Horizon International Equity ETF
Schedule of Investments
August 31, 2026 (Unaudited)
COMMON STOCKS - 97.1%									Shares						Value
Australia - 2.3%
Banks - 0.3%
Commonwealth Bank of Australia									3,784						$        433,587
Broadline Retail - 0.2%
Wesfarmers Ltd.									4,717						268,523
Commercial Services & Supplies - 0.1%
Brambles Ltd.									17,862						250,750
Consumer Staples Distribution & Retail - 0.2%
Coles Group Ltd.									16,122						277,734
Diversified Telecommunication Services - 0.1%
Telstra Group Ltd.									77,667						259,914
Financial Services - 0.2%
Washington H Soul Pattinson & Co. Ltd. Old									8,508						271,187
Insurance - 0.3%
QBE Insurance Group Ltd.									27,097						432,238
Metals & Mining - 0.7%
Fortescue Ltd.									29,662						376,227
Rio Tinto Ltd.									5,354						670,689
															1,046,916
Oil, Gas & Consumable Fuels - 0.2%
Woodside Energy Group Ltd.									16,978						394,435
Total Australia															3,635,284
Austria - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
OMV AG									3,005						239,096
Belgium - 1.3%
Beverages - 0.5%
Anheuser-Busch InBev SA									10,147						804,764
Biotechnology - 0.3%
Argenx SE (a)									478						486,151
Insurance - 0.2%
Ageas SA									3,578						313,779
Pharmaceuticals - 0.3%
UCB SA									1,495						373,871
Total Belgium															1,978,565
Brazil - 0.7%
Beverages - 0.2%

---

Ambev SA									104,413						303,876
Capital Markets - 0.2%
B3 SA - Brasil Bolsa Balcao									103,218						324,701
Metals & Mining - 0.3%
Vale SA									35,762						540,203
Total Brazil															1,168,780
Canada - 10.1%
Aerospace & Defense - 0.2%
Bombardier, Inc. - Class B (a)									1,332						288,168
Automobile Components - 0.2%
Magna International, Inc.									4,459						292,773
Banks - 2.7%
Royal Bank of Canada									7,776						1,590,042
Toronto-Dominion Bank									22,298						2,697,576
															4,287,618
Consumer Staples Distribution & Retail - 0.4%
Alimentation Couche-Tard, Inc.									9,702						584,311
Ground Transportation - 0.4%
Canadian National Railway Co.									4,930						615,561
Insurance - 0.3%
Great-West Lifeco, Inc.									4,759						305,981
iA Financial Corp., Inc.									1,678						239,457
															545,438
Metals & Mining - 3.1%
Agnico Eagle Mines Ltd.									7,463						1,514,355
Barrick Mining Corp.									29,471						1,321,777
Kinross Gold Corp.									22,124						677,472
Pan American Silver Corp.									8,480						440,352
Wheaton Precious Metals Corp.									5,734						864,227
															4,818,183
Oil, Gas & Consumable Fuels - 2.4%
Canadian Natural Resources Ltd.									26,767						1,342,068
Cenovus Energy, Inc.									21,820						700,910
Imperial Oil Ltd.									2,322						305,155
Suncor Energy, Inc.									16,415						1,098,281
Whitecap Resources, Inc.									25,786						334,151
															3,780,565
Trading Companies & Distributors - 0.2%
Toromont Industries Ltd.									1,641						237,113
Wireless Telecommunication Services - 0.2%
Rogers Communications, Inc. - Class B									7,610						280,745
Total Canada															15,730,475
China - 4.5%
Air Freight & Logistics - 0.2%
ZTO Express Cayman, Inc.									10,950						233,572
Banks - 0.6%

