NPORT-EX 2 usde.htm SOI

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.