Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 95.3%

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Value  
Aerospace & Defense - 3.0%

ATI, Inc. (a)

            45,510

    $        9,293,142
Carpenter Technology Corp.

            18,748

             8,931,922
Moog, Inc. - Class A

            13,237

             4,917,545
V2X, Inc. (a)

            10,154

             783,483




             23,926,092






Automobile Components - 1.2%

BorgWarner, Inc.

            89,068

             5,714,603
Gentex Corp.

            45,664

             1,021,503
Lear Corp.

            6,714

             839,183
Phinia, Inc.

            11,338

             775,973
Standard Motor Products, Inc.

            21,447

             808,981




             9,160,243






Automobiles - 0.1%

Winnebago Industries, Inc.

            26,817

             806,924






Banks - 8.0%

Associated Banc-Corp.

            89,454

             2,738,187
Banner Corp.

            15,646

             1,097,410
Cathay General Bancorp

            35,845

             2,194,072
Central Pacific Financial Corp.

            21,744

             809,312
Columbia Banking System, Inc.

            127,921

             3,791,578
Commerce Bancshares, Inc.

            84,872

             4,897,963
Customers Bancorp, Inc. (a)

            13,551

             1,059,417
CVB Financial Corp.

            66,595

             1,476,411
East West Bancorp, Inc.

            81,175

             10,297,861
First Bancorp

            78,525

             2,189,277
First Commonwealth Financial Corp.

            40,690

             842,283
First Financial Bancorp

            55,568

             1,813,184
FNB Corp./PA

            131,386

             2,395,167
Hanmi Financial Corp.

            25,964

             804,884
International Bancshares Corp.

            14,083

             988,063
NBT Bancorp, Inc.

            15,682

             806,368
OFG Bancorp

            21,076

             1,097,006
Provident Financial Services, Inc.

            34,068

             797,191
SOUTHSTATE BANK CORP

            29,939

             3,140,302
Tompkins Financial Corp.

            8,322

             808,233
UMB Financial Corp.

            35,539

             5,033,389
WesBanco, Inc.

            23,525

             941,235
Wintrust Financial Corp.

            36,583

             5,500,620
WSFS Financial Corp.

            18,858

             1,460,552
Zions Bancorp NA

            92,808

             6,189,366




             63,169,331






Beverages - 0.8%

Coca-Cola Consolidated, Inc.

            26,873

             5,255,553
Vita Coco Co., Inc. (a)

            12,768

             749,673




             6,005,226






Biotechnology - 3.2%

ACADIA Pharmaceuticals, Inc. (a)

            77,315

             2,235,177


BioMarin Pharmaceutical, Inc. (a)

            22,628

             1,476,024
Exelixis, Inc. (a)

            51,243

             2,799,918
Halozyme Therapeutics, Inc. (a)

            13,912

             1,481,489
Neurocrine Biosciences, Inc. (a)

            36,397

             5,606,230
Protagonist Therapeutics, Inc. (a)

            11,056

             1,633,524
United Therapeutics Corp. (a)

            17,876

             9,123,553
Vericel Corp. (a)

            18,988

             757,621




             25,113,536






Broadline Retail - 0.5%

Etsy, Inc. (a)

            14,303

             1,163,263
Macy's, Inc.

            112,830

             2,477,747




             3,641,010






Building Products - 0.8%

Apogee Enterprises, Inc.

            19,930

             778,466
Armstrong World Industries, Inc.

            4,676

             806,984
Griffon Corp.

            18,273

             1,779,607
Simpson Manufacturing Co., Inc.

            12,664

             2,312,573
Trex Co., Inc. (a)

            17,367

             791,588




             6,469,218






Capital Markets - 3.9%

Acadian Asset Management, Inc.

            14,455

             1,361,661
Affiliated Managers Group, Inc.

