NPORT-EX

Horizon Defined Risk Fund
PORTFOLIO OF INVESTMENTS
August 31, 2023 (Unaudited)
Shares						Value
			COMMON STOCKS - 98.7%
			Accommodation and Food Services - 0.0% (b)
	2,763		Caesars Entertainment, Inc. (a)			$	152,683
			Administrative and Support and Waste Management and Remediation Services - 0.1%
	329		Fair Isaac Corp. (a)				297,610
			Advertising - 0.1%
	5,084		Interpublic Group of Cos., Inc.				165,789
	2,669		Omnicom Group, Inc.				216,216
							382,005
			Aerospace/Defense - 1.2%
	7,401		Boeing Co. (a)				1,658,046
	2,946		General Dynamics Corp.				667,681
	4,820		Howmet Aerospace, Inc.				238,445
	2,487		L3Harris Technologies, Inc.				442,910
	2,954		Lockheed Martin Corp. (e)				1,324,426
	1,882		Northrop Grumman Corp. (e)				815,075
	615		Teledyne Technologies, Inc. (a)				257,255
	680		TransDigm Group, Inc. (a)				614,618
							6,018,456
			Agriculture - 0.7%
	23,372		Altria Group, Inc. (e)				1,033,510
	7,182		Archer Daniels Midland Co.				569,533
	20,302		Philip Morris International, Inc. (e)				1,950,210
							3,553,253
			Airlines - 0.2%
	1,616		Alaska Air Group, Inc. (a)				67,823
	8,521		American Airlines Group, Inc. (a)				125,514
	8,395		Delta Air Lines, Inc.				359,978
	7,757		Southwest Airlines Co.				245,121
	4,276		United Airlines Holdings, Inc. (a)				212,988
							1,011,424
			Apparel - 0.4%
	16,148		Nike, Inc.				1,642,413
	537		Ralph Lauren Corp., Class A				62,631
	3,154		Tapestry, Inc.				105,091
	4,333		VF Corp.				85,620
							1,895,755
			Auto Manufacturers - 0.5%
	1,852		Cummins, Inc.				426,034
	51,454		Ford Motor Co. (e)				624,137
	18,254		General Motors Co. (e)				611,692
	6,821		PACCAR, Inc.				561,300
							2,223,163
			Auto Parts & Equipment - 0.1%
	3,540		Aptiv PLC (a)				359,133
	3,109		BorgWarner, Inc.				126,692
							485,825
			Banks - 3.5%
	90,836		Bank of America Corp.				2,604,268
	9,403		Bank of New York Mellon Corp.				421,913
	25,539		Citigroup, Inc.				1,054,505
	6,414		Citizens Financial Group, Inc.				180,426
	1,715		Comerica, Inc.				82,509
	8,946		Fifth Third Bancorp				237,516
	4,353		Goldman Sachs Group, Inc. (e)				1,426,522
	18,627		Huntington Bancshares, Inc.				206,573
	38,270		JPMorgan Chase & Co.				5,600,049
	12,163		KeyCorp				137,807
	2,213		M&T Bank Corp.				276,736
	17,100		Morgan Stanley				1,456,065
	2,735		Northern Trust Corp.				208,051
	5,277		PNC Financial Services Group, Inc. (e)				637,092
	12,270		Regions Financial Corp.				225,032
	4,385		State Street Corp.				301,425
	17,342		Truist Financial Corp. (e)				529,798
	49,132		Wells Fargo & Co.				2,028,660
	1,960		Zions Bancorp NA				69,580
							17,684,527
			Beverages - 1.5%
	2,357		Brown-Forman Corp.				155,868
	50,946		Coca-Cola Co.				3,048,099
	2,121		Constellation Brands, Inc., Class A				552,648
	2,447		Molson Coors Brewing Co.				155,360
	9,959		Monster Beverage Corp. (a)				571,746
	18,026		PepsiCo, Inc.				3,207,186
							7,690,907
			Biotechnology - 1.4%
	6,969		Amgen, Inc.				1,786,433
	1,886		Biogen, Inc. (a)				504,241
	278		Bio-Rad Laboratories, Inc. (a)				111,256
	9,365		Corteva, Inc.				473,026
	16,293		Gilead Sciences, Inc. (e)				1,246,089
	2,055		Illumina, Inc. (a)(e)				339,527
	2,418		Incyte Corp. (a)				156,034
	1,404		Regeneron Pharmaceuticals, Inc. (a)(e)				1,160,392
	3,360		Vertex Pharmaceuticals, Inc. (a)				1,170,422
							6,947,420
			Building Materials - 0.4%
	10,947		Carrier Global Corp.				628,905
	8,981		Johnson Controls International PLC (e)				530,418
	812		Martin Marietta Materials, Inc.				362,485
	2,934		Masco Corp.				173,135
	1,737		Vulcan Materials Co.				379,100
							2,074,043
			Chemicals - 1.0%
	2,901		Air Products & Chemicals, Inc. (e)				857,216
