NPORT-EX

 

Horizon Active Risk Assist® Fund
PORTFOLIO OF INVESTMENTS
August 31, 2021 (Unaudited)
Shares				Value
		INVESTMENT COMPANIES - 97.8%
		Exchange Traded Funds - 97.8%
	235,366	Invesco QQQ Trust Series 1 (f)		$	89,427,312
	656,831	Invesco S&P 500 Equal Weight ETF (f)			102,662,685
	952,342	iShares Edge MSCI USA Quality Factor ETF			134,518,308
	701,237	iShares MSCI EAFE Minimum Volatility ETF (f)			55,040,092
	1,639,226	iShares MSCI USA Minimum Volatility ETF (f)			127,285,899
	367,909	iShares MSCI USA Momentum Factor ETF (f)			67,047,736
	832,875	Principal US Mega-Cap ETF (f)			34,954,764
	4,417,988	SPDR Portfolio Developed World ex-US ETF			165,321,111
	1,003,661	SPDR Portfolio S&P 500 Growth ETF			68,329,241
	1,612,653	SPDR Portfolio S&P 500 Value ETF (e)			65,360,826
	81,720	SPDR S&P Kensho New Economies Composite ETF			5,305,262
	1,029,331	WisdomTree U.S. Quality Dividend Growth Fund			64,189,081
	1,111,667	Xtrackers MSCI USA ESG Leaders Equity ETF			46,578,847
	240,000	Xtrackers Russell 1000 US QARP ETF (g)			10,044,000
	504,075	Xtrackers Russell US Multifactor ETF (g)			23,353,140
	1,495,584	Xtrackers S&P 500 ESG ETF (g)			59,748,581
		TOTAL INVESTMENT COMPANIES (Cost - $968,962,640)			1,119,166,885
		COMMON STOCKS - 1.4%
		Advertising - 0.0% (b)
	5,205	Interpublic Group of Cos., Inc.			193,782
	978	Omnicom Group, Inc. (f)			71,609
					265,391
		Aerospace/Defense - 0.0% (b)
	36	General Dynamics Corp.			7,211
	1,614	Howmet Aerospace, Inc.			51,244
	30	L3Harris Technologies, Inc.			6,990
	275	Teledyne Technologies, Inc. (a)			127,430
	16	TransDigm Group, Inc. (a)			9,720
					202,595
		Agriculture - 0.0% (b)
	396	Archer Daniels Midland Co.			23,760
	532	Philip Morris International, Inc.			54,796
					78,556
		Airlines - 0.0% (b)
	1,181	Alaska Air Group, Inc. (a)			67,719
	2,641	American Airlines Group, Inc. (a)(f)			52,662
	353	Delta Air Lines, Inc. (a)(f)			14,275
	240	Southwest Airlines Co. (a)(f)			11,947
	601	United Airlines Holdings, Inc. (a)			27,952
					174,555
		Apparel - 0.0% (b)
	2,295	Hanesbrands, Inc. (f)			42,871
	557	Nike, Inc., Class B			91,760
	699	PVH Corp. (a)			73,248
	503	Ralph Lauren Corp., Class A (f)			58,413
	2,856	Tapestry, Inc.			115,154
	3,870	Under Armour, Inc., Class A (a)(f)			89,552
	105	VF Corp. (f)			8,029
					479,027
		Auto Manufacturers - 0.0% (b)
	32	Cummins, Inc. (f)			7,551
	2,951	Ford Motor Co. (a)(f)			38,451
	160	General Motors Co. (a)			7,842
	85	PACCAR, Inc.			6,959
					60,803
		Auto Parts & Equipment - 0.0% (b)
	103	Aptiv PLC (a)			15,676
	678	BorgWarner, Inc. (f)			28,937
					44,613
		Banks - 0.1%
	199	Bank of New York Mellon Corp. (f)			10,989
	777	Citizens Financial Group, Inc.			34,025
	1,032	Comerica, Inc.			76,275
	686	Fifth Third Bancorp (f)			26,658
	225	First Republic Bank (f)			44,761
	218	Goldman Sachs Group, Inc. (f)			90,145
	2,458	Huntington Bancshares, Inc.			38,173
	1,465	KeyCorp (f)			29,769
	180	M&T Bank Corp. (f)			25,202
	1,167	Morgan Stanley			121,870
	159	Northern Trust Corp.			18,845
	227	PNC Financial Services Group, Inc.			43,380
	1,702	Regions Financial Corp.			34,772
	163	State Street Corp.			15,144
