# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012152
**Filing Date:** 2025-10
**Character Count:** 70246
**Document Hash:** 3046e790bb476d0f095e48793d43eb2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012152.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012152

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23063
- **FILM NUMBER:** 251423686

**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 Multi-Factor U.S. Equity Fund (Series ID: S000065864)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212789 | Investor Class | USRAX           |
| C000212790 | Advisor Class  | USRTX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** | **Horizon Multi-Factor U.S. Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Aerospace & Defense - 2.2%** | **Aerospace & Defense - 2.2%** | |
| General Dynamics Corp. | 14305 | $4642974 |
| L3Harris Technologies, Inc. | 8476 | 2353107 |
| Lockheed Martin Corp. | 5578 | 2541504 |
| Northrop Grumman Corp. | 3549 | 2094052 |
| RTX Corp. | 24093 | 3821150 |
|  |  | 15452787 |
| **Automobiles - 0.8%** | **Automobiles - 0.8%** |  |
| General Motors Co. | 29406 | 1722897 |
| Tesla, Inc. <sup>(a)</sup> | 10779 | 3598785 |
|  |  | 5321682 |
| **Banks - 0.9%** | **Banks - 0.9%** |  |
| M&T Bank Corp. | 5709 | 1151277 |
| PNC Financial Services Group, Inc. | 8963 | 1859285 |
| US Bancorp | 31426 | 1534531 |
| Wells Fargo & Co. | 21611 | 1775992 |
|  |  | 6321085 |
| **Beverages - 1.4%** | **Beverages - 1.4%** |  |
| Coca-Cola Co. | 49593 | 3421421 |
| Keurig Dr Pepper, Inc. | 50197 | 1460231 |
| Monster Beverage Corp. <sup>(a)</sup> | 49268 | 3074816 |
| PepsiCo, Inc. | 12606 | 1873882 |
|  |  | 9830350 |
| **Biotechnology - 1.7%** | **Biotechnology - 1.7%** |  |
| Amgen, Inc. | 9240 | 2658441 |
| Biogen, Inc. <sup>(a)</sup> | 11956 | 1580822 |
| Gilead Sciences, Inc. | 64472 | 7283402 |
|  |  | 11522665 |
| **Building Products - 1.3%** | **Building Products - 1.3%** |  |
| Allegion PLC | 9910 | 1682718 |
| Johnson Controls International PLC | 34639 | 3702563 |
| Trane Technologies PLC | 8496 | 3530937 |
|  |  | 8916218 |
| **Capital Markets - 4.2%** | **Capital Markets - 4.2%** |  |
| Blackrock, Inc. | 2944 | 3318300 |
| CBOE Global Markets, Inc. | 8099 | 1910959 |
| Charles Schwab Corp. | 77305 | 7408911 |
| CME Group, Inc. | 14481 | 3859331 |
| Intercontinental Exchange, Inc. | 23736 | 4191778 |
| MarketAxess Holdings, Inc. | 5707 | 1049175 |
| Nasdaq, Inc. | 34039 | 3224855 |
| S&P Global, Inc. | 7436 | 4078200 |
|  |  | 29041509 |
| **Chemicals - 1.5%** | **Chemicals - 1.5%** |  |
| CF Industries Holdings, Inc. | 16794 | 1454864 |
| Corteva, Inc. | 27168 | 2015594 |
| Ecolab, Inc. | 11074 | 3067941 |
| Linde PLC | 6055 | 2896046 |
| Mosaic Co. | 32459 | 1084131 |
|  |  | 10518576 |
| **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** |  |
| Republic Services, Inc. | 16077 | 3761536 |
| Veralto Corp. | 16952 | 1800133 |
|  |  | 5561669 |
| **Communications Equipment - 2.0%** | **Communications Equipment - 2.0%** |  |
| Cisco Systems, Inc. | 139538 | 9640681 |
| F5, Inc. <sup>(a)</sup> | 5530 | 1731664 |
| Motorola Solutions, Inc. | 4800 | 2267808 |