	1,529		Albemarle Corp.				303,827
	1,299		Celanese Corp.				164,142
	2,568		CF Industries Holdings, Inc.				197,916
	9,212		Dow, Inc.				502,607
	5,993		DuPont de Nemours, Inc.				460,802
	1,569		Eastman Chemical Co.				133,381
	1,639		FMC Corp.				141,331
	3,332		International Flavors & Fragrances, Inc.				234,739
	3,313		LyondellBasell Industries NV, Class A				327,225
	4,463		Mosaic Co.				173,387
	3,063		PPG Industries, Inc.				434,211
	3,083		Sherwin-Williams Co. (e)				837,713
							4,768,497
			Commercial Services - 1.8%
	5,421		Automatic Data Processing, Inc. (e)				1,380,241
	1,131		Cintas Corp.				570,216
	3,242		Ecolab, Inc. (e)				595,912
	1,597		Equifax, Inc.				330,100
	964		FleetCor Technologies, Inc. (a)				261,948
	1,030		Gartner, Inc. (a)				360,170
	3,440		Global Payments, Inc.				435,813
	488		MarketAxess Holdings, Inc.				117,574
	2,054		Moody's Corp. (e)				691,787
	14,559		PayPal Holdings, Inc. (a)				910,083
	1,870		Quanta Services, Inc.				392,457
	1,432		Robert Half International, Inc. (g)				105,911
	3,022		Rollins, Inc.				119,580
	4,309		S&P Global, Inc.				1,684,216
	905		United Rentals, Inc.				431,269
	1,895		Verisk Analytics, Inc.				459,007
							8,846,284
			Computers - 8.6%
	8,263		Accenture PLC, Class A (e)				2,675,311
	193,510		Apple, Inc. (e)				36,354,724
	6,661		Cognizant Technology Solutions Corp., Class A				476,994
	2,997		DXC Technology Co. (a)				62,158
	8,471		Fortinet, Inc. (a)				510,039
	16,847		Hewlett Packard Enterprise Co.				286,231
	11,320		HP, Inc.				336,317
	11,888		International Business Machines Corp. (e)				1,745,515
	1,777		Leidos Holdings, Inc.				173,275
	2,839		NetApp, Inc.				217,751
	4,176		Western Digital Corp. (a)				187,920
							43,026,235
			Cosmetics/Personal Care - 1.2%
	10,957		Colgate-Palmolive Co. (e)				805,011
	3,023		Estee Lauder Cos., Inc., Class A (e)				485,282
	30,886		Procter & Gamble Co.				4,766,945
							6,057,238
			Distribution/Wholesale - 0.3%
	11,206		Copart, Inc. (a)				502,365
	7,467		Fastenal Co.				429,950
	3,312		LKQ Corp.				173,979
	588		WW Grainger, Inc.				419,914
							1,526,208
			Diversified Financial Services - 3.6%
	7,781		American Express Co. (e)				1,229,320
	1,379		Ameriprise Financial, Inc.				465,523
	1,964		BlackRock, Inc. (e)				1,375,861
	4,991		Capital One Financial Corp. (e)				511,028
	1,376		CBOE Global Markets, Inc.				206,001
	19,535		Charles Schwab Corp. (e)				1,155,495
	4,689		CME Group, Inc. (e)				950,366
	3,333		Discover Financial Services				300,203
	3,739		Franklin Resources, Inc.				99,981
	7,324		Intercontinental Exchange, Inc. (e)				864,159
	5,931		Invesco, Ltd.				94,422
	10,970		MasterCard, Inc.				4,526,661
	4,415		Nasdaq, Inc.				231,699
	2,528		Raymond James Financial, Inc.				264,404
	5,725		Synchrony Financial				184,803
	2,939		T. Rowe Price Group, Inc.				329,844
	21,197		Visa, Inc.				5,207,679
							17,997,449
			Electric - 2.2%
	8,680		AES Corp.				155,632
	3,280		Alliant Energy Corp.				164,558
	3,373		Ameren Corp.				267,378
	6,703		American Electric Power Co., Inc.				525,515
	8,226		CenterPoint Energy, Inc.				229,423
	3,804		CMS Energy Corp.				213,747
	4,530		Consolidated Edison, Inc.				402,989
	10,893		Dominion Energy, Inc. (e)				528,746
	2,698		DTE Energy Co.				278,919
	10,057		Duke Energy Corp. (e)				893,062
	4,981		Edison International				342,942
	2,767		Entergy Corp.				263,557
	2,999		Evergy, Inc.				164,855
	4,551		Eversource Energy				290,445
	12,986		Exelon Corp.				520,998
	7,060		FirstEnergy Corp.				254,654
	26,500		NextEra Energy, Inc. (e)				1,770,200
	3,061		NRG Energy, Inc.				114,940
	21,097		PG&E Corp. (a)				343,881
	1,458		Pinnacle West Capital Corp.				112,660
	9,565		PPL Corp.				238,360
