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2026-05-31 0001643174 horizon:RealEstateInvestmentTrustsMember horizon:C000265417Member 2026-05-31 0001643174 us-gaap:MoneyMarketFundsMember horizon:C000265417Member 2026-05-31 0001643174 horizon:PurchasedOptionsMember horizon:C000265417Member 2026-05-31 0001643174 horizon:WrittenOptionsMember horizon:C000265417Member 2026-05-31 0001643174 horizon:CashampOtherMember horizon:C000265417Member 2026-05-31 iso4217:USD shares pure false N-CSRS Horizon Funds N-1A 0001643174 NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca Centre American Select Equity Fund Advisor Class DHAMX This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20251201__20260531_zoqkOSGv9uwf">semi-annual shareholder report</span> contains important information about Centre American Select Equity Fund (the "Fund") for the period of December 1, 2025 to <span id="xdx_90B_edei--DocumentPeriodEndDate_c20251201__20260531_z2XCzvlDBTWe">May 31, 2026</span>. semi-annual shareholder report 2026-05-31 You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zM5lUTqoFm3Y">https://www.horizonmutualfunds.com/case-fund</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zUbXURchg2zB">1-855-754-7932</span>. https://www.horizonmutualfunds.com/case-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zDHnpbqkCC75">$63</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zsJFScHjNdMc">1.11%</span></td> </tr></table></div> 63 0.0111 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256869Member_zXg6rgp4OG8H">$471,086,896</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256869Member_zzF316mytHU3">48</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zqZyQmOg7QB6">78%</span></td> </tr> </table> </div> 471086896 48 0.78 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zmSLxB9woKM7">34.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zlqSODALhQed">21.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--MaterialsMember_zmsVgrU2tKjO">16.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--FinancialsMember_zKE9eTmvGHW7">11.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--EnergyMember_zbkZbICvyV6N">6.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--RealEstateMember_zziNCiZa8EnI">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--HealthCareMember_zwk34oNw8Qov">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zyT7OBzoJmmZ">0.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z6svkPcfrfEM">0.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zZhkv1q342Hy">-0.6%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98C_eoef--LargestHoldingsTableTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000256869Member_zo0tRT5o1Ynq"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zuJTfYXbuerq">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_z5hsLYX1rweY">7.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nucor Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NucorCorpMember_zh7VMAcWZU45">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_z0O4uHx9O3nR">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncMember_zCqnEO6kDg6n">3.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Newmont Goldcorp Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NewmontGoldcorpCorpMember_zhvazIWOQHwa">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Air Products &amp; Chemicals, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AirProductsampChemicalsIncMember_zFrPqVGNQwuJ">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zi5X7iDVMGpA">2.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_zqRa1iicbFoJ">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rockwell Automation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--RockwellAutomationIncMember_zPBAC55oGgQI">2.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.349 0.217 0.164 0.116 0.067 0.041 0.035 0.009 0.008 -0.006 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zuJTfYXbuerq">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_z5hsLYX1rweY">7.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nucor Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NucorCorpMember_zh7VMAcWZU45">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_z0O4uHx9O3nR">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncMember_zCqnEO6kDg6n">3.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Newmont Goldcorp Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--NewmontGoldcorpCorpMember_zhvazIWOQHwa">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Air Products &amp; Chemicals, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AirProductsampChemicalsIncMember_zFrPqVGNQwuJ">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zi5X7iDVMGpA">2.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_zqRa1iicbFoJ">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rockwell Automation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256869Member__us-gaap--InvestmentTypeAxis__custom--RockwellAutomationIncMember_zPBAC55oGgQI">2.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.079 0.072 0.033 0.033 0.030 0.027 0.025 0.025 0.025 0.025 Centre American Select Equity Fund Investor Class DHANX This semi-annual shareholder report contains important information about Centre American Select Equity Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zVd1UI4OIWLj">https://www.horizonmutualfunds.com/case-fund</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zgrIELaWdxt3">1-855-754-7932</span>. https://www.horizonmutualfunds.com/case-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zHiuOukCOW0y">$54</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zcebIVO12Zxf">0.96%</span></td> </tr></table></div> 54 0.0096 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256868Member_zhdAmAU2HGwg">$471,086,896</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256868Member_z0mcYDmFM3bH">48</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zsTL5ngjBzjM">78%</span></td> </tr> </table> </div> 471086896 48 0.78 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zHIHOJdFiL6x">34.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zvFiqTGZnLMC">21.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--MaterialsMember_zABRm0gBJGSY">16.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--FinancialsMember_zGCd2iUyoeHI">11.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--EnergyMember_zgoOztAOVUnb">6.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--RealEstateMember_zSzE77huJSTy">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--HealthCareMember_zefVT0SnIyRz">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zuGzS3s2LVwA">0.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zscKo6vHKsmQ">0.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zEu6ChE7cO2w">-0.6%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_982_eoef--LargestHoldingsTableTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000256868Member_zP2m7KvJdlUB"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zrrMdTrVPuZq">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zp0D3mPdsLr4">7.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nucor Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NucorCorpMember_zC9CCRRNlpsu">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zxBXkZNh5mq7">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncMember_z9JJuOUyrNpT">3.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Newmont Goldcorp Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NewmontGoldcorpCorpMember_zxK2SYBwnTmw">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Air Products &amp; Chemicals, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AirProductsampChemicalsIncMember_zgcQzJZoMrpf">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zB326UFFo6fs">2.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_ztwKPOIV6l8A">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rockwell Automation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--RockwellAutomationIncMember_zAHQymM5WU69">2.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.349 0.217 0.164 0.116 0.067 0.041 0.035 0.009 0.008 -0.006 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NVIDIA Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NVIDIACorpMember_zrrMdTrVPuZq">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Apple, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AppleIncMember_zp0D3mPdsLr4">7.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nucor Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NucorCorpMember_zC9CCRRNlpsu">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Broadcom, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--BroadcomIncMember_zxBXkZNh5mq7">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncMember_z9JJuOUyrNpT">3.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Newmont Goldcorp Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--NewmontGoldcorpCorpMember_zxK2SYBwnTmw">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Air Products &amp; Chemicals, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AirProductsampChemicalsIncMember_zgcQzJZoMrpf">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zB326UFFo6fs">2.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Analog Devices, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--AnalogDevicesIncMember_ztwKPOIV6l8A">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rockwell Automation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256868Member__us-gaap--InvestmentTypeAxis__custom--RockwellAutomationIncMember_zAHQymM5WU69">2.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.079 0.072 0.033 0.033 0.030 0.027 0.025 0.025 0.025 0.025 Centre Global Infrastructure Fund Advisor Class DHIVX This semi-annual shareholder report contains important information about Centre Global Infrastructure Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_zAl5poMCFlzI">https://www.horizonmutualfunds.com/cgi-fund</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_z27gFLSJGZUJ">1-855-754-7932</span>. https://www.horizonmutualfunds.com/cgi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_z186VG8Uym6C">$68</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_ztfo1H6LRBdX">1.30%</span></td> </tr></table></div> 68 0.0130 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256872Member_zmojBIFKkzvl">$84,749,547</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256872Member_zHolF2PY9TNO">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_zSZBtBaGNdGy">7%</span></td> </tr> </table> </div> 84749547 51 0.07 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Industry Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Oil, Gas &amp; Consumable Fuels </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--OilGasampConsumableFuelsMember_z9HCFDvnii55">26.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Diversified Telecommunication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--DiversifiedTelecommunicationServicesMember_zbifXET0oqoa">21.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Electric Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--ElectricUtilitiesMember_zYTovLXiP2aF">16.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Wireless Telecommunication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--WirelessTelecommunicationServicesMember_zLeqJUHjq6gK">12.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Multi-Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--MultiUtilitiesMember_zWkDKIJ7VPdK">8.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Electrical Equipment </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--ElectricalEquipmentMember_zLJhoDoAvyf9">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transportation Infrastructure </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--TransportationInfrastructureMember_zUuw00HamgMn">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care Providers &amp; Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--HealthCareProvidersampServicesMember_zvlaT46SQye0">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zy7pz4AqdHkM">2.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000256872Member_zAnAmsTrog8V"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeIncMember_z3j0DqrPOkr6">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Verizon Communications, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--VerizonCommunicationsIncMember_zFSaeD46dlhH">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SoftBank Group Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--SoftBankGroupCorpMember_zgouqv4LC6Ug">5.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AT&amp;T, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--ATampTIncMember_zVZqemiaBnty">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams Cos., Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--WilliamsCosIncMember_zfRoEWqJVASa">4.