# EDGAR Filing Document

**Accession Number:** 0001643174
**File Stem:** 0000894189-25-012150
**Filing Date:** 2025-10
**Character Count:** 53703
**Document Hash:** 77476371d217f65411458fe00a4af9a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012150.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000894189-25-012150

**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:** 251423684

**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 Active Risk Assist Fund (Series ID: S000050382)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159080 | Advisor Class       | ARAAX           |
| C000159081 | Institutional Class | ACRIX           |
| C000159082 | Investor Class      | ARANX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** |
| **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)** |
| **EXCHANGE TRADED FUNDS - 94.4%** | **EXCHANGE TRADED FUNDS - 94.4%** | **Shares** | **Value**  |
| Invesco S&P 500 Equal Weight ETF<sup>(a)</sup> | Invesco S&P 500 Equal Weight ETF<sup>(a)</sup> | 794174 | $149797100 |
| iShares Core MSCI International Developed Markets ETF | iShares Core MSCI International Developed Markets ETF | 2107485 | 165100375 |
| iShares MSCI USA Minimum Volatility ETF<sup>(a)</sup> | iShares MSCI USA Minimum Volatility ETF<sup>(a)</sup> | 969954 | 91427864 |
| iShares MSCI USA Quality Factor ETF | iShares MSCI USA Quality Factor ETF | 290228 | 54838581 |
| SPDR Portfolio Developed World ex-US ETF | SPDR Portfolio Developed World ex-US ETF | 4987006 | 208157630 |
| SPDR Portfolio Emerging Markets ETF | SPDR Portfolio Emerging Markets ETF | 3421342 | 151907585 |
| SPDR Portfolio S&P 500 Growth ETF | SPDR Portfolio S&P 500 Growth ETF | 3346908 | 332983877 |
| SPDR Portfolio S&P 500 Value ETF | SPDR Portfolio S&P 500 Value ETF | 3034363 | 165797594 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,155,018,502) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,155,018,502) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,155,018,502) | 1320010606 |
| **COMMON STOCKS - 5.3%** | **COMMON STOCKS - 5.3%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |  |
| AeroVironment, Inc. <sup>(b)</sup> | AeroVironment, Inc. <sup>(b)</sup> | 5683 | 1371592 |
| Axon Enterprise, Inc. <sup>(b)</sup> | Axon Enterprise, Inc. <sup>(b)</sup> | 934 | 697969 |
|  |  |  | 2069561 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |  |
| Tesla, Inc. <sup>(b)</sup> | Tesla, Inc. <sup>(b)</sup> | 3173 | 1059369 |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |  |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 2960 | 892203 |
| **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** |  |
| Alibaba Group Holding Ltd. - ADR | Alibaba Group Holding Ltd. - ADR | 6874 | 927990 |
| Amazon.com, Inc. <sup>(b)</sup> | Amazon.com, Inc. <sup>(b)</sup> | 22978 | 5261962 |
| PDD Holdings, Inc. - ADR <sup>(b)</sup> | PDD Holdings, Inc. - ADR <sup>(b)</sup> | 6890 | 828316 |
| Sea Ltd. - ADR <sup>(b)</sup> | Sea Ltd. - ADR <sup>(b)</sup> | 4910 | 915911 |
|  |  |  | 7934179 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |  |
| Arista Networks, Inc. <sup>(b)</sup> | Arista Networks, Inc. <sup>(b)</sup> | 8702 | 1188258 |
| **Construction & Engineering - 0.0%<sup>(c)</sup>** | **Construction & Engineering - 0.0%<sup>(c)</sup>** | **Construction & Engineering - 0.0%<sup>(c)</sup>** |  |
| Quanta Services, Inc. | Quanta Services, Inc. | 1982 | 749117 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |  |
| Deutsche Telekom AG - ADR | Deutsche Telekom AG - ADR | 38804 | 1422516 |
| **Electric Utilities - 0.0%<sup>(c)</sup>** | **Electric Utilities - 0.0%<sup>(c)</sup>** | **Electric Utilities - 0.0%<sup>(c)</sup>** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 2420 | 745312 |
| **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** | **Electrical Equipment - 0.2%** |  |
