# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0001398344-26-011042
**Filing Date:** 2026-6
**Character Count:** 143286
**Document Hash:** 712d421924465ce9c65be7f55fe7b9db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-011042.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001398344-26-011042

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**EFFECTIVENESS DATE**: 20260618

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-205411
- **FILM NUMBER:** 261102292

**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

As filed with the Securities and Exchange Commission on June 18, 2026

1933 Act Registration File No. 333-205411

1940 Act File No. 811-23063

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**Form N-1A** 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No.__

Post-Effective Amendment No. 74

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 76

**HORIZON FUNDS** 

(Exact Name of Registrant as Specified in Charter)

6210 Ardrey Kell Road, Suite 300

Charlotte, North Carolina 28277

(Address of Principal Office)

Registrant's Telephone Number, including Area Code: (704) 544-2399

Matthew S. Chambers

Horizon Funds

6210 Ardrey Kell Road, Suite 300

Charlotte, North Carolina 28277

(Name and Address of Agent for Service)

With copy to: Jeffrey T. Skinner, Esq.

Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

Winston-Salem, NC 27101

It is proposed that this filing become effective (check appropriate box)

---

| | |
|:---|:---|
| [ X ] | immediately upon filing pursuant to paragraph (b) |
| [ ] | on May 1, 2026, pursuant to paragraph (b) |
| [ ] | 60 days after filing pursuant to paragraph (a)(1) |
| [ ] | on ________________ pursuant to paragraph (a)(1) |
| [ ] | 75 days after filing pursuant to paragraph (a)(2) |
| [ ] | on (date) pursuant to paragraph (a)(2) of Rule 485. |

---

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 74 (the "Post-Effective Amendment") to the Registration Statement on Form N-1A of Horizon Funds (the "Trust") is being filed solely for the purpose of filing certain exhibits to the Trust's Registration Statement. Accordingly, the Post-Effective Amendment consists only of a facing page, this explanatory note and Part C of the Registration Statement, including the exhibits listed as "filed herewith" below. The Post-Effective Amendment does not modify any other part of the Trust's Registration Statement. Pursuant to Rule 462(d) under the Securities Act of 1933, the Post-Effective Amendment shall become effective immediately upon filing with the U.S. Securities and Exchange Commission. The contents of the Trust's Registration Statement are hereby incorporated by reference.

PART C

OTHER INFORMATION

**Item 28. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust was previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/cot.htm)

(2) [Declaration of Trust was previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/dot.htm)

(b) [By-Laws were previously filed with the Registrant's Initial Registration on Form N-1A on June 2, 2015 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/bylaws.htm)

(c) Instruments Defining Rights of Security Holders – See relevant portions of [Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/cot.htm) , [Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/dot.htm) and [By-Laws](http://www.sec.gov/Archives/edgar/data/1643174/000089418915002763/bylaws.htm) .

(d) (1) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Asset Allocation Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d1.htm)

(2) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Dividend Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d2.htm) .

(3) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Income Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d3.htm) **.** 

(4) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon Active Risk Assist Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d4.htm) .

(5) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon Defined Risk Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d5.htm) .

(6) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon ESG Defensive Core Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d6.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [First Amendment to the Investment Advisory Agreement between the Registrant, on behalf of the Horizon ESG Defensive Core Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 33 to its Registration Statement on Form N-1A on September 29, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019425/fp0079901_ex9928d6a.htm)

(8) [Investment Advisory Agreement between the Registrant, on behalf of the Horizon U.S. Defensive Equity Fund, and Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928d7.htm) .

(9) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon U.S. Defensive Small/Mid Cap Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928d8.htm)

(10) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Tactical Fixed Income Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928d9.htm)

(11) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Expedition Plus ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d10.htm)

(12) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Landmark ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d11.htm)

(13) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Expedition Plus ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d12.htm)

(14) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Landmark ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928d13.htm)

(15) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Centre American Select Equity Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928d14.htm)

(16) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Centre Global Infrastructure Fund, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Core Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d16.htm)

(18) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Core Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d17.htm)

(19) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Dividend Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d18.htm)

(20) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Dividend Income ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d19.htm)

(21) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Managed Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d20.htm)

(22) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Managed Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d21.htm)

(23) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Core Bond ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d22.htm)

(24) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Core Bond ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d23.htm)

(25) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Flexible Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d24.htm)

(26) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Flexible Income ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Nasdaq-100 Defined Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d26.htm)

(28) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Nasdaq-100 Defined Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d27.htm)

(29) [Form of Investment Advisory Agreement between the Registrant, on behalf of the Horizon Digital Frontier ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d28.htm)

(30) [Form of Sub-Advisory Agreement between the Registrant, on behalf of the Horizon Digital Frontier ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 50 to its Registration Statement on Form N-1A on April 4, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006675/fp0092906-1_ex9928d29.htm)

(31) [Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon Small/Mid Cap Core Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d31.htm)

(32) [Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon Small/Mid Cap Core Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d32.htm)

(33) [Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon International Equity ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d33.htm)

(34) [Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon International Equity ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d34.htm)

(35) [Form of Investment Advisory Agreement between the Registrant, on behalf of Horizon International Managed Risk ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928d35.htm)

(36) [Form of Sub-Advisory Agreement between the Registrant, on behalf of Horizon International Managed Risk ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 54 to its Registration Statement on Form N-1A on August 20, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425016213/fp0095054-1_ex9928d36.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Enhanced Market ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 57 to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d37.htm)

(38) [Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Universal Fixed Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 5](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022765/fp0096683-1_ex9928d43.htm) [7](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022765/fp0096683-1_ex9928d43.htm) [to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022765/fp0096683-1_ex9928d43.htm)

(39) [Form of Investment Advisory Agreement between the Registrant, on behalf of Anfield Dynamic Fixed Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d39.htm)

(40) [Form of Investment Advisory Agreement between the Registrant, on behalf of Regents Park Hedged Market Strategy ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d40.htm)

(41) [Form of Investment Advisory Agreement between the Registrant, on behalf Anfield U.S. Equity Sector Rotation ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d41.htm)

(42) [Form of Sub-Advisory Agreement between the Registrant, on behalf of Anfield U.S. Equity Sector Rotation ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 56 to its Registration Statement on Form N-1A on December 19, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425022764/fp0096682-1_ex9928d42.htm)

(43) [Form of Investment Advisory Agreement between the Registrant, on behalf Horizon Expansion Leaders ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 69 to the Registrant's Registration Statement on Form N-1A on May 18, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426009351/fp0098936-1_ex9928d43.htm)

(44) [Form of Sub-Advisory Agreement between the Registrant, on behalf Horizon Expansion Leaders ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 69 to the Registrant's Registration Statement on Form N-1A on May 18, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426009351/fp0098936-1_ex9928d44.htm)

(45) [Form of Investment Advisory Agreement between the Registrant, on behalf Horizon High Income ETF, and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 69 to the Registrant's Registration Statement on Form N-1A on May 18, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426009351/fp0098936-1_ex9928d45.htm)

(46) [Form of Sub-Advisory Agreement between the Registrant, on behalf Horizon High Income ETF, Exchange Traded Concepts, LLC and Horizon Investments, LLC, was previously filed with Post-Effective Amendment No. 69 to the Registrant's Registration Statement on Form N-1A on May 18, 2026, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426009351/fp0098936-1_ex9928d46.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Distribution Agreement between the Registrant and Quasar Distributors, LLC, effective as of February 8, 2016, was previously filed with Pre-Effective Amendment No. 3 to the Registration Statement on Form N-1A on January 29, 2016, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-e_distrib.htm)

(2) [Novation to the Distribution Agreement between the Registrant and Quasar Distributors, LLC effective as of September 30, 2021 (Novation Agreement) was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928e.htm)

(3) [Form of First Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/dis_agr.htm)

(4) [Second Amendment to Distribution Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928e3.htm)

(5) [Form of Third Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e6.htm)

(6) [Fourth Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e5.htm)

(7) [Form of Fifth Amendment to Distribution Agreement was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928e6.htm)

(8) [ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, effective as of December 10, 2024, previously filed with the Post-Effective Amendment No. 44 to the Registrant's Registration Statement on Form N-1A on January 14, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425000655/fp0091754-1_ex9928e2.htm)

(9) [First Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, dated April 30, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928e9.htm)

(10) [Form of Authorized Participant Agreement, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928e3.htm)

(11) [Form of Second Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928e11.htm)

(12) [Form of Third Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC, **filed herewith.**](fp0099499-1_ex9928e12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bonus, profit sharing contracts – None.

