# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-26-013894
**Filing Date:** 2026-4
**Character Count:** 71934
**Document Hash:** b32378301cfcf05ad99b361939044f08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013894.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013894

**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:** 26915978

**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** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 96.7%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.3%** | **Aerospace & Defense - 1.3%** | |
| L3Harris Technologies, Inc. | 7321 | $2668798 |
| Northrop Grumman Corp. | 5761 | 4173153 |
| RTX Corp. | 14781 | 2994926 |
|  |  | 9836877 |
| **Air Freight & Logistics - 0.7%** | **Air Freight & Logistics - 0.7%** |  |
| Expeditors International of Washington, Inc. | 12414 | 1800402 |
| FedEx Corp. | 7665 | 2966355 |
|  |  | 4766757 |
| **Automobiles - 0.5%** | **Automobiles - 0.5%** |  |
| General Motors Co. | 46384 | 3650885 |
| **Banks - 2.3%** | **Banks - 2.3%** |  |
| Bank of America Corp. | 261260 | 13018586 |
| M&T Bank Corp. | 7473 | 1621492 |
| US Bancorp | 48134 | 2631004 |
|  |  | 17271082 |
| **Beverages - 2.0%** | **Beverages - 2.0%** |  |
| Coca-Cola Co. | 85949 | 7010001 |
| Monster Beverage Corp. <sup>(a)</sup> | 47887 | 4084761 |
| PepsiCo, Inc. | 20164 | 3422637 |
|  |  | 14517399 |
| **Biotechnology - 3.0%** | **Biotechnology - 3.0%** |  |
| AbbVie, Inc. | 45580 | 10578207 |
| Biogen, Inc. <sup>(a)</sup> | 11801 | 2263668 |
| Gilead Sciences, Inc. | 50057 | 7455990 |
| Incyte Corp. <sup>(a)</sup> | 18753 | 1899116 |
|  |  | 22196981 |
| **Broadline Retail - 0.3%** | **Broadline Retail - 0.3%** |  |
| eBay, Inc. | 20588 | 1870626 |
| **Building Products - 0.8%** | **Building Products - 0.8%** |  |
| Allegion PLC | 10100 | 1627615 |
| AO Smith Corp. | 20734 | 1617252 |
| Trane Technologies PLC | 5551 | 2566338 |
|  |  | 5811205 |
| **Capital Goods - 0.6%** | **Capital Goods - 0.6%** |  |
| General Dynamics Corp. | 12705 | 4536320 |
| **Capital Markets - 3.0%** | **Capital Markets - 3.0%** |  |
| CBOE Global Markets, Inc. | 7794 | 2336018 |
| Charles Schwab Corp. | 22413 | 2133718 |
| CME Group, Inc. | 7991 | 2553124 |
| Goldman Sachs Group, Inc. | 6422 | 5520158 |
| Interactive Brokers Group, Inc. - Class A | 31689 | 2255940 |
| Invesco, Ltd. | 65827 | 1728617 |
| Nasdaq, Inc. | 21185 | 1855382 |
| S&P Global, Inc. | 7677 | 3392313 |
|  |  | 21775270 |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** |  |
| CF Industries Holdings, Inc. | 20496 | 2040172 |
| Corteva, Inc. | 30445 | 2439253 |
| Ecolab, Inc. | 5643 | 1740019 |
| Linde PLC | 4276 | 2172550 |
|  |  | 8391994 |
| **Commercial Services & Supplies - 1.0%** | **Commercial Services & Supplies - 1.0%** |  |
| Republic Services, Inc. | 10179 | 2330991 |
| Veralto Corp. | 19870 | 1935934 |
| Waste Management, Inc. | 13451 | 3239539 |
|  |  | 7506464 |
| **Communications Equipment - 1.7%** | **Communications Equipment - 1.7%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | 34998 | 4672233 |
| Cisco Systems, Inc. | 57354 | 4557349 |
| F5, Inc. <sup>(a)</sup> | 5827 | 1581215 |
| Motorola Solutions, Inc. | 4091 | 1972925 |
|  |  | 12783722 |
| **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** |  |
| EMCOR Group, Inc. | 2821 | 2044153 |
| **Construction Materials - 0.3%** | **Construction Materials - 0.3%** |  |
| Vulcan Materials Co. | 6022 | 1866820 |
| **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** |  |
| American Express Co. | 17915 | 5533943 |
| **Consumer Staples Distribution & Retail - 1.7%** | **Consumer Staples Distribution & Retail - 1.7%** |  |
| Costco Wholesale Corp. | 9078 | 9175951 |
| Dollar Tree, Inc. <sup>(a)</sup> | 15062 | 1905042 |
| Kroger Co. | 23903 | 1631141 |
|  |  | 12712134 |
| **Containers & Packaging - 0.5%** | **Containers & Packaging - 0.5%** |  |
| Avery Dennison Corp. | 8366 | 1642664 |
| Packaging Corp. of America | 8730 | 2026582 |
|  |  | 3669246 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |  |
| AT&T, Inc. | 246153 | 6894745 |
| **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** |  |
| Evergy, Inc. | 18078 | 1512406 |
| Eversource Energy | 28794 | 2194391 |
| FirstEnergy Corp. | 32084 | 1641417 |
| NRG Energy, Inc. | 9947 | 1780115 |
|  |  | 7128329 |
| **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** |  |
| AMETEK, Inc. | 13574 | 3247172 |
| **Electronic Equipment, Instruments & Components - 1.4%** | **Electronic Equipment, Instruments & Components - 1.4%** |  |
| Amphenol Corp. - Class A | 40144 | 5863433 |
| TE Connectivity PLC | 14052 | 3234068 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 5720 | 1281051 |
|  |  | 10378552 |
| **Entertainment - 1.1%** | **Entertainment - 1.1%** |  |
| Netflix, Inc. <sup>(a)</sup> | 81928 | 7884751 |
| **Financial Services - 4.4%** | **Financial Services - 4.4%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 50186 | 25341421 |
| MasterCard, Inc. - Class A | 13610 | 7039228 |
|  |  | 32380649 |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |
| Tyson Foods, Inc. - Class A | 30814 | 2002602 |
