# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012154
**Filing Date:** 2025-10
**Character Count:** 58795
**Document Hash:** 49aa72284005331d94c47a1250dea4fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012154.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012154

**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:** 251423688

**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 Digital Frontier ETF (Series ID: S000093285)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000261450 | Horizon Digital Frontier ETF |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 100.0%** | **COMMON STOCKS - 100.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | |
| AeroVironment, Inc. <sup>(a)(b)</sup> | AeroVironment, Inc. <sup>(a)(b)</sup> | 1982 | $478356 |
| Airbus SE - ADR <sup>(b)</sup> | Airbus SE - ADR <sup>(b)</sup> | 2665 | 138980 |
| Axon Enterprise, Inc. <sup>(a)(b)</sup> | Axon Enterprise, Inc. <sup>(a)(b)</sup> | 205 | 153194 |
| Curtiss-Wright Corp. <sup>(b)</sup> | Curtiss-Wright Corp. <sup>(b)</sup> | 303 | 144879 |
|  |  |  | 915409 |
| **Automobiles - 1.5%** | **Automobiles - 1.5%** | **Automobiles - 1.5%** |  |
| Tesla, Inc. <sup>(a)(b)</sup> | Tesla, Inc. <sup>(a)(b)</sup> | 2387 | 796948 |
| **Banks - 1.0%** | **Banks - 1.0%** | **Banks - 1.0%** |  |
| JPMorgan Chase & Co. <sup>(b)</sup> | JPMorgan Chase & Co. <sup>(b)</sup> | 1090 | 328548 |
| NU Holdings Ltd. - Class A <sup>(a)(b)</sup> | NU Holdings Ltd. - Class A <sup>(a)(b)</sup> | 15578 | 230554 |
|  |  |  | 559102 |
| **Broadline Retail - 9.5%** | **Broadline Retail - 9.5%** | **Broadline Retail - 9.5%** |  |
| Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | 2665 | 359775 |
| Amazon.com, Inc. <sup>(a)(b)</sup> | Amazon.com, Inc. <sup>(a)(b)</sup> | 18765 | 4297185 |
| PDD Holdings, Inc. - ADR <sup>(a)(b)</sup> | PDD Holdings, Inc. - ADR <sup>(a)(b)</sup> | 1435 | 172516 |
| Sea Ltd. - ADR <sup>(a)(b)</sup> | Sea Ltd. - ADR <sup>(a)(b)</sup> | 1435 | 267685 |
|  |  |  | 5097161 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |  |
| Johnson Controls International PLC <sup>(b)</sup> | Johnson Controls International PLC <sup>(b)</sup> | 1435 | 153387 |
| **Capital Markets - 1.2%** | **Capital Markets - 1.2%** | **Capital Markets - 1.2%** |  |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | 410 | 124861 |
| Futu Holdings Ltd. - ADR <sup>(b)</sup> | Futu Holdings Ltd. - ADR <sup>(b)</sup> | 1025 | 190240 |
| Interactive Brokers Group, Inc. - Class A <sup>(b)</sup> | Interactive Brokers Group, Inc. - Class A <sup>(b)</sup> | 2870 | 178629 |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 1640 | 170609 |
|  |  |  | 664339 |
| **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** |  |
| Arista Networks, Inc. <sup>(a)(b)</sup> | Arista Networks, Inc. <sup>(a)(b)</sup> | 3280 | 447884 |
| **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** |  |
| Comfort Systems USA, Inc. <sup>(b)</sup> | Comfort Systems USA, Inc. <sup>(b)</sup> | 275 | 193429 |
| EMCOR Group, Inc. <sup>(b)</sup> | EMCOR Group, Inc. <sup>(b)</sup> | 287 | 177940 |
| MasTec, Inc. <sup>(a)(b)</sup> | MasTec, Inc. <sup>(a)(b)</sup> | 820 | 148986 |
| Quanta Services, Inc. <sup>(b)</sup> | Quanta Services, Inc. <sup>(b)</sup> | 410 | 154964 |
|  |  |  | 675319 |
| **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** |  |
| Duolingo, Inc. <sup>(a)(b)</sup> | Duolingo, Inc. <sup>(a)(b)</sup> | 410 | 122123 |
| **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** |  |
| Deutsche Telekom AG - ADR <sup>(b)</sup> | Deutsche Telekom AG - ADR <sup>(b)</sup> | 14462 | 530162 |
| **Electric Utilities - 1.5%** | **Electric Utilities - 1.5%** | **Electric Utilities - 1.5%** |  |
| Constellation Energy Corp. <sup>(b)</sup> | Constellation Energy Corp. <sup>(b)</sup> | 1369 | 421625 |
| NRG Energy, Inc. <sup>(b)</sup> | NRG Energy, Inc. <sup>(b)</sup> | 2574 | 374671 |
|  |  |  | 796296 |
| **Electrical Equipment - 3.4%** | **Electrical Equipment - 3.4%** | **Electrical Equipment - 3.4%** |  |
| ABB Ltd. - ADR <sup>(b)</sup> | ABB Ltd. - ADR <sup>(b)</sup> | 3895 | 261355 |
| Eaton Corp. PLC <sup>(b)</sup> | Eaton Corp. PLC <sup>(b)</sup> | 1508 | 526503 |
