Horizon Funds NPORTP Horizon Multi-Factor Small/Mid Cap Fund (Aug 2024 report)

Horizon Multi-Factor Small/Mid Cap Fund
Schedule of Investments
August 31, 2024 (Unaudited)

COMMON STOCKS - 99.6%	Shares		Value
Banking - 7.6%
Ameris Bancorp		3,814	$	235,057
Axos Financial, Inc. ^(a)		4,496		312,157
Bancorp, Inc. ^(a)		3,975		208,290
BankUnited, Inc.		3,710		142,575
Banner Corp.		1,569		93,465
Central Pacific Financial Corp.		3,085		84,868
City Holding Co.		885		105,085
East West Bancorp, Inc.		8,506		715,099
First BanCorp		8,808		188,315
First Commonwealth Financial Corp.		5,567		95,864
First Financial Bancorp		6,519		172,558
First Horizon Corp.		43,033		713,917
Fulton Financial Corp.		13,596		263,083
Hancock Whitney Corp.		4,341		233,242
Hilltop Holdings, Inc.		2,869		94,247
Hope Bancorp, Inc.		6,086		77,840
International Bancshares Corp.		4,999		315,837
National Bank Holdings Corp. - Class A		3,024		132,481
OFG Bancorp		3,532		162,437
Pathward Financial, Inc.		1,406		96,761
Preferred Bank		1,000		82,850
S&T Bancorp, Inc.		2,346		100,808
Stellar Bancorp, Inc.		2,845		77,583
UMB Financial Corp.		3,554		368,159
Westamerica BanCorp		1,728		89,493
Wintrust Financial Corp.		4,727		514,298
WSFS Financial Corp.		1,982		108,495
				5,784,864

Consumer Discretionary Products - 5.6%
Armstrong World Industries, Inc.		1,944		246,421
Autoliv, Inc.		4,420		452,917
Carter's, Inc.		1,538		101,354
Columbia Sportswear Co.		1,840		148,543
Dorman Products, Inc. ^(a)		1,524		172,852
Gentex Corp.		3,977		124,599
HNI Corp.		3,140		169,089
Interface, Inc.		4,501		84,979
KB Home		2,247		188,096
Kontoor Brands, Inc.		3,819		285,852
M/I Homes, Inc. ^(a)		1,442		229,812
Masterbrand, Inc. ^(a)		5,000		80,200
Meritage Homes Corp.		515		102,006
Phinia, Inc.		2,836		136,015
Skechers USA, Inc. - Class A ^(a)		9,773		669,255
Standard Motor Products, Inc.		2,395		77,383
Steven Madden Ltd.		2,278		102,738
Taylor Morrison Home Corp. ^(a)		1,163		78,305
Toll Brothers, Inc.		5,129		738,935
Vista Outdoor, Inc. ^(a)		1,897		75,956
				4,265,307

Consumer Discretionary Services - 3.1%
Adtalem Global Education, Inc. ^(a)		2,608		197,452
Boyd Gaming Corp.		2,242		134,565
Brinker International, Inc. ^(a)		3,501		250,392
Cinemark Holdings, Inc. ^(a)		10,682		292,473
Graham Holdings Co. - Class B		102		81,109
Grand Canyon Education, Inc. ^(a)		1,825		264,643
Monarch Casino & Resort, Inc.		1,032		78,350
Perdoceo Education Corp.		5,237		117,518
PROG Holdings, Inc.		2,790		130,460
Strategic Education, Inc.		882		85,113
Stride, Inc. ^(a)		3,309		272,463
Texas Roadhouse, Inc.		2,656		448,200
				2,352,738

Consumer Staple Products - 5.3%
BellRing Brands, Inc. ^(a)		2,349		131,380
Cal-Maine Foods, Inc.		1,488		107,195
Central Garden & Pet Co. - Class A ^(a)		3,946		134,953
Coca-Cola Consolidated, Inc.		739		992,034
Edgewell Personal Care Co.		3,427		137,834
Energizer Holdings, Inc.		2,425		78,570
Ingredion, Inc.		5,414		727,154
John B Sanfilippo & Son, Inc.		748		70,963
Pilgrim's Pride Corp. ^(a)		12,247		570,465
Post Holdings, Inc. ^(a)		5,425		628,052
Prestige Consumer Healthcare, Inc. ^(a)		3,072		229,294
Simply Good Foods Co. ^(a)		5,376		169,828
Tootsie Roll Industries, Inc.		2,480		73,706
				4,051,428