	72	SVB Financial Group (a)			40,284
	111	Truist Financial Corp.			6,333
	2,621	Wells Fargo & Co.			119,780
	1,454	Zions Bancorp NA			84,186
					860,591
		Beverages - 0.0% (b)
	85	Brown-Forman Corp., Class B			5,969
	1,069	Coca-Cola Co.			60,195
	35	Constellation Brands, Inc., Class A			7,390
	926	Molson Coors Brewing Co., Class B (f)			44,013
	69	Monster Beverage Corp. (a)			6,732
					124,299
		Biotechnology - 0.0% (b)
	22	Biogen, Inc. (a)			7,456
	34	Bio-Rad Laboratories, Inc., Class A (a)			27,364
	337	Corteva, Inc.			14,818
	23	Illumina, Inc. (a)			10,515
	164	Incyte Corp. (a)			12,544
	8	Regeneron Pharmaceuticals, Inc. (a)			5,387
	15	Vertex Pharmaceuticals, Inc. (a)			3,004
					81,088
		Building Materials - 0.0% (b)
	926	Carrier Global Corp.			53,337
	204	Fortune Brands Home & Security, Inc.			19,863
	712	Johnson Controls International PLC			53,258
	101	Martin Marietta Materials, Inc.			38,506
	247	Masco Corp.			14,998
	91	Vulcan Materials Co.			16,920
					196,882
		Chemicals - 0.0% (b)
	293	Albemarle Corp. (f)			69,365
	144	Celanese Corp.			22,838
	954	CF Industries Holdings, Inc.			43,331
	119	Dow, Inc. (f)			7,485
	239	Eastman Chemical Co.			27,045
	136	FMC Corp.			12,734
	187	International Flavors & Fragrances, Inc.			28,331
	115	LyondellBasell Industries NV, Class A			11,540
	1,529	Mosaic Co.			49,203
	58	PPG Industries, Inc.			9,254
	91	Sherwin-Williams Co.			27,634
					308,760
		Commercial Services - 0.1%
	293	Automatic Data Processing, Inc.			61,249
	19	Cintas Corp.			7,520
	157	Equifax, Inc.			42,745
	107	FleetCor Technologies, Inc. (a)			28,171
	430	Gartner, Inc. (a)			132,758
	52	Global Payments, Inc.			8,457
	4,870	H&R Block, Inc. (f)			124,916
	82	IHS Markit, Ltd.			9,889
	26	MarketAxess Holdings, Inc. (f)			12,374
	98	Moody's Corp.			37,315
	2,966	Nielsen Holdings PLC (f)			63,650
	667	Quanta Services, Inc.			68,101
	749	Robert Half International, Inc. (f)			77,447
	99	United Rentals, Inc. (a)(f)			34,912
	38	Verisk Analytics, Inc.			7,667
					717,171
		Computers - 0.1%
	205	Accenture PLC, Class A (f)			68,995
	198	Cognizant Technology Solutions Corp., Class A			15,109
	7,327	DXC Technology Co. (a)			269,047
	351	Fortinet, Inc. (a)(f)			110,614
	4,488	Hewlett Packard Enterprise Co. (f)			69,385
	1,543	HP, Inc.			45,889
	38	International Business Machines Corp. (f)			5,333
	424	Leidos Holdings, Inc.			41,599
	1,406	NetApp, Inc.			125,036
	1,172	Western Digital Corp. (a)(f)			74,070
					825,077
		Cosmetics/Personal Care - 0.0% (b)
	18,481	Coty, Inc., Class A (a)			180,559
	191	Estee Lauder Cos., Inc., Class A (f)			65,034
					245,593
		Distribution/Wholesale - 0.0% (b)
	210	Copart, Inc. (a)			30,307
	171	Fastenal Co.			9,550
	1,091	LKQ Corp. (a)(f)			57,485
	32	WW Grainger, Inc.			13,879
					111,221
		Diversified Financial Services - 0.1%
	495	American Express Co.			82,150
	76	Ameriprise Financial, Inc.			20,741
	437	Capital One Financial Corp.			72,529
	224	CBOE Global Markets, Inc. (f)			28,257
	1,135	Charles Schwab Corp.			82,685
	453	Discover Financial Services (f)			58,084
	1,029	Franklin Resources, Inc. (f)			33,381
	3,934	Invesco, Ltd.			99,609
	188	Nasdaq, Inc.			36,806