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Deutsche Telekom AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--DeutscheTelekomAGMember_zlYsofVLeFhu">3.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TC Energy Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--TCEnergyCorpMember_zjiunvyvZbC3">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> HCA Healthcare, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--HCAHealthcareIncMember_zZydsxebsyW3">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Kinder Morgan, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--KinderMorganIncMember_zveyBz9YBzO2">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_znlxLDBxG2Ot">2.8%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--US_zobFEipfGKOj">52.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--CA_zYG2WBoFoiK7">13.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--JP_z7YYAzLsDJDW">9.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--DE_zdLtWn8JPfFJ">4.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--FR_zXukpHITuwId">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--ES_zk1UeGi011Te">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--GB_zhfmUWZdLswr">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--CH_zNyEeP9RLFFf">3.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__country--AU_zxca9u7uEHLg">1.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zNoOVvrfcFXX">4.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.265 0.215 0.160 0.120 0.088 0.067 0.033 0.032 0.020 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeIncMember_z3j0DqrPOkr6">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Verizon Communications, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--VerizonCommunicationsIncMember_zFSaeD46dlhH">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SoftBank Group Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--SoftBankGroupCorpMember_zgouqv4LC6Ug">5.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AT&amp;T, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--ATampTIncMember_zVZqemiaBnty">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams Cos., Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--WilliamsCosIncMember_zfRoEWqJVASa">4.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Deutsche Telekom AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--DeutscheTelekomAGMember_zlYsofVLeFhu">3.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TC Energy Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--TCEnergyCorpMember_zjiunvyvZbC3">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> HCA Healthcare, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--HCAHealthcareIncMember_zZydsxebsyW3">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Kinder Morgan, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--KinderMorganIncMember_zveyBz9YBzO2">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256872Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_znlxLDBxG2Ot">2.8%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.061 0.056 0.052 0.049 0.044 0.036 0.035 0.032 0.031 0.028 0.524 0.130 0.090 0.045 0.043 0.040 0.031 0.031 0.019 0.047 Centre Global Infrastructure Fund Investor Class DHINX This semi-annual shareholder report contains important information about Centre Global Infrastructure Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_z1W7goYijbtW">https://www.horizonmutualfunds.com/cgi-fund</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_zfVfCf0BO6eI">1-855-754-7932</span>. https://www.horizonmutualfunds.com/cgi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_z3MTv7rMQGRu">$60</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_z4zeHyxkooDV">1.15%</span></td> </tr></table></div> 60 0.0115 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256871Member_zOp6shYtoKQo">$84,749,547</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256871Member_z4o1kfqa9ryt">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_zGmp6IJPNXdc">7%</span></td> </tr> </table> </div> 84749547 51 0.07 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Industry Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Oil, Gas &amp; Consumable Fuels </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--OilGasampConsumableFuelsMember_zBSe1TriSZqr">26.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Diversified Telecommunication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--DiversifiedTelecommunicationServicesMember_zG9H7Wp97r4S">21.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Electric Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--ElectricUtilitiesMember_zjO7QMTxOodc">16.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Wireless Telecommunication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--WirelessTelecommunicationServicesMember_zTDQBSaKc9ra">12.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Multi-Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--MultiUtilitiesMember_z5m4Bmjv02rA">8.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Electrical Equipment </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--ElectricalEquipmentMember_zB4iPo5o2XQV">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transportation Infrastructure </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--TransportationInfrastructureMember_zH6JMZsOwofR">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care Providers &amp; Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--HealthCareProvidersampServicesMember_zizUhOwzdqXJ">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zoYzMyOm2YRc">2.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_984_eoef--LargestHoldingsTableTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000256871Member_zDFKi79zwn3i"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeIncMember_zjODIOnXVb71">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Verizon Communications, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--VerizonCommunicationsIncMember_zu8Mw8vjiuxC">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SoftBank Group Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--SoftBankGroupCorpMember_zWQNJ3HWcEeG">5.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AT&amp;T, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--ATampTIncMember_z3j7YxzPqCrW">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams Cos., Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--WilliamsCosIncMember_zBK2Lw0tF6Wx">4.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Deutsche Telekom AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--DeutscheTelekomAGMember_zJHOjsgaOEjK">3.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TC Energy Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--TCEnergyCorpMember_z85z1lgcVKho">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> HCA Healthcare, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--HCAHealthcareIncMember_zH7883kKOxjI">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Kinder Morgan, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--KinderMorganIncMember_zZ6mKR3IVJCw">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_zTJKRcOI8VSx">2.8%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--US_zTAEAz9XkLCQ">52.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--CA_zjcIg3OVonat">13.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--JP_zp9hu286oULy">9.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--DE_zVOEu6h7fa1o">4.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--FR_zMxohNmipOXW">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--ES_zSLGUPHjJLyZ">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--GB_z2PA03RwphOs">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--CH_zoouyhSY3hes">3.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__country--AU_zIX6uA40CXHO">1.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zM0U5KX68nz3">4.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.265 0.215 0.160 0.120 0.088 0.067 0.033 0.032 0.020 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeIncMember_zjODIOnXVb71">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Verizon Communications, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--VerizonCommunicationsIncMember_zu8Mw8vjiuxC">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SoftBank Group Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--SoftBankGroupCorpMember_zWQNJ3HWcEeG">5.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AT&amp;T, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--ATampTIncMember_z3j7YxzPqCrW">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams Cos., Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--WilliamsCosIncMember_zBK2Lw0tF6Wx">4.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Deutsche Telekom AG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--DeutscheTelekomAGMember_zJHOjsgaOEjK">3.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> TC Energy Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--TCEnergyCorpMember_z85z1lgcVKho">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> HCA Healthcare, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--HCAHealthcareIncMember_zH7883kKOxjI">3.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Kinder Morgan, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--KinderMorganIncMember_zZ6mKR3IVJCw">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256871Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_zTJKRcOI8VSx">2.8%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.061 0.056 0.052 0.049 0.044 0.036 0.035 0.032 0.031 0.028 0.524 0.130 0.090 0.045 0.043 0.040 0.031 0.031 0.019 0.047 Horizon Active Asset Allocation Fund Investor Class AAANX This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159079Member_zfhYkNrIpufz">https://www.horizonmutualfunds.com/aaa-fund</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159079Member_z2IUz5kYz4GS">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aaa-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159079Member_zkdw6UUU7O7T">$62</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159079Member_z1fWv9ndcBFg">1.16%</span></td> </tr></table></div> 62 0.0116 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159079Member_z8wmO800igmT">$781,532,338</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159079Member_zoLUvwyojlBB">86</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159079Member_zsuSjUDBDfGX">36%</span></td> </tr> </table> </div> 781532338 86 0.36 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z3NPKQLV6qe6">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_znoS63ciw9No">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zZaDLSd3KsSL">2.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zLaSOe3wIvO1">1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--MaterialsMember_zvfuCQ85cyRP">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--HealthCareMember_zJFcQP8AHcV8">0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zuOq6u9GHXu0">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--FinancialsMember_zVVbESFqYq05">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zTeYn4ooYJ9O">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zK8JbudnM1Kp">81.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--US_zkCs7DbQ8aqF">114.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--JP_zoGkGavI96Jj">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--CA_z2WemBA5AMgY">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--CN_zU5Sa2640LMR">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--TW_zZpT3vjimSYj">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--DE_zfiZ5n9LLgfJ">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--HK_zDRYILzUo8yZ">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--AU_zN0KIopKNQfe">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__country--NL_z6SmW2cg30eM">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zoikX1UPXNhC">-15.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zOFR7yy9WO7u">81.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z2b0kNtzDSdC">19.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zv8qMaB0xaMM">15.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zDNXMGIs6OuP">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zy4RTzg1HJUK">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zrnfNDAy22Oa">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159079Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zRUaYemzkueS">-16.