Financial Services - 9.5%
Affiliated Managers Group, Inc.		1,791		311,329
BGC Group, Inc. - Class A		35,735		353,062
Bread Financial Holdings, Inc.		4,002		232,796
Enova International, Inc. ^(a)		2,107		180,633
Essent Group Ltd.		5,294		340,351
EZCORP, Inc. - Class A ^(a)		7,104		86,811
Federated Hermes, Inc.		6,157		211,185
Fidelity National Financial, Inc.		21,804		1,285,564
Interactive Brokers Group, Inc. - Class A		9,422		1,214,402
Janus Henderson Group PLC		9,078		341,424
MGIC Investment Corp.		18,977		482,585
Mr Cooper Group, Inc. ^(a)		4,869		456,761
PennyMac Mortgage Investment Trust		6,495		92,294
Piper Sandler Cos.		518		141,259
PJT Partners, Inc. - Class A		1,926		237,861
StoneX Group, Inc. ^(a)		2,718		225,213
Voya Financial, Inc.		8,494		601,630
Western Union Co.		22,059		269,120
WisdomTree, Inc.		9,646		97,810
				7,162,090

Health Care - 10.3%
Addus HomeCare Corp. ^(a)		1,312		174,509
Amphastar Pharmaceuticals, Inc. ^(a)		1,874		91,339
ANI Pharmaceuticals, Inc. ^(a)		1,135		72,356
Astrana Health, Inc. ^(a)		1,526		72,928
Catalyst Pharmaceuticals, Inc. ^(a)		4,310		87,278
Chemed Corp.		154		90,270
Collegium Pharmaceutical, Inc. ^(a)		2,268		87,227
CONMED Corp.		1,056		77,320
Corcept Therapeutics, Inc. ^(a)		3,169		111,866
CorVel Corp. ^(a)		369		118,349
Encompass Health Corp.		6,995		650,885
Ensign Group, Inc.		1,909		288,946
Exelixis, Inc. ^(a)		3,202		83,348
Halozyme Therapeutics, Inc. ^(a)		7,857		501,669
Harmony Biosciences Holdings, Inc. ^(a)		2,773		99,773
Innoviva, Inc. ^(a)		4,731		91,687
Integer Holdings Corp. ^(a)		596		77,522
Jazz Pharmaceuticals PLC ^(a)		1,253		145,323
Lantheus Holdings, Inc. ^(a)		4,596		489,336
LeMaitre Vascular, Inc.		839		75,753
Merit Medical Systems, Inc. ^(a)		838		81,018
National HealthCare Corp.		831		113,955
Neurocrine Biosciences, Inc. ^(a)		5,089		646,608
Phibro Animal Health Corp. - Class A		4,127		86,667
Premier, Inc. - Class A		3,858		78,587
Select Medical Holdings Corp.		9,109		328,562
Tenet Healthcare Corp. ^(a)		8,979		1,489,077
UFP Technologies, Inc. ^(a)		230		78,483
United Therapeutics Corp. ^(a)		3,672		1,334,956
Varex Imaging Corp. ^(a)		4,994		62,325
				7,787,922