| ABB Ltd. - ADR | ABB Ltd. - ADR | 13656 | 916318 |
| Eaton Corp. PLC | Eaton Corp. PLC | 2433 | 849458 |
| GE Vernova, Inc. | GE Vernova, Inc. | 1602 | 981978 |
| Vertiv Holdings Co. - Class A | Vertiv Holdings Co. - Class A | 5948 | 758667 |
|  |  |  | 3506421 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 8412 | 915730 |
| **Entertainment - 0.2%** | **Entertainment - 0.2%** | **Entertainment - 0.2%** |  |
| Netflix, Inc. <sup>(b)</sup> | Netflix, Inc. <sup>(b)</sup> | 1058 | 1278329 |
| Spotify Technology SA <sup>(b)</sup> | Spotify Technology SA <sup>(b)</sup> | 1849 | 1260796 |
|  |  |  | 2539125 |
| **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** | **Ground Transportation - 0.1%** |  |
| Uber Technologies, Inc. <sup>(b)</sup> | Uber Technologies, Inc. <sup>(b)</sup> | 8330 | 780937 |
| **Health Care - 0.0%<sup>(c)</sup>** | **Health Care - 0.0%<sup>(c)</sup>** | **Health Care - 0.0%<sup>(c)</sup>** |  |
| ABIOMED INC <sup>(b)(d)</sup> | ABIOMED INC <sup>(b)(d)</sup> | 113 | 0 |
| **Health Care Equipment & Supplies - 0.0%<sup>(c)</sup>** | **Health Care Equipment & Supplies - 0.0%<sup>(c)</sup>** | **Health Care Equipment & Supplies - 0.0%<sup>(c)</sup>** |  |
| Intuitive Surgical, Inc. <sup>(b)</sup> | Intuitive Surgical, Inc. <sup>(b)</sup> | 1418 | 671132 |
| **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** |  |
| Vistra Corp. | Vistra Corp. | 3991 | 754738 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |  |
| Siemens AG - ADR | Siemens AG - ADR | 6070 | 843002 |
| **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 23959 | 5101111 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 4860 | 3590082 |
| Tencent Holdings Ltd. - ADR | Tencent Holdings Ltd. - ADR | 16307 | 1265260 |
|  |  |  | 9956453 |
| **IT Services - 0.0%<sup>(c)</sup>** | **IT Services - 0.0%<sup>(c)</sup>** | **IT Services - 0.0%<sup>(c)</sup>** |  |
| Cognizant Technology Solutions Corp., - Class A | Cognizant Technology Solutions Corp., - Class A | 6732 | 486387 |
| **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** |  |
| Advanced Micro Devices, Inc. <sup>(b)</sup> | Advanced Micro Devices, Inc. <sup>(b)</sup> | 6360 | 1034327 |
| Applied Materials, Inc. | Applied Materials, Inc. | 4600 | 739496 |
| ARM Holdings PLC - ADR <sup>(b)</sup> | ARM Holdings PLC - ADR <sup>(b)</sup> | 5103 | 705796 |
| ASML Holding NV | ASML Holding NV | 1306 | 969862 |
| Broadcom, Inc. | Broadcom, Inc. | 13677 | 4067403 |
| KLA Corp. | KLA Corp. | 908 | 791776 |
| Lam Research Corp. | Lam Research Corp. | 8531 | 854380 |
| Micron Technology, Inc. | Micron Technology, Inc. | 6539 | 778206 |
| NVIDIA Corp. | NVIDIA Corp. | 46280 | 8061050 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 5103 | 820205 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 9455 | 2182876 |
|  |  |  | 21005377 |
| **Software - 1.2%** | **Software - 1.2%** | **Software - 1.2%** |  |
| Cadence Design Systems, Inc. <sup>(b)</sup> | Cadence Design Systems, Inc. <sup>(b)</sup> | 2600 | 911118 |
| Microsoft Corp. | Microsoft Corp. | 14174 | 7181824 |
| Oracle Corp. | Oracle Corp. | 7387 | 1670422 |
| Palantir Technologies, Inc. - Class A <sup>(b)</sup> | Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 9617 | 1507080 |
| Palo Alto Networks, Inc. <sup>(b)</sup> | Palo Alto Networks, Inc. <sup>(b)</sup> | 3602 | 686253 |
| Salesforce, Inc. | Salesforce, Inc. | 3200 | 820000 |
| SAP SE - ADR | SAP SE - ADR | 5922 | 1611732 |
| ServiceNow, Inc. <sup>(b)</sup> | ServiceNow, Inc. <sup>(b)</sup> | 893 | 819292 |
| Synopsys, Inc. <sup>(b)</sup> | Synopsys, Inc. <sup>(b)</sup> | 1585 | 956579 |
|  |  |  | 16164300 |
| **Technology Hardware, Storage & Peripherals - 0.0%<sup>(c)</sup>** | **Technology Hardware, Storage & Peripherals - 0.0%<sup>(c)</sup>** | **Technology Hardware, Storage & Peripherals - 0.0%<sup>(c)</sup>** |  |
