hotels, Restaurants & Leisure — 1.7% | ||||||||
| Aramark | 5,749 | 306,882 | ||||||
| Boyd Gaming Corp. | 2,714 | 224,393 | ||||||
| Brinker International, Inc. (a) | 1,292 | 183,955 | ||||||
| Texas Roadhouse, Inc. | 1,844 | 333,063 | ||||||
| Travel + Leisure Co. | 2,125 | 144,500 | ||||||
| 1,192,793 | ||||||||
| Household Durables — 2.1% | ||||||||
| Champion Homes, Inc. (a) | 1,900 | 139,897 | ||||||
| M/I Homes, Inc. (a) | 1,066 | 140,307 | ||||||
| Mohawk Industries, Inc. (a) | 1,478 | 158,767 | ||||||
| Somnigroup International, Inc. | 3,845 | 272,264 | ||||||
| Taylor Morrison Home Corp. (a) | 4,397 | 257,225 | ||||||
See accompanying notes to financial statements.
86
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Toll Brothers, Inc. | 3,876 | $ | 536,981 | |||||
| 1,505,441 | ||||||||
| Household Products — 0.1% | ||||||||
| WD-40 Co. | 320 | 63,990 | ||||||
| Insurance — 3.7% | ||||||||
| American Financial Group, Inc. | 2,439 | 316,582 | ||||||
| CNO Financial Group, Inc. | 2,919 | 134,186 | ||||||
| First American Financial Corp. | 3,233 | 214,122 | ||||||
| Hanover Insurance Group, Inc. | 1,261 | 234,798 | ||||||
| HCI Group, Inc. | 569 | 87,666 | ||||||
| Mercury General Corp. | 2,031 | 199,099 | ||||||
| Palomar Holdings, Inc. (a) | 1,046 | 111,964 | ||||||
| Reinsurance Group of America, Inc. | 2,373 | 476,356 | ||||||
| RenaissanceRe Holdings Ltd. | 1,602 | 449,121 | ||||||
| Selective Insurance Group, Inc. | 2,399 | 207,610 | ||||||
| Unum Group | 2,428 | 202,082 | ||||||
| 2,633,586 | ||||||||
| IT Services — 1.5% | ||||||||
| Okta, Inc. (a) | 2,668 | 328,884 | ||||||
| Twilio, Inc. - Class A (a) | 3,897 | 742,924 | ||||||
| 1,071,808 | ||||||||
| Life Sciences Tools & Services — 0.6% | ||||||||
| Illumina, Inc. (a) | 1,480 | 241,181 | ||||||
| Medpace Holdings, Inc. (a) | 395 | 176,608 | ||||||
| 417,789 | ||||||||
| Machinery — 7.2% | ||||||||
| AGCO Corp. | 1,471 | 165,164 | ||||||
| Crane Co. | 1,042 | 190,686 | ||||||
| Donaldson Co., Inc. | 2,846 | 233,002 | ||||||
| ESCO Technologies, Inc. | 923 | 269,424 | ||||||
| Flowserve Corp. | 3,352 | 253,110 | ||||||
| Franklin Electric Co., Inc. | 1,236 | 121,598 | ||||||
| Gates Industrial Corp. PLC (a) | 6,738 | 174,649 | ||||||
| Graco, Inc. | 5,402 | 407,581 | ||||||
| ITT, Inc. | 1,704 | 332,280 | ||||||
| Lincoln Electric Holdings, Inc. | 1,718 | 444,086 | ||||||
| Mueller Industries, Inc. | 3,844 | 494,338 | ||||||
| Mueller Water Products, Inc. - Class A | 5,864 | 147,831 | ||||||
| RBC Bearings, Inc. (a) | 916 | 523,915 | ||||||
| SPX Technologies, Inc. (a) | 905 | 196,077 | ||||||
| Terex Corp. | 3,160 | 183,849 | ||||||
| Timken Co. | 2,150 | 275,157 | ||||||
| Toro Co. | 3,568 | 320,692 | ||||||
See accompanying notes to financial statements.
87
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Watts Water Technologies, Inc. - Class A | 1,125 | $ | 347,602 | |||||
| 5,081,041 | ||||||||
| Marine Transportation — 0.6% | ||||||||
| Kirby Corp. (a) | 2,026 | 284,835 | ||||||
| Matson, Inc. | 863 | 156,462 | ||||||
| 441,297 | ||||||||
| Media — 1.0% | ||||||||
| New York Times Co. - Class A | 6,183 | 465,024 | ||||||
| Versant Media Group, Inc. | 5,581 | 240,764 | ||||||
| 705,788 | ||||||||
| Metals & Mining — 2.8% | ||||||||
| Alcoa Corp. | 9,739 | 756,136 | ||||||
| Hecla Mining Co. | 17,146 | 304,684 | ||||||
| Reliance, Inc. | 1,423 | 541,836 | ||||||
| Royal Gold, Inc. | 1,510 | 338,965 | ||||||
| 1,941,621 | ||||||||
| Multi-Utilities — 0.4% | ||||||||
| Avista Corp. | 2,753 | 114,167 | ||||||
| Black Hills Corp. | 1,859 | 135,372 | ||||||
| 249,539 | ||||||||
| Oil, Gas & Consumable Fuels — 4.8% | ||||||||
| Antero Midstream Corp. | 12,369 | 259,254 | ||||||
| Antero Resources Corp. (a) | 10,095 | 360,896 | ||||||
| California Resources Corp. | 2,090 | 123,916 | ||||||
| Chord Energy Corp. | 535 | 70,550 | ||||||
| CNX Resources Corp. (a) | 3,653 | 123,070 | ||||||
| DT Midstream, Inc. | 2,155 | 301,657 | ||||||
| HF Sinclair Corp. | 5,392 | 376,847 | ||||||
| International Seaways, Inc. | 1,015 | 78,348 | ||||||
| Magnolia Oil & Gas Corp. - Class A | 4,084 | 111,738 | ||||||
| Matador Resources Co. | 2,456 | 131,642 | ||||||
| Ovintiv, Inc. | 7,292 | 408,644 | ||||||
| Par Pacific Holdings, Inc. (a) | 1,259 | 70,705 | ||||||
| Permian Resources Corp. | 26,628 | 512,056 | ||||||
| Range Resources Corp. | 6,271 | 244,256 | ||||||
| SM Energy Co. | 6,590 | 202,379 | ||||||
| 3,375,958 | ||||||||
| Passenger Airlines — 0.1% | ||||||||
| SkyWest, Inc. (a) | 1,143 | 97,898 | ||||||
| Pharmaceuticals — 0.6% | ||||||||
| Amneal Pharmaceuticals, Inc. (a) | 7,086 | 93,323 | ||||||
| Indivior Pharmaceuticals, Inc. (a) | 3,425 | 123,368 | ||||||
See accompanying notes to financial statements.
88
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Jazz Pharmaceuticals PLC (a) | 938 | $ | 221,828 | |||||
| 438,519 | ||||||||
| Professional Services — 1.3% | ||||||||
| Amentum Holdings, Inc. (a) | 4,407 | 102,375 | ||||||
| CACI International, Inc. - Class A (a) | 733 | 376,403 | ||||||
| ExlService Holdings, Inc. (a) | 4,246 | 123,261 | ||||||
| FTI Consulting, Inc. (a) | 617 | 94,512 | ||||||
| Genpact Ltd. | 3,593 | 118,389 | ||||||
| Korn Ferry | 1,631 | 114,138 | ||||||
| 929,078 | ||||||||
| Real Estate Management & Development — 0.8% | ||||||||
| Jones Lang LaSalle, Inc. (a) | 1,595 | 450,284 | ||||||
| St Joe Co. | 2,193 | 139,541 | ||||||
| 589,825 | ||||||||
| Semiconductors & Semiconductor Equipment — 4.4% | ||||||||
| Amkor Technology, Inc. | 3,802 | 264,467 | ||||||
| Cirrus Logic, Inc. (a) | 2,076 | 352,816 | ||||||
| Diodes, Inc. (a) | 2,442 | 257,191 | ||||||
| FormFactor, Inc. (a) | 1,711 | 213,174 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 1,244 | 453,612 | ||||||
| MKS, Inc. | 1,392 | 451,370 | ||||||
| Onto Innovation, Inc. (a) | 1,625 | 419,640 | ||||||
| Rambus, Inc. (a) | 2,188 | 318,267 | ||||||
| Semtech Corp. (a) | 2,455 | 374,486 | ||||||
| 3,105,023 | ||||||||
| Software — 2.0% | ||||||||
| ACI Worldwide, Inc. (a) | 4,277 | 186,777 | ||||||
| Clear Secure, Inc. - Class A | 3,715 | 205,997 | ||||||
| Docusign, Inc. (a) | 3,569 | 187,444 | ||||||
| Dynatrace, Inc. (a) | 5,853 | 249,279 | ||||||
| Guidewire Software, Inc. (a) | 1,262 | 192,670 | ||||||
| InterDigital, Inc. | 450 | 113,440 | ||||||
| Nutanix, Inc. - Class A (a) | 4,803 | 250,092 | ||||||
| 1,385,699 | ||||||||
| Specialty Retail — 2.7% | ||||||||
| Abercrombie & Fitch Co. - Class A (a) | 1,515 | 116,988 | ||||||
| AutoNation, Inc. (a) | 889 | 166,883 | ||||||
| Bath & Body Works, Inc. | 7,228 | 144,705 | ||||||
| Buckle, Inc. | 2,707 | 124,170 | ||||||
| Burlington Stores, Inc. (a) | 1,390 | 450,124 | ||||||
| Five Below, Inc. (a) | 1,854 | 421,525 | ||||||
| Murphy USA, Inc. | 499 | 252,509 | ||||||
| Urban Outfitters, Inc. (a) | 3,510 | 255,002 | ||||||
| 1,931,906 | ||||||||
See accompanying notes to financial statements.
89
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Kontoor Brands, Inc. | 1,899 | $ | 136,291 | |||||
| Trading Companies & Distributors — 1.0% | ||||||||
| Applied Industrial Technologies, Inc. | 1,187 | 360,622 | ||||||
| Core & Main, Inc. - Class A (a) | 3,343 | 165,311 | ||||||
| Rush Enterprises, Inc. - Class A | 2,453 | 170,067 | ||||||
| 696,000 | ||||||||
| Water Utilities — 0.1% | ||||||||
| American States Water Co. | 1,252 | 96,742 | ||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| Telephone and Data Systems, Inc. | 4,328 | 169,268 | ||||||
| TOTAL COMMON STOCKS (Cost $58,232,152) | 64,708,322 | |||||||
| REAL ESTATE INVESTMENT TRUSTS — 6.5% | ||||||||
| Diversified REITs — 0.4% | ||||||||
| Essential Properties Realty Trust, Inc. | 3,772 | 115,348 | ||||||
| WP Carey, Inc. | 2,637 | 196,245 | ||||||
| 311,593 | ||||||||
| Health Care REITs — 1.4% | ||||||||
| American Healthcare REIT, Inc. | 3,272 | 159,968 | ||||||
| CareTrust REIT, Inc. | 5,119 | 208,957 | ||||||
| Omega Healthcare Investors, Inc. | 10,734 | 501,922 | ||||||
| Sabra Health Care REIT, Inc. | 4,911 | 97,680 | ||||||
| 968,527 | ||||||||
| Industrial REITs — 1.0% | ||||||||
| EastGroup Properties, Inc. | 1,362 | 275,001 | ||||||
| First Industrial Realty Trust, Inc. | 4,196 | 259,607 | ||||||
| STAG Industrial, Inc. | 5,136 | 194,500 | ||||||
| 729,108 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
| Annaly Capital Management, Inc. | 9,387 | 205,106 | ||||||
| Office REITs — 0.2% | ||||||||
| Cousins Properties, Inc. | 3,879 | 103,996 | ||||||
| Residential REITs — 0.7% | ||||||||
| American Homes 4 Rent - Class A | 8,391 | 269,183 | ||||||
| Equity LifeStyle Properties, Inc. | 3,579 | 221,075 | ||||||
| 490,258 | ||||||||
| Retail REITs — 1.2% | ||||||||
| Agree Realty Corp. | 1,622 | 120,271 | ||||||
See accompanying notes to financial statements.