| GE Vernova, Inc. <sup>(b)</sup> | GE Vernova, Inc. <sup>(b)</sup> | 665 | 407625 |
| Hubbell, Inc. <sup>(b)</sup> | Hubbell, Inc. <sup>(b)</sup> | 355 | 153001 |
| nVent Electric PLC <sup>(b)</sup> | nVent Electric PLC <sup>(b)</sup> | 3602 | 325585 |
| Vertiv Holdings Co. - Class A <sup>(b)</sup> | Vertiv Holdings Co. - Class A <sup>(b)</sup> | 1122 | 143111 |
|  |  |  | 1817180 |
| **Electronic Equipment, Instruments & Components - 1.3%** | **Electronic Equipment, Instruments & Components - 1.3%** | **Electronic Equipment, Instruments & Components - 1.3%** |  |
| Amphenol Corp. - Class A <sup>(b)</sup> | Amphenol Corp. - Class A <sup>(b)</sup> | 3280 | 357061 |
| Corning, Inc. <sup>(b)</sup> | Corning, Inc. <sup>(b)</sup> | 3075 | 206117 |
| Jabil, Inc. <sup>(b)</sup> | Jabil, Inc. <sup>(b)</sup> | 615 | 125970 |
|  |  |  | 689148 |
| **Entertainment - 3.0%** | **Entertainment - 3.0%** | **Entertainment - 3.0%** |  |
| Netflix, Inc. <sup>(a)(b)</sup> | Netflix, Inc. <sup>(a)(b)</sup> | 922 | 1114007 |
| Spotify Technology SA <sup>(a)(b)</sup> | Spotify Technology SA <sup>(a)(b)</sup> | 715 | 487544 |
|  |  |  | 1601551 |
| **Financial Services - 0.3%** | **Financial Services - 0.3%** | **Financial Services - 0.3%** |  |
| Block, Inc. <sup>(a)(b)</sup> | Block, Inc. <sup>(a)(b)</sup> | 2255 | 179588 |
| **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** | **Ground Transportation - 0.4%** |  |
| Uber Technologies, Inc. <sup>(a)(b)</sup> | Uber Technologies, Inc. <sup>(a)(b)</sup> | 2050 | 192188 |
| **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** |  |
| Intuitive Surgical, Inc. <sup>(a)(b)</sup> | Intuitive Surgical, Inc. <sup>(a)(b)</sup> | 300 | 141989 |
| **Hotels, Restaurants & Leisure - 0.5%** | **Hotels, Restaurants & Leisure - 0.5%** | **Hotels, Restaurants & Leisure - 0.5%** |  |
| Airbnb, Inc. - Class A <sup>(a)(b)</sup> | Airbnb, Inc. - Class A <sup>(a)(b)</sup> | 1025 | 133793 |
| DoorDash, Inc. - Class A <sup>(a)(b)</sup> | DoorDash, Inc. - Class A <sup>(a)(b)</sup> | 554 | 135869 |
|  |  |  | 269662 |
| **Independent Power and Renewable Electricity Producers - 0.7%** | **Independent Power and Renewable Electricity Producers - 0.7%** | **Independent Power and Renewable Electricity Producers - 0.7%** |  |
| Vistra Corp. <sup>(b)</sup> | Vistra Corp. <sup>(b)</sup> | 1945 | 367819 |
| **Industrial Conglomerates - 1.1%** | **Industrial Conglomerates - 1.1%** | **Industrial Conglomerates - 1.1%** |  |
| Hitachi Ltd. - ADR <sup>(b)</sup> | Hitachi Ltd. - ADR <sup>(b)</sup> | 7175 | 195016 |
| Siemens AG - ADR <sup>(b)</sup> | Siemens AG - ADR <sup>(b)</sup> | 3003 | 417057 |
|  |  |  | 612073 |
| **Interactive Media & Services - 14.3%** | **Interactive Media & Services - 14.3%** | **Interactive Media & Services - 14.3%** |  |
| Alphabet, Inc. - Class C <sup>(b)</sup> | Alphabet, Inc. - Class C <sup>(b)</sup> | 19280 | 4116859 |
| Meta Platforms, Inc. - Class A <sup>(b)</sup> | Meta Platforms, Inc. - Class A <sup>(b)</sup> | 3312 | 2446574 |
| Pinterest, Inc. - Class A <sup>(a)(b)</sup> | Pinterest, Inc. - Class A <sup>(a)(b)</sup> | 4100 | 150183 |
| Tencent Holdings Ltd. - ADR <sup>(b)</sup> | Tencent Holdings Ltd. - ADR <sup>(b)</sup> | 12300 | 954357 |
|  |  |  | 7667973 |
| **IT Services - 2.3%** | **IT Services - 2.3%** | **IT Services - 2.3%** |  |
| Akamai Technologies, Inc. <sup>(a)(b)</sup> | Akamai Technologies, Inc. <sup>(a)(b)</sup> | 615 | 48665 |
| Cloudflare, Inc. - Class A <sup>(a)(b)</sup> | Cloudflare, Inc. - Class A <sup>(a)(b)</sup> | 820 | 171142 |
| Cognizant Technology Solutions Corp. - Class A <sup>(b)</sup> | Cognizant Technology Solutions Corp. - Class A <sup>(b)</sup> | 2460 | 177735 |
| International Business Machines Corp. <sup>(b)</sup> | International Business Machines Corp. <sup>(b)</sup> | 2871 | 699060 |
| Okta, Inc. <sup>(a)(b)</sup> | Okta, Inc. <sup>(a)(b)</sup> | 1567 | 145371 |
|  |  |  | 1241973 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |  |
| Trade Desk, Inc. - Class A <sup>(a)(b)</sup> | Trade Desk, Inc. - Class A <sup>(a)(b)</sup> | 1845 | 100848 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |  |
| Freeport-McMoRan, Inc. <sup>(b)</sup> | Freeport-McMoRan, Inc. <sup>(b)</sup> | 3895 | 172938 |