            15,434

             5,682,644
BGC Group, Inc. - Class A

            203,236

             2,440,864
Donnelley Financial Solutions, Inc. (a)

            17,227

             832,064
Evercore, Inc. - Class A

            13,957

             3,997,704
Piper Sandler Cos.

            18,835

             1,413,755
SEI Investments Co.

            72,598

             8,056,926
Victory Capital Holdings, Inc. - Class A

            34,058

             4,019,185
Virtu Financial, Inc. - Class A

            51,022

             3,349,084




             31,153,887






Chemicals - 1.2%

Avient Corp.

            18,851

             830,575
Balchem Corp.

            13,821

             2,430,976
Innospec, Inc.

            8,953

             840,329
Minerals Technologies, Inc.

            11,578

             821,112
NewMarket Corp.

            2,326

             2,088,050
RPM International, Inc.

            16,245

             1,691,104
Stepan Co.

            13,237

             828,768




             9,530,914






Commercial Services & Supplies - 1.6%

ABM Industries, Inc.

            17,371

             810,009
Brady Corp. - Class A

            25,632

             2,323,541
Clean Harbors, Inc. (a)

            24,587

             7,751,052
Healthcare Services Group, Inc. (a)

            38,010

             835,840
Liquidity Services, Inc. (a)

            19,637

             818,470




             12,538,912






Communications Equipment - 0.2%

Digi International, Inc. (a)

            10,183

             763,114
NetScout Systems, Inc. (a)

            23,512

             912,971




             1,676,085








Construction & Engineering - 0.1%

Everus Construction Group, Inc. (a)

            6,637

             764,118






Consumer Finance - 0.9%

Bread Financial Holdings, Inc.

            20,296

             2,120,323
Encore Capital Group, Inc. (a)

            9,599

             931,199
Enova International, Inc. (a)

            15,696

             3,558,597
PROG Holdings, Inc.

            19,968

             761,380




             7,371,499






Consumer Staples Distribution & Retail - 2.6%

Andersons, Inc.

            12,160

             788,819
Maplebear, Inc. (a)

            92,187

             4,657,287
Performance Food Group Co. (a)

            75,544

             7,491,699
US Foods Holding Corp. (a)

            74,094

             7,768,015




             20,705,820






Containers & Packaging - 0.7%

Crown Holdings, Inc.

            42,705

             4,970,435
Sonoco Products Co.

            14,576

             803,866




             5,774,301






Diversified Consumer Services - 1.9%

ADT, Inc.

            321,990

             2,379,506
Covista, Inc. (a)

            15,851

             2,097,563
Frontdoor, Inc. (a)

            37,807

             3,057,452
Grand Canyon Education, Inc. (a)

            5,718

             847,007
H&R Block, Inc.

            52,558

             2,714,621
Laureate Education, Inc. (a)

            70,546

             2,647,591
Perdoceo Education Corp.

            27,589

             917,058
Strategic Education, Inc.

            10,178

             843,146




             15,503,944






Diversified Telecommunication Services - 0.1%

Uniti Group, Inc. (a)

            85,482

             847,981






Electrical Equipment - 1.2%

Acuity, Inc.

            12,257

             4,066,750
EnerSys

            6,894

             1,267,531
nVent Electric PLC

            28,587

             4,309,490




             9,643,771






Electronic Equipment, Instruments & Components - 2.6%

Arrow Electronics, Inc. (a)

            24,323

             4,972,351
Avnet, Inc.

            21,258

             1,903,866
CTS Corp.

            13,678

             772,397
Insight Enterprises, Inc. (a)

            14,638

             2,298,459
Knowles Corp. (a)

            22,989

             785,764
PC Connection, Inc.

            11,348

             906,365
Rogers Corp. (a)

            5,995

             752,792
ScanSource, Inc. (a)

            16,433

             938,160
TD SYNNEX Corp.

            30,528

             7,719,005




             21,049,159






Entertainment - 1.5%

Cinemark Holdings, Inc.