	392	Raymond James Financial, Inc.			54,841
	889	Synchrony Financial (f)			44,228
	176	T. Rowe Price Group, Inc. (f)			39,401
	2,503	Western Union Co. (f)			54,165
					706,877
		Electric - 0.0% (b)
	898	AES Corp.			21,435
	450	Alliant Energy Corp.			27,355
	244	Ameren Corp.			21,404
	61	American Electric Power Co., Inc. (f)			5,464
	1,323	CenterPoint Energy, Inc. (f)			33,194
	188	CMS Energy Corp.			12,056
	108	Consolidated Edison, Inc.			8,149
	76	DTE Energy Co. (f)			9,146
	212	Duke Energy Corp.			22,188
	203	Edison International			11,742
	105	Entergy Corp. (f)			11,614
	130	Evergy, Inc.			8,898
	91	Eversource Energy (f)			8,256
	163	Exelon Corp.			7,990
	448	FirstEnergy Corp.			17,414
	960	NRG Energy, Inc.			43,843
	335	Pinnacle West Capital Corp.			25,761
	374	PPL Corp.			10,977
	139	Public Service Enterprise Group, Inc. (f)			8,888
	49	Sempra Energy			6,486
	278	Southern Co.			18,273
	70	WEC Energy Group, Inc.			6,614
	84	Xcel Energy, Inc.			5,775
					352,922
		Electrical Components & Equipment - 0.0% (b)
	92	AMETEK, Inc.			12,509
	79	Emerson Electric Co.			8,335
					20,844
		Electronics - 0.1%
	267	Agilent Technologies, Inc. (f)			46,850
	229	Allegion PLC			32,974
	302	Amphenol Corp., Class A			23,142
	112	Fortive Corp.			8,273
	256	Garmin, Ltd. (f)			44,654
	360	Keysight Technologies, Inc. (a)			64,577
	25	Mettler-Toledo International, Inc. (a)			38,821
	166	PerkinElmer, Inc.			30,677
	13	Roper Technologies, Inc. (f)			6,283
	266	TE Connectivity, Ltd.			39,959
	44	Vontier Corp.			1,600
	168	Waters Corp. (a)			69,555
					407,365
		Engineering & Construction - 0.0% (b)
	185	Jacobs Engineering Group, Inc.			24,968
		Entertainment - 0.0% (b)
	870	Live Nation Entertainment, Inc. (a)(f)			75,429
		Environmental Control - 0.0% (b)
	755	Pentair PLC			58,256
	261	Republic Services, Inc.			32,398
	284	Waste Management, Inc. (f)			44,051
					134,705
		Food - 0.0% (b)
	352	Campbell Soup Co. (f)			14,689
	379	Conagra Brands, Inc. (f)			12,552
	107	General Mills, Inc.			6,186
	149	Hershey Co.			26,477
	177	Hormel Foods Corp. (f)			8,060
	225	J.M. Smucker Co. (f)			27,826
	169	Kellogg Co. (f)			10,671
	215	Kraft Heinz Co. (f)			7,738
	573	Kroger Co. (f)			26,375
	380	Lamb Weston Holdings, Inc.			24,757
	92	McCormick & Co., Inc.			7,939
	361	Mondelez International, Inc., Class A			22,407
	113	Sysco Corp.			9,000
	182	Tyson Foods, Inc., Class A			14,291
					218,968
		Forest Products & Paper - 0.0% (b)
	514	International Paper Co.			30,886
		Gas - 0.0% (b)
	181	Atmos Energy Corp. (f)			17,649
	1,345	NiSource, Inc.			33,154
					50,803
		Hand/Machine Tools - 0.0% (b)
	223	Snap-on, Inc. (f)			50,164
	49	Stanley Black & Decker, Inc.			9,470
					59,634
		Healthcare Products - 0.1%
	83	ABIOMED, Inc. (a)			30,209
	62	Align Technology, Inc. (a)(f)			43,958
	82	Baxter International, Inc.			6,250
	127	Boston Scientific Corp. (a)			5,734
	44	Cooper Cos., Inc. (f)			19,831
	227	Danaher Corp.			73,584
	626	Dentsply Sirona, Inc.			38,624
	345	Edwards Lifesciences Corp. (a)			40,427
	245	Hologic, Inc. (a)			19,392
	80	IDEXX Laboratories, Inc. (a)			53,901
	62	ResMed, Inc.			18,013
	109	STERIS PLC (f)			23,436
	51	Teleflex, Inc. (f)			20,168