|  |  | 13640153 |
| **Consumer Staples Distribution & Retail - 2.4%** | **Consumer Staples Distribution & Retail - 2.4%** |  |
| Costco Wholesale Corp. | 10592 | 9991645 |
| Dollar General Corp. | 14341 | 1559727 |
| Walmart, Inc. | 53711 | 5208893 |
|  |  | 16760265 |
| **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** |  |
| Packaging Corp. of America | 7309 | 1593070 |
| **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** |  |
| AT&T, Inc. | 327511 | 9592797 |
| **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** |  |
| Constellation Energy Corp. | 4467 | 1375747 |
| Duke Energy Corp. | 22419 | 2746103 |
| Evergy, Inc. | 16072 | 1145291 |
| Exelon Corp. | 56020 | 2446954 |
| NRG Energy, Inc. | 9629 | 1401597 |
|  |  | 9115692 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |  |
| AMETEK, Inc. | 11179 | 2065879 |
| **Electronic Equipment, Instruments & Components - 1.4%** | **Electronic Equipment, Instruments & Components - 1.4%** |  |
| Amphenol Corp. - Class A | 40129 | 4368443 |
| TE Connectivity PLC | 9683 | 1999540 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 3350 | 1802869 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 5225 | 1656795 |
|  |  | 9827647 |
| **Entertainment - 3.8%** | **Entertainment - 3.8%** |  |
| Netflix, Inc. <sup>(a)</sup> | 14028 | 16949331 |
| Walt Disney Co. | 75295 | 8913422 |
|  |  | 25862753 |
| **Financial Services - 8.0%** | **Financial Services - 8.0%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 65788 | 33090048 |
| MasterCard, Inc. - Class A | 36332 | 21628076 |
|  |  | 54718124 |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |
| Hormel Foods Corp. | 37132 | 944638 |
| Tyson Foods, Inc., Class A - Class A | 21263 | 1207313 |
|  |  | 2151951 |
| **Ground Transportation - 2.0%** | **Ground Transportation - 2.0%** |  |
| CSX Corp. | 70972 | 2307300 |
| Uber Technologies, Inc. <sup>(a)</sup> | 83156 | 7795875 |
| Union Pacific Corp. | 16156 | 3611997 |
|  |  | 13715172 |
| **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** |  |
| Abbott Laboratories | 54633 | 7247614 |
| Boston Scientific Corp. <sup>(a)</sup> | 58519 | 6173754 |
| Insulet Corp. <sup>(a)</sup> | 5065 | 1721492 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 10645 | 5038225 |
| STERIS PLC | 8192 | 2007532 |
|  |  | 22188617 |
| **Health Care Providers & Services - 2.1%** | **Health Care Providers & Services - 2.1%** |  |
| Cardinal Health, Inc. | 15952 | 2373339 |
| Cencora, Inc. | 8235 | 2401408 |
| Cigna Group | 12114 | 3644739 |
| HCA Healthcare, Inc. | 7766 | 3137153 |
| Quest Diagnostics, Inc. | 7742 | 1406257 |
| Universal Health Services, Inc. - Class B | 7982 | 1449372 |
|  |  | 14412268 |
| **Hotels, Restaurants & Leisure - 3.0%** | **Hotels, Restaurants & Leisure - 3.0%** |  |
| Booking Holdings, Inc. | 1307 | 7317958 |
| Darden Restaurants, Inc. | 7949 | 1644966 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 11411 | 2798548 |
| Expedia Group, Inc. | 6586 | 1414673 |
| McDonald's Corp. | 13884 | 4353190 |
| Royal Caribbean Cruises Ltd. | 4983 | 1809925 |
| Yum! Brands, Inc. | 8789 | 1291719 |
|  |  | 20630979 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** |  |
| NVR, Inc. <sup>(a)</sup> | 180 | 1461177 |
| PulteGroup, Inc. | 15256 | 2014097 |
|  |  | 3475274 |
| **Household Products - 0.4%** | **Household Products - 0.4%** |  |
| Colgate-Palmolive Co. | 13441 | 1129985 |
| Kimberly-Clark Corp. | 12472 | 1610634 |
|  |  | 2740619 |
| **Independent Power and Renewable Electricity Producers - 0.5%** | **Independent Power and Renewable Electricity Producers - 0.5%** |  |
| Vistra Corp. | 17633 | 3334577 |
| **Industrial Conglomerates - 0.5%** | **Industrial Conglomerates - 0.5%** |  |
| Honeywell International, Inc. | 14279 | 3134240 |
| **Insurance - 3.7%** | **Insurance - 3.7%** |  |
| Allstate Corp. | 15424 | 3138013 |
| Chubb Ltd. | 20061 | 5518179 |
| Globe Life, Inc. | 11443 | 1601448 |
| Hartford Insurance Group, Inc. | 19856 | 2627147 |
| Progressive Corp. | 27444 | 6780314 |
| Travelers Cos., Inc. | 12674 | 3441118 |
| WR Berkley Corp. | 29485 | 2113780 |
|  |  | 25219999 |
| **Interactive Media & Services - 5.2%** | **Interactive Media & Services - 5.2%** |  |
| Meta Platforms, Inc. - Class A | 48721 | 35990203 |
| **IT Services - 0.9%** | **IT Services - 0.9%** |  |
| Cognizant Technology Solutions Corp., - Class A | 32679 | 2361058 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 9123 | 1353032 |
| VeriSign, Inc. | 8080 | 2208829 |
|  |  | 5922919 |
| **Life Sciences Tools & Services - 0.2%** | **Life Sciences Tools & Services - 0.2%** |  |
| Agilent Technologies, Inc. | 9694 | 1218148 |
| **Machinery - 1.1%** | **Machinery - 1.1%** |  |
| Parker-Hannifin Corp. | 2485 | 1886985 |
| Pentair PLC | 14081 | 1514130 |
| Snap-on, Inc. | 3279 | 1066462 |
| Wabtec Corp. | 9776 | 1891656 |
| Xylem, Inc. | 10845 | 1535218 |
|  |  | 7894451 |
| **Media - 0.8%** | **Media - 0.8%** |  |
| Comcast Corp. - Class A | 114915 | 3903663 |
| Fox Corp. - Class A | 31030 | 1852491 |
|  |  | 5756154 |
| **Metals & Mining - 1.0%** | **Metals & Mining - 1.0%** |  |
| Freeport-McMoRan, Inc. | 40602 | 1802729 |
| Newmont Goldcorp Corp. | 64436 | 4794038 |
|  |  | 6596767 |
| **Multi-Utilities - 0.8%** | **Multi-Utilities - 0.8%** |  |
| Consolidated Edison, Inc. | 23387 | 2297305 |
| DTE Energy Co. | 10848 | 1482379 |
| NiSource, Inc. | 40860 | 1727152 |
|  |  | 5506836 |
| **Oil, Gas & Consumable Fuels - 1.7%** | **Oil, Gas & Consumable Fuels - 1.7%** |  |
| ConocoPhillips | 22401 | 2217027 |
| Devon Energy Corp. | 36275 | 1309527 |
| EOG Resources, Inc. | 11984 | 1495843 |
| EQT Corp. | 33250 | 1723680 |
| Expand Energy Corp. | 12524 | 1212073 |
| Exxon Mobil Corp. | 29878 | 3414757 |
|  |  | 11372907 |
| **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 14371 | 1508955 |
| **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** |  |
| Kenvue, Inc. | 70452 | 1459061 |
| **Pharmaceuticals - 4.0%** | **Pharmaceuticals - 4.0%** |  |
| Bristol-Myers Squibb Co. | 61909 | 2920866 |
| Johnson & Johnson | 59357 | 10516280 |
| Merck & Co., Inc. | 98947 | 8323422 |
| Pfizer, Inc. | 243209 | 6021855 |
|  |  | 27782423 |
| **Professional Services - 0.6%** | **Professional Services - 0.6%** |  |
| Broadridge Financial Solutions, Inc. | 8513 | 2176093 |
| Verisk Analytics, Inc. | 7697 | 2063720 |
|  |  | 4239813 |
| **Real Estate - 2.7%** | **Real Estate - 2.7%** |  |
| American Tower Corp. | 12057 | 2457819 |
| Camden Property Trust | 9305 | 1041974 |
| Equinix, Inc. | 2408 | 1893146 |
| Equity Residential | 16431 | 1086418 |
| Extra Space Storage, Inc. | 12913 | 1854049 |
| Invitation Homes, Inc. | 39455 | 1234547 |
| Kimco Realty Corp. | 64555 | 1451842 |
| Public Storage | 5336 | 1571932 |
| Regency Centers Corp. | 14365 | 1041462 |
| VICI Properties, Inc. | 33857 | 1143689 |
| Welltower, Inc. | 21717 | 3654537 |
|  |  | 18431415 |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 11028 | 1787859 |
| **Semiconductors & Semiconductor Equipment - 13.0%** | **Semiconductors & Semiconductor Equipment - 13.0%** |  |
| Applied Materials, Inc. | 25282 | 4064334 |
| Broadcom, Inc. | 111695 | 33216976 |
| KLA Corp. | 3039 | 2650008 |
| Lam Research Corp. | 41089 | 4115063 |
| NVIDIA Corp. | 231064 | 40246728 |
| QUALCOMM, Inc. | 31353 | 5039368 |
|  |  | 89332477 |
| **Software - 9.7%** | **Software - 9.7%** |  |
| Adobe, Inc. <sup>(a)</sup> | 8831 | 3150018 |
| Autodesk, Inc. <sup>(a)</sup> | 10048 | 3162105 |
| Intuit, Inc. | 11878 | 7922626 |
| Microsoft Corp. | 70715 | 35830583 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 86718 | 13589578 |
| Salesforce, Inc. | 11047 | 2830794 |
|  |  | 66485704 |
| **Specialty Retail - 3.0%** | **Specialty Retail - 3.0%** |  |
| AutoZone, Inc. <sup>(a)</sup> | 853 | 3581346 |
| Home Depot, Inc. | 18810 | 7651344 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 22890 | 2373235 |
| TJX Cos., Inc. | 40132 | 5482432 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 3156 | 1555056 |
|  |  | 20643413 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |  |
| Ralph Lauren Corp., Class A | 5903 | 1752778 |
| **Tobacco - 1.9%** | **Tobacco - 1.9%** |  |
| Altria Group, Inc. | 39629 | 2663465 |
| Philip Morris International, Inc. | 61843 | 10335821 |
|  |  | 12999286 |
| **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |  |
| WW Grainger, Inc. | 1754 | 1777679 |
| **TOTAL COMMON STOCKS** (Cost $604,959,846) | **TOTAL COMMON STOCKS** (Cost $604,959,846) | 685125865 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> | 1785528 | 1785528 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,785,528) | **TOTAL MONEY MARKET FUNDS** (Cost $1,785,528) | 1785528 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $606,745,374**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $606,745,374**)** | 686911393 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 181101 |
| **TOTAL NET ASSETS - 100.0%** |  | $687092494 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of August 31, 2025.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Horizon Multi-Factor U.S. Equity Fund (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $685125865 | $– | $– | $685125865 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1785528 | – | – | 1785528 |
| Total Investments | $686911393 | $– | $– | $686911393 |
| 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 Multi-Factor U.S. Equity Fund

- **b. EDGAR series identifier (if any):** S000065864

- **c. LEI of Series:** 549300XHGEG6EE9LRM72

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

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

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $687592540.07

**Total Liabilities:** $771619.58

**Net Assets:** $686820920.49

**Cash Not Reported:** $14618.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212789 | 4.12%                | 0.61%                | 1.40%                |
| Class ID C000212790 | 4.15%                | 0.58%                | 1.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1788.02                | $25304496.21                               |
| Month 2  | $291212.53               | $3775450.56                                |
| Month 3  | $0.00                    | $9404779.01                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     48721 | NS      | $35990202.70  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     36332 | NS      | $21628076.28  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     13884 | NS      | $4353189.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     98947 | NS      | $8323421.64   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     70715 | NS      | $35830583.35  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     49268 | NS      | $3074815.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     32459 | NS      | $1084130.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      4800 | NS      | $2267808.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      9629 | NS      | $1401597.24   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                        | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       180 | NS      | $1461177.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                     | Nasdaq Inc                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     34039 | NS      | $3224854.86   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     14028 | NS      | $16949331.00  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     64436 | NS      | $4794038.40   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource Inc                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     40860 | NS      | $1727152.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      3549 | NS      | $2094051.96   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    231064 | NS      | $40246727.52  | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     22890 | NS      | $2373235.20   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      7309 | NS      | $1593069.64   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     86718 | NS      | $13589577.78  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      2485 | NS      | $1886984.75   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     12606 | NS      | $1873881.90   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    243209 | NS      | $6021854.84   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                    | Pentair PLC                                | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | GB        |     14081 | NS      | $1514129.93   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     41089 | NS      | $4115063.35   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5578 | NS      | $2541504.14   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      5709 | NS      | $1151276.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      5707 | NS      | $1049174.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      8963 | NS      | $1859284.72   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     61843 | NS      | $10335820.59  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     27444 | NS      | $6780314.64   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      5336 | NS      | $1571932.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15256 | NS      | $2014097.12   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     31353 | NS      | $5039367.69   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      7742 | NS      | $1406256.88   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      5903 | NS      | $1752777.79   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp           | Regency Centers Corp                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     14365 | NS      | $1041462.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      6055 | NS      | $2896045.95   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    327511 | NS      | $9592797.19   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     15424 | NS      | $3138012.80   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     39629 | NS      | $2663465.09   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     12057 | NS      | $2457819.45   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      8235 | NS      | $2401408.35   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     11179 | NS      | $2065879.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      9240 | NS      | $2658440.40   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     40129 | NS      | $4368442.94   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     25282 | NS      | $4064334.32   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     10048 | NS      | $3162105.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       853 | NS      | $3581346.09   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     65788 | NS      | $33090048.24  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     11956 | NS      | $1580822.32   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      8513 | NS      | $2176093.06   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    111695 | NS      | $33216976.05  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      8099 | NS      | $1910959.05   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     11028 | NS      | $1787859.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     16794 | NS      | $1454864.22   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      9305 | NS      | $1041973.90   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     15952 | NS      | $2373338.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |      9910 | NS      | $1682718.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      2944 | NS      | $3318300.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1307 | NS      | $7317958.35   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     58519 | NS      | $6173754.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     61909 | NS      | $2920866.62   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     12114 | NS      | $3644739.18   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     14481 | NS      | $3859331.31   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     70972 | NS      | $2307299.72   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    139538 | NS      | $9640680.42   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     49593 | NS      | $3421421.07   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     32679 | NS      | $2361057.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     13441 | NS      | $1129984.87   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    114915 | NS      | $3903662.55   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     22401 | NS      | $2217026.97   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison Inc                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     23387 | NS      | $2297305.01   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      4467 | NS      | $1375746.66   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     27168 | NS      | $2015593.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     10592 | NS      | $9991645.44   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      7949 | NS      | $1644966.06   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     36275 | NS      | $1309527.