---

Bank of China Ltd. - Class H									543,000						408,716
China CITIC Bank Corp. Ltd. - Class H									223,000						237,696
China Merchants Bank Co. Ltd. - Class H									50,500						328,250
															974,662
Communications Equipment - 0.1%
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. - Class H (b)									7,000						148,869
Entertainment - 0.4%
NetEase, Inc.									22,200						544,914
Hotels, Restaurants & Leisure - 0.1%
Yum China Holdings, Inc.									4,800						215,798
Insurance - 0.8%
China Life Insurance Co. Ltd. - Class H									127,000						490,926
China Pacific Insurance Group Co. Ltd. - Class H									60,800						234,406
Ping An Insurance Group Co. of China Ltd. - Class H									68,500						494,189
															1,219,521
Interactive Media & Services - 0.2%
Baidu, Inc. - Class A (a)									17,500						214,775
Kuaishou Technology (b)									36,300						155,509
															370,284
Life Sciences Tools & Services - 0.2%
Wuxi Biologics Cayman, Inc. (a)(b)									53,500						333,349
Machinery - 0.3%
Weichai Power Co. Ltd. - Class H									47,000						190,915
Yangzijiang Shipbuilding Holdings Ltd.									73,665						280,496
															471,411
Metals & Mining - 0.6%
China Hongqiao Group Ltd.									65,000						189,234
CMOC Group Ltd. - Class H									105,000						225,714
Zijin Mining Group Co. Ltd. - Class H									112,000						523,246
															938,194
Oil, Gas & Consumable Fuels - 0.3%
PetroChina Co. Ltd. - Class H									342,000						443,728
Technology Hardware, Storage & Peripherals - 0.6%
Lenovo Group Ltd.									158,000						605,518
Xiaomi Corp. - Class B (a)(b)									80,600						284,006
															889,524
Textiles, Apparel & Luxury Goods - 0.1%
ANTA Sports Products Ltd.									23,400						231,957
Total China															7,015,783
Denmark - 1.0%
Biotechnology - 0.2%
Genmab AS (a)									899						296,433
Electrical Equipment - 0.2%
Vestas Wind Systems AS									9,634						320,063
Pharmaceuticals - 0.6%
Novo Nordisk AS									21,816						991,228
Total Denmark															1,607,724
Finland - 0.6%

---

Communications Equipment - 0.2%
Nokia Oyj									26,279						266,416
Insurance - 0.1%
Sampo Oyj									19,699						222,544
Machinery - 0.1%
Wartsila OYJ Abp									5,210						168,781
Oil, Gas & Consumable Fuels - 0.2%
Neste Oyj									7,063						261,544
Total Finland															919,285
France - 6.0%
Automobile Components - 0.2%
Cie Generale des Etablissements Michelin SCA									9,476						385,239
Banks - 0.7%
BNP Paribas SA									9,184						1,096,422
Chemicals - 0.4%
Air Liquide SA									3,552						699,491
Construction & Engineering - 0.7%
Bouygues SA									3,836						197,031
Eiffage SA									1,666						210,930
Vinci SA									4,833						635,197
															1,043,158
Diversified Telecommunication Services - 0.2%
Orange SA									14,672						262,536
Electrical Equipment - 0.3%
Legrand SA									3,262						517,384
Insurance - 0.6%
AXA SA									17,951						898,676
IT Services - 0.2%
Capgemini SE									2,027						252,516
Media - 0.2%
Publicis Groupe SA									3,295						386,366
Multi-Utilities - 0.2%
Engie SA									9,527						272,225
Oil, Gas & Consumable Fuels - 1.3%
TotalEnergies SE									23,959						2,101,964
Personal Care Products - 0.3%
L'Oreal SA									956						427,186
Pharmaceuticals - 0.4%
Ipsen SA									1,149						217,676
Sanofi SA									3,792						338,317

