Horizon U.S. Defensive Small/Mid Cap Fund | |||||||
PORTFOLIO OF INVESTMENTS | |||||||
August 31, 2023 (Unaudited) | |||||||
Shares | Value | ||||||
COMMON STOCKS - 99.8% | |||||||
Accommodation and Food Services - 3.0% | |||||||
475 | Bloomin' Brands, Inc. | $ | 13,328 | ||||
641 | Boyd Gaming Corp. | 42,864 | |||||
273 | Casey's General Stores, Inc. | 66,724 | |||||
162 | Dave & Buster's Entertainment, Inc. (a) | 6,362 | |||||
178 | Manhattan Associates, Inc. (a) | 36,066 | |||||
97 | Monarch Casino & Resort, Inc. | 6,538 | |||||
165 | Texas Roadhouse, Inc. | 17,176 | |||||
202 | Yelp, Inc. (a) | 8,656 | |||||
197,714 | |||||||
Administrative and Support and Waste Management and Remediation Services - 3.3% | |||||||
145 | ABM Industries, Inc. | 6,586 | |||||
103 | AMN Healthcare Services, Inc. (a) | 9,103 | |||||
435 | Clean Harbors, Inc. (a) | 73,663 | |||||
67 | CorVel Corp. (a) | 14,502 | |||||
284 | Cross Country Healthcare, Inc. (a) | 7,316 | |||||
406 | EVERTEC, Inc. | 16,065 | |||||
98 | Fair Isaac Corp. (a) | 88,650 | |||||
215,885 | |||||||
Agriculture, Forestry, Fishing and Hunting - 0.5% | |||||||
280 | The Andersons Inc. | 14,381 | |||||
322 | Cal-Maine Foods, Inc. | 15,388 | |||||
29,769 | |||||||
Commercial Services - 0.6% | |||||||
996 | H&R Block, Inc. | 39,820 | |||||
Construction - 8.7% | |||||||
224 | Century Communities, Inc. | 16,632 | |||||
248 | Comfort Systems USA, Inc. | 45,773 | |||||
398 | EMCOR Group, Inc. | 89,251 | |||||
309 | Green Brick Partners, Inc. (a) | 15,283 | |||||
202 | Installed Building Products, Inc. | 29,235 | |||||
751 | KB Home | 38,151 | |||||
250 | M/I Homes, Inc. (a) | 24,545 | |||||
639 | MDC Holdings, Inc. | 30,321 | |||||
340 | Meritage Homes Corp. | 47,274 | |||||
108 | The St Joe Co. | 6,668 | |||||
1,012 | Taylor Morrison Home Corp. (a) | 47,969 | |||||
1,023 | Toll Brothers, Inc. | 83,814 | |||||
251 | TopBuild Corp. (a) | 72,810 | |||||
886 | Tri Pointe Homes, Inc. (a) | 27,555 | |||||
575,281 | |||||||
Diversified Financial Services - 0.5% | |||||||
54 | Affiliated Managers Group, Inc. | 7,237 | |||||
418 | Alliance Data Systems Corp. | 15,708 | |||||
376 | Navient Corp. | 6,636 | |||||
29,581 | |||||||
Educational Services - 0.7% | |||||||
151 | Adtalem Global Education, Inc. (a) | 6,621 | |||||
11 | Graham Holdings Co. | 6,450 | |||||
147 | Grand Canyon Education, Inc. (a) | 17,236 | |||||
491 | Perdoceo Education Corp. (a) | 8,136 | |||||
245 | Stride, Inc. (a) | 10,410 | |||||
48,853 | |||||||
Electrical Components & Equipment - 0.3% | |||||||
113 | Acuity Brands, Inc. | 18,225 | |||||
Electronics - 0.3% | |||||||
659 | Vontier Corp. | 20,699 | |||||
Engineering & Construction - 0.9% | |||||||
1,030 | nVent Electric PLC | 58,236 | |||||
Finance and Insurance - 14.2% | |||||||