Industrial Products - 7.7%
AAON, Inc.		1,427		136,293
AAR Corp. ^(a)		968		63,675
Acuity Brands, Inc.		661		168,357
AZZ, Inc.		864		71,859
Badger Meter, Inc.		1,141		236,119
BWX Technologies, Inc.		2,890		297,670
Cactus, Inc. - Class A		3,954		235,342
Curtiss-Wright Corp.		2,360		745,430
Donaldson Co., Inc.		4,565		332,012
Enerpac Tool Group Corp.		2,356		97,161
Federal Signal Corp.		1,459		137,861
Flowserve Corp.		4,930		245,908
Gibraltar Industries, Inc. ^(a)		960		66,883
Itron, Inc. ^(a)		688		70,327
Kennametal, Inc.		2,923		75,618
Lennox International, Inc.		1,292		762,525
MSA Safety, Inc.		1,038		189,570
Mueller Industries, Inc.		7,250		527,147
NEXTracker, Inc. - Class A ^(a)		5,156		209,695
Powell Industries, Inc.		875		146,510
Tennant Co.		1,309		127,850
Vontier Corp.		8,418		294,883
Woodward, Inc.		3,414		568,943
				5,807,638

Industrial Services - 8.0%
ABM Industries, Inc.		5,000		285,750
Alarm.com Holdings, Inc. ^(a)		1,076		64,065
Applied Industrial Technologies, Inc.		610		125,123
Aramark		12,053		441,501
Brady Corp. - Class A		3,574		264,619
Brink's Co.		3,480		386,036
Comfort Systems USA, Inc.		1,105		390,640
Cross Country Healthcare, Inc. ^(a)		5,101		76,107
Dorian LPG Ltd.		3,060		119,309
DXP Enterprises Inc. ^(a)		1,506		82,830
Dycom Industries, Inc. ^(a)		1,236		217,487
EMCOR Group, Inc.		3,332		1,309,676
Frontdoor, Inc. ^(a)		3,661		176,021
FTI Consulting, Inc. ^(a)		838		191,324
GEO Group, Inc. ^(a)		7,908		109,684
GXO Logistics, Inc. ^(a)		1,357		67,918
H&R Block, Inc.		11,558		731,737
Heidrick & Struggles International, Inc.		2,225		85,885
Hub Group, Inc. - Class A		1,609		75,832
Kirby Corp. ^(a)		2,747		329,420
Matson, Inc.		564		78,001
Ryder System, Inc.		547		79,446
SkyWest, Inc. ^(a)		2,784		215,871
Sun Country Airlines Holdings, Inc. ^(a)		5,726		62,872
UniFirst Corp.		407		77,204
				6,044,358

Insurance - 8.4%
Employers Holdings, Inc.		1,619		77,631
HCI Group, Inc.		810		77,622
Jackson Financial, Inc. - Class A		4,376		393,709
Mercury General Corp.		4,620		305,983
NMI Holdings, Inc.^(a)		6,931		284,656
Old Republic International Corp.		22,835		819,091
Palomar Holdings, Inc. ^(a)		1,380		136,924
Primerica, Inc.		2,729		718,355
Reinsurance Group of America, Inc.		5,940		1,311,314
RenaissanceRe Holdings Ltd.		4,295		1,094,323
SiriusPoint Ltd. ^(a)		14,102		211,389
Unum Group		16,428		911,590
				6,342,587

Materials - 6.5%
Alpha Metallurgical Resources, Inc.		416		99,486
Apogee Enterprises, Inc.		1,150		76,797
AptarGroup, Inc.		1,841		282,023
Arch Resources, Inc.		610		83,222
Axalta Coating Systems Ltd. ^(a)		12,514		456,761
Balchem Corp.		690		122,151
Cabot Corp.		3,454		363,050
Clearwater Paper Corp. ^(a)		1,519		50,537
Commercial Metals Co.		2,651		142,067
CONSOL Energy, Inc.		2,030		207,628
Hawkins, Inc.		1,413		178,985
HB Fuller Co.		2,592		222,031
Innospec, Inc.		685		78,953
Knife River Corp. ^(a)		2,856		225,253
MDU Resources Group, Inc.		10,152		260,805
Metallus, Inc. ^(a)		3,372		54,829
Minerals Technologies, Inc.		1,993		153,660
NewMarket Corp.		596		341,967
Owens Corning		5,880		992,132
Simpson Manufacturing Co., Inc.		550		100,683
SunCoke Energy, Inc.		6,818		61,089
Sylvamo Corp.		2,631		208,086
UFP Industries, Inc.		969		117,898
Warrior Met Coal, Inc.		1,083		66,399
				4,946,492