	92	West Pharmaceutical Services, Inc.			41,549
	70	Zimmer Biomet Holdings, Inc.			10,532
					445,608
		Healthcare Services - 0.1%
	122	Anthem, Inc. (f)			45,766
	153	Centene Corp. (a)			9,636
	310	DaVita, Inc. (a)			40,539
	299	HCA Healthcare, Inc.			75,641
	14	Humana, Inc.			5,676
	177	IQVIA Holdings, Inc. (a)			45,972
	144	Laboratory Corp. of America Holdings (a)			43,687
	153	Quest Diagnostics, Inc.			23,383
	316	UnitedHealth Group, Inc.			131,541
	282	Universal Health Services, Inc., Class B (f)			43,924
					465,765
		Home Builders - 0.0% (b)
	100	DR Horton, Inc.			9,562
	103	Lennar Corp., Class A (f)			11,053
	10	NVR, Inc. (a)(f)			51,799
	358	PulteGroup, Inc. (f)			19,282
					91,696
		Home Furnishings - 0.0% (b)
	861	Leggett & Platt, Inc. (f)			41,664
	100	Whirlpool Corp. (f)			22,153
					63,817
		Household Products/Wares - 0.0% (b)
	232	Avery Dennison Corp.			52,290
	107	Church & Dwight Co., Inc. (f)			8,952
	40	Clorox Co. (f)			6,722
	31	Kimberly-Clark Corp. (f)			4,272
					72,236
		Housewares - 0.0% (b)
	1,591	Newell Brands, Inc. (f)			40,427
		Information - 0.0% (b)
	4,514	Lumen Technologies, Inc. (f)			55,522
		Insurance - 0.1%
	210	Aflac, Inc. (f)			11,903
	76	Allstate Corp. (f)			10,281
	312	American International Group, Inc.			17,023
	22	Aon PLC, Class A			6,311
	96	Arthur J Gallagher & Co.			13,788
	230	Assurant, Inc. (f)			39,125
	32	Chubb Ltd.			5,885
	321	Cincinnati Financial Corp. (f)			39,611
	123	Everest Re Group Ltd.			32,583
	297	Globe Life, Inc. (f)			28,533
	431	Hartford Financial Services Group, Inc.			28,972
	1,060	Lincoln National Corp. (f)			72,769
	597	Loews Corp.			33,354
	162	MetLife, Inc.			10,044
	478	Principal Financial Group, Inc.			31,935
	126	Prudential Financial, Inc. (f)			13,341
	66	Travelers Cos., Inc.			10,541
	3,507	Unum Group			93,356
	299	WR Berkley Corp.			22,518
					521,873
		Internet - 0.1%
	88	Alphabet, Inc., Class A (a)			254,668
	355	CDW Corp.			71,217
	107	eBay, Inc. (f)			8,211
	159	Expedia Group, Inc. (a)(f)			22,975
	562	F5 Networks, Inc. (a)(f)			114,406
	659	Facebook, Inc., Class A (a)			250,011
	1,924	NortonLifeLock, Inc.			51,101
	670	Twitter, Inc. (a)			43,215
	102	VeriSign, Inc. (a)			22,059
					837,863
		Iron/Steel - 0.0% (b)
	586	Nucor Corp. (f)			68,890
		Leisure Time - 0.0% (b)
	1,633	Carnival Corp. (a)(f)			39,421
	3,163	Norwegian Cruise Line Holdings Ltd. (a)(f)			81,732
	243	Royal Caribbean Cruises Ltd. (a)(f)			20,103
					141,256
		Lodging - 0.0% (b)
	101	Hilton Worldwide Holdings, Inc. (a)(f)			12,611
	122	Las Vegas Sands Corp. (a)(f)			5,443
	67	Marriott International, Inc., Class A (a)			9,054
	1,148	MGM Resorts International			48,928
	344	Wynn Resorts Ltd. (a)(f)			34,981
					111,017
		Machinery - Diversified - 0.0% (b)
	138	Deere & Co. (f)			52,168
	236	Dover Corp. (f)			41,149
	1,894	Flowserve Corp. (f)			73,620
	82	IDEX Corp. (f)			18,368
	378	Ingersoll Rand, Inc. (a)			20,041
	445	Otis Worldwide Corp.			41,038
	37	Rockwell Automation, Inc.			12,042
	276	Wabtec Corp.			24,782
	304	Xylem, Inc. (f)			41,438
					324,646
		Manufacturing - 0.0% (b)
	195	AstraZeneca Plc ADR			11,365
	56	Generac Holdings, Inc. (a)(f)			24,471