474 | Ambac Financial Group, Inc. (a) | 6,105 | |||||
303 | Ameris Bancorp | 12,347 | |||||
194 | BancFirst Corp. | 18,542 | |||||
577 | Bank OZK | 23,178 | |||||
1,151 | Cadence Bank | 26,335 | |||||
466 | Cathay General Bancorp | 16,604 | |||||
22 | Chemed Corp. | 11,252 | |||||
86 | City Holding Co. | 7,857 | |||||
682 | East West Bancorp, Inc. | 37,742 | |||||
265 | Enova International, Inc. (a) | 13,369 | |||||
502 | Essent Group Ltd. | 25,210 | |||||
214 | Evercore, Inc. | 29,971 | |||||
731 | First BanCorp/Puerto Rico | 10,132 | |||||
2,471 | FNB Corp. | 28,738 | |||||
392 | Frontdoor, Inc. (a) | 12,865 | |||||
1,156 | Fulton Financial Corp. | 15,409 | |||||
1,756 | Genworth Financial, Inc. (a) | 10,167 | |||||
329 | Hancock Whitney Corp. | 13,571 | |||||
806 | Interactive Brokers Group, Inc. | 73,410 | |||||
482 | International Bancshares Corp. | 21,584 | |||||
139 | Kinsale Capital Group, Inc. | 55,410 | |||||
2,263 | MGIC Investment Corp. | 39,784 | |||||
294 | Mr Cooper Group, Inc. (a) | 16,658 | |||||
682 | NMI Holdings, Inc. (a) | 19,519 | |||||
291 | OFG Bancorp | 8,777 | |||||
2,154 | Old National Bancorp | 32,870 | |||||
1,600 | Old Republic International Corp. | 43,760 | |||||
436 | Pinnacle Financial Partners, Inc. | 29,020 | |||||
102 | Preferred Bank | 6,335 | |||||
286 | Primerica, Inc. | 57,475 | |||||
346 | RE/MAX Holdings, Inc. | 5,605 | |||||
215 | Renasant Corp. | 5,988 | |||||
278 | RLI Corp. | 36,563 | |||||
217 | S&T Bancorp, Inc. | 6,148 | |||||
357 | Selective Insurance Group, Inc. | 35,418 | |||||
1,356 | SiriusPoint Ltd. (a) | 14,997 | |||||
322 | Washington Federal, Inc. | 8,752 | |||||
862 | Webster Financial Corp. | 36,557 | |||||
136 | Westamerica BanCorp | 5,988 | |||||
406 | Wintrust Financial Corp. | 31,510 | |||||
45 | World Acceptance Corp. (a) | 6,066 | |||||
346 | WSFS Financial Corp. | 13,598 | |||||
931,186 | |||||||
Health Care and Social Assistance - 2.4% | |||||||
87 | Acadia Healthcare Co, Inc. (a) | 6,708 | |||||
79 | Addus HomeCare Corp. (a) | 6,928 | |||||
172 | Apollo Medical Holdings, Inc. (a) | 6,512 | |||||
545 | Encompass Health Corp. | 38,717 | |||||
210 | The Ensign Group Inc. | 21,046 | |||||
304 | HealthStream, Inc. | 6,393 | |||||
585 | Option Care Health, Inc. (a) | 20,376 | |||||
606 | Tenet Healthcare Corp. (a) | 47,001 | |||||
60 | US Physical Therapy, Inc. | 6,050 | |||||
159,731 | |||||||
Healthcare-Products - 0.1% | |||||||
200 | Patterson Cos., Inc. | 6,008 | |||||
Information - 1.5% | |||||||
75 | Integer Holdings Corp. (a) | 6,398 | |||||
343 | The New York Times Co. | 15,185 | |||||
137 | Nexstar Media Group, Inc. | 22,304 | |||||
235 | Progress Software Corp. | 14,297 | |||||
75 | Qualys, Inc. (a) | 11,674 | |||||
