Horizon Funds NPORT-P Horizon US Defensive Equity Fund (Aug 2022 report)

Horizon U.S. Defensive Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited)
August 31, 2022
Shares			Value
		COMMON STOCKS - 97.7%
		Aerospace/Defense - 2.9%
	3,588	General Dynamics Corp.	$	821,401.00
	1,593	L3Harris Technologies, Inc.		363,507
	3,325	Lockheed Martin Corp.		1,396,866
	1,741	Northrop Grumman Corp.		832,180
	760	Teledyne Technologies, Inc. (a)		279,953
				3,693,907
		Agriculture - 0.7%
	9,474	Archer Daniels Midland Co.		832,670
		Apparel - 0.2%
	7,818	Tapestry, Inc.		271,519
		Auto Manufacturers - 0.8%
	40,765	Ford Motor Co.		621,259
	4,098	PACCAR, Inc.		358,616
				979,875
		Auto Parts & Equipment - 0.1%
	4,763	BorgWarner, Inc.		179,565
		Banks - 1.4%
	5,376	Citizens Financial Group, Inc.		197,192
	21,289	Huntington Bancshares, Inc.		285,272
	3,478	M&T Bank Corp.		632,231
	14,479	Regions Financial Corp.		313,760
	7,257	Truist Financial Corp.		339,918
				1,768,373
		Biotechnology - 2.0%
	5,163	Amgen, Inc.		1,240,669
	11,045	Corteva, Inc.		678,494
	1,795	Incyte Corp. (a)		126,422
	587	Regeneron Pharmaceuticals, Inc. (a)		341,082
	766	Vertex Pharmaceuticals, Inc. (a)		215,828
				2,602,495
		Building Materials - 0.2%
	5,419	Masco Corp.		275,665
		Chemicals - 1.8%
	5,559	CF Industries Holdings, Inc.		575,134
	12,853	Dow, Inc.		655,503
	7,141	LyondellBasell Industries NV, Class A		592,703
	9,230	Mosaic Co.		497,220
				2,320,560
		Commercial Services - 1.1%
	1,386	Cintas Corp.		563,880
	1,394	Gartner, Inc. (a)		397,736
	1,667	United Rentals, Inc. (a)		486,831
				1,448,447
		Computers - 6.5%
	2,921	Accenture PLC, Class A		842,592
	38,421	Apple, Inc.		6,040,549
	7,901	Cognizant Technology Solutions Corp., Class A		499,106
	20,673	HP, Inc.		593,522
	6,519	Western Digital Corp. (a)		275,493
				8,251,262
		Cosmetics/Personal Care - 0.4%
	6,763	Colgate-Palmolive Co.		528,934
		Distribution/Wholesale - 0.7%
	5,634	LKQ Corp.		299,842
	996	WW Grainger, Inc.		552,720
				852,562
		Diversified Financial Services - 3.6%
	7,894	American Express Co.		1,199,888
	1,288	Ameriprise Financial, Inc.		345,197
	1,599	CBOE Global Markets, Inc.		188,634
	7,457	Franklin Resources, Inc.		194,404
	5,015	Raymond James Financial, Inc.		523,416
	7,135	Synchrony Financial		233,671
	9,341	Visa, Inc.		1,856,150
				4,541,360
		Electric - 3.6%
	6,915	American Electric Power Co., Inc.		692,883
	5,757	Consolidated Edison, Inc.		562,689
	5,634	Duke Energy Corp.		602,331
	15,060	Exelon Corp.		661,285
	7,063	FirstEnergy Corp.		279,342
	6,988	NRG Energy, Inc.		288,465
	6,964	Southern Co.		536,715
	4,320	WEC Energy Group, Inc.		445,565
	6,506	Xcel Energy, Inc.		483,070
				4,552,345
		Electronics - 0.5%
	8,798	Amphenol Corp., Class A		646,917
		Environmental Control - 1.5%
	5,659	Republic Services, Inc.		807,653