	270	Moderna, Inc. (a)			101,706
	3,920	NOV, Inc. (a)			51,626
	1,016	Seagate Technology Holdings Plc			88,992
	124	Trimble, Inc. (a)(f)			11,683
					289,843
		Media - 0.0% (b)
	53	Charter Communications, Inc., Class A (a)(f)			43,283
	2,226	Discovery, Inc., Class A (a)(f)			64,198
	1,124	DISH Network Corp., Class A (a)(f)			48,995
	1,204	Fox Corp., Class A (f)			45,078
	4,637	News Corp., Class A			104,193
	960	ViacomCBS, Inc., Class B			39,792
					345,539
		Mining - 0.0% (b)
	1,140	Freeport-McMoRan, Inc.			41,485
	63	Newmont Goldcorp Corp.			3,653
					45,138
		Mining, Quarrying, and Oil and Gas Extraction - 0.0% (b)
	3,295	APA Corp. (f)			64,187
		Miscellaneous Manufacturing - 0.0% (b)
	440	AO Smith Corp.			31,997
	322	Eaton Corp PLC			54,212
	40	Parker-Hannifin Corp.			11,867
	918	Textron, Inc.			66,711
	244	Trane Technologies PLC			48,434
					213,221
		Office/Business Equipment - 0.0% (b)
	7,129	Xerox Holdings Corp.			160,474
	184	Zebra Technologies Corp., Class A (a)(f)			108,039
					268,513
		Oil & Gas - 0.1%
	1,162	Cabot Oil & Gas Corp. (f)			18,464
	1,179	ConocoPhillips (f)			65,470
	5,970	Devon Energy Corp. (f)			176,413
	1,225	Diamondback Energy, Inc.			94,497
	206	EOG Resources, Inc.			13,909
	343	Hess Corp.			23,581
	2,487	HollyFrontier Corp.			80,405
	12,020	Marathon Oil Corp.			141,235
	296	Marathon Petroleum Corp.			17,544
	1,562	Occidental Petroleum Corp.			40,128
	133	Phillips 66 (f)			9,455
	129	Pioneer Natural Resources Co.			19,307
	196	Valero Energy Corp.			12,997
					713,405
		Oil & Gas Services - 0.0% (b)
	1,339	Baker Hughes & GE Co., Class A			30,502
	1,166	Halliburton Co.			23,297
	420	Schlumberger, Ltd.			11,777
	8,886	TechnipFMC PLC (a)			58,914
					124,490
		Packaging & Containers - 0.0% (b)
	1,078	Amcor PLC			13,852
	91	Ball Corp.			8,732
	185	Packaging Corp of America (f)			28,065
	1,061	Sealed Air Corp.			64,753
	668	Westrock Co.			34,763
					150,165
		Pharmaceuticals - 0.0% (b)
	142	AmerisourceBergen Corp.			17,354
	18	Becton Dickinson & Co.			4,531
	413	Cardinal Health, Inc.			21,678
	27	Cigna Corp. (f)			5,715
	18	DexCom, Inc. (a)(f)			9,530
	390	Eli Lilly & Co.			100,733
	534	Henry Schein, Inc. (a)			40,365
	73	McKesson Corp.			14,902
	910	Perrigo Co. PLC			37,264
	2,395	Viatris, Inc.			35,039
					287,111
		Pipelines - 0.0% (b)
	478	Kinder Morgan, Inc.			7,777
	835	ONEOK, Inc.			43,854
	340	Williams Cos., Inc.			8,395
					60,026
		Professional, Scientific, and Technical Services - 0.0% (b)
	47	Charles River Laboratories International, Inc. (a)			20,861
	1,777	Technip Energies NV ADR (a)			22,959
					43,820
		Real Estate - 0.0% (b)
	540	CBRE Group, Inc., Class A (a)			52,002
		Real Estate Investment Trusts - 0.1%
	63	Alexandria Real Estate Equities, Inc.			13,001
	1,156	Apartment Income REIT Corp.			58,748
	1,156	Apartment Investment and Management Co., Class A (a)			8,300
	159	AvalonBay Communities, Inc.			36,503
	196	Boston Properties, Inc. (f)			22,146
	36	Digital Realty Trust, Inc. (f)			5,901
	399	Duke Realty Corp. (f)			20,952
	197	Equity Residential			16,562
	71	Essex Property Trust, Inc.			23,483
	257	Extra Space Storage, Inc.			48,036