309 | Shenandoah Telecommunications Co. | 7,027 | |||||
58 | SPS Commerce, Inc. (a) | 10,795 | |||||
386 | Telephone and Data Systems, Inc. | 8,295 | |||||
95,975 | |||||||
Insurance - 1.6% | |||||||
394 | Federated Investors, Inc. | 13,696 | |||||
350 | Hanmi Financial Corp. | 6,062 | |||||
1,774 | Unum Group | 87,263 | |||||
107,021 | |||||||
Management of Companies and Enterprises - 0.3% | |||||||
175 | ATN International, Inc. | 6,277 | |||||
241 | Fresh Del Monte Produce, Inc. | 6,158 | |||||
425 | Home BancShares Inc/AR | 9,426 | |||||
21,861 | |||||||
Manufacturing - 35.2% (c) | |||||||
102 | Advanced Energy Industries, Inc. | 12,043 | |||||
42 | Alamo Group, Inc. | 7,209 | |||||
128 | American Woodmark Corp. (a) | 9,942 | |||||
179 | Amphastar Pharmaceuticals, Inc. (a) | 9,542 | |||||
109 | ANI Pharmaceuticals, Inc. (a) | 7,018 | |||||
161 | Apogee Enterprises, Inc. | 8,124 | |||||
283 | Avanos Medical, Inc. (a) | 5,954 | |||||
64 | Axcelis Technologies, Inc. (a) | 12,298 | |||||
144 | AZZ, Inc. | 7,070 | |||||
142 | Badger Meter, Inc. | 23,583 | |||||
178 | Belden, Inc. | 16,714 | |||||
582 | BellRing Brands, Inc. (a) | 24,153 | |||||
318 | Boise Cascade Co. | 34,780 | |||||
165 | Brady Corp. | 8,323 | |||||
1,066 | Builders FirstSource, Inc. (a) | 154,613 | |||||
446 | Catalyst Pharmaceuticals, Inc. (a) | 6,262 | |||||
195 | Clearwater Paper Corp. (a) | 7,467 | |||||
73 | Coca-Cola Consolidated, Inc. | 51,020 | |||||
170 | Cohu, Inc. (a) | 6,356 | |||||
276 | Collegium Pharmaceutical, Inc. (a) | 6,464 | |||||
979 | Commercial Metals Co. | 55,108 | |||||
470 | Corcept Therapeutics, Inc. (a) | 15,383 | |||||
149 | CTS Corp. | 6,653 | |||||
219 | Curtiss-Wright Corp. | 45,550 | |||||
139 | Deckers Outdoor Corp. (a) | 73,543 | |||||
328 | Deluxe Corp. | 6,632 | |||||
83 | Diodes, Inc. (a) | 6,794 | |||||
322 | Dorian LPG Ltd. | 8,308 | |||||
270 | Eagle Materials, Inc. | 51,116 | |||||
176 | elf Beauty, Inc. (a) | 24,413 | |||||
67 | Encore Wire Corp. | 11,042 | |||||
224 | EnerSys | 23,516 | |||||
330 | Esab Corp. | 23,816 | |||||
671 | Extreme Networks, Inc. (a) | 18,419 | |||||
63 | Fabrinet (a) | 10,129 | |||||
874 | FutureFuel Corp. | 6,188 | |||||
366 | Gentex Corp. | 11,954 | |||||
393 | Greif, Inc. | 28,528 | |||||
269 | Haemonetics Corp. (a) | 24,137 | |||||
149 | Hawkins, Inc. | 9,266 | |||||
1,648 | HF Sinclair Corp. | 90,788 | |||||
206 | HNI Corp. | 6,749 | |||||
304 | Hubbell, Inc. | 99,119 | |||||
203 | Ingredion, Inc. | 20,891 | |||||
118 | Innospec, Inc. | 12,676 | |||||
489 | Innoviva, Inc. (a) | 6,235 | |||||
214 | Insteel Industries, Inc. | 7,436 | |||||
153 | InterDigital, Inc. | 13,267 | |||||
39 | J & J Snack Foods Corp. | 6,323 | |||||
882 | Jabil, Inc. | 100,918 | |||||
70 | John B Sanfilippo & Son, Inc. | 7,024 | |||||