(g) (1) [Custody Agreement between the Registrant and U.S. Bank National Association was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-g_custody.htm)

(2) [Form of First Amendment to Custody Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/cus_agr.htm)

(3) [Second Amendment to the Custody Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928g3.htm)

(4) [Form of Third Amendment to the Custody Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928g4.htm)

(5) [Fourth Amendment to the Custody Agreement dated June 25, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928g5.htm)

(6) [Fifth Amendment to the Custody Agreement dated December 19, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928g6.htm)

(7) [Sixth Amendment to the Custody Agreement dated March 8, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928g7.htm) .

(8) [Seventh Amendment to the Custody Agreement dated December 20, 2022, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928g8.htm)

(9) [Eighth Amendment to the Custody Agreement dated February 1, 2025, was previously filed with Post-Effective Amendment No. 48 to its Registration Statement on Form N-1A on March 28, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006146/fp0092770-1_ex9928g9.htm)

(10) [Ninth Amendment to the Custody Agreement, dated April 10, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928g10.htm)

(11) [ETF Custody Agreement between the Registrant and U.S. Bank National Association, dated as of January 17, 2025 was previously filed with Post Effective Amendment No. 45 to its Registration Statement on Form N-1A on January 28, 2025 and incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425001233/fp0092106-1_ex9928g9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [First Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, dated May 28, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928g12.htm)

(13) [Second Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, dated October 28, 2025, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928g13.htm)

(14) [Third Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services, **filed herewith.**](fp0099499-1_ex9928g14.htm)

(h) (1) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-h1_fundadminsrcvng.htm)

(2) [Form of First Amendment to Fund Administration Servicing Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/fundadm_agr.htm)

(3) [Third Amendment (including First Addendum) to the Fund Administration Servicing Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928h3.htm)

(4) [Form of Fourth Amendment to the Fund Administration Servicing Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928h4.htm) .

(5) [Fifth Amendment (including Addendums) to the Fund Administration Servicing Agreement dated June 25, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h4a.htm)

(6) [Sixth Amendment (including Addendums) to the Fund Administration Servicing Agreement dated December 19, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h4b.htm)

(7) [Seventh Amendment to the Horizon Funds Fund Administration Servicing Agreement dated March 8, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h4c.htm) .

(8) [Eighth Amendment to the Horizon Funds Fund Administration Servicing Agreement dated December 20, 2022, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928h4d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Ninth Amendment to the Horizon Funds Fund Administration Servicing Agreement dated February 1, 2025 was previously filed with Post-Effective Amendment No. 48 to its Registration Statement on Form N-1A on March 28, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006146/fp0092770-1_ex9928h4e.htm)

(10) [Tenth Amendment to the Horizon Funds Fund Administration Servicing Agreement, dated April 10, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h10.htm)

(11) [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-h2_transfer.htm)

(12) [Form of Addendum to Transfer Agent Servicing Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/trans_agr.htm) .

(13) [Third Amendment (including First Addendum) to the Transfer Agent Servicing Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928h6.htm)

(14) [Form of Fourth Amendment to the Transfer Agent Servicing Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928h8.htm)

(15) [Fifth Amendment (including Addendums) to the Transfer Agent Servicing Agreement dated June 25, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h8a.htm)

(16) [Sixth Amendment (including Addendums) to the Transfer Agent Servicing Agreement dated December 19, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h8b.htm)

(17) [Seventh Amendment to the Horizon Funds Transfer Agent Servicing Agreement dated March 8, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h8c.htm) .

(18) [Eighth Amendment to the Horizon Funds Transfer Agent Servicing Agreement dated December 20, 2022, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928h8d.htm)

(19) [Ninth Amendment to the Horizon Funds Transfer Agent Servicing Agreement dated February 1, 2025 was previously filed with Post-Effective Amendment No. 48 to its Registration Statement on Form N-1A on March 28, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006146/fp0092770-1_ex9928h8e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Tenth Amendment to the Horizon Funds Transfer Agent Servicing Agreement, dated April 10, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h20.htm)

(21) [Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-h3_fundaccounting.htm)

(22) [Form of First Amendment to Fund Accounting Servicing Agreement was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/fundacct_agr.htm)

(23) [Second Amendment to the Fund Accounting Servicing Agreement dated January 23, 2019 was previously filed with Post-Effective Amendment No. 19 to its Registration Statement on Form N-1A on March 29, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419005859/fp0040675_ex9928h9.htm)

(24) [Form of Third Amendment to the Fund Accounting Servicing Agreement was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928h12.htm)

(25) [Fourth Amendment to the Fund Accounting Servicing Agreement dated June 25, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h12a.htm)

(26) [Fifth Amendment to the Fund Accounting Servicing Agreement dated December 19, 2019 was previously filed with Post-Effective Amendment No. 27 to its Registration Statement on Form N-1A on March 27, 2020 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834420006996/fp0052006_ex9928h12b.htm)

(27) [Sixth Amendment to the Horizon Funds Fund Accounting Servicing Agreement dated March 8, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h12c.htm) .

(28) [Seventh Amendment to the Horizon Funds Fund Accounting Servicing Agreement dated December 20, 2022, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928h12d.htm)

(29) [Eighth Amendment to the Horizon Funds Fund Accounting Servicing Agreement dated February 1, 2025 was previously filed with Post-Effective Amendment No. 48 to its Registration Statement on Form N-1A on March 28, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425006146/fp0092770-1_ex9928h12e.htm)

(30) [Ninth Amendment to the Horizon Funds Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated April 10, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h30.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [Shareholder Services Plan, was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928h13.htm)

(32) [Second Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Active Asset Allocation Fund was previously filed with Post-Effective Amendment No. 17 to its Registration Statement on Form N-1A on July 27, 2018 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834418010661/fp0034756_ex9928h8.htm)

(33) [Second Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Active Risk Assist Fund was previously filed with Post-Effective Amendment No. 17 to its Registration Statement on Form N-1A on July 27, 2018 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834418010661/fp0034756_ex9928h9.htm)

(34) [Second Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Active Income Fund was previously filed with Post-Effective Amendment No. 17 to its Registration Statement on Form N-1A on July 27, 2018 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834418010661/fp0034756_ex9928h10.htm)

(35) [Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Active Dividend Fund was previously filed with Post-Effective Amendment No. 12 to its Registration Statement on Form N-1A on March 30, 2018 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834418004950/fp0032260_ex9928h11.htm)

(36) [Form of Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Defined Risk Fund was previously filed with Post-Effective Amendment No. 12 to its Registration Statement on Form N-1A on March 30, 2018 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834418004950/fp0032260_ex9928h12.htm)