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.104 0.024 0.022 0.019 0.007 0.005 0.004 0.003 0.001 0.811 1.141 0.004 0.003 0.003 0.002 0.001 0.001 0.001 0.001 -0.157 0.811 0.190 0.159 0.001 0.001 -0.001 -0.161 Horizon Active Asset Allocation Fund Advisor Class HASAX This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159077Member_zbOnoOm4yxS5">https://www.horizonmutualfunds.com/aaa-fund</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159077Member_z7nONaOvfPsI">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aaa-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159077Member_zYq1Luus50B4">$70</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159077Member_z3VZX6824bUs">1.31%</span></td> </tr></table></div> 70 0.0131 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159077Member_zqXgf4YdIM3U">$781,532,338</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159077Member_zCQPsc1rO47w">86</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159077Member_za6Gr2o4iZro">36%</span></td> </tr> </table> </div> 781532338 86 0.36 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zDIQVvHQnhRz">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z39ooFoOzWDw">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zAiMVESGwPFA">2.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zrmZ2yI2DLjF">1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--MaterialsMember_zoxJ1pWyyUtn">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--HealthCareMember_zM6GSoEn6OoM">0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zuPZGdyfbaSf">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--FinancialsMember_zwjMsB5J2R3Y">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zOllTGv7VyzU">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--IndustrySectorAxis__custom--CashampOtherMember_z3b0Pw73JS1L">81.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--US_zFRMrT5OfonK">114.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--JP_z8lRcOmvuFfw">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--CA_zJfHi9fG59BQ">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--CN_zij541W2OR8r">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--TW_zgSRPcTSWxav">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--DE_z3x4qdmmccOl">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--HK_zY7Ua6RWioz0">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--AU_zsMXMD8bu0TO">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__country--NL_ziuTfXJcOUTw">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__oef--GeographicRegionAxis__custom--CashampOtherMember_z1IWYcDo8xZT">-15.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_z8rJRdlyCUTE">81.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zM4cqKicQUO9">19.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_z7ojWJGoPGV2">15.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_z1CP5Ppkvqo4">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zX3BScxYjtDG">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zL2HW32Qrh3x">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159077Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zTR9JxVtWJIk">-16.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.104 0.024 0.022 0.019 0.007 0.005 0.004 0.003 0.001 0.811 1.141 0.004 0.003 0.003 0.002 0.001 0.001 0.001 0.001 -0.157 0.811 0.190 0.159 0.001 0.001 -0.001 -0.161 Horizon Active Asset Allocation Fund Institutional Class HASIX This semi-annual shareholder report contains important information about Horizon Active Asset Allocation Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159078Member_zvfMaHPr5weg">https://www.horizonmutualfunds.com/aaa-fund</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159078Member_z3WcpU2bjACb">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aaa-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159078Member_z3CMPVBZDIQA">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159078Member_zrXveEdnwxuP">1.06%</span></td> </tr></table></div> 56 0.0106 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159078Member_zbUx79l9q7ku">$781,532,338</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159078Member_zsMMAJmv8a6A">86</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159078Member_zVWabi9rKCvL">36%</span></td> </tr> </table> </div> 781532338 86 0.36 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zvcsDSuWMYCO">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zMoVgIe7OVFO">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zViZA95ZYF24">2.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zgrK4VceVOle">1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--MaterialsMember_zBF1xHdf8aUS">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--HealthCareMember_zVdIVUOkLIg8">0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zCL2XyBc3zJo">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--FinancialsMember_zd870hmi0J8D">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zhk8pcHoWP68">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zo2NLc8f98I0">81.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--US_zB2TqVKdYfFN">114.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--JP_zuZozwoXbPoU">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--CA_zIHojF1HGuh7">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--CN_zmZX5oe2OWph">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--TW_zgl7cF1pOl1r">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--DE_zwG0WBFXVXQP">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--HK_zMhV3OoWoEx4">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--AU_zdOBcSsVhaeD">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__country--NL_zWo5vJCEXm7a">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zoPkTc6Mzzpb">-15.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zUvaN22GGuq5">81.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zomPjZ7zAYJB">19.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_z3Qme4gEoSwp">15.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zIb22uEDMTvW">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_z2kRICQXxfTr">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_z30P0BUG48O3">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159078Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z4IborBKnSj2">-16.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.104 0.024 0.022 0.019 0.007 0.005 0.004 0.003 0.001 0.811 1.141 0.004 0.003 0.003 0.002 0.001 0.001 0.001 0.001 -0.157 0.811 0.190 0.159 0.001 0.001 -0.001 -0.161 Horizon Active Income Fund Investor Class AIMNX This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159085Member_zFjyzRBlQXGv">https://www.horizonmutualfunds.com/aim-fund</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159085Member_zEhDk7Du3Mk3">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aim-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159085Member_zjLKQQxy8ouw">$47</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159085Member_zmpfogvBMBmg">0.94%</span></td> </tr></table></div> 47 0.0094 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159085Member_z5nWI6lbhiCk">$291,154,092</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159085Member_z3k36aMEbm0C">12</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159085Member_zZs3JT1fjXlp">20%</span></td> </tr> </table> </div> 291154092 12 0.20 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159085Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zESJYFiFOSaM">99.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159085Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zyL7Y4MntuOX">3.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159085Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zanySOARcN84">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159085Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zC1J4UErlm23">-3.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.998 0.030 0.004 -0.032 Horizon Active Income Fund Advisor Class AIHAX This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159083Member_zC0aodmwJacM">https://www.horizonmutualfunds.com/aim-fund</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159083Member_zQou9acv3O6j">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aim-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159083Member_zuotYGwMllkd">$55</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159083Member_zHwNNhQeog3O">1.10%</span></td> </tr></table></div> 55 0.0110 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159083Member_zdmASKVe1fKf">$291,154,092</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159083Member_zhszIMLRblwC">12</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159083Member_zqxvOe68miQ4">20%</span></td> </tr> </table> </div> 291154092 12 0.20 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159083Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zWNGxSJp0q7l">99.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159083Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zLsMOoq5HRmN">3.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159083Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_z6E4wtoQahEr">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159083Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zd4BDHkc66ik">-3.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.998 0.030 0.004 -0.032 Horizon Active Income Fund Institutional Class AIRIX This semi-annual shareholder report contains important information about Horizon Active Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159084Member_zTW5DTCxpkb5">https://www.horizonmutualfunds.com/aim-fund</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159084Member_zIyck6vJ8dIK">1-855-754-7932</span>. https://www.horizonmutualfunds.com/aim-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159084Member_zOevnbST97Y7">$42</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159084Member_zTJ9C9MgLcSd">0.84%</span></td> </tr></table></div> 42 0.0084 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159084Member_zLnN1g7424Zy">$291,154,092</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159084Member_zFDDJfKOZts5">12</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159084Member_zyjy1fkwNE8X">20%</span></td> </tr> </table> </div> 291154092 12 0.20 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159084Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zNl6R6ldkAh8">99.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159084Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zE0tNYnqPxyz">3.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159084Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zw6USfOZHRMG">0.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159084Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zY0acejZWp58">-3.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.998 0.030 0.004 -0.032 Horizon Active Risk Assist Fund Investor Class ARANX This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159082Member_zraVV38WcV2q">https://www.horizonmutualfunds.com/ara-fund</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159082Member_zlF7H5EtiS4y">1-855-754-7932</span>. https://www.horizonmutualfunds.com/ara-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159082Member_zyq2dfE4qROs">$61</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159082Member_zme2OxsaOeD5">1.16%</span></td> </tr></table></div> 61 0.0116 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159082Member_z20FSfWU76yL">$1,597,025,378</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159082Member_zhfUZo9QS0A1">121</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159082Member_zf287GkRLyZu">21%</span></td> </tr> </table> </div> 1597025378 121 0.21 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zrbGvwWQ6C8o">7.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zOK4Jp2zKaY6">1.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zNMjmqOJqrpY">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--IndustrialsMember_ztctO19OOAt1">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--MaterialsMember_zkFboc7kkBcB">0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--HealthCareMember_z7TloykhSD66">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zTDsDPwxk4DN">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--FinancialsMember_zrOy4fJ5E4UE">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Finance and Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--FinanceandInsuranceMember_zr6FViOjimdL">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zQxmXsSRf25M">86.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--US_zcodU268USpK">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--JP_z5C7BcBhi9O0">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--CN_z2LrydODA1Me">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--CA_z1NY37w6ZDo5">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--TW_zRKsYTMbfgWd">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--DE_z10HyNXcVjOo">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--HK_zO9rqjd940lR">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--AU_zQ9zGmOB2jBs">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__country--NL_z0aq12gcsws9">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zBuRFGxJisKl">-0.