            39,565

             1,408,909
Roku, Inc. (a)

            67,190

             10,544,127






             11,953,036






Financial Services - 3.1%

Enact Holdings, Inc.

            68,885

             3,320,257
Essent Group Ltd.

            55,083

             3,721,407
Jackson Financial, Inc. - Class A

            20,586

             2,746,790
MGIC Investment Corp.

            124,475

             3,815,159
NMI Holdings, Inc. - Class A (a)

            46,538

             2,063,960
Radian Group, Inc.

            51,905

             1,861,313
Remitly Global, Inc. (a)

            77,970

             2,084,918
Voya Financial, Inc.

            50,214

             5,087,683




             24,701,487






Food Products - 1.2%

Darling Ingredients, Inc. (a)

            95,062

             6,299,759
Ingredion, Inc.

            7,983

             825,921
J & J Snack Foods Corp.

            9,413

             830,039
John B Sanfilippo & Son, Inc.

            10,025

             738,742
Marzetti Co.

            7,163

             806,912




             9,501,373






Gas Utilities - 0.6%

Chesapeake Utilities Corp.

            6,112

             816,196
National Fuel Gas Co.

            20,845

             1,731,386
New Jersey Resources Corp.

            14,923

             795,993
ONE Gas, Inc.

            10,324

             818,383
Southwest Gas Holdings, Inc.

            9,045

             798,945




             4,960,903






Ground Transportation - 1.1%

Knight-Swift Transportation Holdings, Inc.

            36,482

             2,499,382
Landstar System, Inc.

            4,354

             786,463
Ryder System, Inc.

            18,888

             4,617,361
Schneider National, Inc. - Class B

            23,240

             802,012




             8,705,218






Health Care Equipment & Supplies - 1.1%

Globus Medical, Inc. - Class A (a)

            39,536

             3,217,044
Haemonetics Corp. (a)

            21,405

             2,206,213
Inspire Medical Systems, Inc. (a)

            14,437

             909,387
Merit Medical Systems, Inc. (a)

            23,915

             2,168,134




             8,500,778






Health Care Providers & Services - 4.8%

Addus HomeCare Corp. (a)

            8,164

             936,166
AMN Healthcare Services, Inc. (a)

            24,128

             827,108
BrightSpring Health Services, Inc. (a)

            47,333

             2,764,247
Chemed Corp.

            7,881

             4,087,953
Concentra Group Holdings Parent, Inc.

            74,030

             2,497,772
CorVel Corp. (a)

            14,511

             999,518
Encompass Health Corp.

            58,610

             7,045,508
LifeStance Health Group, Inc. (a)

            138,184

             1,707,954
Molina Healthcare, Inc. (a)

            9,107

             1,810,198
Pediatrix Medical Group, Inc. (a)

            30,924

             811,137
Progyny, Inc. (a)

            32,276

             825,943
Tenet Healthcare Corp. (a)

            52,335

             13,916,400




             38,229,904








Health Care Technology - 0.1%

HealthStream, Inc.

            29,315

             851,601






Hotels, Restaurants & Leisure - 2.2%

Aramark

            89,247

             5,025,499
BJ's Restaurants, Inc. (a)

            12,648

             804,286
Boyd Gaming Corp.

            10,019

             777,374
Brinker International, Inc. (a)

            16,240

             3,710,840
Monarch Casino & Resort, Inc.

            10,319

             1,242,923
Texas Roadhouse, Inc.

            30,116

             5,890,690




             17,451,612






Household Durables - 1.5%

Cavco Industries, Inc. (a)

            2,106

             1,177,528
Champion Homes, Inc. (a)

            17,684

             1,578,651
La-Z-Boy, Inc.

            20,129

             636,881
M/I Homes, Inc. (a)

            8,101

             1,205,510
Meritage Homes Corp.

            11,695

             811,984
Mohawk Industries, Inc. (a)

            19,448

             2,494,206
Toll Brothers, Inc.

            27,079

             3,884,482




             11,789,242






Household Products - 0.3%

Central Garden & Pet Co. - Class A (a)

            38,013

             1,414,464
Reynolds Consumer Products, Inc.

            59,518

             1,377,841




             2,792,305






Insurance - 5.0%

CNO Financial Group, Inc.

            52,614

             2,882,721
Genworth Financial, Inc. (a)

            184,255

             1,831,495
Hanover Insurance Group, Inc.

            22,423

             5,070,064
HCI Group, Inc.

            7,697

             1,429,564
Horace Mann Educators Corp.

            21,193

             1,078,512
Mercury General Corp.

            35,492

             3,618,764
Reinsurance Group of America, Inc.

            43,951

             10,813,704
RenaissanceRe Holdings Ltd.

            25,606

             8,389,550
Selective Insurance Group, Inc.

            37,771

             3,448,114
United Fire Group, Inc.

            15,425

             830,945




             39,393,433






Interactive Media & Services - 0.4%

Cargurus, Inc. (a)

            35,189

             1,254,840
QuinStreet, Inc. (a)

            40,978

             796,612
Yelp, Inc. (a)

            35,639

             796,532




             2,847,984






IT Services - 3.9%

Okta, Inc. (a)

            64,496

             11,160,388
Twilio, Inc. - Class A (a)

            83,155

             19,593,813




             30,754,201






Life Sciences Tools & Services - 0.8%

Medpace Holdings, Inc. (a)

            10,819

             6,426,378






Machinery - 4.0%

Allison Transmission Holdings, Inc.

            8,275

             1,040,250


Crane Co.

            12,751

             2,614,847
Enerpac Tool Group Corp.

            22,728

             848,209
Franklin Electric Co., Inc.

            10,368

             1,037,733
Gates Industrial Corp. Ltd. (a)

            30,517

             780,625
Graco, Inc.

            12,923

             1,000,628
Lincoln Electric Holdings, Inc.

            5,391

             1,516,111
Mueller Industries, Inc.

            121,517

             7,583,876
Mueller Water Products, Inc. - Class A

            33,562

             810,187
Oshkosh Corp.

            12,998

             2,003,122
Proto Labs, Inc. (a)

            9,511

             761,451
RBC Bearings, Inc. (a)

            4,187

             2,069,467
Timken Co.

            10,449

             1,258,582
Toro Co.

            21,592

             2,111,913
Watts Water Technologies, Inc. - Class A

            17,648

             6,454,756




             31,891,757






Marine Transportation - 0.8%

Kirby Corp. (a)

            29,274

             4,152,810
Matson, Inc.

            8,515

             1,914,257




             6,067,067






Media - 0.3%

Versant Media Group, Inc.

            56,110

             2,307,243






Metals & Mining - 2.7%

Alcoa Corp.

            16,637

             831,018
Coeur Mining, Inc.

            198,210

             4,118,804
Commercial Metals Co.

            20,675

             1,394,942
Hecla Mining Co.

            82,020

             1,629,737
Kaiser Aluminum Corp.

            8,748

             1,389,008
Reliance, Inc.

            30,913

             11,872,138




             21,235,647






Multi-Utilities - 0.1%

Unitil Corp.

            15,261

             817,074






Oil, Gas & Consumable Fuels - 10.3%

Antero Midstream Corp.

            168,238

             3,771,896
Antero Resources Corp. (a)

            210,335

             8,093,691
Chord Energy Corp.

            36,024

             5,299,491
CNX Resources Corp. (a)

            47,935

             1,743,875
Core Natural Resources, Inc.

            29,648

             3,032,990
Crescent Energy Co. - Class A

            156,100

             2,137,009
Dorian LPG Ltd.

            21,343

             1,068,004
HF Sinclair Corp.

            111,518

             11,331,344
International Seaways, Inc.

            23,618

             2,329,680
Magnolia Oil & Gas Corp. - Class A

            139,990

             3,758,731
Ovintiv, Inc.