	6,805	Waste Management, Inc.		1,150,249
				1,957,902
		Finance and Insurance - 0.6%
	4,693	Brown & Brown, Inc.		295,847
	10,581	US Bancorp		482,599
				778,446
		Food - 3.2%
	8,091	Campbell Soup Co.		407,624
	11,521	General Mills, Inc.		884,813
	3,736	Hershey Co.		839,367
	7,170	Kellogg Co.		521,546
	15,730	Kroger Co.		754,096
	8,679	Tyson Foods, Inc., Class A		654,223
				4,061,669
		Forest Products & Paper - 0.2%
	6,950	International Paper Co.		289,259
		Gas - 0.2%
	7,936	NiSource, Inc.		234,191
		Hand/Machine Tools - 0.2%
	1,261	Snap-on, Inc.		274,721
		Health Care and Social Assistance - 0.1%
	403	Molina Healthcare, Inc. (a)		135,960
		Healthcare Products - 0.1%
	1,850	Hologic, Inc. (a)		124,986
		Healthcare Services - 6.1%
	2,197	Anthem, Inc.		1,065,787
	563	Humana, Inc.		271,242
	974	Quest Diagnostics, Inc.		122,052
	12,258	UnitedHealth Group, Inc.		6,365,947
				7,825,028
		Home Builders - 0.9%
	4,335	DR Horton, Inc.		308,435
	4,318	Lennar Corp., Class A		334,429
	70	NVR, Inc. (a)		289,804
	5,790	PulteGroup, Inc.		235,422
				1,168,090
		Household Products/Wares - 0.4%
	4,364	Kimberly-Clark Corp.		556,497
		Information - 0.4%
	847	FactSet Research Systems, Inc.		367,039
	19,269	Lumen Technologies, Inc.		191,919
				558,958
		Insurance - 4.6%
	3,047	Arthur J Gallagher & Co.		553,244
	8,569	Berkshire Hathaway, Inc., Class B (a)		2,406,175
	947	Everest Re Group, Ltd.		254,790
	6,282	Hartford Financial Services Group, Inc.		403,996
	7,821	Marsh & McLennan Cos., Inc.		1,262,075
	3,497	Travelers Cos., Inc.		565,255
	6,974	WR Berkley Corp.		451,915
				5,897,450
		Internet - 3.1%
	20,847	Alphabet, Inc., Class A (a)		2,256,062
	131	Booking Holdings, Inc. (a)		245,731
	6,398	Meta Platforms, Inc., Class A (a)		1,042,426
	18,876	NortonLifeLock, Inc.		426,409
				3,970,628
		Iron/Steel - 0.6%
	5,972	Nucor Corp.		793,918
		Lodging - 0.5%
	1,928	Hilton Worldwide Holdings, Inc.		245,550
	2,749	Marriott International, Inc., Class A		422,631
				668,181
		Machinery - Diversified - 0.2%
	2,364	Wabtec Corp.		207,205
		Manufacturing - 1.9%
	12,519	Keurig Dr Pepper, Inc.		477,224
	871	Moderna, Inc. (a)		115,207
	1,135	Nordson Corp.		257,838
	9,411	ON Semiconductor Corp. (a)		647,194
	6,994	Raytheon Technologies Corp.		627,712
	3,414	Teradyne, Inc.		288,961
				2,414,136
		Media - 1.1%
	31,778	Comcast Corp., Class A		1,150,046
	8,698	Paramount Global, Class B		203,446
				1,353,492
		Mining - 0.5%
	19,780	Freeport-McMoRan, Inc.		585,488
		Miscellaneous Manufacturing - 0.2%
	3,712	Textron, Inc.		231,555
		Oil & Gas - 9.5%
	18,485	Cabot Oil & Gas Corp.		571,371
	34,827	Chevron Corp.		5,504,756
	22,751	ConocoPhillips		2,490,097
	12,497	Devon Energy Corp.		882,538
	17,615	Marathon Oil Corp.		450,768
	18,225	Occidental Petroleum Corp.		1,293,975
	7,848	Valero Energy Corp.		919,158
				12,112,663
		Packaging & Containers - 0.3%
	2,491	Packaging Corp. of America		341,068
		Pharmaceuticals - 10.4%
	23,642	AbbVie, Inc.		3,178,903
	891	AmerisourceBergen Corp.		130,585
	23,903	Bristol-Myers Squibb Co.		1,611,301
	1,011	Cigna Corp.		286,568
	12,635	CVS Health Corp.		1,240,125
	1,748	Henry Schein, Inc. (a)		128,321
	33,424	Merck & Co., Inc.		2,853,073
	85,149	Pfizer, Inc.		3,851,289
				13,280,165
		Professional, Scientific, and Technical Services - 0.2%
	697	EPAM Systems, Inc. (a)		297,270
		Real Estate - 0.2%
	3,059	CBRE Group, Inc., Class A (a)		241,539
		Real Estate Investment Trusts - 2.5%
	1,361	Camden Property Trust		174,902
	1,721	Extra Space Storage, Inc.		342,014
	16,266	Host Hotels & Resorts, Inc.		289,047
	11,260	Kimco Realty Corp.		237,361
	1,055	Mid-America Apartment Communities, Inc.		174,782
	1,940	Public Storage		641,810
	9,336	Realty Income Corp.		637,462
	3,604	Regency Centers Corp.		219,268
	13,713	Weyerhaeuser Co.		468,436
				3,185,082
		Retail - 6.2%
	391	AutoZone, Inc. (a)		828,611
	2,209	Costco Wholesale Corp.		1,153,319
	1,800	Darden Restaurants, Inc.		222,678
	1,580	Dollar Tree, Inc. (a)		214,374
	2,886	Genuine Parts Co.		450,245
	6,794	Lowe's Cos., Inc.		1,318,987
	8,136	McDonald's Corp.		2,052,550
	1,248	O'Reilly Automotive, Inc. (a)		870,006
	1,176	Ulta Beauty, Inc. (a)		493,767
	2,678	Yum! Brands, Inc.		297,901
				7,902,438
		Semiconductors - 5.0%
	5,149	Analog Devices, Inc.		780,228
	4,911	Broadcom, Inc.		2,451,130
	2,724	KLA Corp.		937,410
	10,638	Micron Technology, Inc.		601,366
	9,358	Texas Instruments, Inc.		1,546,035
				6,316,169
		Shipbuilding - 0.2%
	1,053	Huntington Ingalls Industries, Inc.		242,464
		Software - 6.1%
	2,691	Electronic Arts, Inc.		341,407
	2,396	Jack Henry & Associates, Inc.		460,511
	21,650	Microsoft Corp.		5,660,826
	5,359	Paychex, Inc.		660,979
	1,838	Synopsys, Inc. (a)		635,985
				7,759,708
		Telecommunications - 0.9%
	2,831	Arista Networks, Inc. (a)		339,380
	5,732	T-Mobile US, Inc. (a)		825,179
				1,164,559
		Transportation - 3.1%
	3,388	CH Robinson Worldwide, Inc.		386,740
	36,556	CSX Corp.		1,156,998
	1,266	Old Dominion Freight Line, Inc.		343,605
	10,885	United Parcel Service, Inc., Class B		2,117,241
				4,004,584
		TOTAL COMMON STOCKS (Cost - $125,947,688)		124,681,925
		SHORT TERM INVESTMENTS - 2.0%
		Money Market Funds - 2.0%
	2,545,234	First American Treasury Obligations Fund, Class X, 2.14% (b)		2,545,234
		TOTAL SHORT TERM INVESTMENTS (Cost - $2,545,234)		2,545,234
		TOTAL INVESTMENTS - 99.7% (Cost - $128,492,922)		127,227,159
		Other Assets in Excess of Liabilities - 0.3%		411,555
		NET ASSETS - 100.0%	$	127,638,714
Percentages are stated as a percent of net assets.
(a) Non-income producing security.
(b) Interest rate reflects seven-day yield on August 31, 2022.