Horizon Multi-Factor U.S. Equity Fund
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 97.7%

Shares  

Value  
Aerospace & Defense - 3.6%

General Dynamics Corp.

            13,693

    $        5,084,896
Howmet Aerospace, Inc.

            11,397

             2,791,695
Huntington Ingalls Industries, Inc.

            3,169

             922,813
L3Harris Technologies, Inc.

            4,666

             1,242,322
Lockheed Martin Corp.

            10,873

             6,102,254
Northrop Grumman Corp.

            4,599

             2,482,080
RTX Corp.

            44,409

             9,225,082




             27,851,142






Air Freight & Logistics - 0.5%

Expeditors International of Washington, Inc.

            7,006

             1,328,688
FedEx Corp.

            7,659

             2,507,556




             3,836,244






Automobiles - 0.4%

General Motors Co.

            31,131

             2,687,228






Banks - 3.9%

Bank of America Corp.

            311,591

             19,299,947
Citizens Financial Group, Inc.

            17,039

             1,173,476
M&T Bank Corp.

            3,786

             885,697
PNC Financial Services Group, Inc.

            17,356

             4,159,018
US Bancorp

            69,385

             4,272,728




             29,790,866






Beverages - 2.5%

Coca-Cola Co.

            145,448

             12,896,874
Monster Beverage Corp. (a)

            76,906

             3,531,523
PepsiCo, Inc.

            19,361

             2,717,123




             19,145,520






Biotechnology - 2.8%

AbbVie, Inc.

            43,870

             11,249,146
Incyte Corp. (a)

            9,841

             1,212,608
Regeneron Pharmaceuticals, Inc.

            3,951

             3,157,165
Vertex Pharmaceuticals, Inc. (a)

            10,262

             5,587,864




             21,206,783






Building Products - 0.3%

Allegion PLC

            6,427

             997,792
Trane Technologies PLC

            2,764

             1,228,321




             2,226,113






Capital Markets - 2.3%

Bank of New York Mellon Corp.

            23,125

             3,729,600
CBOE Global Markets, Inc.

            5,812

             1,744,762
Charles Schwab Corp.

            67,249

             7,385,285
Interactive Brokers Group, Inc. - Class A

            13,571

             1,320,323
Nasdaq, Inc.

            15,165

             1,495,421
State Street Corp.

            8,171

             1,563,766




             17,239,157








Chemicals - 0.5%

CF Industries Holdings, Inc.

            12,467

             1,621,084
Linde PLC

            4,309

             2,109,600




             3,730,684






Commercial Services & Supplies - 0.7%

Cintas Corp.

            9,493

             1,915,592
Republic Services, Inc.

            11,004

             2,431,004
Veralto Corp.

            13,576

             1,338,186




             5,684,782






Communications Equipment - 1.8%

Cisco Systems, Inc.

            97,691

             10,793,878
F5, Inc. (a)

            7,714

             3,140,601




             13,934,479






Construction & Engineering - 0.4%

Comfort Systems USA, Inc.

            1,434

             2,216,419
EMCOR Group, Inc.

            1,490

             1,094,465




             3,310,884






Consumer Finance - 0.7%

Capital One Financial Corp.

            23,209

             4,978,563






Consumer Staples Distribution & Retail - 1.2%

Costco Wholesale Corp.

            6,426

             6,065,437
Dollar General Corp.

            10,585

             1,341,649
Sysco Corp.

            22,361

             1,813,030




             9,220,116






Containers & Packaging - 0.4%

Avery Dennison Corp.

            5,886

             1,024,811
Ball Corp.

            16,675

             1,050,025
Packaging Corp. of America

            3,983

             931,783




             3,006,619






Diversified Telecommunication Services - 0.6%

AT&T, Inc.

            122,690

             3,176,444
Comcast Corp. - Class A

            57,315

             1,525,725




             4,702,169






Electric Utilities - 0.9%

Duke Energy Corp.

            9,472

             1,135,787
Edison International

            18,664

             1,007,483
Eversource Energy

            13,610

             954,605
Exelon Corp.

            25,929

             1,133,616
PG&E Corp.

            116,544

             1,546,539
PPL Corp.

            30,528

             1,041,921




             6,819,951






Electrical Equipment - 0.4%

AMETEK, Inc.

            11,818

             2,779,239






Electronic Equipment, Instruments & Components - 1.3%

Amphenol Corp. - Class A

            36,775

             5,830,676


Keysight Technologies, Inc. (a)

            11,877

             3,832,708




             9,663,384






Entertainment - 0.3%

TKO Group Holdings, Inc.