| Dell Technologies, Inc. - Class C | Dell Technologies, Inc. - Class C | 6040 | 737786 |
| **TOTAL COMMON STOCKS** (Cost $60,914,339) | **TOTAL COMMON STOCKS** (Cost $60,914,339) | **TOTAL COMMON STOCKS** (Cost $60,914,339) | 74421903 |
| **PURCHASED OPTIONS - 0.5%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 0.2%<sup>(e)(f)</sup>** | **Call Options - 0.2%<sup>(e)(f)</sup>** |  | $**–** |
|  Intel Corp., Expiration: 12/19/2025; Exercise Price: $35.00 <sup>(h)</sup> | $3652500 | 1500 | 74250 |
|  iShares China Large-Cap ETF, Expiration: 09/30/2025; Exercise Price: $42.00 | 54474000 | 14000 | 378000 |
|  iShares Silver Trust, Expiration: 11/21/2025; Exercise Price: $36.00 <sup>(h)</sup> | 7238000 | 2000 | 389000 |
| Materials Select Sector SPDR Fund <sup>(h)</sup> | Materials Select Sector SPDR Fund <sup>(h)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $95.00 | $23070000 | 2500 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $95.00 | 46140000 | 5000 | 1075000 |
| SPDR EURO STOXX 50 ETF <sup>(d)</sup> | SPDR EURO STOXX 50 ETF <sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $63.00 | 35880000 | 6000 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $64.00 | 35880000 | 6000 | 60000 |
|  Xtrackers Harvest CSI 300 China A-Shares ETF, Expiration: 10/17/2025; Exercise Price: $33.00 | 38340000 | 12000 | 798000 |
| **Total Call Options** |  |  | 2934250 |
| **Put Options - 0.3%<sup>(e)(f)</sup>** | **Put Options - 0.3%<sup>(e)(f)</sup>** |  | $**–** |
|  CBOE Volatility Index, Expiration: 09/17/2025; Exercise Price: $17.00 <sup>(h)</sup> | 19200000 | 12500 | 1612500 |
|  Energy Select Sector SPDR Fund, Expiration: 11/21/2025; Exercise Price: $80.00 <sup>(d)(h)</sup> | 18078000 | 2000 | 143000 |
|  Invesco QQQ Trust Series 1, Expiration: 09/19/2025; Exercise Price: $550.00 <sup>(h)</sup> | 54188000 | 950 | 340575 |
| iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $77.00 <sup>(d)</sup> | 16172000 | 2000 | 34849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $79.00 | 16172000 | 2000 | 75000 |
| SPDR S&P 500 ETF Trust <sup>(h)</sup> | SPDR S&P 500 ETF Trust <sup>(h)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $580.00 | 96757500 | 1500 | 81749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $610.00 | 96757500 | 1500 | 212250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $585.00 | 290272500 | 4500 | 515250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $620.00 | 290272500 | 4500 | 1521000 |
| **Total Put Options** |  |  | 4536173 |
| **TOTAL PURCHASED OPTIONS** (Cost $9,069,389) | **TOTAL PURCHASED OPTIONS** (Cost $9,069,389) | **TOTAL PURCHASED OPTIONS** (Cost $9,069,389) | 7470423 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.9%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.15%<sup>(a)(g)</sup> | First American Government Obligations Fund - Class X, 4.15%<sup>(a)(g)</sup> | 125029184 | 125029184 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $125,029,184) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $125,029,184) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $125,029,184) | 125029184 |
| **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> | 2383756 | 2383756 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,383,756) | **TOTAL MONEY MARKET FUNDS** (Cost $2,383,756) | **TOTAL MONEY MARKET FUNDS** (Cost $2,383,756) | 2383756 |
| **TOTAL INVESTMENTS - 109.3% (**Cost $1,352,415,170**)** | **TOTAL INVESTMENTS - 109.3% (**Cost $1,352,415,170**)** | **TOTAL INVESTMENTS - 109.3% (**Cost $1,352,415,170**)** | 1529315872 |
| Liabilities in Excess of Other Assets - (9.3)% | Liabilities in Excess of Other Assets - (9.3)% | Liabilities in Excess of Other Assets - (9.3)% | (130644631) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1398671241 |
| 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) All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $122,452,314.