166 | Lear Corp. | 23,919 | |||||
88 | MACOM Technology Solutions Holdings, Inc. (a) | 7,441 | |||||
407 | Mueller Industries, Inc. | 31,404 | |||||
351 | Myers Industries, Inc. | 6,602 | |||||
84 | National Presto Industries, Inc. | 6,287 | |||||
301 | NCR Corp. (a) | 9,259 | |||||
300 | Neogen Corp. (a) | 6,936 | |||||
120 | Neurocrine Biosciences, Inc. (a) | 13,067 | |||||
84 | NewMarket Corp. | 39,450 | |||||
377 | Olin Corp. | 21,874 | |||||
58 | Onto Innovation, Inc. (a) | 8,061 | |||||
1,046 | OraSure Technologies, Inc. (a) | 6,757 | |||||
804 | Owens Corning | 115,704 | |||||
159 | Patrick Industries, Inc. | 13,299 | |||||
1,068 | PBF Energy, Inc. | 50,079 | |||||
361 | PGT Innovations, Inc. (a) | 10,177 | |||||
504 | Photronics, Inc. (a) | 11,975 | |||||
68 | Plexus Corp. (a) | 6,905 | |||||
232 | Post Holdings, Inc. (a) | 20,813 | |||||
85 | Powell Industries, Inc. | 7,137 | |||||
102 | Prestige Consumer Healthcare, Inc. (a) | 5,950 | |||||
245 | Quanex Building Products Corp. | 6,610 | |||||
137 | Rambus, Inc. (a) | 7,736 | |||||
494 | Reliance Steel & Aluminum Co. | 140,770 | |||||
290 | Simpson Manufacturing Co, Inc. | 46,330 | |||||
179 | Standard Motor Products, Inc. | 6,628 | |||||
44 | Standex International Corp. | 6,760 | |||||
727 | SunCoke Energy, Inc. | 6,761 | |||||
260 | Super Micro Computer, Inc. (a) | 71,521 | |||||
211 | Supernus Pharmaceuticals, Inc. (a) | 6,718 | |||||
243 | Sylvamo Corp. | 10,150 | |||||
475 | Terex Corp. | 28,790 | |||||
255 | Thor Industries, Inc. | 26,729 | |||||
467 | UFP Industries, Inc. | 48,731 | |||||
277 | United Therapeutics Corp. (a) | 62,148 | |||||
42 | Universal Display Corp. | 6,828 | |||||
101 | USANA Health Sciences, Inc. (a) | 6,493 | |||||
1,104 | Vanda Pharmaceuticals, Inc. (a) | 5,730 | |||||
298 | Varex Imaging Corp. (a) | 5,862 | |||||
223 | Veeco Instruments, Inc. (a) | 6,509 | |||||
1,066 | Vishay Intertechnology, Inc. | 29,251 | |||||
134 | Watts Water Technologies, Inc. | 25,295 | |||||
480 | Westlake Corp. | 62,870 | |||||
100 | Winnebago Industries, Inc. | 6,485 | |||||
111 | Worthington Industries, Inc. | 8,355 | |||||
2,314,012 | |||||||
Materials - 0.1% | |||||||
135 | Olympic Steel, Inc. | 7,225 | |||||
Media - 0.4% | |||||||
1,472 | TEGNA, Inc. | 24,332 | |||||
Mining, Quarrying, and Oil and Gas Extraction - 3.2% | |||||||
1,312 | CNX Resources Corp. (a) | 29,323 | |||||
299 | CONSOL Energy, Inc. | 25,726 | |||||
321 | ONE Gas, Inc. | 23,263 | |||||
526 | Par Pacific Holdings, Inc. (a) | 18,068 | |||||
1,593 | Patterson-UTI Energy, Inc. | 22,525 | |||||
744 | SM Energy Co. | 31,479 | |||||
7,160 | Southwestern Energy Co. (a) | 48,545 | |||||
275 | Warrior Met Coal, Inc. | 10,879 | |||||
209,808 | |||||||
Oil & Gas - 1.4% | |||||||