| **Oil, Gas & Consumable Fuels - 0.2%** | **Oil, Gas & Consumable Fuels - 0.2%** | **Oil, Gas & Consumable Fuels - 0.2%** |  |
| EQT Corp. <sup>(b)</sup> | EQT Corp. <sup>(b)</sup> | 2460 | 127526 |
| **Real Estate - 0.4%** | **Real Estate - 0.4%** | **Real Estate - 0.4%** |  |
| Digital Realty Trust, Inc. <sup>(b)</sup> | Digital Realty Trust, Inc. <sup>(b)</sup> | 1230 | 206197 |
| **Semiconductors & Semiconductor Equipment - 27.0%<sup>(c)</sup>** | **Semiconductors & Semiconductor Equipment - 27.0%<sup>(c)</sup>** | **Semiconductors & Semiconductor Equipment - 27.0%<sup>(c)</sup>** |  |
| Advanced Micro Devices, Inc. <sup>(a)(b)</sup> | Advanced Micro Devices, Inc. <sup>(a)(b)</sup> | 3485 | 566766 |
| Applied Materials, Inc. <sup>(b)</sup> | Applied Materials, Inc. <sup>(b)</sup> | 1845 | 296602 |
| ARM Holdings PLC - ADR <sup>(a)(b)</sup> | ARM Holdings PLC - ADR <sup>(a)(b)</sup> | 2050 | 283536 |
| ASE Technology Holding Co. Ltd. - ADR <sup>(b)</sup> | ASE Technology Holding Co. Ltd. - ADR <sup>(b)</sup> | 16195 | 160492 |
| ASML Holding NV <sup>(b)</sup> | ASML Holding NV <sup>(b)</sup> | 1025 | 761186 |
| Astera Labs, Inc. <sup>(a)(b)</sup> | Astera Labs, Inc. <sup>(a)(b)</sup> | 1640 | 298808 |
| Broadcom, Inc. <sup>(b)</sup> | Broadcom, Inc. <sup>(b)</sup> | 11275 | 3353072 |
| Credo Technology Group Holding Ltd. <sup>(a)(b)</sup> | Credo Technology Group Holding Ltd. <sup>(a)(b)</sup> | 1640 | 201810 |
| Infineon Technologies AG - ADR <sup>(b)</sup> | Infineon Technologies AG - ADR <sup>(b)</sup> | 4510 | 184955 |
| KLA Corp. <sup>(b)</sup> | KLA Corp. <sup>(b)</sup> | 333 | 290376 |
| Lam Research Corp. <sup>(b)</sup> | Lam Research Corp. <sup>(b)</sup> | 3280 | 328492 |
| Micron Technology, Inc. <sup>(b)</sup> | Micron Technology, Inc. <sup>(b)</sup> | 2870 | 341559 |
| Monolithic Power Systems, Inc. <sup>(b)</sup> | Monolithic Power Systems, Inc. <sup>(b)</sup> | 244 | 203925 |
| NVIDIA Corp. <sup>(b)</sup> | NVIDIA Corp. <sup>(b)</sup> | 31161 | 5427623 |
| NXP Semiconductors NV <sup>(b)</sup> | NXP Semiconductors NV <sup>(b)</sup> | 761 | 178721 |
| QUALCOMM, Inc. <sup>(b)</sup> | QUALCOMM, Inc. <sup>(b)</sup> | 1640 | 263597 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | Rigetti Computing, Inc. <sup>(a)(b)</sup> | 4101 | 66559 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | 5536 | 1278096 |
|  |  |  | 14486175 |
| **Software - 21.7%** | **Software - 21.7%** | **Software - 21.7%** |  |
| Adobe, Inc. <sup>(a)(b)</sup> | Adobe, Inc. <sup>(a)(b)</sup> | 522 | 186197 |
| AppLovin Corp. - Class A <sup>(a)(b)</sup> | AppLovin Corp. - Class A <sup>(a)(b)</sup> | 872 | 417330 |
| Autodesk, Inc. <sup>(a)(b)</sup> | Autodesk, Inc. <sup>(a)(b)</sup> | 713 | 224381 |
| Cadence Design Systems, Inc. <sup>(a)(b)</sup> | Cadence Design Systems, Inc. <sup>(a)(b)</sup> | 703 | 246352 |
| Datadog, Inc. - Class A <sup>(a)(b)</sup> | Datadog, Inc. - Class A <sup>(a)(b)</sup> | 1435 | 196136 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 3485 | 54436 |
| Fortinet, Inc. <sup>(a)(b)</sup> | Fortinet, Inc. <sup>(a)(b)</sup> | 1845 | 145331 |
| Intuit, Inc. <sup>(b)</sup> | Intuit, Inc. <sup>(b)</sup> | 240 | 160080 |
| Microsoft Corp. <sup>(b)</sup> | Microsoft Corp. <sup>(b)</sup> | 10250 | 5193572 |
| Oracle Corp. <sup>(b)</sup> | Oracle Corp. <sup>(b)</sup> | 5945 | 1344343 |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | 6560 | 1028018 |
| Palo Alto Networks, Inc. <sup>(a)(b)</sup> | Palo Alto Networks, Inc. <sup>(a)(b)</sup> | 684 | 130316 |
| Qualys, Inc. <sup>(a)(b)</sup> | Qualys, Inc. <sup>(a)(b)</sup> | 410 | 55682 |
| Salesforce, Inc. <sup>(b)</sup> | Salesforce, Inc. <sup>(b)</sup> | 1728 | 442800 |
| SAP SE - ADR <sup>(b)</sup> | SAP SE - ADR <sup>(b)</sup> | 2870 | 781099 |
| ServiceNow, Inc. <sup>(a)(b)</sup> | ServiceNow, Inc. <sup>(a)(b)</sup> | 551 | 505520 |
| Synopsys, Inc. <sup>(a)(b)</sup> | Synopsys, Inc. <sup>(a)(b)</sup> | 503 | 303571 |
| Tenable Holdings, Inc. <sup>(a)(b)</sup> | Tenable Holdings, Inc. <sup>(a)(b)</sup> | 1436 | 44401 |
| Workday, Inc. - Class A <sup>(a)(b)</sup> | Workday, Inc. - Class A <sup>(a)(b)</sup> | 757 | 174731 |
|  |  |  | 11634296 |