---

															555,993
Textiles, Apparel & Luxury Goods - 0.3%
LVMH Moet Hennessy Louis Vuitton SE									1,002						527,583
Total France															9,426,739
Germany - 2.7%
Air Freight & Logistics - 0.5%
DHL AG									11,399						743,321
Construction Materials - 0.2%
Heidelberg Materials AG									1,492						285,517
Diversified Telecommunication Services - 0.5%
Deutsche Telekom AG									23,185						764,287
Independent Power and Renewable Electricity Producers - 0.1%
RWE AG									3,400						231,585
Insurance - 1.2%
Allianz SE									2,696						1,411,695
Hannover Rueck SE									736						220,735
Talanx AG									1,669						242,716
															1,875,146
Pharmaceuticals - 0.2%
Bayer AG									5,759						328,046
Total Germany															4,227,902
Hong Kong - 2.2%
Automobiles - 0.2%
Geely Automobile Holdings Ltd.									143,000						321,084
Food Products - 0.1%
WH Group Ltd. (b)									214,000						202,439
Industrial Conglomerates - 0.2%
CK Hutchison Holdings Ltd.									39,000						350,771
Insurance - 0.8%
AIA Group Ltd.									81,600						793,779
Prudential PLC									30,448						419,995
															1,213,774
Machinery - 0.3%
Techtronic Industries Co. Ltd.									26,000						449,451
Real Estate Management & Development - 0.6%
China Resources Land Ltd.									59,000						226,262
CK Asset Holdings Ltd.									44,500						257,175
Sun Hung Kai Properties Ltd.									26,500						392,845
															876,282
Total Hong Kong															3,413,801
Ireland - 0.9%
Broadline Retail - 0.4%
PDD Holdings, Inc. - ADR (a)									7,406						622,104

---

Passenger Airlines - 0.2%
Ryanair Holdings PLC									12,794						344,772
Trading Companies & Distributors - 0.3%
AerCap Holdings NV									2,891						421,912
Total Ireland															1,388,788
Israel - 1.3%
Aerospace & Defense - 0.1%
Elbit Systems Ltd.									340						239,687
Banks - 0.5%
Bank Hapoalim BM									17,912						462,784
Mizrahi Tefahot Bank Ltd.									3,508						272,080
															734,864
Insurance - 0.2%
Phoenix Financial Ltd.									4,955						311,226
Pharmaceuticals - 0.3%
Teva Pharmaceutical Industries Ltd. - ADR (a)									11,431						412,087
Semiconductors & Semiconductor Equipment - 0.2%
Nova Ltd. (a)									544						190,531
Tower Semiconductor Ltd. (a)									1,049						214,785
															405,316
Total Israel															2,103,180
Italy - 3.0%
Aerospace & Defense - 0.2%
Leonardo SpA									4,117						247,330
Banks - 1.0%
BPER Banca SPA									27,793						460,160
UniCredit SpA									11,324						1,106,725
															1,566,885
Electric Utilities - 0.4%
Enel SpA									32,058						350,809
Terna - Rete Elettrica Nazionale									20,924						236,820
															587,629
Electrical Equipment - 0.3%
Prysmian SpA									3,895						543,813
Gas Utilities - 0.1%
Italgas SpA									18,184						185,574
Insurance - 0.7%
Generali									13,678						708,113
Unipol Assicurazioni SpA									9,766						320,118
															1,028,231
Oil, Gas & Consumable Fuels - 0.3%
Eni SpA									16,583						448,900
Total Italy															4,608,362
Japan - 15.0%
Automobile Components - 0.5%

