NPORT-EX

Horizon Defensive Multi-Factor Fund
PORTFOLIO OF INVESTMENTS
August 31, 2021 (Unaudited)
Shares			Value
		COMMON STOCKS - 98.5%
		Advertising - 0.2%
	7,634	Interpublic Group of Cos., Inc.	$	284,214
		Aerospace/Defense - 0.5%
	3,331	General Dynamics Corp.		667,233
		Agriculture - 2.5%
	12,569	Altria Group, Inc.		631,341
	3,962	Archer Daniels Midland Co.		237,720
	20,880	Philip Morris International, Inc.		2,150,640
				3,019,701
		Apparel - 1.4%
	10,798	Nike, Inc., Class B		1,778,863
		Auto Manufacturers - 0.3%
	30,159	Ford Motor Co. (a)(b)		392,972
		Auto Parts & Equipment - 0.1%
	2,521	BorgWarner, Inc.		107,596
		Banks - 4.2%
	22,171	Citigroup, Inc.		1,594,317
	5,421	Goldman Sachs Group, Inc.		2,241,638
	3,683	PNC Financial Services Group, Inc.		703,821
	8,743	Regions Financial Corp.		178,619
	684	SVB Financial Group (a)		382,698
	2,259	Zions Bancorp NA		130,796
				5,231,889
		Biotechnology - 0.6%
	715	Biogen, Inc. (a)		242,321
	244	Bio-Rad Laboratories, Inc., Class A (a)		196,376
	401	Regeneron Pharmaceuticals, Inc. (a)		270,033
				708,730
		Building Materials - 1.0%
	9,873	Carrier Global Corp.		568,685
	9,398	Johnson Controls International PLC		702,970
				1,271,655
		Chemicals - 1.4%
	1,755	Celanese Corp.		278,343
	4,041	Mosaic Co.		130,039
	2,945	PPG Industries, Inc.		469,875
	2,987	Sherwin-Williams Co.		907,062
				1,785,319
		Commercial Services - 1.3%
	1,056	Equifax, Inc.		287,506
	1,904	Gartner, Inc. (a)		587,841
	1,636	Quanta Services, Inc.		167,036
	1,607	Robert Half International, Inc.		166,164
	985	United Rentals, Inc. (a)(b)		347,360
				1,555,907
		Computers - 4.6%
	7,022	Accenture PLC, Class A (b)		2,363,324
	2,129	Fortinet, Inc. (a)		670,933
	26,544	HP, Inc.		789,419
	9,645	International Business Machines Corp.		1,353,579
	5,895	NetApp, Inc.		524,243
				5,701,498
		Cosmetics/Personal Care - 0.6%
	5,540	Procter & Gamble Co.		788,841
		Distribution/Wholesale - 0.5%
	5,777	LKQ Corp. (a)(b)		304,390
	735	WW Grainger, Inc.		318,770
				623,160
		Diversified Financial Services - 3.9%
	11,287	American Express Co.		1,873,191
	6,854	Capital One Financial Corp.		1,137,558
	4,382	Discover Financial Services (b)		561,860
	1,152	Nasdaq, Inc.		225,539
	8,202	Synchrony Financial (b)		408,049
	2,516	T. Rowe Price Group, Inc.		563,257
				4,769,454
		Electric - 0.8%
	1,367	American Electric Power Co., Inc. (b)		122,442
	1,908	CMS Energy Corp.		122,360
	1,522	DTE Energy Co.		183,158
	1,371	Duke Energy Corp.		143,489
	1,893	Evergy, Inc.		129,576
	1,519	Pinnacle West Capital Corp.		116,811
	2,900	Southern Co.		190,617
				1,008,453
		Electronics - 1.3%
	2,582	Garmin, Ltd. (b)		450,378
	2,579	Keysight Technologies, Inc. (a)		462,621
	1,811	PerkinElmer, Inc.		334,673
	894	Waters Corp. (a)		370,134
				1,617,806
		Environmental Control - 1.3%
	3,220	Pentair PLC		248,455
	4,224	Republic Services, Inc.		524,325
	5,724	Waste Management, Inc.		887,850
				1,660,630
		Finance and Insurance - 0.5%
	10,355	US Bancorp		594,273
		Food - 1.5%
	3,076	Hershey Co.		546,606
	1,557	J.M. Smucker Co. (b)		192,554
	7,669	Kroger Co. (b)		353,004
	5,888	Mondelez International, Inc., Class A		365,468
	4,273	Tyson Foods, Inc., Class A		335,516
				1,793,148
		Gas - 0.1%
	1,194	Atmos Energy Corp.		116,427
		Hand/Machine Tools - 0.5%
	1,120	Snap-on, Inc. (b)		251,944
	1,949	Stanley Black & Decker, Inc.		376,683
				628,627
		Healthcare Products - 3.2%
	326	Cooper Cos., Inc. (b)		146,931
	5,670	Danaher Corp.		1,837,987
	2,066	Edwards Lifesciences Corp. (a)		242,094
	2,557	Hologic, Inc. (a)		202,387
	706	IDEXX Laboratories, Inc. (a)		475,675
	1,860	Thermo Fisher Scientific, Inc.		1,032,207
				3,937,281
		Healthcare Services - 7.0%
	3,276	Anthem, Inc.		1,228,926
	4,917	HCA Healthcare, Inc.		1,243,903
	1,741	Laboratory Corp. of America Holdings (a)		528,184
	2,219	Quest Diagnostics, Inc.		339,130
	12,274	UnitedHealth Group, Inc.		5,109,298
	996	Universal Health Services, Inc., Class B (b)		155,137
				8,604,578
		Home Builders - 0.3%
	3,781	Lennar Corp., Class A		405,739
		Home Furnishings - 0.2%
	1,047	Whirlpool Corp. (b)		231,942
		Household Products/Wares - 0.4%
	1,455	Avery Dennison Corp.		327,942
	730	Clorox Co. (b)		122,677
				450,619
		Insurance - 7.3%
	8,458	Aflac, Inc.		479,400
	4,122	Allstate Corp. (b)		557,624
	21,465	Berkshire Hathaway, Inc., Class B (a)		6,134,053
	2,322	Cincinnati Financial Corp. (b)		286,535