	6,512		Public Service Enterprise Group, Inc.				397,753
	8,200		Sempra Energy				575,804
	14,205		Southern Co. (e)				962,105
	4,115		WEC Energy Group, Inc.				346,154
	7,134		Xcel Energy, Inc.				407,565
							10,766,842
			Electrical Components & Equipment - 0.2%
	3,007		AMETEK, Inc.				479,647
	7,493		Emerson Electric Co. (e)				736,187
							1,215,834
			Electronics - 1.2%
	3,860		Agilent Technologies, Inc.				467,330
	1,156		Allegion PLC				131,564
	7,781		Amphenol Corp., Class A				687,685
	4,623		Fortive Corp.				364,524
	2,010		Garmin, Ltd.				213,100
	8,750		Honeywell International, Inc. (e)				1,644,475
	2,354		Keysight Technologies, Inc. (a)				313,788
	290		Mettler-Toledo International, Inc. (a)				351,909
	1,650		PerkinElmer, Inc.				193,100
	1,385		Roper Technologies, Inc.				691,198
	4,162		TE Connectivity, Ltd.				551,007
	777		Waters Corp.				218,182
							5,827,862
			Entertainment - 0.0% (b)
	1,850		Live Nation Entertainment, Inc. (a)				156,380
			Environmental Control - 0.3%
	2,141		Pentair PLC				150,427
	2,677		Republic Services, Inc.				385,836
	4,861		Waste Management, Inc. (e)				762,107
							1,298,370
			Finance and Insurance - 0.3%
	4,840		Arch Capital Group Ltd. (a)				372,002
	3,078		Brown & Brown, Inc.				228,080
	18,237		US Bancorp				666,198
							1,266,280
			Food - 1.0%
	2,640		Campbell Soup Co.				110,088
	6,211		Conagra Brands, Inc.				185,585
	7,738		General Mills, Inc.				523,553
	1,923		Hershey Co.				413,176
	3,771		Hormel Foods Corp.				145,523
	1,400		J.M. Smucker Co.				202,930
	3,347		Kellogg Co.				204,234
	10,381		Kraft Heinz Co.				343,507
	8,524		Kroger Co.				395,428
	1,869		Lamb Weston Holdings, Inc.				182,059
	3,278		McCormick & Co., Inc.				269,058
	17,859		Mondelez International, Inc., Class A (e)				1,272,632
	6,636		Sysco Corp.				462,198
	3,743		Tyson Foods, Inc., Class A				199,390
							4,909,361
			Forest Products & Paper - 0.0% (b)
	4,716		International Paper Co.				164,683
			Gas - 0.1%
	1,869		Atmos Energy Corp.				216,711
	5,258		NiSource, Inc.				140,704
							357,415
			Hand/Machine Tools - 0.1%
	695		Snap-on, Inc.				186,677
	2,009		Stanley Black & Decker, Inc.				189,609
							376,286
			Health Care and Social Assistance - 0.0% (b)
	756		Molina Healthcare, Inc. (a)				234,451
			Healthcare Products - 3.3%
	22,775		Abbott Laboratories				2,343,547
	947		Align Technology, Inc. (a)				350,523
	6,605		Baxter International, Inc.				268,163
	18,808		Boston Scientific Corp. (a)(e)				1,014,504
	647		Cooper Cos., Inc.				239,384
	8,694		Danaher Corp. (e)				2,303,910
	2,820		Dentsply Sirona, Inc.				104,594
	7,942		Edwards Lifesciences Corp. (a)(e)				607,325
	3,258		Hologic, Inc. (a)				243,503
	1,084		IDEXX Laboratories, Inc. (a)(e)				554,368
	4,586		Intuitive Surgical, Inc. (e)				1,433,950
	17,392		Medtronic PLC				1,417,448
	1,912		ResMed, Inc.				305,136
	1,295		STERIS PLC				297,319
	4,413		Stryker Corp. (e)				1,251,306
	613		Teleflex, Inc.				130,410
	5,043		Thermo Fisher Scientific, Inc. (e)				2,809,455
	965		West Pharmaceutical Services, Inc.				392,658
	2,744		Zimmer Biomet Holdings, Inc.				326,865
							16,394,368
			Healthcare Services - 2.1%
	3,102		Anthem, Inc.				1,371,115
	7,206		Centene Corp. (a)				444,250
	724		DaVita, Inc. (a)				74,152
	2,703		HCA Healthcare, Inc. (e)				749,542
	1,635		Humana, Inc. (e)				754,765
	2,431		IQVIA Holdings, Inc. (a)				541,214
	1,156		Laboratory Corp. of America Holdings				240,564
	1,450		Quest Diagnostics, Inc.				190,675
	12,194		UnitedHealth Group, Inc.				5,811,416
	839		Universal Health Services, Inc., Class B				113,013
							10,290,706
			Home Builders - 0.3%
	4,081		DR Horton, Inc.				485,721
