Horizon Multi-Factor U.S. Equity Fund | ||||||||
Schedule of Investments | ||||||||
as of February 29, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.4% | Shares | Value | ||||||
Banking - 6.5% | ||||||||
Citigroup, Inc. | 5,876 | $ | 326,059 | |||||
Fifth Third Bancorp | 8,831 | 303,257 | ||||||
JPMorgan Chase & Co. | 89,720 | 16,693,302 | ||||||
M&T Bank Corp. | 2,220 | 310,223 | ||||||
Wells Fargo & Co. | 71,967 | 4,000,646 | ||||||
21,633,487 | ||||||||
Consumer Discretionary Products - 1.9% | ||||||||
BorgWarner, Inc. | 8,430 | 262,426 | ||||||
DR Horton, Inc. | 11,925 | 1,782,072 | ||||||
General Motors Co. | 8,413 | 344,765 | ||||||
Lennar Corp., - Class A | 10,530 | 1,669,110 | ||||||
Masco Corp. | 8,203 | 629,662 | ||||||
NVR, Inc.(a) | 100 | 762,557 | ||||||
PulteGroup, Inc. | 8,662 | 938,788 | ||||||
6,389,380 | ||||||||
Consumer Discretionary Services - 2.3% | ||||||||
Chipotle Mexican Grill, Inc.(a) | 576 | 1,548,732 | ||||||
Darden Restaurants, Inc. | 2,966 | 506,326 | ||||||
Live Nation Entertainment, Inc.(a) | 3,905 | 378,707 | ||||||
McDonald's Corp. | 14,880 | 4,349,126 | ||||||
Royal Caribbean Cruises Ltd.(a) | 9,273 | 1,143,825 | ||||||
7,926,716 | ||||||||
Consumer Staple Products - 1.6% | ||||||||
Campbell Soup Co. | 6,961 | 296,817 | ||||||
Church & Dwight Co., Inc. | 3,527 | 353,123 | ||||||
Colgate-Palmolive Co. | 17,891 | 1,547,929 | ||||||
Kimberly-Clark Corp. | 4,224 | 511,822 | ||||||
Kraft Heinz Co. | 12,157 | 428,899 | ||||||
Lamb Weston Holdings, Inc. | 2,836 | 289,868 | ||||||
Molson Coors Brewing Co. - Class B | 4,940 | 308,355 | ||||||
Mondelez International, Inc. - Class A | 15,455 | 1,129,297 | ||||||
Monster Beverage Corp.(a) | 6,303 | 372,507 | ||||||
5,238,617 | ||||||||
Financial Services - 1.1% | ||||||||
American Express Co. | 10,425 | 2,287,453 | ||||||
Bank of New York Mellon Corp. | 5,861 | 328,743 | ||||||
Capital One Financial Corp. | 2,321 | 319,393 | ||||||
CBOE Global Markets, Inc. | 1,731 | 332,352 | ||||||
Synchrony Financial | 8,015 | 331,020 | ||||||
3,598,961 | ||||||||
Health Care - 11.1% | ||||||||
Agilent Technologies, Inc. | 2,175 | 298,758 | ||||||
Amgen, Inc. | 12,738 | 3,488,047 | ||||||
Boston Scientific Corp.(a) | 6,873 | 455,061 | ||||||
Cardinal Health, Inc. | 7,174 | 803,345 | ||||||
Cencora, Inc. | 7,054 | 1,661,922 | ||||||
Charles River Laboratories International, Inc.(a) | 1,291 | 328,159 | ||||||
CVS Health Corp. | 37,187 | 2,765,597 | ||||||
DaVita, Inc.(a) | 3,456 | 438,808 | ||||||
Elevance Health, Inc. | 4,222 | 2,116,278 | ||||||
Gilead Sciences, Inc. | 23,473 | 1,692,403 | ||||||
Humana, Inc. | 1,969 | 689,780 | ||||||
Incyte Corp.(a) | 4,708 | 274,759 | ||||||
McKesson Corp. | 3,639 | 1,897,411 | ||||||
Molina Healthcare, Inc.(a) | 2,169 | 854,391 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 1,730 | 1,671,336 | ||||||
UnitedHealth Group, Inc. | 27,116 | 13,384,457 | ||||||
Universal Health Services, Inc. - Class B | 1,944 | 324,765 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 6,567 | 2,763,000 | ||||||
Waters Corp.(a) | 911 | 307,390 | ||||||
Zoetis, Inc. | 4,962 | 984,113 | ||||||
37,199,780 | ||||||||
Industrial Products - 6.4% | ||||||||
Allegion PLC | 2,424 | 309,957 | ||||||
Amphenol Corp. - Class A | 24,814 | 2,710,681 | ||||||
AO Smith Corp. | 3,712 | 307,725 | ||||||
Caterpillar, Inc. | 13,976 | 4,667,425 | ||||||
General Dynamics Corp. | 6,334 | 1,730,766 | ||||||
General Electric Co. | 32,845 | 5,153,052 | ||||||
Huntington Ingalls Industries, Inc. | 1,520 | 443,262 | ||||||
PACCAR, Inc. | 19,140 | 2,122,435 | ||||||
