# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-26-013907
**Filing Date:** 2026-4
**Character Count:** 115758
**Document Hash:** 05bf8766e6e83b0db87a36eff2455dc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013907.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013907

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**PERIOD START**: 20261130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 26915992

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

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

## Series and Classes Contracts Data

### HORIZON INTERNATIONAL EQUITY ETF (Series ID: S000096535)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000265415 | HORIZON INTERNATIONAL EQUITY ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Horizon International Equity ETF** | **Horizon International Equity ETF** | **Horizon International Equity ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 83.5%** | **Shares**  | **Value**  |
| **<u>Australia</u> - 1.7%** | **<u>Australia</u> - 1.7%** | |
| **Banks - 0.1%** | | |
| ANZ Group Holdings Ltd. | 4224 | $120360 |
| **Broadline Retail - 0.1%** |  |  |
| Wesfarmers Ltd. | 2080 | 117856 |
| **Consumer Staples Distribution & Retail - 0.2%** |  |  |
| Coles Group Ltd. | 9312 | 136248 |
| **Diversified Telecommunication Services - 0.1%** |  |  |
| Telstra Group Ltd. | 29760 | 109705 |
| **Insurance - 0.1%** |  |  |
| Suncorp Group Ltd. | 9024 | 93953 |
| **Metals & Mining - 0.8%** |  |  |
| Evolution Mining Ltd. | 20544 | 242401 |
| Fortescue Ltd. | 14816 | 222895 |
| Rio Tinto Ltd. | 2400 | 285792 |
|  |  | 751088 |
| **Oil, Gas & Consumable Fuels - 0.3%** |  |  |
| Woodside Energy Group Ltd. | 12256 | 246919 |
| **Total Australia** | **Total Australia** | 1576129 |
| **<u>Belgium</u> - 0.7%** | **<u>Belgium</u> - 0.7%** |  |
| **Banks - 0.2%** |  |  |
| KBC Group NV | 1696 | 230059 |
| **Beverages - 0.2%** |  |  |
| Anheuser-Busch InBev SA | 2080 | 169141 |
| **Pharmaceuticals - 0.3%** |  |  |
| UCB SA | 928 | 276653 |
| **Total Belgium** | **Total Belgium** | 675853 |
| **<u>Brazil</u> - 1.0%** | **<u>Brazil</u> - 1.0%** |  |
| **Beverages - 0.2%** |  |  |
| Ambev SA | 53756 | 170606 |
| **Capital Markets - 0.2%** |  |  |
| B3 SA - Brasil Bolsa Balcao | 52733 | 184331 |
| **Metals & Mining - 0.5%** |  |  |
| Vale SA | 28528 | 492152 |
| **Water Utilities - 0.1%** |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4161 | 124877 |
| **Total Brazil** | **Total Brazil** | 971966 |
| **<u>Canada</u> - 8.5%** | **<u>Canada</u> - 8.5%** |  |
| **Automobile Components - 0.1%** |  |  |
| Magna International, Inc. | 2112 | 133172 |
| **Banks - 1.3%** |  |  |
| Bank of Nova Scotia | 7136 | 541353 |
| Toronto-Dominion Bank | 7328 | 713863 |
|  |  | 1255216 |
| **Broadline Retail - 0.2%** |  |  |
| Dollarama, Inc. | 1280 | 188446 |
| **Consumer Staples Distribution & Retail - 0.5%** |  |  |
| Alimentation Couche-Tard, Inc. | 3808 | 231096 |
| Loblaw Cos. Ltd. | 4864 | 225433 |
|  |  | 456529 |
| **Electronic Equipment, Instruments & Components - 0.2%** |  |  |
| Celestica, Inc. <sup>(a)</sup> | 544 | 151062 |
| **Ground Transportation - 0.3%** |  |  |
| Canadian National Railway Co. | 1184 | 132865 |
| Canadian Pacific Kansas City Ltd. | 1536 | 134496 |
|  |  | 267361 |
| **Insurance - 0.5%** |  |  |
| Fairfax Financial Holdings Ltd. | 160 | 275386 |
| Power Corp. of Canada | 4864 | 244332 |
|  |  | 519718 |
| **IT Services - 0.8%** |  |  |
| CGI, Inc. | 1088 | 79571 |
| Shopify, Inc. - Class A <sup>(a)</sup> | 5216 | 629683 |
|  |  | 709254 |
| **Metals & Mining - 2.5%** |  |  |
| Agnico Eagle Mines Ltd. | 3840 | 964553 |
| Barrick Mining Corp. | 13184 | 668938 |
| Kinross Gold Corp. | 10208 | 377323 |
| Lundin Gold, Inc. | 1248 | 117632 |
| Pan American Silver Corp. | 3712 | 254660 |
|  |  | 2383106 |
| **Oil, Gas & Consumable Fuels - 1.8%** |  |  |
| ARC Resources Ltd. | 5376 | 99713 |
| Canadian Natural Resources Ltd. | 15136 | 662120 |
| Imperial Oil Ltd. | 1824 | 213349 |
| Suncor Energy, Inc. | 10144 | 572996 |
| Whitecap Resources, Inc. | 15296 | 152730 |
|  |  | 1700908 |
| **Trading Companies & Distributors - 0.1%** |  |  |
| Toromont Industries Ltd. | 896 | 139059 |
| **Wireless Telecommunication Services - 0.2%** |  |  |
| Rogers Communications, Inc. - Class B | 3680 | 146871 |
| **Total Canada** | **Total Canada** | 8050702 |
| **<u>Chile</u> - 0.2%** | **<u>Chile</u> - 0.2%** |  |
| **Metals & Mining - 0.2%** |  |  |
| Antofagasta PLC | 3520 | 202463 |
| **<u>China</u> - 6.8%** | **<u>China</u> - 6.8%** |  |
| **Banks - 0.1%** |  |  |
| China CITIC Bank Corp. Ltd. - Class H | 104000 | 95846 |
| **Beverages - 0.1%** |  |  |
| Nongfu Spring Co. Ltd. - Class H <sup>(b)</sup> | 16600 | 100575 |
| **Consumer Staples Distribution & Retail - 0.1%** |  |  |
| JD Health International, Inc. <sup>(a)(b)</sup> | 13200 | 95751 |
| **Entertainment - 0.3%** |  |  |