90
| Horizon Small/Mid Cap Core Equity ETF Schedule of Investments (Unaudited) (Continued) May 31, 2026 |
| Shares | Value | |||||||
| Brixmor Property Group, Inc. | 10,070 | $ | 307,739 | |||||
| NNN REIT, Inc. | 4,117 | 183,248 | ||||||
| Phillips Edison & Co., Inc. | 3,190 | 128,079 | ||||||
| Tanger, Inc. | 2,702 | 97,461 | ||||||
| 836,798 | ||||||||
| Specialized REITs — 1.3% | ||||||||
| CubeSmart | 6,867 | 274,680 | ||||||
| EPR Properties | 2,331 | 132,984 | ||||||
| Four Corners Property Trust, Inc. | 4,056 | 100,994 | ||||||
| Gaming and Leisure Properties, Inc. | 6,317 | 296,710 | ||||||
| Outfront Media, Inc. (a) | 3,654 | 117,805 | ||||||
| 923,173 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,346,330) | 4,568,559 | |||||||
| Notional Amount |
Contracts | Value | ||||||||||
| PURCHASED OPTIONS — 0.2% (a) | ||||||||||||
| Put Options — 0.2% | ||||||||||||
| iShares Russell 2000 ETF (c)(d) | ||||||||||||
| Expiration: 06/09/2026; Exercise Price: $270.67 | $ | 15,160,446 | 522 | 11,228 | ||||||||
| Expiration: 06/09/2026; Exercise Price: $284.16 | 2,642,913 | 91 | 15,834 | |||||||||
| Expiration: 06/23/2026; Exercise Price: $277.32 | 15,247,575 | 525 | 115,910 | |||||||||
| Expiration: 06/23/2026; Exercise Price: $279.63 | 2,642,913 | 91 | 26,390 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $357,399) | 169,362 | |||||||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS | ||||||||
| MONEY MARKET FUNDS — 0.7% | ||||||||
| First American Government Obligations Fund - Class X, 3.55% (e) | 479,372 | 479,372 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $479,372) | 479,372 | |||||||
| TOTAL INVESTMENTS — 99.1% (Cost $63,415,253) | 69,925,615 | |||||||
| Other Assets in Excess of Liabilities — 0.9% (f) | 638,552 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 70,564,167 | ||||||
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
| (a) | Non-income producing security. |
| (b) | All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $3,092,759. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized yield as of May 31, 2026. |
| (f) | Includes cash of $577 that is pledged as collateral for written options. |
See accompanying notes to financial statements.
91
| Horizon Small/Mid Cap Core Equity ETF Schedule of Written Options (Unaudited) May 31, 2026 |
| Notional Amount |
Contracts | Value | ||||||||||
| WRITTEN OPTIONS — (0.5)% | ||||||||||||
| Put Options — (0.5)% | ||||||||||||
| iShares Russell 2000 ETF (a)(b) | ||||||||||||
| Expiration: 06/09/2026; Exercise Price: $279.18 | $ | (15,160,446 | ) | (522 | ) | $ | (36,347 | ) | ||||
| Expiration: 06/09/2026; Exercise Price: $288.48 | (2,642,913 | ) | (91 | ) | (26,390 | ) | ||||||
| Expiration: 06/23/2026; Exercise Price: $286.07 | (15,247,575 | ) | (525 | ) | (236,323 | ) | ||||||
| Expiration: 06/23/2026; Exercise Price: $286.74 | (2,642,913 | ) | (91 | ) | (44,681 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $626,823) | $ | (343,741 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
See accompanying notes to financial statements.
92
Horizon Funds
Statements of Assets and Liabilities
May 31, 2026 (Unaudited)
| Horizon Core Bond ETF |
Horizon Core Equity ETF |
Horizon Digital Frontier ETF |
Horizon Dividend Income ETF |
Horizon Expedition Plus ETF |
||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments, at value | $ | 249,293,410 | $ | 154,806,521 | $ | 124,401,521 | $ | 185,760,831 | $ | 156,033,941 | ||||||||||
| Receivable for fund shares sold | 48,095,210 | 5,607,810 | 10,856,832 | 30,562,350 | 8,586,046 | |||||||||||||||
| Deposits at broker for securities sold short | 1,192,932 | 325,561 | — | — | 573,158 | |||||||||||||||
| Receivable for investments sold | 188,881 | 12,776 | — | 12,075 | 84,794 | |||||||||||||||
| Dividends receivable | 4,974 | 117,381 | 103,958 | 213,707 | 82,194 | |||||||||||||||
| Dividend tax reclaims receivable | — | 208 | 4,227 | 2,217 | 182 | |||||||||||||||
| Total assets | 298,775,407 | 160,870,257 | 135,366,538 | 216,551,180 | 165,360,315 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value | 788,750 | 66,400 | 385,743 | 59,537 | 757,374 | |||||||||||||||
| Payable for investments purchased | 48,037,681 | 5,572,740 | 10,396,657 | 30,700,334 | 7,945,962 | |||||||||||||||
| Payable to Adviser | 105,533 | 81,887 | 69,991 | 88,675 | 103,881 | |||||||||||||||
| Payable for fund shares redeemed | — | — | — | — | 659,230 | |||||||||||||||
| Due to broker | — | — | — | 4 | — | |||||||||||||||
| Total liabilities | 48,931,964 | 5,721,027 | 10,852,391 | 30,848,550 | 9,466,447 | |||||||||||||||
| NET ASSETS | $ | 249,843,443 | $ | 155,149,230 | $ | 124,514,147 | $ | 185,702,630 | $ | 155,893,868 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 249,635,697 | $ | 137,657,278 | $ | 104,512,649 | $ | 168,399,982 | $ | 123,812,814 | ||||||||||
| Total distributable earnings | 207,746 | 17,491,952 | 20,001,498 | 17,302,648 | 32,081,054 | |||||||||||||||
| Total net assets | $ | 249,843,443 | $ | 155,149,230 | $ | 124,514,147 | $ | 185,702,630 | $ | 155,893,868 | ||||||||||
| Net assets | $ | 249,843,443 | $ | 155,149,230 | $ | 124,514,147 | $ | 185,702,630 | $ | 155,893,868 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 9,870,000 | 4,980,000 | 3,670,000 | 6,380,000 | 4,720,000 | |||||||||||||||
| Net asset value per share | $ | 25.31 | $ | 31.15 | $ | 33.93 | $ | 29.11 | $ | 33.03 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments, at cost | $ | 248,717,869 | $ | 136,855,531 | $ | 108,603,503 | $ | 171,828,432 | $ | 128,307,802 | ||||||||||
| PROCEEDS: | ||||||||||||||||||||
| Written options premium received | $ | 1,062,427 | $ | 554,446 | $ | 180,479 | $ | 70,230 | $ | 1,811,567 | ||||||||||
See accompanying notes to financial statements.
93
Horizon Funds
Statements of Assets and Liabilities (Continued)
May 31, 2026 (Unaudited)
| Horizon Flexible Income ETF |
Horizon International Equity ETF |
Horizon International Managed Risk ETF |
Horizon Landmark ETF |
Horizon Managed Risk ETF |
||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Investments, at value | $ | 49,092,244 | $ | 100,972,076 | $ | 422,873,920 | $ | 237,170,879 | $ | 471,099,688 | ||||||||||
| Receivable for fund shares sold | 9,262,358 | — | — | 19,997,614 | 74,889,804 | |||||||||||||||
| Deposits at broker for securities sold short | 231,145 | — | — | — | — | |||||||||||||||
| Receivable for investments sold | 19,596 | 1,697 | 1,212,747 | — | — | |||||||||||||||
| Dividends receivable | 519 | 254,268 | 1,080,156 | 1,768 | 327,492 | |||||||||||||||
| Dividend tax reclaims receivable | — | 68,731 | 293,856 | — | 549 | |||||||||||||||
| Cash | — | 1,122 | — | — | — | |||||||||||||||
| Foreign currency, at value | — | 127,096 | — | — | — | |||||||||||||||
| Total assets | 58,605,862 | 101,424,990 | 425,460,679 | 257,170,261 | 546,317,533 | |||||||||||||||
| LIABILITIES: | ||||||||||||||||||||
| Written options, at value | 42,186 | — | — | — | — | |||||||||||||||
| Payable for investments purchased | 9,222,085 | 16 | 68 | 20,810,451 | 74,447,384 | |||||||||||||||
| Payable to Adviser | 26,001 | 62,751 | 298,714 | 72,535 | 249,879 | |||||||||||||||
| Payable to custodian foreign currency, at value | — | — | 602,503 | — | — | |||||||||||||||
| Payable to custodian | — | — | 202,530 | — | — | |||||||||||||||
| Total liabilities | 9,290,272 | 62,767 | 1,103,815 | 20,882,986 | 74,697,263 | |||||||||||||||
| NET ASSETS | $ | 49,315,590 | $ | 101,362,223 | $ | 424,356,864 | $ | 236,287,275 | $ | 471,620,270 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in capital | $ | 49,778,832 | $ | 81,110,580 | $ | 342,668,580 | $ | 231,782,721 | $ | 415,477,750 | ||||||||||
| Total distributable earnings/(accumulated losses) | (463,242 | ) | 20,251,643 | 81,688,284 | 4,504,554 | 56,142,520 | ||||||||||||||
| Total net assets | $ | 49,315,590 | $ | 101,362,223 | $ | 424,356,864 | $ | 236,287,275 | $ | 471,620,270 | ||||||||||
| Net assets | $ | 49,315,590 | $ | 101,362,223 | $ | 424,356,864 | $ | 236,287,275 | $ | 471,620,270 | ||||||||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 1,970,000 | 3,200,000 | 13,600,000 | 4,490,000 | 15,240,000 | |||||||||||||||
| Net asset value per share | $ | 25.03 | $ | 31.68 | $ | 31.20 | $ | 52.63 | $ | 30.95 | ||||||||||
| COST: | ||||||||||||||||||||
| Investments, at cost | $ | 49,391,458 | $ | 86,887,018 | $ | 368,317,249 | $ | 234,204,370 | $ | 408,930,351 | ||||||||||
| Foreign currency, at cost | $ | — | $ | 126,598 | $ | — | $ | — | $ | — | ||||||||||
| PROCEEDS: | ||||||||||||||||||||
| Written options premium received | $ | 187,746 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Foreign currency proceeds | $ | — | $ | — | $ | 605,114 | $ | — | $ | — | ||||||||||
See accompanying notes to financial statements.