	3,314		Lennar Corp., Class A				394,664
	30		NVR, Inc. (a)				191,320
	2,947		PulteGroup, Inc.				241,831
							1,313,536
			Home Furnishings - 0.0% (b)
	708		Whirlpool Corp.				99,092
			Household Products/Wares - 0.3%
	1,068		Avery Dennison Corp.				201,190
	3,194		Church & Dwight Co., Inc.				309,083
	1,620		Clorox Co.				253,449
	4,429		Kimberly-Clark Corp.				570,588
							1,334,310
			Housewares - 0.0% (b)
	4,931		Newell Brands, Inc.				52,170
			Information - 0.3%
	1,991		Ceridian HCM Holding, Inc. (a)				144,387
	5,299		CoStar Group, Inc. (a)				434,465
	502		FactSet Research Systems, Inc.				219,078
	1,392		PTC, Inc. (a)				204,861
	28,964		Warner Bros Discovery, Inc. (a)				380,587
							1,383,378
			Insurance - 3.6%
	7,210		Aflac, Inc.				537,650
	3,453		Allstate Corp.				372,268
	9,488		American International Group, Inc.				555,238
	2,695		Aon PLC (e)				898,486
	2,807		Arthur J Gallagher & Co.				646,957
	694		Assurant, Inc.				96,695
	23,405		Berkshire Hathaway, Inc., Class B (a)				8,430,481
	5,424		Chubb Ltd. (e)				1,089,519
	2,073		Cincinnati Financial Corp.				219,303
	562		Everest Re Group Ltd.				202,702
	1,179		Globe Life, Inc.				131,541
	4,065		Hartford Financial Services Group, Inc.				291,948
	2,023		Lincoln National Corp.				51,910
	2,539		Loews Corp.				157,646
	6,473		Marsh & McLennan Cos., Inc. (e)				1,262,170
	8,432		MetLife, Inc.				534,083
	2,972		Principal Financial Group, Inc.				230,954
	7,625		Progressive Corp. (e)				1,017,709
	4,813		Prudential Financial, Inc.				455,647
	3,021		Travelers Cos., Inc.				487,076
	1,399		Willis Towers Watson PLC				289,257
	2,657		WR Berkley Corp.				164,362
							18,123,602
			Internet - 8.1%
	77,680		Alphabet, Inc., Class A (a)(e)				10,577,686
	116,657		Amazon.com, Inc. (a)(e)				16,099,833
	485		Booking Holdings, Inc. (a)(e)				1,505,940
	1,771		CDW Corp.				373,947
	7,098		eBay, Inc.				317,848
	1,868		Expedia Group, Inc. (a)				202,472
	773		F5 Networks, Inc. (a)				126,509
	28,907		Meta Platforms, Inc., Class A (a)(e)				8,553,292
	7,507		Gen Digital, Inc.				152,017
	5,812		Netflix, Inc. (a)(e)				2,520,548
	1,198		VeriSign, Inc. (a)				248,932
							40,679,024
			Iron/Steel - 0.1%
	3,321		Nucor Corp.				571,544
			Leisure Time - 0.1%
	13,134		Carnival Corp. (a)				207,780
	5,411		Norwegian Cruise Line Holdings Ltd. (a)				89,660
	2,856		Royal Caribbean Cruises Ltd. (a)				282,573
							580,013
			Lodging - 0.4%
	3,493		Hilton Worldwide Holdings, Inc.				519,235
	4,284		Las Vegas Sands Corp.				235,020
	3,389		Marriott International, Inc.				689,695
	3,962		MGM Resorts International				174,249
	1,368		Wynn Resorts Ltd.				138,688
							1,756,887
			Machinery - Construction & Mining - 0.4%
	6,753		Caterpillar, Inc. (e)				1,898,471
			Machinery - Diversified - 0.8%
	3,532		Deere & Co. (e)				1,451,440
	1,833		Dover Corp.				271,834
	981		IDEX Corp.				222,098
	5,302		Ingersoll Rand, Inc.				369,072
	5,465		Otis Worldwide Corp.				467,531
	1,493		Rockwell Automation, Inc.				465,936
	2,368		Wabtec Corp.				266,447
	3,118		Xylem, Inc.				322,838
							3,837,196
			Manufacturing - 5.8%
	66,805		Alphabet, Inc., Class C (a)(e)				9,175,667
	923		Axon Enterprise, Inc. (a)				196,516
	2,052		Bio-Techne Corp.				160,877
	1,965		Bunge Ltd.				224,639
	2,354		Catalent, Inc. (a)				117,629
	1,782		Enphase Energy, Inc. (a)				225,476
	5,117		GE HealthCare Technologies, Inc. (e)				360,493
	814		Generac Holdings, Inc. (a)				96,711
	14,233		General Electric Co. (e)				1,629,109
	908		Insulet Corp. (a)				174,073
	11,063		Keurig Dr Pepper, Inc.				372,270
	6,419		Linde PLC (e)				2,484,410
	4,302		Moderna, Inc. (a)(e)				486,427
	585		Monolithic Power Systems, Inc.				304,908