---

Bridgestone Corp.									12,200						316,551
Sumitomo Electric Industries Ltd.									35,500						493,555
															810,106
Automobiles - 0.2%
Suzuki Motor Corp.									18,900						263,476
Banks - 0.5%
Japan Post Bank Co. Ltd.									16,800						358,084
Sumitomo Mitsui Trust Group, Inc.									38,500						428,260
															786,344
Beverages - 0.2%
Kirin Holdings Co. Ltd.									13,800						263,820
Broadline Retail - 0.2%
Ryohin Keikaku Co. Ltd.									10,900						295,306
Building Products - 0.3%
Daikin Industries Ltd.									3,600						476,732
Chemicals - 0.6%
Asahi Kasei Corp.									20,700						213,026
Shin-Etsu Chemical Co. Ltd.									20,400						769,134
															982,160
Electrical Equipment - 1.1%
Fuji Electric Co. Ltd.									2,900						251,424
Fujikura Ltd.									22,400						771,766
Mitsubishi Electric Corp.									21,800						762,147
															1,785,337
Electronic Equipment, Instruments & Components - 1.2%
Keyence Corp.									2,100						1,099,756
Murata Manufacturing Co. Ltd.									17,800						801,251
															1,901,007
Financial Services - 0.4%
ORIX Corp.									15,300						601,848
Food Products - 0.2%
Ajinomoto Co., Inc.									10,300						348,298
Gas Utilities - 0.1%
Tokyo Gas Co. Ltd.									5,300						205,232
Ground Transportation - 0.2%
Central Japan Railway Co.									12,100						301,156
Health Care Equipment & Supplies - 0.3%
Hoya Corp.									2,500						384,977
Insurance - 1.3%
Daiichi Life Group, Inc.									34,000						391,293
MS&AD Insurance Group Holdings, Inc.									11,300						361,246
Sompo Holdings, Inc.									13,200						566,009
Tokio Marine Holdings, Inc.									14,900						718,838
															2,037,386
Machinery - 1.2%
Ebara Corp.									6,700						196,323
FANUC Corp.									11,400						432,094
Komatsu Ltd.									11,000						512,163

---

Kubota Corp.									15,700						288,202
SMC Corp.									1,000						442,629
															1,871,411
Marine Transportation - 0.2%
Nippon Yusen KK									6,000						264,413
Oil, Gas & Consumable Fuels - 0.2%
Inpex Corp.									15,400						381,457
Pharmaceuticals - 0.8%
Astellas Pharma, Inc.									27,000						400,817
Otsuka Holdings Co. Ltd.									7,300						559,781
Shionogi & Co. Ltd.									13,300						242,314
															1,202,912
Real Estate Management & Development - 0.1%
Mitsui Fudosan Co. Ltd.									21,400						203,953
Semiconductors & Semiconductor Equipment - 2.5%
Advantest Corp.									8,300						1,750,404
Lasertec Corp.									1,500						315,868
SCREEN Holdings Co. Ltd.									3,500						297,966
Tokyo Electron Ltd.									4,400						1,554,529
															3,918,767
Specialty Retail - 0.6%
Fast Retailing Co. Ltd.									1,900						861,690
Technology Hardware, Storage & Peripherals - 0.2%
FUJIFILM Holdings Corp.									14,400						305,578
Textiles, Apparel & Luxury Goods - 0.2%
Asics Corp.									11,800						332,394
Trading Companies & Distributors - 0.6%
Sumitomo Corp.									43,500						487,826
Toyota Tsusho Corp.									10,500						491,512
															979,338
Wireless Telecommunication Services - 1.1%
KDDI Corp.									15,600						289,003
SoftBank Corp.									168,900						250,680
SoftBank Group Corp.									33,700						1,096,964
															1,636,647
Total Japan															23,401,745
Luxembourg - 0.4%
Energy Equipment & Services - 0.2%
Tenaris SA									8,751						243,242
Metals & Mining - 0.2%
ArcelorMittal SA									4,873						362,820
Total Luxembourg															606,062
Mexico - 1.3%
Banks - 0.2%
Grupo Financiero Banorte SAB de CV									26,035						295,191
Beverages - 0.2%