(37) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Defensive Multi-Factor Fund (formerly known as the Horizon U.S. Risk Assist® Fund) was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928h19.htm)

(38) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Multi-Asset Income Fund was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928h21.htm)

(39) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon ESG Defensive Core Fund was previously filed with Post-Effective Amendment No. 25 to its Registration Statement on Form N-1A on December 26, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419023064/fp0048634_ex9928d21.htm)

(40) [Amended and Restated Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon ESG Defensive Core Fund, was previously filed with Post-Effective Amendment No. 33 to its Registration Statement on Form N-1A on September 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019425/fp0079901_ex9928h21a.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [Fund of Funds Investment Agreement between the Registrant and The Select Sector SPDR Trust dated January 19, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h22.htm) **.** 

(42) [Fund of Funds Investment Agreement between the Registrant and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust dated January 19, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h23.htm) **.** 

(43) [Fund of Funds Investment Agreement between the Registrant and SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust dated January 19, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h24.htm) **.** 

(44) [Form of Fund of Funds Investment Agreement between the Registrant and DBX ETF Trust dated January 19, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h25.htm) **.** 

(45) [Fund of Funds Investment Agreement between the Registrant and BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust dated January 19, 2022 was previously filed with Post-Effective Amendment No. 31 to its Registration Statement on Form N-1A on March 29, 2022 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834422006629/fp0074384_ex9928h26.htm) .

(46) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon U.S. Defensive Small/Mid Cap Fund, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928h22.htm)

(47) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Horizon Tactical Income Fund, was previously filed with Post-Effective Amendment No. 34 to its Registration Statement on Form N-1A on October 3, 2022 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422019666/fp0080037_ex9928h23.htm)

(48) [Addendum to the Fund Administration Servicing Agreement (Confluence), was previously filed with Post-Effective Amendment No. 36 to its Registration Statement on Form N-1A on March 29, 2023 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1643174/000139834423006747/fp0082790-1_ex9928h29.htm)

(49) [Addendum to the Fund Administration Servicing Agreement – was previously filed with Post-Effective Amendment No. 41 to its Registration Statement on Form N-1A on March 27, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424006459/fp0087638-1_485bposixbrl.htm)

(50) [ETF Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated January 22, 2025 was previously filed with Post Effective Amendment No. 45 to its Registration Statement on Form N-1A on January 28, 2025 and incorporated by reference](https://www.sec.gov/Archives/edgar/data/1643174/000139834425001233/fp0092106-1_ex9928h31.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) [First Amendment to the Horizon Funds ETF Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated May 28, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h51.htm)

(52) [ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated January 22, 2025, was previously filed with Post Effective Amendment No. 45 to its Registration Statement on Form N-1A on January 28, 2025 and incorporated by reference](https://www.sec.gov/Archives/edgar/data/1643174/000139834425001233/fp0092106-1_ex9928h32.htm) .

(53) [First Amendment to the Horizon Funds ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated May 28, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h53.htm)

(54) [ETF Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated January 22, 2025 was previously filed with Post Effective Amendment No. 45 to its Registration Statement on Form N-1A on January 28, 2025 and incorporated by reference](https://www.sec.gov/Archives/edgar/data/1643174/000139834425001233/fp0092106-1_ex9928h33.htm) .

(55) [First Amendment to the Horizon Funds ETF Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated May 28, 2025, was previously filed with Post-Effective Amendment No. 53 to its Registration Statement on Form N-1A on June 20, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425012033/fp0093981-1_ex9928h55.htm)

(56) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Centre American Select Equity Fund, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928h34.htm)

(57) [Form of Expense Limitation Agreement between Horizon Investments, LLC and the Registrant on behalf of the Centre Global Infrastructure Fund, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928h35.htm)

(58) [Second Amendment to the Horizon Funds ETF Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated October 30, 2025, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928h58.htm)

(59) [Second Amendment to the Horizon Funds ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated October 30, 2025, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928h59.htm)

(60) [Second Amendment to the Horizon Funds ETF Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, dated October 30, 2025, was previously filed with Post-Effective Amendment No. 55 to its Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928h60.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) [Third Amendment to the Horizon Funds ETF Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, **filed herewith.**](fp0099499-1_ex9928h62.htm)

(62) [Third Amendment to the Horizon Funds ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, **filed herewith.**](fp0099499-1_ex9928h62.htm)

(63) [Third Amendment to the Horizon Funds ETF Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, **filed herewith.**](fp0099499-1_ex9928h63.htm)

(i) (1) [Opinion and consent of counsel relating to Horizon Active Asset Allocation Fund, Horizon Active Risk Assist Fund and Horizon Active Income Fund was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-j_consentacctngfirm.htm)

(2) [Opinion and consent of counsel relating to Horizon Active Dividend Fund (formerly known as Horizon Dynamic Dividend Fund) and Horizon Defined Risk Fund was previously filed with Post-Effective Amendment No. 7 to its Registration Statement on Form N-1A on October 7, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916012241/opinion.htm)

(3) [Opinion and consent of counsel relating to Horizon Defensive Multi-Factor Fund (formerly known as Horizon U.S. Risk Assist® Fund), Horizon ESG Defensive Core Fund (formerly known as the Horizon Sustainable Risk Assist® Fund) and Horizon Multi-Asset Income Fund was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928j.htm)

(4) [Opinion and consent of counsel relating to Horizon Expedition Plus ETF and Horizon Landmark ETF, previously filed with the Post-Effective Amendment No. 44 to the Registrant's Registration Statement on Form N-1A on January 14, 2025, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834425000655/fp0091754-1_ex9928i4.htm)

(5) [Opinion and consent of counsel relating to Centre American Select Equity Fund and Centre Global Infrastructure Fund, previously filed with Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14 on February 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425002210/fp0092203-5_ex1611.htm)

(6) [Opinion and consent of counsel relating to Horizon Small/Mid Cap Core Equity ETF, Horizon International Equity ETF, and Horizon International Managed Risk ETF, was previously filed with Post-Effective Amendment No. 55 to the Registrant's Registration Statement on Form N-1A on November 3, 2025, and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834425020219/fp0096050-1_ex9928i6.htm)

(7) [Opinion and consent of counsel relating to Anfield Enhanced Market Strategy ETF, Anfield Universal Fixed Income ETF, Anfield Dynamic Fixed Income ETF, Anfield U.S. Equity Sector Rotation ETF, and Regents Park Hedged Market Strategy ETF,](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928i8.htm) [was previously filed with Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A on March 13, 2026 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928i8.htm)

(8) [Opinion and consent of counsel relating to Anfield Universal Fixed Income Fund was previously filed with Post-Effective Amendment No. 61 to the Registrant's Registration Statement on Form N-1A on March 13, 2026 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928i8.htm)

(8) Opinion and Consent of Counsel relating to Horizon Expansion Leaders ETF and Horizon High Income ETF, **to be filed by amendment.** 

(j) (1) [Consent of Cohen & Company, LTD., previously filed with Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A on March 13, 2026, is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005106/fp0097931-1_ex9928j1.htm)

(2) [Consent of Deloitte & Touche LLP., previously filed with Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A on March 13, 2026, is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005106/fp0097931-1_ex9928j2.htm)

(k) Financial statements omitted from prospectus – None.