            4,699

             858,084
Walt Disney Co.

            15,349

             1,650,785




             2,508,869






Financial Services - 7.6%

Berkshire Hathaway, Inc. - Class B (a)

            77,073

             38,847,104
Corpay, Inc. (a)

            2,648

             1,070,586
MasterCard, Inc. - Class A

            28,623

             16,867,820
PayPal Holdings, Inc.

            21,431

             1,128,664




             57,914,174






Food Products - 0.2%

J M Smucker Co.

            9,543

             1,251,660






Ground Transportation - 0.6%

CSX Corp.

            68,367

             3,453,217
JB Hunt Transport Services, Inc.

            4,694

             1,246,116




             4,699,333






Health Care Equipment & Supplies - 0.4%

Boston Scientific Corp. (a)

            45,785

             2,211,416
Dexcom, Inc. (a)

            11,006

             1,002,206




             3,213,622






Health Care Providers & Services - 2.5%

Cardinal Health, Inc.

            9,307

             2,183,608
Centene Corp. (a)

            22,827

             1,468,689
Cigna Group

            5,016

             1,384,817
CVS Health Corp.

            45,905

             4,310,939
Elevance Health, Inc.

            7,316

             2,871,823
Humana, Inc.

            4,384

             1,680,080
McKesson Corp.

            3,966

             3,511,179
Quest Diagnostics, Inc.

            4,505

             1,082,552
Universal Health Services, Inc. - Class B

            4,526

             770,914




             19,264,601






Hotels, Restaurants & Leisure - 2.1%

Airbnb, Inc. - Class A (a)

            23,251

             4,260,048
Booking Holdings, Inc.

            24,089

             4,795,879
Darden Restaurants, Inc.

            6,895

             1,477,323
Expedia Group, Inc.

            7,471

             2,369,203
Las Vegas Sands Corp.

            33,712

             1,476,923
McDonald's Corp.

            7,082

             1,866,390




             16,245,766






Household Durables - 0.2%

NVR, Inc. (a)

            239

             1,509,340






Household Products - 0.4%

Church & Dwight Co., Inc.

            13,041

             1,301,231
Colgate-Palmolive Co.

            16,851

             1,513,557




             2,814,788








Industrial Conglomerates - 0.3%

3M Co.

            11,797

             2,027,079






Insurance - 3.4%

Allstate Corp.

            12,781

             3,294,942
Arch Capital Group Ltd. (a)

            16,092

             1,578,142
Assurant, Inc.

            3,862

             1,088,543
Chubb Ltd.

            18,021

             6,101,911
Cincinnati Financial Corp.

            9,755

             1,657,374
Globe Life, Inc.

            6,680

             1,153,436
Hartford Insurance Group, Inc.

            15,249

             2,094,908
Progressive Corp.

            25,643

             5,592,225
Travelers Cos., Inc.

            9,989

             3,655,275




             26,216,756






Interactive Media & Services - 5.0%

Alphabet, Inc. - Class A

            112,574

             38,201,987






IT Services - 0.4%

VeriSign, Inc.

            10,278

             2,962,942






Leisure Products - 0.2%

Hasbro, Inc.

            17,280

             1,626,048






Life Sciences Tools & Services - 0.9%

Thermo Fisher Scientific, Inc.

            10,817

             6,675,171






Machinery - 1.2%

IDEX Corp.

            6,290

             1,438,146
Nordson Corp.

            3,406

             1,095,778
Parker-Hannifin Corp.

            4,321

             4,232,160
Snap-on, Inc.

            2,708

             1,046,128
Wabtec Corp.

            5,585

             1,596,919




             9,409,131






Media - 0.3%

News Corp. - Class A

            49,593

             1,523,001
Omnicom Group, Inc.

            11,560

             1,011,847




             2,534,848






Metals & Mining - 1.3%

Newmont Goldcorp Corp.

            40,990

             5,167,199
Nucor Corp.

            13,442

             3,355,661
Steel Dynamics, Inc.

            7,453

             1,733,717




             10,256,577






Multi-Utilities - 0.4%

Ameren Corp.

            8,845

             937,659
Consolidated Edison, Inc.

            13,568

             1,452,047
Public Service Enterprise Group, Inc.

            14,039

             1,029,480




             3,419,186






Oil, Gas & Consumable Fuels - 6.4%

APA Corp.

            32,474

             1,401,253
Chevron Corp.

            86,892

             17,911,917


ConocoPhillips

            55,185

             7,311,461
Devon Energy Corp.

            62,277

             3,021,057
EOG Resources, Inc.

            26,901

             3,899,569
Marathon Petroleum Corp.

            13,500

             5,039,820
Phillips 66

            19,733

             4,865,763
Valero Energy Corp.

            14,190

             5,093,075




             48,543,915






Pharmaceuticals - 7.2%

Eli Lilly & Co.

            26,652

             30,829,168
Johnson & Johnson

            57,457

             15,274,944
Merck & Co., Inc.

            59,136

             8,737,935




             54,842,047






Professional Services - 0.4%

Broadridge Financial Solutions, Inc.

            8,732

             1,592,542
Verisk Analytics, Inc.

            7,497

             1,452,769




             3,045,311






Real Estate Management & Development - 0.1%

CBRE Group, Inc. - Class A (a)

            6,424

             936,683






Semiconductors & Semiconductor Equipment - 10.7%

Analog Devices, Inc.

            12,243

             4,433,680
Lam Research Corp.

            36,192

             10,911,526
Micron Technology, Inc.

            26,927

             25,815,723
NVIDIA Corp.

            157,926

             34,866,902
Texas Instruments, Inc.

            21,836

             5,697,231




             81,725,062






Software - 8.2%

Adobe, Inc. (a)

            18,530

             5,425,399
Autodesk, Inc. (a)

            9,749

             2,520,409
Datadog, Inc. - Class A (a)

            17,825

             4,225,238
Fortinet, Inc. (a)

            42,144

             7,203,674
Microsoft Corp.

            79,608

             40,384,342
PTC, Inc. (a)

            15,913

             2,478,291




             62,237,353






Specialty Retail - 1.8%

Best Buy Co., Inc.

            19,756

             1,583,443
Ross Stores, Inc.

            18,677

             4,268,442
TJX Cos., Inc.

            47,651

             6,380,945
Ulta Beauty, Inc. (a)

            2,735

             1,468,969




             13,701,799






Technology Hardware, Storage & Peripherals - 8.3%

Apple, Inc.

            121,252

             38,418,696
Dell Technologies, Inc. - Class C

            16,345

             7,453,483
Hewlett Packard Enterprise Co.

            70,648

             3,690,652
Sandisk Corp. (a)

            4,559

             7,142,585
Seagate Technology Holdings PLC

            7,676

             6,358,645




             63,064,061






Textiles, Apparel & Luxury Goods - 0.2%

Ralph Lauren Corp. - Class A

            5,150

             1,786,535








Tobacco - 1.0%

Altria Group, Inc.

            26,033

             1,782,740
Philip Morris International, Inc.

            32,285

             6,046,980




             7,829,720






Trading Companies & Distributors - 0.5%

United Rentals, Inc.

            2,010

             2,086,380
WW Grainger, Inc.

            1,163

             1,522,937




             3,609,317
TOTAL COMMON STOCKS (Cost $662,800,639)

             745,887,604






REAL ESTATE INVESTMENT TRUSTS - 1.7%

Shares  

Value  
Health Care REITs - 0.1%

Healthpeak Properties, Inc.

            48,814

             1,016,307






Hotel & Resort REITs - 0.2%

Host Hotels & Resorts, Inc.

            61,625

             1,351,436






Residential REITs - 0.2%

Invitation Homes, Inc.

            49,191

             1,433,426






Retail REITs - 0.6%

Federal Realty Investment Trust

            8,977

             1,041,601
Kimco Realty Corp.

            41,294

             979,081
Realty Income Corp.

            18,365

             1,125,407
Regency Centers Corp.

            16,901

             1,263,688




             4,409,777






Specialized REITs - 0.6%

American Tower Corp.

            9,821

             1,725,550
Equinix, Inc.

            3,284

             3,437,428




             5,162,978
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,719,185)

             13,373,924






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.6%
Shares  

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

            4,645,452

             4,645,452
TOTAL MONEY MARKET FUNDS (Cost $4,645,452)

             4,645,452






TOTAL INVESTMENTS - 100.0% (Cost $680,165,276)

             763,906,980
Liabilities in Excess of Other Assets - (0.0)% (c)
(0.00025)
            (191,770)
TOTAL NET ASSETS - 100.0%




    $        763,715,210


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.
(b)

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

Represents less than 0.05% of net assets.





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

Horizon Multi-Factor U.S. Equity 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
    $        745,887,604

    $        –

    $        –

    $        745,887,604
  Real Estate Investment Trusts
            13,373,924

            –

            –

            13,373,924
  Money Market Funds
            4,645,452

            –

            –

            4,645,452
Total Investments
    $        763,906,980

    $        –

    $        –

    $        763,906,980




 

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