	486	Federal Realty Investment Trust (f)			59,180
	527	Healthpeak Properties, Inc. (f)			18,972
	2,609	Host Hotels & Resorts, Inc. (a)(f)			43,205
	1,231	Iron Mountain, Inc. (f)			58,780
	3,685	Kimco Realty Corp. (f)			80,296
	237	Mid-America Apartment Communities, Inc.			45,592
	155	Public Storage			50,160
	160	Realty Income Corp. (f)			11,555
	834	Regency Centers Corp. (f)			57,229
	19	SBA Communications Corp.			6,820
	378	Simon Property Group, Inc. (f)			50,822
	1,301	SL Green Realty Corp. (f)			91,174
	885	UDR, Inc. (f)			47,808
	309	Ventas, Inc.			17,285
	936	Vornado Realty Trust (f)			39,200
	164	Welltower, Inc. (f)			14,355
	349	Weyerhaeuser Co.			12,564
					958,629
		Retail - 0.1%
	181	Advance Auto Parts, Inc. (f)			36,716
	18	AutoZone, Inc. (a)(f)			27,885
	67	Best Buy Co., Inc.			7,806
	122	CarMax, Inc. (a)(f)			15,276
	5	Chipotle Mexican Grill, Inc. (a)(f)			9,517
	125	Costco Wholesale Corp.			56,936
	171	Darden Restaurants, Inc. (f)			25,761
	19	Dollar General Corp. (f)			4,235
	109	Dollar Tree, Inc. (a)			9,869
	51	Domino's Pizza, Inc. (f)			26,361
	2,220	Gap, Inc. (f)			59,340
	240	Genuine Parts Co. (f)			29,325
	3,014	Kohl's Corp. (f)			173,004
	45	O'Reilly Automotive, Inc. (a)			26,734
	69	Ross Stores, Inc.			8,170
	366	Target Corp.			90,395
	86	Tractor Supply Co.			16,705
	71	Ulta Beauty, Inc. (a)			27,499
	80	Yum! Brands, Inc.			10,482
					662,016
		Retail Trade - 0.0% (b)
	770	Bath & Body Works, Inc. (f)			51,960
	257	Victoria's Secret & Co. (a)(f)			17,039
					68,999
		Savings & Loans - 0.0% (b)
	4,537	People's United Financial, Inc.			74,543
		Semiconductors - 0.1%
	71	Advanced Micro Devices, Inc. (a)			7,861
	102	Analog Devices, Inc. (f)			16,621
	616	Applied Materials, Inc.			83,240
	349	IPG Photonics Corp. (a)(f)			59,567
	92	KLA Corp.			31,276
	31	Lam Research Corp.			18,749
	199	Microchip Technology, Inc.			31,315
	178	Micron Technology, Inc. (f)			13,119
	1,082	NVIDIA Corp.			242,206
	257	Qorvo, Inc. (a)			48,324
	35	QUALCOMM, Inc.			5,134
	155	Skyworks Solutions, Inc.			28,436
	27	Texas Instruments, Inc.			5,155
	203	Xilinx, Inc. (a)			31,585
					622,588
		Shipbuilding - 0.0% (b)
	242	Huntington Ingalls Industries, Inc. (f)			49,409
		Software - 0.1%
	101	Activision Blizzard, Inc. (f)			8,319
	117	Adobe, Inc. (a)			77,653
	242	Akamai Technologies, Inc. (a)			27,407
	59	ANSYS, Inc. (a)			21,556
	43	Autodesk, Inc. (a)			13,334
	252	Broadridge Financial Solutions, Inc.			43,399
	168	Cadence Design Systems, Inc. (a)(f)			27,465
	183	Cerner Corp.			13,972
	215	Citrix Systems, Inc.			22,117
	105	Electronic Arts, Inc.			15,247
	37	Fidelity National Information Services, Inc. (f)			4,727
	73	Fiserv, Inc. (a)(f)			8,599
	166	Intuit, Inc.			93,974
	247	Jack Henry & Associates, Inc. (f)			43,566
	75	MSCI, Inc.			47,594
	1,823	Oracle Corp.			162,484
	440	Paychex, Inc.			50,367
	109	Paycom Software, Inc. (a)			53,290
	12	ServiceNow, Inc. (a)			7,724
	79	Synopsys, Inc. (a)			26,247
	165	Take-Two Interactive Software, Inc. (a)			26,601
	106	Tyler Technologies, Inc. (a)			51,484
					847,126
		Telecommunications - 0.0% (b )
	162	Arista Networks, Inc. (a)(f)			59,864
	662	Corning, Inc. (f)			26,473