	459	Everest Re Group Ltd.		121,589
	6,062	Marsh & McLennan Cos., Inc.		952,946
	2,389	Travelers Cos., Inc.		381,547
				8,913,694
		Internet - 11.2%
	2,202	Alphabet, Inc., Class A (a)		6,372,478
	3,240	CDW Corp.		649,976
	16,565	Facebook, Inc., Class A (a)		6,284,430
	15,357	NortonLifeLock, Inc.		407,882
				13,714,766
		Iron/Steel - 0.4%
	4,470	Nucor Corp.		525,493
		Machinery - Diversified - 0.8%
	2,338	Dover Corp. (b)		407,654
	6,720	Otis Worldwide Corp.		619,718
				1,027,372
		Manufacturing - 1.1%
	541	Generac Holdings, Inc. (a)		236,406
	2,993	Moderna, Inc. (a)		1,127,433
				1,363,839
		Media - 1.7%
	1,539	Charter Communications, Inc., Class A (a)		1,256,839
	4,515	DISH Network Corp., Class A (a)		196,809
	8,975	Fox Corp., Class A (b)		336,024
	7,762	ViacomCBS, Inc., Class B		321,735
				2,111,407
		Mining - 0.5%
	17,409	Freeport-McMoRan, Inc.		633,513
		Miscellaneous Manufacturing - 1.7%
	8,632	3M Co.		1,680,996
	2,300	AO Smith Corp.		167,256
	2,596	Textron, Inc.		188,651
				2,036,903
		Office/Business Equipment - 0.4%
	832	Zebra Technologies Corp., Class A (a)		488,525
		Oil & Gas - 0.6%
	7,445	Cabot Oil & Gas Corp.		118,301
	4,254	ConocoPhillips (b)		236,225
	9,634	Devon Energy Corp. (b)		284,685
	10,018	Marathon Oil Corp.		117,711
				756,922
		Packaging & Containers - 0.3%
	1,003	Packaging Corp of America (b)		152,155
	2,831	Sealed Air Corp.		172,776
				324,931
		Pharmaceuticals - 5.3%
	8,640	CVS Health Corp. (b)		746,410
	20,181	Johnson & Johnson		3,493,936
	50,271	Pfizer, Inc.		2,315,985
				6,556,331
		Pipelines - 0.5%
	26,652	Kinder Morgan, Inc.		433,628
	2,834	ONEOK, Inc.		148,842
				582,470
		Real Estate - 0.3%
	3,660	CBRE Group, Inc., Class A (a)		352,458
		Real Estate Investment Trusts - 1.7%
	617	Alexandria Real Estate Equities, Inc.		127,330
	855	AvalonBay Communities, Inc.		196,291
	1,553	Extra Space Storage, Inc.		290,271
	5,657	Kimco Realty Corp.		123,266
	1,082	Mid-America Apartment Communities, Inc.		208,145
	1,702	Public Storage		550,784
	2,689	Simon Property Group, Inc. (b)		361,536
	4,954	Weyerhaeuser Co.		178,344
				2,035,967
		Retail - 7.0%
	1,330	Advance Auto Parts, Inc.		269,791
	368	AutoZone, Inc. (a)		570,087
	103	Chipotle Mexican Grill, Inc. (a)(b)		196,043
	5,472	Costco Wholesale Corp.		2,492,441
	815	Darden Restaurants, Inc. (b)		122,780
	475	Domino's Pizza, Inc. (b)		245,523
	3,470	McDonald's Corp.		823,986
	9,829	Starbucks Corp.		1,154,809
	7,875	Target Corp.		1,944,968
	1,829	Tractor Supply Co.		355,283
	2,938	Yum! Brands, Inc.		384,966
				8,560,677
		Semiconductors - 4.8%
	8,828	Applied Materials, Inc.		1,192,928
	840	Lam Research Corp.		508,049
	5,298	Micron Technology, Inc.		390,462
	10,132	NVIDIA Corp.		2,268,048
	1,873	Qorvo, Inc. (a)		352,180
	1,884	Skyworks Solutions, Inc.		345,639
	4,197	Texas Instruments, Inc.		801,249
				5,858,555
		Software - 9.4%
	2,011	Adobe, Inc. (a)		1,334,701
	2,333	Broadridge Financial Solutions, Inc.		401,789
	1,682	Intuit, Inc.		952,197
	1,817	Jack Henry & Associates, Inc. (b)		320,482
	15,758	Microsoft Corp.		4,757,025
	42,931	Oracle Corp.		3,826,440
				11,592,634
		Telecommunications - 1.2%
	23,884	Cisco Systems, Inc. (b)		1,409,634
		Textiles - 0.2%
	1,140	Mohawk Industries, Inc. (a)		225,446
		Transportation - 1.8%
	2,788	Expeditors International of Washington, Inc.		347,496
	3,992	FedEx Corp.		1,060,634
	937	JB Hunt Transport Services, Inc.		166,224
	1,041	Norfolk Southern Corp.		263,935
	1,273	Old Dominion Freight Line, Inc.		367,541
				2,205,830
		Wholesale Trade - 0.1%
	342	Pool Corp.		169,051
		TOTAL COMMON STOCKS (Cost - $108,904,877)		121,182,973
		SHORT TERM INVESTMENTS - 1.2%
		Money Market Funds - 1.2%
	1,467,735	First American Treasury Obligations Fund, Class X, 0.01% (c)		1,467,735
		TOTAL SHORT TERM INVESTMENTS (Cost - $1,467,735)		1,467,735
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.9%
	10,926,593	Mount Vernon Liquid Assets Portfolio, LLC, 0.09% (c)		10,926,593
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $10,926,593)		10,926,593
		TOTAL INVESTMENTS - 108.6% (Cost - $121,299,205)		133,577,301
		Liabilities in Excess of Other Assets - (8.6)%		(10,572,417	)
		NET ASSETS - 100.0%	$	123,004,884
Percentages are stated as a percent of net assets.
(a) Non-income producing security.
(b) All or a portion of this security is out on loan as of August 31, 2021.
(c) Interest rate reflects seven-day yield on August 31, 2021.