	702		Nordson Corp.				171,386
	3,387		NXP Semiconductors NV (e)				696,774
	5,646		ON Semiconductor Corp. (a)				555,905
	3,287		Organon & Co.				72,183
	19,211		Raytheon Technologies Corp. (e)				1,652,914
	2,541		Seagate Technology Holdings Plc				179,877
	732		SolarEdge Technologies, Inc. (a)				119,001
	2,106		Steel Dynamics, Inc.				224,479
	2,039		Teradyne, Inc.				219,947
	35,200		Tesla, Inc. (a)(e)				9,084,416
	3,243		Trimble, Inc. (a)				177,684
							29,163,771
			Media - 1.1%
	1,362		Charter Communications, Inc., Class A (a)				596,720
	54,429		Comcast Corp.				2,545,100
	3,524		Fox Corp.				116,503
	1,820		Fox Corp.				55,546
	5,074		News Corp., Class A				109,040
	1,590		News Corp., Class B				34,980
	6,573		ViacomCBS, Inc., Class B				99,187
	23,902		Walt Disney Co. (a)				2,000,119
							5,557,195
			Mining - 0.2%
	18,736		Freeport-McMoRan, Inc.				747,754
	10,388		Newmont Goldcorp Corp.				409,495
							1,157,249
			Mining, Quarrying, and Oil and Gas Extraction - 0.1%
	4,046		APA Corp.				177,377
	2,941		Targa Resources Corp.				253,661
							431,038
			Miscellaneous Manufacturing - 0.9%
	7,236		3M Co. (e)				771,864
	1,669		AO Smith Corp.				121,002
	5,204		Eaton Corp PLC (e)				1,198,845
	3,633		Illinois Tool Works, Inc.				898,623
	1,676		Parker-Hannifin Corp.				698,724
	2,646		Textron, Inc.				205,621
	3,006		Trane Technologies PLC				617,012
							4,511,691
			Office/Business Equipment - 0.0% (b)
	672		Zebra Technologies Corp., Class A (a)				184,807
			Oil & Gas - 3.6%
	9,935		Cabot Oil & Gas Corp.				280,068
	23,294		Chevron Corp.				3,752,663
	15,866		ConocoPhillips (e)				1,888,530
	8,413		Devon Energy Corp.				429,820
	2,407		Diamondback Energy, Inc.				365,334
	7,685		EOG Resources, Inc.				988,445
	4,761		EQT Corp.				205,770
	52,972		Exxon Mobil Corp.				5,889,957
	3,632		Hess Corp.				561,144
	8,295		Marathon Oil Corp.				218,573
	5,564		Marathon Petroleum Corp.				794,372
	9,508		Occidental Petroleum Corp.				597,007
	6,022		Phillips 66				687,472
	3,064		Pioneer Natural Resources Co.				729,018
	4,739		Valero Energy Corp.				615,596
							18,003,769
			Oil & Gas Services - 0.4%
	13,104		Baker Hughes & GE Co., Class A				474,234
	11,874		Halliburton Co.				458,574
	18,619		Schlumberger, Ltd.				1,097,776
							2,030,584
			Packaging & Containers - 0.2%
	19,585		Amcor PLC				190,758
	4,108		Ball Corp.				223,681
	1,183		Packaging Corp of America				176,385
	1,935		Sealed Air Corp.				71,711
	3,314		Westrock Co.				108,401
							770,936
			Pharmaceuticals - 5.8%
	23,094		AbbVie, Inc. (e)				3,393,894
	495		ABIOMED, Inc. (a)(h)				–
	2,117		AmerisourceBergen Corp.				372,550
	3,708		Becton Dickinson & Co. (e)				1,036,200
	27,464		Bristol-Myers Squibb Co. (e)				1,693,156
	3,376		Cardinal Health, Inc.				294,826
	3,877		Cigna Corp. (e)				1,071,060
	16,798		CVS Health Corp. (e)				1,094,726
	5,053		DexCom, Inc. (a)				510,252
	10,298		Eli Lilly & Co. (e)				5,707,152
	1,770		Henry Schein, Inc. (a)				135,476
	33,868		Johnson & Johnson				5,475,778
	1,779		McKesson Corp.				733,517
	33,193		Merck & Co., Inc.				3,617,373
	73,906		Pfizer, Inc.				2,614,794
	15,856		Viatris, Inc.				170,452
	6,038		Zoetis, Inc., Class A (e)				1,150,299
							29,071,505
			Pipelines - 0.3%
	25,840		Kinder Morgan, Inc.				444,965
	5,833		ONEOK, Inc.				380,311
	15,877		Williams Cos., Inc.				548,233
							1,373,509
			Professional, Scientific, and Technical Services - 0.3%
	665		Charles River Laboratories International, Inc. (a)				137,535
	750		EPAM Systems, Inc. (a)				194,243
	1,679		Jacobs Solutions, Inc.				226,363
	3,657		Match Group, Inc. (a)				171,404
	3,968		Palo Alto Networks, Inc. (a)				965,414
							1,694,959
			Real Estate - 0.1%