---

Fomento Economico Mexicano SAB de CV									28,134						339,003
Metals & Mining - 0.6%
Grupo Mexico SAB de CV - Class B									53,053						726,012
Industrias Penoles SAB de CV									5,157						272,407
															998,419
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV									335,956						387,616
Total Mexico															2,020,229
Netherlands - 4.9%
Banks - 0.4%
ING Groep NV									19,307						683,657
Broadline Retail - 0.2%
Prosus NV									6,199						275,993
Consumer Staples Distribution & Retail - 0.3%
Koninklijke Ahold Delhaize NV									11,251						400,552
Diversified Telecommunication Services - 0.2%
Koninklijke KPN NV									49,837						239,193
Semiconductors & Semiconductor Equipment - 3.8%
ASML Holding NV									3,420						5,767,268
BE Semiconductor Industries NV									946						214,820
															5,982,088
Total Netherlands															7,581,483
Norway - 0.4%
Chemicals - 0.1%
Yara International ASA									4,386						214,049
Oil, Gas & Consumable Fuels - 0.3%
Equinor ASA									11,398						487,209
Total Norway															701,258
Peru - 0.2%
Banks - 0.2%
Credicorp Ltd.									787						288,341
Poland - 0.4%
Metals & Mining - 0.2%
KGHM Polska Miedz SA									2,717						260,436
Oil, Gas & Consumable Fuels - 0.2%
ORLEN SA									9,757						403,790
Total Poland															664,226
Singapore - 0.6%
Banks - 0.2%
Oversea-Chinese Banking Corp. Ltd.									14,191						351,900
Capital Markets - 0.2%
Singapore Exchange Ltd.									15,466						310,269

---

Hotels, Restaurants & Leisure - 0.2%
Trip.com Group Ltd. (a)									5,800						265,788
Total Singapore															927,957
South Africa - 1.4%
Banks - 0.2%
Standard Bank Group Ltd.									12,084						238,442
Broadline Retail - 0.2%
Naspers Ltd.									5,737						280,780
Insurance - 0.1%
Discovery Ltd.									13,038						209,102
Metals & Mining - 0.6%
Gold Fields Ltd.									14,998						689,664
Impala Platinum Holdings Ltd.									21,863						305,264
															994,928
Wireless Telecommunication Services - 0.3%
MTN Group Ltd.									34,763						407,992
Total South Africa															2,131,244
South Korea - 6.5%
Aerospace & Defense - 0.2%
Hanwha Aerospace Co. Ltd.									294						236,729
Air Freight & Logistics - 0.1%
Hyundai Glovis Co. Ltd.									1,360						206,196
Automobile Components - 0.2%
Hyundai Mobis Co. Ltd.									1,057						350,248
Automobiles - 0.2%
Kia Corp.									3,857						369,185
Banks - 0.2%
Shinhan Financial Group Co. Ltd.									3,613						287,488
Electrical Equipment - 0.1%
HD Hyundai Electric Co. Ltd.									367						209,431
Household Durables - 0.2%
LG Electronics, Inc.									1,687						266,868
Industrial Conglomerates - 0.5%
Samsung C&T Corp.									1,473						405,220
SK Square Co. Ltd.									371						281,110
															686,330
Insurance - 0.2%
Samsung Life Insurance Co. Ltd.									1,286						287,532
Machinery - 0.3%
HD Hyundai Heavy Industries Co. Ltd.									509						167,175
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.									1,037						264,061