94
Horizon Funds
Statements of Assets and Liabilities (Continued)
May 31, 2026 (Unaudited)
| Horizon Nasdaq-100 Defined Risk ETF |
Horizon Small/ Mid Cap Core Equity ETF |
|||||||
| ASSETS: | ||||||||
| Investments, at value | $ | 104,659,717 | $ | 69,925,615 | ||||
| Receivable for fund shares sold | 16,422,048 | 10,497,204 | ||||||
| Deposits at broker for securities sold short | 454,365 | 481,333 | ||||||
| Receivable for investments sold | 141,820 | 70,838 | ||||||
| Dividends receivable | 1,305 | 34,406 | ||||||
| Dividend tax reclaims receivable | — | 69 | ||||||
| Cash | — | 577 | ||||||
| Total assets | 121,679,255 | 81,010,042 | ||||||
| LIABILITIES: | ||||||||
| Written options, at value | 322,948 | 343,741 | ||||||
| Payable for investments purchased | 16,377,064 | 10,064,271 | ||||||
| Payable to Adviser | 62,193 | 37,863 | ||||||
| Total liabilities | 16,762,205 | 10,445,875 | ||||||
| NET ASSETS | $ | 104,917,050 | $ | 70,564,167 | ||||
| NET ASSETS CONSIST OF: | ||||||||
| Paid-in capital | $ | 95,780,080 | $ | 62,130,572 | ||||
| Total distributable earnings | 9,136,970 | 8,433,595 | ||||||
| Total net assets | $ | 104,917,050 | $ | 70,564,167 | ||||
| Net assets | $ | 104,917,050 | $ | 70,564,167 | ||||
| Shares issued and outstanding (unlimited shares authorized without par value) | 3,450,000 | 2,420,000 | ||||||
| Net asset value per share | $ | 30.41 | $ | 29.16 | ||||
| COST: | ||||||||
| Investments, at cost | $ | 90,944,058 | $ | 63,415,253 | ||||
| PROCEEDS: | ||||||||
| Written options premium received | $ | 932,700 | $ | 626,823 | ||||
See accompanying notes to financial statements.
95
Horizon Funds
Statements of Operations
For the Period Ended May 31, 2026 (Unaudited)
| Horizon Core Bond ETF |
Horizon Core Equity ETF |
Horizon Digital Frontier ETF |
Horizon Dividend Income ETF |
Horizon Expedition Plus ETF |
||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income | $ | 3,727,474 | $ | 710,589 | $ | 353,590 | $ | 2,168,094 | $ | 663,672 | ||||||||||
| Less: dividend withholding taxes | — | — | (13,382 | ) | (1,350 | ) | (98 | ) | ||||||||||||
| Less: issuance fees | — | (1 | ) | (2,038 | ) | (16 | ) | (2 | ) | |||||||||||
| Total investment income | 3,727,474 | 710,588 | 338,170 | 2,166,728 | 663,572 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 609,345 | 374,695 | 310,491 | 488,771 | 521,672 | |||||||||||||||
| Interest expense | 470 | 90 | — | 61 | 552 | |||||||||||||||
| Income tax expense | — | 2,633 | — | — | 3,852 | |||||||||||||||
| Total expenses | 609,815 | 377,418 | 310,491 | 488,832 | 526,076 | |||||||||||||||
| NET INVESTMENT INCOME | 3,117,659 | 333,170 | 27,679 | 1,677,896 | 137,496 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments | (1,426,777 | ) | (4,112,467 | ) | (2,963,937 | ) | (453,489 | ) | (8,905,004 | ) | ||||||||||
| In-kind redemptions | 1,127,646 | 2,040,614 | 8,010,917 | 6,654,239 | 6,326,770 | |||||||||||||||
| Written options expired or closed | 3,146,143 | 1,670,331 | (45,829 | ) | (40,349 | ) | 6,059,399 | |||||||||||||
| Other investments | – | 40,000 | – | – | – | |||||||||||||||
| Net realized gain (loss) | 2,847,012 | (361,522 | ) | 5,001,151 | 6,160,401 | 3,481,165 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (3,093,654 | ) | 12,357,785 | 11,645,832 | 8,537,975 | 14,835,194 | ||||||||||||||
| Written options | (547,202 | ) | 166,604 | (81,476 | ) | 85,736 | (89,588 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (3,640,856 | ) | 12,524,389 | 11,564,356 | 8,623,711 | 14,745,606 | ||||||||||||||
| Net realized and unrealized gain (loss) | (793,844 | ) | 12,162,867 | 16,565,507 | 14,784,112 | 18,226,771 | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,323,815 | $ | 12,496,037 | $ | 16,593,186 | $ | 16,462,008 | $ | 18,364,267 | ||||||||||
See accompanying notes to financial statements.
96
Horizon Funds
Statements of Operations (Continued)
For the Period Ended May 31, 2026 (Unaudited)
| Horizon Flexible Income ETF |
Horizon International Equity ETF(a) |
Horizon International Managed Risk ETF(a) |
Horizon Landmark ETF |
Horizon Managed Risk ETF |
||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||
| Dividend income | $ | 1,284,724 | $ | 1,357,632 | $ | 5,762,593 | $ | 18,446 | $ | 2,395,617 | ||||||||||
| Less: dividend withholding taxes | — | (136,262 | ) | (553,782 | ) | — | — | |||||||||||||
| Less: issuance fees | — | — | — | — | (5 | ) | ||||||||||||||
| Total investment income | 1,284,724 | 1,221,370 | 5,208,811 | 18,446 | 2,395,612 | |||||||||||||||
| EXPENSES: | ||||||||||||||||||||
| Investment advisory fee | 149,048 | 319,551 | 1,515,956 | 408,296 | 1,346,584 | |||||||||||||||
| Interest expense | 259 | — | — | 325 | — | |||||||||||||||
| Income tax expense | — | — | — | — | 10,951 | |||||||||||||||
| Total expenses | 149,307 | 319,551 | 1,515,956 | 408,621 | 1,357,535 | |||||||||||||||
| NET INVESTMENT INCOME/(LOSS) | 1,135,417 | 901,819 | 3,692,855 | (390,175 | ) | 1,038,077 | ||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | 19,562,502 | 78,909,093 | 4,034,439 | 32,821,186 | ||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||||||
| Investments | (184,922 | ) | 1,556,851 | 5,715,922 | (25,088 | ) | (7,259,678 | ) | ||||||||||||
| Taxes withheld | — | (10,465 | ) | (69,014 | ) | — | — | |||||||||||||
| In-kind redemptions | 399,032 | 4,143,864 | 19,705,393 | 2,188,523 | 5,116,092 | |||||||||||||||
| Written options expired or closed | 211,760 | — | — | (167 | ) | — | ||||||||||||||
| Distributions received from other investment companies | — | 59,028 | 255,789 | — | — | |||||||||||||||
| Foreign currency transactions | — | (272,872 | ) | (1,260,425 | ) | — | — | |||||||||||||
| Net realized gain (loss) | 425,870 | 5,476,406 | 24,347,665 | 2,163,268 | (2,143,586 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (423,554 | ) | 14,085,058 | 54,556,671 | 1,871,172 | 34,964,772 | ||||||||||||||
| Written options | 77,339 | — | — | — | — | |||||||||||||||
| Foreign currency translation | — | 1,038 | 4,757 | — | — | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (346,215 | ) | 14,086,096 | 54,561,428 | 1,871,172 | 34,964,772 | ||||||||||||||
| Net realized and unrealized gain (loss) | 79,655 | 19,562,502 | 78,909,093 | 4,034,440 | 32,821,186 | |||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,215,072 | $ | 20,464,321 | $ | 82,601,948 | $ | 3,644,265 | $ | 33,859,263 | ||||||||||
| (a) | Inception date of the Fund was December 2, 2025. |
See accompanying notes to financial statements.
97
Horizon Funds
Statements of Operations (Continued)
For the Period Ended May 31, 2026 (Unaudited)
| Horizon Nasdaq-100 Defined Risk ETF |
Horizon Small/ Mid Cap Core Equity ETF(a) |
|||||||
| INVESTMENT INCOME: | ||||||||
| Dividend income | $ | 10,461 | $ | 352,659 | ||||
| Less: dividend withholding taxes | — | (246 | ) | |||||
| Interest income | 300 | — | ||||||
| Total investment income | 10,761 | 352,413 | ||||||
| EXPENSES: | ||||||||
| Investment advisory fee | 332,466 | 197,332 | ||||||
| Interest expense | 412 | 25 | ||||||
| Total expenses | 332,878 | 197,357 | ||||||
| NET INVESTMENT INCOME/(LOSS) | (322,117 | ) | 155,056 | |||||
| REALIZED AND UNREALIZED GAIN (LOSS) | 10,568,102 | 8,319,947 | ||||||
| Net realized gain (loss) from: | ||||||||
| Investments | (4,809,481 | ) | (2,712,615 | ) | ||||
| In-kind redemptions | 1,959,385 | 3,021,196 | ||||||
| Written options expired or closed | (604,318 | ) | 1,217,922 | |||||
| Net realized gain (loss) | (3,454,414 | ) | 1,526,503 | |||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||
| Investments | 13,826,331 | 6,510,362 | ||||||
| Written options | 196,186 | 283,082 | ||||||
| Net change in unrealized appreciation (depreciation) | 14,022,517 | 6,793,444 | ||||||
| Net realized and unrealized gain (loss) | 10,568,103 | 8,319,947 | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,245,986 | $ | 8,475,003 | ||||
| (a) | Inception date of the Fund was December 2, 2025. |
See accompanying notes to financial statements.
98
Horizon Funds
Statements of Changes in Net Assets
| Horizon Core Bond ETF | Horizon Core Equity ETF | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 3,117,659 | $ | 2,010,893 | $ | 333,170 | $ | 97,307 | ||||||||
| Net realized gain (loss) | 2,847,012 | 2,213,899 | (361,522 | ) | 6,277 | |||||||||||
| Net change in unrealized appreciation (depreciation) | (3,640,856 | ) | 4,490,074 | 12,524,389 | 5,914,647 | |||||||||||
| Net increase (decrease) in net assets from operations | 2,323,815 | 8,714,866 | 12,496,037 | 6,018,231 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (8,412,636 | ) | (537,095 | ) | (154,790 | ) | — | |||||||||
| Total distributions to shareholders | (8,412,636 | ) | (537,095 | ) | (154,790 | ) | — | |||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 72,800,170 | 180,082,028 | 71,976,152 | 90,836,284 | ||||||||||||
| Shares redeemed | (2,570,519 | ) | (2,557,186 | ) | (16,167,840 | ) | (9,854,844 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 70,229,651 | 177,524,842 | 55,808,312 | 80,981,440 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 64,140,830 | 185,702,613 | 68,149,559 | 86,999,671 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 185,702,613 | — | 86,999,671 | — | ||||||||||||
| End of the period | $ | 249,843,443 | $ | 185,702,613 | $ | 155,149,230 | $ | 86,999,671 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 2,870,000 | 7,200,000 | 2,500,000 | 3,420,000 | ||||||||||||
| Shares redeemed | (100,000 | ) | (100,000 | ) | (580,000 | ) | (360,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 2,770,000 | 7,100,000 | 1,920,000 | 3,060,000 | ||||||||||||
| (a) | Inception date of the Fund was July 2, 2025. |
| (b) | Inception date of the Fund was June 25, 2025. |
See accompanying notes to financial statements.