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zeocwSE9c9fR">85.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zYEuIbw7I78o">13.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zMUT7ZOdiKlw">0.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zK2YGuWD9ioa">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zFcs7L4V478Q">0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_z7vqRslYvHYx">-0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159082Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zAjvnvZYAvo3">-1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.074 0.017 0.015 0.014 0.005 0.004 0.003 0.002 0.001 0.865 0.996 0.003 0.002 0.001 0.001 0.001 0.001 0.001 0.001 -0.007 0.857 0.136 0.008 0.007 0.006 -0.003 -0.011 Horizon Active Risk Assist Fund Advisor Class ARAAX This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159080Member_ztddFWm4Jgbd">https://www.horizonmutualfunds.com/ara-fund</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159080Member_zv2CoGQlRO1t">1-855-754-7932</span>. https://www.horizonmutualfunds.com/ara-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159080Member_zjGC1igqEkhC">$69</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159080Member_zKMt7ry9HxsU">1.31%</span></td> </tr></table></div> 69 0.0131 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159080Member_zRPU4OBRVMmg">$1,597,025,378</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159080Member_zRoiao1OHjYK">121</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159080Member_zLgz0BmdZyh4">21%</span></td> </tr> </table> </div> 1597025378 121 0.21 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_znPu09cv5ZhH">7.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zxrMaKinnCUe">1.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zIJxOG6ybeOl">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zLPnp0hoOANH">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--MaterialsMember_zrMpAlgo5Y1r">0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--HealthCareMember_zTQOV5xGNLka">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_ztUiSPnU9b7R">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--FinancialsMember_zfY8FCoNY48B">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Finance and Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--FinanceandInsuranceMember_zX3NSOcqToTW">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zvwlRVmkAJmo">86.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--US_zEBBVQ5BXDqn">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--JP_zV7U0bkoas6g">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--CN_zKcoiG3TSj7G">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--CA_zQmbqOvjAgo1">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--TW_zh9X3px19VGm">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--DE_zkBmxnq1jgYu">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--HK_zxFqLFPEc0XL">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--AU_zFoZ9gk78Aki">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__country--NL_zwTX9ngFVTlL">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zoCCdnhVLB8d">-0.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zo0zywquOx0w">85.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zQehOztvIoO2">13.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zeOjzHzX9JK3">0.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zF1jTCvEM7mb">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zlDFCI8wMTu8">0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zSptBxiu6Uek">-0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159080Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zZ2eLVSZeVKY">-1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.074 0.017 0.015 0.014 0.005 0.004 0.003 0.002 0.001 0.865 0.996 0.003 0.002 0.001 0.001 0.001 0.001 0.001 0.001 -0.007 0.857 0.136 0.008 0.007 0.006 -0.003 -0.011 Horizon Active Risk Assist Fund Institutional Class ACRIX This semi-annual shareholder report contains important information about Horizon Active Risk Assist Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000159081Member_zARSdOa6L5FM">https://www.horizonmutualfunds.com/ara-fund</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000159081Member_zRNfssy63zFo">1-855-754-7932</span>. https://www.horizonmutualfunds.com/ara-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Institutional Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000159081Member_zS2A1mcIfoxt">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000159081Member_zfrWNgE4Lv00">1.06%</span></td> </tr></table></div> 56 0.0106 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000159081Member_zGk4XRqzmZJl">$1,597,025,378</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000159081Member_zaJyAHji9zVq">121</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000159081Member_zptr9oFXnBOy">21%</span></td> </tr> </table> </div> 1597025378 121 0.21 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zS8QIfEEWUFF">7.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zCv284E6BKsZ">1.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zwSY6awNbfuO">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zlMsoLgajOAn">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--MaterialsMember_zMZ3oP2LSHoA">0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--HealthCareMember_zVsQTOAtxhmR">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z5R3TUQ667OE">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--FinancialsMember_zme1esDYeJng">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Finance and Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--FinanceandInsuranceMember_zm6XO511vQQB">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zvcjODPS1LHw">86.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--US_zNRQJIdGdVP5">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--JP_z7Uo2MAOmsZS">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--CN_zvGsjjeOphka">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--CA_z8EvoZPRGXsn">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--TW_zUqoremTFol4">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--DE_zOuKtPX7MyhN">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Hong Kong </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--HK_zTG3AzhfIfJ0">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Australia </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--AU_zxbhxKl7L5Lz">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__country--NL_zqOLnHwv76VI">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zFFGCgCGLqCD">-0.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zSr0ce5DDsbP">85.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zowxeOZ44oy1">13.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zLWFamWbcOP4">0.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zoaCfmm2GpaY">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zY6OopOYWKXW">0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zd5Dw4aztO4R">-0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000159081Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zX6v8lgMdj4Z">-1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.074 0.017 0.015 0.014 0.005 0.004 0.003 0.002 0.001 0.865 0.996 0.003 0.002 0.001 0.001 0.001 0.001 0.001 0.001 -0.007 0.857 0.136 0.008 0.007 0.006 -0.003 -0.011 Horizon Defensive Core Fund Investor Class HESGX This semi-annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zyILGUn2zweu">https://www.horizonmutualfunds.com/defc-fund</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zuzNiAHGVSkI">1-855-754-7932</span>. https://www.horizonmutualfunds.com/defc-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zKyXQ1DoH7sO">$47</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zTUo2WdHmQVE">0.91%</span></td> </tr></table></div> 47 0.0091 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000212785Member_znGifxr81uk8">$530,762,674</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000212785Member_zNLSgK416475">300</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_znSF0Yppo6bi">7%</span></td> </tr> </table> </div> 530762674 300 0.07 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z9YgZWNudKcr">34.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--FinancialsMember_zVvISQYmkQsK">9.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zbKNypYpSmy2">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zuantZC6G3jM">8.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--HealthCareMember_z9jRhq3SG4dm">8.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zZdoHwFdvfMX">6.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z6o81OV496c9">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--EnergyMember_zo6rblJuLEVi">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zWccZoXfYWCL">2.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zJaNc03sjari">12.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zQ31kDIhbMRg">89.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zlr5oMkDeUIz">8.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zzgMqjJoRJlZ">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zmkEUkMjKLmw">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212785Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zFER6pmTzRWR">0.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.342 0.091 0.089 0.087 0.082 0.062 0.061 0.033 0.026 0.127 0.894 0.088 0.016 0.002 0.000 <div class="section-header"><strong>How has the Fund changed over the past year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90F_eoef--MaterialFundChngStrategiesTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zpQcYtbx93no">On <span id="xdx_907_eoef--MaterialChngDate_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zjgUQYxTYVmS">May 15, 2026</span>, the Fund filed an amendment to its registration statement (which became effective on July 10, 2026) to allow the Fund to use options as a part of its principal investment strategy.</span></p></div> On <span id="xdx_907_eoef--MaterialChngDate_c20251201__20260531__oef--ClassAxis__custom--C000212785Member_zjgUQYxTYVmS">May 15, 2026</span>, the Fund filed an amendment to its registration statement (which became effective on July 10, 2026) to allow the Fund to use options as a part of its principal investment strategy. 2026-05-15 Horizon Defensive Core Fund Advisor Class HESAX This semi-annual shareholder report contains important information about Horizon Defensive Core Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zk71RwRrzysq">https://www.horizonmutualfunds.com/defc-fund</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_z1NXBHUrYNoQ">1-855-754-7932</span>. https://www.horizonmutualfunds.com/defc-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zOcymZ4oSKdu">$55</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zUaShLbpYaLH">1.06%</span></td> </tr></table></div> 55 0.0106 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000212787Member_zBh35zZuvUAa">$530,762,674</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000212787Member_zJFISaYk5vmy">300</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zohIxGXxeQl6">7%</span></td> </tr> </table> </div> 530762674 300 0.07 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zdsYHRbNItE2">34.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--FinancialsMember_z22XwdGvTI8s">9.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zj1wO9RV0DGN">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zw7yLOkCedy6">8.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--HealthCareMember_zV1U48SbUDlN">8.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zgfve6xR2cz4">6.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zZT0de6YFhGA">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--EnergyMember_z58JXGbelIS6">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zi9atHyh3nYO">2.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zcfIRORHW4OL">12.7%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zlwjPu4LHhiU">89.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zxIDMeIM80Pe">8.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zTr6KtQXcR6O">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zgOgQUaN6uXm">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212787Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zDnSEFfexJlI">0.