	3,069	Juniper Networks, Inc. (f)			88,940
	229	Motorola Solutions, Inc.			55,926
					231,203
		Textiles - 0.0% (b)
	366	Mohawk Industries, Inc. (a)(f)			72,380
		Toys/Games/Hobbies - 0.0% (b)
	248	Hasbro, Inc. (f)			24,381
		Transportation - 0.0% (b)
	140	CH Robinson Worldwide, Inc. (f)			12,608
	290	Expeditors International of Washington, Inc.			36,146
	111	JB Hunt Transport Services, Inc.			19,691
	51	Old Dominion Freight Line, Inc. (f)			14,725
					83,170
		Transportation and Warehousing - 0.0% (b)
	38	DT Midstream, Inc.			1,766
		Water - 0.0% (b)
	55	American Water Works Co., Inc.			10,024
		Wholesale Trade - 0.0% (b)
	26	Pool Corp.			12,852
		TOTAL COMMON STOCKS (Cost - $13,284,062)			16,476,785
Contracts			Notional Amount
		PURCHASED OPTIONS - 0.3% (a)(c)
		PURCHASED CALL OPTIONS - 0.1%
		Financial Select Sector SPDR Fund
	2,250	Expiration: September 2021, Exercise Price: $38	8,640,000	$	205,875
	2,250	Expiration: September 2021, Exercise Price: $39	8,640,000		99,000
		US Global Jets ETF
	10,000	Expiration: January 2022, Exercise Price: $28	22,980,000		510,000
		TOTAL PURCHASED CALL OPTIONS (Cost - $1,060,079)			814,875
		PURCHASED PUT OPTIONS - 0.2% (h)
		CBOE Volatility Index
	5,000	Expiration: September 2021, Exercise Price $17	8,240,000		237,500
		SPDR S&P 500 ETF Trust
	7,000	Expiration: September 2021, Exercise Price: $400	316,092,000		633,500
	3,000	Expiration: December 2021, Exercise Price: $400	135,468,000		1,884,000
		TOTAL PURCHASED PUT OPTIONS (Cost - $5,798,520)			2,755,000
		TOTAL PURCHASED OPTIONS (Cost - $6,858,599)			3,569,875
		SHORT TERM INVESTMENTS - 0.4%
		Money Market Funds - 0.4%
	4,982,757	First American Treasury Obligations Fund, Class X, 0.01% (d)			4,982,757
		TOTAL SHORT TERM INVESTMENTS (Cost - $4,982,757)			4,982,757
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.7%
	237,192,892	Mount Vernon Liquid Assets Portfolio, LLC, 0.09% (d)			237,192,892
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $237,192,892)			237,192,892
		TOTAL INVESTMENTS - 120.6% (Cost - $1,231,280,950)			1,381,389,194
		Liabilities in Excess of Other Assets - (20.6)%			(236,514,397	)
		NET ASSETS - 100.0%		$	1,144,874,797
Contracts			Notional Amount	Value
		SCHEDULE OF WRITTEN OPTIONS - (0.0)% (a)(b)(c)
		SCHEDULE OF WRITTEN CALL OPTIONS - 0.0% (b)
	10,000	US Global Jets ETF
		Expiration: December 2021, Exercise Price $28	22,980,000	$	315,000
		TOTAL WRITTEN CALL OPTIONS (Premiums Received $466,153)			315,000
		TOTAL OPTIONS WRITTEN (Premiums Received $466,153)		$	315,500
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a) Non-income producing security.
(b) Rounds to less than 0.1%
(c) Each option is exercisable into 100 shares of the underlying security.
(d) Interest rate reflects seven-day yield on August 31, 2021.
(e) All or a portion of the security is segregated as collateral for written options. The value of the securities segregated as collateral for written options is $48,636,000, which is 4.2% of total net assets.
(f) All or a portion of this security is out on loan as of August 31, 2021.
(g) Affiliated security

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