---

															431,236
Metals & Mining - 0.1%
POSCO Holdings, Inc.									808						199,845
Oil, Gas & Consumable Fuels - 0.1%
HD Hyundai Co. Ltd.									1,170						187,221
Semiconductors & Semiconductor Equipment - 1.8%
SK hynix, Inc.									2,228						2,725,173
Technology Hardware, Storage & Peripherals - 2.3%
Samsung Electronics Co. Ltd.									19,097						3,627,956
Total South Korea															10,071,438
Spain - 2.0%
Banks - 0.9%
Banco Bilbao Vizcaya Argentaria SA									34,653						1,007,486
CaixaBank SA									23,275						355,781
															1,363,267
Construction & Engineering - 0.2%
ACS Actividades de Construccion y Servicios SA									2,747						325,778
Electric Utilities - 0.2%
Endesa SA									5,615						274,580
Oil, Gas & Consumable Fuels - 0.3%
Repsol SA									16,375						518,304
Specialty Retail - 0.2%
Industria de Diseno Textil SA									5,887						396,606
Transportation Infrastructure - 0.2%
Aena SME SA (b)									7,845						240,748
Total Spain															3,119,283
Sweden - 2.4%
Building Products - 0.2%
Assa Abloy AB - Class B									7,524						280,609
Communications Equipment - 0.3%
Telefonaktiebolaget LM Ericsson - Class B									38,667						390,479
Financial Services - 0.9%
Industrivarden AB									4,433						249,012
Investor AB (a)									27,249						1,175,295
															1,424,307
Hotels, Restaurants & Leisure - 0.2%
Evolution AB (a)(b)									3,163						274,964
Machinery - 0.5%
Alfa Laval AB									4,142						248,581
Atlas Copco AB - Class B									12,721						236,950
Sandvik AB									7,762						311,529
															797,060
Metals & Mining - 0.2%
Boliden AB									6,126						361,126

---

Wireless Telecommunication Services - 0.1%
Tele2 AB - Class B									12,765						226,508
Total Sweden															3,755,053
Switzerland - 6.1%
Beverages - 0.2%
Coca-Cola HBC AG									4,272						264,536
Capital Markets - 1.1%
UBS Group AG									31,085						1,702,782
Diversified Telecommunication Services - 0.2%
Swisscom AG									446						345,666
Electrical Equipment - 0.7%
ABB Ltd.									11,873						1,160,348
Insurance - 0.1%
Swiss Re AG									1,326						230,555
Machinery - 0.2%
VAT Group AG (b)									410						304,019
Metals & Mining - 0.3%
Glencore PLC									48,568						391,961
Pharmaceuticals - 2.6%
Novartis AG									11,123						1,696,074
Roche Holding AG									5,392						2,353,309
															4,049,383
Semiconductors & Semiconductor Equipment - 0.1%
STMicroelectronics NV									4,166						208,150
Technology Hardware, Storage & Peripherals - 0.2%
Logitech International SA									2,417						237,409
Textiles, Apparel & Luxury Goods - 0.4%
Cie Financiere Richemont SA									2,804						666,529
Total Switzerland															9,561,338
Taiwan - 8.8%
Banks - 0.2%
CTBC Financial Holding Co. Ltd.									138,588						282,663
Communications Equipment - 0.3%
Accton Technology Corp.									7,420						476,001
Electrical Equipment - 0.2%
Bizlink Holding, Inc.									4,688						320,691
Electronic Equipment, Instruments & Components - 1.1%
Chroma ATE, Inc.									6,083						375,849
Delta Electronics, Inc.									8,459						490,655
Largan Precision Co. Ltd.									2,020						487,138

---

Yageo Corp.									22,738						390,651
															1,744,293
Insurance - 0.3%
Cathay Financial Holding Co. Ltd.									135,972						473,643
Semiconductors & Semiconductor Equipment - 5.8%
ASPEED Technology, Inc.									646						327,053
Hon Precision, Inc.									1,426						263,425
MediaTek, Inc.									6,701						829,122
Taiwan Semiconductor Manufacturing Co. Ltd.									92,178						6,988,465
United Microelectronics Corp.									162,498						660,811
															9,068,876
Technology Hardware, Storage & Peripherals - 0.9%
Asia Vital Components Co. Ltd.									5,515						595,450
King Slide Works Co. Ltd.									1,594						712,532
															1,307,982
Total Taiwan															13,674,149
Thailand - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Delta Electronics Thailand PCL									37,111						278,668
United Kingdom - 8.3%
Aerospace & Defense - 0.7%
Rolls-Royce Holdings PLC									51,025						1,057,959
Beverages - 0.2%
Coca-Cola Europacific Partners PLC									2,751						297,163
Broadline Retail - 0.2%
Next PLC									1,764						372,276
Capital Markets - 0.3%
3i Group PLC									11,772						451,094
Consumer Staples Distribution & Retail - 0.2%
Tesco PLC									53,129						329,208
Diversified Consumer Services - 0.2%
Pearson PLC									13,727						229,431
Electronic Equipment, Instruments & Components - 0.2%
Halma PLC									5,950						292,820
Hotels, Restaurants & Leisure - 0.3%
Compass Group PLC									16,466						504,683
Metals & Mining - 1.2%
Endeavour Mining PLC									4,931						316,836
Rio Tinto PLC									15,549						1,616,821
															1,933,657
Oil, Gas & Consumable Fuels - 2.2%
BP PLC									112,029						781,005
Shell PLC									58,214						2,638,131
															3,419,136
Pharmaceuticals - 1.4%