(l) [Initial Subscription Agreement was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-l_initialcap.htm)

(m) (1) [Distribution Plan pursuant to Rule 12b-1, was previously filed with Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [61](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [to its Registration Statement on Form N-1A on March](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [12](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [, 202](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [5](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm) [and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1643174/000139834426005108/fp0097930-1_ex9928m6.htm)

(n) (1) [Rule 18f-3 Multiple Class Plan was previously filed with Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A on June 25, 2019 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834419011149/fp0043204_ex9928n.htm)

(2) [Amended and Restated Rule 18f-3 Multiple Class Plan, was previously filed with Post-Effective Amendment No. 43 to its Registration Statement on Form N-1A on November 19, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424021007/fp0091008-1_ex9928n2.htm)

(o) Reserved.

(p) (1) [Code of Ethics of Horizon Funds was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-p_coetrust.htm)

(2) [Code of Ethics of Horizon Investments, LLC was previously filed with Post-Effective Amendment No. 9 to its Registration Statement on Form N-1A on January 30, 2017 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418917000448/coe.htm)

(3) [Code of Ethics of Quasar Distributors, LLC was previously filed with Pre-Effective Amendment No. 3 to its Registration Statement on Form N-1A on January 29, 2016 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000089418916007263/ex-p3_quasar.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of Exchange Traded Concepts, LLC, was previously filed with Post-Effective Amendment No. 42 to its Registration Statement on Form N-1A on November 1, 2024 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834424019834/fp0090832-1_ex9928p5.htm)

(q) [Powers of Attorney were previously filed with Post-Effective Amendment No. 32 to its Registration Statement on Form N-1A on August 1, 2022 and are incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1643174/000139834422014503/fp0078250_ex9928p4.htm)

**Item 29. Persons Controlled by or Under Common Control with Registrant**

None.

**Item 30. Indemnification**

Reference is made to Article VII, Sections 2 and 3 of the Registrant's Declaration of Trust with respect to the Registrant. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**Item 31. Business and Other Connections of Investment Adviser**

Incorporated by reference to the Statement of Additional Information pursuant to Rule 411 under the Securities Act of 1933.

**Item 32. Principal Underwriter.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Quasar Distributors, LLC, the Registrant's principal underwriter, acts as principal underwriter for the following investment companies:

&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;3. Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;5. Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;6. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;7. Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;8. Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;11. Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;16. PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;18. PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19. PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;28. Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;29. Scharf ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;30. Scharf Global Opportunity ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;34. The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;35. Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;36. Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;37. Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;38. Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;39. Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;40. Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;41. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;42. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;43. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;44. DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;45. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;46. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;47. AAM Crescent CLO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;48. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;51. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;52. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;53. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;54. AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;55. Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;56. Aptus April Buffer, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;58. Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;59. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;60. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;61. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;62. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;63. Aptus January Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;64. Aptus July Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;65. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;66. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;67. Aptus October Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;68. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;69. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;70. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;71. BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;72. Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;73. ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;74. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;75. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;76. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;77. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;78. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;79. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;80. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;81. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;82. Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;83. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;84. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;85. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;86. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;87. Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;88. The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;89. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;90. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;91. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;92. U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;93. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;94. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;95. US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;96. Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;97. Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;98. First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;99. FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;100. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;101. The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;102. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;103. Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;104. Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;105. Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;106. Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;107. Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;108. The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;109. Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;110. Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;111. Optimized Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;112. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;113. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;114. LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;115. LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;116. MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;117. Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;118. Kensington Credit Opportunities ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;119. Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;120. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;121. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;122. Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;123. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;124. Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;125. Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;126. Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;127. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;128. Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;129. Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;130. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;131. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;132. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;133. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;134. Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;135. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;136. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;137. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;138. Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;139. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;140. Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;141. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;142. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;143. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;144. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;145. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;146. SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;147. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;148. Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;149. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;150. Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;151. Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;152. Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;153. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;154. Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;155. Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;156. Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;157. Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;158. Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;159. Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;160. Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;161. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;162. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;163. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;164. Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;165. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;166. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;167. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;168. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;169. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;170. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;171. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;172. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;173. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;174. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;175. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;176. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;177. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;178. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;179. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;180. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;181. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;182. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;183. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;184. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;185. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;186. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;187. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;188. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;189. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;190. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;191. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;192. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;193. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;194. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;195. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;196. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;197. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;198. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;199. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;200. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;201. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;202. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;204. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;205. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;206. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;207. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;208. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;209. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;210. SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;211. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;212. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;213. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;214. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;215. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;216. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;217. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;218. The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;219. RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;220. Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;221. SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;222. Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;223. Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;224. Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;225. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;226. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;227. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;228. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;229. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;230. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;231. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;232. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;233. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;234. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;235. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;236. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;237. Wall Street EWM Funds Trust

(b) To the best of Registrant's knowledge, the directors and executive officers of Quasar Distributors, LLC are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301<br> Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

**Item 33. Location of Accounts and Records**

The books, accounts and other documents required by Section 31(a) under the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained at the offices of:

Horizon Investments, LLC, 6210 Ardrey Kell Road, Suite 300, Charlotte, North Carolina 28277 (records relating to its function as investment adviser of Horizon Funds).

Exchange Traded Concepts, LLC, 10900 Hefner Pointe Dr #400, Oklahoma City, Oklahoma 73120 (records relating to its function as investment sub-adviser of Horizon Funds).

U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, Wisconsin 53202 (records relating to its function as administrator, transfer agent and dividend disbursing agent).

U.S. Bank, N.A., 1555 North River Center Drive, Suite 302, Milwaukee, Wisconsin, 53212 (records relating to its function as custodian).

Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, ME 04101 (records relating to its function as distributor).

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

The Registrant hereby undertakes to furnish each person to whom a Prospectus for one or more of the series of the Registrant is delivered with a copy of the relevant latest annual report to shareholders, upon request and without charge.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Charlotte, and State of North Carolina, on June 18, 2026.

---

| | |
|:---|:---|
| **Horizon Funds** | **Horizon Funds** |
| By: | /s/ John Drahzal |
|  | John Drahzal |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ John Drahzal | President and Trustee | June 18, 2026 |
| John Drahzal |  |  |
| John W. Davidson\* | Trustee | June 18, 2026 |
| John W. Davidson |  |  |
| Todd W. Gaylord\* | Trustee | June 18, 2026 |
| Todd W. Gaylord |  |  |
| Thomas W. Okel\* | Trustee | June 18, 2026 |
| Thomas W. Okel |  |  |
| /s/ Steve Terry | Treasurer | June 18, 2026 |
| Steve Terry |  |  |

---

---

| | |
|:---|:---|
| \*By | /s/ Matthew Chambers |
|  | Matthew Chambers |

---

\* As Attorney-in-Fact pursuant to Powers of Attorney previously filed and incorporated herein by reference.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(e)(12)](fp0099499-1_ex9928e12.htm) | [Form of Third Amendment to the ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC](fp0099499-1_ex9928e12.htm) |
| [(g)(14)](fp0099499-1_ex9928g14.htm) | [Third Amendment to the ETF Custody Agreement between the Registrant and U.S. Bancorp Fund Services](fp0099499-1_ex9928g14.htm) |
| [(h)(61)](fp0099499-1_ex9928h61.htm) | [Third Amendment to the Horizon Funds ETF Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services](fp0099499-1_ex9928h61.htm) |
| [(h)(62)](fp0099499-1_ex9928h62.htm) | [Third Amendment to the Horizon Funds ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services](fp0099499-1_ex9928h62.htm) |
| [(h)(63)](fp0099499-1_ex9928h63.htm) | [Third Amendment to the Horizon Funds ETF Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services](fp0099499-1_ex9928h63.htm) |

---

## Exhibit 99.28

**THIRD AMENDMENT TO**

**ETF DISTRIBUTION AGREEMENT**

This third amendment ("*Amendment*") to the ETF Distribution Agreement (the "*Agreement*") dated as of December 10, 2024, by and between Horizon Funds and Quasar Distributors, LLC (together, the "*Parties*") is effective as of February 8, 2026.