99
Horizon Funds
Statements of Changes in Net Assets (Continued)
| Horizon Digital Frontier ETF | Horizon Dividend Income ETF | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 27,679 | $ | (58,495 | ) | $ | 1,677,896 | $ | 906,522 | |||||||
| Net realized gain (loss) | 5,001,151 | 534,422 | 6,160,401 | 602,290 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 11,564,356 | 4,028,398 | 8,623,711 | 5,319,381 | ||||||||||||
| Net increase (decrease) in net assets from operations | 16,593,186 | 4,504,325 | 16,462,008 | 6,828,193 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | — | — | (4,245,472 | ) | (289,797 | ) | ||||||||||
| Total distributions to shareholders | — | — | (4,245,472 | ) | (289,797 | ) | ||||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 76,195,685 | 64,206,266 | 74,992,419 | 138,104,241 | ||||||||||||
| Shares redeemed | (28,213,163 | ) | (8,772,152 | ) | (28,505,411 | ) | (17,643,551 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 47,982,522 | 55,434,114 | 46,487,008 | 120,460,690 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 64,575,708 | 59,938,439 | 58,703,544 | 126,999,086 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 59,938,439 | — | 126,999,086 | — | ||||||||||||
| End of the period | $ | 124,514,147 | $ | 59,938,439 | $ | 185,702,630 | $ | 126,999,086 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 2,490,000 | 2,400,000 | 2,610,000 | 5,460,000 | ||||||||||||
| Shares redeemed | (910,000 | ) | (310,000 | ) | (1,000,000 | ) | (690,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 1,580,000 | 2,090,000 | 1,610,000 | 4,770,000 | ||||||||||||
| (a) | Inception date of the Fund was July 9, 2025. |
| (b) | Inception date of the Fund was June 25, 2025. |
See accompanying notes to financial statements.
100
Horizon Funds
Statements of Changes in Net Assets (Continued)
| Horizon Expedition Plus ETF | Horizon Flexible Income ETF | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 137,496 | $ | (4,472 | ) | $ | 1,135,417 | $ | 707,935 | |||||||
| Net realized gain (loss) | 3,481,165 | 3,972,204 | 425,870 | 358,097 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 14,745,606 | 14,034,726 | (346,215 | ) | 192,561 | |||||||||||
| Net increase (decrease) in net assets from operations | 18,364,267 | 18,002,458 | 1,215,072 | 1,258,593 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (634,977 | ) | — | (2,561,431 | ) | (186,687 | ) | |||||||||
| Total distributions to shareholders | (634,977 | ) | — | (2,561,431 | ) | (186,687 | ) | |||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 49,578,896 | 110,850,378 | 17,956,952 | 33,422,378 | ||||||||||||
| Shares redeemed | (28,456,128 | ) | (11,811,026 | ) | (1,021,239 | ) | (768,048 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 21,122,768 | 99,039,352 | 16,935,713 | 32,654,330 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 38,852,058 | 117,041,810 | 15,589,354 | 33,726,236 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 117,041,810 | — | 33,726,236 | — | ||||||||||||
| End of the period | $ | 155,893,868 | $ | 117,041,810 | $ | 49,315,590 | $ | 33,726,236 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 1,680,000 | 4,440,000 | 710,000 | 1,330,000 | ||||||||||||
| Shares redeemed | (980,000 | ) | (420,000 | ) | (40,000 | ) | (30,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 700,000 | 4,020,000 | 670,000 | 1,300,000 | ||||||||||||
| (a) | Inception date of the Fund was January 22, 2025. |
| (b) | Inception date of the Fund was July 2, 2025. |
See accompanying notes to financial statements.
101
Horizon Funds
Statements of Changes in Net Assets (Continued)
| Horizon International Equity ETF |
Horizon International Managed Risk ETF |
Horizon Landmark ETF | ||||||||||||||
| Period ended May 31, 2026(a) (Unaudited) |
Period ended May 31, 2026(a) (Unaudited) |
Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 901,819 | $ | 3,692,855 | $ | (390,175 | ) | $ | (239,512 | ) | ||||||
| Net realized gain (loss) | 5,476,406 | 24,347,665 | 2,163,268 | 1,646,493 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 14,086,096 | 54,561,428 | 1,871,172 | 1,095,337 | ||||||||||||
| Net increase (decrease) in net assets from operations | 20,464,321 | 82,601,948 | 3,644,265 | 2,502,318 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (212,678 | ) | (913,664 | ) | — | — | ||||||||||
| Total distributions to shareholders | (212,678 | ) | (913,664 | ) | — | — | ||||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 105,976,760 | 458,037,870 | 82,919,041 | 170,554,157 | ||||||||||||
| Shares redeemed | (24,866,180 | ) | (115,369,290 | ) | (15,696,607 | ) | (7,635,899 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 81,110,580 | 342,668,580 | 67,222,434 | 162,918,258 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 101,362,223 | 424,356,864 | 70,866,699 | 165,420,576 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | — | — | 165,420,576 | — | ||||||||||||
| End of the period | $ | 101,362,223 | $ | 424,356,864 | $ | 236,287,275 | $ | 165,420,576 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 4,100,000 | 17,700,000 | 1,590,000 | 3,350,000 | ||||||||||||
| Shares redeemed | (900,000 | ) | (4,100,000 | ) | (300,000 | ) | (150,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 3,200,000 | 13,600,000 | 1,290,000 | 3,200,000 | ||||||||||||
| (a) | Inception date of the Fund was December 2, 2025. |
| (b) | Inception date of the Fund was January 22, 2025. |
See accompanying notes to financial statements.
102
Horizon Funds
Statements of Changes in Net Assets (Continued)
| Horizon Managed Risk ETF | Horizon Nasdaq-100 Defined Risk ETF | |||||||||||||||
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(b) |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 1,038,077 | $ | 424,505 | $ | (322,117 | ) | $ | (186,389 | ) | ||||||
| Net realized gain (loss) | (2,143,586 | ) | (1,119 | ) | (3,454,414 | ) | 5,775,972 | |||||||||
| Net change in unrealized appreciation (depreciation) | 34,964,772 | 27,204,565 | 14,022,517 | 302,894 | ||||||||||||
| Net increase (decrease) in net assets from operations | 33,859,263 | 27,627,951 | 10,245,986 | 5,892,477 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| From earnings | (638,040 | ) | — | (1,190,417 | ) | — | ||||||||||
| Total distributions to shareholders | (638,040 | ) | — | (1,190,417 | ) | — | ||||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Shares sold | 122,128,054 | 357,571,504 | 21,219,972 | 76,068,372 | ||||||||||||
| Shares redeemed | (28,819,568 | ) | (40,108,894 | ) | (4,160,484 | ) | (3,158,856 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 93,308,486 | 317,462,610 | 17,059,488 | 72,909,516 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 126,529,709 | 345,090,561 | 26,115,057 | 78,801,993 | ||||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of the period | 345,090,561 | — | 78,801,993 | — | ||||||||||||
| End of the period | $ | 471,620,270 | $ | 345,090,561 | $ | 104,917,050 | $ | 78,801,993 | ||||||||
| SHARES TRANSACTIONS | ||||||||||||||||
| Shares sold | 4,100,000 | 13,650,000 | 720,000 | 3,000,000 | ||||||||||||
| Shares redeemed | (1,060,000 | ) | (1,450,000 | ) | (150,000 | ) | (120,000 | ) | ||||||||
| Total increase (decrease) in shares outstanding | 3,040,000 | 12,200,000 | 570,000 | 2,880,000 | ||||||||||||
| (a) | Inception date of the Fund was June 25, 2025. |
| (b) | Inception date of the Fund was July 9, 2025. |
See accompanying notes to financial statements.
103
Horizon Funds
Statements of Changes in Net Assets (Continued)
| Horizon Small/ Mid Cap Core Equity ETF |
||||
| Period ended May 31, 2026(a) (Unaudited) |
||||
| OPERATIONS: | ||||
| Net investment income (loss) | $ | 155,056 | ||
| Net realized gain (loss) | 1,526,503 | |||
| Net change in unrealized appreciation (depreciation) | 6,793,444 | |||
| Net increase (decrease) in net assets from operations | 8,475,003 | |||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||
| From earnings | (41,408 | ) | ||
| Total distributions to shareholders | (41,408 | ) | ||
| CAPITAL TRANSACTIONS: | ||||
| Shares sold | 76,229,116 | |||
| Shares redeemed | (14,098,544 | ) | ||
| Net increase (decrease) in net assets from capital transactions | 62,130,572 | |||
| NET INCREASE (DECREASE) IN NET ASSETS | 70,564,167 | |||
| NET ASSETS: | ||||
| Beginning of the period | – | |||
| End of the period | $ | 70,564,167 | ||
| SHARES TRANSACTIONS | ||||
| Shares sold | 2,940,000 | |||
| Shares redeemed | (520,000 | ) | ||
| Total increase (decrease) in shares outstanding | 2,420,000 | |||
| (a) | Inception date of the Fund was December 2, 2025. |
See accompanying notes to financial statements.