Media - 1.3%
Cars.com, Inc. ^(a)		3,701		66,026
HealthStream, Inc.		2,515		73,035
New York Times Co. - Class A		6,430		353,200
Nexstar Media Group, Inc.		1,110		189,677
Scholastic Corp.		1,924		61,337
TEGNA, Inc.		10,776		149,571
Yelp, Inc. ^(a)		1,974		68,952
				961,798

Oil & Gas - 5.4%
Antero Midstream Corp.		32,760		487,141
Chord Energy Corp.		1,793		266,135
CNX Resources Corp. ^(a)		7,096		196,346
DNOW, Inc. ^(a)		5,197		67,665
Liberty Energy, Inc.		10,044		206,806
Magnolia Oil & Gas Corp. - Class A		4,526		115,911
Murphy USA, Inc.		1,521		790,357
Ovintiv, Inc.		9,589		410,697
Permian Resources Corp.		27,391		390,048
ProPetro Holding Corp. ^(a)		8,390		66,617
SM Energy Co.		2,511		114,577
Texas Pacific Land Corp.		461		400,558
Weatherford International PLC		5,241		549,990
				4,062,848

Real Estate - 6.3%
Acadia Realty Trust		3,738		84,142
Agree Realty Corp.		3,882		283,425
American Assets Trust, Inc.		3,001		81,777
Armada Hoffler Properties, Inc.		6,274		77,233
Brixmor Property Group, Inc.		8,496		232,705
CareTrust REIT, Inc.		5,807		173,513
Community Healthcare Trust, Inc.		2,850		53,381
Cushman & Wakefield PLC ^(a)		5,915		76,895
EPR Properties		3,175		150,717
Essential Properties Realty Trust, Inc.		8,061		257,227
Gaming and Leisure Properties, Inc.		12,294		639,534
Getty Realty Corp.		2,471		78,528
Highwoods Properties, Inc.		2,546		82,032
Innovative Industrial Properties, Inc.		1,403		174,365
Jones Lang LaSalle, Inc. ^(a)		974		248,594
LTC Properties, Inc.		2,017		74,084
National Storage Affiliates Trust		3,298		154,149
NNN REIT, Inc.		6,929		325,594
Omega Healthcare Investors, Inc.		14,739		582,780
Sabra Health Care REIT, Inc.		9,469		161,352
Saul Centers, Inc.		1,890		77,150
Urban Edge Properties		5,583		118,080
Whitestone REIT		5,261		70,603
WP Carey, Inc.		9,092		545,702
				4,803,562

Renewable Energy - 0.4%
EnerSys		2,641		267,613
REX American Resources Corp. ^(a)		1,523		69,068
				336,681

Retail & Wholesale - Discretionary - 4.6%
Abercrombie & Fitch Co. - Class A ^(a)		3,550		523,874
American Eagle Outfitters, Inc.		9,085		186,969
Caleres, Inc.		2,162		91,085
Dick's Sporting Goods, Inc.		5,831		1,381,714
ePlus, Inc. ^(a)		1,447		138,854
G-III Apparel Group Ltd. ^(a)		2,751		72,819
Group 1 Automotive, Inc.		263		99,088
Guess?, Inc. ^(b)		3,201		66,325
La-Z-Boy, Inc.		1,762		71,484
Liquidity Services, Inc. ^(a)		3,551		77,305
Patrick Industries, Inc.		727		93,943
PC Connection, Inc.		1,103		80,607
Sally Beauty Holdings, Inc. ^(a)		6,642		86,678
ScanSource, Inc. ^(a)		1,567		79,823
Shoe Carnival, Inc.		1,822		73,682
Signet Jewelers Ltd.		827		69,551
Urban Outfitters, Inc. ^(a)		7,944		288,526
				3,482,327