            186,470

             12,241,755
Par Pacific Holdings, Inc. (a)

            29,760

             2,378,419
PBF Energy, Inc. - Class A

            73,307

             5,350,678
Permian Resources Corp.

            556,117

             12,951,965
SM Energy Co.

            146,693

             5,454,046
Talos Energy, Inc. (a)

            50,596

             873,287




             81,816,861






Passenger Airlines - 0.1%

SkyWest, Inc. (a)

            9,703

             918,486








Personal Care Products - 0.1%

Edgewell Personal Care Co.

            29,732

             853,903






Pharmaceuticals - 1.5%

Amneal Pharmaceuticals, Inc. (a)

            66,265

             1,157,650
Harmony Biosciences Holdings, Inc. (a)

            32,848

             1,293,554
Innoviva, Inc. (a)

            38,933

             808,638
Jazz Pharmaceuticals PLC (a)

            34,398

             8,622,891




             11,882,733






Professional Services - 2.7%

CACI International, Inc. - Class A (a)

            10,490

             6,535,375
ExlService Holdings, Inc. (a)

            83,876

             3,193,998
Genpact Ltd.

            88,927

             3,377,448
ManpowerGroup, Inc.

            15,994

             1,006,822
Paycom Software, Inc.

            14,962

             3,577,414
Paylocity Holding Corp. (a)

            23,940

             3,835,667




             21,526,724






Real Estate Management & Development - 1.2%

Jones Lang LaSalle, Inc. (a)

            24,746

             9,053,819
St Joe Co.

            13,147

             869,017




             9,922,836






Semiconductors & Semiconductor Equipment - 1.1%

ACM Research, Inc. - Class A (a)

            10,356

             754,124
Cirrus Logic, Inc. (a)

            7,169

             785,077
Diodes, Inc. (a)

            8,219

             746,285
FormFactor, Inc. (a)

            11,312

             1,138,101
Kulicke & Soffa Industries, Inc.

            9,030

             722,942
Lattice Semiconductor Corp. (a)

            7,460

             860,437
MACOM Technology Solutions Holdings, Inc. (a)

            8,563

             2,259,176
Onto Innovation, Inc. (a)

            4,239

             1,132,703
Penguin Solutions, Inc. (a)

            14,153

             694,629




             9,093,474






Software - 2.2%

Alarm.com Holdings, Inc. (a)

            20,489

             1,179,347
Clear Secure, Inc. - Class A

            23,152

             1,022,161
Docusign, Inc. (a)

            43,699

             2,895,932
Dropbox, Inc. - Class A (a)

            65,852

             2,317,332
Manhattan Associates, Inc. (a)

            15,774

             3,520,599
Q2 Holdings, Inc. (a)

            12,749

             829,195
Qualys, Inc. (a)

            9,436

             1,756,417
RingCentral, Inc. - Class A

            14,540

             1,012,275
SPS Commerce, Inc. (a)

            10,631

             907,887
UiPath, Inc. - Class A (a)

            102,273

             1,909,437




             17,350,582






Specialty Retail - 2.8%

Abercrombie & Fitch Co. - Class A (a)

            8,017

             1,147,072
American Eagle Outfitters, Inc.

            50,718

             843,440
Asbury Automotive Group, Inc. (a)

            4,005

             846,657
Buckle, Inc.

            19,386

             825,844
Burlington Stores, Inc. (a)

            13,757

             3,573,518
Five Below, Inc. (a)

            29,503

             7,282,521


Murphy USA, Inc.

            10,662

             5,495,088
Sally Beauty Holdings, Inc. (a)

            50,641

             829,500
Upbound Group, Inc.

            43,050

             787,815
Urban Outfitters, Inc. (a)

            10,973

             885,411




             22,516,866






Technology Hardware, Storage & Peripherals - 0.7%

Corsair Gaming, Inc. (a)

            69,180

             840,537
Everpure, Inc. - Class A (a)

            49,362

             4,588,198




             5,428,735






Textiles, Apparel & Luxury Goods - 1.0%

Carter's, Inc.