104
Horizon Core Bond ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 26.16 | $ | 24.98 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.43 | 0.35 | ||||||
| Net realized and unrealized gain (loss) on investments (c) | (0.13 | ) | 0.91 | |||||
| Total from investment operations | 0.30 | 1.26 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (1.10 | ) | (0.08 | ) | ||||
| Net realized gains | (0.05 | ) | — | |||||
| Total distributions | (1.15 | ) | (0.08 | ) | ||||
| Net asset value, end of period | $ | 25.31 | $ | 26.16 | ||||
| TOTAL RETURN (d) | 1.17 | % | 5.02 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 249,843 | $ | 185,703 | ||||
| Ratio of expenses to average net assets (e)(f) | 0.65 | % | 0.65 | % | ||||
| Ratio of interest expense to average net assets (e)(f) | 0.00 | %(g) | 0.00 | %(g) | ||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 3.33 | % | 3.40 | % | ||||
| Portfolio turnover rate (d)(h) | — | % | — | % | ||||
| (a) | Inception date of the Fund was July 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
105
Horizon Core Equity ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 28.43 | $ | 24.99 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.09 | 0.05 | ||||||
| Net realized and unrealized gain (loss) on investments (c) | 2.68 | 3.39 | ||||||
| Total from investment operations | 2.77 | 3.44 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.05 | ) | — | |||||
| Total distributions | (0.05 | ) | — | |||||
| Net asset value, end of period | $ | 31.15 | $ | 28.43 | ||||
| TOTAL RETURN (d) | 9.78 | % | 13.77 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 155,149 | $ | 87,000 | ||||
| Ratio of expenses to average net assets (e)(f) | 0.71 | % | 0.70 | % | ||||
| Ratio of interest expense to average net assets (e)(f) | 0.00 | %(g) | 0.00 | %(g) | ||||
| Ratio of tax expenses to average net assets (e)(f) | 0.01 | % | — | % | ||||
| Ratio of expenses to average net assets excluding tax expense (e)(f) | 0.70 | % | 0.70 | % | ||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 0.62 | % | 0.46 | % | ||||
| Portfolio turnover rate (d)(h) | 16 | % | 22 | % | ||||
| (a) | Inception date of the Fund was June 25, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
106
Horizon Digital Frontier ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 28.68 | $ | 25.28 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income (loss)(b) | 0.01 | (0.03 | ) | |||||
| Net realized and unrealized gain (loss) on investments (c) | 5.24 | 3.43 | ||||||
| Total from investment operations | 5.25 | 3.40 | ||||||
| Net asset value, end of period | $ | 33.93 | $ | 28.68 | ||||
| TOTAL RETURN (d) | 18.30 | % | 13.44 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 124,514 | $ | 59,938 | ||||
| Ratio of expenses to average net assets (e) | 0.75 | % | 0.75 | % | ||||
| Ratio of interest expense to average net assets (e) | — | % | 0.00 | %(f) | ||||
| Ratio of net investment income (loss) to average net assets (e) | 0.07 | % | (0.31 | )% | ||||
| Portfolio turnover rate (d)(g) | 57 | % | 18 | % | ||||
| (a) | Inception date of the Fund was July 9, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
107
Horizon Dividend Income ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 26.62 | $ | 24.81 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.34 | 0.25 | ||||||
| Net realized and unrealized gain (loss) on investments (c) | 3.00 | 1.62 | ||||||
| Total from investment operations | 3.34 | 1.87 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.85 | ) | (0.06 | ) | ||||
| Total distributions | (0.85 | ) | (0.06 | ) | ||||
| Net asset value, end of period | $ | 29.11 | $ | 26.62 | ||||
| TOTAL RETURN (d) | 12.69 | % | 7.57 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 185,703 | $ | 126,999 | ||||
| Ratio of expenses to average net assets (e) | 0.70 | % | 0.70 | % | ||||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | 0.00 | %(f) | ||||
| Ratio of net investment income (loss) to average net assets (e) | 2.40 | % | 2.27 | % | ||||
| Portfolio turnover rate (d)(g) | 14 | % | 13 | % | ||||
| (a) | Inception date of the Fund was June 25, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
108
Horizon Expedition Plus ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 29.11 | $ | 25.27 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.03 | (0.00 | )(c) | |||||
| Net realized and unrealized gain (loss) on investments (d) | 4.08 | 3.84 | ||||||
| Total from investment operations | 4.11 | 3.84 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.01 | ) | — | |||||
| Net realized gains | (0.18 | ) | — | |||||
| Total distributions | (0.19 | ) | — | |||||
| Net asset value, end of period | $ | 33.03 | $ | 29.11 | ||||
| TOTAL RETURN (e) | 14.15 | % | 15.22 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 155,894 | $ | 117,042 | ||||
| Ratio of expenses to average net assets (f)(g) | 0.86 | % | 0.85 | % | ||||
| Ratio of interest expense to average net assets (f)(g) | 0.00 | %(h) | 0.00 | %(h) | ||||
| Ratio of tax expenses to average net assets (f)(g) | 0.01 | % | — | % | ||||
| Ratio of expenses to average net assets excluding tax expense (f)(g) | 0.85 | % | 0.85 | % | ||||
| Ratio of net investment income (loss) to average net assets (f)(g) | 0.22 | % | (0.01 | )% | ||||
| Portfolio turnover rate (e)(i) | 18 | % | 92 | % | ||||
| (a) | Inception date of the Fund was January 22, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (e) | Not annualized for periods less than one year. |
| (f) | Annualized for periods less than one year. |
| (g) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (h) | Amount represents less than 0.005%. |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
109
Horizon Flexible Income ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 25.94 | $ | 25.05 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.77 | 0.68 | ||||||
| Net realized and unrealized gain (loss) on investments (c) | 0.05 | 0.36 | ||||||
| Total from investment operations | 0.82 | 1.04 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (1.61 | ) | (0.15 | ) | ||||
| Net realized gains | (0.12 | ) | — | |||||
| Total distributions | (1.73 | ) | (0.15 | ) | ||||
| Net asset value, end of period | $ | 25.03 | $ | 25.94 | ||||
| TOTAL RETURN (d) | 3.24 | % | 4.16 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 49,316 | $ | 33,726 | ||||
| Ratio of expenses to average net assets (e)(f) | 0.80 | % | 0.80 | % | ||||
| Ratio of interest expense to average net assets (e)(f) | 0.00 | %(g) | 0.00 | %(g) | ||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 6.09 | % | 6.57 | % | ||||
| Portfolio turnover rate (d)(h) | 2 | % | — | % | ||||
| (a) | Inception date of the Fund was July 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Amount represents less than 0.005%. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
110
Horizon International Equity ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026(a) (Unaudited) |
||||
| PER SHARE DATA: | ||||
| Net asset value, beginning of period | $ | 25.11 | ||
| INVESTMENT OPERATIONS: | ||||
| Net investment income(b) | 0.29 | |||
| Net realized and unrealized gain (loss) on investments (c) | 6.34 | |||
| Total from investment operations | 6.63 | |||
| LESS DISTRIBUTIONS FROM: | ||||
| Net investment income | (0.06 | ) | ||
| Total distributions | (0.06 | ) | ||
| Net asset value, end of period | $ | 31.68 | ||
| TOTAL RETURN (d) | 26.46 | % | ||
| SUPPLEMENTAL DATA AND RATIOS: | ||||
| Net assets, end of period (in thousands) | $ | 101,362 | ||
| Ratio of expenses to average net assets (e)(f) | 0.75 | % | ||
| Ratio of net investment income (loss) to average net assets (e)(f) | 2.12 | % | ||
| Portfolio turnover rate (d)(g) | 64 | % | ||
| (a) | Inception date of the Fund was December 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
111
Horizon International Managed Risk ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026(a) (Unaudited) |
||||
| PER SHARE DATA: | ||||
| Net asset value, beginning of period | $ | 25.11 | ||
| INVESTMENT OPERATIONS: | ||||
| Net investment income(b) | 0.27 | |||
| Net realized and unrealized gain (loss) on investments (c) | 5.88 | |||
| Total from investment operations | 6.15 | |||
| LESS DISTRIBUTIONS FROM: | ||||
| Net investment income | (0.06 | ) | ||
| Total distributions | (0.06 | ) | ||
| Net asset value, end of period | $ | 31.20 | ||
| TOTAL RETURN (d) | 24.57 | % | ||
| SUPPLEMENTAL DATA AND RATIOS: | ||||
| Net assets, end of period (in thousands) | $ | 424,357 | ||
| Ratio of expenses to average net assets (e)(f) | 0.82 | % | ||
| Ratio of net investment income (loss) to average net assets (e)(f) | 2.00 | % | ||
| Portfolio turnover rate (d)(g) | 108 | % | ||
| (a) | Inception date of the Fund was December 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
112
|
Horizon Landmark ETF FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 51.69 | $ | 50.00 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment loss(b) | (0.10 | ) | (0.17 | ) | ||||
| Net realized and unrealized gain (loss) on investments (c) | 1.04 | 1.86 | ||||||
| Total from investment operations | 0.94 | 1.69 | ||||||
| Net asset value, end of period | $ | 52.63 | $ | 51.69 | ||||
| TOTAL RETURN (d) | 1.80 | % | 3.39 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 236,287 | $ | 165,421 | ||||
| Ratio of expenses to average net assets (e) | 0.40 | % | 0.40 | % | ||||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | 0.00 | %(f) | ||||
| Ratio of net investment income (loss) to average net assets (e) | (0.38 | )% | (0.39 | )% | ||||
| Portfolio turnover rate (d)(g) | — | % | — | % | ||||
| (a) | Inception date of the Fund was January 22, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
113
Horizon Managed Risk ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 28.29 | $ | 25.00 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment income(b) | 0.08 | 0.05 | ||||||
| Net realized and unrealized gain (loss) on investments (c) | 2.63 | 3.24 | ||||||
| Total from investment operations | 2.71 | 3.29 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Net investment income | (0.05 | ) | — | |||||
| Total distributions | (0.05 | ) | — | |||||
| Net asset value, end of period | $ | 30.95 | $ | 28.29 | ||||
| TOTAL RETURN (d) | 9.61 | % | 13.14 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 471,620 | $ | 345,091 | ||||
| Ratio of expenses to average net assets (e)(f) | 0.78 | % | 0.77 | % | ||||
| Ratio of tax expenses to average net assets (e)(f) | 0.01 | % | — | % | ||||
| Ratio of expenses to average net assets excluding tax expense (e)(f) | 0.77 | % | 0.77 | % | ||||
| Ratio of net investment income (loss) to average net assets (e)(f) | 0.59 | % | 0.40 | % | ||||
| Portfolio turnover rate (d)(g) | 10 | % | 23 | % | ||||
| (a) | Inception date of the Fund was June 25, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Ratios do not include the expenses of the underlying investment companies in which the Fund invests. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
114
Horizon Nasdaq-100 Defined Risk ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026 (Unaudited) |
Period ended November 30, 2025(a) |
|||||||
| PER SHARE DATA: | ||||||||
| Net asset value, beginning of period | $ | 27.36 | $ | 25.00 | ||||
| INVESTMENT OPERATIONS: | ||||||||
| Net investment loss(b) | (0.11 | ) | (0.08 | ) | ||||
| Net realized and unrealized gain (loss) on investments (c) | 3.58 | 2.44 | ||||||
| Total from investment operations | 3.47 | 2.36 | ||||||
| LESS DISTRIBUTIONS FROM: | ||||||||
| Return of capital | (0.42 | ) | — | |||||
| Total distributions | (0.42 | ) | — | |||||
| Net asset value, end of period | $ | 30.41 | $ | 27.36 | ||||
| TOTAL RETURN (d) | 12.86 | % | 9.45 | % | ||||
| SUPPLEMENTAL DATA AND RATIOS: | ||||||||
| Net assets, end of period (in thousands) | $ | 104,917 | $ | 78,802 | ||||
| Ratio of expenses to average net assets (e) | 0.85 | % | 0.85 | % | ||||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | 0.00 | %(f) | ||||
| Ratio of net investment income (loss) to average net assets (e) | (0.82 | )% | (0.75 | )% | ||||
| Portfolio turnover rate (d)(g) | — | % | — | % | ||||
| (a) | Inception date of the Fund was July 9, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See accompanying notes to financial statements.