WHEREAS, the Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and,

WHEREAS, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

2. Exhibit A of the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

3. Except as expressly amended hereby, all the provisions of the Agreement shall remain unamended and in full force and effect to the
same extent as if fully set forth herein.

4. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance
with, the laws of the State of Delaware.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | |
|:---|:---|
| **HORIZON FUNDS**<br>By: <u>/s/ Matt Chambers</u><br> Name: Matt Chambers<br> Title: VP<br> Date: March 31, 2026 | **QUASAR DISTRIBUTORS, LLC**<br>By: <u>/s/ Teresa Cowan</u><br> Name: Teresa Cowan<br> Title: President<br> Date: March 31, 2026 |

---

**EXHIBIT A**

Horizon Expedition Plus ETF

Horizon Landmark Liquidity ETF

Horizon Dividend Income ETF

Horizon Core Equity ETF

Horizon Managed Risk ETF

Horizon Core Bond ETF

Horizon Flexible Income ETF

Horizon NASDAQ-100 Defined Risk ETF

Horizon Digital Frontier ETF

Horizon Small/Mid Cap Core Equity ETF

Horizon International Equity ETF

Horizon International Managed Risk ETF

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Regents Park Hedged Market Strategy ETF

## Exhibit 99.28

**THIRD AMENDMENT TO THE**

**ETF CUSTODY AGREEMENT**

THIS THIRD AMENDMENT to the ETF Custody Agreement dated as of January 17, 2025, as amended (the "*Agreement*") is made and entered into as of June 15, 2026 (the "*Effective Date*"), by and between HORIZON FUNDS, a Delaware statutory trust (the "*Trust*") and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America with its principal place of business at 800 Nicollet Mall, Minneapolis, Minnesota 55402 ("*Custodian*").

**RECITALS**

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend Exhibit A to add the following funds:

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Regents Park Hedged Market Strategy ETF

WHEREAS, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

1. As of the Effective Date, Exhibit A is hereby superseded and replaced in its entirety with the Exhibit A attached hereto.

2. Notwithstanding the foregoing, all other terms and conditions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**HORIZON FUNDS**

By: /s/ Steve Terry

Name: Steve Terry

Title: Chief Financial Officer

Date: June 11, 2026

**U.S. BANK NATIONAL ASSOCIATION**

By: /s/ Elizabeth Scalf

Name: Elizabeth Scalf

Title: Senior Vice President

Date: June 11, 2026

**Exhibit A to the ETF Custody Agreement**

**Separate Series of Horizon Funds**

**<u>Name of Series</u>**

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Horizon Expedition Plus ETF

Horizon Landmark ETF

Horizon Dividend Income ETF

Horizon Core Equity ETF

Horizon Managed Risk ETF

Horizon Core Bond ETF

Horizon Flexible Income ETF

Horizon Nasdaq-100 Defined Risk ETF

Horizon Digital Frontier ETF

Horizon International Equity ETF

Horizon International Managed Risk ETF

Horizon Small/Mid Cap Core Equity ETF

Regents Park Hedged Market Strategy ETF

## Exhibit 99.28

*Certain confidential portions of this exhibit have been omitted and replaced with "[\*\*\*]". Such identified information has been excluded from this exhibit because it is (i) not material and (ii) is the type that the registrant treats as private or confidential.*

**THIRD AMENDMENT TO THE**

**FUND ADMINISTRATION SERVICING AGREEMENT**

THIS THIRD AMENDMENT to the Fund Administration Servicing Agreement dated as of January 22, 2025, as amended (the "*Agreement*") is made and entered into as of June 15, 2026 (the "*Effective Date*"), by and between HORIZON FUNDS, a Delaware statutory trust (the "*Trust*") and U.S. BANCORP FUND SERVICES, LLC, d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company ("*Fund Services*").

**RECITALS**

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to update the fees listed in Exhibit B of the Agreement, effective as of February 1, 2026; and

WHEREAS, the parties desire to amend Exhibit A to add the following funds:

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Regents Park Hedged Market Strategy ETF

WHEREAS, Section 11(e) of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

1. Effective as of February 1, 2026, Exhibit B is hereby superseded and replaced in its entirety with the Exhibit B attached hereto.

2. As of the Effective Date, Exhibit A is hereby superseded and replaced in its entirety with the Exhibit A attached hereto.

3. Notwithstanding the foregoing, all other terms and conditions of the Agreement shall remain in full force and effect.

*SIGNATURES ON NEXT PAGE*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**HORIZON FUNDS**

By: /s/ Steve Terry

Name: Steve Terry

Title: Chief Financial Officer

Date: June 11, 2026

**U.S. BANCORP FUND SERVICES, LLC**

By: /s/ Elizabeth Scalf

Name: Elizabeth Scalf

Title: Senior Vice President

Date: June 11, 2026

**Exhibit A to the Fund Administration Servicing Agreement**

**Separate Series of Horizon Funds**

**<u>Name of Series</u>**

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Horizon Expedition Plus ETF

Horizon Landmark ETF

Horizon Dividend Income ETF

Horizon Core Equity ETF

Horizon Managed Risk ETF

Horizon Core Bond ETF

Horizon Flexible Income ETF

Horizon Nasdaq-100 Defined Risk ETF

Horizon Digital Frontier ETF

Horizon International Equity ETF

Horizon International Managed Risk ETF

Horizon Small/Mid Cap Core Equity ETF

Regents Park Hedged Market Strategy ETF

**Exhibit B**

**Fund Administration Servicing Agreement Fee Schedule**

Effective from 2/1/2026 to 1/31/2028

**<u>Optional Regulatory Administration Services</u>**

(in support of external legal counsel)

**Full Start Up New Registrant**

[\*\*\*] per project one fund

[\*\*\*] per project two funds

[\*\*\*] per project three funds

[\*\*\*] per project four funds

Plus [\*\*\*] each additional fund

Above fees are applicable when all new funds are registered in same statutory prospectus.

(Excludes Trust counsel fee; subject to services provided, if applicable)

**<u>Full Start Up Services</u>**

Product design assistance

Implementation project management

Formation of Delaware statutory trust

Preparation of declaration of trust and by-laws

Preparation of Prospectus, SAI, Part C (registration statement)

Preparation of Form N-8A to register as investment company

Preparation of initial trustee actions to organize trust and initial fund

Preparation of exhibits and other materials to be filed with the registration statement

Preparation of subscription agreement for statutory seed capital

Preparation of Rule 12b-1 distribution plan

Preparation of Form 8-A for listing shares on a securities exchange

Preparation of Inline XBRL exhibits

Taking of and preparation of written response to SEC comments

Other assistance as necessary and agreed upon

**Additional Regulatory Administration Services in support of external legal counsel**

Subsequent new fund launch [\*\*\*] per fund, or as negotiated

Multi-managed funds, proxy, expedited filings, asset conversion, fulcrum fee, exemptive applications as negotiated based upon specific requirements

*Note: External legal costs are not included in the above fees.*

Fund startup and registration fees are billed 50% following the selection of U.S. Bank and 50% 75 days after the preliminary registration statement is filed with the SEC.

**Ongoing Annual Regulatory Administration Services in support of external legal counsel**

Includes annual registration statement update and drafting of supplements:

[\*\*\*] for first three active or inactive funds in same statutory prospectus

[\*\*\*] for each additional active or inactive fund in the same statutory prospectus

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Postage, if necessary

Federal and state regulatory filing fees

Expenses from Board of Trustee meetings

Third party auditing

EDGAR/XBRL filing (may be charged by third-party or U.S. Bank)

All other Miscellaneous expenses

**<u>Base Fee for Accounting and Administration</u>**

The following reflects the greater of the basis point fee or annual minimum where Horizon investment company.