| **Technology Hardware, Storage & Peripherals - 2.6%** | **Technology Hardware, Storage & Peripherals - 2.6%** | **Technology Hardware, Storage & Peripherals - 2.6%** |  |
| Dell Technologies, Inc. - Class C <sup>(b)</sup> | Dell Technologies, Inc. - Class C <sup>(b)</sup> | 2255 | 275448 |
| Hewlett Packard Enterprise Co. <sup>(b)</sup> | Hewlett Packard Enterprise Co. <sup>(b)</sup> | 7380 | 166567 |
| IonQ, Inc. <sup>(a)(b)</sup> | IonQ, Inc. <sup>(a)(b)</sup> | 1230 | 52570 |
| NetApp, Inc. <sup>(b)</sup> | NetApp, Inc. <sup>(b)</sup> | 1435 | 161854 |
| Pure Storage, Inc. - Class A <sup>(a)(b)</sup> | Pure Storage, Inc. - Class A <sup>(a)(b)</sup> | 2665 | 206830 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | Quantum Computing, Inc. <sup>(a)(b)</sup> | 2871 | 45304 |
| Super Micro Computer, Inc. <sup>(a)(b)</sup> | Super Micro Computer, Inc. <sup>(a)(b)</sup> | 3485 | 144767 |
| Western Digital Corp. <sup>(b)</sup> | Western Digital Corp. <sup>(b)</sup> | 2255 | 181167 |
| Xiaomi Corp. - ADR <sup>(a)(b)</sup> | Xiaomi Corp. - ADR <sup>(a)(b)</sup> | 5535 | 189186 |
|  |  |  | 1423693 |
| **TOTAL COMMON STOCKS** (Cost $53,818,626) | **TOTAL COMMON STOCKS** (Cost $53,818,626) | **TOTAL COMMON STOCKS** (Cost $53,818,626) | 53690947 |
| **PURCHASED OPTIONS - 0.0%<sup>(a)(d)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 0.0%<sup>(d)</sup>** | **Call Options - 0.0%<sup>(d)</sup>** |  | $**–** |
|  iShares Bitcoin Trust ETF, Expiration: 09/19/2025; Exercise Price: $69.00 <sup>(e)(f)(h)</sup> | $1247232 | 203 | 7613 |
| **TOTAL PURCHASED OPTIONS** (Cost $55,859) | **TOTAL PURCHASED OPTIONS** (Cost $55,859) | **TOTAL PURCHASED OPTIONS** (Cost $55,859) | 7613 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.2%** | **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> | 130017 | 130017 |
| **TOTAL MONEY MARKET FUNDS** (Cost $130,017) | **TOTAL MONEY MARKET FUNDS** (Cost $130,017) | **TOTAL MONEY MARKET FUNDS** (Cost $130,017) | 130017 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $54,004,502**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $54,004,502**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $54,004,502**)** | 53828577 |
| Liabilities in Excess of Other Assets – (0.2)% | Liabilities in Excess of Other Assets – (0.2)% | Liabilities in Excess of Other Assets – (0.2)% | (121338) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $53707239 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $51,461,862. |
| (c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Exchange-traded. |
| (f) | 100 shares per contract. |
| (g)<br> (h) | The rate shown represents the 7-day annualized yield as of August 31, 2025.<br> Held in connection with written option contracts. See Schedule of Written Options for further information. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** | **Horizon Digital Frontier ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.3)%** | **Put Options - (0.3)%** | **Put Options - (0.3)%** | **Put Options - (0.3)%** |
| iShares Bitcoin Trust ETF, Expiration: 09/19/2025; Exercise Price: $69.00 <sup>(a)(b)</sup> | $(1247232) | (203) | $(158340) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $98,469) |  |  | $(158340) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded.

(b) 100 shares per contract.

------

#### <br>

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Horizon Digital Frontier ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $53690947 | $– | $– | $53690947 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 7613 | – | 7613 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 130017 | – | – | 130017 |
| Total Investments | $53820964 | $7613 | $– | $53828577 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(158340) | $– | $(158340) |
| Total Investments | $– | $(158340) | $– | $(158340) |
| 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 Digital Frontier ETF

- **b. EDGAR series identifier (if any):** S000093285

- **c. LEI of Series:** 52990018EE5F40KUP618