Parker-Hannifin Corp. | 3,786 | 2,027,214 | ||||||
Snap-on, Inc. | 1,796 | 495,085 | ||||||
Trane Technologies PLC | 4,038 | 1,138,594 | ||||||
21,106,196 | ||||||||
Industrial Services - 4.5% | ||||||||
Cintas Corp. | 2,459 | 1,545,752 | ||||||
CSX Corp. | 36,919 | 1,400,707 | ||||||
Delta Air Lines, Inc. | 7,581 | 320,449 | ||||||
Expeditors International of Washington, Inc. | 2,408 | 287,997 | ||||||
Fastenal Co. | 15,295 | 1,116,688 | ||||||
FedEx Corp. | 2,181 | 543,004 | ||||||
Republic Services, Inc. | 10,727 | 1,969,477 | ||||||
Robert Half, Inc. | 3,506 | 281,882 | ||||||
Union Pacific Corp. | 10,874 | 2,758,625 | ||||||
United Rentals, Inc. | 2,564 | 1,777,544 | ||||||
Waste Management, Inc. | 7,983 | 1,641,704 | ||||||
WW Grainger, Inc. | 1,635 | 1,591,607 | ||||||
15,235,436 | ||||||||
Insurance - 6.4% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 42,777 | 17,512,904 | ||||||
Everest Group Ltd. | 853 | 314,655 | ||||||
Globe Life, Inc. | 2,499 | 317,198 | ||||||
Hartford Financial Services Group, Inc. | 3,769 | 361,221 | ||||||
Loews Corp. | 4,366 | 328,018 | ||||||
Progressive Corp. | 9,170 | 1,738,265 | ||||||
Travelers Cos., Inc. | 1,594 | 352,210 | ||||||
WR Berkley Corp. | 4,277 | 357,557 | ||||||
21,282,028 | ||||||||
Materials - 1.9% | ||||||||
Celanese Corp. | 2,168 | 329,471 | ||||||
CF Industries Holdings, Inc. | 3,794 | 306,252 | ||||||
Ecolab, Inc. | 5,104 | 1,147,583 | ||||||
International Paper Co. | 8,353 | 295,362 | ||||||
Martin Marietta Materials, Inc. | 1,238 | 715,205 | ||||||
Nucor Corp. | 3,290 | 632,667 | ||||||
Packaging Corp. of America | 2,047 | 370,896 | ||||||
Sherwin-Williams Co. | 6,679 | 2,217,629 | ||||||
Steel Dynamics, Inc. | 2,537 | 339,501 | ||||||
6,354,566 | ||||||||
Media - 13.8% | ||||||||
Alphabet, Inc. - Class A(a)(c) | 111,227 | 15,400,490 | ||||||
Booking Holdings, Inc.(a) | 1,149 | 3,985,686 | ||||||
Comcast Corp. - Class A | 90,311 | 3,869,826 | ||||||
Electronic Arts, Inc. | 3,837 | 535,185 | ||||||
Expedia Group, Inc.(a) | 5,290 | 723,778 | ||||||
Meta Platforms, Inc. - Class A | 44,505 | 21,813,235 | ||||||
46,328,200 | ||||||||
Oil & Gas - 2.2% | ||||||||
ConocoPhillips | 9,087 | 1,022,651 | ||||||
Diamondback Energy, Inc. | 1,940 | 354,089 | ||||||
EOG Resources, Inc. | 2,999 | 343,266 | ||||||
Exxon Mobil Corp. | 14,715 | 1,538,012 | ||||||
Marathon Petroleum Corp. | 7,730 | 1,308,148 | ||||||
Phillips 66 | 14,146 | 2,015,946 | ||||||
Valero Energy Corp. | 5,861 | 829,097 | ||||||
7,411,209 | ||||||||
Real Estate - 1.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 2,381 | 296,982 | ||||||
CBRE Group, Inc. - Class A(a) | 3,291 | 302,410 | ||||||
Essex Property Trust, Inc. | 1,220 | 282,308 | ||||||
Extra Space Storage, Inc. | 2,425 | 341,852 | ||||||
Host Hotels & Resorts, Inc. | 23,276 | 482,744 | ||||||
Mid-America Apartment Communities, Inc. | 2,245 | 282,152 | ||||||
Prologis, Inc. | 7,338 | 977,935 | ||||||
Public Storage | 1,577 | 447,663 | ||||||
Simon Property Group, Inc. | 8,119 | 1,202,750 | ||||||
VICI Properties, Inc. | 9,493 | 284,125 | ||||||
4,900,921 | ||||||||
Retail & Wholesale - Discretionary - 4.1% | ||||||||
Bath & Body Works, Inc. | 7,008 | 320,266 | ||||||
Builders FirstSource, Inc.(a) | 4,039 | 788,332 | ||||||
Copart, Inc.(a) | 6,950 | 369,393 | ||||||
Home Depot, Inc. | 19,334 | 7,358,713 | ||||||
Ross Stores, Inc. | 9,710 | 1,446,402 | ||||||
TJX Cos., Inc. | 29,012 | 2,876,249 | ||||||
Ulta Beauty, Inc.(a) | 1,242 | 681,312 | ||||||
13,840,667 | ||||||||
Retail & Wholesale - Staples - 3.8% | ||||||||
Bunge Global SA | 3,005 | 283,582 | ||||||