**Annual Trust Minimum**

Number of ETFs \* Fund Min ([\*\*\*])

**Basis Points on Trust AUM for (ETFs)**

First $250m – [\*\*\*]

Next $250m – [\*\*\*]

Next $1B – [\*\*\*]

Balance – [\*\*\*]

Trust minimum will be recalculated dynamically at each ETF launch.

U.S. Bank will apply a one time fee waiver of [\*\*\*] for each new fund converting into the Horizon Funds (Anfield/Regents Park); currently five ETFs and one mutual fund = [\*\*\*].

See Appendix A for Services and Associated Fees in addition to the Base Fee

See Appendix B for Optional Supplemental Services and Associated Fees in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly.

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**<u>Data Services</u>**

**Pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

[\*\*\*] Listed Equity Instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

[\*\*\*] Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

[\*\*\*] Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

[\*\*\*] Bank Loans

Derivative Instruments are generally charged at the following rates:

[\*\*\*] Interest Rate Swaps, Foreign Currency Swaps

[\*\*\*] Swaptions

[\*\*\*] Credit Default Swaps

[\*\*\*] Intraday money market funds pricing, up to 3 times per day

[\*\*\*] per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action, Factor, and ETF Income Projection Services**

[\*\*\*] per Foreign Equity Security per Month for Corporate Action Services

[\*\*\*] per Domestic Equity Security per Month for Corporate Action Services

[\*\*\*] per CMO and Asset Backed Security per Month / [\*\*\*] for ETF Funds per month for Factor Services

[\*\*\*] per Mortgage Backed Security per Month for Factor Services / no charge for ETF Funds

[\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projections

**Third Party Administrative Data Charges**

(descriptive data for analytics, reporting and compliance)

[\*\*\*] per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

[\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

[\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

[\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

[\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

[\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fee. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**All Data Service charges are subject to change based on cost increases from underlying data providers.**

**<u>SEC Modernization Requirements</u>**

Form N-PORT [\*\*\*] per year, per Fund

Form N-CEN [\*\*\*] per year, per Fund

**Expense Processing and Budgeting Services Non-Unitary Fee ETFs:**

Fund administration payment of fund expenses and quarterly budgeting on behalf of ETFs not utilizing a unitary fee structure:

[\*\*\*] per year, per Fund

**<u>Core Tax Services</u>**

M-1 book-to-tax adjustments at fiscal and excise year-end

Prepare tax footnotes in conjunction with fiscal year-end audit

Prepare Form 1120-RIC federal income tax return and relevant schedules

Prepare Form 8613 and relevant schedules

Prepare Form 1099-MISC Forms

Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**<u>Miscellaneous Expenses</u>**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance**

(provided by U.S. Bank upon client need and/or request)

**<u>Daily Compliance Services</u>**

[\*\*\*] per fund group per year - Base fee

Additional fee of [\*\*\*] per fund per year (first fund included in base fee)

**<u>SEC Derivatives Rule 18f-4 Confluence Technologies Offering</u>**

Limited Derivatives User – [\*\*\*] per Fund per Month

Full Derivatives User (no OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 1-5 OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 5 or more OTC derivatives) – [\*\*\*] per Fund per Month

Closed Fund Data Maintenance Fee – [\*\*\*]

\*Additional fees may apply from index providers

**<u>Section 15(c) Reporting</u>**

[\*\*\*] per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

Performance reporting package: Peer Comparison Report

Additional 15c reporting is subject to additional charges

Data source Morningstar; other data sources may incur additional charges by a third-party source.

Fees for Special Situation: Fee will be assessed.

**<u>Rule 2a-5 Supplemental Services:</u>**

Monthly Fee for Such Fund:

Percentage of individual level 2 instruments held by a Fund 5% or less – [\*\*\*]

More than 5% but less than 25% – [\*\*\*]

25% or more – [\*\*\*]

Note: The availability of the Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 services may not include instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

**<u>Digital Board Materials:</u>**

**Comprehensive Digital Services**

Base Fee – [\*\*\*]

Per User Fee – [\*\*\*]

Per Separate Committee Fee – [\*\*\*]

Subject to an annual increase, provided that the annual increase will not exceed 4.5% through October 2025.

Per user fee applies to all users excluding any USBGFS employee who is not an officer in a Multiple Series Trust sponsored by USBGFS.

Per Separate Committee fee is used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

**Light Digital Offering**

Base Fee – [\*\*\*]

NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.

<sup>1</sup> All Urban Consumers index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

**<u>Controlled Foreign Corporation (CFC)</u>**

U.S. Bank Fee Schedule plus [\*\*\*]

**<u>C-Corp Administrative Services</u>**

1940 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

1933 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

**<u>Optional Tax Services</u>**

Additional services excluded from the Base Fee are:

Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) [\*\*\*] per year

Additional Capital Gain Dividend Estimates (First two included in core services) [\*\*\*] per additional estimate

State tax returns (First two included in core services) [\*\*\*] per additional return

**Tax Reporting C-Corporations**

**Federal Tax Returns**

Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) [\*\*\*]

Prepare Federal and State extensions (If Applicable) Included in the return fees

Prepare provision estimates [\*\*\*] per estimate

**State Tax Returns**

Prepare state income tax returns for funds and blocker entities [\*\*\*] per state return

Sign state income tax returns [\*\*\*] per state return

Assist in filing state income tax returns Included with preparation of returns

State tax notice consultative support and resolution [\*\*\*] per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

## Exhibit 99.28

*Certain confidential portions of this exhibit have been omitted and replaced with "[\*\*\*]". Such identified information has been excluded from this exhibit because it is (i) not material and (ii) is the type that the registrant treats as private or confidential.*

**THIRD AMENDMENT TO THE**

**ETF FUND ACCOUNTING SERVICING AGREEMENT**

THIS THIRD AMENDMENT to the ETF Fund Accounting Servicing Agreement dated as of January 22, 2025, as amended (the "*Agreement*") is made and entered into as of June 15, 2026 (the "*Effective Date*"), by and between HORIZON FUNDS, a Delaware statutory trust (the "*Trust*") and U.S. BANCORP FUND SERVICES, LLC, d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company ("*Fund Services*").

**RECITALS**

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to update the fees listed in Exhibit B of the Agreement, effective as of February 1, 2026; and

WHEREAS, the parties desire to amend Exhibit A to add the following funds:

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Regents Park Hedged Market Strategy ETF

WHEREAS, Section 15(e) of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

1. Effective as of February 1, 2026, Exhibit B is hereby superseded and replaced in its entirety with the Exhibit B attached hereto.

2. As of the Effective Date, Exhibit A is hereby superseded and replaced in its entirety with the Exhibit A attached hereto.