115
Horizon Small/Mid Cap Core Equity ETF
Financial Highlights
The table below sets forth financial data for one share of beneficial interest outstanding throughout each period.
| Period ended May 31, 2026(a) (Unaudited) |
||||
| PER SHARE DATA: | ||||
| Net asset value, beginning of period | $ | 24.91 | ||
| INVESTMENT OPERATIONS: | ||||
| Net investment income(b) | 0.08 | |||
| Net realized and unrealized gain (loss) on investments (c) | 4.19 | |||
| Total from investment operations | 4.27 | |||
| LESS DISTRIBUTIONS FROM: | ||||
| Net investment income | (0.02 | ) | ||
| Total distributions | (0.02 | ) | ||
| Net asset value, end of period | $ | 29.16 | ||
| TOTAL RETURN (d) | 17.15 | % | ||
| SUPPLEMENTAL DATA AND RATIOS: | ||||
| Net assets, end of period (in thousands) | $ | 70,564 | ||
| Ratio of expenses to average net assets (e) | 0.75 | % | ||
| Ratio of interest expense to average net assets (e) | 0.00 | %(f) | ||
| Ratio of net investment income (loss) to average net assets (e) | 0.59 | % | ||
| Portfolio turnover rate (d)(g) | 37 | % | ||
| (a) | Inception date of the Fund was December 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Amount represents less than 0.005%. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
116
Horizon Funds
Notes to Financial Statements (Unaudited)
May 31, 2026
| 1. | ORGANIZATION |
The Horizon Core Bond ETF, Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Dividend Income ETF, Horizon Expedition Plus ETF, Horizon Flexible Income ETF, Horizon International Equity ETF, Horizon International Managed Risk ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, Horizon Nasdaq-100 Defined Risk ETF, and Horizon Small/Mid Cap Core Equity ETF (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 and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). Each Fund is a diversified series of the Trust, except Horizon Digital Frontier ETF. The investment objectives of Horizon Core Bond ETF, Horizon Expedition Plus ETF and Horizon Landmark ETF are to seek total return. The investment objectives of Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon International Equity ETF, and Horizon Small/Mid Cap Core Equity ETF are to seek capital appreciation. The investment objective of Horizon Dividend Income ETF is to seek capital appreciation and current income. The investment objective of Horizon Flexible Income ETF is to seek current income. The investment objective of Horizon International Managed Risk ETF is to seek total return and limit exposure to downside risk. The investment objective of the Horizon Managed Risk ETF seeks to capture the majority of U.S. large-cap equity market returns while mitigating downside risk through a “Risk Assist®” strategy. The investment objective of Horizon Nasdaq-100 Defined Risk ETF is to seek capital appreciation and capital preservation.
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the Shares may be different from their net asset value (“NAV”). Each Fund issues and redeems Shares on a continuous basis at NAV, called “Creation Units”, which generally consist of shares listed in the table below. Creation Units are issued and redeemed primarily in-kind for securities included in a specified index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Quasar Distributors, LLC (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.
The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable
117
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
fees, if any, received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.
| Fund Name | Ticker | Commencement of Operations |
Exchange | Transaction Fees |
Creation Units | |||||||||||||||
| Horizon Core Bond ETF | BNDY | July 2, 2025 | CBOE | $ | 300 | 10,000 | ||||||||||||||
| Horizon Core Equity ETF | STOX | June 25, 2025 | CBOE | $ | 500 | 20,000 | ||||||||||||||
| Horizon Digital Frontier ETF | YNOT | July 9, 2025 | NASDAQ | $ | 300 | 10,000 | ||||||||||||||
| Horizon Dividend Income ETF | DIVN | June 25, 2025 | CBOE | $ | 500 | 10,000 | ||||||||||||||
| Horizon Expedition Plus ETF | HBTA | January 22, 2025 | NYSE | $ | 500 | 20,000 | ||||||||||||||
| Horizon Flexible Income ETF | FLXN | July 2, 2025 | CBOE | $ | 300 | 10,000 | ||||||||||||||
| Horizon International Equity ETF | FRGN | December 2, 2025 | NYSE | $ | 500 | 100,000 | ||||||||||||||
| Horizon International Managed Risk ETF | SFTX | December 2, 2025 | NYSE | $ | 500 | 100,000 | ||||||||||||||
| Horizon Landmark ETF | BENJ | January 22, 2025 | NYSE | $ | 300 | 10,000 | ||||||||||||||
| Horizon Managed Risk ETF | SFTY | June 25, 2025 | CBOE | $ | 500 | 10,000 | ||||||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | QGRD | July 9, 2025 | NASDAQ | $ | 300 | 30,000 | ||||||||||||||
| Horizon Small/Mid Cap Core Equity ETF | SMOX | December 2, 2025 | NYSE | $ | 500 | 20,000 | ||||||||||||||
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
The Funds value their investments and financial instruments at fair value as follows. In determining a Fund’s 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
118
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
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 (other than Flexible Exchange Options (“Flex 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. FLEX Options listed on an exchange (e.g., Cboe) generally are valued using a model-based price provided by the exchange at the official close of that exchange’s trading day. The close of trading for some options exchanges may occur later than the closing of the NYSE. However, on days when a trade in the FLEX Options held by the Fund occurs, the same-day market trade price will be used to value such FLEX Options in lieu of the model-based price. If there is no same-day market trade price for the FLEX Options and/or the exchange is unable to provide a model price, or if such prices are deemed by the Adviser, in its judgment, to be unreliable, the value of the FLEX Options may be priced at fair value as determined in accordance with valuation procedures approved by the Board and the requirements of the 1940 Act.
Other securities and assets for which market quotations are not readily available or for which a 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 a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2026, for the Funds’ investments measured at fair value:
| Horizon Core Bond ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 247,928,580 | $ | — | $ | — | $ | 247,928,580 | ||||||||
| Purchased Options | — | 247,135 | — | 247,135 | ||||||||||||
| Money Market Funds | 1,117,695 | — | — | 1,117,695 | ||||||||||||
| Total | $ | 249,046,275 | $ | 247,135 | $ | — | $ | 249,293,410 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (788,750 | ) | $ | — | $ | (788,750 | ) | ||||||
| Total | $ | — | $ | (788,750 | ) | $ | — | $ | (788,750 | ) | ||||||
| Horizon Core Equity ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 141,532,255 | $ | — | $ | — | $ | 141,532,255 | ||||||||
| Exchange Traded Funds | 10,426,543 | — | — | 10,426,543 | ||||||||||||
| Real Estate Investment Trusts | 2,492,282 | — | — | 2,492,282 | ||||||||||||
| Purchased Options | — | 35,665 | — | 35,665 | ||||||||||||
| Money Market Funds | 319,776 | — | — | 319,776 | ||||||||||||
| Total | $ | 154,770,856 | $ | 35,665 | $ | — | $ | 154,806,521 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (66,400 | ) | $ | — | $ | (66,400 | ) | ||||||
| Total | $ | — | $ | (66,400 | ) | $ | — | $ | (66,400 | ) | ||||||
| Horizon Digital Frontier ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 124,088,052 | $ | — | $ | — | $ | 124,088,052 | ||||||||
| Purchased Options | — | 1,275 | — | 1,275 | ||||||||||||
| Money Market Funds | 312,194 | — | — | 312,194 | ||||||||||||
| Total | $ | 124,400,246 | $ | 1,275 | $ | — | $ | 124,401,521 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (385,743 | ) | $ | — | $ | (385,743 | ) | ||||||
| Total | $ | — | $ | (385,743 | ) | $ | — | $ | (385,743 | ) | ||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Dividend Income ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 185,693,307 | $ | — | $ | — | $ | 185,693,307 | ||||||||
| Money Market Funds | 67,524 | — | — | 67,524 | ||||||||||||
| Total | $ | 185,760,831 | $ | — | $ | — | $ | 185,760,831 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (59,537 | ) | $ | — | $ | (59,537 | ) | ||||||
| Total | $ | — | $ | (59,537 | ) | $ | — | $ | (59,537 | ) | ||||||
| Horizon Expedition Plus ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 139,218,101 | $ | — | $ | — | $ | 139,218,101 | ||||||||
| Exchange Traded Funds | 13,623,766 | — | — | 13,623,766 | ||||||||||||
| Real Estate Investment Trusts | 2,186,835 | — | — | 2,186,835 | ||||||||||||
| Purchased Options | — | 409,422 | — | 409,422 | ||||||||||||
| Money Market Funds | 595,817 | — | — | 595,817 | ||||||||||||
| Total | $ | 155,624,519 | $ | 409,422 | $ | — | $ | 156,033,941 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (757,374 | ) | $ | — | $ | (757,374 | ) | ||||||
| Total | $ | — | $ | (757,374 | ) | $ | — | $ | (757,374 | ) | ||||||
| Horizon Flexible Income ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange Traded Funds | $ | 49,067,415 | $ | — | $ | — | $ | 49,067,415 | ||||||||
| Purchased Options | — | 12,190 | — | 12,190 | ||||||||||||
| Money Market Funds | 12,639 | — | — | 12,639 | ||||||||||||
| Total | $ | 49,080,054 | $ | 12,190 | $ | — | $ | 49,092,244 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (42,186 | ) | $ | — | $ | (42,186 | ) | ||||||
| Total | $ | — | $ | (42,186 | ) | $ | — | $ | (42,186 | ) | ||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon International Equity ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 98,670,978 | $ | — | $ | — | $ | 98,670,978 | ||||||||
| Exchange Traded Funds | 972,560 | — | — | 972,560 | ||||||||||||
| Preferred Stocks | 708,449 | — | — | 708,449 | ||||||||||||
| Real Estate Investment Trusts | 592,309 | — | — | 592,309 | ||||||||||||
| Money Market Funds | 27,780 | — | — | 27,780 | ||||||||||||
| Total | $ | 100,972,076 | $ | — | $ | — | $ | 100,972,076 | ||||||||
| Horizon International Managed Risk ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 413,382,515 | $ | — | $ | — | $ | 413,382,515 | ||||||||
| Exchange Traded Funds | 4,052,186 | — | — | 4,052,186 | ||||||||||||
| Preferred Stocks | 2,963,667 | — | — | 2,963,667 | ||||||||||||
| Real Estate Investment Trusts | 2,475,552 | — | — | 2,475,552 | ||||||||||||
| Total | $ | 422,873,920 | $ | — | $ | — | $ | 422,873,920 | ||||||||
| Horizon Landmark ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | — | $ | 236,244,257 | $ | — | $ | 236,244,257 | ||||||||
| Money Market Funds | 926,622 | — | — | 926,622 | ||||||||||||
| Total | $ | 926,622 | $ | 236,244,257 | $ | — | $ | 237,170,879 | ||||||||
| Horizon Managed Risk ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 430,339,906 | $ | — | $ | — | $ | 430,339,906 | ||||||||
| Exchange Traded Funds | 31,795,458 | — | — | 31,795,458 | ||||||||||||
| Real Estate Investment Trusts | 7,501,962 | — | — | 7,501,962 | ||||||||||||
| Money Market Funds | 1,462,362 | — | — | 1,462,362 | ||||||||||||
| Total | $ | 471,099,688 | $ | — | $ | — | $ | 471,099,688 | ||||||||
| Horizon Nasdaq-100 Defined Risk ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | — | $ | 104,544,884 | $ | — | $ | 104,544,884 | ||||||||
| Money Market Funds | 114,833 | — | — | 114,833 | ||||||||||||
| Total | $ | 114,833 | $ | 104,544,884 | $ | — | $ | 104,659,717 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (322,948 | ) | $ | — | $ | (322,948 | ) | ||||||
| Total | $ | — | $ | (322,948 | ) | $ | — | $ | (322,948 | ) | ||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Small/Mid Cap Core Equity ETF | ||||||||||||||||
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 64,708,322 | $ | — | $ | — | $ | 64,708,322 | ||||||||
| Real Estate Investments Trusts | 4,568,559 | — | — | 4,568,559 | ||||||||||||
| Purchased Options | — | 169,362 | — | 169,362 | ||||||||||||
| Money Market Funds | 479,372 | — | — | 479,372 | ||||||||||||
| Total | $ | 69,756,253 | $ | 169,362 | $ | — | $ | 69,925,615 | ||||||||
| Liabilities * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | — | $ | (343,741 | ) | $ | — | $ | (343,741 | ) | ||||||
| Total | $ | — | $ | (343,741 | ) | $ | — | $ | (343,741 | ) | ||||||
| * | 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 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
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
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 Funds’ options transactions include investments in FLEX Options, including both purchased and written put and call options (as further described below). FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.