	4,132		CBRE Group, Inc., Class A (a)				351,427
			Real Estate Investment Trusts - 2.2%
	2,056		Alexandria Real Estate Equities, Inc.				239,195
	6,072		American Tower Corp. (e)				1,100,975
	1,828		AvalonBay Communities, Inc.				336,023
	1,830		Boston Properties, Inc.				122,189
	1,437		Camden Property Trust				154,650
	5,659		Crown Castle International Corp. (e)				568,729
	3,812		Digital Realty Trust, Inc.				502,117
	1,226		Equinix, Inc. (e)				957,972
	4,449		Equity Residential				288,429
	836		Essex Property Trust, Inc.				199,294
	2,766		Extra Space Storage, Inc.				355,929
	952		Federal Realty OP LP				93,239
	7,140		Healthpeak Properties, Inc.				146,941
	9,362		Host Hotels & Resorts, Inc.				147,826
	7,551		Invitation Homes, Inc.				257,414
	3,806		Iron Mountain, Inc.				241,833
	7,962		Kimco Realty Corp.				150,800
	1,512		Mid-America Apartment Communities, Inc.				219,588
	12,023		Prologis, Inc. (e)				1,493,257
	2,064		Public Storage				570,448
	8,809		Realty Income Corp.				493,656
	2,010		Regency Centers Corp.				125,022
	1,413		SBA Communications Corp.				317,261
	4,270		Simon Property Group, Inc.				484,602
	3,984		UDR, Inc.				158,962
	5,229		Ventas, Inc.				228,403
	13,134		VICI Properties, Inc.				405,052
	6,513		Welltower, Inc.				539,797
	9,666		Weyerhaeuser Co.				316,562
							11,216,165
			Retail - 4.9%
	787		Advance Auto Parts, Inc.				54,161
	242		AutoZone, Inc. (a)				612,582
	2,582		Best Buy Co., Inc.				197,394
	2,105		CarMax, Inc. (a)				171,936
	361		Chipotle Mexican Grill, Inc. (a)				695,517
	5,818		Costco Wholesale Corp. (e)				3,195,711
	1,595		Darden Restaurants, Inc.				248,038
	2,874		Dollar General Corp. (e)				398,049
	2,720		Dollar Tree, Inc. (a)				332,819
	467		Domino's Pizza, Inc.				180,916
	1,846		Genuine Parts Co.				283,786
	13,257		Home Depot, Inc.				4,378,787
	7,807		Lowe's Cos., Inc. (e)				1,799,357
	9,575		McDonald's Corp.				2,692,011
	798		O'Reilly Automotive, Inc. (a)				749,881
	4,502		Ross Stores, Inc.				548,389
	15,058		Starbucks Corp. (e)				1,467,252
	6,006		Target Corp. (e)				760,059
	15,114		TJX Cos., Inc. (e)				1,397,743
	1,443		Tractor Supply Co.				315,295
	667		Ulta Beauty, Inc. (a)				276,825
	9,381		Walgreens Boots Alliance, Inc.				237,433
	18,350		Walmart, Inc.				2,983,894
	3,681		Yum! Brands, Inc.				476,248
							24,454,083
			Retail Trade - 0.1%
	2,961		Bath & Body Works, Inc.				109,172
	1,634		Etsy, Inc. (a)				120,213
							229,385
			Semiconductors - 7.2%
	21,085		Advanced Micro Devices, Inc. (a)(e)				2,229,106
	6,639		Analog Devices, Inc. (e)				1,206,838
	11,041		Applied Materials, Inc. (e)				1,686,623
	5,451		Broadcom, Inc. (e)				5,030,673
	54,611		Intel Corp.				1,919,031
	1,796		KLA Corp. (e)				901,359
	1,766		Lam Research Corp. (e)				1,240,438
	7,188		Microchip Technology, Inc.				588,266
	14,278		Micron Technology, Inc. (e)				998,603
	32,366		NVIDIA Corp. (e)				15,974,239
	1,308		Qorvo, Inc. (a)				140,466
	14,601		QUALCOMM, Inc. (e)				1,672,253
	2,087		Skyworks Solutions, Inc.				226,940
	11,864		Texas Instruments, Inc. (e)				1,993,864
							35,808,699
			Shipbuilding - 0.0% (b)
	518		Huntington Ingalls Industries, Inc.				114,126
			Software - 10.4%
	9,319		Activision Blizzard, Inc. (e)				857,255
	6,008		Adobe, Inc. (a)				3,360,515
	1,996		Akamai Technologies, Inc. (a)				209,760
	1,139		ANSYS, Inc. (a)				363,193
	2,829		Autodesk, Inc. (a)(e)				627,868
	1,537		Broadridge Financial Solutions, Inc.				286,205
	3,590		Cadence Design Systems, Inc. (a)				863,179
	3,406		Electronic Arts, Inc.				408,652
	7,728		Fidelity National Information Services, Inc. (e)				431,686
	8,107		Fiserv, Inc. (a)				984,109
	3,678		Intuit, Inc. (e)				1,992,777
