Horizon Active Asset Allocation Fund
Schedule of Investments
August 31, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 81.5%

Shares  

Value  
Avantis International Small Cap Value ETF

            407,466

    $        45,823,626
Goldman Sachs Equal Weight US Large Cap Equity ETF (a)

            161,608

             15,723,650
Invesco KBW Bank ETF (a)

            252,286

             24,063,039
Invesco S&P 500 Equal Weight ETF

            180,551

             39,611,084
iShares Bitcoin Trust ETF (b)

            202,616

             9,050,857
iShares Core MSCI Emerging Markets ETF

            950,282

             77,666,548
iShares Core MSCI International Developed Markets ETF

            1,218,427

             112,862,893
iShares International Select Dividend ETF

            655,010

             29,383,749
iShares MSCI All Country Asia ex Japan ETF (a)

            204,985

             23,934,049
iShares MSCI Japan ETF (a)

            243,524

             23,349,081
State Street Communication Services Select Sector SPDR ETF (a)

            184,003

             20,508,974
State Street Health Care Select Sector SPDR ETF (a)

            139,995

             23,874,747
State Street SPDR Portfolio S&P 500 Growth ETF (c)

            1,324,982

             160,177,074
State Street SPDR S&P Regional Banking ETF (a)

            419,579

             30,864,231
TOTAL EXCHANGE TRADED FUNDS (Cost $509,309,859)

             636,893,602






COMMON STOCKS - 18.5%

Shares  

Value  
Aerospace & Defense - 0.1%

AeroVironment, Inc. (b)

            5,834

             865,474






Automobiles - 0.6%

Tesla, Inc. (b)

            13,506

             4,969,533






Banks - 0.1%

JPMorgan Chase & Co.

            2,713

             965,882






Broadline Retail - 1.1%

Amazon.com, Inc. (b)

            32,889

             8,543,575






Capital Markets - 0.3%

Goldman Sachs Group, Inc.

            1,101

             1,129,516
Morgan Stanley

            4,726

             1,008,150




             2,137,666






Communications Equipment - 0.2%

Cisco Systems, Inc.

            11,964

             1,321,902






Construction & Engineering - 0.1%

Quanta Services, Inc.

            1,364

             828,071






Consumer Staples Distribution & Retail - 0.5%

Costco Wholesale Corp.

            1,106

             1,043,942
Dollar General Corp.

            8,350

             1,058,363
Walmart, Inc.

            15,155

             1,589,305




             3,691,610






Diversified Telecommunication Services - 0.1%

Space Exploration Technologies Corp. - Class A (b)

            7,711

             1,107,994






Electric Utilities - 0.1%

Constellation Energy Corp.

            2,403

             660,272








Electrical Equipment - 0.6%

ABB Ltd. - ADR

            10,502

             1,023,420
Bloom Energy Corp. - Class A (b)

            2,936

             605,697
GE Vernova, Inc.

            1,171

             1,052,179
Rockwell Automation, Inc.

            2,680

             1,137,472
Schneider Electric SE - ADR

            15,387

             1,052,163




             4,870,931






Electronic Equipment, Instruments & Components - 0.4%

Amphenol Corp. - Class A

            6,412

             1,016,623
Cognex Corp.

            19,686

             1,200,058
Corning, Inc.

            6,808

             1,012,554




             3,229,235






Entertainment - 0.1%

Netflix, Inc. (b)

            6,346

             514,343






Financial Services - 0.2%

Berkshire Hathaway, Inc. - Class B (b)

            994

             501,006
MasterCard, Inc. - Class A

            899

             529,790
Visa, Inc. - Class A

            1,706

             647,205




             1,678,001






Health Care Providers & Services - 0.2%

McKesson Corp.

            1,287

             1,139,407






Industrial Conglomerates - 0.1%

Siemens AG - ADR

            6,485

             1,072,619






Insurance - 0.1%

American International Group, Inc.

            13,453

             1,027,271






Interactive Media & Services - 1.3%

Alphabet, Inc. - Class A

            26,623

             9,034,515
Meta Platforms, Inc. - Class A

            1,931

             1,105,189




             10,139,704






Machinery - 0.3%

Caterpillar, Inc.