Each FLEX Option contract entitles the holder thereof (i.e. the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts.
The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.
The average quarterly value outstanding of purchased and written options during the period ended May 31, 2026, were as follows:
| Horizon Core Bond ETF |
Horizon Core Equity ETF |
Horizon Digital Frontier ETF |
Horizon Dividend Income ETF |
Horizon Expedition Plus ETF |
||||||||||||||||
| Purchased Options | $ | 143,866 | $ | 139,323 | $ | 8,347 | $ | — | $ | 518,078 | ||||||||||
| Written Options | $ | 651,051 | $ | 186,424 | $ | 451,312 | $ | 31,905 | $ | 946,654 | ||||||||||
| Horizon Flexible Income ETF |
Horizon Landmark ETF |
Horizon Nasdaq-100 Defined Risk ETF |
Horizon Small/ Mid Cap Core Equity ETF |
|||||||||||||
| Purchased Options | $ | 25,474 | $ | 227,567,662 | $ | 89,782,150 | $ | 84,681 | ||||||||
| Written Options | $ | 94,643 | $ | — | $ | 322,942 | $ | 171,871 | ||||||||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of May 31, 2026:
| Location on the Statements of Assets and Liabilities | |||
| Fund | Derivatives Investment Type | Asset Derivatives | Liability Derivatives |
| Horizon Core Bond ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Core Equity ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Digital Frontier ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Dividend Income ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Expedition Plus ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Flexible Income ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Landmark ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Nasdaq-100 Defined Risk ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Small/Mid Cap Core Equity ETF | Equity Risk Contracts | Investments, at value | Written option, at value |
| Horizon Core Bond ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 247,135 | ||
| Written Options | $ | 788,750 | ||
| Horizon Core Equity ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 35,665 | ||
| Written Options | $ | 66,400 | ||
| Horizon Digital Frontier ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 1,275 | ||
| Written Options | $ | 385,743 | ||
| Horizon Dividend Income ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | — | ||
| Written Options | $ | 59,537 | ||
| Horizon Expedition Plus ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 409,422 | ||
| Written Options | $ | 757,374 | ||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Flexible Income ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 12,190 | ||
| Written Options | $ | 42,186 | ||
| Horizon Landmark ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 236,244,257 | ||
| Written Options | $ | — | ||
| Horizon Nasdaq-100 Defined Risk ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 104,544,884 | ||
| Written Options | $ | 322,948 | ||
| Horizon Small/Mid Cap Core Equity ETF | ||||
| Derivatives Investment Value | ||||
| Purchased Options | $ | 169,362 | ||
| Written Options | $ | 343,741 | ||
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended May 31, 2026:
| Derivative Investment Type | Location of Gain (Loss) on Derivatives in the Statements of Operations |
| Equity Risk contracts | Net realized gain (loss) from Investments |
| Net realized gain (loss) from written option contracts expired or closed | |
| Net change in unrealized appreciation (depreciation) on Investments | |
| Net change in unrealized appreciation (depreciation) on written options |
| Horizon Core Bond ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (2,030,935 | ) | |
| Written Options | 3,146,143 | |||
| $ | 1,115,208 | |||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | 208,547 | ||
| Written Options | (547,202 | ) | ||
| $ | (338,655 | ) | ||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Core Equity ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (1,566,963 | ) | |
| Written Options | 1,670,331 | |||
| $ | 103,368 | |||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (93,266 | ) | |
| Written Options | 166,604 | |||
| $ | 73,338 | |||
| Horizon Digital Frontier ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (129,857 | ) | |
| Written Options | (45,829 | ) | ||
| $ | (175,686 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (78,089 | ) | |
| Written Options | (81,476 | ) | ||
| $ | (159,565 | ) | ||
| Horizon Dividend Income ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | — | ||
| Written Options | (40,349 | ) | ||
| $ | (40,349 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | — | ||
| Written Options | 85,736 | |||
| $ | 85,736 | |||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Expedition Plus ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (5,391,329 | ) | |
| Written Options | 6,059,399 | |||
| $ | 668,070 | |||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | 77,603 | ||
| Written Options | (89,588 | ) | ||
| $ | (11,985 | ) | ||
| Horizon Flexible Income ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (376,790 | ) | |
| Written Options | 211,760 | |||
| $ | (165,030 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (17,903 | ) | |
| Written Options | 77,339 | |||
| $ | 59,436 | |||
| Horizon Landmark ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (25,090 | ) | |
| Written Options | (167 | ) | ||
| $ | (25,257 | ) | ||
| Changes in unrealized appreciation (depreciation) on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | 1,871,172 | ||
| Written Options | — | |||
| $ | 1,871,172 | |||
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| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Nasdaq-100 Defined Risk ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (4,809,478 | ) | |
| Written Options | (604,318 | ) | ||
| $ | (5,413,796 | ) | ||
| Changes in unrealized appreciation on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | 13,826,331 | ||
| Written Options | 196,186 | |||
| $ | 14,022,517 | |||
| Horizon Small/Mid Cap Core Equity ETF | ||||
| Realized gain (loss) on derivatives recognized in the Statements of Operations | ||||
| Derivative Investment Type | ||||
| Purchased Options | $ | (752,605 | ) | |
| Written Options | 1,217,922 | |||
| $ | 465,317 | |||
| Changes in unrealized appreciation on derivatives recognized in the Statements of Operations | ||||
| Purchased Options | $ | (188,038 | ) | |
| Written Options | 283,082 | |||
| $ | 95,044 | |||
Offsetting of Financial Assets and Derivative Liabilities
The following table presents the Funds’ liability derivatives and collateral pledged for the Funds as of May 31, 2026.
| Horizon Core Bond ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 788,750 | (1) | $ | — | $ | 788,750 | $ | (788,750 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 788,750 | $ | — | $ | 788,750 | $ | (788,750 | ) | $ | — | $ | — | |||||||||||
129
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Core Equity ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 66,400 | (1) | $ | — | $ | 66,400 | $ | (66,400 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 66,400 | $ | — | $ | 66,400 | $ | (66,400 | ) | $ | — | $ | — | |||||||||||
| Horizon Digital Frontier ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 385,743 | (1) | $ | — | $ | 385,743 | $ | (385,743 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 385,743 | $ | — | $ | 385,743 | $ | (385,743 | ) | $ | — | $ | — | |||||||||||
| Horizon Dividend Income ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 59,537 | (1) | $ | — | $ | 59,537 | $ | (59,537 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 59,537 | $ | — | $ | 59,537 | $ | (59,537 | ) | $ | — | $ | — | |||||||||||
130
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Expedition Plus ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 757,374 | (1) | $ | — | $ | 757,374 | $ | (757,374 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 757,374 | $ | — | $ | 757,374 | $ | (757,374 | ) | $ | — | $ | — | |||||||||||
| Horizon Flexible Income ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 42,186 | (1) | $ | — | $ | 42,186 | $ | (42,186 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 42,186 | $ | — | $ | 42,186 | $ | (42,186 | ) | $ | — | $ | — | |||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 322,948 | (1) | $ | — | $ | 322,948 | $ | (322,948 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 322,948 | $ | — | $ | 322,948 | $ | (322,948 | ) | $ | — | $ | — | |||||||||||
131
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| Horizon Small/Mid Cap Core Equity ETF | ||||||||||||||||||||||||
| 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 Option Contracts | $ | 343,741 | (1) | $ | — | $ | 343,741 | $ | (343,741 | )(2) | $ | — | $ | — | ||||||||||
| Total | $ | 343,741 | $ | — | $ | 343,741 | $ | (343,741 | ) | $ | — | $ | — | |||||||||||
| (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. |
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 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.
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’ 2025 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 monthly for Horizon Core Bond ETF, Horizon Dividend Income Fund, and Horizon Flexible Income Fund and annually for Horizon Core Equity ETF, Horizon Digital Frontier ETF, Horizon Expedition Plus ETF, Horizon International Equity ETF, Horizon International Managed Risk ETF, Horizon Landmark ETF, Horizon Managed Risk ETF, Horizon
132
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
Nasdaq-100 Defined Risk ETF, and Horizon Small/Mid Cap Core Equity ETF. Each are recorded on the declaration 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.
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. Under the terms of the Advisory Agreement, Horizon has agreed to pay all expenses of the Funds, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) internal expenses of pooled investment vehicles in which the Fund may invest (acquired fund fees and expenses); (iii) distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iv) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (v) any fees and expense related to the provision of securities lending services; (vi) the advisory fee payable to the Adviser hereunder; (vii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; and (viii) other extraordinary expenses (in each case as determined by a majority of the independent trustees). The internal expenses of pooled investment vehicles in which a Fund may invest (acquired fund fees and expenses) are not expenses of a Fund and are not paid by the Adviser. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:
| Fund Name | Annual Rate of Average Daily Net Assets |
|||
| Horizon Core Bond ETF | 0.65 | % | ||
| Horizon Core Equity ETF | 0.70 | % | ||
| Horizon Digital Frontier ETF | 0.75 | % | ||
| Horizon Dividend Income ETF | 0.70 | % | ||
| Horizon Expedition Plus ETF | 0.85 | % | ||
| Horizon Flexible Income ETF | 0.80 | % | ||
| Horizon International Equity ETF | 0.75 | % | ||
| Horizon International Managed Risk ETF | 0.82 | % | ||
| Horizon Landmark ETF | 0.40 | % | ||
| Horizon Managed Risk ETF | 0.77 | % | ||
| Horizon Nasdaq-100 Defined Risk ETF | 0.85 | % | ||
| Horizon Small/Mid Cap Core Equity ETF | 0.75 | % | ||
133
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
Pursuant to an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Exchange Traded Concepts, LLC (the “Sub-Adviser”), the Sub-Adviser is responsible for trading portfolio securities for each Fund, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser from its management fee, which fee is calculated and paid monthly, at an annual rate based on average daily net assets of each Fund.
Quasar Distributors, LLC (the “Distributor”), serves as the distributor in connection with the continuous offering of the Funds’ shares only in Creation Units. The Distributor will not distribute shares in amounts less than a Creation Unit and does not maintain a secondary market in shares. Currently, Horizon compensates the Distributor for services that the Distributor provides to each Fund.