| NetEase, Inc. | 13600 | 311517 |
| **Hotels, Restaurants & Leisure - 0.2%** |  |  |
| Yum China Holdings, Inc. | 3200 | 177192 |
| **Insurance - 1.2%** |  |  |
| China Life Insurance Co. Ltd. - Class H | 72000 | 290636 |
| China Pacific Insurance Group Co. Ltd. - Class H | 30400 | 139655 |
| People's Insurance Co. Group of China Ltd. - Class H | 115000 | 94224 |
| PICC Property & Casualty Co. Ltd. - Class H | 72000 | 148999 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 50000 | 434593 |
|  |  | 1108107 |
| **Interactive Media & Services - 3.1%** |  |  |
| Baidu, Inc. - Class A <sup>(a)</sup> | 13300 | 210294 |
| Kuaishou Technology <sup>(b)</sup> | 22400 | 179952 |
| Tencent Holdings Ltd. | 39200 | 2595496 |
|  |  | 2985742 |
| **Life Sciences Tools & Services - 0.2%** |  |  |
| Wuxi Biologics Cayman, Inc. <sup>(a)(b)</sup> | 30500 | 156800 |
| **Machinery - 0.1%** |  |  |
| Yangzijiang Shipbuilding Holdings Ltd. | 37120 | 127362 |
| **Metals & Mining - 0.7%** |  |  |
| China Hongqiao Group Ltd. | 33500 | 151841 |
| CMOC Group Ltd. - Class H | 51000 | 157497 |
| Zijin Mining Group Co. Ltd. - Class H | 58000 | 333614 |
|  |  | 642952 |
| **Oil, Gas & Consumable Fuels - 0.5%** |  |  |
| China Shenhua Energy Co. Ltd. - Class H | 31000 | 178153 |
| PetroChina Co. Ltd. - Class H | 210000 | 256078 |
|  |  | 434231 |
| **Technology Hardware, Storage & Peripherals - 0.2%** |  |  |
| Xiaomi Corp. - Class B <sup>(a)(b)</sup> | 41400 | 184684 |
| **Total China** | **Total China** | 6420759 |
| **<u>Denmark</u> - 0.6%** | **<u>Denmark</u> - 0.6%** |  |
| **Biotechnology - 0.2%** |  |  |
| Genmab AS <sup>(a)</sup> | 608 | 177729 |
| **Chemicals - 0.1%** |  |  |
| Novonesis Novozymes B | 1664 | 98809 |
| **Electrical Equipment - 0.3%** |  |  |
| Vestas Wind Systems AS | 9408 | 241687 |
| **Total Denmark** | **Total Denmark** | 518225 |
| **<u>Finland</u> - 0.6%** | **<u>Finland</u> - 0.6%** |  |
| **Communications Equipment - 0.2%** |  |  |
| Nokia Oyj | 24992 | 191476 |
| **Insurance - 0.2%** |  |  |
| Sampo Oyj | 17696 | 196299 |
| **Machinery - 0.2%** |  |  |
| Wartsila OYJ Abp | 4192 | 182776 |
| **Total Finland** | **Total Finland** | 570551 |
| **<u>France</u> - 5.3%** | **<u>France</u> - 5.3%** |  |
| **Banks - 0.2%** |  |  |
| Societe Generale SA | 1952 | 170357 |
| **Chemicals - 0.3%** |  |  |
| Air Liquide SA | 1184 | 249360 |
| **Construction & Engineering - 0.5%** |  |  |
| Bouygues SA | 1920 | 119514 |
| Vinci SA | 1984 | 329959 |
|  |  | 449473 |
| **Diversified Telecommunication Services - 0.1%** |  |  |
| Orange SA | 6304 | 135494 |
| **Electrical Equipment - 0.7%** |  |  |
| Legrand SA | 1472 | 267594 |
| Schneider Electric SE | 1344 | 439419 |
|  |  | 707013 |
| **Food Products - 0.3%** |  |  |
| Danone SA | 2880 | 247195 |
| **Insurance - 0.2%** |  |  |
| AXA SA | 3904 | 191254 |
| **IT Services - 0.1%** |  |  |
| Capgemini SE | 928 | 117273 |
| **Multi-Utilities - 0.3%** |  |  |
| Engie SA | 9440 | 322694 |
| **Oil, Gas & Consumable Fuels - 0.9%** |  |  |
| TotalEnergies SE | 10688 | 849675 |
| **Personal Care Products - 0.3%** |  |  |
| L'Oreal SA | 544 | 255445 |
| **Pharmaceuticals - 0.3%** |  |  |
| Sanofi SA | 2816 | 273511 |
| **Textiles, Apparel & Luxury Goods - 1.1%** |  |  |
| Hermes International SCA | 79 | 191267 |
| LVMH Moet Hennessy Louis Vuitton SE | 1376 | 884642 |
|  |  | 1075909 |
| **Total France** | **Total France** | 5044653 |
| **<u>Germany</u> - 3.4%** | **<u>Germany</u> - 3.4%** |  |
| **Aerospace & Defense - 0.1%** |  |  |
| Rheinmetall AG | 64 | 125798 |
| **Air Freight & Logistics - 0.5%** |  |  |
| Deutsche Post AG | 7680 | 454642 |
| **Automobiles - 0.4%** |  |  |
| Bayerische Motoren Werke AG | 1184 | 125156 |
| Mercedes-Benz Group AG | 3936 | 274396 |
|  |  | 399552 |
| **Construction Materials - 0.3%** |  |  |
| Heidelberg Materials AG | 1088 | 243682 |
| **Diversified Telecommunication Services - 0.6%** |  |  |
| Deutsche Telekom AG | 13888 | 559419 |
| **Health Care Providers & Services - 0.1%** |  |  |
| Fresenius SE & Co. KGaA | 2048 | 123174 |
| **Independent Power and Renewable Electricity Producers - 0.2%** |  |  |
| RWE AG | 3168 | 204160 |
| **Industrial Conglomerates - 0.5%** |  |  |
| Siemens AG | 1536 | 449015 |
| **Insurance - 0.2%** |  |  |
| Hannover Rueck SE | 384 | 116973 |
| Talanx AG | 800 | 101145 |
|  |  | 218118 |
| **Multi-Utilities - 0.2%** |  |  |
| E.ON SE | 6304 | 146592 |
| **Pharmaceuticals - 0.2%** |  |  |
| Merck KGaA | 832 | 126131 |
| **Real Estate Management & Development - 0.1%** |  |  |
| Vonovia SE | 3680 | 124752 |
| **Total Germany** | **Total Germany** | 3175035 |
| **<u>Hong Kong</u> - 4.9%** | **<u>Hong Kong</u> - 4.9%** |  |
| **Broadline Retail - 2.8%** |  |  |
| Alibaba Group Holding Ltd. | 144300 | 2635743 |
| **Capital Markets - 0.1%** |  |  |
| Futu Holdings Ltd. - ADR <sup>(a)</sup> | 576 | 85732 |
| **Food Products - 0.1%** |  |  |
| WH Group Ltd. <sup>(b)</sup> | 114500 | 144014 |