            22,089

             715,463
Crocs, Inc. (a)

            27,981

             3,368,353
G-III Apparel Group Ltd.

            24,481

             797,836
Kontoor Brands, Inc.

            10,023

             755,834
Steven Madden Ltd.

            44,749

             1,932,262




             7,569,748






Trading Companies & Distributors - 1.2%

Applied Industrial Technologies, Inc.

            16,865

             5,463,923
Boise Cascade Co.

            10,313

             804,517
DXP Enterprises Inc. (a)

            4,478

             840,655
MSC Industrial Direct Co., Inc. - Class A

            13,779

             1,638,047
Rush Enterprises, Inc. - Class A

            10,258

             788,122




             9,535,264






Water Utilities - 0.3%

American States Water Co.

            16,932

             1,511,858
Middlesex Water Co.

            14,375

             833,750




             2,345,608
TOTAL COMMON STOCKS (Cost $685,039,455)

             756,792,034






REAL ESTATE INVESTMENT TRUSTS - 4.5%

Shares  

Value  
Commercial Services & Supplies - 0.5%

CoreCivic, Inc. (a)

            49,844

             1,655,818
GEO Group, Inc. (a)

            61,225

             1,947,567




             3,603,385






Diversified REITs - 0.1%

American Assets Trust, Inc.

            36,648

             823,114






Health Care REITs - 0.7%

LTC Properties, Inc.

            20,450

             824,544
Omega Healthcare Investors, Inc.

            106,163

             4,853,772




             5,678,316






Hotel & Resort REITs - 1.1%

Apple Hospitality REIT, Inc.

            116,585

             1,859,531
DiamondRock Hospitality Co.

            88,624

             1,090,961
Park Hotels & Resorts, Inc.

            55,215

             844,790
Ryman Hospitality Properties, Inc.

            22,882

             2,900,522
Sunstone Hotel Investors, Inc.

            75,881

             847,591
Xenia Hotels & Resorts, Inc.

            43,477

             815,194




             8,358,589






Industrial REITs - 0.1%



STAG Industrial, Inc.

            26,582

             990,180






Mortgage Real Estate Investment Trusts (REITs) - 0.1%

Adamas Trust, Inc.

            82,605

             804,573






Office REITs - 0.2%

COPT Defense Properties

            26,200

             943,200
Cousins Properties, Inc.

            28,436

             824,360




             1,767,560






Residential REITs - 0.5%

American Homes 4 Rent - Class A

            117,150

             3,901,095






Retail REITs - 0.3%

Brixmor Property Group, Inc.

            39,474

             1,140,404
Phillips Edison & Co., Inc.

            20,765

             802,567
Urban Edge Properties

            38,088

             805,942




             2,748,913






Specialized REITs - 0.9%

EPR Properties

            13,710

             804,914
Four Corners Property Trust, Inc.

            33,240

             827,011
Gaming and Leisure Properties, Inc.

            111,121

             4,674,860
Outfront Media, Inc. (a)

            32,865

             965,574




             7,272,359
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $34,215,081)

             35,948,084






TOTAL INVESTMENTS - 99.8% (Cost $719,254,536)

             792,740,118
Other Assets in Excess of Liabilities - 0.2%
0.00198
            1,576,053
TOTAL NET ASSETS - 100.0%




    $        794,316,171


Percentages are stated as a percent of net assets.




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


(a)

Non-income producing security.






















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

Horizon Multi-Factor Small/Mid Cap 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:







  Common Stocks
    $        756,792,034

    $        –

    $        –

    $        756,792,034
  Real Estate Investment Trusts
            35,948,084

            –

            –

            35,948,084
Total Investments
    $        792,740,118

    $        –

    $        –

    $        792,740,118



 

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