# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001145549-25-047302
**Filing Date:** 2025-7
**Character Count:** 34707
**Document Hash:** 8a03b534b70b45cebaaf806c3067243f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-047302.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001145549-25-047302

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250723

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Funds
- **CENTRAL INDEX KEY:** 0001643174

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 251144179

**BUSINESS ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 704-544-2399

**MAIL ADDRESS:**
- **STREET 1:** 6210 ARDREY KELL ROAD
- **STREET 2:** SUITE 300
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

## Series and Classes Contracts Data

### Horizon Active Risk Assist Fund (Series ID: S000050382)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159080 | Advisor Class       | ARAAX           |
| C000159081 | Institutional Class | ACRIX           |
| C000159082 | Investor Class      | ARANX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Horizon Funds

- **b. Investment Company Act file number:** 811-23063

- **c. CIK number of Registrant:** 0001643174

- **d. LEI of Registrant:** 549300Q2NFSH0QP87Y93

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6210 Ardrey Kell Road

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

  - **Telephone number:** 866-371-2399

**Item A.2. Information about the Series.**

- **a. Name of Series:** Horizon Active Risk Assist Fund

- **b. EDGAR series identifier (if any):** S000050382

- **c. LEI of Series:** 549300VIJNQDPLVOBR85

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1477265909.00

**Total Liabilities:** $171689940.46

**Net Assets:** $1305575968.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159080 | -3.92%               | -2.89%               | 5.34%                |
| Class ID C000159081 | -3.90%               | -2.83%               | 5.30%                |
| Class ID C000159082 | -3.91%               | -2.88%               | 5.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1905272.32             | $-49792622.53                              |
| Month 2  | $5523870.33              | $-44518394.66                              |
| Month 3  | $15671760.37             | $56564431.76                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GoDaddy Inc                    | GoDaddy Inc                                           | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      4146 | NS      | $755193.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     51349 | NS      | $1003872.95   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                            | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1277 | NS      | $962181.19    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                                           | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |     20815 | NS      | $896085.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                   | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     48262 | NS      | $1826716.70   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| First American Treasury Obliga | First American Treasury Obligations Fund              | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |       656 | NS      | $655.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 163342781 | NS      | $163342780.99 | 12.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                                          | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      6417 | NS      | $653122.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1863 | NS      | $881161.74    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1239 | NS      | $913973.13    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $100000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $50000.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7000 | NC      | $-192500.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3500 | NC      | $218750.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7000 | NC      | $-262500.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                        | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      1028 | NS      | $329165.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Intel Corp                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-60000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Materials Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7500 | NC      | $-75000.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5483 | NS      | $3550187.67   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1330 | NS      | $734612.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight E | Invesco S&P 500 Equal Weight ETF                      | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Long             | EC               | RF                | US        |    800111 | NS      | $141163583.73 | 10.81%            |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Min Vol Facto | iShares MSCI USA Min Vol Factor ETF                   | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |    977206 | NS      | $91378533.06  | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Quality Facto | iShares MSCI USA Quality Factor ETF                   | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |    292397 | NS      | $51771812.82  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |   2123244 | NS      | $159710413.68 | 12.23%            |  |  |  | No            |                  1 | On Loan: —       |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF                             | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |    219960 | NS      | $13078821.60  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1109 | NS      | $839379.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     13438 | NS      | $1085656.02   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7222 | NS      | $3324719.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      9041 | NS      | $854012.86    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Intel Corp                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $48000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Financial Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5000 | NC      | $157500.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Financial Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5400 | NC      | $-32400.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Financial Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $33000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Financial Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -8000 | NC      | $-152000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Financial Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4000 | NC      | $238000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Consumer Staples Select Sector SPDR Fund              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -10000 | NC      | $-2565000.00  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Consumer Staples Select Sector SPDR Fund              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $545000.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ABIOMED INC                    | ABIOMED INC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       113 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                             | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1742 | NS      | $723086.78    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      9166 | NS      | $1014951.18   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |      8694 | NS      | $989724.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13257 | NS      | $2276757.18   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     29087 | NS      | $5963125.87   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     15424 | NS      | $1387080.32   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      3208 | NS      | $686447.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      9277 | NS      | $1863285.45   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      5581 | NS      | $874821.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     13251 | NS      | $1148066.64   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      4635 | NS      | $577242.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                                          | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2554 | NS      | $756290.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9113 | NS      | $2205983.91   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      3129 | NS      | $898242.03    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     17377 | NS      | $1407363.23   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1860 | NS      | $569439.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                              | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1970 | NS      | $928598.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      3305 | NS      | $627619.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                                 | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      7767 | NS      | $864234.09    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       811 | NS      | $979063.53    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     42157 | NS      | $5696675.41   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      9496 | NS      | $1571872.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      8953 | NS      | $1179826.34   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4146 | NS      | $797773.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc            | Paycom Software Inc                                   | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      2536 | NS      | $657052.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys Inc                                            | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      6431 | NS      | $891015.05    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                                   | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1134 | NS      | $388463.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                   | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |   3446927 | NS      | $140910375.76 | 10.79%            |  |  |  | No            |                  1 | On Loan: —       |
| SPDR Portfolio Developed World | SPDR Portfolio Developed World ex-US ETF              | CUSIP: 78463X889<br>LEI: 549300NVXJXJCDK35U34 | Long             | EC               | RF                | US        |   5024298 | NS      | $200017303.38 | 15.32%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Growth  | SPDR Portfolio S&P 500 Growth ETF                     | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |   3230323 | NS      | $289727669.87 | 22.19%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Value E | SPDR Portfolio S&P 500 Value ETF                      | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |   3043456 | NS      | $154242350.08 | 11.81%            |  |  |  | No            |                  1 | On Loan: —       |
| Salesforce Inc                 | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3884 | NS      | $1030697.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      5030 | NS      | $1523385.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| ServiceNow Inc                 | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1248 | NS      | $1261840.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1677 | NS      | $778094.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3944 | NS      | $762454.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      9263 | NS      | $581531.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Xtrackers Harvest CSI 300 China A-Shares ETF          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12000 | NC      | $96000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3500 | NC      | $271250.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                                | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       822 | NS      | $353681.94    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7000 | NC      | $206500.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -14000 | NC      | $-679000.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7000 | NC      | $672000.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $157500.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-660000.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $370000.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2500 | NC      | $-525000.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2500 | NC      | $-765000.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $870000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $1130000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 07/16/25 P17                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6000 | NC      | $273000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 08/20/25 P16                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -6000 | NC      | $-216000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Materials Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12500 | NC      | $937500.06    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     14314 | NS      | $1204666.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                           | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      3540 | NS      | $568417.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                           | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      3312 | NS      | $820415.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-23

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer