Horizon Active Risk Assist Fund
Schedule of Investments
August 31, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 86.7%

Shares  

Value  
Invesco S&P 500 Equal Weight ETF (a)

            587,863

    $        128,971,264
iShares Bitcoin Trust ETF (b)

            415,316

             18,552,166
iShares Core MSCI International Developed Markets ETF

            1,818,261

             168,425,516
iShares MSCI All Country Asia ex Japan ETF (a)

            417,285

             48,722,197
iShares MSCI USA Minimum Volatility ETF

            781,941

             79,382,650
iShares MSCI USA Quality Factor ETF

            289,359

             64,417,101
State Street SPDR Portfolio Developed World ex-US ETF

            4,524,998

             233,897,147
State Street SPDR Portfolio Emerging Markets ETF

            3,222,341

             169,462,913
State Street SPDR Portfolio S&P 500 Growth ETF (c)

            3,105,105

             375,376,143
State Street SPDR Portfolio S&P 500 Value ETF (c)

            1,511,953

             95,782,222
TOTAL EXCHANGE TRADED FUNDS (Cost $1,053,298,258)

             1,382,989,319






COMMON STOCKS - 13.2%

Shares  

Value  
Aerospace & Defense - 0.1%

AeroVironment, Inc. (b)

            8,527

             1,264,980






Automobiles - 0.5%

Tesla, Inc. (b)

            19,586

             7,206,669






Banks - 0.1%

JPMorgan Chase & Co.

            3,752

             1,335,787






Broadline Retail - 0.8%

Amazon.com, Inc. (b)

            47,392

             12,311,020






Capital Markets - 0.2%

Goldman Sachs Group, Inc.

            1,615

             1,656,828
Morgan Stanley

            6,936

             1,479,588




             3,136,416






Communications Equipment - 0.1%

Cisco Systems, Inc.

            17,591

             1,943,630






Construction & Engineering - 0.1%

Quanta Services, Inc.

            2,014

             1,222,679






Consumer Staples Distribution & Retail - 0.3%

Costco Wholesale Corp.

            1,684

             1,589,511
Dollar General Corp.

            12,250

             1,552,687
Walmart, Inc.

            21,778

             2,283,859




             5,426,057






Diversified Telecommunication Services - 0.1%

Space Exploration Technologies Corp. - Class A (b)

            11,317

             1,626,140






Electric Utilities - 0.1%

Constellation Energy Corp.

            3,541

             972,961






Electrical Equipment - 0.4%

ABB Ltd. - ADR

            15,329

             1,493,811
Bloom Energy Corp. - Class A (b)

            4,398

             907,308


GE Vernova, Inc.

            1,719

             1,544,573
Rockwell Automation, Inc.

            3,926

             1,666,312
Schneider Electric SE - ADR

            22,466

             1,536,225




             7,148,229






Electronic Equipment, Instruments & Components - 0.3%

Amphenol Corp. - Class A

            9,441

             1,496,870
Cognex Corp.

            28,982

             1,766,743
Corning, Inc.

            10,053

             1,495,183




             4,758,796






Entertainment - 0.0% (d)

Netflix, Inc. (b)

            9,897

             802,152






Financial Services - 0.2%

Berkshire Hathaway, Inc. - Class B (b)

            1,471

             741,428
MasterCard, Inc. - Class A

            1,330

             783,782
Visa, Inc. - Class A

            2,654

             1,006,848




             2,532,058






Health Care Providers & Services - 0.1%

McKesson Corp.

            1,887

             1,670,599






Healthcare Equipment & Supplies - 0.0% (d)

ABIOMED INC (b)(e)

            113

             0






Industrial Conglomerates - 0.1%

Siemens AG - ADR

            9,480

             1,567,992






Insurance - 0.1%

American International Group, Inc.

            19,770

             1,509,637






Interactive Media & Services - 0.9%

Alphabet, Inc. - Class A

            38,480

             13,058,188
Meta Platforms, Inc. - Class A

            2,830

             1,619,722




             14,677,910






Machinery - 0.2%

Caterpillar, Inc.

            2,727

             2,174,701
Cummins, Inc.

            2,081

             1,174,516




             3,349,217






Metals & Mining - 0.4%

BHP Group Ltd. - ADR (a)

            18,139

             1,703,615
Newmont Goldcorp Corp.

            14,187

             1,788,413
Rio Tinto PLC - ADR

            14,621

             1,498,653
Southern Copper Corp.