	952		Jack Henry & Associates, Inc.				149,254
	97,355		Microsoft Corp. (e)				31,909,075
	1,051		MSCI, Inc. (e)				571,344
	20,207		Oracle Corp.				2,432,721
	4,191		Paychex, Inc.				512,266
	633		Paycom Software, Inc.				186,634
	12,832		salesforce.com, Inc. (a)				2,841,775
	2,669		ServiceNow, Inc. (a)(e)				1,571,587
	1,993		Synopsys, Inc. (a)(e)				914,568
	2,074		Take-Two Interactive Software, Inc. (a)				294,923
	545		Tyler Technologies, Inc. (a)				217,144
							51,986,490
			Telecommunications - 1.8%
	3,238		Arista Networks, Inc. (a)				632,155
	93,144		AT&T, Inc.				1,377,600
	53,638		Cisco Systems, Inc.				3,076,139
	9,959		Corning, Inc.				326,854
	4,198		Juniper Networks, Inc.				122,246
	2,188		Motorola Solutions, Inc.				620,451
	7,520		T-Mobile US, Inc. (a)(e)				1,024,600
	54,965		Verizon Communications, Inc.				1,922,676
							9,102,721
			Textiles - 0.0% (b)
	668		Mohawk Industries, Inc. (a)				67,729
			Toys/Games/Hobbies - 0.0% (b)
	1,658		Hasbro, Inc.				119,376
			Transportation - 1.3%
	1,538		CH Robinson Worldwide, Inc.				139,081
	26,641		CSX Corp. (e)				804,558
	2,002		Expeditors International of Washington, Inc.				233,653
	3,036		FedEx Corp. (e)				792,457
	1,084		JB Hunt Transport Services, Inc.				203,662
	2,985		Norfolk Southern Corp. (e)				611,955
	1,183		Old Dominion Freight Line, Inc.				505,579
	8,005		Union Pacific Corp. (e)				1,765,663
	9,500		United Parcel Service, Inc. (e)				1,609,300
							6,665,908
			Utilities - 0.1%
	4,264		Constellation Energy Corp.				444,138
	1,293		First Solar, Inc. (a)				244,532
							688,670
			Water - 0.1%
	2,521		American Water Works Co., Inc.				349,764
			Wholesale Trade - 0.0% (b)
	510		Pool Corp.				186,456
			TOTAL COMMON STOCKS (Cost - $417,772,541)				492,819,055
Contracts					Notional Amount
			PURCHASED OPTIONS - 1.1% (a)(c)(f)
			PURCHASED PUT OPTIONS - 1.1%
			S&P 500 Index
	360		Expiration: September 2023, Exercise Price $4,375		162,275,760		239,400
	365		Expiration: October 2023, Exercise Price $4,550		164,529,590		3,025,850
	365		Expiration: November 2023, Exercise Price $4,375		164,529,590		1,905,300
			TOTAL PURCHASED OPTIONS (Cost - $10,410,759)				5,170,550
			SHORT TERM INVESTMENTS - 1.0%
			Money Market Funds - 1.0%
	4,975,167		First American Treasury Obligations Fund, Class X, 5.26% (d)				4,975,167
			TOTAL SHORT TERM INVESTMENTS (Cost - $4,975,167)				4,975,167
			INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% (b)
	110,526		First American Government Obligations Fund, Class X, 5.18% (d)				110,526
			TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $110,526)				110,526
			TOTAL INVESTMENTS - 100.8% (Cost - $433,268,993)				503,075,298
			Liabilities in Excess of Other Assets - (0.8)%				(3,826,190	)
			NET ASSETS - 100.0%			$	499,249,108
Contracts					Notional Value	Value
			SCHEDULE OF WRITTEN OPTIONS - (0.9)% (a)(c)
			WRITTEN CALL OPTIONS - (0.6)%
			S&P 500 Index
	360		Expiration: September 2023, Exercise Price $4,575	$	162,275,760	$	516,600
	365		Expiration: October 2023, Exercise Price $4,750		164,529,590		326,675
	365		Expiration: November 2023, Exercise Price $4,625		164,529,590		2,388,925
			TOTAL WRITTEN CALL OPTIONS (Premiums Received $5,263,545)				3,232,200
			WRITTEN PUT OPTIONS - (0.3)%
			S&P 500 Index
	360		Expiration: September 2023, Exercise Price $4,050		162,275,760		45,900
	365		Expiration: October 2023, Exercise Price $4,225		164,529,590		604,075
	365		Expiration: November 2023, Exercise Price $4,025		164,529,590		602,250
			TOTAL WRITTEN PUT OPTIONS (Premiums Received $3,961,581)				1,252,225
			TOTAL OPTIONS WRITTEN (Premiums Received $9,225,126)			$	4,484,425
			Percentages are stated as a percent of net assets.