---

AstraZeneca PLC									7,957						1,290,569
GSK PLC									34,451						865,231
															2,155,800
Professional Services - 0.1%
Intertek Group PLC									2,805						222,155
Tobacco - 0.8%
British American Tobacco PLC									22,166						1,240,138
Wireless Telecommunication Services - 0.3%
Vodafone Group PLC									258,292						414,557
Total United Kingdom															12,920,077
United States - 1.4%
Biotechnology - 0.3%
BeOne Medicines Ltd. (a)									16,800						461,663
Hotels, Restaurants & Leisure - 0.2%
Restaurant Brands International, Inc.									3,935						306,720
Metals & Mining - 0.6%
Anglogold Ashanti PLC									8,251						922,508
Trading Companies & Distributors - 0.3%
Sunbelt Rentals Holdings, Inc.									5,736						414,261
Total United States															2,105,152
TOTAL COMMON STOCKS (Cost $136,923,702)															151,271,467
EXCHANGE TRADED FUNDS - 1.0%									Shares						Value
iShares MSCI India ETF (a)									30,653						1,523,454
TOTAL EXCHANGE TRADED FUNDS (Cost $1,564,695)															1,523,454
PREFERRED STOCKS - 0.7%									Shares						Value
Brazil - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Petroleo Brasileiro SA - Petrobras, 0.00%									77,556						671,901
South Korea - 0.3%
Technology Hardware, Storage & Peripherals - 0.3%
Samsung Electronics Co. Ltd., 0.00%									3,267						445,196
TOTAL PREFERRED STOCKS (Cost $909,806)															1,117,097
REAL ESTATE INVESTMENT TRUSTS - 0.5%									Shares						Value
Australia - 0.2%
Industrial REITs - 0.2%
Goodman Group									17,424						346,238
France - 0.3%
Retail REITs - 0.3%
Klepierre SA									5,264						229,045
Unibail-Rodamco-Westfield									2,527						286,009
Total France															515,054
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $872,198)															861,292

---

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.5%									Shares						Value
First American Government Obligations Fund - Class X, 3.59% (c)									758,714						758,714
TOTAL MONEY MARKET FUNDS (Cost $758,714)															758,714
TOTAL INVESTMENTS - 99.8% (Cost $141,029,115)															155,532,024
Other Assets in Excess of Liabilities - 0.2%												0.00210			327,785
TOTAL NET ASSETS - 100.0%															$        155,859,809
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
PCL - Public Company Limited
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)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2026, the value of these securities total $1,943,903 or 1.2% of the Fund’s net assets.
(c)						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 International Equity ETF 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

$        151,271,467

$        –

$        –

$        151,271,467

Exchange Traded Funds

1,523,454

–

–

1,523,454

Preferred Stocks

1,117,097

–

–

1,117,097

Real Estate Investment Trusts

861,292

–

–

861,292

Money Market Funds

758,714

–

–

758,714

Total Investments

$        155,532,024

$        –

$        –

$        155,532,024

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