**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:** $53896762.21

**Total Liabilities:** $189424.74

**Net Assets:** $53707337.47

**Cash Not Reported:** $42662.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261450 | 0.00%                | 4.19%                | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $149.92                  | $21696.06                                  |
| Month 3  | $-6.04                   | $-169734.82                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Datadog Inc                    | Datadog Inc                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1435 | NS      | $196135.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2255 | NS      | $275448.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                        | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     14462 | NS      | $530162.46    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      1230 | NS      | $206197.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       554 | NS      | $135868.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                   | Duolingo Inc                               | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       410 | NS      | $122122.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc             | D-Wave Quantum Inc                         | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | CA        |      3485 | NS      | $54435.70     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2460 | NS      | $127526.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       287 | NS      | $177940.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    130017 | NS      | $130017.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      1845 | NS      | $145330.65    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3895 | NS      | $172938.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd              | Futu Holdings Ltd                          | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | HK        |      1025 | NS      | $190240.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       665 | NS      | $407625.05    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co              | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      7380 | NS      | $166566.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |      7175 | NS      | $195016.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                                | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       355 | NS      | $153001.45    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                   | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      4510 | NS      | $184955.10    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      2870 | NS      | $178628.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2871 | NS      | $699059.79    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       240 | NS      | $160080.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       300 | NS      | $141988.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ Inc                                   | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1230 | NS      | $52570.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                           | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      1435 | NS      | $172515.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest Inc                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4100 | NS      | $150183.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc               | Pure Storage Inc                           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      2665 | NS      | $206830.65    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1640 | NS      | $263597.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys Inc                                 | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |       410 | NS      | $55682.10     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |       410 | NS      | $154963.