| **Ground Transportation - 0.6%** | **Ground Transportation - 0.6%** |  |
| JB Hunt Transport Services, Inc. | 10178 | 2375647 |
| Uber Technologies, Inc. <sup>(a)</sup> | 30547 | 2303855 |
|  |  | 4679502 |
| **Health Care Equipment & Services - 0.2%** | **Health Care Equipment & Services - 0.2%** |  |
| Universal Health Services, Inc. - Class B | 8060 | 1661166 |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |  |
| Boston Scientific Corp. <sup>(a)</sup> | 31169 | 2395338 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 9401 | 4733497 |
| STERIS PLC | 8196 | 2068261 |
|  |  | 9197096 |
| **Health Care Providers & Services - 2.9%** | **Health Care Providers & Services - 2.9%** |  |
| Cardinal Health, Inc. | 12003 | 2751448 |
| CVS Health Corp. | 47853 | 3823455 |
| Elevance Health, Inc. | 8360 | 2675200 |
| HCA Healthcare, Inc. | 9629 | 5100481 |
| McKesson Corp. | 5038 | 4974370 |
| Quest Diagnostics, Inc. | 9576 | 2029250 |
|  |  | 21354204 |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |  |
| Booking Holdings, Inc. | 663 | 2810689 |
| Darden Restaurants, Inc. | 9817 | 2099365 |
| Expedia Group, Inc. | 8018 | 1729402 |
| Las Vegas Sands Corp. | 37061 | 2102100 |
| McDonald's Corp. | 10175 | 3470286 |
| Yum! Brands, Inc. | 14966 | 2516683 |
|  |  | 14728525 |
| **Household Durables - 0.6%** | **Household Durables - 0.6%** |  |
| NVR, Inc. <sup>(a)</sup> | 286 | 2150088 |
| PulteGroup, Inc. | 17298 | 2373285 |
|  |  | 4523373 |
| **Household Products - 1.4%** | **Household Products - 1.4%** |  |
| Church & Dwight Co., Inc. | 18581 | 1948404 |
| Procter & Gamble Co. | 47720 | 7978784 |
|  |  | 9927188 |
| **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** |  |
| Honeywell International, Inc. | 13393 | 3262401 |
| **Insurance - 3.0%** | **Insurance - 3.0%** |  |
| Allstate Corp. | 12691 | 2722473 |
| Arch Capital Group Ltd. <sup>(a)</sup> | 23786 | 2382168 |
| Chubb Ltd. | 16046 | 5469440 |
| Globe Life, Inc. | 12733 | 1849596 |
| Hartford Insurance Group, Inc. | 18764 | 2642534 |
| Loews Corp. | 18903 | 2079708 |
| Travelers Cos., Inc. | 10827 | 3341645 |
| WR Berkley Corp. | 26539 | 1902846 |
|  |  | 22390410 |
| **Interactive Media & Services - 6.9%** | **Interactive Media & Services - 6.9%** |  |
| Alphabet, Inc. - Class A | 126085 | 39308259 |
| Meta Platforms, Inc. - Class A | 18316 | 11872065 |
|  |  | 51180324 |
| **IT Services - 0.2%** | **IT Services - 0.2%** |  |
| VeriSign, Inc. | 6681 | 1522867 |
| **Machinery - 2.1%** | **Machinery - 2.1%** |  |
| Cummins, Inc. | 6124 | 3575620 |
| Otis Worldwide Corp. | 18201 | 1684684 |
| Parker-Hannifin Corp. | 3299 | 3329285 |
| Pentair PLC | 13367 | 1325873 |
| Snap-on, Inc. | 4323 | 1665306 |
| Wabtec Corp. | 7563 | 1996254 |
| Xylem, Inc. | 12784 | 1656295 |
|  |  | 15233317 |
| **Materials - 1.2%** | **Materials - 1.2%** |  |
| Freeport-McMoRan, Inc. | 37453 | 2549800 |
| Newmont Goldcorp Corp. | 48686 | 6329180 |
|  |  | 8878980 |
| **Media - 0.6%** | **Media - 0.6%** |  |
| Comcast Corp. - Class A | 139755 | 4326815 |
| Versant Media Group, Inc. <sup>(a)</sup> | 5590 | 186259 |
|  |  | 4513074 |
| **Multi-Utilities - 0.5%** | **Multi-Utilities - 0.5%** |  |
| Ameren Corp. | 16632 | 1884073 |
| NiSource, Inc. | 37623 | 1779568 |
|  |  | 3663641 |
| **Oil, Gas & Consumable Fuels - 5.1%** | **Oil, Gas & Consumable Fuels - 5.1%** |  |
| Chevron Corp. | 59574 | 11126040 |
| ConocoPhillips | 39365 | 4466353 |
| Coterra Energy, Inc. | 74672 | 2284216 |
| Devon Energy Corp. | 54435 | 2369556 |
| EQT Corp. | 38263 | 2350113 |
| Expand Energy Corp. | 18281 | 1972886 |
| Exxon Mobil Corp. | 86293 | 13159683 |
|  |  | 37728847 |
| **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** |  |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 15616 | 1659981 |
| **Pharmaceuticals - 6.7%** | **Pharmaceuticals - 6.7%** |  |
| Eli Lilly & Co. | 18230 | 19177777 |
| Johnson & Johnson | 77086 | 19150475 |
| Merck & Co., Inc. | 87045 | 10777912 |
|  |  | 49106164 |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** |  |
| Broadridge Financial Solutions, Inc. | 7328 | 1362055 |
| Leidos Holdings, Inc. | 10975 | 1921723 |
|  |  | 3283778 |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 12890 | 1903337 |
| **Semiconductors & Semiconductor Equipment - 12.6%** | **Semiconductors & Semiconductor Equipment - 12.6%** |  |
| Broadcom, Inc. | 82996 | 26521372 |
| Lam Research Corp. | 45828 | 10718711 |
| Micron Technology, Inc. | 42032 | 17332736 |
| NVIDIA Corp. | 190267 | 33713410 |
| QUALCOMM, Inc. | 18223 | 2594226 |
| Texas Instruments, Inc. | 10149 | 2152704 |
|  |  | 93033159 |
| **Software - 6.0%** | **Software - 6.0%** |  |
| Adobe, Inc. <sup>(a)</sup> | 9130 | 2395803 |
| Autodesk, Inc. <sup>(a)</sup> | 7120 | 1750594 |
| Intuit, Inc. | 4110 | 1681113 |
| Microsoft Corp. | 69650 | 27354341 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 47653 | 6537515 |
| Roper Technologies, Inc. | 4761 | 1665065 |
| Salesforce, Inc. | 13945 | 2716347 |
|  |  | 44100778 |
| **Specialty Retail - 2.3%** | **Specialty Retail - 2.3%** |  |
| Home Depot, Inc. | 11848 | 4510771 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 32241 | 3026785 |
| TJX Cos., Inc. | 43427 | 7020409 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 3385 | 2318014 |
|  |  | 16875979 |
| **Technology Hardware, Storage & Peripherals - 5.0%** | **Technology Hardware, Storage & Peripherals - 5.0%** |  |
| Apple, Inc. | 128377 | 33914636 |
| Western Digital Corp. | 11087 | 3101034 |
|  |  | 37015670 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |  |
| Ralph Lauren Corp. - Class A | 6395 | 2318827 |
| **Tobacco - 1.3%** | **Tobacco - 1.3%** |  |
| Altria Group, Inc. | 56246 | 3883224 |
| Philip Morris International, Inc. | 32000 | 5978560 |
|  |  | 9861784 |
| **Utilities - 1.2%** | **Utilities - 1.2%** |  |
| American Electric Power Co., Inc. | 18204 | 2436059 |
| Consolidated Edison, Inc. | 23089 | 2597974 |
| Duke Energy Corp. | 14163 | 1853229 |
| Exelon Corp. | 36155 | 1788588 |
|  |  | 8675850 |
| **TOTAL COMMON STOCKS** (Cost $617,978,406) | **TOTAL COMMON STOCKS** (Cost $617,978,406) | 712938900 |
| **REAL ESTATE INVESTMENT TRUSTS - 3.0%** | **Shares** | **Value**  |
| **Equity Real Estate Investment Trusts (REITs) - 0.4%** | **Equity Real Estate Investment Trusts (REITs) - 0.4%** |  |
| Federal Realty Investment Trust | 14738 | 1603053 |
| VICI Properties, Inc. | 48763 | 1473130 |
|  |  | 3076183 |
| **Hotel & Resort REITs - 0.2%** | **Hotel & Resort REITs - 0.2%** |  |
| Host Hotels & Resorts, Inc. | 90938 | 1781475 |
| **Industrial REITs - 0.5%** | **Industrial REITs - 0.5%** |  |
| Prologis, Inc. | 25102 | 3578792 |
| **Residential REITs - 0.5%** | **Residential REITs - 0.5%** |  |
| Equity Residential | 29279 | 1850726 |
| Invitation Homes, Inc. | 62091 | 1635477 |
|  |  | 3486203 |
| **Retail REITs - 0.8%** | **Retail REITs - 0.8%** |  |
| Kimco Realty Corp. | 71364 | 1680622 |
| Regency Centers Corp. | 20388 | 1610652 |
| Simon Property Group, Inc. | 14300 | 2915055 |
|  |  | 6206329 |
| **Specialized REITs - 0.6%** | **Specialized REITs - 0.6%** |  |
| Equinix, Inc. | 2577 | 2510668 |
| Public Storage | 5531 | 1698349 |
|  |  | 4209017 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $20,983,135) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $20,983,135) | 22337999 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(b)</sup> | 1521272 | 1521272 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,521,272) | **TOTAL MONEY MARKET FUNDS** (Cost $1,521,272) | 1521272 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $640,482,813**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $640,482,813**)** | 736798171 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 936765 |
| **TOTAL NET ASSETS - 100.0%** |  | $737734936 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

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

------

#### Summary of Fair Value Disclosure as of February 28, 2026 (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 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 | $712938900 | $– | $– | $712938900 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 22337999 | – | – | 22337999 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1521272 | – | – | 1521272 |
| Total Investments | $736798171 | $– | $– | $736798171 |
| 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:** 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:** $737556262.37

**Total Liabilities:** $700946.69

**Net Assets:** $736855315.68

**Cash Not Reported:** $16434.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212789 | -0.35%               | 2.76%                | 1.17%                |
| Class ID C000212790 | -0.35%               | 2.76%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $553283.03               | $-3605035.34                               |
| Month 2  | $349451.70               | $20176737.40                               |
| Month 3  | $5169197.18              | $3019606.91                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     45580 | NS      | $10578206.40  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      9130 | NS      | $2395803.30   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     18316 | NS      | $11872064.88  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     69650 | NS      | $27354341.00  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     42032 | NS      | $17332735.84  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     47887 | NS      | $4084761.10   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      4091 | NS      | $1972925.66   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      9947 | NS      | $1780115.12   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                        | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       286 | NS      | $2150087.94   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                     | Nasdaq Inc                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     21185 | NS      | $1855382.30   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     81928 | NS      | $7884750.72   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     48686 | NS      | $6329180.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource Inc                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     37623 | NS      | $1779567.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      5761 | NS      | $4173153.18   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    190267 | NS      | $33713409.73  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     32241 | NS      | $3026785.08   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     18201 | NS      | $1684684.56   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      8730 | NS      | $2026582.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     32000 | NS      | $5978560.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     47720 | NS      | $7978784.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     25102 | NS      | $3578792.14   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      5531 | NS      | $1698348.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17298 | NS      | $2373285.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     18223 | NS      | $2594226.28   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      9576 | NS      | $2029250.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      6395 | NS      | $2318827.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     14781 | NS      | $2994926.22   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp           | Regency Centers Corp                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     20388 | NS      | $1610652.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     10179 | NS      | $2330991.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      4761 | NS      | $1665064.53   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      7677 | NS      | $3392312.76   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     13945 | NS      | $2716346.55   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group Inc                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14300 | NS      | $2915055.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      4323 | NS      | $1665306.06   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |     10100 | NS      | $1627615.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     31169 | NS      | $2395337.65   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      7328 | NS      | $1362055.36   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     82996 | NS      | $26521371.80  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     12003 | NS      | $2751447.69   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     54435 | NS      | $2369555.55   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                            | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     15062 | NS      | $1905041.76   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     14163 | NS      | $1853228.55   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     20588 | NS      | $1870625.68   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     26539 | NS      | $1902846.30   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     10175 | NS      | $3470285.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      5038 | NS      | $4974370.06   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     87045 | NS      | $10777911.90  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      6681 | NS      | $1522867.14   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group Inc        | Versant Media Group Inc                    | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |      5590 | NS      | $186258.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     48763 | NS      | $1473130.23   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      6022 | NS      | $1866820.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      7563 | NS      | $1996253.85   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     13451 | NS      | $3239538.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp                       | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     11087 | NS      | $3101033.90   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                               | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     12784 | NS      | $1656295.04   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     14966 | NS      | $2516682.56   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp        | Zebra Technologies Corp                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      5720 | NS      | $1281051.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     47653 | NS      | $6537515.07   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      3299 | NS      | $3329284.82   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     20164 | NS      | $3422637.36   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     20734 | NS      | $1617252.