            1,852

             1,476,914
Cummins, Inc.

            1,415

             798,626




             2,275,540






Metals & Mining - 0.6%

BHP Group Ltd. - ADR (a)

            12,396

             1,164,232
Newmont Goldcorp Corp.

            9,671

             1,219,126
Rio Tinto PLC - ADR

            9,992

             1,024,180
Southern Copper Corp.

            5,410

             1,130,019




             4,537,557






Oil, Gas & Consumable Fuels - 0.1%

ExxonMobil Holdings Corp.

            4,268

             686,935






Pharmaceuticals - 0.4%

Eli Lilly & Co.

            2,363

             2,733,353
Johnson & Johnson

            2,569

             682,969






             3,416,322






Professional Services - 0.3%

Jacobs Solutions, Inc.

            12,720

             1,895,916






Semiconductors & Semiconductor Equipment - 6.6%

Advanced Micro Devices, Inc. (b)

            6,465

             3,043,205
Applied Materials, Inc.

            3,213

             1,472,807
ARM Holdings PLC - ADR (b)

            3,390

             820,075
ASML Holding NV

            1,530

             2,594,895
Broadcom, Inc.

            12,968

             4,802,569
Cerebras Systems, Inc. - Class A (a)(b)

            4,216

             776,756
First Solar, Inc. (b)

            3,002

             606,104
Infineon Technologies AG - ADR

            12,925

             845,424
Intel Corp. (b)

            18,093

             1,619,504
KLA Corp.

            6,594

             1,156,917
Lam Research Corp.

            5,022

             1,514,083
Marvell Technology, Inc.

            5,316

             1,125,185
Micron Technology, Inc.

            4,732

             4,536,710
NVIDIA Corp.

            78,522

             17,336,087
QUALCOMM, Inc.

            5,636

             960,825
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            14,777

             6,137,184
Texas Instruments, Inc.

            4,027

             1,050,685
Tokyo Electron Ltd. - ADR

            6,088

             1,067,409




             51,466,424






Software - 2.4%

Cadence Design Systems, Inc. (b)

            2,681

             908,269
Crowdstrike Holdings, Inc. - Class A (b)

            5,456

             1,260,336
Gen Digital, Inc.

            62,225

             1,928,975
Microsoft Corp.

            16,894

             8,570,157
Nebius Group NV (a)(b)

            4,366

             900,793
Oracle Corp.

            10,072

             1,501,937
Palantir Technologies, Inc. - Class A (b)

            12,653

             2,358,266
Palo Alto Networks, Inc. (b)

            3,304

             1,262,558




             18,691,291






Specialty Retail - 0.0% (d)

Home Depot, Inc.

            746

             244,561






Technology Hardware, Storage & Peripherals - 1.6%

Apple, Inc.

            30,122

             9,544,156
Dell Technologies, Inc. - Class C

            2,937

             1,339,301
Sandisk Corp. (b)

            686

             1,074,756
Western Digital Corp.

            1,542

             694,748




             12,652,961
TOTAL COMMON STOCKS (Cost $125,853,943)

             144,630,997






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%
Shares  

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

            95,684,646

             95,684,646
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,684,646)

             95,684,646






MONEY MARKET FUNDS - 0.1%
Shares  

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

            444,250

             444,250
TOTAL MONEY MARKET FUNDS (Cost $444,250)

             444,250








TOTAL INVESTMENTS - 112.3% (Cost $731,292,698)

             877,653,495
Liabilities in Excess of Other Assets - (12.3)%
(0.12324)
            (96,295,489)
TOTAL NET ASSETS - 100.0%




    $        781,358,006


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 $92,999,944.
(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 $37,475,900.
(d)

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

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







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

Horizon Active Asset Allocation 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
Investments:







  Exchange Traded Funds
    $        636,893,602

    $        –

    $        –

    $        636,893,602
  Common Stocks
            144,630,997

            –

            –

            144,630,997
  Investments Purchased with Proceeds from Securities Lending
            95,684,646

            –

            –

            95,684,646
  Money Market Funds
            444,250

            –

            –

            444,250
Total Investments
    $        877,653,495

    $        –

    $        –

    $        877,653,495




 

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