(b) Non-income producing security.

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

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $211,546 or 0.0% of net assets as of August 31, 2025.

(e) 100 shares per contract.

(f) Exchange-traded.

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

(h) Held in connection with a written option, see Schedule of Written Options for more details.

---

| | | | |
|:---|:---|:---|:---|
| **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** | **Horizon Active Risk Assist Fund** |
| **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)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.1)%** | **Call Options - (0.1)%** | **Call Options - (0.1)%** | **Call Options - (0.1)%** |
| Intel Corp., Expiration: 12/19/2025; Exercise Price: $45.00 | $(7305000) | (3000) | $(58500) |
| iShares Silver Trust, Expiration: 11/21/2025; Exercise Price: $41.00 | (14476000) | (4000) | (246000) |
| Materials Select Sector SPDR Fund, Expiration: 12/19/2025; Exercise Price: $100.00 | (46140000) | (5000) | (305000) |
| **Total Call Options** |  |  | (609500) |
| **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** |
| CBOE Volatility Index, Expiration: 09/17/2025; Exercise Price: $15.50 | (38400000) | (25000) | (1100000) |
| Energy Select Sector SPDR Fund, Expiration: 11/21/2025; Exercise Price: $75.00 | (36156000) | (4000) | (222000) |
| Invesco QQQ Trust Series 1, Expiration: 09/19/2025; Exercise Price: $500.00 | (81282000) | (1425) | (86925) |
| iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 11/21/2025; Exercise Price: $78.00 <sup>(c)</sup> | (32344000) | (4000) | (86303) |
| SPDR S&P 500 ETF Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $590.00 | (193515000) | (3000) | (210000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $595.00 | (290272500) | (4500) | (681750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $605.00 | (290272500) | (4500) | (924750) |
| **Total Put Options** |  |  | (3311728) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $4,150,720) |  |  | $(3921228) |
| 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) 100 shares per contract.

(b) Exchange-traded.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $211,546 or 0.0% of net assets as of August 31, 2025.

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $1320010606 | $– | $– | $1320010606 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 74421903 | – | 0 | 74421903 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 7172574 | 297849 | 7470423 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 125029184 | – | – | 125029184 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2383756 | – | – | 2383756 |
| Total Investments | $1521845449 | $7172574 | $297849 | $1529315872 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(3834925) | $(86303) | $(3921228) |
| Total Investments | $– | $(3834925) | $(86303) | $(3921228) |
| 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. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

## 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 Active Risk Assist Fund

- **b. EDGAR series identifier (if any):** S000050382

- **c. LEI of Series:** 549300VIJNQDPLVOBR85

**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:** $1531278282.68

**Total Liabilities:** $132625981.04

**Net Assets:** $1398652301.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159080 | 4.24%                | 0.60%                | 2.50%                |
| Class ID C000159081 | 4.25%                | 0.67%                | 2.48%                |
| Class ID C000159082 | 4.27%                | 0.64%                | 2.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3251840.42              | $44356383.41                               |
| Month 2  | $-65799.56               | $12730366.63                               |
| Month 3  | $984081.30               | $34716777.61                               |