3. Notwithstanding the foregoing, all other terms and conditions of the Agreement shall remain in full force and effect.

*SIGNATURES ON NEXT PAGE*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**HORIZON FUNDS**

By: /s/ Steve Terry

Name: Steve Terry

Title: Chief Financial Officer

Date: June 11, 2026

**U.S. BANCORP FUND SERVICES, LLC**

By: /s/ Elizabeth Scalf

Name: Elizabeth Scalf

Title: Senior Vice President

Date: June 11, 2026

**Exhibit A to the ETF Fund Accounting Servicing Agreement**

**Separate Series of Horizon Funds**

**<u>Name of Series</u>**

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Horizon Expedition Plus ETF

Horizon Landmark ETF

Horizon Dividend Income ETF

Horizon Core Equity ETF

Horizon Managed Risk ETF

Horizon Core Bond ETF

Horizon Flexible Income ETF

Horizon Nasdaq-100 Defined Risk ETF

Horizon Digital Frontier ETF

Horizon International Equity ETF

Horizon International Managed Risk ETF

Horizon Small/Mid Cap Core Equity ETF

Regents Park Hedged Market Strategy ETF

**Exhibit B**

**Fund Accounting Servicing Agreement Fee Schedule**

Effective from 2/1/2026 to 1/31/2028

**<u>Base Fee for Accounting and Administration</u>**

The following reflects the greater of the basis point fee or annual minimum where Horizon Investments, LLC is the investment adviser and Horizon Funds is the investment company.

**Annual Trust Minimum**

Number of ETFs \* Fund Min ([\*\*\*])

**Basis Points on Trust AUM for (ETFs)**

First $250m – [\*\*\*]

Next $250m – [\*\*\*]

Next $1B – [\*\*\*]

Balance – [\*\*\*]

Trust minimum will be recalculated dynamically at each ETF launch.

U.S. Bank will apply a one time fee waiver of [\*\*\*] for each new fund converting into the Horizon Funds (Anfield/Regents Park); currently five ETFs and one mutual fund = [\*\*\*].

See Appendix A for Services and Associated Fees in addition to the Base Fee

See Appendix B for Optional Supplemental Services and Associated Fees in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly.

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**<u>Data Services</u>**

**Pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

[\*\*\*] Listed Equity Instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

[\*\*\*] Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

[\*\*\*] Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

[\*\*\*] Bank Loans

Derivative Instruments are generally charged at the following rates:

[\*\*\*] Interest Rate Swaps, Foreign Currency Swaps

[\*\*\*] Swaptions

[\*\*\*] Credit Default Swaps

[\*\*\*] Intraday money market funds pricing, up to 3 times per day

[\*\*\*] per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action, Factor, and ETF Income Projection Services**

[\*\*\*] per Foreign Equity Security per Month for Corporate Action Services

[\*\*\*] per Domestic Equity Security per Month for Corporate Action Services

[\*\*\*] per CMO and Asset Backed Security per Month / [\*\*\*] for ETF Funds per month for Factor Services

[\*\*\*] per Mortgage Backed Security per Month for Factor Services / no charge for ETF Funds

[\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projections

**Third Party Administrative Data Charges**

(descriptive data for analytics, reporting and compliance)

[\*\*\*] per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

[\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

[\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

[\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

[\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

[\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fee. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**All Data Service charges are subject to change based on cost increases from underlying data providers.**

**<u>SEC Modernization Requirements</u>**

Form N-PORT [\*\*\*] per year, per Fund

Form N-CEN [\*\*\*] per year, per Fund

**Expense Processing and Budgeting Services Non-Unitary Fee ETFs:**

Fund administration payment of fund expenses and quarterly budgeting on behalf of ETFs not utilizing a unitary fee structure:

[\*\*\*] per year, per Fund

**<u>Core Tax Services</u>**

M-1 book-to-tax adjustments at fiscal and excise year-end

Prepare tax footnotes in conjunction with fiscal year-end audit

Prepare Form 1120-RIC federal income tax return and relevant schedules

Prepare Form 8613 and relevant schedules

Prepare Form 1099-MISC Forms

Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**<u>Miscellaneous Expenses</u>**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance**

(provided by U.S. Bank upon client need and/or request)

**<u>Daily Compliance Services</u>**

[\*\*\*] per fund group per year - Base fee

Additional fee of [\*\*\*] per fund per year (first fund included in base fee)

**<u>SEC Derivatives Rule 18f-4 Confluence Technologies Offering</u>**

Limited Derivatives User – [\*\*\*] per Fund per Month

Full Derivatives User (no OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 1-5 OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 5 or more OTC derivatives) – [\*\*\*] per Fund per Month

Closed Fund Data Maintenance Fee – [\*\*\*]

\*Additional fees may apply from index providers

**<u>Section 15(c) Reporting</u>**

[\*\*\*] per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

Performance reporting package: Peer Comparison Report

Additional 15c reporting is subject to additional charges

Data source Morningstar; other data sources may incur additional charges by a third-party source.

Fees for Special Situation: Fee will be assessed.

**<u>Rule 2a-5 Supplemental Services:</u>**

Monthly Fee for Such Fund:

Percentage of individual level 2 instruments held by a Fund 5% or less – [\*\*\*]

More than 5% but less than 25% – [\*\*\*]

25% or more – [\*\*\*]

Note: The availability of the Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 services may not include instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

**<u>Digital Board Materials:</u>**

**Comprehensive Digital Services**

Base Fee – [\*\*\*]

Per User Fee – [\*\*\*]

Per Separate Committee Fee – [\*\*\*]

Subject to an annual increase, provided that the annual increase will not exceed 4.5% through October 2025.

Per user fee applies to all users excluding any USBGFS employee who is not an officer in a Multiple Series Trust sponsored by USBGFS.

Per Separate Committee fee is used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

**Light Digital Offering**

Base Fee – [\*\*\*]

NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.

<sup>1</sup> All Urban Consumers index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

**<u>Controlled Foreign Corporation (CFC)</u>**

U.S. Bank Fee Schedule plus [\*\*\*]

**<u>C-Corp Administrative Services</u>**

1940 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

1933 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

**<u>Optional Tax Services</u>**

Additional services excluded from the Base Fee are:

Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) [\*\*\*] per year

Additional Capital Gain Dividend Estimates (First two included in core services) [\*\*\*] per additional estimate

State tax returns (First two included in core services) [\*\*\*] per additional return

**Tax Reporting C-Corporations**

**Federal Tax Returns**

Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) [\*\*\*]

Prepare Federal and State extensions (If Applicable) Included in the return fees

Prepare provision estimates [\*\*\*] per estimate

**State Tax Returns**

Prepare state income tax returns for funds and blocker entities [\*\*\*] per state return

Sign state income tax returns [\*\*\*] per state return

Assist in filing state income tax returns Included with preparation of returns

State tax notice consultative support and resolution [\*\*\*] per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

## Exhibit 99.28

*Certain confidential portions of this exhibit have been omitted and replaced with "[\*\*\*]". Such identified information has been excluded from this exhibit because it is (i) not material and (ii) is the type that the registrant treats as private or confidential.*

**THIRD AMENDMENT TO THE**

**TRANSFER AGENT SERVICING AGREEMENT**

THIS THIRD AMENDMENT to the Transfer Agent Servicing Agreement dated as of January 17, 2025, as amended (the "*Agreement*") is made and entered into as of June 15, 2026 (the "*Effective Date*"), by and between HORIZON FUNDS, a Delaware statutory trust (the "*Trust*") and U.S. BANCORP FUND SERVICES, LLC, d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company ("*Fund Services*").

**RECITALS**

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to update the fees listed in Exhibit B of the Agreement, effective as of February 1, 2026; and

WHEREAS, the parties desire to amend Exhibit A to add the following funds:

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Regents Park Hedged Market Strategy ETF

WHEREAS, Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

1. Effective as of February 1, 2026, Exhibit B is hereby superseded and replaced in its entirety with the Exhibit B attached hereto.

2. As of the Effective Date, Exhibit A is hereby superseded and replaced in its entirety with the Exhibit A attached hereto.

