Horizon Tactical Fixed Income Fund
Schedule of Investments
August 31, 2026 (Unaudited)
EXCHANGE TRADED FUNDS - 99.7%									Shares						Value
iShares J.P. Morgan USD Emerging Markets Bond ETF									232,063						$        21,992,611
iShares Preferred and Income Securities ETF (a)									192,506						5,859,883
State Street Blackstone Senior Loan ETF (a)(b)									1,226,829						50,054,623
State Street SPDR Bloomberg 1-3 Month T-Bill ETF									114,344						10,480,771
State Street SPDR Bloomberg Convertible Securities ETF (a)									98,648						10,080,839
VanEck Fallen Angel High Yield Bond ETF									1,354,585						39,296,511
Vanguard Total International Bond ETF									319,510						15,192,700
Xtrackers USD High Yield Corporate Bond ETF									824,898						30,059,283
TOTAL EXCHANGE TRADED FUNDS (Cost $182,541,662)															183,017,221
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.9%									Shares						Value
First American Government Obligations Fund - Class X, 3.59% (c)									34,797,765						34,797,765
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $34,797,765)															34,797,765
MONEY MARKET FUNDS - 0.4%									Shares						Value
First American Government Obligations Fund - Class X, 3.59% (c)									689,453						689,453
TOTAL MONEY MARKET FUNDS (Cost $689,453)															689,453
TOTAL INVESTMENTS - 119.0% (Cost $218,028,880)															218,504,439
Liabilities in Excess of Other Assets - (19.0)%												(0.18995)			(34,879,698)
TOTAL NET ASSETS - 100.0%															$        183,624,741
Percentages are stated as a percent of net assets.

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 $33,969,873.
(b)						Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(c)						The rate shown represents the 7-day annualized yield as of August 31, 2026.

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

Horizon Tactical Fixed Income 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

$        183,017,221

$        –

$        –

$        183,017,221

Investments Purchased with Proceeds from Securities Lending

34,797,765

–

–

34,797,765

Money Market Funds

689,453

–

–

689,453

Total Investments

$        218,504,439

$        –

$        –

$        218,504,439

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