            7,949

             1,660,362




             6,651,043






Oil, Gas & Consumable Fuels - 0.1%

ExxonMobil Holdings Corp.

            6,665

             1,072,732






Pharmaceuticals - 0.3%

Eli Lilly & Co.

            3,411

             3,945,606
Johnson & Johnson

            4,007

             1,065,261




             5,010,867








Professional Services - 0.2%

Jacobs Solutions, Inc.

            18,687

             2,785,297






Semiconductors & Semiconductor Equipment - 4.7%

Advanced Micro Devices, Inc. (b)

            9,545

             4,493,022
Applied Materials, Inc.

            4,749

             2,176,894
ARM Holdings PLC - ADR (b)

            5,036

             1,218,259
ASML Holding NV

            2,258

             3,829,591
Broadcom, Inc.

            18,650

             6,906,841
Cerebras Systems, Inc. - Class A (a)(b)

            6,173

             1,137,313
First Solar, Inc. (b)

            4,424

             893,206
Infineon Technologies AG - ADR

            19,026

             1,244,491
Intel Corp. (b)

            26,669

             2,387,142
KLA Corp.

            9,764

             1,713,094
Lam Research Corp.

            7,444

             2,244,292
Marvell Technology, Inc.

            7,863

             1,664,283
Micron Technology, Inc.

            7,016

             6,726,450
NVIDIA Corp.

            113,343

             25,023,867
QUALCOMM, Inc.

            8,317

             1,417,882
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            21,760

             9,037,363
Texas Instruments, Inc.

            5,930

             1,547,196
Tokyo Electron Ltd. - ADR

            9,013

             1,580,249




             75,241,435






Software - 1.7%

Cadence Design Systems, Inc. (b)

            3,940

             1,334,793
Crowdstrike Holdings, Inc. - Class A (b)

            7,981

             1,843,611
Gen Digital, Inc.

            91,151

             2,825,681
Microsoft Corp.

            24,360

             12,357,584
Nebius Group NV (a)(b)

            6,400

             1,320,448
Oracle Corp.

            14,730

             2,196,538
Palantir Technologies, Inc. - Class A (b)

            18,181

             3,388,575
Palo Alto Networks, Inc. (b)

            4,828

             1,844,924




             27,112,154






Specialty Retail - 0.0% (d)

Home Depot, Inc.

            1,162

             380,938






Technology Hardware, Storage & Peripherals - 1.1%

Apple, Inc.

            42,881

             13,586,845
Dell Technologies, Inc. - Class C

            4,313

             1,966,771
Sandisk Corp. (b)

            1,010

             1,582,367
Western Digital Corp.

            2,275

             1,025,001




             18,160,984
TOTAL COMMON STOCKS (Cost $183,557,346)

             210,878,379






PURCHASED OPTIONS - 0.4% (b)
Notional Amount  

Contracts  

Value  
Call Options - 0.1% (f)(g)




iShares 20+ Year Treasury Bond ETF, Expiration: 11/20/2026; Exercise Price: $86.00
             41,260,000

            5,000

             260,000
iShares MSCI Brazil ETF, Expiration: 01/15/2027; Exercise Price: $42.00
             16,213,500

            4,500

             564,750
iShares U.S. Medical Devices ETF, Expiration: 10/16/2026; Exercise Price: $55.00
             16,491,000

            3,000

             540,000
KraneShares CSI China Internet ETF




Expiration: 09/25/2026; Exercise Price: $29.00
             5,162,000

            2,000

             31,000
Expiration: 12/18/2026; Exercise Price: $35.00
             3,871,500

            1,500

             26,250
S&P 500 Index, Expiration: 08/31/2026; Exercise Price: $7,730.00
             153,722,800

            200

             600
Total Call Options




             1,422,600








Put Options - 0.3% (f)(g)




CBOE Volatility Index




Expiration: 09/16/2026; Exercise Price: $18.00
             8,952,000

            6,000

             1,284,000
Expiration: 09/16/2026; Exercise Price: $19.00
             5,968,000

            4,000

             1,218,000
iShares U.S. Real Estate ETF, Expiration: 09/18/2026; Exercise Price: $102.00
             41,052,000

            4,000

             520,000
Roundhill Magnificent Seven ETF, Expiration: 09/18/2026; Exercise Price: $62.00
             27,496,000