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     77305 | NS      | $7408911.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     20061 | NS      | $5518179.27   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     40602 | NS      | $1802728.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     14305 | NS      | $4642973.85   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     29406 | NS      | $1722897.54   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     64472 | NS      | $7283401.84   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     11443 | NS      | $1601447.85   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      9123 | NS      | $1353032.13   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      7766 | NS      | $3137153.36   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     19856 | NS      | $2627147.36   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     18810 | NS      | $7651343.70   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     14279 | NS      | $3134240.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp              | Hormel Foods Corp                          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     37132 | NS      | $944638.08    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      5065 | NS      | $1721492.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     23736 | NS      | $4191777.60   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     16077 | NS      | $3761535.69   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     54633 | NS      | $7247613.78   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      8831 | NS      | $3150017.70   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      9694 | NS      | $1218148.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     29485 | NS      | $2113779.65   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     75295 | NS      | $8913422.10   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      3279 | NS      | $1066461.96   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     40132 | NS      | $5482432.52   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc      | Teledyne Technologies Inc                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      3350 | NS      | $1802869.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     10779 | NS      | $3598784.73   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     12674 | NS      | $3441117.74   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     21263 | NS      | $1207313.14   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     31426 | NS      | $1534531.58   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     83156 | NS      | $7795875.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      3156 | NS      | $1555055.88   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     16156 | NS      | $3611996.92   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc   | United Airlines Holdings Inc               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     14371 | NS      | $1508955.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      7982 | NS      | $1449371.56   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     16952 | NS      | $1800132.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      8080 | NS      | $2208829.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      7697 | NS      | $2063719.64   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     33857 | NS      | $1143689.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     17633 | NS      | $3334576.63   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     53711 | NS      | $5208892.78   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8192 | NS      | $2007531.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      9683 | NS      | $1999539.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      8496 | NS      | $3530937.60   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     12524 | NS      | $1212072.72   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                  | DTE Energy Co                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     10848 | NS      | $1482379.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     14341 | NS      | $1559727.16   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     11411 | NS      | $2798547.75   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     22419 | NS      | $2746103.31   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     11984 | NS      | $1495842.88   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     33250 | NS      | $1723680.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     11074 | NS      | $3067940.96   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2408 | NS      | $1893145.52   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     16431 | NS      | $1086417.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy Inc                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     16072 | NS      | $1145290.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     56020 | NS      | $2446953.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6586 | NS      | $1414672.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc        | Extra Space Storage Inc                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12913 | NS      | $1854048.54   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     29878 | NS      | $3414756.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      5530 | NS      | $1731664.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1771010 | NS      | $1771009.77   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     31030 | NS      | $1852491.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1754 | NS      | $1777679.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     24093 | NS      | $3821149.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      7436 | NS      | $4078199.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     11047 | NS      | $2830793.75   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      9776 | NS      | $1891656.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     21611 | NS      | $1775991.98   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     21717 | NS      | $3654536.76   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                               | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     10845 | NS      | $1535218.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      8789 | NS      | $1291719.33   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp        | Zebra Technologies Corp                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      5225 | NS      | $1656795.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |      4983 | NS      | $1809925.26   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11878 | NS      | $7922626.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     10645 | NS      | $5038225.28   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39455 | NS      | $1234546.95   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     59357 | NS      | $10516279.69  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3039 | NS      | $2650008.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     70452 | NS      | $1459060.92   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     50197 | NS      | $1460230.73   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     12472 | NS      | $1610634.08   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp              | Kimco Realty Corp                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     64555 | NS      | $1451841.95   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      8476 | NS      | $2353107.12   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | US        |     34639 | NS      | $3702562.71   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** Horizon Funds

**Signature:** /s/ Matt Chambers

**Name of Signer:** Matt Chambers

**Title:** Chief Compliance Officer