		(a)	Non-income producing security.
		(b)	Rounds to less than 0.1%.
		(c)	Each option is exercisable into 100 shares of the underlying security.
		(d)	Interest rate reflects seven-day yield on August 31, 2023.
		(e)	All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $75,669,101, which is 15.2% of total net assets.
		(f)	Held in connection with a written option, see Schedule of Written Options for more details.
		(g)	All or a portion of this security is out on loan as of August 31, 2023.
		(h)	Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

NPORT-EX

Horizon Funds

PORTFOLIO OF INVESTMENTS (Unaudited)

August 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

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

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, as described above, are valued as determined in good faith in accordance with procedures approved by the Board.

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

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other

characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of August 31, 2023, for the Funds’ investments measured at fair value:

Horizon Active Asset Allocation Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	918,024,667	$	-	$	-	$	918,024,667
Purchased Put Options		-		87,000		-		87,000
Short-Term Investments		8,805,885		-		-		8,805,885
Investments Purchased With Proceeds From Securities Lending		94,630,844		-		-		94,630,844
Total	$	1,021,461,396	$	87,000	$	-	$	1,021,548,396
Horizon Active Risk Assist® Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,209,093,888	$	-	$	-	$	1,209,093,888
Common Stocks		13,790,515		-		-		13,790,515
Purchased Call Options		-		1,753,750		-		1,753,750
Purchased Put Options		-		1,180,250		-		1,180,250
Short-Term Investments		898		-		-		898
Investments Purchased With Proceeds From Securities Lending		171,842,933		-		-		171,842,933
Total	$	1,394,728,234	$	2,934,000	$	-	$	1,397,662,234
Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	-	$	718,250	$	-	$	718,250
Written Put Options		-		780,000		-		780,000
Total	$	-	$	1,498,250	$	-	$	1,498,250
Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	328,223,813	$	-	$	-	$	328,223,813
Purchased Call Options		-		187,500		-		187,500
Short-Term Investments		67,576		-		-		67,576
Investments Purchased With Proceeds From Securities Lending		26,782,950		-		-		26,782,950
Total	$	355,074,339	$	187,500	$	-	$	355,261,839
Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	-	$	80,500	$	-	$	80,500
Total	$	-	$	80,500	$	-	$	80,500
Horizon Active Dividend Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	95,559,960	$	-	$	-	$	95,559,960
Short-Term Investments		1,452,369		-		-		1,452,369
Investments Purchased With Proceeds From Securities Lending		602,000		-		-		602,000
Total	$	97,614,329	$	-	$	-	$	97,614,329
Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	492,819,055	$	-	$	-	$	492,819,055
Purchased Put Options		-		5,170,550		-		5,170,550
Short-Term Investments		4,975,167		-		-		4,975,167
Investments Purchased With Proceeds From Securities Lending		110,526		-		-		110,526
Total	$	497,904,748	$	5,170,550	$	-	$	503,075,298
Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	-	$	3,232,200	$	-	$	3,232,200
Written Put Options		-		1,252,225		-		1,252,225
Total	$	-	$	4,484,425	$	-	$	4,484,425
Horizon ESG & Defensive Core Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	237,014,211					$	237,014,211
Short-Term Investments		2,921,799		-		-		2,921,799
Total	$	239,936,010	$	-	$	-	$	239,936,010
Horizon U.S. Defensive Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	240,079,064	$	-	$	-	$	240,079,064
Short-Term Investments		2,468,690		-		-		2,468,690
Total	$	242,547,754	$	-	$	-	$	242,547,754
Horizon Tactical Fixed Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	101,312,428	$	-	$	-	$	101,312,428
Short-Term Investments		701,733		-		-		701,733
Total	$	102,014,161	$	-	$	-	$	102,014,161
Horizon U.S. Defensive Small/Mid Cap Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	6,560,949	$	-	$	-	$	6,560,949
Short-Term Investments		36,603		-		-		36,603
Total	$	6,597,552	$	-	$	-	$	6,597,552
* Refer to the Portfolios of Investments for security classifications.