| **Industrial Conglomerates - 0.2%** |  |  |
| CK Hutchison Holdings Ltd. | 22000 | 181098 |
| **Insurance - 1.1%** |  |  |
| AIA Group Ltd. | 68400 | 758892 |
| Prudential PLC | 19904 | 305120 |
|  |  | 1064012 |
| **Real Estate Management & Development - 0.6%** |  |  |
| China Resources Land Ltd. | 29000 | 117803 |
| CK Asset Holdings Ltd. | 22000 | 139985 |
| Sun Hung Kai Properties Ltd. | 14500 | 270598 |
|  |  | 528386 |
| **Total Hong Kong** | **Total Hong Kong** | 4638985 |
| **<u>Indonesia</u> - 0.2%** | **<u>Indonesia</u> - 0.2%** |  |
| **Diversified Telecommunication Services - 0.1%** |  |  |
| Telkom Indonesia Persero Tbk PT | 608000 | 128382 |
| **Industrial Conglomerates - 0.1%** |  |  |
| Astra International Tbk PT | 265600 | 105749 |
| **Total Indonesia** | **Total Indonesia** | 234131 |
| **<u>Ireland</u> - 1.0%** | **<u>Ireland</u> - 1.0%** |  |
| **Banks - 0.1%** |  |  |
| AIB Group PLC | 10912 | 114108 |
| **Broadline Retail - 0.4%** |  |  |
| PDD Holdings, Inc. - ADR <sup>(a)</sup> | 3520 | 365130 |
| **Passenger Airlines - 0.2%** |  |  |
| Ryanair Holdings PLC | 7584 | 245718 |
| **Trading Companies & Distributors - 0.3%** |  |  |
| AerCap Holdings NV | 1664 | 248668 |
| **Total Ireland** | **Total Ireland** | 973624 |
| **<u>Israel</u> - 0.7%** | **<u>Israel</u> - 0.7%** |  |
| **Banks - 0.4%** |  |  |
| Bank Hapoalim BM | 9280 | 234000 |
| Mizrahi Tefahot Bank Ltd. | 1952 | 146185 |
|  |  | 380185 |
| **Pharmaceuticals - 0.2%** |  |  |
| Teva Pharmaceutical Industries Ltd. - ADR <sup>(a)</sup> | 4768 | 161444 |
| **Semiconductors & Semiconductor Equipment - 0.1%** |  |  |
| Nova Ltd. <sup>(a)</sup> | 320 | 140448 |
| **Total Israel** | **Total Israel** | 682077 |
| **<u>Italy</u> - 1.5%** | **<u>Italy</u> - 1.5%** |  |
| **Banks - 0.3%** |  |  |
| BPER Banca SPA | 8640 | 122610 |
| UniCredit SpA | 2272 | 194392 |
|  |  | 317002 |
| **Electric Utilities - 0.4%** |  |  |
| Enel SpA | 27072 | 326089 |
| **Electrical Equipment - 0.3%** |  |  |
| Prysmian SpA | 2304 | 279047 |
| **Insurance - 0.1%** |  |  |
| Unipol Assicurazioni SpA | 4192 | 104811 |
| **Oil, Gas & Consumable Fuels - 0.3%** |  |  |
| Eni SpA | 11104 | 257896 |
| **Textiles, Apparel & Luxury Goods - 0.1%** |  |  |
| Moncler SpA | 1792 | 123742 |
| **Total Italy** | **Total Italy** | 1408587 |
| **<u>Japan</u> - 11.6%** | **<u>Japan</u> - 11.6%** |  |
| **Automobile Components - 0.7%** |  |  |
| Aisin Corp. | 5800 | 103231 |
| Bridgestone Corp. | 7600 | 184738 |
| Sumitomo Electric Industries Ltd. | 6400 | 425191 |
|  |  | 713160 |
| **Automobiles - 0.3%** |  |  |
| Subaru Corp. | 5000 | 94980 |
| Suzuki Motor Corp. | 12800 | 194297 |
|  |  | 289277 |
| **Banks - 0.2%** |  |  |
| Sumitomo Mitsui Trust Group, Inc. | 4200 | 147463 |
| **Capital Markets - 0.1%** |  |  |
| SBI Holdings, Inc. | 6400 | 137291 |
| **Chemicals - 0.3%** |  |  |
| Asahi Kasei Corp. | 12800 | 151184 |
| Nitto Denko Corp. | 6400 | 149052 |
|  |  | 300236 |
| **Construction & Engineering - 0.4%** |  |  |
| Kajima Corp. | 4100 | 187508 |
| Obayashi Corp. | 5900 | 166839 |
|  |  | 354347 |
| **Electric Utilities - 0.2%** |  |  |
| Kansai Electric Power Co., Inc. | 8400 | 151847 |
| **Electrical Equipment - 1.1%** |  |  |
| Fuji Electric Co. Ltd. | 1500 | 133609 |
| Fujikura Ltd. | 2000 | 342779 |
| Mitsubishi Electric Corp. | 14200 | 544758 |
|  |  | 1021146 |
| **Electronic Equipment, Instruments & Components - 0.5%** |  |  |
| Murata Manufacturing Co. Ltd. | 12800 | 336711 |
| Yokogawa Electric Corp. | 3200 | 127967 |
|  |  | 464678 |
| **Entertainment - 0.2%** |  |  |
| Konami Group Corp. | 700 | 93369 |
| Nexon Co. Ltd. | 3200 | 68051 |
|  |  | 161420 |
| **Financial Services - 0.2%** |  |  |
| ORIX Corp. | 5600 | 198769 |
| **Gas Utilities - 0.3%** |  |  |
| Osaka Gas Co. Ltd. | 3200 | 133521 |
| Tokyo Gas Co. Ltd. | 3200 | 156880 |
|  |  | 290401 |
| **Ground Transportation - 0.2%** |  |  |
| Central Japan Railway Co. | 7300 | 215403 |
| **Health Care Equipment & Supplies - 0.4%** |  |  |
| Hoya Corp. | 1900 | 343890 |
| **Household Durables - 0.6%** |  |  |
| Panasonic Holdings Corp. | 9600 | 155958 |
| Sony Group Corp. | 16000 | 373246 |
|  |  | 529204 |
| **Insurance - 0.4%** |  |  |
| Sompo Holdings, Inc. | 5600 | 223943 |
| Tokio Marine Holdings, Inc. | 2700 | 112848 |
|  |  | 336791 |
| **IT Services - 0.2%** |  |  |
| NEC Corp. | 7400 | 205370 |
| **Leisure Products - 0.1%** |  |  |
| Bandai Namco Holdings, Inc. | 3200 | 86964 |
| **Machinery - 0.3%** |  |  |
| Komatsu Ltd. | 6400 | 308720 |
| **Oil, Gas & Consumable Fuels - 0.2%** |  |  |
| Inpex Corp. | 9000 | 218999 |
| **Pharmaceuticals - 0.5%** |  |  |
| Astellas Pharma, Inc. | 16000 | 266538 |
| Otsuka Holdings Co. Ltd. | 3700 | 253751 |
|  |  | 520289 |
| **Real Estate Management & Development - 0.2%** |  |  |
| Mitsui Fudosan Co. Ltd. | 15000 | 202334 |
| **Semiconductors & Semiconductor Equipment - 2.2%** |  |  |
| Advantest Corp. | 5000 | 859668 |
| Lasertec Corp. | 800 | 172433 |
| SCREEN Holdings Co. Ltd. | 1200 | 176160 |
| Tokyo Electron Ltd. | 3100 | 873633 |
|  |  | 2081894 |
| **Specialty Retail - 0.3%** |  |  |
| Fast Retailing Co. Ltd. | 700 | 309423 |
| **Technology Hardware, Storage & Peripherals - 0.1%** |  |  |
| FUJIFILM Holdings Corp. | 4800 | 99710 |
| **Trading Companies & Distributors - 1.0%** |  |  |
| Marubeni Corp. | 9600 | 369332 |
| Sumitomo Corp. | 6400 | 273065 |
| Toyota Tsusho Corp. | 5900 | 264011 |
|  |  | 906408 |
| **Wireless Telecommunication Services - 0.4%** |  |  |
| SoftBank Group Corp. | 15200 | 397994 |
| **Total Japan** | **Total Japan** | 10993428 |
| **<u>Luxembourg</u> - 0.4%** | **<u>Luxembourg</u> - 0.4%** |  |
| **Energy Equipment & Services - 0.2%** |  |  |
| Tenaris SA | 5152 | 140745 |
| **Metals & Mining - 0.2%** |  |  |
| ArcelorMittal SA | 3328 | 218168 |
| **Total Luxembourg** | **Total Luxembourg** | 358913 |
| **<u>Mexico</u> - 0.6%** | **<u>Mexico</u> - 0.6%** |  |
| **Metals & Mining - 0.3%** |  |  |
| Fresnillo PLC | 2752 | 157251 |
| Industrias Penoles SAB de CV | 2656 | 169073 |
|  |  | 326324 |
| **Wireless Telecommunication Services - 0.3%** |  |  |
| America Movil SAB de CV <sup>(a)</sup> | 181088 | 236060 |
| **Total Mexico** | **Total Mexico** | 562384 |
| **<u>Netherlands</u> - 5.3%** | **<u>Netherlands</u> - 5.3%** |  |
| **Biotechnology - 0.3%** |  |  |
| Argenx SE <sup>(a)</sup> | 384 | 298285 |
| **Broadline Retail - 0.5%** |  |  |
| Prosus NV | 8768 | 450776 |
| **Construction & Engineering - 0.2%** |  |  |
| Ferrovial SE | 2816 | 210158 |
| **Consumer Staples Distribution & Retail - 0.3%** |  |  |
| Koninklijke Ahold Delhaize NV | 6176 | 304819 |
| **Insurance - 0.2%** |  |  |
| NN Group NV | 1440 | 117914 |
| **Semiconductors & Semiconductor Equipment - 3.8%** |  |  |
| ASM International NV | 288 | 243043 |
| ASML Holding NV | 2304 | 3357816 |
|  |  | 3600859 |
| **Total Netherlands** | **Total Netherlands** | 4982811 |
| **<u>Norway</u> - 0.3%** | **<u>Norway</u> - 0.3%** |  |
| **Metals & Mining - 0.2%** |  |  |
| Norsk Hydro ASA | 16768 | 155436 |
| **Oil, Gas & Consumable Fuels - 0.1%** |  |  |
| Equinor ASA | 4160 | 123203 |
| **Total Norway** | **Total Norway** | 278639 |
| **<u>Singapore</u> - 0.8%** | **<u>Singapore</u> - 0.8%** |  |
| **Banks - 0.2%** |  |  |
| DBS Group Holdings Ltd. | 4192 | 189301 |
| **Capital Markets - 0.1%** |  |  |
| Singapore Exchange Ltd. | 8000 | 115108 |
| **Diversified Telecommunication Services - 0.2%** |  |  |
| Singapore Telecommunications Ltd. | 43808 | 174553 |
| **Hotels, Restaurants & Leisure - 0.3%** |  |  |
| Trip.com Group Ltd. | 4550 | 239266 |
| **Total Singapore** | **Total Singapore** | 718228 |
| **<u>South Africa</u> - 1.6%** | **<u>South Africa</u> - 1.6%** |  |
| **Banks - 0.3%** |  |  |
| Capitec Bank Holdings Ltd. | 576 | 171585 |
| Standard Bank Group Ltd. | 6752 | 136251 |
|  |  | 307836 |
| **Broadline Retail - 0.4%** |  |  |
| Naspers Ltd. | 6144 | 341575 |
| **Insurance - 0.1%** |  |  |
| Sanlam Ltd. | 20864 | 139121 |
| **Metals & Mining - 0.5%** |  |  |
| Gold Fields Ltd. | 8000 | 466458 |
| **Wireless Telecommunication Services - 0.3%** |  |  |
| MTN Group Ltd. | 18208 | 237346 |
| **Total South Africa** | **Total South Africa** | 1492336 |
| **<u>Spain</u> - 3.7%** | **<u>Spain</u> - 3.7%** |  |
| **Banks - 2.3%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 41568 | 970056 |
| Banco Santander SA | 97696 | 1245572 |
|  |  | 2215628 |
| **Construction & Engineering - 0.2%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 1736 | 224818 |
| **Electric Utilities - 0.7%** |  |  |
| Endesa SA | 3072 | 125485 |
| Iberdrola SA | 21515 | 509713 |
|  |  | 635198 |
| **Oil, Gas & Consumable Fuels - 0.2%** |  |  |
| Repsol SA | 8640 | 194125 |
| **Specialty Retail - 0.3%** |  |  |
| Industria de Diseno Textil SA | 4000 | 268554 |
| **Total Spain** | **Total Spain** | 3538323 |
| **<u>Sweden</u> - 1.6%** | **<u>Sweden</u> - 1.6%** |  |
| **Banks - 0.3%** |  |  |
| Svenska Handelsbanken AB - Class A | 8064 | 129166 |
| Swedbank AB - Class A | 3008 | 115887 |
|  |  | 245053 |
| **Building Products - 0.3%** |  |  |
| Assa Abloy AB - Class B | 5888 | 251497 |
| **Communications Equipment - 0.2%** |  |  |
| Telefonaktiebolaget LM Ericsson - Class B | 17408 | 201605 |
| **Entertainment - 0.1%** |  |  |
| Spotify Technology SA <sup>(a)</sup> | 224 | 115346 |
| **Machinery - 0.5%** |  |  |
| Atlas Copco AB - Class B | 6816 | 128240 |
| Sandvik AB | 7424 | 328453 |
|  |  | 456693 |
| **Metals & Mining - 0.2%** |  |  |
| Boliden AB | 3008 | 239038 |
| **Total Sweden** | **Total Sweden** | 1509232 |
| **<u>Switzerland</u> - 7.2%** | **<u>Switzerland</u> - 7.2%** |  |
| **Building Products - 0.1%** |  |  |
| Geberit AG | 128 | 107881 |
| **Capital Markets - 0.6%** |  |  |
| Julius Baer Group Ltd. | 2016 | 172010 |
| UBS Group AG | 9312 | 387692 |
|  |  | 559702 |
| **Construction Materials - 0.3%** |  |  |
| Holcim AG | 2560 | 236005 |
| **Diversified Telecommunication Services - 0.2%** |  |  |
| Swisscom AG | 224 | 210205 |
| **Food Products - 0.2%** |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 10 | 164661 |
| **Insurance - 0.1%** |  |  |
| Swiss Re AG | 640 | 113166 |
| **Pharmaceuticals - 4.8%** |  |  |
| Novartis AG | 11424 | 1939041 |
| Roche Holding AG | 352 | 174615 |
| Roche Holding AG | 5152 | 2459237 |
|  |  | 4572893 |
| **Professional Services - 0.1%** |  |  |
| SGS SA | 1056 | 133228 |
| **Technology Hardware, Storage & Peripherals - 0.1%** |  |  |
| Logitech International SA | 1152 | 106143 |
| **Textiles, Apparel & Luxury Goods - 0.7%** |  |  |
| Cie Financiere Richemont SA | 2976 | 608670 |
| **Total Switzerland** | **Total Switzerland** | 6812554 |
| **<u>Taiwan</u> - 3.9%** | **<u>Taiwan</u> - 3.9%** |  |
| **Semiconductors & Semiconductor Equipment - 3.9%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 9856 | 3691860 |
| **<u>Thailand</u> - 0.2%** | **<u>Thailand</u> - 0.2%** |  |
| **Electronic Equipment, Instruments & Components - 0.2%** |  |  |
| Delta Electronics Thailand PCL | 19168 | 172040 |
| **<u>United Kingdom</u> - 9.0%** | **<u>United Kingdom</u> - 9.0%** |  |
| **Aerospace & Defense - 0.6%** |  |  |
| Rolls-Royce Holdings PLC <sup>(a)</sup> | 31680 | 569320 |
| **Banks - 0.6%** |  |  |
| Barclays PLC | 36512 | 222827 |
| NatWest Group PLC | 21024 | 175382 |
| Standard Chartered PLC | 6144 | 151689 |
|  |  | 549898 |
| **Broadline Retail - 0.2%** |  |  |
| Next PLC | 1024 | 186576 |
| **Capital Markets - 0.2%** |  |  |
| 3i Group PLC | 4224 | 189105 |
| **Consumer Staples Distribution & Retail - 0.3%** |  |  |
| Tesco PLC | 38912 | 252026 |
| **Electric Utilities - 0.1%** |  |  |
| SSE PLC | 3840 | 139155 |
| **Electronic Equipment, Instruments & Components - 0.2%** |  |  |
| Halma PLC | 3040 | 171413 |
| **Health Care Equipment & Supplies - 0.1%** |  |  |
| Smith & Nephew PLC | 6272 | 115926 |
| **Metals & Mining - 1.3%** |  |  |
| Anglogold Ashanti PLC | 4160 | 524551 |
| Rio Tinto PLC | 7584 | 749682 |
|  |  | 1274233 |
| **Multi-Utilities - 0.2%** |  |  |
| National Grid PLC | 9472 | 177561 |
| **Oil, Gas & Consumable Fuels - 1.5%** |  |  |
| BP PLC | 57184 | 368098 |
| Shell PLC | 24960 | 1033847 |
|  |  | 1401945 |
| **Pharmaceuticals - 3.1%** |  |  |
| AstraZeneca PLC | 9888 | 2071066 |
| GSK PLC | 30016 | 890331 |
|  |  | 2961397 |
| **Tobacco - 0.2%** |  |  |
| Imperial Brands PLC | 5280 | 236594 |
| **Trading Companies & Distributors - 0.2%** |  |  |
| Ashtead Group PLC | 2112 | 151591 |
| **Wireless Telecommunication Services - 0.2%** |  |  |
| Vodafone Group PLC | 109248 | 168577 |
| **Total United Kingdom** | **Total United Kingdom** | 8545317 |
| **<u>United States</u> - 0.2%** | **<u>United States</u> - 0.2%** |  |
| **Biotechnology - 0.2%** |  |  |
| BeOne Medicines Ltd. <sup>(a)</sup> | 8900 | 218763 |
| **TOTAL COMMON STOCKS** (Cost $70,173,359) | **TOTAL COMMON STOCKS** (Cost $70,173,359) | 79018568 |
| **EXCHANGE TRADED FUNDS - 15.4%** | **Shares**  | **Value**  |
| iShares MSCI India ETF <sup>(a)</sup> | 29952 | 1565591 |
| iShares MSCI South Korea ETF | 69888 | 10578947 |
| iShares MSCI Taiwan ETF | 31872 | 2411754 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,489,439) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,489,439) | 14556292 |
| **PREFERRED STOCKS - 0.7%** | **Shares**  | **Value**  |
| **<u>Brazil</u> - 0.7%** | **<u>Brazil</u> - 0.7%** |  |
| **Banks - 0.4%** |  |  |
|  Itau Unibanco Holding SA, 0.00% | 41221 | 373490 |
| **Oil, Gas & Consumable Fuels - 0.3%** |  |  |
|  Petroleo Brasileiro SA - Petrobras, 0.00% | 34946 | 269329 |
| **TOTAL PREFERRED STOCKS** (Cost $494,075) | **TOTAL PREFERRED STOCKS** (Cost $494,075) | 642819 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.1%** | **Shares**  | **Value**  |
| **<u>France</u> - 0.1%** | **<u>France</u> - 0.1%** |  |
| **Retail REITs - 0.1%** |  |  |
| Unibail-Rodamco-Westfield | 992 | 124424 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $105,657) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $105,657) | 124424 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.3%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(c)</sup> | 266447 | 266447 |
| **TOTAL MONEY MARKET FUNDS** (Cost $266,447) | **TOTAL MONEY MARKET FUNDS** (Cost $266,447) | 266447 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $81,528,977**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $81,528,977**)** | 94608550 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> | 45495 |
| **TOTAL NET ASSETS - 100.0%** |  | $94654045 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| PCL - Public Company Limited |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of February 28, 2026, the value of these securities total $861,776 or 0.9% of the Fund's net assets.

(c) The rate shown represents the 7-day annualized yield as of February 28, 2026.

(d) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
Horizon International Equity ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $79018568 | $– | $– | $79018568 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 14556292 | – | – | 14556292 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 642819 | – | – | 642819 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 124424 | – | – | 124424 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 266447 | – | – | 266447 |
| Total Investments | $94608550 | $– | $– | $94608550 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

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

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

- **a. Name of Series:** Horizon International Equity ETF

- **b. EDGAR series identifier (if any):** S000096535

- **c. LEI of Series:** 5299002RBRZ3U0M7ZN94

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $94711597.05

**Total Liabilities:** $57552.70

**Net Assets:** $94654044.35

**Cash Not Reported:** $2492.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000265415 | 2.59%                | 7.95%                | 6.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30267.03                | $734038.83                                 |
| Month 2  | $523.63                  | $6761289.93                                |
| Month 3  | $299955.97               | $5584248.11                                |

**Designated Index Information**

- **Index Name:** MSCI AC WORLD INDEX ex USA Net (USD)

- **Index Identifier:** NDUEACWZ

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Halma PLC                      | Halma PLC                                              | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |      3040 | NS      | $171413.02    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                     | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |      6272 | NS      | $115925.88    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                         | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |       160 | NS      | $275385.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd              | Futu Holdings Ltd                                      | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |       576 | NS      | $85731.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                             | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |       608 | NS      | $177729.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                       | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      7680 | NS      | $454641.92    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                        | E.ON SE                                                | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |      6304 | NS      | $146592.53    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                      | Endesa SA                                              | CUSIP: N/A<br>LEI: 549300LHK07F2CHV4X31       | Long             | EC               | CORP              | ES        |      3072 | NS      | $125484.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                             | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      1536 | NS      | $449015.61    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                    | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     13888 | NS      | $559419.03    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                       | Telefonaktiebolaget LM Ericsson                        | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | SE        |     17408 | NS      | $201604.68    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA            | Societe Generale SA                                    | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |      1952 | NS      | $170356.87    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd                                        | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |      8000 | NS      | $466457.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd         | Singapore Exchange Ltd                                 | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |      8000 | NS      | $115107.91    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fast Retailing Co Ltd          | Fast Retailing Co Ltd                                  | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |       700 | NS      | $309422.73    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuji Electric Co Ltd           | Fuji Electric Co Ltd                                   | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |      1500 | NS      | $133608.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                | Antofagasta PLC                                        | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |      3520 | NS      | $202462.97    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                                      | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |      2112 | NS      | $151591.07    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM Holdings Corp         | FUJIFILM Holdings Corp                                 | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |      4800 | NS      | $99709.92     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd                   | Fujikura Ltd                                           | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |      2000 | NS      | $342778.47    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp            | SoftBank Group Corp                                    | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |     15200 | NS      | $397994.43    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                        | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     16000 | NS      | $373246.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                        | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      9888 | NS      | $2071065.81   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                                 | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      3840 | NS      | $964553.50    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                            | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |      4160 | NS      | $123203.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                               | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |     27072 | NS      | $326088.51    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV           | ASM International NV                                   | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |       288 | NS      | $243042.86    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Aisin Corp                     | Aisin Corp                                             | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |      5800 | NS      | $103231.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Kasei Corp               | Asahi Kasei Corp                                       | CUSIP: N/A<br>LEI: 353800GPI4Z3MGDGN142       | Long             | EC               | CORP              | JP        |     12800 | NS      | $151183.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ANZ Group Holdings Ltd         | ANZ Group Holdings Ltd                                 | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |      4224 | NS      | $120360.21    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |     11104 | NS      | $257896.31    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd                       | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |     43808 | NS      | $174553.18    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                       | Engie SA                                               | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |      9440 | NS      | $322694.05    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Geberit AG                     | Geberit AG                                             | CUSIP: N/A<br>LEI: 52990093Z5OHD6T7BS47       | Long             | EC               | CORP              | CH        |       128 | NS      | $107880.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresnillo PLC                  | Fresnillo PLC                                          | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | MX        |      2752 | NS      | $157250.79    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Mining Ltd           | Evolution Mining Ltd                                   | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |     20544 | NS      | $242401.04    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                  | Dollarama Inc                                          | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |      1280 | NS      | $188445.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sompo Holdings Inc             | Sompo Holdings Inc                                     | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |      5600 | NS      | $223942.62    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                                | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     30016 | NS      | $890330.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Thailand PCL | Delta Electronics Thailand PCL                         | CUSIP: N/A<br>LEI: 529900JKLVG9Y2SVWL93       | Long             | EC               | CORP              | TH        |     19168 | NS      | $172040.28    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                  | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |       224 | NS      | $115346.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                                    | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |     16000 | NS      | $266538.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                         | AXA SA                                                 | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |      3904 | NS      | $191253.61    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                                         | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |      1184 | NS      | $249360.35    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                          | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |     68400 | NS      | $758892.55    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd                                      | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |      5376 | NS      | $99712.47     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT     | Astra International Tbk PT                             | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |    265600 | NS      | $105748.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                        | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      2304 | NS      | $3357816.40   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                  | AIB Group PLC                                          | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |     10912 | NS      | $114108.54    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                              | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |    144300 | NS      | $2635742.77   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                                         | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      6816 | NS      | $128239.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                      | Argenx SE                                              | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |       384 | NS      | $298285.03    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal SA                                       | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |      3328 | NS      | $218167.62    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                          | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |      5888 | NS      | $251496.83    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                             | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | BE        |      2080 | NS      | $169140.86    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                                 | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |      6144 | NS      | $151689.39    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                        | SSE PLC                                                | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               | CORP              | GB        |      3840 | NS      | $139155.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd        | Toromont Industries Ltd                                | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |       896 | NS      | $139058.83    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The      | Toronto-Dominion Bank/The                              | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |      7328 | NS      | $713862.86    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spru | Chocoladefabriken Lindt & Spruengli AG                 | CUSIP: N/A<br>LEI: 529900JYJNNOKKAGK736       | Long             | EC               | CORP              | CH        |        10 | NS      | $164661.51    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Japan Railway Co       | Central Japan Railway Co                               | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |      7300 | NS      | $215402.94    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Land Ltd       | China Resources Land Ltd                               | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | HK        |     29000 | NS      | $117803.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                    | Subaru Corp                                            | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |      5000 | NS      | $94979.67     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| China Life Insurance Co Ltd    | China Life Insurance Co Ltd                            | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     72000 | NS      | $290635.78    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd               | Tokyo Gas Co Ltd                                       | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               | CORP              | JP        |      3200 | NS      | $156880.22    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                                     | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |      3100 | NS      | $873633.66    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd        | Standard Bank Group Ltd                                | CUSIP: N/A<br>LEI: 2549003PEZXUT7MDBU41       | Long             | EC               | CORP              | ZA        |      6752 | NS      | $136250.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Co Ltd    | China Shenhua Energy Co Ltd                            | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               | CORP              | CN        |     31000 | NS      | $178152.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                 | CMOC Group Ltd                                         | CUSIP: N/A<br>LEI: 2549008KG3638J59U652       | Long             | EC               | CORP              | CN        |     51000 | NS      | $157496.74    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| China CITIC Bank Corp Ltd      | China CITIC Bank Corp Ltd                              | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               | CORP              | CN        |    104000 | NS      | $95845.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Es | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |      4161 | NS      | $124876.86    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| China Hongqiao Group Ltd       | China Hongqiao Group Ltd                               | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | CN        |     33500 | NS      | $151840.63    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA                            | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      2976 | NS      | $608670.09    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                        | CGI Inc                                                | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      1088 | NS      | $79571.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                  | Celestica Inc                                          | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |       544 | NS      | $151062.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Hutchison Holdings Ltd      | CK Hutchison Holdings Ltd                              | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               | CORP              | HK        |     22000 | NS      | $181097.73    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd          | CK Asset Holdings Ltd                                  | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | HK        |     22000 | NS      | $139985.17    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                                | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |     28528 | NS      | $492151.82    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                         | UCB SA                                                 | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       928 | NS      | $276653.24    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                                 | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |      4192 | NS      | $189301.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                              | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |     58000 | NS      | $333614.54    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Tsusho Corp             | Toyota Tsusho Corp                                     | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |      5900 | NS      | $264010.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9856 | NS      | $3691860.48   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                       | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     10688 | NS      | $849675.23    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                      | Danone SA                                              | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      2880 | NS      | $247194.53    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd                   | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |     30400 | NS      | $139654.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Unipol Assicurazioni SpA       | Unipol Assicurazioni SpA                               | CUSIP: N/A<br>LEI: 8156005CE5E7340CCA86       | Long             | EC               | CORP              | IT        |      4192 | NS      | $104811.14    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield      | Unibail-Rodamco-Westfield                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |       992 | NS      | $124423.44    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                                 | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |      3200 | NS      | $177191.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S        | Vestas Wind Systems A/S                                | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |      9408 | NS      | $241686.63    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                     | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |      4550 | NS      | $239265.54    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                           | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |      9312 | NS      | $387692.16    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                  | UniCredit SpA                                          | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |      2272 | NS      | $194391.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coles Group Ltd                | Coles Group Ltd                                        | CUSIP: N/A<br>LEI: 549300OHQRG2HN8LZ793       | Long             | EC               | CORP              | AU        |      9312 | NS      | $136248.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wartsila OYJ Abp               | Wartsila OYJ Abp                                       | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |      4192 | NS      | $182775.58    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI South Korea ETF   | iShares MSCI South Korea ETF                           | CUSIP: 464286772<br>LEI: GR1QY1XUY5M0EJSI5J57 | Long             | EC               | RF                | US        |     69888 | NS      | $10578946.56  | 11.18%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF         | iShares MSCI India ETF                                 | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |     29952 | NS      | $1565591.04   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Taiwan ETF        | iShares MSCI Taiwan ETF                                | CUSIP: 46434G772<br>LEI: NOTS2OVXOI43240U2196 | Long             | EC               | RF                | US        |     31872 | NS      | $2411754.24   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd                  | MTN Group Ltd                                          | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     18208 | NS      | $237345.76    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                            | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |     12800 | NS      | $336710.53    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC Corp                       | NEC Corp                                               | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               | CORP              | JP        |      7400 | NS      | $205369.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd       | Mizrahi Tefahot Bank Ltd                               | CUSIP: N/A<br>LEI: YZO9YEGEO4VYDZMDWF93       | Long             | EC               | CORP              | IL        |      1952 | NS      | $146185.02    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesfarmers Ltd                 | Wesfarmers Ltd                                         | CUSIP: N/A<br>LEI: 5493003L32ZX9557ST85       | Long             | EC               | CORP              | AU        |      2080 | NS      | $117855.66    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                               | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     41221 | NS      | $373490.08    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                               | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      1984 | NS      | $329959.47    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc         | Whitecap Resources Inc                                 | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |     15296 | NS      | $152730.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                                           | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |      3200 | NS      | $68051.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                     | Vonovia SE                                             | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        |      3680 | NS      | $124752.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid PLC                                      | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |      9472 | NS      | $177560.91    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler SpA                    | Moncler SpA                                            | CUSIP: N/A<br>LEI: 815600EBD7FB00525B20       | Long             | EC               | CORP              | IT        |      1792 | NS      | $123742.46    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                                     | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |    109248 | NS      | $168576.69    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc      | Wuxi Biologics Cayman Inc                              | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | CN        |     30500 | NS      | $156800.11    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                           | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    114500 | NS      | $144014.11    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                                      | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |     21024 | NS      | $175381.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                            | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | CN        |     13600 | NS      | $311516.73    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd      | Woodside Energy Group Ltd                              | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |     12256 | NS      | $246918.47    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                            | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |      6144 | NS      | $341575.34    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands PLC                                    | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |      5280 | NS      | $236594.21    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrias Penoles SAB de CV   | Industrias Penoles SAB de CV                           | CUSIP: P55409141<br>LEI: 549300WA2HB7776CB324 | Long             | EC               | CORP              | MX        |      2656 | NS      | $169072.86    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd               | Imperial Oil Ltd                                       | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      1824 | NS      | $213349.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Loblaw Cos Ltd                 | Loblaw Cos Ltd                                         | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      4864 | NS      | $225433.14    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                                | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      2112 | NS      | $133171.89    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                     | L'Oreal SA                                             | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |       544 | NS      | $255444.93    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE                    | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1376 | NS      | $884642.27    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                   | KBC Group NV                                           | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |      1696 | NS      | $230058.49    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                      | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |       384 | NS      | $116972.74    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG                                | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      1088 | NS      | $243681.87    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA       | Hermes International SCA                               | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |        79 | NS      | $191266.79    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                      | Hoya Corp                                              | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      1900 | NS      | $343889.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajima Corp                    | Kajima Corp                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4100 | NS      | $187508.08    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansai Electric Power Co Inc/T | Kansai Electric Power Co Inc/The                       | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |      8400 | NS      | $151847.08    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                            | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |      6400 | NS      | $308719.62    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Konami Group Corp              | Konami Group Corp                                      | CUSIP: N/A<br>LEI: 353800FC4A5QCMIZFV94       | Long             | EC               | CORP              | JP        |       700 | NS      | $93369.19     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lasertec Corp                  | Lasertec Corp                                          | CUSIP: N/A<br>LEI: 5299008UY0JUHZ3SAQ87       | Long             | EC               | CORP              | JP        |       800 | NS      | $172433.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                                          | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |      9600 | NS      | $369332.44    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp                 | Advantest Corp                                         | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |      5000 | NS      | $859667.66    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                      | Holcim AG                                              | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |      2560 | NS      | $236005.46    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ACS Actividades de Construccio | ACS Actividades de Construccion y Servicios SA         | CUSIP: N/A<br>LEI: 95980020140005558665       | Long             | EC               | CORP              | ES        |      1736 | NS      | $224817.86    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                               | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |     53756 | NS      | $170605.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc   | Alimentation Couche-Tard Inc                           | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      3808 | NS      | $231095.81    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV                                | CUSIP: N/A<br>LEI: 5493000FNR3UCEAONM59       | Long             | EC               | CORP              | MX        |    181088 | NS      | $236060.02    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                                      | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     10208 | NS      | $377322.94    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                     | Inpex Corp                                             | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |      9000 | NS      | $218999.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                     | Legrand SA                                             | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      1472 | NS      | $267593.67    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA      | Logitech International SA                              | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |      1152 | NS      | $106142.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                   | 3i Group PLC                                           | CUSIP: N/A<br>LEI: 35GDVHRBMFE7NWATNM84       | Long             | EC               | CORP              | GB        |      4224 | NS      | $189104.59    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                                           | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     21515 | NS      | $509713.64    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                                  | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |      2016 | NS      | $172009.62    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV                          | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |      6176 | NS      | $304819.18    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                                    | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | CN        |     22400 | NS      | $179952.45    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Health International Inc    | JD Health International Inc                            | CUSIP: N/A<br>LEI: 254900OM3MAXYK8PCC84       | Long             | EC               | CORP              | CN        |     13200 | NS      | $95751.21     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA  | Industria de Diseno Textil SA                          | CUSIP: N/A<br>LEI: 549300TTCXZOGZM2EY83       | Long             | EC               | CORP              | ES        |      4000 | NS      | $268554.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc                | Lundin Gold Inc                                        | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |      1248 | NS      | $117631.58    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV             | AerCap Holdings NV                                     | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | IE        |      1664 | NS      | $248668.16    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti Plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      4160 | NS      | $524551.21    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                             | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |       832 | NS      | $126130.61    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG         | Mercedes-Benz Group AG                                 | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |      3936 | NS      | $274395.91    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp       | Mitsubishi Electric Corp                               | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |     14200 | NS      | $544758.43    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co Ltd          | Mitsui Fudosan Co Ltd                                  | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |     15000 | NS      | $202334.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yokogawa Electric Corp         | Yokogawa Electric Corp                                 | CUSIP: N/A<br>LEI: 529900MV0U7C9WWF4L22       | Long             | EC               | CORP              | JP        |      3200 | NS      | $127967.21    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi | Yangzijiang Shipbuilding Holdings Ltd                  | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               | CORP              | CN        |     37120 | NS      | $127362.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                    | Xiaomi Corp                                            | CUSIP: N/A<br>LEI: 2549001ACVFAZRNMKL32       | Long             | EC               | CORP              | CN        |     41400 | NS      | $184684.41    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund             | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    266447 | NS      | $266446.90    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co KGaA         | Fresenius SE & Co KGaA                                 | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |      2048 | NS      | $123173.78    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                    | Swedbank AB                                            | CUSIP: N/A<br>LEI: M312WZV08Y7LYUC71685       | Long             | EC               | CORP              | SE        |      3008 | NS      | $115887.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                    | Swisscom AG                                            | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |       224 | NS      | $210204.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd                  | Fortescue Ltd                                          | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |     14816 | NS      | $222895.30    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd              | Telstra Group Ltd                                      | CUSIP: N/A<br>LEI: 894500WRW54CVN62K416       | Long             | EC               | CORP              | AU        |     29760 | NS      | $109705.31    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group In | Sumitomo Mitsui Trust Group Inc                        | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |      4200 | NS      | $147463.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc      | Tokio Marine Holdings Inc                              | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |      2700 | NS      | $112847.95    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncorp Group Ltd              | Suncorp Group Ltd                                      | CUSIP: Q88040110<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |      9024 | NS      | $93952.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Electric Industries L | Sumitomo Electric Industries Ltd                       | CUSIP: N/A<br>LEI: 5493005SP87FL5TOS202       | Long             | EC               | CORP              | JP        |      6400 | NS      | $425191.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp                  | Sumitomo Corp                                          | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |      6400 | NS      | $273065.03    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd    | Sun Hung Kai Properties Ltd                            | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |     14500 | NS      | $270598.46    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                                      | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |     12800 | NS      | $194297.06    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries | Teva Pharmaceutical Industries Ltd                     | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      4768 | NS      | $161444.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                                      | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |     10144 | NS      | $572996.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                    | Swiss Re AG                                            | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |       640 | NS      | $113166.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                      | Talanx AG                                              | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |       800 | NS      | $101144.97    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk P | Telkom Indonesia Persero Tbk PT                        | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |    608000 | NS      | $128381.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                      | Tesco PLC                                              | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |     38912 | NS      | $252026.30    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                     | Tenaris SA                                             | CUSIP: N/A<br>LEI: 549300Y7C05BKC4HZB40       | Long             | EC               | CORP              | LU        |      5152 | NS      | $140745.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                   | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |     39200 | NS      | $2595495.56   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SE                   | Ferrovial SE                                           | CUSIP: N/A<br>LEI: 72450022R2ZFL41Y6I04       | Long             | EC               | CORP              | NL        |      2816 | NS      | $210157.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB       | Svenska Handelsbanken AB                               | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |      8064 | NS      | $129165.49    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                 | Prudential PLC                                         | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | HK        |     19904 | NS      | $305119.74    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                          | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |      7584 | NS      | $749681.82    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                     | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |     34946 | NS      | $269329.26    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Corp of Canada           | Power Corp of Canada                                   | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |      4864 | NS      | $244332.16    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                         | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |        64 | NS      | $125797.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                      | Repsol SA                                              | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |      8640 | NS      | $194124.61    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd                  | Rio Tinto Ltd                                          | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        |      2400 | NS      | $285791.96    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd              | PetroChina Co Ltd                                      | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    210000 | NS      | $256077.92    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC P&C                       | PICC Property & Casualty Co Ltd                        | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |     72000 | NS      | $148999.16    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                                       | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      3520 | NS      | $365129.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd                | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |     50000 | NS      | $434593.65    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                                           | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |      2304 | NS      | $279046.69    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| People's Insurance Co Group of | People's Insurance Co Group of China Ltd/The           | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | CN        |    115000 | NS      | $94223.74     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                      | Prosus NV                                              | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |      8768 | NS      | $450775.34    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc      | Rogers Communications Inc                              | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |      3680 | NS      | $146870.86    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                               | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |      1024 | NS      | $186575.74    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                      | Orange SA                                              | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |      6304 | NS      | $135493.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                              | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |     24992 | NS      | $191476.09    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                       | Nova Ltd                                               | CUSIP: N/A<br>LEI: 529900B2DSWE5V3SC292       | Long             | EC               | CORP              | IL        |       320 | NS      | $140448.19    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Denko Corp               | Nitto Denko Corp                                       | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |      6400 | NS      | $149052.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Obayashi Corp                  | Obayashi Corp                                          | CUSIP: N/A<br>LEI: 529900YT4O5S0LCXWD54       | Long             | EC               | CORP              | JP        |      5900 | NS      | $166838.92    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp                                              | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |      5600 | NS      | $198769.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                            | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     11424 | NS      | $1939041.43   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                       | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |       352 | NS      | $174615.07    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                                       | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      5152 | NS      | $2459236.52   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                | Norsk Hydro ASA                                        | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |     16768 | NS      | $155435.94    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC       | Rolls-Royce Holdings PLC                               | CUSIP: N/A<br>LEI: 213800EC7997ZBLZJH69       | Long             | EC               | CORP              | GB        |     31680 | NS      | $569320.38    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B          | Novonesis Novozymes B                                  | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |      1664 | NS      | $98809.54     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nongfu Spring Co Ltd           | Nongfu Spring Co Ltd                                   | CUSIP: N/A<br>LEI: 300300P08GGT4SKR9G93       | Long             | EC               | CORP              | CN        |     16600 | NS      | $100575.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                    | NN Group NV                                            | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |      1440 | NS      | $117914.24    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp                               | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      3712 | NS      | $254659.99    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                         | RWE AG                                                 | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |      3168 | NS      | $204160.08    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                  | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |      1344 | NS      | $439419.13    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      2816 | NS      | $273511.12    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN Holdings Co Ltd         | SCREEN Holdings Co Ltd                                 | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |      1200 | NS      | $176159.83    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings Inc               | SBI Holdings Inc                                       | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |      6400 | NS      | $137290.69    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp        | Panasonic Holdings Corp                                | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |      9600 | NS      | $155958.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Gas Co Ltd               | Osaka Gas Co Ltd                                       | CUSIP: N/A<br>LEI: 353800024KMNOPQRWZ02       | Long             | EC               | CORP              | JP        |      3200 | NS      | $133520.32    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                     | Sanlam Ltd                                             | CUSIP: N/A<br>LEI: 37890014418406D9FC23       | Long             | EC               | CORP              | ZA        |     20864 | NS      | $139121.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik AB                     | Sandvik AB                                             | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |      7424 | NS      | $328453.37    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      3700 | NS      | $253750.84    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                         | SGS SA                                                 | CUSIP: N/A<br>LEI: 2138007JNS19JHNA2336       | Long             | EC               | CORP              | CH        |      1056 | NS      | $133227.55    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo Oyj                      | Sampo Oyj                                              | CUSIP: N/A<br>LEI: 743700UF3RL386WIDA22       | Long             | EC               | CORP              | FI        |     17696 | NS      | $196299.29    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                              | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     24960 | NS      | $1033847.15   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                            | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      5216 | NS      | $629682.72    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                   | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |      7584 | NS      | $245717.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                                 | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |     57184 | NS      | $368097.48    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bouygues SA                    | Bouygues SA                                            | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |      1920 | NS      | $119513.65    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca SPA                 | BPER Banca SPA                                         | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |      8640 | NS      | $122610.39    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                     | Boliden AB                                             | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |      3008 | NS      | $239037.97    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia/The                                | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |      7136 | NS      | $541353.53    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd                         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     15136 | NS      | $662120.24    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co                           | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      1184 | NS      | $132865.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                           | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |     36512 | NS      | $222827.37    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                           | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |       928 | NS      | $117273.34    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                           | Banco Bilbao Vizcaya Argentaria SA                     | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |     41568 | NS      | $970055.89    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA             | Banco Santander SA                                     | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     97696 | NS      | $1245571.76   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG    | Bayerische Motoren Werke AG                            | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               | CORP              | DE        |      1184 | NS      | $125155.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Hapoalim BM               | Bank Hapoalim BM                                       | CUSIP: N/A<br>LEI: B6ARUI4946ST4S7WOU88       | Long             | EC               | CORP              | IL        |      9280 | NS      | $233999.62    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp               | Bridgestone Corp                                       | CUSIP: N/A<br>LEI: 549300DHPOF90OYYD780       | Long             | EC               | CORP              | JP        |      7600 | NS      | $184737.94    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |       576 | NS      | $171585.15    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                              | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |     13300 | NS      | $210293.48    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandai Namco Holdings Inc      | Bandai Namco Holdings Inc                              | CUSIP: N/A<br>LEI: 3538008EFEM34VRJDQ95       | Long             | EC               | CORP              | JP        |      3200 | NS      | $86964.43     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                            | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |     52733 | NS      | $184331.49    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd                       | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1536 | NS      | $134496.42    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp                                    | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     13184 | NS      | $668937.82    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd            | BeOne Medicines Ltd                                    | CUSIP: N/A<br>LEI: 549300JFUK6FRD5MH739       | Long             | EC               | CORP              | US        |      8900 | NS      | $218762.94    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Stephen Terry

**Name of Signer:** Stephen Terry

**Title:** Chief Financial Officer