**Designated Index Information**

- **Index Name:** iShares MSCI ACWI ETF

- **Index Identifier:** ACWI

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| QUALCOMM Inc                   | QUALCOMM Inc                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      5103 | NS      | $820205.19    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                                   | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      1982 | NS      | $749116.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3200 | NS      | $820000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      5922 | NS      | $1611731.52   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                               | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     13656 | NS      | $916317.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED INC                    | ABIOMED INC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       113 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      6360 | NS      | $1034326.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Intel Corp                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $74250.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Intel Corp                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-58500.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      8412 | NS      | $915730.32    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4600 | NS      | $739496.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      8702 | NS      | $1188258.10   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      5103 | NS      | $705795.93    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                                   | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       934 | NS      | $697968.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13677 | NS      | $4067403.03   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                       | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      1306 | NS      | $969861.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      5683 | NS      | $1371592.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      6874 | NS      | $927990.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     23959 | NS      | $5101110.69   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     22978 | NS      | $5261962.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2600 | NS      | $911118.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      6732 | NS      | $486387.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1058 | NS      | $1278328.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     46280 | NS      | $8061050.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      7387 | NS      | $1670422.31   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                             | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      9617 | NS      | $1507080.07   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3602 | NS      | $686253.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                                      | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      6890 | NS      | $828315.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Xtrackers Harvest CSI 300 China A-Shares ETF          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12000 | NC      | $798000.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6000 | NC      | $60000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR EURO STOXX 50 ETF                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      6000 | NC      | $60000.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Russell 2000 ETF                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7500 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $389000.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Silver Trust                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4000 | NC      | $-246000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $81750.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-210000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1500 | NC      | $212250.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4500 | NC      | $515250.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4500 | NC      | $-681750.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4500 | NC      | $-924750.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPDR S&P 500 ETF Trust                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4500 | NC      | $1521000.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 09/17/25 P15.5                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -25000 | NC      | $-1100000.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VIX US 09/17/25 P17                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     12500 | NC      | $1612500.00   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Materials Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $100000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Materials Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5000 | NC      | $1075000.03   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Materials Select Sector SPDR Fund                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-305000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                   | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |   3421342 | NS      | $151907584.80 | 10.86%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Developed World | SPDR Portfolio Developed World ex-US ETF              | CUSIP: 78463X889<br>LEI: 549300NVXJXJCDK35U34 | Long             | EC               | RF                | US        |   4987006 | NS      | $208157630.44 | 14.88%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Growth  | SPDR Portfolio S&P 500 Growth ETF                     | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Long             | EC               | RF                | US        |   3346908 | NS      | $332983876.92 | 23.81%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Value E | SPDR Portfolio S&P 500 Value ETF                      | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |   3034363 | NS      | $165797594.32 | 11.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      4910 | NS      | $915911.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       893 | NS      | $819291.78    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                            | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      6070 | NS      | $843001.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                                          | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1585 | NS      | $956579.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9455 | NS      | $2182875.85   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     16307 | NS      | $1265260.13   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3173 | NS      | $1059369.51   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8330 | NS      | $780937.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      5948 | NS      | $758667.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                           | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      3991 | NS      | $754738.01    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | iShares China Large-Cap ETF                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     14000 | NC      | $378000.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $34848.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4000 | NC      | $-86302.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $75000.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Russell 2000 ETF                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7500 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                 | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |      1849 | NS      | $1260796.12   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1425 | NC      | $-86925.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invesco QQQ Trust Series 1                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       950 | NC      | $340575.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      2420 | NS      | $745311.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                                 | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      6040 | NS      | $737786.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                                   | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     38804 | NS      | $1422515.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4860 | NS      | $3590082.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 129237787 | NS      | $129237786.60 | 9.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                                        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1602 | NS      | $981977.94    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1418 | NS      | $671132.31    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight E | Invesco S&P 500 Equal Weight ETF                      | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Long             | EC               | RF                | US        |    794174 | NS      | $149797099.88 | 10.71%            |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Min Vol Facto | iShares MSCI USA Min Vol Factor ETF                   | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             | EC               | RF                | US        |    969954 | NS      | $91427864.04  | 6.54%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares MSCI USA Quality Facto | iShares MSCI USA Quality Factor ETF                   | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |    290228 | NS      | $54838580.60  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |   2107485 | NS      | $165100374.90 | 11.80%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2960 | NS      | $892203.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       908 | NS      | $791776.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      8531 | NS      | $854379.65    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14174 | NS      | $7181824.06   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      6539 | NS      | $778206.39    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                        | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2433 | NS      | $849457.62    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Energy Select Sector SPDR Fund                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4000 | NC      | $-222000.02   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Energy Select Sector SPDR Fund                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $143000.00    | 0.01%             |  |  |  | No            |                  2 | 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