Retail & Wholesale - Staples - 2.7%
BJ's Wholesale Club Holdings, Inc. ^(a)		9,236		738,511
Ollie's Bargain Outlet Holdings, Inc. ^(a)		1,668		149,386
PriceSmart, Inc.		845		75,695
Sprouts Farmers Market, Inc. ^(a)		7,549		785,474
US Foods Holding Corp. ^(a)		4,445		263,188
				2,012,254

Software & Tech Services - 2.8%
ACI Worldwide, Inc. ^(a)		4,217		212,368
Agilysys, Inc. ^(a)		664		75,099
Appfolio, Inc. - Class A ^(a)		379		87,924
ASGN, Inc. ^(a)		1,180		113,469
CACI International, Inc. - Class A ^(a)		1,581		771,718
Genpact Ltd.		4,368		171,357
Insight Enterprises, Inc. ^(a)		2,005		435,225
N-able, Inc. ^(a)		4,971		63,927
Perficient, Inc. ^(a)		961		72,238
Progress Software Corp.		1,434		83,387
				2,086,712

Tech Hardware & Semiconductors - 2.6%
A10 Networks, Inc.		5,221		71,893
Alpha & Omega Semiconductor Ltd. ^(a)		1,606		67,147
Amkor Technology, Inc.		2,157		70,965
Axcelis Technologies, Inc. ^(a)		486		53,134
Benchmark Electronics, Inc.		1,746		74,222
Cirrus Logic, Inc. ^(a)		1,440		209,794
Crane NXT Co.		1,234		72,497
Diodes, Inc. ^(a)		845		58,888
Fabrinet ^(a)		677		164,951
FormFactor, Inc. ^(a)		1,189		57,988
InterDigital, Inc.		1,000		138,560
Knowles Corp. ^(a)		3,824		70,553
Photronics, Inc. ^(a)		2,657		68,710
Sanmina Corp. ^(a)		999		69,311
SMART Global Holdings, Inc. ^(a)		2,471		51,199
TD SYNNEX Corp.		4,599		558,411
Universal Display Corp.		310		60,053
Veeco Instruments, Inc. ^(a)(b)		1,550		55,010
				1,973,286

Telecommunications - 0.3%
Frontier Communications Parent, Inc. ^(a)		2,591		74,621
Iridium Communications, Inc.		2,785		71,853
Telephone and Data Systems, Inc.		3,339		78,867
				225,341

Utilities - 1.2%
ALLETE, Inc.		2,721		172,919
Avista Corp.		2,613		100,966
Black Hills Corp.		1,888		111,619
MGE Energy, Inc.		895		77,601
National Fuel Gas Co.		2,774		165,774
OGE Energy Corp.		1,989		78,685
Otter Tail Corp.		1,476		124,796
Unitil Corp.		1,324		79,837
				912,197
TOTAL COMMON STOCKS (Cost $68,594,954)				75,402,430

SHORT-TERM INVESTMENTS - 0.5%	Shares		Value
Investments Purchased with Proceeds from Securities Lending - 0.2%
First American Government Obligations Fund - Class X, 5.14% ^(c)		117,645		117,645

Money Market Funds - 0.3%
First American Treasury Obligations Fund - Class X, 5.18% ^(c)		261,844		261,844
TOTAL SHORT-TERM INVESTMENTS (Cost $379,489)				379,489

TOTAL INVESTMENTS - 100.1% (Cost $68,974,443)				75,781,919
Liabilities in Excess of Other Assets - (0.1)%				(90,664	)
TOTAL NET ASSETS - 100.0%			$	75,691,255

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $116,031 which represented 0.2% of net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

Summary of Fair Value Disclosure as of August 31, 2024 (Unaudited)

Horizon Multi-Factor Small/Mid Cap Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 on 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 Fund’s 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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	75,402,430	$	–	$	–	$	75,402,430
Investments Purchased with Proceeds from Securities Lending		117,645		–		–		117,645
Money Market Funds		261,844		–		–		261,844
Total Investments	$	75,781,919	$	–	$	–	$	75,781,919

Refer to the Schedule of Investments for further disaggregation of investment categories.

Horizon Funds NPORT-PHorizon Multi-Factor Small/Mid Cap Fund (Aug 2024 report)