Costco Wholesale Corp. | 14,385 | 10,700,857 | ||||||
Kroger Co. | 17,150 | 850,812 | ||||||
Target Corp. | 5,731 | 876,385 | ||||||
12,711,636 | ||||||||
Software & Tech Services - 12.9% | ||||||||
Akamai Technologies, Inc.(a) | 14,400 | 1,597,248 | ||||||
Broadridge Financial Solutions, Inc. | 4,076 | 829,792 | ||||||
Cognizant Technology Solutions Corp., - Class A | 30,905 | 2,442,113 | ||||||
FactSet Research Systems, Inc. | 651 | 301,140 | ||||||
Fair Isaac Corp.(a) | 1,731 | 2,198,214 | ||||||
Fiserv, Inc.(a) | 2,531 | 377,802 | ||||||
FleetCor Technologies, Inc.(a) | 1,086 | 303,287 | ||||||
Gartner, Inc.(a) | 4,445 | 2,069,414 | ||||||
Gen Digital, Inc. | 78,513 | 1,687,244 | ||||||
International Business Machines Corp. | 42,756 | 7,911,143 | ||||||
Intuit, Inc. | 5,707 | 3,783,113 | ||||||
Leidos Holdings, Inc. | 2,828 | 361,588 | ||||||
Moody's Corp. | 795 | 301,639 | ||||||
Salesforce, Inc.(a) | 15,187 | 4,690,049 | ||||||
Visa, Inc. - Class A | 51,048 | 14,428,207 | ||||||
43,281,993 | ||||||||
Tech Hardware & Semiconductors - 14.6% | ||||||||
Analog Devices, Inc. | 7,661 | 1,469,533 | ||||||
Applied Materials, Inc. | 22,823 | 4,601,573 | ||||||
Arista Networks, Inc.(a) | 10,777 | 2,991,049 | ||||||
Broadcom, Inc. | 11,341 | 14,748,856 | ||||||
Cisco Systems, Inc. | 124,916 | 6,042,187 | ||||||
F5, Inc.(a) | 9,313 | 1,743,580 | ||||||
Juniper Networks, Inc. | 49,034 | 1,815,729 | ||||||
Lam Research Corp. | 3,834 | 3,597,251 | ||||||
Microchip Technology, Inc. | 19,269 | 1,621,294 | ||||||
NetApp, Inc. | 19,787 | 1,763,417 | ||||||
QUALCOMM, Inc. | 37,884 | 5,977,716 | ||||||
Skyworks Solutions, Inc. | 13,227 | 1,387,777 | ||||||
Teledyne Technologies, Inc.(a) | 3,390 | 1,448,445 | ||||||
49,208,407 | ||||||||
Telecommunications - 1.8% | ||||||||
T-Mobile US, Inc. | 37,063 | 6,052,388 | ||||||
Utilities - 0.9% | ||||||||
Atmos Energy Corp. | 2,614 | 295,147 | ||||||
Consolidated Edison, Inc. | 3,326 | 290,060 | ||||||
Constellation Energy Corp. | 2,619 | 441,171 | ||||||
DTE Energy Co. | 2,741 | 296,987 | ||||||
Edison International | 4,243 | 288,609 | ||||||
Entergy Corp. | 2,998 | 304,507 | ||||||
NiSource, Inc. | 11,408 | 297,292 | ||||||
PPL Corp. | 11,169 | 294,527 | ||||||
Public Service Enterprise Group, Inc. | 5,961 | 371,966 | ||||||
Xcel Energy, Inc. | 4,872 | 256,706 | ||||||
3,136,972 | ||||||||
TOTAL COMMON STOCKS (Cost $284,818,911) | 332,837,560 | |||||||
SHORT-TERM INVESTMENTS - 1.0% | ||||||||
Money Market Funds - 1.0% | Shares | |||||||
First American Treasury Obligations Fund - Class X, 5.23%(b) | 3,660,746 | 3,660,746 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,660,746) | 3,660,746 | |||||||
TOTAL INVESTMENTS - 100.4% (Cost $288,479,657) | $ | 336,498,306 | ||||||
Liabilities in Excess of Other Assets - (0.4)% | (1,469,009 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 335,029,297 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Non-income producing security. |
(b) (c) | The rate shown represents the 7-day effective yield as of February 29, 2024. All or a portion of the security is segregated as collateral at the broker on February 29, 2024. The value of the securities segregated as collateral is $2,769,200, which is 0.83% of total net assets. |
Horizon Multi-Factor U.S. Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 332,837,560 | $ | – | $ | – | $ | 332,837,560 | ||||||||
Money Market Funds | 3,660,746 | – | – | 3,660,746 | ||||||||||||
Total Assets | $ | 336,498,306 | $ | – | $ | – | $ | 336,498,306 | ||||||||
Refer to the Schedule of Investments for industry classifications. |