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     43427 | NS      | $7020408.82   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     10149 | NS      | $2152704.39   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     10827 | NS      | $3341645.28   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     30814 | NS      | $2002601.86   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     48134 | NS      | $2631004.44   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     30547 | NS      | $2303854.74   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      3385 | NS      | $2318014.15   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc   | United Airlines Holdings Inc               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     15616 | NS      | $1659980.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      8060 | NS      | $1661166.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                    | Pentair PLC                                | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | GB        |     13367 | NS      | $1325872.73   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8196 | NS      | $2068260.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     14052 | NS      | $3234067.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      5551 | NS      | $2566338.32   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    246153 | NS      | $6894745.53   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    128377 | NS      | $33914635.86  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     34998 | NS      | $4672233.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      7120 | NS      | $1750594.40   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      8366 | NS      | $1642664.10   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    261260 | NS      | $13018585.80  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     50186 | NS      | $25341420.70  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     11801 | NS      | $2263667.82   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      8360 | NS      | $2675200.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      7794 | NS      | $2336017.68   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     12890 | NS      | $1903337.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     20496 | NS      | $2040171.84   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      7991 | NS      | $2553124.50   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     47853 | NS      | $3823454.70   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       663 | NS      | $2810689.05   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                     | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     23786 | NS      | $2382167.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     74672 | NS      | $2284216.48   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59574 | NS      | $11126040.24  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc         | Church & Dwight Co Inc                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     18581 | NS      | $1948403.66   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     57354 | NS      | $4557348.84   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     85949 | NS      | $7010000.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    139755 | NS      | $4326814.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     39365 | NS      | $4466352.90   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison Inc                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     23089 | NS      | $2597974.28   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     30445 | NS      | $2439253.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      9078 | NS      | $9175951.62   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      6124 | NS      | $3575619.88   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      9817 | NS      | $2099365.45   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      5643 | NS      | $1740019.05   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     18230 | NS      | $19177777.70  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     22413 | NS      | $2133717.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     16046 | NS      | $5469439.56   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     28794 | NS      | $2194390.74   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     36155 | NS      | $1788587.85   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     12691 | NS      | $2722473.32   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    126085 | NS      | $39308259.60  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     56246 | NS      | $3883223.84   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                    | Ameren Corp                                | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     16632 | NS      | $1884072.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     18204 | NS      | $2436059.28   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     17915 | NS      | $5533943.50   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     13574 | NS      | $3247172.28   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     40144 | NS      | $5863432.64   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     18281 | NS      | $1972885.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     38263 | NS      | $2350113.46   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      2821 | NS      | $2044153.02   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2577 | NS      | $2510668.02   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     29279 | NS      | $1850725.59   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy Inc                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     18078 | NS      | $1512405.48   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8018 | NS      | $1729402.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     12414 | NS      | $1800402.42   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     86293 | NS      | $13159682.50  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus | Federal Realty Investment Trust            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     14738 | NS      | $1603052.26   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      7665 | NS      | $2966355.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      5827 | NS      | $1581214.72   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1504937 | NS      | $1504937.26   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp               | FirstEnergy Corp                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     32084 | NS      | $1641417.44   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     37453 | NS      | $2549800.24   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     12705 | NS      | $4536320.25   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     46384 | NS      | $3650884.64   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      9629 | NS      | $5100481.30   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     18764 | NS      | $2642534.12   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     50057 | NS      | $7455990.15   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     12733 | NS      | $1849595.58   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      6422 | NS      | $5520158.54   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                     | Loews Corp                                 | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     18903 | NS      | $2079708.06   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     11848 | NS      | $4510770.56   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     13393 | NS      | $3262400.87   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts Inc                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     90938 | NS      | $1781475.42   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc | JB Hunt Transport Services Inc             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     10178 | NS      | $2375646.98   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                    | Incyte Corp                                | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     18753 | NS      | $1899116.31   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     31689 | NS      | $2255939.91   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      7473 | NS      | $1621491.54   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     13610 | NS      | $7039228.10   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                  | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      4276 | NS      | $2172550.08   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4110 | NS      | $1681113.30   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      9401 | NS      | $4733497.51   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62091 | NS      | $1635476.94   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     77086 | NS      | $19150474.98  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp              | Kimco Realty Corp                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     71364 | NS      | $1680622.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     23903 | NS      | $1631140.72   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      7321 | NS      | $2668797.34   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     45828 | NS      | $10718710.92  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     37061 | NS      | $2102099.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings Inc                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     10975 | NS      | $1921722.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     19870 | NS      | $1935934.10   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                    | Invesco Ltd                                | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     65827 | NS      | $1728617.02   | 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