745 | Helmerich & Payne, Inc. | 29,793 | |||||
1,887 | Range Resources Corp. | 61,101 | |||||
90,894 | |||||||
Other Services (except Public Administration) - 0.1% | |||||||
369 | Liquidity Services, Inc. (a) | 6,734 | |||||
Pharmaceuticals - 0.1% | |||||||
171 | Perrigo Co. PLC | 5,985 | |||||
Professional, Scientific, and Technical Services - 3.6% | |||||||
440 | A10 Networks, Inc. | 6,552 | |||||
151 | CACI International, Inc. (a) | 49,529 | |||||
319 | Computer Programs and Systems, Inc. (a) | 5,190 | |||||
87 | Concentrix Corp. | 6,945 | |||||
467 | Dynavax Technologies Corp. (a) | 6,706 | |||||
392 | Ebix, Inc. | 6,546 | |||||
318 | Exelixis, Inc. (a) | 7,120 | |||||
290 | Insight Enterprises, Inc. (a) | 46,426 | |||||
138 | Medpace Holdings, Inc. (a) | 37,297 | |||||
111 | Perficient, Inc. (a) | 7,081 | |||||
415 | Resources Connection, Inc. | 6,437 | |||||
419 | Science Applications International Corp. | 49,300 | |||||
235,129 | |||||||
Real Estate and Rental and Leasing - 0.4% | |||||||
491 | The Aaron's Co Inc. | 5,926 | |||||
38 | Jones Lang LaSalle, Inc. (a) | 6,567 | |||||
381 | PROG Holdings, Inc. (a) | 13,068 | |||||
25,561 | |||||||
Real Estate Investment Trusts - 3.0% | |||||||
298 | American Assets Trust, Inc. | 6,380 | |||||
553 | Armada Hoffler Properties, Inc. | 6,299 | |||||
885 | Brixmor Property Group, Inc. | 19,452 | |||||
328 | CareTrust REIT, Inc. | 6,609 | |||||
104 | Centerspace | 6,733 | |||||
700 | Chatham Lodging Trust | 6,846 | |||||
645 | CoreCivic, Inc. (a) | 6,940 | |||||
259 | Corporate Office Properties Trust | 6,703 | |||||
836 | DiamondRock Hospitality Co. | 6,738 | |||||
67 | EastGroup Properties, Inc. | 12,035 | |||||
224 | EPR Properties | 10,031 | |||||
317 | Essential Properties Realty Trust, Inc. | 7,614 | |||||
879 | The GEO Group Inc. (a) | 6,364 | |||||
81 | Innovative Industrial Properties, Inc. | 7,069 | |||||
226 | Kilroy Realty Corp. | 8,351 | |||||
583 | Kite Realty Group Trust | 13,158 | |||||
629 | RPT Realty | 7,133 | |||||
771 | Service Properties Trust | 6,369 | |||||
473 | SITE Centers Corp. | 6,315 | |||||
185 | Spirit Realty Capital, Inc. | 7,143 | |||||
1,114 | Summit Hotel Properties, Inc. | 6,472 | |||||
710 | Sunstone Hotel Investors, Inc. | 6,376 | |||||
627 | Tanger Factory Outlet Centers, Inc. | 14,578 | |||||
629 | Whitestone REIT | 6,290 | |||||
197,998 | |||||||
Retail - 0.9% | |||||||
291 | AutoNation, Inc. (a) | 45,713 | |||||
209 | Signet Jewelers Ltd. | 15,675 | |||||
61,388 | |||||||
Retail Trade - 4.8% | |||||||
116 | Asbury Automotive Group, Inc. (a) | 26,680 | |||||
313 | The Buckle Inc. | 11,437 | |||||
252 | Caleres, Inc. | 7,225 | |||||
1,139 | Chico's FAS, Inc. (a) | 5,843 | |||||
669 | Designer Brands, Inc. | 7,031 | |||||