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.342 0.091 0.089 0.087 0.082 0.062 0.061 0.033 0.026 0.127 0.894 0.088 0.016 0.002 0.000 <div class="section-header"><strong>How has the Fund changed over the past year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90D_eoef--MaterialFundChngStrategiesTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_z0BIaaeekzAn">On <span id="xdx_90A_eoef--MaterialChngDate_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zp6b1UTo8Yis">May 15, 2026</span>, the Fund filed an amendment to its registration statement (which became effective on July 10, 2026) to allow the Fund to use options as a part of its principal investment strategy.</span></p></div> On <span id="xdx_90A_eoef--MaterialChngDate_c20251201__20260531__oef--ClassAxis__custom--C000212787Member_zp6b1UTo8Yis">May 15, 2026</span>, the Fund filed an amendment to its registration statement (which became effective on July 10, 2026) to allow the Fund to use options as a part of its principal investment strategy. 2026-05-15 Horizon Defined Risk Fund Investor Class HNDRX This semi-annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000173473Member_zW6HAPR8SoJ0">https://www.horizonmutualfunds.com/def-fund</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000173473Member_zhIqxypOfEfZ">1-855-754-7932</span>. https://www.horizonmutualfunds.com/def-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000173473Member_zViOq1guo7Ef">$51</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000173473Member_z66DjP3uF0Sa">1.00%</span></td> </tr></table></div> 51 0.0100 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000173473Member_zVLEP8SK9GWH">$1,065,109,109</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000173473Member_z3ynD2L2m7BO">518</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000173473Member_zWXKqIpmUKYU">1%</span></td> </tr> </table> </div> 1065109109 518 0.01 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zdfX6DGKIYM5">37.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--FinancialsMember_zDjFCe1y3nLO">11.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zDZrqamXEgho">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z3S1nGn0Owv3">8.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--HealthCareMember_zpJWwZdmTSM7">8.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zJZTwIEk24qb">8.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zkBAvpk6TWQz">4.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--EnergyMember_zqZv4VdSvQiz">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--UtilitiesMember_ziXbbBgl6oYm">2.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zhqeo2ZyJF0G">6.9%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zTZSVDF1I6WO">95.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zjGqgC87m3OX">6.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zPepm9GuMLtG">1.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_z1bpbZirosH6">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zRgXH6aP07Ai">0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_z3BR9snlGC8t">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Rights </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--RightsMember_zHnE2San3OOZ">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zVTHXMueW7hQ">-4.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173473Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zrC9gx8QLsg6">0.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.371 0.118 0.089 0.086 0.085 0.081 0.047 0.033 0.021 0.069 0.951 0.064 0.017 0.007 0.005 0.001 0.000 -0.046 0.001 Horizon Defined Risk Fund Advisor Class HADRX This semi-annual shareholder report contains important information about Horizon Defined Risk Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000182200Member_zoJJB7Xhetz0">https://www.horizonmutualfunds.com/def-fund</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000182200Member_zzOf2KuBT5SF">1-855-754-7932</span>. https://www.horizonmutualfunds.com/def-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000182200Member_zoqLYHmLKgBg">$60</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000182200Member_zqXU6lbntzPj">1.18%</span></td> </tr></table></div> 60 0.0118 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000182200Member_z2koCJYaBYmJ">$1,065,109,109</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000182200Member_zPPdfO5tOOcq">518</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000182200Member_zk1EG1iEOqcb">1%</span></td> </tr> </table> </div> 1065109109 518 0.01 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zqouV95PtfMC">37.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--FinancialsMember_zoGv7ar1TL88">11.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zPSKYErENgic">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zSG2NoeOFTQJ">8.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--HealthCareMember_z9qRzcQLHvm8">8.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zFW98JAgjA7e">8.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zEMb0sxNy9bF">4.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--EnergyMember_zSVurdY5OSpF">3.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zIaanrkfXMOM">2.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zRngnub4puxi">6.9%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zH8lU86r8qnp">95.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zAMtLonFOaPJ">6.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zjb9ZOh3wEnJ">1.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zAlLUqEQpy21">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zlOSEkPnfcZQ">0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_z6fMrqjwOqPi">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Rights </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--RightsMember_ziOJBUwTliU8">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zTOaER6b4F8W">-4.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182200Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zpvDOf3Gydms">0.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.371 0.118 0.089 0.086 0.085 0.081 0.047 0.033 0.021 0.069 0.951 0.064 0.017 0.007 0.005 0.001 0.000 -0.046 0.001 Horizon Equity Premium Income Fund Investor Class HNDDX This semi-annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000173471Member_zuuk64CrsjPa">https://www.horizonmutualfunds.com/epi-fund</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000173471Member_zlliJOgO64Wm">1-855-754-7932</span>. https://www.horizonmutualfunds.com/epi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000173471Member_zvh4ib7WONni">$54</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000173471Member_zLF2lFj0wNFu">1.04%</span></td> </tr></table></div> 54 0.0104 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000173471Member_zR68wvdBY63n">$170,467,355</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000173471Member_zoMc4aqhZJ5x">206</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000173471Member_zB5CBU8czVoT">5%</span></td> </tr> </table> </div> 170467355 206 0.05 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zFSis2onZF5Z">36.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--FinancialsMember_z8e7P1fX8Cuk">13.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zEWtYyMG9WQJ">10.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--HealthCareMember_zw0hGCqrPWIt">9.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zTy7ehfTX0cJ">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z8OAoSs2eTqH">7.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zm3EvEIN8gf4">5.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--EnergyMember_zOfow8oLOWfe">3.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zABqOUiyNTpt">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__oef--IndustrySectorAxis__custom--CashampOtherMember_z58pqrPXd683">2.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_ziaf1KopWOob">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zPYpxZVESFz2">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zcbkonhcT1y7">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_z5ar4xfxzo9H">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000173471Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zdOiBoFX8rv2">0.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.365 0.131 0.105 0.096 0.089 0.074 0.059 0.035 0.025 0.021 0.996 0.003 0.000 -0.001 0.002 Horizon Equity Premium Income Fund Advisor Class HADUX This semi-annual shareholder report contains important information about Horizon Equity Premium Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000182199Member_zZzyC1YXwzGZ">https://www.horizonmutualfunds.com/epi-fund</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000182199Member_zQ1mzL8AbEOQ">1-855-754-7932</span>. https://www.horizonmutualfunds.com/epi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000182199Member_zUo9dqf1coSD">$63</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000182199Member_zpFLU8sZcPog">1.20%</span></td> </tr></table></div> 63 0.0120 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000182199Member_zr7rN1TvKgOm">$170,467,355</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000182199Member_zOSoen5or3Xh">206</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000182199Member_zlvnyholOMnB">5%</span></td> </tr> </table> </div> 170467355 206 0.05 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zQxp0neqGloq">36.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--FinancialsMember_zpNGkHtmX9KK">13.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zJdCIAMHxzUw">10.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--HealthCareMember_zmmkO4CdWD0e">9.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zGvjZHTrWtvx">8.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zjaYPOEOR3fP">7.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zdNmYLkKwErw">5.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--EnergyMember_z5yCpYkVdS1q">3.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zWw7s57csYwo">2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__oef--IndustrySectorAxis__custom--CashampOtherMember_z9Xo8sH2VIUM">2.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zLA7Qid3ObJj">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zJ7nZUTt4ZkX">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_z3aHpdYxRoPD">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zf7z7bn6yQQb">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000182199Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zZ2uLrUB8gIJ">0.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.365 0.131 0.105 0.096 0.089 0.074 0.059 0.035 0.025 0.021 0.996 0.003 0.000 -0.001 0.002 Horizon Multi-Factor Small/Mid Cap Fund Investor Class HSMNX This semi-annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000240165Member_zMBBjo3P7e1V">https://www.horizonmutualfunds.com/smid-fund</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000240165Member_z02q5fV8pTr8">1-855-754-7932</span>. https://www.horizonmutualfunds.com/smid-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000240165Member_zFF120FoR3LR">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000240165Member_zatu3sW9oIka">1.06%</span></td> </tr></table></div> 56 0.0106 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000240165Member_z3LGeIOjQONd">$749,346,028</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000240165Member_zam0bicJ2P6i">297</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000240165Member_zOF9gHirXYtu">114%</span></td> </tr> </table> </div> 749346028 297 1.14 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--FinancialsMember_z7g193uLPOG7">22.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zL4W3OrqXaGF">20.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z8EKtNayF04x">11.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z4OwLUibpilk">10.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--HealthCareMember_zf5HDlwoVUQu">9.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--EnergyMember_zYBVYKFOeGPc">8.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--RealEstateMember_z9OysIpYWwiG">5.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--MaterialsMember_zu7okm4COqeH">3.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_ze6NP4llEKEk">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zImzhyo9F0cL">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zT4Tz2O56wLJ">94.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zwELz39xjhzB">5.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zMozTHh6uHZY">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240165Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zlICfjMTyhB5">0.