NPORT-EX

Horizon Funds

PORTFOLIO OF INVESTMENTS (Unaudited)

August 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

In determining a Fund’s net asset value (“NAV”) per share, equity securities, including common stocks, preferred stocks, and exchange traded funds, for which market quotations are readily available are valued at current market value using the last reported sales price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). If the NOCP is not available, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices on the primary exchange. When market quotations received are from an active market, the securities will be classified within Level 1 of the fair value hierarchy. If market quotations are not readily available, then securities are valued at fair value as determined by the Board of Trustees of the Trust (“the Board”) or its delegate. Short-term debt instruments with a remaining maturity of more than 60 days, intermediate and long-term bonds, convertible bonds, and other debt securities are generally valued on the basis of dealer supplied quotations or by a pricing system selected by the Adviser and approved by the Board. Where such prices are not available, valuations will be obtained from brokers who are market makers for such securities. However, in circumstances where the Adviser deems it appropriate to do so, the mean of the bid and asked prices for over-the-counter securities or the last available sale price for exchange-traded debt securities may be used. Where no last sale price for exchange traded debt securities is available, the mean of the bid and asked prices may be used. Short-term debt securities with a remaining maturity of 60 days or less are amortized to maturity, provided such valuations represent fair value. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported NAVs. Purchased and written options are valued primarily at the mean of the bid and the ask.

Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, as described above, are valued as determined in good faith in accordance with procedures approved by the Board.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have 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 in 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated withinvesting in those securities. The following tables summarize the inputs used as of August 31, 2021, for the Funds’investments measured at value:

Horizon Active Asset Allocation Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	726,812,712	$	-	$	-	$	726,812,712
Short-Term Investments		5,322,513		-		-		5,322,513
Investments Purchased With Proceeds From Securities Lending **		-		-		-		182,902,285
Total	$	732,135,225	$	-	$	-	$	915,037,510
Horizon Active Risk Assist® Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,119,166,885	$	-	$	-	$	1,119,166,885
Common Stocks		16,476,785		-		-		16,476,785
Purchased Call Options		-		814,875		-		814,875
Purchased Put Options		-		2,755,000		-		2,755,000
Short-Term Investments		4,982,757		-		-		4,982,757
Investments Purchased With Proceeds From Securities Lending **		-		-		-		237,192,892
Total	$	1,140,626,427	$	3,569,875	$	-	$	1,381,389,194
Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	-	$	315,000	$	-	$	315,000
Total	$	-	$	315,000	$	-	$	315,000
Horizon Active Income Fund
Assets *	Level 1		Level 2		Level 3		Total
Investment Companies	$	424,614,596	$	-	$	-	$	424,614,596
Short-Term Investments		5,091,251		-		-		5,091,251
Investments Purchased With Proceeds From Securities Lending **		-		-		-		86,600,443
Total	$	429,705,847	$	-	$	-	$	516,306,290
Horizon Active Dividend Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	128,738,327	$	-	$	-	$	128,738,327
Convertible Preferred Stocks		260,281		-		-		260,281
Preferred Stocks		467,955		-		-		467,955
Short-Term Investments		2,350,260		-		-		2,350,260
Investments Purchased With Proceeds From Securities Lending **		-		-		-		7,868,930
Total	$	131,816,823	$	-	$	-	$	139,685,753
Horizon Defined Risk Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	242,692,940	$	-	$	-	$	242,692,940
Purchased Call Options		-		304,500		-		304,500
Purchased Put Options		-		1,836,000		-		1,836,000
Short-Term Investments		1,224,532		-		-		1,224,532
Investments Purchased With Proceeds From Securities Lending**		-		-		-		17,119,938
Total	$	243,917,472	$	2,140,500	$	-	$	263,177,910
Liabilities *	Level 1		Level 2		Level 3		Total
Written Call Options	$	-	$	5,204,200	$	-	$	5,204,200
Written Put Options		-		1,062,500		-		1,062,500
Total	$	-	$	6,266,700	$	-	$	6,266,700
Horizon ESG Defensive Core Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	141,798,563	$	-	$	-	$	141,798,563
Short-Term Investments		2,834,209		-		-		2,834,209
Investments Purchased With Proceeds From Securities Lending**		-		-		-		8,334,737
Total	$	144,632,772	$	-	$	-	$	152,967,509
Horizon US Defensive Equity Fund
Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	121,182,973	$	-	$	-	$	121,182,973
Short-Term Investments		1,467,735		-		-		1,467,735
Investments Purchased With Proceeds From Securities Lending**		-		-		-		10,926,593
Total	$	122,650,708	$	-	$	-	$	133,577,301

*	Refer to the Portfolios of Investments for security classifications.
**	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

INVESTMENTS IN AFFILIATES

An affiliated person of the Horizon Asset Allocation Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies for the nine months ended August 31, 2021 are as follows:
Security Name	Value at November 30, 2020		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Dividend Income		Value at August 31, 2021		Shares Balance August 31, 2021
Janus Henderson Small/Mid Cap Growth Alpha ETF	$	6,608,141	$	359,367	$	(134,792	)	$	1,108,508	$	46,043	$	15,662	$	7,987,267		115,976
	$	6,608,141	$	359,367	$	(134,792	)	$	1,108,508	$	46,043	$	15,662	$	7,987,267		115,976

An affiliated person of the Horizon Active Risk Assist® Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies for the nine months ended August 31, 2021 are as follows:
Security Name	Value at November 30, 2020		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Dividend Income		Value at August 31, 2021		Shares Balance August 31, 2021
X-Trackers Russell 1000 US QARP ETF	$	16,347,369	$	-	$	(9,352,231	)	$	393,514	$	2,655,348		$	155,574	$	10,044,000		240,000
X-Trackers Russel US Multifactor ETF		16,316,752		2,811,135		(239,076	)		4,412,379		51,950			190,007		23,353,140		504,075
Xtrackers S&P 500 ESG ETF		8,153,908		42,674,708		(614,174	)		9,319,211		214,928			330,944		59,748,581		1,495,584
	$	40,818,029	$	45,485,843	$	(10,205,481	)	$	14,125,104	$	2,922,226		$	676,525	$	93,145,721		2,239,659
An affiliated person of the Horizon Active Income Fund, as defined by the 1940 Act, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies for the nine months ended August 31, 2021 are as follows:
Security Name	Value at November 30, 2020		Value of Purchases		Value of Sales			Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Dividend Income		Value at August 31, 2021		Shares Balance August 31, 2021
X-Trackers Short Duration High Yield Bond ETF	$	7,939,615	$	86,474	$	(371,660	)	$	134,024	$	(15,404	)	$	321,649	$	7,773,049		162,321
	$	7,939,615	$	86,474	$	(371,660	)	$	134,024	$	(15,404	)	$	321,649	$	7,773,049		162,321