392 | Dick's Sporting Goods, Inc. | 45,605 | |||||
195 | Ethan Allen Interiors, Inc. | 6,119 | |||||
722 | EZCORP, Inc. (a) | 6,072 | |||||
352 | FirstCash Holdings, Inc. | 31,441 | |||||
93 | Group 1 Automotive, Inc. | 24,591 | |||||
199 | Haverty Furniture Cos, Inc. | 6,229 | |||||
179 | Murphy USA, Inc. | 56,858 | |||||
132 | Ollie's Bargain Outlet Holdings, Inc. (a) | 10,175 | |||||
225 | PriceSmart, Inc. | 17,883 | |||||
152 | Scholastic Corp. | 6,604 | |||||
811 | Sprouts Farmers Market, Inc. (a) | 33,081 | |||||
392 | Urban Outfitters, Inc. (a) | 13,018 | |||||
315,892 | |||||||
Savings & Loans - 1.2% | |||||||
6,564 | New York Community Bancorp, Inc. | 80,606 | |||||
Transportation - 0.4% | |||||||
286 | Ryder System, Inc. | 28,800 | |||||
Transportation and Warehousing - 1.3% | |||||||
101 | ArcBest Corp. | 10,665 | |||||
177 | The Brink's Co. | 13,418 | |||||
437 | Heartland Express, Inc. | 6,594 | |||||
187 | Hub Group, Inc. (a) | 14,593 | |||||
291 | Marten Transport Ltd. | 6,111 | |||||
168 | Matson, Inc. | 14,764 | |||||
150 | PNM Resources, Inc. | 6,647 | |||||
35 | Saia, Inc. (a) | 14,917 | |||||
87,709 | |||||||
Utilities - 0.7% | |||||||
117 | ALLETE, Inc. | 6,423 | |||||
75 | American States Water Co. | 6,316 | |||||
260 | National Fuel Gas Co. | 13,973 | |||||
123 | NorthWestern Corp. | 6,199 | |||||
193 | OGE Energy Corp. | 6,572 | |||||
95 | SJW Group | 6,247 | |||||
45,730 | |||||||
Wholesale Trade - 4.1% | |||||||
329 | Cars.com, Inc. (a) | 6,149 | |||||
202 | Central Garden & Pet Co. (a) | 8,241 | |||||
1,338 | ChampionX Corp. | 48,288 | |||||
199 | ePlus, Inc. (a) | 13,210 | |||||
224 | Gibraltar Industries, Inc. (a) | 16,807 | |||||
368 | GMS, Inc. (a) | 25,517 | |||||
173 | Koppers Holdings, Inc. | 6,624 | |||||
465 | MSC Industrial Direct Co, Inc. | 47,458 | |||||
209 | The ODP Corp. (a) | 10,308 | |||||
198 | PC Connection, Inc. | 10,518 | |||||
664 | TD SYNNEX Corp. | 67,562 | |||||
139 | Universal Corp. | 6,619 | |||||
�� | 267,301 | ||||||
TOTAL COMMON STOCKS (Cost - $5,916,702) | 6,560,949 | ||||||
SHORT TERM INVESTMENTS - 0.5% | |||||||
Money Market Funds - 0.5% | |||||||
36,603 | First American Treasury Obligations Fund, Class X, 5.26% (b) | 36,603 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost - $36,603) | 36,603 | ||||||
TOTAL INVESTMENTS - 100.3% (Cost - $5,953,305) | 6,597,552 | ||||||
Liabilities in Excess of Other Assets - (0.3)% | (20,760 | ) | |||||
NET ASSETS - 100.0% | $ | 6,576,792 |
Percentages are stated as a percent of net assets. | ||||||
(a) Non-income producing security. | ||||||
(b) Interest rate reflects seven-day yield on August 31, 2023. | ||||||
(c) As of August 31, 2023, the Fund had a significant portion of its assets invested in the Manufacturing industry. | ||||||