U.S. Bank Global Fund Services, a subsidiary of U.S. Bancorp, serves as the Funds’ fund accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp, serves as the Funds’ custodian pursuant to a custody agreement. Under the terms of these agreements, the Adviser pays the Funds’ accounting, administrative, custody, and transfer agency fees.
| 4. | INVESTMENT TRANSACTIONS |
For the period ended May 31, 2026, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, and the in-kind transactions associated with creations and redemptions were as follows:
| Fund | Purchases | Sales | In-Kind Purchases | In-Kind Sales | ||||||||||||
| Horizon Core Bond ETF | $ | — | $ | — | $ | 142,557,413 | $ | 1,512,525 | ||||||||
| Horizon Core Equity ETF | 25,243,459 | 17,989,164 | 143,934,821 | 11,012,451 | ||||||||||||
| Horizon Digital Frontier ETF | 100,446,462 | 48,386,383 | 145,159,278 | 27,038,953 | ||||||||||||
| Horizon Dividend Income ETF | 38,047,147 | 20,599,037 | 149,264,751 | 28,513,607 | ||||||||||||
| Horizon Expedition Plus ETF | 43,760,716 | 22,821,589 | 98,860,645 | 27,815,808 | ||||||||||||
| Horizon Flexible Income ETF | 9,527,490 | 721,033 | 26,414,768 | 503,588 | ||||||||||||
| Horizon International Equity ETF | 152,174,825 | 58,593,016 | 174,226,060 | 23,439,910 | ||||||||||||
| Horizon International Managed Risk ETF | 987,449,634 | 415,731,418 | 747,465,351 | 108,790,304 | ||||||||||||
| Horizon Landmark ETF | — | — | — | — | ||||||||||||
| Horizon Managed Risk ETF | 75,756,734 | 37,167,881 | 242,178,753 | 28,845,984 | ||||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | — | — | — | — | ||||||||||||
| Horizon Small/Mid Cap Core Equity ETF | 42,380,765 | 21,294,155 | 150,758,192 | 13,755,017 | ||||||||||||
134
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
| 5. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of fund distributions paid for the period ended November 30, 2025 was as follows:
| For the period ended November 30, 2025 | ||||||||||||||||
| Fund | Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
Total | ||||||||||||
| Horizon Core Bond ETF | $ | 537,095 | $ | — | $ | — | $ | 537,095 | ||||||||
| Horizon Core Equity ETF | — | — | — | — | ||||||||||||
| Horizon Digital Frontier ETF | — | — | — | — | ||||||||||||
| Horizon Dividend Income ETF | 289,797 | — | — | 289,797 | ||||||||||||
| Horizon Expedition Plus ETF | — | — | — | — | ||||||||||||
| Horizon Flexible Income ETF | 186,687 | — | — | 186,687 | ||||||||||||
| Horizon Landmark ETF | — | — | — | — | ||||||||||||
| Horizon Managed Risk ETF | — | — | — | — | ||||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | — | — | — | — | ||||||||||||
The cost basis of investments, purchased options and options written for federal income tax purposes at November 30, 2025, 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 Core Bond ETF | $ | 180,576,294 | $ | 4,796,379 | $ | (306,305 | ) | $ | 4,490,074 | |||||||
| Horizon Core Equity ETF | 81,060,237 | 7,537,902 | (1,623,256 | ) | 5,914,646 | |||||||||||
| Horizon Digital Frontier ETF | 55,713,321 | 6,713,653 | (2,476,832 | ) | 4,236,821 | |||||||||||
| Horizon Dividend Income ETF | 121,251,563 | 8,982,089 | (3,662,708 | ) | 5,319,381 | |||||||||||
| Horizon Expedition Plus ETF | 103,109,373 | 16,438,273 | (2,696,487 | ) | 13,741,786 | |||||||||||
| Horizon Flexible Income ETF | 33,094,628 | 226,818 | (34,256 | ) | 192,562 | |||||||||||
| Horizon Landmark ETF | 164,378,359 | 1,229,798 | (134,461 | ) | 1,095,337 | |||||||||||
| Horizon Managed Risk ETF | 317,772,038 | 35,040,275 | (7,835,710 | ) | 27,204,565 | |||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | 78,601,763 | 1,501,935 | (1,199,041 | ) | 302,894 | |||||||||||
135
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
As of November 30, 2025, 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 Core Bond ETF | $ | 1,806,493 | $ | — | $ | — | $ | 4,490,074 | $ | 6,296,567 | ||||||||||
| Horizon Core Equity ETF | 97,308 | — | (861,249 | ) | 5,914,646 | 5,150,705 | ||||||||||||||
| Horizon Digital Frontier ETF | — | — | (828,509 | ) | 4,236,821 | 3,408,312 | ||||||||||||||
| Horizon Dividend Income ETF | 616,725 | — | (849,994 | ) | 5,319,381 | 5,086,112 | ||||||||||||||
| Horizon Expedition Plus ETF | 609,978 | — | — | 13,741,786 | 14,351,764 | |||||||||||||||
| Horizon Flexible Income ETF | 690,556 | — | (1 | ) | 192,562 | 883,117 | ||||||||||||||
| Horizon Landmark ETF | — | — | (235,048 | ) | 1,095,337 | 860,289 | ||||||||||||||
| Horizon Managed Risk ETF | 424,505 | — | (4,707,773 | ) | 27,204,565 | 22,921,297 | ||||||||||||||
| Horizon Nasdaq-100 Defined Risk ETF | — | — | (221,493 | ) | 302,894 | 81,401 | ||||||||||||||
The difference between book and tax basis unrealized appreciation/depreciation is attributable to mark to market on section 1256 contracts and/or the tax deferral of losses on various investments.
At November 30, 2025, Horizon Digital Frontier ETF, Horizon Landmark ETF, and Horizon Nasdaq-100 Defined Risk ETF deferred, on a tax basis, late year ordinary losses of $57,189, $235,048, and $186,389, respectively.
At November 30, 2025, 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 Core Bond ETF | $ | — | $ | — | $ | — | ||||||
| Horizon Core Equity ETF | 861,249 | — | 861,249 | |||||||||
| Horizon Digital Frontier ETF | 550,195 | 221,125 | 771,320 | |||||||||
| Horizon Dividend Income ETF | 849,994 | — | 849,994 | |||||||||
| Horizon Expedition Plus ETF | — | — | — | |||||||||
| Horizon Flexible Income ETF | — | — | — | |||||||||
| Horizon Landmark ETF | — | — | — | |||||||||
| Horizon Managed Risk ETF | 4,707,773 | — | 4,707,773 | |||||||||
| Horizon Nasdaq-100 Defined Risk ETF | 35,104 | — | 35,104 | |||||||||
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 deemed distributions on shareholder redemptions and redemptions
136
| Horizon Funds NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) May 31, 2026 |
in-kind. Each Fund may use earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. For the period ended November 30, 2025, the following table shows the reclassifications made:
| Fund | Distributable Earnings/ (Accumulated Deficit) |
Paid In Capital |
||||||
| Horizon Core Bond ETF | $ | (1,881,204 | ) | $ | 1,881,204 | |||
| Horizon Core Equity ETF | (867,526 | ) | 867,526 | |||||
| Horizon Digital Frontier ETF | (1,096,013 | ) | 1,096,013 | |||||
| Horizon Dividend Income ETF | (1,452,284 | ) | 1,452,284 | |||||
| Horizon Expedition Plus ETF | (3,650,694 | ) | 3,650,694 | |||||
| Horizon Flexible Income ETF | (188,789 | ) | 188,789 | |||||
| Horizon Landmark ETF | (1,642,029 | ) | 1,642,029 | |||||
| Horizon Managed Risk ETF | (4,706,654 | ) | 4,706,654 | |||||
| Horizon Nasdaq-100 Defined Risk ETF | (5,811,076 | ) | 5,811,076 | |||||
6. SIGNIFICANT ACCOUNTING Pronouncements
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Trust’s Treasurer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
| 7. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.
137
Horizon Funds
Additional Information (Unaudited)
May 31, 2026
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended November 30, 2025, 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 Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 100.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 100.00% |
| Horizon Expedition Plus ETF | 36.66% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 100.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2025 was as follows:
| Fund Name | Dividends Received Deduction |
| Horizon Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 0.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 100.00% |
| Horizon Expedition Plus ETF | 0.00% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 100.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |
138
Horizon Funds
Additional
Information (Unaudited) (Continued)
May 31, 2026
Foreign Tax Credit
For the year ended November 30, 2025, the following Funds 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 Core Bond ETF | $ | — | $ | — | ||||
| Horizon Core Equity ETF | — | — | ||||||
| Horizon Digital Frontier ETF | — | — | ||||||
| Horizon Dividend Income ETF | — | — | ||||||
| Horizon Expedition Plus ETF | — | — | ||||||
| Horizon Flexible Income ETF | — | — | ||||||
| Horizon Landmark ETF | — | — | ||||||
| Horizon Managed Risk ETF | — | — | ||||||
| Horizon Nasdaq-100 Defined Risk ETF | — | — | ||||||
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 Core Bond ETF | 0.00% |
| Horizon Core Equity ETF | 0.00% |
| Horizon Digital Frontier ETF | 0.00% |
| Horizon Dividend Income ETF | 0.00% |
| Horizon Expedition Plus ETF | 0.00% |
| Horizon Flexible Income ETF | 0.00% |
| Horizon Landmark ETF | 0.00% |
| Horizon Managed Risk ETF | 0.00% |
| Horizon Nasdaq-100 Defined Risk ETF | 0.00% |
139
Horizon Funds
Additional
Information (Unaudited) (Continued)
May 31, 2026
Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.
Statement Regarding Basis for Approval of Investment Advisory Contract.
This disclosure was included in the Form N-CSR for the year ended November 30, 2025.
140
PRIVACY NOTICE (Unaudited)
February 2016
| FACTS | WHAT DOES HORIZON FUNDS DO WITH YOUR PERSONAL INFORMATION? | ||
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | ||
| What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
● Social Security number and account information ● Account balance and transaction history ● Wire Transfer Instructions | ||
| How? | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Horizon Funds chooses to share; and whether you can limit this sharing. | ||
| Reasons we can share your personal information | Does Horizon Funds share? | Can you limit this sharing? | |
| For our everyday business purposes — Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No | |
| For our marketing purposes — to offer our products and services to you |
No | We don’t share | |
| For joint marketing with other financial companies | No | We don’t share | |
| For our affiliates’ everyday business purposes — information about your transactions and experiences or creditworthiness |
No | We don’t share | |
| For non-affiliates to market to you | No | We don’t share | |
| Questions? | Call 1-855-754-7932 |
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| 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. |
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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.
Not applicable as the investment advisory contract was not approved during the reporting period.
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. Not applicable. |
(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.
(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 to open-end management investment companies.
(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. Not applicable to open-end management investment companies and ETFs.
| (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 | 8/6//26 |
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 | 8/6//26 |
By (Signature and Title)* |
/s/ Stephen Terry | ||
Stephen Terry, Principal Financial Officer |
|||
| Date | 8/6//26 |
* Print the name and title of each signing officer under his or her signature.