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.228 0.200 0.116 0.103 0.097 0.087 0.057 0.037 0.033 0.042 0.947 0.051 0.002 0.000 Horizon Multi-Factor Small/Mid Cap Fund Advisor Class HSMBX This semi-annual shareholder report contains important information about Horizon Multi-Factor Small/Mid Cap Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000240166Member_zXDXLa31iMBZ">https://www.horizonmutualfunds.com/smid-fund</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000240166Member_zDGyAFQXvmf7">1-855-754-7932</span>. https://www.horizonmutualfunds.com/smid-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000240166Member_znUcofrqcALl">$66</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000240166Member_zWXVjeyvq9GL">1.24%</span></td> </tr></table></div> 66 0.0124 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000240166Member_zMs6eouoNKaZ">$749,346,028</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000240166Member_z9oDaCLl8XuP">297</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000240166Member_zHYIOP66wf86">114%</span></td> </tr> </table> </div> 749346028 297 1.14 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--FinancialsMember_zJ2qU9yYLIzU">22.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zayDpdaPZpGl">20.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_znpoVo1BBAps">11.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zHACyku71orC">10.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--HealthCareMember_zRzO4jPqd4VS">9.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--EnergyMember_zaSRUdF0KcqC">8.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--RealEstateMember_z3lAPJhoNeQk">5.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--MaterialsMember_z6LUqBD3gbok">3.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zYuC4dU2q1VC">3.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zq3uITqTDKUt">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zFIqkwhCs3kL">94.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zKUtphw8AA6w">5.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zsJ2M6POpN53">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240166Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zohABF36lT1q">0.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.228 0.200 0.116 0.103 0.097 0.087 0.057 0.037 0.033 0.042 0.947 0.051 0.002 0.000 Horizon Multi-Factor U.S. Equity Fund Investor Class USRAX This semi-annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000212789Member_zc4oPiYouFfI">https://www.horizonmutualfunds.com/mfue-fund</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000212789Member_zuswHywmkeAv">1-855-754-7932</span>. https://www.horizonmutualfunds.com/mfue-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000212789Member_zWfh7LzbyN6z">$52</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000212789Member_zxrMutwaO7UF">1.00%</span></td> </tr></table></div> 52 0.0100 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000212789Member_zXVLODBI8aDJ">$777,908,650</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000212789Member_zSEFhvJHARF1">159</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000212789Member_zVERHLWRf7ES">33%</span></td> </tr> </table> </div> 777908650 159 0.33 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zXo4pXEP55NK">32.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--FinancialsMember_zByR5YSdQoww">12.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--HealthCareMember_zXGmxZ1D9GqO">11.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zFSCTHMtOBGo">10.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zyKywOXSbEWR">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--EnergyMember_zdouqB13RYMD">6.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z2t2w0OkgITt">6.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zKEaPnVYbCrU">5.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--MaterialsMember_zo6NHt26Kvso">2.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zLwQBWH0O69g">5.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zKOYxoIHVOGH">97.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zUrLVHzRcQ2s">2.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zqHFoSZrmZAi">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212789Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zkeiEFEkugCW">0.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.321 0.122 0.113 0.108 0.076 0.069 0.060 0.051 0.029 0.051 0.970 0.026 0.003 0.001 Horizon Multi-Factor U.S. Equity Fund Advisor Class USRTX This semi-annual shareholder report contains important information about Horizon Multi-Factor U.S. Equity Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000212790Member_zfg7NDcZImOA">https://www.horizonmutualfunds.com/mfue-fund</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000212790Member_zEfOwcQAOOcX">1-855-754-7932</span>. https://www.horizonmutualfunds.com/mfue-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000212790Member_zTaxOE2Ed18s">$60</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000212790Member_zZqtG4CcNFrx">1.15%</span></td> </tr></table></div> 60 0.0115 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000212790Member_zaarr4FUluBK">$777,908,650</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000212790Member_zj4RYOkztsYD">159</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000212790Member_zIMArcUsh3gk">33%</span></td> </tr> </table> </div> 777908650 159 0.33 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zWjJWNe7BlBZ">32.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--FinancialsMember_zL8NJbf3YpTv">12.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--HealthCareMember_zpUazF4AxX7L">11.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z1jdlEB2b3jt">10.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z2jzhrhcJChq">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--EnergyMember_zr42oTvIOxRn">6.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zemdxduzIIKA">6.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zBsYc20RaKHF">5.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--MaterialsMember_zDyyOgIpEos7">2.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__oef--IndustrySectorAxis__custom--CashampOtherMember_z7nq5MkOXM7x">5.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zOtSiOLvoAvO">97.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zvKoYKUIGFIG">2.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zHkXv630vxgy">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000212790Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zm4rK7ZW3e7c">0.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.321 0.122 0.113 0.108 0.076 0.069 0.060 0.051 0.029 0.051 0.970 0.026 0.003 0.001 Horizon Tactical Fixed Income Fund Investor Class HTFNX This semi-annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000240162Member_zDOdBsEzwPdu">https://www.horizonmutualfunds.com/tfi-fund</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000240162Member_zhDWViOm5jSb">1-855-754-7932</span>. https://www.horizonmutualfunds.com/tfi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000240162Member_zv3Zv7rQUArh">$39</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000240162Member_z7Pz0ShAAUB3">0.78%</span></td> </tr></table></div> 39 0.0078 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000240162Member_z8j02RNaKFQo">$182,370,957</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000240162Member_zDoSID2amqmK">9</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000240162Member_zaPqdIvNZ3c1">380%</span></td> </tr> </table> </div> 182370957 9 3.80 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240162Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zV2GeIkqChUv">99.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240162Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zZaet04FOm43">34.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240162Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zJHKeZr4DJrk">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240162Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zTsO07bPiR1Y">-34.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.999 0.340 0.002 -0.341 Horizon Tactical Fixed Income Fund Advisor Class HTFAX This semi-annual shareholder report contains important information about Horizon Tactical Fixed Income Fund (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000240163Member_zGtlxnEeTyxZ">https://www.horizonmutualfunds.com/tfi-fund</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000240163Member_zHqcHYU5hVXA">1-855-754-7932</span>. https://www.horizonmutualfunds.com/tfi-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Advisor Class</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000240163Member_zfcoMNFG3OES">$46</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000240163Member_zWNOVA1fkZip">0.93%</span></td> </tr></table></div> 46 0.0093 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000240163Member_z5OXuSGobYyB">$182,370,957</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000240163Member_zt3ovBomSGx0">9</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000240163Member_zDXFJS5pLJ04">380%</span></td> </tr> </table> </div> 182370957 9 3.80 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240163Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zyRlQCvPhQmV">99.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Investments Purchased with Proceeds from Securities Lending </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240163Member__us-gaap--InvestmentTypeAxis__custom--InvestmentsPurchasedwithProceedsfromSecuritiesLendingMember_zYAIY8XJDXJf">34.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240163Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zSeREUUD5UrG">0.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240163Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zk261VF5GYQ5">-34.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.999 0.340 0.002 -0.341 Horizon Core Bond ETF BNDY CBOE This semi-annual shareholder report contains important information about Horizon Core Bond ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261448Member_zNeX9L4yfA79">https://www.horizonmutualfunds.com/cbf-fund</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261448Member_zS2gAz00VPdV">1-855-754-7932</span>. https://www.horizonmutualfunds.com/cbf-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Core Bond ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261448Member_zBoosbSB7A9j">$33</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261448Member_zKZf6FbQjtxt">0.65%</span></td> </tr></table></div> 33 0.0065 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261448Member_zSPY38nLsy6J">$249,843,443</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261448Member_zORZYeCBAHIF">6</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261448Member_zjPzagTIY9zN">0%</span></td> </tr> </table> </div> 249843443 6 0 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261448Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zO9ejLxlQotO">99.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261448Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zzIjfYVrJsLJ">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261448Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_z7ptmS7TwGdQ">0.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261448Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_z5p3rqNBXBDS">-0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261448Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zC4jtYSWzhvt">0.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.993 0.004 0.001 -0.003 0.005 Horizon Core Equity ETF STOX CBOE This semi-annual shareholder report contains important information about Horizon Core Equity ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261449Member_z1F2UpcHwYAO">https://www.horizonmutualfunds.com/cef-fund</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261449Member_z8Lt0Adf3hP5">1-855-754-7932</span>. https://www.horizonmutualfunds.com/cef-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Core Equity ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261449Member_zoXjFimdJN5T">$37</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261449Member_zq5VOF5Ty44O">0.71%</span></td> </tr></table></div> 37 0.0071 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261449Member_zV0EWu5wWZoO">$155,149,230</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261449Member_z67BSTmnmQtv">170</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261449Member_zhL3hdu7dVh7">16%</span></td> </tr> </table> </div> 155149230 170 0.16 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zUxK5fI8kPGR">34.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--FinancialsMember_zGLFXvZ7oUJ1">11.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z0vjWSY1QVGk">9.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--HealthCareMember_zDN064sepwsY">9.