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Quantum Computing Inc          | Quantum Computing Inc                      | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2871 | NS      | $45304.38     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc          | Rigetti Computing Inc                      | CUSIP: 76655K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4101 | NS      | $66559.23     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      1640 | NS      | $170609.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1728 | NS      | $442800.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                     | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      2870 | NS      | $781099.20    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      1435 | NS      | $267684.90    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       551 | NS      | $505520.46    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                 | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1435 | NS      | $199292.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc       | Super Micro Computer Inc                   | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      3485 | NS      | $144766.90    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       503 | NS      | $303570.56    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5536 | NS      | $1278096.32   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc           | Tenable Holdings Inc                       | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |      1436 | NS      | $44401.12     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                       | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     12300 | NS      | $954357.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2387 | NS      | $796947.69    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      1845 | NS      | $100847.70    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      2050 | NS      | $192187.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      1052 | NS      | $367295.28    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |       715 | NS      | $487544.20    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                    | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      3895 | NS      | $261354.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd  | ASE Technology Holding Co Ltd              | CUSIP: 00215W100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     16195 | NS      | $160492.45    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       522 | NS      | $186197.40    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       615 | NS      | $48664.95     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      2665 | NS      | $359775.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20296 | NS      | $4333804.88   | 8.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     19476 | NS      | $4460004.00   | 8.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      3280 | NS      | $357060.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1845 | NS      | $296602.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       872 | NS      | $417330.48    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3280 | NS      | $447884.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                           | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      2050 | NS      | $283535.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs Inc                            | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1640 | NS      | $298808.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       713 | NS      | $224381.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       205 | NS      | $153194.45    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11275 | NS      | $3353072.25   | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       703 | NS      | $246352.29    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |       820 | NS      | $171142.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      2460 | NS      | $177735.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc            | Coinbase Global Inc                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       410 | NS      | $124861.