3. Notwithstanding the foregoing, all other terms and conditions of the Agreement shall remain in full force and effect.

*SIGNATURES ON NEXT PAGE*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**HORIZON FUNDS**

By: /s/ Steve Terry

Name: Steve Terry

Title: Chief Financial Officer

Date: June 11, 2026

**U.S. BANCORP FUND SERVICES, LLC**

By: /s/ Elizabeth Scalf

Name: Elizabeth Scalf

Title: Senior Vice President

Date: June 11, 2026

**Exhibit A to the Transfer Agent Servicing Agreement**

**Separate Series of Horizon Funds**

**<u>Name of Series</u>**

Anfield Dynamic Fixed Income ETF

Anfield Enhanced Market Strategy ETF

Anfield Universal Fixed Income ETF

Anfield U.S. Equity Sector Rotation ETF

Horizon Expedition Plus ETF

Horizon Landmark ETF

Horizon Dividend Income ETF

Horizon Core Equity ETF

Horizon Managed Risk ETF

Horizon Core Bond ETF

Horizon Flexible Income ETF

Horizon Nasdaq-100 Defined Risk ETF

Horizon Digital Frontier ETF

Horizon International Equity ETF

Horizon International Managed Risk ETF

Horizon Small/Mid Cap Core Equity ETF

Regents Park Hedged Market Strategy ETF

**Exhibit B**

**Fund Transfer Agent Servicing Agreement Fee Schedule**

Effective from 2/1/2026 to 1/31/2028

**<u>Base Fee for ETF Services</u>**

**Annual Fee per fund**

ETF Order Management – [\*\*\*] per fund

ETF Transfer Agency – [\*\*\*] per order (Create or Redeem)

**Basket Creation**

Equities/Cash – [\*\*\*]

International Securities/Derivatives – [\*\*\*]

Fixed AP Fee – TBD/fund

**Optional Services**

ETF Stock Splits – [\*\*\*]

ETF Liquidation – [\*\*\*]

ETF Slippage Calculations – [\*\*\*]

See Appendix A for Services and Associated Fees in addition to the Base Fee

See Appendix B for Optional Supplemental Services and Associated Fees in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of the initial two-year period. Following the initial two-year period, this fee schedule will automatically renew (unless otherwise amended or terminated) for successive two-year periods, and should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period, Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers – provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly.

**Appendix A**

**Accounting, Administration, Transfer Agent Services (in addition to the Base Fee)**

**<u>Data Services</u>**

**Pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

[\*\*\*] Listed Equity Instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

[\*\*\*] Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

[\*\*\*] Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds

[\*\*\*] Bank Loans

Derivative Instruments are generally charged at the following rates:

[\*\*\*] Interest Rate Swaps, Foreign Currency Swaps

[\*\*\*] Swaptions

[\*\*\*] Credit Default Swaps

[\*\*\*] Intraday money market funds pricing, up to 3 times per day

[\*\*\*] per Month Manual Security Pricing (>25 per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action, Factor, and ETF Income Projection Services**

[\*\*\*] per Foreign Equity Security per Month for Corporate Action Services

[\*\*\*] per Domestic Equity Security per Month for Corporate Action Services

[\*\*\*] per CMO and Asset Backed Security per Month / [\*\*\*] for ETF Funds per month for Factor Services

[\*\*\*] per Mortgage Backed Security per Month for Factor Services / no charge for ETF Funds

[\*\*\*] per Fixed Income Security per Month for ETF funds only for ETF income projections

**Third Party Administrative Data Charges**

(descriptive data for analytics, reporting and compliance)

[\*\*\*] per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

[\*\*\*] per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

[\*\*\*] per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

[\*\*\*] per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

[\*\*\*] per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

[\*\*\*] per month per fund additional fee for creation of a blended index, in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fee. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**All Data Service charges are subject to change based on cost increases from underlying data providers.**

**<u>SEC Modernization Requirements</u>**

Form N-PORT [\*\*\*] per year, per Fund

Form N-CEN [\*\*\*] per year, per Fund

**Expense Processing and Budgeting Services Non-Unitary Fee ETFs:**

Fund administration payment of fund expenses and quarterly budgeting on behalf of ETFs not utilizing a unitary fee structure:

[\*\*\*] per year, per Fund

**<u>Core Tax Services</u>**

M-1 book-to-tax adjustments at fiscal and excise year-end

Prepare tax footnotes in conjunction with fiscal year-end audit

Prepare Form 1120-RIC federal income tax return and relevant schedules

Prepare Form 8613 and relevant schedules

Prepare Form 1099-MISC Forms

Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing

Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**<u>Miscellaneous Expenses</u>**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance**

(provided by U.S. Bank upon client need and/or request)

**<u>Daily Compliance Services</u>**

[\*\*\*] per fund group per year - Base fee

Additional fee of [\*\*\*] per fund per year (first fund included in base fee)

**<u>SEC Derivatives Rule 18f-4 Confluence Technologies Offering</u>**

Limited Derivatives User – [\*\*\*] per Fund per Month

Full Derivatives User (no OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 1-5 OTC derivatives) – [\*\*\*] per Fund per Month

Full Derivative User (with 5 or more OTC derivatives) – [\*\*\*] per Fund per Month

Closed Fund Data Maintenance Fee – [\*\*\*]

\*Additional fees may apply from index providers

**<u>Section 15(c) Reporting</u>**

[\*\*\*] per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio w classes on one report) OR Full 15(c) report

Performance reporting package: Peer Comparison Report

Additional 15c reporting is subject to additional charges

Data source Morningstar; other data sources may incur additional charges by a third-party source.

Fees for Special Situation: Fee will be assessed.

**<u>Rule 2a-5 Supplemental Services:</u>**

Monthly Fee for Such Fund:

Percentage of individual level 2 instruments held by a Fund 5% or less – [\*\*\*]

More than 5% but less than 25% – [\*\*\*]

25% or more – [\*\*\*]

Note: The availability of the Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 services may not include instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

**<u>Digital Board Materials:</u>**

**Comprehensive Digital Services**

Base Fee – [\*\*\*]

Per User Fee – [\*\*\*]

Per Separate Committee Fee – [\*\*\*]

Subject to an annual increase, provided that the annual increase will not exceed 4.5% through October 2025.

Per user fee applies to all users excluding any USBGFS employee who is not an officer in a Multiple Series Trust sponsored by USBGFS.

Per Separate Committee fee is used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

**Light Digital Offering**

Base Fee – [\*\*\*]

NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.

<sup>1</sup> All Urban Consumers index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

**<u>Controlled Foreign Corporation (CFC)</u>**

U.S. Bank Fee Schedule plus [\*\*\*]

**<u>C-Corp Administrative Services</u>**

1940 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

1933 Act C-Corp – U.S. Bank Fee Schedule plus [\*\*\*]

**<u>Optional Tax Services</u>**

Additional services excluded from the Base Fee are:

Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) [\*\*\*] per year

Additional Capital Gain Dividend Estimates (First two included in core services) [\*\*\*] per additional estimate

State tax returns (First two included in core services) [\*\*\*] per additional return

**Tax Reporting C-Corporations**

**Federal Tax Returns**

Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) [\*\*\*]

Prepare Federal and State extensions (If Applicable) Included in the return fees

Prepare provision estimates [\*\*\*] per estimate

**State Tax Returns**

Prepare state income tax returns for funds and blocker entities [\*\*\*] per state return

Sign state income tax returns [\*\*\*] per state return

Assist in filing state income tax returns Included with preparation of returns

State tax notice consultative support and resolution [\*\*\*] per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.