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zfMRvVyZoO5Y">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zORuQzrDza8z">7.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zrhlSzwkLfiX">5.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--EnergyMember_z4QyaUvZjzx4">3.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--MaterialsMember_zjiKOm5PAhJu">1.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zOIVCXUZ9z0X">10.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zrhLIXI61FhW">91.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zQdaiIBYWomY">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zq8si03HxKO4">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zLF8ieQgYgBK">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zE3HWaEMoF3g">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zv7b3Ibz4h9i">0.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261449Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zfju1UENoKrO">0.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.345 0.111 0.092 0.090 0.079 0.071 0.055 0.035 0.018 0.104 0.913 0.067 0.016 0.002 0.000 0.000 0.002 Horizon Digital Frontier ETF YNOT NASDAQ This semi-annual shareholder report contains important information about Horizon Digital Frontier ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261450Member_zAfRKpLxPuj0">https://www.horizonmutualfunds.com/dff-fund</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261450Member_zYZccVGkNo5D">1-855-754-7932</span>. https://www.horizonmutualfunds.com/dff-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Digital Frontier ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261450Member_zjcxigXnaiNi">$41</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261450Member_zBRcCVqKWXnU">0.75%</span></td> </tr></table></div> 41 0.0075 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261450Member_zd9mO9v2jFqD">$124,514,147</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261450Member_z4EN8zWNgVjh">105</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261450Member_zQaPQMYAOXPS">57%</span></td> </tr> </table> </div> 124514147 105 0.57 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zI8nuKMOGfjq">50.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zvHUXljdF2UT">15.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zm0o4QEVx8VI">12.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zxXLBTPVoFiv">8.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--MaterialsMember_zbXYMVoyDA4J">8.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--FinancialsMember_zb2VWgiGwRj2">1.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--UtilitiesMember_z7xnBgyoR5cx">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--HealthCareMember_zA6iLcEODWWs">0.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--EnergyMember_zpBetcDZiXKo">0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zgtuGbv9K2O7">0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zrFcjvlutFrF">99.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zcJ0BezV899E">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zO0rFX9OwoKm">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zRF6bO15PSUK">-0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261450Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_ztg5T3lVQ8XW">0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.507 0.156 0.125 0.083 0.082 0.018 0.012 0.007 0.006 0.004 0.996 0.003 0.000 -0.003 0.004 Horizon Dividend Income ETF DIVN CBOE This semi-annual shareholder report contains important information about Horizon Dividend Income ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261451Member_zy36qoGsv1Wl">https://www.horizonmutualfunds.com/dif-fund</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261451Member_zx61PU2BBsBt">1-855-754-7932</span>. https://www.horizonmutualfunds.com/dif-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Dividend Income ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261451Member_z4HyFRz93gXc">$37</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261451Member_zrrF0UcopMcX">0.70%</span></td> </tr></table></div> 37 0.0070 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261451Member_zkl0R44n4CVp">$185,702,630</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261451Member_zTSm47OxJzOx">129</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261451Member_zq40oUlJ64PW">14%</span></td> </tr> </table> </div> 185702630 129 0.14 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zMdt2JMbhkEe">23.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--HealthCareMember_zFY1sARa6ThU">18.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zC12fmb0ogm5">13.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--FinancialsMember_znCifAXSgtlu">13.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--EnergyMember_zggD1g3J1NI7">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zkxkGwDlB0Zd">7.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zq1wxoNEFNLq">7.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zmgQ5HclLe3V">7.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--MaterialsMember_zOQMWSU3irmx">0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zkVkH12EoF01">0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zeHsdr1a00u1">100.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zSpywxsb8hky">0.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zk9bmRepwEyA">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261451Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z0TO4jVpqxNv">0.0%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.235 0.185 0.135 0.132 0.078 0.077 0.074 0.074 0.006 0.004 1.000 0.000 0.000 0.000 Horizon Expedition Plus ETF HBTA This semi-annual shareholder report contains important information about Horizon Expedition Plus ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256618Member_z8JB17F5dqOs">https://www.horizonmutualfunds.com/hbta-fund</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256618Member_zpvNeeAMVTSM">1-855-754-7932</span>. https://www.horizonmutualfunds.com/hbta-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Expedition Plus ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256618Member_zY10ohD2iMso">$46</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256618Member_zDQyhL8BJOZW">0.86%</span></td> </tr></table></div> 46 0.0086 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256618Member_z5hKcG6lxaoW">$155,893,868</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256618Member_zrzEmqsfwc8Z">210</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256618Member_z2NxzAc7dD7t">18%</span></td> </tr> </table> </div> 155893868 210 0.18 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zBY1jrHB2cBn">37.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zCvkYaOuQVcx">10.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zrIYLOnXQb8n">9.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zj7cRQpS2Umt">8.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--FinancialsMember_zad6hJa8DUHl">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--HealthCareMember_zYpHoLzb0fOu">5.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--EnergyMember_zNiUBC3BDpaT">3.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zyOp2CrUvF3l">3.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--MaterialsMember_zxX9UoEGUYMS">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__oef--IndustrySectorAxis__custom--CashampOtherMember_z9VTPANdobHm">11.8%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zjAhvjo9v1GM">89.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zNTxBsFOsOyP">8.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zqDFlQWHU21o">1.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zg8uRwI4M3sf">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zPQMn51MDR8O">0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zvXAqlv4Z6tO">-0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256618Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zH7ONyoWiHbc">0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.375 0.106 0.099 0.088 0.076 0.054 0.035 0.034 0.015 0.118 0.893 0.087 0.014 0.004 0.003 -0.005 0.004 Horizon Flexible Income ETF FLXN CBOE This semi-annual shareholder report contains important information about Horizon Flexible Income ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261452Member_z1ctWhWCi4Uk">https://www.horizonmutualfunds.com/fif-fund</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261452Member_z2XsBynGegNd">1-855-754-7932</span>. https://www.horizonmutualfunds.com/fif-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Flexible Income ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261452Member_zk8BdXWTTm6P">$41</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261452Member_zwn47VV0oaiM">0.80%</span></td> </tr></table></div> 41 0.0080 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261452Member_zplI8Akrwuvu">$49,315,590</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261452Member_zT12GrcUZluz">6</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261452Member_zLTkpkGvdtMe">2%</span></td> </tr> </table> </div> 49315590 6 0.02 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261452Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zxYrPh26TLmd">99.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261452Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_z2VCEYsDAXop">0.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261452Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zAd5Rhacqx3n">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261452Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zUGAoRD89lrT">-0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261452Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zNTRIWZDD8Oz">0.6%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.995 0.000 0.000 -0.001 0.006 Horizon International Equity ETF FRGN This semi-annual shareholder report contains important information about Horizon International Equity ETF (the "Fund") for the period December 2, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20251202__20260531__oef--ClassAxis__custom--C000265415Member_z9HEniYpn1Vb">https://horizonmutualfunds.com/ie-fund</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251202__20260531__oef--ClassAxis__custom--C000265415Member_zOn0vAldak6Q">1-855-754-7932</span>. https://horizonmutualfunds.com/ie-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon International Equity ETF¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20251202__20260531__oef--ClassAxis__custom--C000265415Member_zCUIxdplrhoK">$42</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20251202__20260531__oef--ClassAxis__custom--C000265415Member_zUNzFsUxxZv1">0.75%</span></td> </tr></table></div> 42 0.0075 Expense reported are for the period of December 2, 2025 to May 31, 2026. Expenses for the full reporting period would be higher. <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000265415Member_zEqDCj5BH3Hm">$101,362,223</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000265415Member_zIoXQ5Cd1pfp">284</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251202__20260531__oef--ClassAxis__custom--C000265415Member_ztsXk4qgvFop">64%</span></td> </tr> </table> </div> 101362223 284 0.64 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--JP_znOZorlyW6KZ">15.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--CA_zpQldnnfBH6f">9.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--TW_zhF8MphKzrcL">8.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--GB_zotvWBseoHIC">8.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> South Korea </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--KR_ztxezuZvH5Ug">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--FR_zEyu7PQUokwO">6.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--CH_zJNZQ8oZCWaF">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--NL_zaCVmHmCOio3">5.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__country--CN_zAZ0vbqrmmQ9">4.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zhqxaM861Cog">28.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zuo3AOynQxuO">97.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zyvA0ZuAt8xw">1.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Preferred Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--PreferredStocksMember_zbCVbR55BTKU">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_z3J7PLTLeO4R">0.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_z3WYAGkn5j1T">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265415Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z4ROYLKJOISo">0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.153 0.095 0.087 0.082 0.079 0.064 0.061 0.050 0.045 0.284 0.973 0.010 0.007 0.006 0.000 0.004 Horizon International Managed Risk ETF SFTX This semi-annual shareholder report contains important information about Horizon International Managed Risk ETF (the "Fund") for the period December 2, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20251202__20260531__oef--ClassAxis__custom--C000265416Member_zQNc0vp6oasT">https://horizonmutualfunds.com/imr-fund</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251202__20260531__oef--ClassAxis__custom--C000265416Member_zO0Kploe0C7i">1-855-754-7932</span>. https://horizonmutualfunds.com/imr-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon International Managed Risk ETF¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20251202__20260531__oef--ClassAxis__custom--C000265416Member_zAEyKWikbckt">$45</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpenseRatioPct_c20251202__20260531__oef--ClassAxis__custom--C000265416Member_zJKKuLt4DC4W">0.82%</span></td> </tr></table></div> 45 0.0082 Expense reported are for the period of December 2, 2025 to May 31, 2026. Expenses for the full reporting period would be higher. <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000265416Member_zvR1hlGQIi9e">$424,356,864</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000265416Member_zHoGozO8kAb1">283</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251202__20260531__oef--ClassAxis__custom--C000265416Member_zmMJ1oLAkyo0">108%</span></td> </tr> </table> </div> 424356864 283 1.08 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Geographic Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--JP_zHXp8kDOnVAZ">15.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--CA_zXCjsyLHGdqb">9.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--TW_zIeIxD0bRdCE">8.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--GB_zZ01lAlSK4hK">8.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> South Korea </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--KR_zJyOhvnY8ddI">8.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--FR_zmnWpMnThor8">6.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--CH_zs4CRP0xjGOe">6.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--NL_zvrbYuCoTig5">5.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> China </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__country--CN_zR03NhKbONkj">4.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__oef--GeographicRegionAxis__custom--CashampOtherMember_zYCTrBFN3mil">28.3%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zfiDRM5a3yPg">97.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_z4PomGrbop4G">1.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Preferred Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__us-gaap--InvestmentTypeAxis__custom--PreferredStocksMember_zeAqTkSnnuq1">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zo8sZyWS16UQ">0.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265416Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z53U7sGWbgQx">0.3%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.155 0.095 0.087 0.082 0.080 0.063 0.060 0.050 0.045 0.283 0.974 0.010 0.007 0.006 0.003 Horizon Landmark ETF BENJ This semi-annual shareholder report contains important information about Horizon Landmark ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000256619Member_zzJFC2xh4BEO">https://www.horizonmutualfunds.com/benj-fund</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000256619Member_zmRWiVyCHrij">1-855-754-7932</span>. https://www.horizonmutualfunds.com/benj-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Landmark ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000256619Member_zBVEVnqyafvE">$20</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000256619Member_zxuWUWNVLEeK">0.40%</span></td> </tr></table></div> 20 0.0040 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000256619Member_ztcpz9tfUh1S">$236,287,275</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000256619Member_zDgzvQptOwHR">5</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000256619Member_zGL5OU0dB9Bh">0%</span></td> </tr> </table> </div> 236287275 5 0 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256619Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zS1X6z3myHck">100.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256619Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zOoQta4S3pYd">0.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000256619Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z4WxsKvEURMn">-0.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 1.000 0.004 -0.004 Horizon Managed Risk ETF SFTY CBOE This semi-annual shareholder report contains important information about Horizon Managed Risk ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261453Member_z3bmEOtFbAV6">https://www.horizonmutualfunds.com/mrf-fund</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261453Member_zHpC48FVVo9b">1-855-754-7932</span>. https://www.horizonmutualfunds.com/mrf-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Managed Risk ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261453Member_z9ceYLVZ6RL2">$41</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261453Member_zkoyEaJHRbwD">0.78%</span></td> </tr></table></div> 41 0.0078 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261453Member_ziWEJywIldHb">$471,620,270</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261453Member_zTqm9CZL3YN1">164</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261453Member_zQOOIyOFPbmO">10%</span></td> </tr> </table> </div> 471620270 164 0.10 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z1hgEdXerCNJ">34.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--FinancialsMember_zeLl0ojE2zHe">11.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zONk3HqU0X0V">9.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--HealthCareMember_zifqmGBWE7JY">9.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z5UgCbTQ94I6">7.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zxuew1Ko1GP9">7.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zMFnGWBXtAYe">5.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--EnergyMember_zG0PB1YcKONo">3.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--MaterialsMember_zyYeT9SCzA5k">1.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zWyStZGMsWDN">10.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_z1jOo0MsLHAH">91.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Exchange Traded Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__us-gaap--InvestmentTypeAxis__custom--ExchangeTradedFundsMember_zOvRrkeMDi8s">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zytQOgmCBb6G">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zRHuaUpEIE3G">0.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261453Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zbHXglE7QHKx">0.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.346 0.111 0.092 0.090 0.079 0.070 0.055 0.035 0.018 0.104 0.913 0.067 0.016 0.003 0.001 Horizon Nasdaq-100 Defined Risk ETF QGRD NASDAQ This semi-annual shareholder report contains important information about Horizon Nasdaq-100 Defined Risk ETF (the "Fund") for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000261454Member_zxAGmw4sCmMA">https://www.horizonmutualfunds.com/n1d-fund</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000261454Member_zkOijIJCbOgs">1-855-754-7932</span>. https://www.horizonmutualfunds.com/n1d-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Nasdaq-100 Defined Risk ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20251201__20260531__oef--ClassAxis__custom--C000261454Member_zV6Zt0NHqgnJ">$45</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000261454Member_zjfrEVGXvKsJ">0.85%</span></td> </tr></table></div> 45 0.0085 <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000261454Member_z65uuOQMIHsM">$104,917,050</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000261454Member_zOeivM8DpDtm">12</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000261454Member_zs176oHXjuaL">0%</span></td> </tr> </table> </div> 104917050 12 0 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261454Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zT5dFdXLfDQL">99.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261454Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_z3G1OC7onRd3">0.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261454Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zWwbyCYutCSj">-0.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000261454Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_zv5hm9HYBwni">0.5%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.997 0.001 -0.003 0.005 Horizon Small/Mid Cap Core Equity ETF SMOX This semi-annual shareholder report contains important information about Horizon Small/Mid Cap Core Equity ETF (the "Fund") for the period December 2, 2025 to May 31, 2026. You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251202__20260531__oef--ClassAxis__custom--C000265417Member_zM2A3Xtwv6TI">https://horizonmutualfunds.com/smcc-fund</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251202__20260531__oef--ClassAxis__custom--C000265417Member_zB8P2Xz8JtBz">1-855-754-7932</span>. https://horizonmutualfunds.com/smcc-fund 1-855-754-7932 <div class="section-header"><strong>What were the Fund costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Horizon Small/Mid Cap Core Equity ETF¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20251202__20260531__oef--ClassAxis__custom--C000265417Member_zNp8p6mRotww">$40</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20251202__20260531__oef--ClassAxis__custom--C000265417Member_zAB8ESso55xQ">0.75%</span></td> </tr></table></div> 40 0.0075 Expense reported are for the period of December 2, 2025 to May 31, 2026. Expenses for the full reporting period would be higher. <div class="section-header"><strong>What are some key Fund statistics?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets ($)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--AssetsNet_iI_uUSD_c20260531__oef--ClassAxis__custom--C000265417Member_zVgJwNfm6aLu">$70,564,167</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--HoldingsCount_iI_uShares_c20260531__oef--ClassAxis__custom--C000265417Member_zoKyrC6WojYA">293</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate (%)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251202__20260531__oef--ClassAxis__custom--C000265417Member_zMVGCdRe9Kx0">37%</span></td> </tr> </table> </div> 70564167 293 0.37 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>What did the Fund invest in?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(as of May 31, 2026)</em></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Sector Breakdown</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zKtsDoIaOG7s">23.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--FinancialsMember_zIQU0d9DvmWf">15.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zEoJPkiTpjeH">14.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zhU8exJFSY33">10.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--HealthCareMember_zdUQs9WgYfoD">8.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--RealEstateMember_zYy36mCgamGg">7.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--EnergyMember_zGL4LWzySkzl">6.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--MaterialsMember_zUoNkWc5KaIl">4.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zZOZBlJkUjVK">4.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__oef--IndustrySectorAxis__custom--CashampOtherMember_zemrPkgUK9ze">5.6%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Portfolio Composition</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Type of Security</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Common Stocks </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zthJNUA9qtso">91.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate Investment Trusts </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--RealEstateInvestmentTrustsMember_zWZZQQMTPLko">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Money Market Funds </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--MoneyMarketFundsMember_zMILdAqCMeXi">0.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Purchased Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zg2ybKdFyWWv">0.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Written Options </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zSXpmTaHa6gG">-0.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cash &amp; Other </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000265417Member__us-gaap--InvestmentTypeAxis__custom--CashampOtherMember_z6v6uT07u0mj">1.4%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.232 0.150 0.140 0.103 0.087 0.070 0.068 0.047 0.047 0.056 0.917 0.065 0.007 0.002 -0.005 0.014