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       275 | NS      | $193429.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       685 | NS      | $210966.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      3075 | NS      | $206117.25    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      2255 | NS      | $179588.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      1025 | NS      | $761185.50    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3485 | NS      | $566765.55    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                          | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1982 | NS      | $478355.70    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1025 | NS      | $133793.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |      2665 | NS      | $138979.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |       303 | NS      | $144879.45    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1640 | NS      | $201810.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4400 | NS      | $3250280.00   | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1090 | NS      | $328547.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       615 | NS      | $125970.45    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       333 | NS      | $290376.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3280 | NS      | $328492.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                 | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |       820 | NS      | $148985.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10250 | NS      | $5193572.50   | 9.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2870 | NS      | $341558.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       244 | NS      | $203925.44    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1088 | NS      | $158369.28    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1435 | NS      | $161853.65    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       922 | NS      | $1114006.50   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     31161 | NS      | $5427622.98   | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                       | Okta Inc                                   | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      1567 | NS      | $145370.59    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5945 | NS      | $1344342.85   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      6560 | NS      | $1028017.60   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       684 | NS      | $130315.68    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1122 | NS      | $143111.10    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       820 | NS      | $155070.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp                       | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      2255 | NS      | $181166.70    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       757 | NS      | $174730.74    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                    | Xiaomi Corp                                | CUSIP: 98421U108<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |      5535 | NS      | $189186.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc         | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | US        |      1435 | NS      | $153387.15    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands             | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | BR        |     15578 | NS      | $230554.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      1845 | NS      | $166769.55    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares Bitcoin Trust ETF                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       203 | NC      | $7612.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Bitcoin Trust ETF                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -203 | NC      | $-158340.00   | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |       761 | NS      | $178720.85    | 0.33%             |  |  |  | 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