            4,000

             40,000
State Street Energy Select Sector SPDR ETF, Expiration: 01/15/2027; Exercise Price: $55.00
             38,376,000

            6,000

             468,000
State Street SPDR S&P 500 ETF Trust, Expiration: 09/18/2026; Exercise Price: $755.00
             230,115,000

            3,000

             1,246,500
Total Put Options




             4,776,500
TOTAL PURCHASED OPTIONS (Cost $6,961,062)

             6,199,100






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.5%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.59% (h)

            72,113,955

             72,113,955
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $72,113,955)

             72,113,955






MONEY MARKET FUNDS - 0.1%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.59% (h)

            515,064

             515,064
TOTAL MONEY MARKET FUNDS (Cost $515,064)

             515,064






TOTAL INVESTMENTS - 104.9% (Cost $1,316,445,685)

             1,672,695,817
Liabilities in Excess of Other Assets - (4.9)%
(0.04901)
            (78,149,927)
TOTAL NET ASSETS - 100.0%




    $        1,594,545,890


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.


(a)

All or a portion of this security is on loan as of August 31, 2026. The fair value of these securities was $70,257,169.
(b)

Non-income producing security.
(c)

All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2026 was $184,240,000.
(d)

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

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2026.
(f)

100 shares per contract.
(g)

Exchange-traded.
(h)

The rate shown represents the 7-day annualized yield as of August 31, 2026.






Horizon Active Risk Assist Fund
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.3)% (a)(b)
Notional Amount

Contracts

Value
Call Options - (0.0)% (c)
iShares 20+ Year Treasury Bond ETF, Expiration: 09/30/2026; Exercise Price: $85.00
    $        (41,260,000)

(5,000)

    $        (102,500)
iShares MSCI Brazil ETF, Expiration: 10/16/2026; Exercise Price: $40.00
             (9,007,500)

(2,500)

             (178,750)
iShares U.S. Medical Devices ETF, Expiration: 10/16/2026; Exercise Price: $60.00
             (8,245,500)

(1,500)

             (48,750)
KraneShares CSI China Internet ETF





Expiration: 09/18/2026; Exercise Price: $29.00
             (5,162,000)

(2,000)

             (6,000)
Expiration: 12/18/2026; Exercise Price: $40.00
             (3,871,500)

(1,500)

             (9,000)
Total Call Options




            (345,000)






Put Options - (0.3)%
CBOE Volatility Index





Expiration: 09/16/2026; Exercise Price: $16.50
             (22,380,000)

(15,000)

             (1,402,500)
Expiration: 09/16/2026; Exercise Price: $17.00
             (11,936,000)

(8,000)

             (1,044,000)
iShares U.S. Real Estate ETF, Expiration: 09/18/2026; Exercise Price: $99.00
             (82,104,000)

(8,000)

             (280,000)
Roundhill Magnificent Seven ETF, Expiration: 09/18/2026; Exercise Price: $57.00
             (27,496,000)

(4,000)

             (40,000)
State Street Energy Select Sector SPDR ETF, Expiration: 11/20/2026; Exercise Price: $55.00
             (38,376,000)

(6,000)

             (240,000)
State Street SPDR S&P 500 ETF Trust, Expiration: 09/18/2026; Exercise Price: $745.00
             (230,115,000)

(3,000)

             (762,000)
Total Put Options




            (3,768,500)
TOTAL WRITTEN OPTIONS (Premiums received $4,260,764)




    $        (4,113,500)

Percentages are stated as a percent of net assets.


(a)

100 shares per contract.
(b)

Exchange-traded.
(c)

Represents less than 0.05% of net assets.


























Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Horizon Active Risk Assist Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  Exchange Traded Funds
    $        1,382,989,319

    $        –

    $        –

    $        1,382,989,319
  Common Stocks
            210,878,379

            –

            0

            210,878,379
  Purchased Options
            600

            6,198,500

            –

            6,199,100
  Investments Purchased with Proceeds from Securities Lending
            72,113,955

            –

            –

            72,113,955
  Money Market Funds
            515,064

            –

            –

            515,064
Total Investments
    $        1,666,497,317

    $        6,198,500

    $        0

    $        1,672,695,817








Liabilities:







Investments:







  Written Options
    $        –

    $        (4,113,500)

    $        –

    $        (4,113,500)
Total Investments
    $        –

    $        (4,113,500)

    $        –

    $        (4,113,500)




 

Refer to the Schedule of Investments for further disaggregation of investment categories.